Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | EURONAV NV |
Entity Central Index Key (CIK) | 1,604,481 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2017 |
Entity Filer Category | Large Accelerated Filer |
Entity Well-known Seasoned Issuer | Yes |
Amendment flag | false |
Entity Current Reporting Status | Yes |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Entity Common Stock, Shares Outstanding (in shares) | 159,208,949 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Non-current assets | ||
Vessels (Note 8) | $ 2,271,500,000 | $ 2,383,163,000 |
Assets under construction (Note 8) | 63,668,000 | 86,136,000 |
Other tangible assets (Note 8) | 1,663,000 | 777,000 |
Intangible assets | 72,000 | 156,000 |
Receivables (Note 10) | 160,352,000 | 183,914,000 |
Investments in equity accounted investees (Note 25) | 30,595,000 | 18,413,000 |
Deferred tax assets (Note 9) | 2,487,000 | 964,000 |
Total non-current assets | 2,530,337,000 | 2,673,523,000 |
Current assets | ||
Trade and other receivables (Note 11) | 136,797,000 | 166,342,000 |
Current tax assets | 191,000 | 357,000 |
Cash and cash equivalents (Note 12) | 143,648,000 | 206,689,000 |
Non-current assets held for sale (Note 3) | 0 | 0 |
Total current assets | 280,636,000 | 373,388,000 |
TOTAL ASSETS | 2,810,973,000 | 3,046,911,000 |
Equity | ||
Share capital | 173,046,000 | 173,046,000 |
Share premium | 1,215,227,000 | 1,215,227,000 |
Translation reserve | 568,000 | 120,000 |
Treasury shares (Note 13) | (16,102,000) | (16,102,000) |
Retained earnings | 473,622,000 | 515,665,000 |
Equity attributable to owners of the Company | 1,846,361,000 | 1,887,956,000 |
Non-current liabilities | ||
Bank loans (Note 15) | 653,730,000 | 966,443,000 |
Other notes (Note 15) | 147,619,000 | 0 |
Other payables (Note 17) | 539,000 | 533,000 |
Employee benefits (Note 16) | 3,984,000 | 2,846,000 |
Provisions | 0 | 38,000 |
Total non-current liabilities | 805,872,000 | 969,860,000 |
Current liabilities | ||
Trade and other payables (Note 17) | 61,355,000 | 69,859,000 |
Current tax liabilities | 11,000 | 0 |
Bank loans (Note 15) | 47,361,000 | 119,119,000 |
Other borrowings (Note 15) | 50,010,000 | 0 |
Provisions | 3,000 | 117,000 |
Total current liabilities | 158,740,000 | 189,095,000 |
TOTAL EQUITY and LIABILITIES | $ 2,810,973,000 | $ 3,046,911,000 |
Consolidated Statement of Profi
Consolidated Statement of Profit or Loss - USD ($) | Jan. 01, 2017 | Jan. 01, 2016 | Jan. 01, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Shipping income | ||||||
Revenue (Note 4) | $ 513,368,000 | $ 684,265,000 | $ 846,507,000 | |||
Gains on disposal of vessels/other tangible assets (Note 8) | 36,538,000 | 50,397,000 | 13,302,000 | |||
Other operating income (Note 4) | 4,902,000 | 6,996,000 | 7,426,000 | |||
Total shipping income | 554,808,000 | 741,658,000 | 867,235,000 | |||
Operating expenses | ||||||
Voyage expenses and commissions (Note 5) | (62,035,000) | (59,560,000) | (71,237,000) | |||
Vessel operating expenses (Note 5) | (150,427,000) | (160,199,000) | (153,718,000) | |||
Charter hire expenses | (31,173,000) | (17,713,000) | (25,849,000) | |||
Losses on disposal of vessels/other tangible assets | (21,027,000) | (2,000) | (8,002,000) | |||
Impairment on non-current assets held for sale (Note 3) | 0 | 0 | 0 | |||
Loss on disposal of investments in equity accounted investees (Note 24) | 0 | (24,150,000) | 0 | |||
Depreciation tangible assets (Note 8) | (229,777,000) | (227,664,000) | (210,156,000) | |||
Depreciation intangible assets | (95,000) | (99,000) | (50,000) | |||
General and administrative expenses (Note 5) | (46,868,000) | (44,051,000) | (46,251,000) | |||
Total operating expenses | (541,402,000) | (533,438,000) | (515,263,000) | |||
RESULT FROM OPERATING ACTIVITIES | 13,406,000 | 208,220,000 | 351,972,000 | |||
Finance income | 7,266,000 | 6,855,000 | 3,312,000 | |||
Finance expenses (Note 6) | (50,729,000) | (51,695,000) | (50,942,000) | |||
Net finance expenses | (43,463,000) | (44,840,000) | (47,630,000) | |||
Share of profit (loss) of equity accounted investees (net of income tax) (Note 25) | 30,082,000 | 40,495,000 | 51,592,000 | |||
PROFIT (LOSS) BEFORE INCOME TAX | 25,000 | 203,875,000 | 355,934,000 | |||
Income tax benefit (expense) (Note 7) | 1,358,000 | 174,000 | (5,633,000) | |||
PROFIT (LOSS) FOR THE PERIOD | 1,383,000 | 204,049,000 | 350,301,000 | |||
Attributable to: | ||||||
Owners of the company | $ 1,382,530 | $ 204,049,212 | $ 350,300,535 | |||
Basic earnings per share (Note 14) (in dollars per share) | $ 0.01 | $ 1.29 | $ 2.25 | |||
Diluted earnings per share (Note 14) (in dollars per share) | $ 0.01 | $ 1.29 | $ 2.22 | |||
Weighted average number of shares (basic) (in shares) | 158,166,534 | 158,742,282 | 129,300,666 | 158,166,534 | 158,262,268 | 155,872,171 |
Weighted average number of shares (diluted) (Note 14) (in shares) | 158,297,057 | 158,429,057 | 157,529,562 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of comprehensive income [abstract] | |||
Profit/(loss) for the period | $ 1,383 | $ 204,049 | $ 350,301 |
Items that will never be reclassified to profit or loss: | |||
Remeasurements of the defined benefit liability (asset) (Note 16) | 64 | (646) | (44) |
Items that are or may be reclassified to profit or loss: | |||
Foreign currency translation differences (Note 6) | 448 | 170 | (429) |
Equity-accounted investees - share of other comprehensive income (Note 25) | 483 | 1,224 | 1,610 |
Other comprehensive income, net of tax | 995 | 748 | 1,136 |
Total comprehensive income for the period | 2,378 | 204,797 | 351,437 |
Attributable to: | |||
Owners of the company | $ 2,378 | $ 204,797 | $ 351,437 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Thousands | Total | Share capital | Share premium | Translation reserve | Hedging reserve | Treasury shares | Retained earnings | Capital and reserves | Other equity interest |
Beginning balance at Dec. 31, 2014 | $ 1,472,708 | $ 142,441 | $ 941,770 | $ 379 | $ 0 | $ (46,062) | $ 359,180 | $ 1,397,708 | $ 75,000 |
Profit (loss) for the period | 350,301 | 350,301 | 350,301 | ||||||
Total other comprehensive income | 1,136 | (429) | 1,565 | 1,136 | |||||
Total comprehensive income for the period | 351,437 | (429) | 351,866 | 351,437 | |||||
Transactions with owners of the company | |||||||||
Issue of ordinary shares (Note 13) | 209,705 | 20,324 | 208,738 | (19,357) | 209,705 | ||||
Conversion perpetual convertible preferred equity (Note 13) | 0 | 10,281 | 64,719 | 75,000 | (75,000) | ||||
Dividends to equity holders | (138,001) | (138,001) | (138,001) | ||||||
Treasury shares sold (Note 13) | 8,263 | 33,779 | (25,516) | 8,263 | |||||
Equity-settled share-based payment (Note 22) | 1,637 | 1,637 | 1,637 | ||||||
Total transactions with owners | 81,604 | 30,605 | 273,457 | 33,779 | (181,237) | 156,604 | (75,000) | ||
Ending balance at Dec. 31, 2015 | 1,905,749 | 173,046 | 1,215,227 | (50) | 0 | (12,283) | 529,809 | 1,905,749 | 0 |
Profit (loss) for the period | 204,049 | 204,049 | 204,049 | ||||||
Total other comprehensive income | 748 | 170 | 578 | 748 | |||||
Total comprehensive income for the period | 204,797 | 170 | 204,627 | 204,797 | |||||
Transactions with owners of the company | |||||||||
Dividends to equity holders | (216,838) | (216,838) | (216,838) | ||||||
Treasury shares acquired (Note 13) | (6,889) | (6,889) | (6,889) | ||||||
Treasury shares sold (Note 13) | 731 | 3,070 | (2,339) | 731 | |||||
Equity-settled share-based payment (Note 22) | 406 | 406 | 406 | ||||||
Total transactions with owners | (222,590) | (3,819) | (218,771) | (222,590) | 0 | ||||
Ending balance at Dec. 31, 2016 | 1,887,956 | 173,046 | 1,215,227 | 120 | 0 | (16,102) | 515,665 | 1,887,956 | 0 |
Profit (loss) for the period | 1,383 | 1,383 | 1,383 | ||||||
Total other comprehensive income | 995 | 448 | 547 | 995 | |||||
Total comprehensive income for the period | 2,378 | 448 | 1,930 | 2,378 | |||||
Transactions with owners of the company | |||||||||
Dividends to equity holders | (44,286) | (44,286) | (44,286) | ||||||
Equity-settled share-based payment (Note 22) | 313 | 313 | 313 | ||||||
Total transactions with owners | (43,973) | (43,973) | (43,973) | ||||||
Ending balance at Dec. 31, 2017 | $ 1,846,361 | $ 173,046 | $ 1,215,227 | $ 568 | $ 0 | $ (16,102) | $ 473,622 | $ 1,846,361 | $ 0 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from (used in) operating activities [abstract] | |||
Profit/(loss) for the period | $ 1,383 | $ 204,049 | $ 350,301 |
Adjustments for: | 225,527 | 205,457 | 208,305 |
Depreciation of tangible assets (Note 8) | 229,777 | 227,664 | 210,156 |
Depreciation of intangible assets | 95 | 99 | 50 |
Loss (gain) on disposal of investments in equity accounted investees (Note 24) | 0 | 24,150 | 0 |
Provisions | (160) | (603) | 91 |
Tax (benefits)/expenses (Note 7) | (1,358) | (174) | 5,633 |
Share of profit of equity-accounted investees, net of tax (Note 25) | (30,082) | (40,495) | (51,592) |
Net finance expense (Note 6) | 43,463 | 44,839 | 47,630 |
(Gain)/loss on disposal of assets (Note 8) | (15,511) | (50,395) | (5,300) |
Equity-settled share-based payment transactions (Note 5) | 313 | 406 | 1,637 |
Amortization of deferred capital gain | (1,010) | (34) | 0 |
Changes in working capital requirements | 22,083 | 38,487 | (57,692) |
Change in cash guarantees | (52) | 107 | 1 |
Change in trade receivables (Note 11) | 5,938 | (755) | 12,330 |
Change in accrued income (Note 11) | (1,499) | 21,049 | (13,175) |
Change in deferred charges (Note 11) | (3,648) | 239 | 11,090 |
Change in other receivables (Note 10-11) | 28,773 | 35,905 | (34,654) |
Change in trade payables (Note 17) | 1,165 | (6,817) | 1,190 |
Change in accrued payroll (Note 17) | 1,014 | (138) | 255 |
Change in accrued expenses (Note 17) | (6,727) | (7,547) | (1,649) |
Change in deferred income (Note 17) | (3,726) | (3,591) | 6,612 |
Change in other payables (Note 17) | 18 | (226) | (39,800) |
Change in provisions for employee benefits (Note 16) | 827 | 261 | 108 |
Income taxes paid during the period | 11 | (100) | (109) |
Interest paid (Note 6-18) | (39,595) | (33,378) | (50,810) |
Interest received (Note 6-11) | 636 | 209 | 262 |
Dividends received from equity-accounted investees (Note 25) | 1,250 | 23,478 | 275 |
Net cash from (used in) operating activities | 211,295 | 438,202 | 450,532 |
Cash flows from (used in) investing activities [abstract] | |||
Acquisition of vessels (Note 8) | (176,687) | (342,502) | (351,596) |
Proceeds from the sale of vessels (Note 8) | 96,880 | 223,016 | 112,890 |
Acquisition of other tangible assets and prepayments (Note 8) | (1,203) | (178) | (8,289) |
Acquisition of intangible assets | (11) | (18) | (258) |
Proceeds from the sale of other (in)tangible assets | 29 | 38 | 95 |
Loans from (to) related parties (Note 25) | 40,750 | 22,047 | 39,785 |
Proceeds from capital decreases in joint ventures (Note 25) | 0 | 3,737 | 1,500 |
Acquisition of subsidiaries, net of cash acquired (Note 24) | 0 | (6,755) | 0 |
Net cash from (used in) investing activities | (40,242) | (100,615) | (205,873) |
Cash flows from (used in) financing activities [abstract] | |||
Proceeds from issue of share capital (Note 13) | 0 | 0 | 229,063 |
Transaction costs related to issue of share capital (Note 13) | 0 | 0 | (19,357) |
(Purchase of) Proceeds from sale of treasury shares (Note 13) | 0 | (6,157) | 8,263 |
Proceeds from new borrowings (Note 15) | 526,024 | 740,286 | 931,270 |
Repayment of borrowings (Note 15) | (710,993) | (774,015) | (1,367,871) |
Transaction costs related to issue of loans and borrowings (Note 15) | (5,874) | (4,436) | (8,680) |
Dividends paid (Note 13) | (44,133) | (216,838) | (138,003) |
Net cash from (used in) financing activities | (234,976) | (261,160) | (365,315) |
Net increase (decrease) in cash and cash equivalents | (63,923) | 76,427 | (120,656) |
Net cash and cash equivalents at the beginning of the period (Note 12) | 206,689 | 131,663 | 254,086 |
Effect of changes in exchange rates | 882 | (1,401) | (1,767) |
