Receivables and liabilities
FINANCING OF NEWBUILDINGS
Belships has during 1st quarter 2015 accepted a post-delivery financing offer for the two Imabari 61,000 dwt newbuildings for delivery in September 2015 and March 2016. The loan facility covers the lower of 70% of contract price or market value at the time of drawdown, with a maturity of 7 years. This will secure long-term financing of the newbuildings. The following principal conditions applies to the loan: agreed interest rate is LIBOR pluss margin of 2.50%, minimum market value of the ships is 115% of the outstanding loan balance, minimum value adjusted equity on a consolidated basis is 25% and the Group shall at all times have available liquidity of at least USD 5 million or 6% of total interest bearing debt. USD 1.5 million has to be blocked at a retention account.
Loans to employees
Loans to employees amounted to 2 116 as at 31 December 2014 (2013: 2 217). The average interest rate used for loans to employees was 2.63% in 2014 (2013: 2.75%).
All short-term receivables and liabilities are due within 12 months.