Table:
|  | Years Ended December 31, |  |
| --- | --- | --- |
|  | 2019 | 2018 |
| Interest before impact of interest rate caps | $25,633 | $30,709 |
| Impact of interest rate caps | — | 181 |
| Interest expense | $25,633 | $30,890 |
Paragraphs:
INTEREST EXPENSE
The components of interest expense are as follows:
Interest expense, including administrative and other fees, was $25,633 for 2019 compared with $30,890 in 2018. The decrease in interest expense was primarily associated with the impact of the refinancing of our term loan at the end of 2018 and interest capitalized during 2019 due to vessels under construction.
Question:
What led to the decrease in interest expense?
Answer: primarily associated with the impact of the refinancing of our term loan at the end of 2018 and interest capitalized during 2019 due to vessels under construction.