Net cash and cash equivalents at the end of the period (Note 12) | $ 143,648 | $ 206,689 | $ 131,663 |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2017 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Significant accounting policies | Significant accounting policies 1. Reporting Entity Euronav NV (the "Company") is a company domiciled in Belgium. The address of the Company's registered office is De Gerlachekaai 20, 2000 Antwerpen, Belgium. The consolidated financial statements of the Company comprise the Company and its subsidiaries (together referred to as the "Group") and the Group's interests in associates and joint ventures. Euronav NV is a fully-integrated provider of international maritime shipping and offshore services engaged in the transportation and storage of crude oil. The Company was incorporated under the laws of Belgium on June 26, 2003, and grew out of three companies that had a strong presence in the shipping industry; Compagnie Maritime Belge NV, ("CMB"), formed in 1895, Compagnie Nationale de Navigation SA, ("CNN"), formed in 1938, and Ceres Hellenic formed in 1950. The Company started doing business under the name "Euronav" in 1989 when it was initially formed as the international tanker subsidiary of CNN. Euronav NV charters its vessels to leading international energy companies. The Company pursues a chartering strategy of primarily employing its vessels on the spot market, including through the Tankers International (TI) Pool (the "TI Pool") and also under fixed-rate contracts and long-term time charters, which typically include a profit sharing component. A spot market voyage charter is a contract to carry a specific cargo from a load port to a discharge port for an agreed freight per ton of cargo or a specified total amount. Under spot market voyage charters, the Company pays voyage expenses such as port, canal and bunker costs. Spot charter rates have historically been volatile and fluctuate due to seasonal changes, as well as general supply and demand dynamics in the crude oil marine transportation sector. Although the revenues generated by the Company in the spot market are less predictable, the Company believes their exposure to this market provides them with the opportunity to capture better profit margins during periods when vessel demand exceeds supply leading to improvements in tanker charter rates. The Company principally employs and commercially manages their VLCCs through the TI Pool, a leading spot market-oriented VLCC pool in which other shipowners with vessels of similar size and quality participate along with the Company. The Company participated in the formation of the TI Pool in 2000 to allow themselves and other TI Pool participants, consisting of third-party owners and operators of similarly sized vessels, to gain economies of scale, obtain increased cargo flow of information, logistical efficiency and greater vessel utilization. Time charters provide the Company with a fixed and stable cash flow for a known period of time. Time charters may help the Company mitigate, in part, their exposure to the spot market, which tends to be volatile in nature, being seasonal and generally weaker in the second and third quarters of the year due to refinery shutdowns and related maintenance during the warmer summer months. The Group may when the cycle matures or otherwise opportunistically employ more of their vessels under time charter contracts as the available rates for time charters improve. The Group may also enter into time charter contracts with profit sharing arrangements, which the Company believes will enable them to benefit if the spot market increases above a base charter rate as calculated either by sharing sub charter profits of the charterer or by reference to a market index and in accordance with a formula provided in the applicable charter contract. The Group currently deploys their two FSOs as floating storage units under service contracts with North Oil Company, in the offshore services sector. 2. Basis of preparation (a) Statement of compliance These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). All accounting policies have been consistently applied for all periods presented in the consolidated financial statements, unless disclosed otherwise. The consolidated financial statements were authorized for issue by the Board of Directors on April 17, 2018. (b) Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for the following material items in the statement of financial position: • Derivative financial instruments are measured at fair value (c) Functional and presentation currency The consolidated financial statements are presented in USD, which is the Company's functional and presentation currency. All financial information presented in USD has been rounded to the nearest thousand except when otherwise indicated. (d) Use of estimates and judgements The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which are the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statement is included in the following note: • Note 8 – Impairment Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year is included in the following note: • Note 8 – Impairment test: key assumptions underlying the recoverable amount Measurement of fair values A number of the Group's accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Group has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values, and reports directly to the CFO. The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of IFRS, including the level in the fair value hierarchy in which such valuations should be classified. Significant valuation issues are reported to the Group Audit and Risk Committee. When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows. • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e.as prices) or indirectly (i.e. derived from prices). • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. (e) Changes in accounting policies Except for the changes below, the accounting policies adopted in the preparation of the consolidated financial statements for the year ended December 31, 2017 are consistent with those applied in the preparation of the consolidated financial statements for the year ended December 31, 2016 . The Group has adopted the following new standards, interpretations and amendments to standards, including any consequential amendments to other standards, with a date of initial application of January 1, 2017: • Annual Improvements to IFRSs 2014-2016 cycle (amendments to IFRS 12) • Amendments to IAS 7: Disclosure Initiative • Amendments to IFRS 12: Recognition of Deferred Tax Assets for Unrealized Losses The adoption of these standards, interpretations and amendments to standards did not have a material impact on the Group's consolidated financial statements. (f) Basis of Consolidation (i) Business Combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. For acquisitions on or after January 1, 2010, the Group measures goodwill at the acquisition date as: • the fair value of the consideration transferred; plus • the recognized amount of any non-controlling interests in the acquiree; plus if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less • the net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed. • When the excess is negative, a bargain purchase gain is recognized immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts generally are recognized in profit or loss. Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. (ii) Non-controlling interests (NCI) NCI are measured at their proportionate share of the acquiree's identifiable net assets at the date of acquisition. Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. (iii) Subsidiaries Subsidiaries are those entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which the control commences until the date on which control ceases. (iv) Loss of control On the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognized in profit or loss. If the Group retains any interest in the former subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as an equity-accounted investee or as an available-for-sale financial asset depending on the level of influence retained. (v) Interests in equity-accounted investees The Group's interests in equity-accounted investees comprise interest in associates and joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in associates and joint ventures are accounted for using the equity method. They are recognized initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group's share of the profit or loss and other comprehensive income ("OCI") of equity-accounted investees, until the date on which significant influence or joint control ceases. Interests in associates and joint ventures include any long-term interests that, in substance, form part of the Group's investment in those associates or joint ventures and include unsecured shareholder loans for which settlement is neither planned nor likely to occur in the foreseeable future, which, therefore, are an extension of the Group's investment in those associates and joint ventures. The Group's share of losses that exceeds its investment is applied to the carrying amount of those loans. After the Group's interest is reduced to zero, a liability is recognized to the extent that the Group has a legal or constructive obligation to fund the associates' or joint ventures' operations or has made payments on their behalf. (vi) Transactions eliminated on consolidation Intragroup balances and transactions, and any unrealized gains arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the underlying asset to the extent of the Group's interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. (g) Foreign currency (i) Foreign currency transactions Transactions in foreign currencies are translated to USD at the foreign exchange rate applicable at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to USD at the foreign exchange rate applicable at that date. Foreign exchange differences arising on translation are recognized in profit or loss. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. (ii) Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to USD at exchange rates at the reporting date. The income and expenses of foreign operations are translated to USD at rates approximating the exchange rates at the dates of the transactions. Foreign currency differences are recognized directly in equity (Translation reserve). When a foreign operation is disposed of, in part or in full, the relevant amount in the translation reserve is transferred to profit or loss. (h) Financial Instruments (i) Non-derivative financial assets The group initially recognizes loans and receivables on the date that they are originated. All other financial assets (including assets designated as at fair value through profit and loss) are recognized initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in such transferred financial assets that is created or retained by the Group is recognized as a separate asset or liability. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm's length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models refined to reflect the issuer's specific circumstances. The Group classifies non-derivative financial assets into the following categories: financial assets at fair value through profit or loss, loans and receivables, cash and cash equivalents, held-to-maturity financial assets and available-for-sale financial assets. The Company determines the classification of its investments at initial recognition and re-evaluates this designation at every reporting date. Financial assets at fair value through profit or loss A financial asset is classified as at fair value through profit or loss if it is classified as held for trading or is designated as such on initial recognition. Financial assets are designated as at fair value through profit or loss if the Group manages such investments and makes purchase and sale decisions based on their fair value in accordance with the Group's treasury policy. Attributable transaction costs are recognized in profit or loss as incurred. Financial assets at fair value through profit or loss are measured at fair value and changes therein, which takes into account any dividend income, are recognized in profit or loss. Assets in this category are classified as current assets if they are expected to be realized within 12 months of the balance sheet date. Loans and receivables Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortized cost using the effective interest method, less any impairment losses. They arise when the Group provides money, goods or services directly to a debtor with no intention of trading the receivable. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as non-current assets. Loans and receivables are included in trade and other receivables in the statement of financial position. Held-to-maturity financial assets If the Group has the positive intent and ability to hold debt securities to maturity, then such financial assets are classified as held-to-maturity. Held-to-maturity financial assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, held-to-maturity financial assets are measured at amortized cost using the effective interest method, less any impairment losses. Held-to-maturity financial assets comprise debentures. Available-for-sale financial assets Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of the other categories. Available-for-sale financial assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses and foreign currency differences on available-for-sale debt instruments, are recognized in OCI and presented in the fair value reserve in equity. When an investment is derecognized, the gain or loss accumulated in equity is reclassified to profit or loss. Available-for-sale financial assets comprise equity securities and debt securities. They are included in non-current assets unless the Company intends to dispose of the investment within 12 months of the balance sheet date. (ii) Non-derivative financial liabilities The Group initially recognizes debt securities issued and subordinated liabilities on the date that they are originated. All other financial liabilities (including liabilities designated as at fair value through profit or loss) are recognized initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire. Non-derivative financial liabilities are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. Non-derivative financial liabilities comprise loans and borrowings, bank overdrafts, and trade and other payables. Bank overdrafts that are repayable on demand and form an integral part of the Group's cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. (iii) Share capital Ordinary share capital Ordinary share capital is classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity, net of any tax effects. Repurchase of share capital When share capital recognized as equity is repurchased, the amount of the consideration paid, including directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and presented in the reserve for own shares. