Trade and other payables
|
| | | | | | |
(in thousands of USD) | | December 31, 2017 | | December 31, 2016 |
Advances received on contracts in progress, between 1 and 5 years | | 539 |
| | 533 |
|
Total non-current other payables | | 539 |
| | 533 |
|
Trade payables | | 19,274 |
| | 18,107 |
|
Accrued payroll | | 3,596 |
| | 2,581 |
|
Dividends payable | | 160 |
| | 7 |
|
Accrued expenses | | 22,518 |
| | 29,245 |
|
Accrued interest | | 1,762 |
| | 1,150 |
|
Deferred income | | 10,020 |
| | 13,746 |
|
Other payables | | 4,025 |
| | 5,023 |
|
Total current trade and other payables | | 61,355 |
| | 69,859 |
|
The decrease in accrued expenses is mainly related to the settlement in 2017 of the accrued profit split of the VLCC KHK Vision and the accrued TC-in cost of the Suezmax Suez Hans, lower accruals of spot related voyage expenses and lower bonus accruals.
Other payables are mainly related to the deferred gain of USD 5.0 million which was the difference between the fair value and the sale price of the four VLCCs of the sale and leaseback entered into on December 16, 2016. This excess was deferred and is being amortized over the duration of the lease, i.e. 5 years (see Note 19).
