CASH, CASH EQUIVALENTS AND RESTRICTED CASH

6 Months Ended

Jun. 30, 2022

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

As of June 30, 2022 and June 30, 2021, the following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows.


(in thousands of $)	2022	2021
Cash and cash equivalents	163,981	154,655
Short term restricted cash	4,340	20,162
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	168,321	174,817

According to our accounting policy, amounts included in cash and cash equivalents include cash balances that are required to be maintained by the financial covenants in our loan facilities. Under our debt facilities, we need to maintain free cash of the higher of $20 million or 5% of total interest bearing debt. We have covenanted to retain at least $65.6 million of cash and cash equivalents as at June 30, 2022 (at June 30, 2021: $74.8 million).

Restricted cash consists of cash, which may only be used for certain purposes under our contractual arrangements and primarily comprises collateral deposits for derivative trading.