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is presented in share premium. (iv) Derivative financial instruments The Group from time to time may enter into derivative financial instruments to hedge its exposure to market fluctuations, foreign exchange and interest rate risks arising from operational, financing and investment activities. On initial designation of the derivative as hedging instrument, the Group formally documents the relationship between the hedging instrument(s) and hedged item(s), including the risk management objectives and strategy in undertaking the hedge transaction, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, whether the hedging instruments are expected to be "highly effective" in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated, and whether the actual results of each hedge are within a range of 80-125 percent. For a cash flow hedge of a forecast transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that could ultimately affect reported net income. Derivative financial instruments are recognized initially at fair value; attributable transaction costs are expensed as incurred. Subsequent to initial recognition, all derivatives are remeasured to fair value, and changes therein are accounted for as follows: Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognized in OCI and presented in the hedging reserve in equity. The amount recognized in OCI is removed and included in profit or loss in the same period as the hedged cash flows affect profit or loss under the same line item in the statement of profit or loss as the hedged item. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. When the hedged item is a non-financial asset, the amount accumulated in equity is included in the carrying amount of the asset when the asset is recognized. In other cases, the amount accumulated in equity is reclassified to profit or loss in the same period that the hedged item affects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated, exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. If the forecast transaction is no longer expected to occur, then the balance in equity is reclassified to profit or loss. Other non-trading derivatives When a derivative financial instrument is not held for trading, and is not designated in a qualifying hedge relationship, all changes in its fair value are recognized immediately in profit or loss. (v) Compound financial instruments Compound financial instruments issued by the Group comprise Notes denominated in USD that can be converted to ordinary shares at the option of the holder, when the number of shares is fixed and does not vary with changes in fair value. The liability component of compound financial instruments is initially recognized at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognized at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity component in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. Interest related to the financial liability is recognized in profit and loss. On conversion, the financial liability is reclassified to equity and no gain or loss is recognized. (i) Goodwill and intangible assets (i) Goodwill Goodwill that arises on the acquisition of subsidiaries is presented as an intangible asset. For the measurement of goodwill at initial recognition, see accounting policy (f). After initial recognition goodwill is measured at cost less accumulated impairment losses (refer to accounting policy (k)). In respect of equity accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment, and any impairment loss is allocated to the carrying amount of the equity accounted investee as a whole. (ii) Intangible assets Intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and impairment losses (see accounting policy k). The cost of an intangible asset acquired in a separate acquisition is the cash paid or the fair value of any other consideration given. The cost of an internally generated intangible asset includes the directly attributable expenditure of preparing the asset for its intended use. (iii) Subsequent expenditure Subsequent expenditure on intangible assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates and its cost can be measured reliably. All other expenditure is expensed as incurred. (iv) Amortization Amortization is charged to the income statement on a straight-line basis over the estimated useful lives of the intangible assets from the date they are available for use. The estimated useful lives are as follows: Software: 3 - 5 years Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. (j) Vessels, property, plant and equipment (i) Owned assets Vessels and items of property, plant and equipment are stated at cost or deemed cost less accumulated depreciation (see below) and impairment losses (refer to accounting policy (k)). Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the following: • The cost of materials and direct labor; • Any other costs directly attributable to bringing the assets to a working condition for their intended use; • When the Group has an obligation to remove the asset or restore the site, an estimate of the costs of dismantling and removing the items and restoring the site on which they are located; and • Capitalized borrowing costs. Where an item of property, plant and equipment comprises major components having different useful lives, they are accounted for as separate items of property, plant and equipment (refer to accounting policy (j) vii). Gains and losses on disposal of a vessel or of another item of property, plant and equipment are determined by comparing the net proceeds from disposal with the carrying amount of the vessel or the item of property, plant and equipment and are recognized in profit or loss. For the sale of vessels or other items of property, plant and equipment, transfer of risk and rewards usually occurs upon delivery of the vessel to the new owner. (ii) Leased assets Leases in terms of which the Group assumes substantially all of the risks and rewards of ownership are classified as finance leases. Vessels, property, plant and equipment acquired by way of finance lease is stated at an amount equal to the lower of its fair value and the present value of the minimum lease payments at inception of the lease, less accumulated depreciation (see below) and impairment losses (refer accounting policy (k)). Lease payments are accounted for as described in accounting policy (q). Other leases are operating leases and are not recognized in the Group's statement of financial position. (iii) Assets under construction Assets under construction, especially newbuilding vessels, are accounted for in accordance with the stage of completion of the newbuilding contract. Typical stages of completion are the milestones that are usually part of a newbuilding contract: signing or receipt of refund guarantee, steel cutting, keel laying, launching and delivery. All stages of completion are guaranteed by a refund guarantee provided by the shipyard. (iv) Subsequent expenditure Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the item of property, plant and equipment and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. All other expenditure is recognized in the consolidated statement of profit or loss as an expense as incurred. (v) Borrowing costs Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset. (vi) Depreciation Depreciation is charged to the consolidated statement of profit or loss on a straight-line basis over the estimated useful lives of vessels and items of property, plant and equipment. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land is not depreciated. Vessels and items of property, plant and equipment are depreciated from the date that they are available for use. Internally constructed assets are depreciated from the date that the assets are completed and ready for use. The estimated useful lives of significant items of property, plant and equipment are as follows: • tankers 20 years • FSO/FpSO/FPSO 25 years • plant and equipment 5 - 20 years • fixtures and fittings 5 - 10 years • other tangible assets 3 - 20 years • dry-docking 2.5 - 5 years Vessels are estimated to have a zero residual value. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. (vii) Dry-docking – componen |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2017 | |
Operating Segments [Abstract] | |
Segment reporting | Segment reporting The Group distinguishes two operating segments: the operation of crude oil tankers in the international markets (the Tankers Segment) and the floating production, storage and offloading operations (the FSO/FpSO Segment). These two divisions operate in completely different markets, where in the latter the assets are tailor made or converted for specific long term projects. The tanker market requires a different marketing strategy as this is considered a very volatile market, contract duration is often less than two years and the assets are to a large extent standardized. The segment profit or loss figures and key assets as set out below are presented to the executive committee on at least a quarterly basis to help the key decision makers in evaluating the respective segments. The Chief Operating Decision Maker (CODM) also receives the information per segment based on proportionate consolidation for the joint ventures and not by applying equity accounting. The reconciliation between the figures of all segments combined on the one hand and with the consolidated statements of financial position and profit or loss on the other hand is presented in a separate column Equity-accounted investees. The Group has one client in the Tankers segment that represented 10% of the Tankers segment total revenue in 2017 ( 2016 : two clients which represented 10% each and in 2015 one client which represented 11% ). All the other clients represent less than 10% of total revenues of the Tankers segment. The Group did not identify any relevant geographic areas. Consolidated statement of financial position (in thousands of USD) December 31, 2017 December 31, 2016 ASSETS Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Vessels 2,271,500 168,100 (168,100 ) 2,271,500 2,383,163 186,170 (186,170 ) 2,383,163 Assets under construction 63,668 — — 63,668 86,136 — — 86,136 Other tangible assets 1,663 — — 1,663 777 — — 777 Intangible assets 72 — — 72 156 — — 156 Receivables 163,382 10,739 (13,769 ) 160,352 204,079 9,414 (29,579 ) 183,914 Investments in equity accounted investees 1,695 — 28,900 30,595 1,546 — 16,867 18,413 Deferred tax assets 2,487 223 (223 ) 2,487 964 — — 964 Total non-current assets 2,504,467 179,062 (153,192 ) 2,530,337 2,676,821 195,584 (198,882 ) 2,673,523 Total current assets 281,132 11,581 (12,077 ) 280,636 375,037 43,048 (44,697 ) 373,388 TOTAL ASSETS 2,785,599 190,643 (165,269 ) 2,810,973 3,051,858 238,632 (243,579 ) 3,046,911 EQUITY and LIABILITIES Total equity 1,820,887 25,473 1 1,846,361 1,892,836 (4,879 ) (1 ) 1,887,956 Bank and other loans 653,730 162,762 (162,762 ) 653,730 966,443 203,512 (203,512 ) 966,443 Convertible and other Notes 147,619 — — 147,619 — — — — Other payables 539 — — 539 533 1,118 (1,118 ) 533 Deferred tax liabilities — 1,680 (1,680 ) — — — — — Employee benefits 3,984 — — 3,984 2,846 — — 2,846 Amounts due to equity-accounted joint ventures — — — — — — — — Provisions — — — — 38 — — 38 Total non-current liabilities 805,872 164,442 (164,442 ) 805,872 969,860 204,630 (204,630 ) 969,860 Total current liabilities 158,840 728 (828 ) 158,740 189,162 38,881 (38,948 ) 189,095 TOTAL EQUITY and LIABILITIES 2,785,599 190,643 (165,269 ) 2,810,973 3,051,858 238,632 (243,579 ) 3,046,911 Consolidated statement of profit or loss (in thousands of USD) 2017 2016 2015 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Shipping income Revenue 513,398 59,513 (59,543 ) 513,368 704,766 65,125 (85,626 ) 684,265 898,495 64,504 (116,492 ) 846,507 Gains on disposal of vessels/other tangible assets 36,538 — — 36,538 50,397 — — 50,397 13,302 — — 13,302 Other operating income 4,902 234 (234 ) 4,902 6,765 327 (96 ) 6,996 6,798 808 (180 ) 7,426 Total shipping income 554,838 59,747 (59,777 ) 554,808 761,928 65,452 (85,722 ) 741,658 918,595 65,312 (116,672 ) 867,235 Operating expenses Voyage expenses and commissions (62,035 ) (304 ) 304 (62,035 ) (63,305 ) (476 ) 4,221 (59,560 ) (83,896 ) (473 ) 13,132 (71,237 ) Vessel operating expenses (150,390 ) (9,157 ) 9,120 (150,427 ) (164,478 ) (9,679 ) 13,958 (160,199 ) (160,894 ) (10,074 ) 17,250 (153,718 ) Charter hire expenses (31,173 ) — — (31,173 ) (17,713 ) — — (17,713 ) (25,849 ) — — (25,849 ) Losses on disposal of vessels/other tangible assets (21,027 ) — — (21,027 ) (1 ) — (1 ) (2 ) (8,002 ) — — (8,002 ) Loss on disposal of investments in equity accounted investees — — — — (24,150 ) — — (24,150 ) — — — — Depreciation tangible assets (229,777 ) (18,071 ) 18,071 (229,777 ) (233,368 ) (18,071 ) 23,775 (227,664 ) (221,399 ) (18,071 ) 29,314 (210,156 ) Depreciation intangible assets (95 ) — — (95 ) (99 ) — — (99 ) (50 ) — — (50 ) General and administrative expenses (46,871 ) (30 ) 33 (46,868 ) (44,152 ) (80 ) 181 (44,051 ) (46,433 ) (283 ) 465 (46,251 ) Total operating expenses (541,368 ) (27,562 ) 27,528 (541,402 ) (547,266 ) (28,306 ) 42,134 (533,438 ) (546,523 ) (28,901 ) 60,161 (515,263 ) RESULT FROM OPERATING ACTIVITIES 13,470 32,185 (32,249 ) 13,406 214,662 37,146 (43,588 ) 208,220 372,072 36,411 (56,511 ) 351,972 Finance income 7,267 197 (198 ) 7,266 6,864 57 (66 ) 6,855 3,313 22 (23 ) 3,312 Finance expenses (50,730 ) (1,026 ) 1,027 (50,729 ) (52,420 ) (2,552 ) 3,277 (51,695 ) (52,590 ) (3,663 ) 5,311 (50,942 ) Net finance expenses (43,463 ) (829 ) 829 (43,463 ) (45,556 ) (2,495 ) 3,211 (44,840 ) (49,277 ) (3,641 ) 5,288 (47,630 ) Share of profit (loss) of equity accounted investees (net of income tax) 150 — 29,932 30,082 334 — 40,161 40,495 185 — 51,407 51,592 Profit (loss) before income tax (29,843 ) 31,356 (1,488 ) 25 169,440 34,651 (216 ) 203,875 322,980 32,770 184 355,934 Income tax expense 1,358 (1,488 ) 1,488 1,358 174 (216 ) 216 174 (5,633 ) 184 (184 ) (5,633 ) Profit (loss) for the period (28,485 ) 29,868 — 1,383 169,614 34,435 — 204,049 317,347 32,954 — 350,301 Attributable to: Owners of the company (28,485 ) 29,868 — 1,383 169,614 34,435 — 204,049 317,347 32,954 — 350,301 Summarized consolidated statement of cash flows (in thousands of USD) 2017 2016 2015 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Net cash from operating activities 211,310 49,684 (49,698 ) 211,295 427,926 49,013 (38,737 ) 438,202 505,821 58,747 (114,036 ) 450,532 Net cash from (used in) investing activities (40,243 ) — 1 (40,242 ) (90,891 ) — (9,724 ) (100,615 ) (248,770 ) — 42,897 (205,873 ) Net cash from (used in) financing activities (234,921 ) (78,421 ) 78,367 (234,976 ) (264,714 ) (32,929 ) 36,483 (261,160 ) (350,429 ) (20,557 ) 5,671 (365,315 ) Capital expenditure (177,901 ) — — (177,901 ) (342,698 ) — — (342,698 ) (361,754 ) — 1,611 (360,143 ) Impairment losses — — — — — — — — — — — — Impairment losses reversed — — — — — — — — — — — — |
