Current and long-term debt (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of Detailed Information about Current and Long-term Debt

The following is a roll forward of the activity within debt (current and non-current), by facility, for the six months ended June 30, 2020:


			Activity												Balance as of June 30, 2020 consists of:
In thousands of U.S. dollars	Carrying Value as of December 31, 2019		Drawdowns		Repayments		Other Activity⁽¹⁾		Carrying Value as of June 30, 2020		Current		Non-Current
KEXIM Credit Facility	$	199,014	$	—	$	(136,856)	$	—	$	62,158	$	62,158	$	—
ABN AMRO Credit Facility	91,954		—		(91,954)		—		—		—		—
ING Credit Facility	131,439		72,125		(6,369)		—		197,195		48,708		148,487
2018 NIBC Credit Facility	31,621		3,125		(1,615)		—		33,131		33,131		—
2017 Credit Facility	131,499		—		(6,632)		—		124,867		13,265		111,602
Credit Agricole Credit Facility	88,466		—		(4,284)		395		84,577		7,814		76,763
ABN AMRO / K-Sure Credit Facility	43,726		—		(1,926)		360		42,160		3,155		39,005
Citibank / K-Sure Credit Facility	91,086		—		(4,209)		915		87,792		6,651		81,141
ABN AMRO / SEB Credit Facility	103,325		3,249		(5,750)		—		100,824		11,181		89,643
Hamburg Commercial Bank Credit Facility	42,150		1,429		(1,618)		—		41,961		3,292		38,669
Prudential Credit Facility	55,463		—		(2,311)		—		53,152		5,547		47,605
2019 DNB / GIEK Credit Facility	—		31,850		(979)		—		30,871		3,916		26,955
BNPP Sinosure Credit Facility	—		66,991		(2,105)		—		64,886		6,699		58,187
2020 $225 Million Credit Facility	—		101,200		—		—		101,200		10,240		90,960
Ocean Yield Lease Financing	148,235		—		(5,432)		95		142,898		10,924		131,974
CMBFL Lease Financing	56,473		—		(2,453)		88		54,108		4,738		49,370
BCFL Lease Financing (LR2s)	90,384		—		(4,111)		275		86,548		8,314		78,234
CSSC Lease Financing	233,727		—		(8,653)		(386)		224,688		18,056		206,632
CSSC Scrubber Lease Financing	10,976		—		(2,744)		—		8,232		5,488		2,744
BCFL Lease Financing (MRs)	87,810		—		(5,778)		—		82,032		12,024		70,008
2018 CMBFL Lease Financing	126,429		10,125		(5,058)		—		131,496		13,007		118,489
$116.0 Million Lease Financing	106,040		—		(3,502)		—		102,538		7,322		95,216


AVIC Lease Financing	127,309		—		(5,896)		—		121,413		11,794		109,619
China Huarong Lease Financing	123,750		—		(6,750)		—		117,000		13,500		103,500
$157.5 Million Lease Financing	137,943		—		(7,072)		—		130,871		14,143		116,728
COSCO Lease Financing	76,450		—		(3,850)		—		72,600		7,700		64,900
IFRS 16 - Leases - Three MRs	44,192		—		(3,575)		—		40,617		7,445		33,172
IFRS 16 - Leases - 7 Handymax	12,778		1,643		(7,629)		—		6,792		6,792		—
$670.0 Million Lease Financing	513,004		103,601		(30,464)		—		586,141		48,018		538,123
Unsecured Senior Notes Due 2020	53,750		—		(53,750)		—		—		—		—
Unsecured Senior Notes Due 2025	—		28,100		—		—		28,100		—		28,100
Convertible Notes Due 2022	180,050		—		—		4,565		184,615		—		184,615
	$	3,139,043	$	423,438	$	(423,325)	$	6,307	$	3,145,463	$	405,022	$	2,740,441
Less: deferred financing fees	(16,596)		(7,840)		—		3,399		(21,037)		(2,564)		(18,473)
Total	$	3,122,447	$	415,598	$	(423,325)	$	9,706	$	3,124,426	$	402,458	$	2,721,968

⁽¹⁾ Relates to non-cash accretion or amortization of (i) debt or lease obligations assumed as part of the 2017 merger with NPTI, which were recorded at fair value on the closing dates, (ii) accretion of our Convertible Notes due 2022 and (iii) amortization and write-offs of deferred financing fees.

The table below details the dividends declared during the six months ended June 30, 2020 and the corresponding effect to the conversion rate of the Convertible Notes due 2022:


Record Date	Dividends per share		Share Adjusted Conversion Rate⁽¹⁾
March 2, 2020	$	0.10	25.8763
June 1, 2020	$	0.10	26.0200

⁽¹⁾Per $1,000 principal amount of the Convertible Notes due 2022.

The following table summarizes our financial expenses for the six months ended June 30, 2020 and 2019, respectively.


	For the six months ended June 30,
In thousands of U.S. dollars	2020		2019
Interest expense on debt ⁽¹⁾	$	74,186	$	82,898
Accretion of convertible notes	4,565		6,995
Amortization of deferred financing fees	3,086		4,088
Accretion of premiums and discounts on assumed debt ⁽²⁾	1,742		1,827
Write-off of deferred financing fees	313		275
Total financial expenses	$	83,892	$	96,083