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Financial instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Financial instruments [Abstract]  
Categories of Financial Instruments
Categories of financial instruments
 
(Dollars in thousands)
  
Carrying amount
  
Financial assets
  
2023
    
2022
  
Cash and cash equivalents 1, 3
  
$
74,738
    
$
125,948
  
Accounts receivable and accrued revenues 1
    
75,848
      
59,465
  
Derivative financial assets, current 2
     -       3,759  
Total financial assets
  
$
150,586
    
$
189,172
  
                 
Financial liabilities
                
Accounts payables and accrued expenses 1
  
$
20,493
    
$
29,398
  
Current portion long term debt 1
    
30,300
      
29,626
  
Long term debt 1
    
398,425
      
367,069
  
Total financial liabilities
  
$
449,219
    
$
426,094
  

1
Amounts carried at amortized cost.
2
Amounts carried at fair value through profit or loss.
3
Cash and cash equivalents include $370 thousand in restricted cash in 2023 and $316 thousand in restricted cash in 2022, including employee withholding tax.
Derivatives Interest Rate Swaps
Derivatives – interest rate swaps

       
Notional amount
    
Fair value - Financial asset
  
(Dollars in thousands)
Expires
  
2023
    
2022
    
2023
    
2022
  
Swap pays 2.987%, receive floating
Apr. 20, 2023
  
$
-
    
$
37,200
    
$
-
    
$
202
  
Swap pays 3.012%, receive floating
Apr. 20, 2023
    
-
      
37,200
      
-
      
200
  
Swap pays 3.019%, receive floating
Sept. 29, 2023
    
-
      
25,609
      
-
      
365
  
Swap pays 3.019%, receive floating
Sept. 29, 2023
    
-
      
24,695
      
-
      
351
  
Swap pays 2.8665%, receive floating
Sep. 29, 2023
    
-
      
41,120
      
-
      
629
  
Swap pays 2.8785%, receive floating
Jun. 30, 2023
    
-
      
35,539
      
-
      
357
  
Swap pays 2.885%, receive floating
Sept. 29, 2023
    
-
      
40,478
      
-
      
623
  
Swap pays 2.897%, receive floating
Sept. 30, 2023
    
-
      
35,717
      
-
      
544
  
Swap pays 3.020%, receive floating
Sept. 29, 2023
    
-
      
34,033
      
-
      
488
  
Total carrying amount
 
  
$
-
    
$
311,590
    
$
-
    
$
3,759
  
Interest Bearing Debt
Interest-bearing debt
 

 
     Remaining    
Carrying amount
  
(Dollars in thousands)
Interest
    Maturity
    
notional  
     2023
      2022
  
Credit Agricole Credit Facility
SOFR + 2.05%
    2028     $
35,000
     $ 34,097     $ 36,381  
Danish Ship Finance Credit Facility
SOFR + CAS1 + 2.00%
    2025      
29,120
       28,982       31,342  
Nordea Credit Facility
SOFR + CAS2 + 1.90%
    2027      
93,521
       90,594       113,043  
ING Credit Facility SOFR + 1.90%     2029       235,150       231,258       -  
ING Credit Facility
 SOFR + 1.80%     2029      
44,250
       43,794       -  
ABN AMRO Credit Facility3
          -       -       215,929
  
Total carrying amount
             $
437,041
     $ 428,726     $ 396,696  
Reconciliation of Liabilities Arising from Financing Activities
The table below details changes in liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Company’s consolidated statement of cash flows as cash flows from financing activities.

                Non-cash changes        
                               
   
As of January
1, 2023
    
Financing cash
flows 1
    
Amortization
    
Other
changes 2
    
As of
December 31,
2023
  
Bank loans 3
  
$
396,696
    
$
29,731
    
$
2,972
    
$
(673
)
  
$
428,726
  
Office leases 4
    
3,938
      
(1,424
)
     -      
3,334
      
5,849
  
Total 5
  
$
400,634
    
$
28,307
    
$
2,972
    
$
2,661
    
$
434,574
  

                Non-cash changes        
                               
   
As of January
1, 2022
    
Financing cash
flows 1
    
Amortization
    
Other
changes 2
    
As of
December 31,
2022
  
Bank loans 3
  
$
522,299
    
$
(127,816
)
  
$
2,902
    
$
(688
)
  
$
396,696
  
Office leases 4
    
3,285
      
(1,090
)
     -      
1,743
      
3,938
  
Total 5
  
$
525,584
    
$
(128,906
)
  
$
2,902
    
$
1,054
    
$
400,634
  

1
The cash flows from bank loans make up the net amount of issuance of long-term debt and repayment of long-term debt in the statement of cash flows.
2
Other changes related to bank loans for the years 2023 and 2022 represent gains on modification of debt which includes previously capitalized fees. Other changes related to office leases for 2023 represent lease modification and foreign exchange effects during the year related to IFRS 16 Leases. Other changes related to office leases for 2022 represent lease liabilities assumed through the business combination (for more details see Note 16), lease modification, and foreign exchange effects during the year related to IFRS 16.
3
As of December 31, 2023, bank loans consist of current portion long-term debt of $30,300 thousand and long-term debt of $398,425 thousand. As of December 31, 2022, bank loans consist of current portion long-term debt of $29,626 thousand and long-term debt of $367,069 thousand.
4
As of December 31, 2023, office leases consist of $1,418 thousand of current liabilities and $4,431 thousand of non-current liabilities. As of December 31, 2022, office leases consist of $1,178 thousand of current liabilities and $2,760 thousand of non-current liabilities. The remaining balance of non-current liabilities consists of pensions, deferred tax liability, and restoration cost related to office rental.
5
The reconciliation does not include interest rate swaps, which are described in Note 8.