Assets and liabilities held for
Assets and liabilities held for sale and discontinued operations | 12 Months Ended |
Dec. 31, 2017 | |
Non-Current Assets Held For Sale And Discontinued Operations [Abstract] | |
Assets and liabilities held for sale and discontinued operations | Assets and liabilities held for sale and discontinued operations Assets held for sale The assets held for sale can be detailed as follows: (in thousands of USD) 2017 2016 2015 Vessels — — 24,195 Of which in Tankers segment — — 24,195 Of which in FSO segment — — — (in thousands of USD) (Estimated) Sale price Book Value Asset Held For Sale (Expected) Gain (Expected) Loss At January 1, 2015 — — 89,000 — — Assets transferred to assets held for sale Famenne 38,016 24,195 24,195 13,821 — Assets sold from assets held for sale Antarctica 91,065 89,000 (89,000 ) 2,065 — At December 31, 2015 — — 24,195 15,886 — At January 1, 2016 — — 24,195 — — Assets sold from assets held for sale Famenne 38,016 24,195 (24,195 ) 13,821 — At December 31, 2016 — — — 13,821 — On January 15, 2016, the Company sold the VLCC Famenne (2001 - 298,412 dwt), for USD 38.4 million . This vessel was accounted for as a non-current asset held for sale as at December 31, 2015 , and had a carrying value of USD 24.2 million as of that date The vessel was delivered to its new owner on March 9, 2016 . Taking into account the sales commissions, the gain on the sale of this vessel amounted to USD 13.8 million . This gain has been recorded upon delivery of the vessel and is therefore reflected in the consolidated statement of profit or loss for the twelve months ended December 31, 2016 . As per December 31, 2017 and December 31, 2016, the Group had no assets held for sale. Discontinued operations As per December 31, 2017 and December 31, 2016 , the Group had no operations that meet the criteria of a discontinued operation. |
Revenue and other operating inc
Revenue and other operating income | 12 Months Ended |
Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |
Revenue and other operating income | Revenue and other operating income (in thousands of USD) 2017 2016 2015 Pool Revenue 249,303 340,217 455,617 Spot Voyages 145,360 203,821 264,799 Time Charters (Note 19) 118,705 140,227 126,091 Total revenue 513,368 684,265 846,507 (in thousands of USD) 2017 2016 2015 Other operating income 4,902 6,996 7,426 For the accounting treatment of revenue, we refer to the accounting policies (o) - Revenue. The decrease in revenue is mostly related to the decrease in pool and spot voyage revenue which is due to lower freight market conditions. Other operating income includes revenues related to the daily standard business operation of the fleet and that are not directly attributable to an individual voyage, such as insurance rebates received based on changes in our vessels' trading patterns. |
Expenses for shipping activitie
Expenses for shipping activities and other expenses from operating activities | 12 Months Ended |
Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |
Expenses for shipping activities and other expenses from operating activities | Expenses for shipping activities and other expenses from operating activities Voyage expenses and commissions (in thousands of USD) 2017 2016 2015 Voyage related expense (57,140 ) (52,836 ) (62,787 ) Commissions paid (4,895 ) (6,724 ) (8,450 ) Total voyage expenses and commissions (62,035 ) (59,560 ) (71,237 ) The majority of voyage expenses are bunkers, port costs and agent fees paid to operate the vessels on the spot market. These expenses increased in 2017 compared to 2016 because a lower proportion of vessels were on time charter contract in 2017 and because bunker costs per ton increased. For vessels under a time charter contract, voyage expenses are paid by the charterer and for vessels operated on the spot market, voyage expenses are paid by the ship owner. Vessel operating expenses (in thousands of USD) 2017 2016 2015 Operating expenses (139,832 ) (148,554 ) (142,035 ) Insurance (10,595 ) (11,645 ) (11,683 ) Total vessel operating expenses (150,427 ) (160,199 ) (153,718 ) The operating expenses relate mainly to the crewing, technical and other costs to operate tankers. In 2017 these expenses were lower compared to 2016 because technical operating expenses were lower thanks to cost optimization strategies applied in 2017. Charter hire expenses (in thousands of USD) 2017 2016 2015 Charter hire (Note 19) (62 ) (16,921 ) (25,849 ) Bare boat hire (Note 19) (31,111 ) (792 ) — Total charter hire expenses (31,173 ) (17,713 ) (25,849 ) The decrease in charter hire is mainly due to the redelivery of the two chartered-in vessels, the VLCC KHK Vision and the Suezmax Suez Hans , to their owners on October 27, 2016 and November 27, 2016 respectively. The increase in bareboat charter-hire expenses in 2017 is entirely attributable to the sale and leaseback agreement of four VLCCs ( Nautilus, Navarin, Neptun and Nucleus) , under a five year bareboat contract agreed on December 16, 2016. General and administrative expenses (in thousands of USD) 2017 2016 2015 Wages and salaries (12,853 ) (12,754 ) (12,554 ) Social security costs (2,511 ) (2,532 ) (2,379 ) Provision for employee benefits (Note 16) (827 ) (261 ) (108 ) Equity-settled share-based payments (Note 22) (313 ) (406 ) (1,637 ) Other employee benefits (3,148 ) (3,178 ) (3,715 ) Employee benefits (19,652 ) (19,131 ) (20,392 ) Administrative expenses (22,579 ) (21,264 ) (21,389 ) Tonnage Tax (4,772 ) (4,246 ) (4,360 ) Claims (25 ) (13 ) (19 ) Provisions 160 603 (91 ) Total general and administrative expenses (46,868 ) (44,051 ) (46,251 ) Average number of full time equivalents (shore staff) 150.49 139.44 132.20 The general and administrative expenses which include amongst others: shore staff wages, director fees, office rental, consulting and audit fees and Tonnage Tax, increased in 2017 compared to 2016. This increase was mainly due to an increase in provisions for employee benefits, and to higher administrative expenses. The administrative expenses increased in 2017 compared to 2016 due to the signing and usage by Tankers International Ltd. of a senior secured uncommitted on-demand line of credit to fund the working capital in the ordinary course of TI Pool's business of operating a pool of tankers vessels, including but not limited to the purchase of bunker fuel, the payment of expenses relating to specific voyages and supplies of pool vessels, commissions payable on fixtures, port costs, expenses for hull and propeller cleaning, canal costs, insurance costs for the account of the pool, and insurance and fees payable for towage of vessels. The TI Pool's financing expenses are part of the Pool administrative expenses which are borne by the Pool participants, including Euronav. |
Net finance expense
Net finance expense | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Net finance expense | Net finance expense Recognized in profit or loss (in thousands of USD) 2017 2016 2015 Interest income 655 217 208 Foreign exchange gains 6,611 6,638 3,104 Finance income 7,266 6,855 3,312 Interest expense on financial liabilities measured at amortized cost (38,391 ) (39,007 ) (38,246 ) Amortization other Notes — — (4,127 ) Other financial charges (5,819 ) (4,577 ) (4,355 ) Foreign exchange losses (6,519 ) (8,111 ) (4,214 ) Finance expense (50,729 ) (51,695 ) (50,942 ) Net finance expense recognized in profit or loss (43,463 ) (44,840 ) (47,630 ) Interest expense on financial liabilities measured at amortized cost decreased during the year ended December 31, 2017, compared to 2016. This decrease was primarily attributable to the fact that the increase in floating interest rates in 2017 was more than offset by a decrease in average outstanding debt during the year ended December 31, 2017, compared to 2016. Other financial charges increased in 2017 compared to 2016, which was primarily attributable to commitment fees paid for available credit lines, of which the total availability increased in 2017. The above finance income and expenses include the following in respect of assets (liabilities) not at fair value through profit or loss: 2017 2016 2015 Total interest income on financial assets 655 217 208 Total interest expense on financial liabilities (38,391 ) (39,007 ) (42,373 ) Total other financial charges (5,819 ) (4,577 ) (4,355 ) Recognized directly in equity (in thousands of USD) 2017 2016 2015 Foreign currency translation differences for foreign operations 448 170 (429 ) Net finance expense recognized directly in equity 448 170 (429 ) Attributable to: Owners of the Company 448 170 (429 ) Net finance expense recognized directly in equity 448 170 (429 ) Recognized in: Translation reserve 448 170 (429 ) |
Income tax benefit (expense)
Income tax benefit (expense) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income tax benefit (expense) | Income tax benefit (expense) (in thousands of USD) 2017 2016 2015 Current tax Current period (85 ) 60 (98 ) Total current tax (85 ) 60 (98 ) Deferred tax Recognition of unused tax losses/(use of tax losses) 1,473 220 (5,450 ) Other (30 ) (106 ) (85 ) Total deferred tax 1,443 114 (5,535 ) Total tax benefit/(expense) 1,358 174 (5,633 ) Reconciliation of effective tax 2017 2016 2015 Profit (loss) before tax 25 203,875 355,934 Tax at domestic rate (33.99 )% (8 ) (33.99 )% (69,297 ) (33.99 )% (120,982 ) Effects on tax of : Tax exempt profit / loss 499 (8,090 ) (144 ) Tax adjustments for previous years 10 70 17 Loss for which no DTA (*) has been recognized — — (4,811 ) Use of previously unrecognized tax losses 7,146 1,118 15,668 Non-deductible expenses (710 ) (1,718 ) (5,225 ) Tonnage Tax regime (13,918 ) 64,637 91,334 Effect of share of profit of equity-accounted investees 10,175 13,761 17,536 Effects of tax regimes in foreign jurisdictions (1,836 ) (307 ) 974 Total taxes 5,430.01 % 1,358 0.09 % 174 (1.58 )% (5,633 ) In application of an IFRIC agenda decision on 'IAS 12 Income taxes', tonnage tax is not accounted for as income taxes in accordance with IAS 12 and is not presented as part of income tax expense in the consolidated statement of profit or loss but has been shown as an administrative expense under the heading General and administrative expenses. The amount paid for tonnage tax in the year ended December 31, 2017 was USD 4.8 million (see Note 5). * Deferred Tax Asset Deferred tax assets and liabilities Recognized deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: (in thousands of USD) ASSETS LIABILITIES NET Provisions 31 — 31 Employee benefits 37 — 37 Unused tax losses & tax credits 896 — 896 964 — 964 Offset — — Balance at December 31, 2016 964 — Provisions 1 — 1 Employee benefits 44 — 44 Unused tax losses & tax credits 2,442 — 2,442 2,487 — 2,487 Offset — — Balance at December 31, 2017 2,487 — Unrecognized deferred tax assets and liabilities Deferred tax assets and liabilities have not been recognized in respect of the following items: (in thousands of USD) December 31, 2017 December 31, 2016 ASSETS LIABILITIES ASSETS LIABILITIES Deductible temporary differences 357 — 280 — Taxable temporary differences 7 (14,231 ) 7 (25,213 ) Tax losses & tax credits 89,528 — 105,731 — 89,892 (14,231 ) 106,018 (25,213 ) Offset (14,231 ) 14,231 (25,213 ) 25,213 Total 75,661 — 80,805 — The unrecognized deferred tax assets in respect of tax losses and tax credits are related to tax losses carried forward, investment deduction allowances and excess dividend received deduction. Tax losses and tax credits have no expiration date. A deferred tax asset is recognized for unused tax losses and tax credits carried