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CONTRACTUAL RIGHTS AND OBLIGATIONS (Tables) | 12 Months Ended
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Dec. 31, 2019
CONTRACTUAL RIGHTS AND OBLIGATIONS |
Schedule of contractual obligations |
USDm |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | Thereafter |  | Total
Borrowings 1) 2) |  | 101.2 |  | 326.9 |  | 119.5 |  | 30.8 |  | 82.8 |  | 202.2 |  | 863.4
Interest payments related to scheduled interest fixing |  | 33.8 |  | 25.4 |  | 13.1 |  | 10.0 |  | 8.0 |  | 6.9 |  | 97.2
Estimated variable interest payments 3) |  | 4.3 |  | 6.7 |  | 4.4 |  | 3.6 |  | 3.5 |  | 11.6 |  | 34.1
Newbuilding installments 4) |  | 51.2 |  | — |  | — |  | — |  | — |  | — |  | 51.2
Committed scrubber installations |  | 32.0 |  | — |  | — |  | — |  | — |  | — |  | 32.0
Trade payables and other obligations |  | 76.3 |  | — |  | — |  | — |  | — |  | — |  | 76.3
Total |  | 298.8 |  | 359.0 |  | 137.0 |  | 44.4 |  | 94.3 |  | 220.7 |  | 1,155.2
1) The presented amounts to be repaid do not include directly related costs arising from the issuing of the loans of USD 8.0m (2018: USD 5.1m), which are amortized over the term of the loans. Borrowing costs capitalized during the year amount to USD 5.8m (2018: USD 1.1m). 2) Borrowings include contractual obligations relating to lease liabilities arising from land and buildings and other plant and operating equipment amounted to USD 8.7m (2018: USD 0.0m), and the contractual value of lease liabilities relating to vessels and capitalized dry-dockings amounted to USD 21.9m (2018: USD 25.3m). For further detail please refer to note 7. 3) Variable interest payments are estimated based on the forward rates for each interest period including hedging instruments.
Schedule of reconciliation of liabilities arising from financing activities |
|  |  |  | Cash |  | Non-cash |  |
|  | Opening |  |  |  |  |  |  |  | End balance as
|  | balance as of 1 |  |  |  |  |  | Other |  | of 31
USDm |  | January 2019 |  | Borrowings |  | Repayments |  | changes 1) |  | December 2019
Borrowings |  | 749.6 |  | 261.8 |  | (169.2) |  | 13.2 |  | 855.4
Total |  | 749.6 |  | 261.8 |  | (169.2) |  | 13.2 |  | 855.4
¹⁾ Primarily due to implementation of IFRS 16.
|  |  |  | Cash |  | Non-cash |  |
|  | Opening |  |  |  |  |  |  |  | End balance as
|  | balance as of 1 |  |  |  |  |  | Other |  | of 31
USDm |  | January 2018 |  | Borrowings |  | Repayments |  | changes |  | December 2018
Borrowings |  | 749.1 |  | 114.5 |  | (113.7) |  | (0.3) |  | 749.6
Total |  | 749.1 |  | 114.5 |  | (113.7) |  | (0.3) |  | 749.6
Schedule of contractual rights | The following table summarizes the Group’s contractual rights as of 31 December 2019.
USDm |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | Thereafter |  | Total
Contractual rights - as lessor: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Charter hire income for vessels 5) |  | 12.6 |  | 1.1 |  | — |  | — |  | — |  | — |  | 13.7
Total |  | 12.6 |  | 1.1 |  | — |  | — |  | — |  | — |  | 13.7
5) Charter hire income for vessels on time charter and bareboat charter is recognized under "Revenue". The average period until redelivery of the vessels for the period ended 31 December 2019 is 1.0 year (2018: 0.8 year).

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