INTEREST EXPENSES

12 Months Ended

Dec. 31, 2020

INTEREST EXPENSES [Abstract]

INTEREST EXPENSES

10. INTEREST EXPENSES

Interest expenses consist of interest expense on the long-term debt and amortization of deferred financing costs related to the facilities described in Note 9.

All figures in USD ‘000	2020		2019		2018
Interest Expenses, net of capitalized interest		27,127		34,018		29,753
Commitment Fee		-		-		3,325
Amortization of Deferred Financing Costs		4,354		4,372		1,470
Other financial costs		-		-		1
Total Interest Expenses		31,481		38,390		34,549

For the years ended December 31, 2020, 2019 and 2018, $0.1 million, $0.0 million and $2.6 million of interest expenses were capitalized, respectively.