forward, to the extent that it is probable that future taxable profits will be available. The Group considers future taxable profits as probable when it is more likely than not that taxable profits will be generated in the foreseeable future. When determining whether probable future taxable profits are available the probability threshold is applied to portions of the total amount of unused tax losses or tax credits, rather than the entire amount. Given the nature of the tonnage tax regime, the Group has a substantial amount of unused tax losses and tax credits for which no future taxable profits are probable and therefore no deferred tax asset has been recognized. The unrecognized tax liabilities in respect of taxable temporary differences relate primarily to tax liabilities in respect of non distributed reserves of the Group that will be taxed when distributed. No deferred tax liability has been recognized because the Group controls whether the tax liability will be incurred and management is satisfied that the tax liability will not be incurred in the foreseeable future. In addition, no deferred tax liabilities have been recognized for temporary differences related to vessels for which the Group expects that the reversal of these differences will not have a tax effect. In December 2017, changes to the Belgian corporate income tax rate were enacted, lowering the rate to 29.58% as from 2018 and to 25% from 2020. These changes have been reflected in the calculation of the amounts of deferred tax assets and liabilities in respect of Belgian Group entities as at December 31, 2017. Movement in deferred tax balances during the year (in thousands of USD) Balance at Jan 1, 2015 Recognized in income Recognized in equity Translation differences Balance at Dec 31, 2015 Provisions 238 (61 ) — (8 ) 169 Employee benefits 52 (24 ) — (5 ) 23 Unused tax losses & tax credits 6,246 (5,450 ) — (53 ) 743 Total 6,536 (5,535 ) — (66 ) 935 Balance at Jan 1, 2016 Recognized in income Recognized in equity Translation differences Balance at Dec 31, 2016 Provisions 169 (121 ) — (17 ) 31 Employee benefits 23 15 — (1 ) 37 Unused tax losses & tax credits 743 220 — (67 ) 896 Total 935 114 — (85 ) 964 Balance at Jan 1, 2017 Recognized in income Recognized in equity Translation differences Balance at Dec 31, 2017 Provisions 31 (32 ) — 2 1 Employee benefits 37 2 — 5 44 Unused tax losses & tax credits 896 1,473 — 73 2,442 Total 964 1,443 — 80 2,487 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | uary 12 and January 20, 2017, Euronav took delivery of the VLCCs Ardeche (2017 - 298,642 dwt) and the VLCC Aquitaine (2017 - 298,767 dwt). In 2017, the Cap Lara , Captain Michael, Alsace, Iris, Navarin, Simone, Ilma, Nucleus, Neptun, Sonia, Filikon, TI Europe and Nectar have been dry-docked. The cost of planned repairs and maintenance is capitalized and included under the heading acquisitions and is depreciated over their estimated useful life ( 2.5 - 5 years). Disposal of assets – Gains/losses (in thousands of USD) Acquisitions Sale price Book Value Gain Deferred Gain Loss Antarctica - Sale (Note 3) — 91,065 89,000 2,065 — — Cap Laurent - Sale — 21,825 10,682 11,143 — — Other — — — 94 — (8,002 ) At December 31, 2015 13,302 — (8,002 ) Acquisitions Sale price Book Value Gain Deferred Gain Loss Famenne - Sale (Note 3) — 38,016 24,195 13,821 — — Nautilus - Sale — 43,250 32,208 11,042 (500 ) — Navarin - Sale — 47,250 36,739 10,511 (1,500 ) — Neptun - Sale — 47,250 37,534 9,716 (1,500 ) — Nucleus - Sale — 47,250 36,974 10,276 (1,500 ) — Other — — — 31 — (2 ) At December 31, 2016 55,397 (5,000 ) (2 ) Acquisitions Sale price Book Value Gain Deferred Gain Loss TI Topaz - Sale — 20,790 41,817 — — (21,027 ) Flandre - Sale — 45,000 24,693 20,307 — — Cap Georges - Sale — 9,310 801 8,509 — — Artois - Sale — 21,780 14,077 7,703 — — Other — 28 8 20 — — At December 31, 2017 36,538 — (21,027 ) On May 23, 2017, the Company sold the VLCC TI Topaz (2002 - 319,430 dwt), for a net sales price of USD 20.8 million . The loss on that sale of USD 21.0 million was recorded upon delivery of the vessel to its new owner in the second quarter of 2017. On November 10, 2017, the Company sold the VLCC Flandre (2004 - 305,688 dwt) for USD 45.0 million to a global supplier and operator of offshore floating platforms. The Company recorded a gain of USD 20.3 million on the sale which was recorded upon delivery to its new owner on December 20, 2017. On November 16, 2017, the Company sold the Suezmax Cap Georges (1998 - 146,652 dwt) for USD 9.3 million . The Company recorded a gain of USD 8.5 million on the sale upon delivery to its new owner on November 29, 2017. On November 17, 2017, the Company sold the VLCC Artois (2001 - 298,330 dwt) for USD 21.8 million . The Artois was the oldest vessel in the Company’s VLCC fleet. The Company recorded a gain of USD 7.7 million on the sale upon delivery to its new owner on December 4, 2017. Impairment Tankers Euronav defines its cash generating unit as a single vessel, unless such vessel is operated in a pool, in which case such vessel, together with the other vessels in the pool, are collectively treated as a cash generating unit. The Group has performed an impairment test for tankers whereby the carrying amount of an asset or CGU is compared to its recoverable amount, which is the greater of its value in use and its fair value less cost to sell. In assessing value in use, the following assumptions were used: - 10 year historical average spot freight rates are used as forecast charter rates - Weighted Average Cost of Capital ("WACC") of 9.70% ( 2016 : 6.43% and 2015 : 6.01% ) - 20 year useful life with residual value equal to zero Although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are subject to judgment. In particular, the years 2008-2017 were retained in the trailing 10 -year historical average spot rates on the tanker segment and include year 2008, which was an exceptional high year in terms of TCE achieved by both the VLCC and Suezmax fleets.The increase in WACC in 2017 compared to 2016 is mainly related to the higher cost of equity due to a higher Beta and higher market risk. The impairment test did not result in a requirement to record an impairment loss in 2017 . With an increase of the WACC of 300 bps to 12.70% , the analysis would indicate an impairment loss in 2017 of USD 9.2 million . Recognizing that the transportation of crude oil and petroleum products is cyclical and subject to significant volatility based on factors beyond Euronav's control, Euronav believes the use of estimates based on the 10 -year historical average rates calculated as of the reporting date to be reasonable as historically it is an appropriate reflection of a typical shipping cycle despite the fact that the standard deviation of the 10 -year average has increased in 2017 compared to 2016. When using 5 -year historical charter rates in this impairment analysis, the impairment analysis indicates that an impairment of USD 5.7 million is required for the tanker fleet ( 2016 : no impairment and 2015 : USD 123.3 million), and when using 1 -year historical charter rates in this impairment analysis, the impairment analysis indicates that an impairment is required for the tanker fleet of USD 427.3 million ( 2016 and 2015 : no impairment). FSO In the context of the valuation of the Group's investments in the respective joint ventures, the Group also performed an impairment test on the FSO vessels owned by TI Asia Ltd and TI Africa Ltd. For FSOs the impairment assessment has been based on a value in use calculation to estimate the recoverable amount from the vessel. This method is chosen as there is no efficient market for transactions of FSO vessels as each vessel is often purposely built for specific circumstances. In assessing value in use, the following assumptions were used: - Weighted Average Cost of Capital ('WACC') of 9.70% ( 2016 : 6.43% and 2015 : 6.01% ) - 25 year useful life with residual value equal to zero This assessment did not result in a requirement to record an impairment loss in 2017 . Even with an increase of the WACC of 300 bps, there was no need to record an impairment loss in 2017 . The value in use calculation for FSOs is based on the remaining useful life of the vessels as of the reporting date, and is based on fixed daily rates as well as management's best estimate of daily rates for future unfixed periods. The FSO Asia and the FSO Africa were on a timecharter contract to Maersk Oil Qatar until July 22, 2017 and September 22, 2017, respectively. On May 14, 2017, the joint ventures between the Group and International Seaways, signed a contract for five years for the FSO Africa and FSO Asia in direct continuation of the current contractual service. The contract was signed with North Oil Company, the new operator of the Al-Shaheen oil field, whose shareholders are Qatar Petroleum Oil & gas Limited and Total E&P Golfe Limited. Security All tankers financed are subject to a mortgage to secure bank loans (see Note 15). Vessels on order or under construction The group had four vessels under construction as at December 31, 2017 for an aggregate amount of USD 63.7 million ( 2016 : USD 86.1 million and 2015 : 93.9 million). The amounts presented within "Vessels under construction" relate to four Ice Class Suezmax vessels from Hyundai Heavy Industries of which the first Ice Class Suezmax was delivered on March 26, 2018, the second Ice Class Suezmax will be delivered in the second quarter of 2018 and the other two Ice Class Suezmax in the second half of 2018. Capital commitment As at December 31, 2017 the Group's total capital commitment amounts to USD 185.9 million ( 2016 : USD 208.8 million). These can be detailed as follows: (in thousands of USD) As at December 31, 2016 payments scheduled for TOTAL 2017 2018 2019 Commitments in respect of VLCCs 97,035 97,035 — — Commitments in respect of Suezmaxes 111,793 24,843 86,950 — Commitments in respect of FSOs — — — — Total 208,828 121,878 86,950 — As at December 31, 2017 payments scheduled for TOTAL 2018 2019 2020 Commitments in respect of VLCCs — — — — Commitments in respect of Suezmaxes 185,922 185,922 — — Commitments in respect of FSOs — — — — Total 185,922 185,922 — — At December 31, 2016 , Euronav held the option to purchase an additional two Ice Class Suezmax vessels from Hyundai Heavy Industries. Euronav exercised this option in the second quarter of 2017 which brings the number to four ordered Ice Class Suezmax vessels. |
Deferred tax assets and liabili
Deferred tax assets and liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Deferred tax assets and liabilities | Income tax benefit (expense) (in thousands of USD) 2017 2016 2015 Current tax Current period (85 ) 60 (98 ) Total current tax (85 ) 60 (98 ) Deferred tax Recognition of unused tax losses/(use of tax losses) 1,473 220 (5,450 ) Other (30 ) (106 ) (85 ) Total deferred tax 1,443 114 (5,535 ) Total tax benefit/(expense) 1,358 174 (5,633 ) Reconciliation of effective tax 2017 2016 2015 Profit (loss) before tax 25 203,875 355,934 Tax at domestic rate (33.99 )% (8 ) (33.99 )% (69,297 ) (33.99 )% (120,982 ) Effects on tax of : Tax exempt profit / loss 499 (8,090 ) (144 ) Tax adjustments for previous years 10 70 17 Loss for which no DTA (*) has been recognized — — (4,811 ) Use of previously unrecognized tax losses 7,146 1,118 15,668 Non-deductible expenses (710 ) (1,718 ) (5,225 ) Tonnage Tax regime (13,918 ) 64,637 91,334 Effect of share of profit of equity-accounted investees 10,175 13,761 17,536 Effects of tax regimes in foreign jurisdictions (1,836 ) (307 ) 974 Total taxes 5,430.01 % 1,358 0.09 % 174 (1.58 )% (5,633 ) In application of an IFRIC agenda decision on 'IAS 12 Income taxes', tonnage tax is not accounted for as income taxes in accordance with IAS 12 and is not presented as part of income tax expense in the consolidated statement of profit or loss but has been shown as an administrative expense under the heading General and administrative expenses. The amount paid for tonnage tax in the year ended December 31, 2017 was USD 4.8 million (see Note 5). * Deferred Tax Asset Deferred tax assets and liabilities Recognized deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: (in thousands of USD) ASSETS LIABILITIES NET Provisions 31 — 31 Employee benefits 37 — 37 Unused tax losses & tax credits 896 — 896 964 — 964 Offset — — Balance at December 31, 2016 964 — Provisions 1 — 1 Employee benefits 44 — 44 Unused tax losses & tax credits 2,442 — 2,442 2,487 — 2,487 Offset — — Balance at December 31, 2017 2,487 — Unrecognized deferred tax assets and liabilities Deferred tax assets and liabilities have not been recognized in respect of the following items: (in thousands of USD) December 31, 2017 December 31, 2016 ASSETS LIABILITIES ASSETS LIABILITIES Deductible temporary differences 357 — 280 — Taxable temporary differences 7 (14,231 ) 7 (25,213 ) Tax losses & tax credits 89,528 — 105,731 — 89,892 (14,231 ) 106,018 (25,213 ) Offset (14,231 ) 14,231 (25,213 ) 25,213 Total 75,661 — 80,805 — The unrecognized deferred tax assets in respect of tax losses and tax credits are related to tax losses carried forward, investment deduction allowances and excess dividend received deduction. Tax losses and tax credits have no expiration date. A deferred tax asset is recognized for unused tax losses and tax credits carried forward, to the extent that it is probable that future taxable profits will be available. The Group considers future taxable profits as probable when it is more likely than not that taxable profits will be generated in the foreseeable future. When determining whether probable future taxable profits are available the probability threshold is applied to portions of the total amount of unused tax losses or tax credits, rather than the entire amount. Given the nature of the tonnage tax regime, the Group has a substantial amount of unused tax losses and tax credits for which no future taxable profits are probable and therefore no deferred tax asset has been recognized. The unrecognized tax liabilities in respect of taxable temporary differences relate primarily to tax liabilities in respect of non distributed reserves of the Group that will be taxed when distributed. No deferred tax liability has been recognized because the Group controls whether the tax liability will be incurred and management is satisfied that the tax liability will not be incurred in the foreseeable future. In addition, no deferred tax liabilities have been recognized for temporary differences related to vessels for which the Group expects that the reversal of these differences will not have a tax effect. In December 2017, changes to the Belgian corporate income tax rate were enacted, lowering the rate to 29.58% as from 2018 and to 25% from 2020. These changes have been reflected in the calculation of the amounts of deferred tax assets and liabilities in respect of Belgian Group entities as at December 31, 2017. Movement in deferred tax balances during the year (in thousands of USD) Balance at Jan 1, 2015 Recognized in income Recognized in equity Translation differences Balance at Dec 31, 2015 Provisions 238 (61 ) — (8 ) 169 Employee benefits 52 (24 ) — (5 ) 23 Unused tax losses & tax credits 6,246 (5,450 ) — (53 ) 743 Total 6,536 (5,535 ) — (66 ) 935 Balance at Jan 1, 2016 Recognized in income Recognized in equity Translation differences Balance at Dec 31, 2016 Provisions 169 (121 ) — (17 ) 31 Employee benefits 23 15 — (1 ) 37 Unused tax losses & tax credits 743 220 — (67 ) 896 Total 935 114 — (85 ) 964 Balance at Jan 1, 2017 Recognized in income Recognized in equity Translation differences Balance at Dec 31, 2017 Provisions 31 (32 ) — 2 1 Employee benefits 37 2 — 5 44 Unused tax losses & tax credits 896 1,473 — 73 2,442 Total 964 1,443 — 80 2,487 |
Non-current receivables
Non-current receivables | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Non-current receivables | Non-current receivables (in thousands of USD) December 31, 2017 December 31, 2016 Shareholders loans to joint ventures 159,733 183,348 Other non-current receivables 618 565 Investment 1 1 Total non-current receivables 160,352 183,914 The shareholders loans to joint ventures as of December 31, 2017 and December 31, 2016 did not bear interest. Please refer to Note 25 for more information on the shareholders loans to joint ventures. The maturity date of the non-current receivables is as follows: (in thousands of USD) December 31, 2017 December 31, 2016 Receivable: — — Between one and two years — — Between two and three years — — Between three and four years — — Between four and five years — — More than five years 160,352 183,914 Total non-current receivables 160,352 183,914 Trade and other receivables - current (in thousands of USD) December 31, 2017 December 31, 2016 Trade receivables 32,758 38,695 Accrued income 12,465 10,966 Accrued interest 52 33 Deferred charges 24,797 21,149 Other receivables 66,725 95,499 Total trade and other receivables 136,797 166,342 The decrease in other receivables relates to income to be received by the Group from the Tankers International Pool. These amounts decreased in 2017 due to overall declining freight market conditions. For currency and credit risk, we refer to Note 18. |
Trade and other receivables - c
Trade and other receivables - current | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other receivables - current | Non-current receivables (in thousands of USD) December 31, 2017 December 31, 2016 Shareholders loans to joint ventures 159,733 183,348 Other non-current receivables 618 565 Investment 1 1 Total non-current receivables 160,352 183,914 The shareholders loans to joint ventures as of December 31, 2017 and December 31, 2016 did not bear interest. Please refer to Note 25 for more information on the shareholders loans to joint ventures. The maturity date of the non-current receivables is as follows: (in thousands of USD) December 31, 2017 December 31, 2016 Receivable: — — Between one and two years — — Between two and three years — — Between three and four years — — Between four and five years — — More than five years 160,352 183,914 Total non-current receivables 160,352 183,914 Trade and other receivables - current (in thousands of USD) December 31, 2017 December 31, 2016 Trade receivables 32,758 38,695 Accrued income 12,465 10,966 Accrued interest 52 33 Deferred charges 24,797 21,149 Other receivables 66,725 95,499 Total trade and other receivables 136,797 166,342 The decrease in other receivables relates to income to be received by the Group from the Tankers International Pool. These amounts decreased in 2017 due to overall declining freight market conditions. For currency and credit risk, we refer to Note 18. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash and cash equivalents | Cash and cash equivalents (in thousands of USD) December 31, 2017 December 31, 2016 Bank deposits 102,200 104,500 Cash at bank and in hand 41,448 102,189 TOTAL 143,648 206,689 Of which restricted cash 115 146 Less: Bank overdrafts used for cash management purposes — — NET CASH AND CASH EQUIVALENTS 143,648 206,689 The bank deposits as at December 31, 2017 had an average maturity of 16 days ( 2016 : 10 days). |
Equity
Equity | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract] | |
Equity | Equity Number of shares issued (in shares) December 31, 2017 December 31, 2016 December 31, 2015 On issue at 1 January 159,208,949 159,208,949 131,050,666 Conversion perpetual convertible preferred equity — — 9,459,283 Capital increases — — 18,699,000 On issue at 31 December - fully paid 159,208,949 159,208,949 159,208,949 On January 20, 2015 the Group announced the commencement of its underwritten initial public offering (IPO) in the United States of 13,550,000 ordinary shares. On January 19, 2015 the closing price of the Company's ordinary shares on Euronext Brussels was USD 12.94 per share (based upon the Bloomberg Composite Rate of EUR 0.8604 per USD 1.00 in effect on that date). The Company received approval to list its ordinary shares on the New York Stock Exchange (the "NYSE") under the symbol "EURN". On January 28, 2015 the Group announced the closing of its IPO of 18,699,000 common shares at a public offering price of USD 12.25 per share for gross proceeds of USD 229,062,750 . This included the exercise in full by the underwriters of their overallotment option. The transaction costs related to this public offering for a total amount of USD 19.4 million were recognized directly in retained earnings. At December 31, 2017 and December 31, 2016 the share capital is represented by 159,208,949 shares. The shares have no par value. At December 31, 2017 , the authorized share capital not issued amounts to USD 150,000,000 ( 2016 and 2015: USD 150,000,000 ) or the equivalent of 138,005,652 shares ( 2016 and 2015 : 138,005,652 shares). The holders of ordinary shares are entitled to receive dividends when declared and are entitled to one vote per share at the shareholders' meetings of the Group. Conversion of perpetual convertible preferred equity Following its IPO, the Group exercised its right to request the conversion of the remaining 30 outstanding perpetual convertible preferred equity securities ('PCPs') and issued such notice on January 30, 2015. The aggregate principal amount of USD 75,000,000 was converted to Euronav's share capital through a contribution in kind on February 6, 2015 against the issuance of 9,459,283 shares. These shares are listed on both Euronext Brussels and the NYSE. Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations. Treasury shares As of December 31, 2017 Euronav owned 1,042,415 of its own shares, compared to 1,042,415 of shares owned on December 31, 2016 . In the twelve months period ended December 31, 2017 , Euronav did not buy back or dispose of any own shares. Dividends On May 11, 2017, the Annual Shareholders' meeting approved a full year dividend of USD 0.77 per share. Taking into account the interim dividend approved in August 2016 in the amount of USD 0.55 per share, the dividend paid after the AGM was USD 0.22 per share. The dividend to holders of Euronav shares trading on Euronext Brussels was paid in EUR at the USD/EUR exchange rate of the record date. During its meeting of August 9, 2017, the Board of Directors of Euronav approved an interim dividend for the first semester 2017 of USD 0.06 per share. The interim dividend of USD 0.06 per share was payable as from October 5, 2017. The interim dividend to holders of Euronext shares was paid in EUR at the USD/EUR exchange rate of the record date. On March 20, 2018, the Board of Directors decided to propose to the Annual Shareholders' meeting to be held on May 9, 2018, to approve a full year dividend of USD 0.12 per share. Taking into account the interim dividend approved in August in the amount of USD 0.06 per share, the expected dividend payable after the AGM should be USD 0.06 per share. The total amount of dividends paid in 2017 was USD 44.1 million . Share-based payment arrangements On December 16, 2013, the Group established a share option program that entitles key management personnel to purchase existing shares in the Company. Under the program, holders of vested options are entitled to purchase shares at the market price of the shares at the grant date. Currently this program is limited to key management personnel. In March 2016, the holders exercised 166,667 options and a corresponding number of treasury shares were sold. The key terms and conditions did not change after December 31, 2013. The compensation expense related to this share option program was recognized in prior periods and therefore, this program did not have any impact on the consolidated statement of profit or loss for 2017 . Long term incentive plan 2015 The Group's Board of Directors implemented in 2015 a long term incentive plan ('LTIP') for key management personnel. Under the terms of this LTIP, the beneficiaries will obtain 40% of their respective LTIP in the form of Euronav stock options, with vesting over three years and 60% in the form of restricted stock units ('RSU's'), with cliff vesting on the third anniversary. In total 236,590 options and 65,433 RSU's were granted on February 12, 2015. Vested stock options may be exercised until 13 years after the grant date. The stock options have an exercise price of EUR 10.0475 and are equity-settled. All of the stock options and RSUs granted on February 12, 2015 remained outstanding as of December 31, 2017 . The fair value of the stock options was measured using the Black Scholes formula. The fair value of the RSUs was measured with reference to the Euronav share price at the grant date. The total employee benefit expense recognized in the consolidated statement of profit or loss during 2017 with respect to the LTIP 2015 was USD 0.3 million . Long term incentive plan 2016 The Group's Board of Directors implemented in 2016 an additional long term incentive plan for key management personnel. Under the terms of this LTIP, key management personnel is eligible to receive phantom stock unit grants. Each phantom stock unit grants the holder a conditional right to receive an amount of cash equal to the fair market value of one share of the company on the settlement date. The phantom stock units will mature one-third each year on the second, third and fourth anniversary of the award. In total a number of 54,616 phantom stocks were granted on February 2, 2016 and all remain outstanding as of December 31, 2017 . The LTIP 2016 qualifies as a cash-settled share-based payment transaction. The Company recognizes a liability in respect of its obligations under the LTIP 2016, measured based on the Company's share price at the reporting date, and taking into account the extent to which the services have been rendered to date. The compensation expense recognized in the consolidated statement of profit or loss during 2017 was USD 0.4 million . Long term incentive plan 2017 The Group's Board of Directors implemented in 2017 an additional long term incentive plan for key management personnel. Under the terms of this LTIP, key management personnel are eligible to receive phantom stock unit grants. Each phantom stock unit grants the holder a conditional right to receive an amount of cash equal to the fair market value of one share of the company on the settlement date. The phantom stock units will mature one-third each year on the second, third and fourth anniversary of the award. In total a number of 66,449 phantom stock units were granted on February 9, 2017 and all remain outstanding as of December 31, 2017 . The LTIP 2017 qualifies as a cash-settled share-based payment transaction. The Company recognizes a liability in respect of its obligations under the LTIP 2017, measured based on the Company’s share price at the reporting date, and taking into account the extent to which the services have been rendered to date. The compensation expense recognized in the consolidated statement of profit or loss during 2017 was USD 0.3 million. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share [abstract] | |
Earnings per share | Earnings per share Basic earnings per share The calculation of basic earnings per share at December 31, 2017 was based on a result attributable to ordinary shares of USD 1,382,530 ( December 31, 2016 : USD 204,049,212 and December 31, 2015 : USD 350,300,535 ) and a weighted average number of ordinary shares outstanding during the period ended December 31, 2017 of 158,166,534 ( December 31, 2016 : 158,262,268 and December 31, 2015 : 155,872,171 ), calculated as follows: Result attributable to ordinary shares (in thousands of USD except share and per share information) 2017 2016 2015 Result for the period 1,383 204,049 350,301 Weighted average number of ordinary shares 158,166,534 158,262,268 155,872,171 Basic earnings per share (in USD) 0.01 1.29 2.25 Weighted average number of ordinary shares (in shares) Shares issued Treasury shares Shares outstanding Weighted number of shares On issue at January 1, 2015 131,050,666 1,750,000 129,300,666 129,300,666 Issuance of shares 28,158,283 — 28,158,283 25,842,099 Purchases of treasury shares — — — — Withdrawal of treasury shares — — — — Sales of treasury shares — (1,283,333 ) 1,283,333 729,406 On issue at December 31, 2015 159,208,949 466,667 158,742,282 155,872,171 On issue at January 1, 2016 159,208,949 466,667 158,742,282 158,742,282 Issuance of shares — — — — Purchases of treasury shares — 692,415 (692,415 ) (575,005 ) Withdrawal of treasury shares — — — — Sales of treasury shares — (116,667 ) 116,667 94,991 On issue at December 31, 2016 159,208,949 1,042,415 158,166,534 158,262,268 On issue at January 1, 2017 159,208,949 1,042,415 158,166,534 158,166,534 Issuance of shares — — — — Purchases of treasury shares — — — — Withdrawal of treasury shares — — — — Sales of treasury shares — — — — On issue at December 31, 2017 159,208,949 1,042,415 158,166,534 158,166,534 Diluted earnings per share For the twelve months ended December 31, 2017 , the diluted earnings per share (in USD) amount to 0.01 ( 2016 : 1.29 and 2015 : 2.22 ). At December 31, 2017 and December 31, 2016 , 236,590 options issued under the LTIP 2015 were excluded from the calculation of the diluted weighted average number of shares because their effect would have been anti-dilutive. Weighted average number of ordinary shares (diluted) The table below shows the potential weighted number of shares that could be created if all stock options, restricted stock units, convertible notes and PCPs were to be converted into ordinary shares. (in shares) 2017 2016 2015 Weighted average of ordinary shares outstanding (basic) 158,166,534 158,262,268 155,872,171 Effect of potential conversion of convertible Notes — — 88,689 Effect of potential conversion of PCPs — — 932,971 Effect of Share-based Payment arrangements 130,523 166,789 635,731 Weighted average number of ordinary shares (diluted) 158,297,057 158,429,057 157,529,562 After the conversions of the convertible Notes and the PCPs in the course of 2015, there are no more remaining outstanding instruments at December 31, 2017 and December 31, 2016 which can give rise to dilution, except for the share-based payment arrangements. |
Interest-bearing loans and borr
Interest-bearing loans and borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Interest-bearing loans and borrowings | Interest-bearing loans and borrowings (in thousands of USD) Bank loans Convertible and other Notes Total More than 5 years 147,174 — 147,174 Between 1 and 5 years 805,252 — 805,252 More than 1 year 952,426 — 952,426 Less than 1 year 100,022 — 100,022 At January 1, 2016 1,052,448 — 1,052,448 New loans 740,286 — 740,286 Scheduled repayments (60,015 ) — (60,015 ) Early repayments (714,000 ) — (714,000 ) Acquisitions through business combinations (Note 24) 61,065 — 61,065 Other changes 5,778 — 5,778 Balance at December 31, 2016 1,085,562 — 1,085,562 More than 5 years 330,491 — 330,491 Between 1 and 5 years 635,952 — 635,952 More than 1 year 966,443 — 966,443 Less than 1 year 119,119 — 119,119 Balance at December 31, 2016 1,085,562 — 1,085,562 Bank loans Convertible and other Notes Total More than 5 years 330,491 — 330,491 Between 1 and 5 years 635,952 — 635,952 More than 1 year 966,443 — 966,443 Less than 1 year 119,119 — 119,119 At January 1, 2017 1,085,562 — 1,085,562 New loans 326,014 150,000 476,014 Scheduled repayments (43,743 ) — (43,743 ) Early repayments (667,250 ) — (667,250 ) Other changes 508 (2,381 ) (1,873 ) Balance at December 31, 2017 701,091 147,619 848,710 More than 5 years 157,180 — 157,180 Between 1 and 5 years 496,550 147,619 644,169 More than 1 year 653,730 147,619 801,349 Less than 1 year 47,361 — 47,361 Balance at December 31, 2017 701,091 147,619 848,710 The amounts shown under "New Loans" and "Early Repayments" include drawdowns and repayments under revolving credit facilities during the year. Bank Loans On March 25, 2014, the Group entered into a USD 500.0 million senior secured credit facility. This facility bore interest at LIBOR plus a margin of 2.75% per annum and was repayable over a term of six years with maturity in 2020 and was secured by the fifteen ( 15 ) Very Large Crude Carriers (VLCC) that the Group purchased from Maersk Tankers Singapore Pte Ltd ('the Maersk Acquisition Vessels'). The proceeds of the facility were drawn and used to partially finance the purchase price of the Maersk Acquisition Vessels. This USD 500.0 million loan facility was repaid in full on December 21, 2016 using a portion of the borrowing under the USD 409.5 million senior secured amortizing revolving credit facility entered into on December 16, 2016. On October 13, 2014, the Group entered into a USD 340.0 million senior secured credit facility with a syndicate of banks. Borrowings under this facility have been used to partially finance the acquisition of the four ( 4 ) modern Japanese built VLCC vessels ('the VLCC Acquisition Vessels') from Maersk Tankers Singapore Pte Ltd and to repay USD 153.1 million of outstanding debt and retire the Group's USD 300.0 million Secured Loan Facility dated April 3, 2009. This facility is comprised of (i) a USD 148.0 million non-amortizing revolving credit facility and (ii) a USD 192.0 million term loan facility. This facility has a term of 7 years and bears interest at LIBOR plus a margin of 2.25% per annum. This credit facility is secured by eight of our wholly-owned vessels, the Fraternity, Felicity, Cap Felix, Cap Theodora and, upon their respective deliveries, the Hojo, Hakone, Hirado and Hakata. On October 22, 2014 a first drawdown under this facility was made to repay a former USD 300 million secured loan facility, followed by additional drawdowns on December 22, 2014 and December 23, 2014 for an amount of 60.3 million and 50.3 million following the delivery of the Hojo and Hakone respectively. On March 3, 2015 and April 13, 2015 additional drawdowns of 53.4 million and 50.4 million were made following the delivery of the Hirado and Hakata respectively. As of December 31, 2017 and December 31, 2016 , the outstanding balances on this facility were USD 111.7 million and USD 207.3 million , respectively. On August 19, 2015, the Group entered into a USD 750.0 million senior secured amortizing revolving credit facility with a syndicate of banks. The facility is available for the purpose of (i) refinancing 21 vessels; (ii) financing four newbuilding VLCCs vessels as well as (iii) Euronav's general corporate and working capital purposes. The credit facility will mature on 1 July 2022 and carries a rate of LIBOR plus a margin of 195 bps. As of December 31, 2017 and December 31, 2016 , the outstanding balances under this facility were USD 330.0 million and USD 612.1 million , respectively. On November 9, 2015, the Group entered into a USD 60.0 million unsecured revolving credit facility. As of December 31, 2017 and December 31, 2016 , there were no outstanding balances under this facility. On June 2, 2016, the Group entered into a share swap and claim transfer agreement (see Note 24) whereby as of that date, Fiorano Shipholding Ltd. and Larvotto Shipholding Ltd. were fully consolidated and all assets acquired and liabilities assumed were recognized. Their respective loans are related to, and are secured by, the vessels owned by Fiorano and Larvotto at the date of the aforementioned transaction. As of December 31, 2017 and December 31, 2016 , the outstanding balances on these facilities were USD 48.7 million and 57.0 million, respectively. On December 16, 2016, the Group entered into a USD 409.5 million senior secured amortizing revolving credit facility for the purpose of refinancing 11 vessels as well as Euronav's general corporate purposes. The credit facility was used to refinance the USD 500 million senior secured credit facility dated March 25, 2014 and will mature on January 31, 2023 carrying a rate of LIBOR plus a margin of 2.25% . As of December 31, 2017 and December 31, 2016 , the outstanding balances on this facility were USD 118 million and 222.0 million, respectively. The credit facility is secured by the aforementioned 11 vessels. On January 30, 2017, the Group signed a loan agreement for a nominal amount of USD 110.0 million with the purpose of financing the Ardeche and the Aquitaine, as mentioned in Note 8. On April 25, 2017, following a successful syndication, the loan was replaced with a new Korean Export Credit facility for a nominal amount of USD 108.5 million with Korea Trade Insurance Corporation or “K-sure” as insurer. The new facility is comprised of (i) a USD 27.1 million commercial tranche, which bears interest at LIBOR plus a margin of 1.95% per annum and (ii) a USD 81.4 million tranche insured by K-sure which bears interest at LIBOR plus a margin of 1.50% per annum. The facility is repayable over a term of 12 years, in 24 installments at successive six month intervals, each in the amount of USD 3.6 million together with a balloon installment of USD 21.7 million payable with the 24th installment on January 12, 2029. The K-sure insurance premium and other related transaction costs for a total amount of USD 3.2 million are amortized over the lifetime of the instrument using the effective interest rate method. As of December 31, 2017 the outstanding balance on this facility was USD 104.9 million in aggregate. This facility is secured by the VLCCs the Ardeche and the Aquitaine. The facility agreement contains a provision that entitles the lenders to require us to prepay to the lenders, on January 12, 2024, with 180 days’ notice, their respective portion of any advances granted to us under the facility. The facility agreement also contains provisions that allow the remaining lenders to assume an outgoing lender’s respective portion(s) of the advances made to us or to allow us to suggest a replacement lender to assume the respective portion of such advances. Undrawn borrowing facilities At December 31, 2017 , Euronav and its fully-owned subsidiaries have undrawn credit line facilities amounting to USD 607.4 million committed for at least one year ( 2016 : USD 355.8 million). Terms and debt repayment schedule The terms and conditions of outstanding loans were as follows: (in thousands of USD) December 31, 2017 December 31, 2016 Curr Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value Secured vessels loan 192M USD libor +2.25% 2021 111,666 111,666 110,156 143,571 143,571 141,501 Secured vessels Revolving loan 148M* USD libor +2.25% 2021 147,559 — — 147,559 63,700 63,700 Secured vessels Revolving loan 750M* USD libor +1.95% 2022 485,017 330,000 325,519 636,536 612,050 605,806 Secured vessels Revolving loan 409.5M* USD libor +2.25% 2023 362,780 118,000 114,634 409,500 222,036 217,600 Secured vessels loan 76M USD libor +1.95% 2020 23,563 23,563 23,563 27,813 27,813 27,813 Secured vessels loan 67.5M USD libor +1.5% 2020 25,173 25,173 25,173 29,143 29,143 29,143 Secured vessels loan 27.1M USD libor +1.95% 2029 26,911 26,911 24,876 — — — Secured vessels loan 81.4M USD libor +1.50% 2029 78,020 78,020 77,171 — — — Unsecured bank facility 60M USD libor +2.25% 2020 60,000 — — 60,000 — — Total interest-bearing bank loans 1,320,688 713,332 701,091 1,454,121 1,098,312 1,085,562 The facility size of the vessel loans can be reduced if the value of the collateralized vessels falls under a certain percentage of the outstanding amount under that loan. * The total amount available under the revolving loan Facilities depends on the total value of the fleet of tankers securing the facility. Other notes (in thousands of USD) December 31, 2017 December 31, 2016 Curr Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value Unsecured notes USD 7.50% 2022 150,000 150,000 147,619 — — — Total other notes 150,000 150,000 147,619 — — — On May 31, 2017, the Group successfully completed a new senior unsecured bond issue of USD 150.0 million with a fixed coupon of 7.50% and maturity in May 2022. The net proceeds from the bond issue are being used for general corporate purposes. The related transaction costs for a total of USD 2.7 million are amortized over the lifetime of the instrument using the effective interest rate method. Since October 23, 2017, these unsecured bonds are listed on the Oslo stock exchange. Other borrowings On June 6, 2017, the Group signed an agreement with BNP to act as dealer for a Treasury Notes Program with a maximum outstanding amount of 50 million Euro. The Treasury Notes are issued on an as needed basis with different durations not exceeding 1 year, and initial pricing is set to 60 bps over Euribor. The company enters into FX forward contracts to manage the transaction risks related to these instruments issued in Euro compared to the USD Group currency. The FX contracts have a same nominal amount and duration as the issued Treasury Notes and they are measured at fair value with changes in fair value recognized in the consolidated statement of profit or loss. On December 31, 2017, the fair value of these forward contracts amounted to USD 0.5 million . Transaction and other financial costs The heading 'Other changes' in the first table of this footnote reflects the recognition of directly attributable transaction costs as a deduction from the fair value of the corresponding liability, and the subsequent amortization of such costs. In 2017 , the Group recognized USD 4.0 million of amortization of financing costs. The Group recognized USD 3.2 million of directly attributable transaction costs as a deduction from the fair value of the USD 110.0 million senior secured amortizing loan facility concluded on January 30, 2017 and USD 2.7 million of directly attributable transaction costs as a deduction from the fair value of the USD 150.0 million senior unsecured bond concluded on May 31, 2017. Interest expense on financial liabilities measured at amortized cost decreased during the year ended December 31, 2017, compared to 2016 ( 2017 : USD - 38.4 million, 2016 : USD - 39.0 million). This decrease was primarily attributable to the fact that the increase in floating interest rates in 2017 was more than offset by a decrease in average outstanding debt during the year ended December 31, 2017, compared to 2016. Other financial charges increased in 2017 compared to 2016 (2017: USD - 5.8 million , 2016: USD - 4.6 million ) which was primarily attributable to commitment fee paid for available credit lines, of which the total availability increased in 2017. Reconciliation of movements of liabilities to cash flows arising from financing activities Liabilities Equity Note Loans and borrowings Other Notes Other borrowings Share capital / premium Reserves Treasury shares Retained earnings Total Balance at January 1, 2017 1,085,562 — — 1,388,273 120 (16,102 ) 515,665 2,973,518 Changes from financing cash flows Proceeds from issue of other notes 15 — 150,000 — — — — — 150,000 Proceeds from loans and borrowings 15 326,014 — — — — — — 326,014 Proceeds from issue of other borrowings 15 — — 50,010 — — — — 50,010 Proceeds from settlement of derivatives - — — — — — — — — Transaction costs related to loans and borrowings 15 (3,174 ) (2,700 ) — — — — — (5,874 ) Repayment of borrowings 15 (710,993 ) — — — — — — (710,993 ) Dividend paid - — — — — — — (44,133 ) (44,133 ) Total changes from financing cash flows (388,153 ) 147,300 50,010 — — — (44,133 ) (234,976 ) Other changes Liability-related Capitalized borrowing costs 15 3,682 319 — — — — — 4,001 Total liability-related other changes 3,682 319 — — — — — 4,001 Total equity-related other changes — — — — 448 — 2,090 2,538 Balance at December 31, 2017 701,091 147,619 50,010 1,388,273 568 (16,102 ) 473,622 2,745,081 |
Employee benefits
Employee benefits | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefits [Abstract] | |
Employee benefits | Employee benefits The amounts recognized in the balance sheet are as follows: (in thousands of USD) December 31, 2017 December 31, 2016 December 31, 2015 NET LIABILITY AT BEGINNING OF PERIOD (2,846 ) (2,038 ) (2,108 ) Recognized in profit or loss (827 ) (261 ) (108 ) Recognized in other comprehensive income 64 (646 ) (44 ) Foreign currency translation differences (375 ) 99 222 NET LIABILITY AT END OF PERIOD (3,984 ) (2,846 ) (2,038 ) Present value of funded obligation (3,537 ) (2,846 ) (852 ) Fair value of plan assets 2,760 2,117 539 (777 ) (729 ) (313 ) Present value of unfunded obligations (3,207 ) (2,117 ) (1,725 ) NET LIABILITY (3,984 ) (2,846 ) (2,038 ) Amounts in the balance sheet: Liabilities (3,984 ) (2,846 ) (2,038 ) Assets — — — NET LIABILITY (3,984 ) (2,846 ) (2,038 ) Liability for defined benefit obligations The Group makes contributions to three defined benefit plans that provide pension benefits for employees upon retirement. One plan - the Belgian plan - is fully insured through an insurance company. The second and third - French and Greek plans - are uninsured and unfunded. The unfunded obligations include provisions in respect of LTIP 2016 and LTIP 2017 (see Note 13). The Group expects to contribute the following amount to its defined benefit pension plans in 2018 : USD 255,814 . |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of trade and other payables | 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). |
Financial instruments - market
Financial instruments - market and other risks | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Financial instruments - market and other risks | Financial instruments - market and other risks Carrying amounts and fair values The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value, such as trade and other receivables and payables. Carrying amount Fair value Hedging instruments Loans and receivables Other financial liabilities Total Level 1 Level 2 Level 3 Total December 31, 2016 Financial assets not measured at fair value Non-current receivables (Note 10) — 183,914 — 183,914 — — 178,216 178,216 Trade and other receivables * (Note 11) — 145,193 — 145,193 — — — — Cash and cash equivalents (Note 12) — 206,689 — 206,689 — — — — — 535,796 — 535,796 Financial liabilities not measured at fair value Secured bank loans (Note 15) — 1,085,562 1,085,562 — 1,092,023 — 1,092,023 Unsecured bank loans (Note 15) — — — — — — — Trade and other payables * (Note 17) — 56,113 56,113 — — — — Advances received on contracts (Note 17) — 533 533 — — — — — 1,142,208 1,142,208 Carrying amount Fair value Hedging instruments Loans and receivables Other financial liabilities Total Level 1 Level 2 Level 3 Total December 31, 2017 Financial assets measured at fair value Forward exchange contracts 467 — — 467 — 467 — 467 467 — — 467 Financial assets not measured at fair value Non-current receivables (Note 10) — 160,352 — 160,352 — — 128,427 128,427 Trade and other receivables * (Note 11) — 112,000 — 112,000 — — — — Cash and cash equivalents (Note 12) — 143,648 — 143,648 — — — — — 416,000 — 416,000 Financial liabilities not measured at fair value Secured bank loans (Note 15) — — 701,091 701,091 — 706,056 — 706,056 Unsecured bank loans (Note 15) — — — — — — — — Unsecured notes (Note 15) — — 147,619 147,619 149,630 — — 149,630 Unsecured other borrowings (Note 15) — — 50,010 50,010 — — — — Trade and other payables * (Note 17) — — 51,335 51,335 — — — — Advances received on contracts (Note 17) — — 539 539 — — — — — — 950,594 950,594 * Deferred charges (see Note 11) and deferred income (see Note 17), which are not financial assets (liabilities) are not included. Measurement of fair values Valuation techniques and significant unobservable inputs Level 1 fair value was determined based on the actual trading of the unsecured notes, due in 2022, and the trading price on December 31, 2017. The following tables show the valuation techniques used in measuring Level 1, Level 2 and Level 3 fair values, as well as the significant unobservable inputs used. Financial instruments measured at fair value Type Valuation Techniques Significant unobservable inputs Forward exchange contracts Forward pricing: the fair value is determined using quoted forward exchange rates at the reporting date and present value calculations based on high credit quality yield curve in the respective currencies. Not applicable Financial instruments not measured at fair value Type Valuation Techniques Significant unobservable inputs Non-current receivables (consisting of shareholders' loans) Discounted cash flow Discount rate Other financial liabilities (consisting of secured and unsecured bank loans) Discounted cash flow Discount rate Other financial notes (consisting of unsecured notes) Not applicable Transfers between Level 1, 2 and 3 There were no transfers between these levels in 2016 and 2017 . Financial risk management In the course of its normal business, the Group is exposed to the following risks: • Credit risk • Liquidity risk • Market risk (Tanker market risk, interest rate risk and currency risk) The Company's Board of Directors has overall responsibility for the establishment and oversight of the Group's risk management framework. The Board of Directors has established the Audit and Risk Committee, which is responsible for developing and monitoring the Group's risk management policies. The Committee reports regularly to the Board of Directors on its activities. The Group's risk management policies are established to identify and analyze the risks faced by the Group, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group's activities. The Group, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations. The Group's Audit and Risk Committee oversees how management monitors compliance with the Group's risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The Group's Audit and Risk Committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit and Risk Committee. Credit risk Trade and other receivables The Group has a formal credit policy. Credit evaluations - when necessary - are performed on an ongoing basis. At the balance sheet date there were no significant concentrations of credit risk. In particular, the one client representing 10% each of the Tankers segment's total revenue in 2017 (see Note 2) only represented 0.03% of the total trade and other receivables at December 31, 2017 ( 2016 : two clients representing 3.4% ). The maximum exposure to credit risk is represented by the carrying amount of each financial asset. The ageing of trade and other receivables is as follows: (in thousands of USD) 2017 2016 Not past due 124,243 155,950 Past due 0-30 days 2,071 1,261 Past due 31-365 days 9,784 7,666 More than one year 699 1,465 Total trade and other receivables 136,797 166,342 Past due amounts are not impaired as collection is still considered to be likely and management is confident the outstanding amounts can be recovered. As at December 31, 2017 45.37% ( 2016 : 55.72% ) of the total trade and other receivables relate to TI Pool which are paid after completion of the voyages but which only deals with oil majors, national oil companies and other actors of the oil industry whose credit worthiness is very high. Amounts not past due are also with customers with very high credit worthiness and are therefore not impaired. Non-current receivables mainly consist of shareholder's loans to joint ventures (see Note 10). As at December 31, 2017 and December 31, 2016 , these receivables had no maturity date and were not impaired. Cash and cash equivalents The Group held cash and cash equivalents of USD 143.6 million at December 31, 2017 ( 2016 : USD 206.7 million ). The cash and cash equivalents are held with bank and financial institution counterparties, which are rated A- to AA+, based on rating agency S&P (see Note 12). Derivatives Derivatives are entered into with banks and financial institution counterparties, which are rated A- to AA+, based on rating agency S&P. Guarantees The Group's policy is to provide financial guarantees only for subsidiaries and joint ventures. At December 31, 2017 , there were no outstanding guarantees towards joint ventures. The credit facilities of 2 joint ventures (see Note 25), in respect of which the Group had previously issued guarantees, expired in 2017. Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation. The sources of financing are diversified and the bulk of the loans are irrevocable, long-term and maturities are spread over different years. The following are the remaining contractual maturities of financial liabilities: Contractual cash flows December 31, 2016 (in thousands of USD) Carrying Amount Total Less than 1 year Between 1 and 5 years More than 5 years Non derivative financial liabilities Bank loans (Note 15) 1,085,562 1,218,702 150,630 718,950 349,122 Current trade and other payables * (Note 17) 56,113 56,113 56,113 — — Non-current other payables (Note 17) — — — — — 1,141,675 1,274,815 206,743 718,950 349,122 Derivative financial liabilities Interest rate swaps (Note 17) — — — — — Forward exchange contracts (Note 17) — — — — — — — — — — Contractual cash flows December 31, 2017 Carrying Amount Total Less than 1 year Between 1 and 5 years More than 5 years Non derivative financial liabilities Bank loans (Note 15) 848,710 1,009,508 83,039 750,722 175,747 Other borrowings (Note 15) 50,010 50,010 50,010 — — Current trade and other payables * (Note 17) 51,335 51,335 51,335 — — Non-current other payables (Note 17) — — — — — 950,055 1,110,853 184,384 750,722 175,747 Derivative financial liabilities Interest rate swaps (Note 17) — — — — — Forward exchange contracts (Note 17) — — — — — — — — — — * Deferred income (see Note 17), which are not financial liabilities, are not included. The Group has secured bank loans that contain loan covenants. A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. For more details on these covenants, please see "capital management" below. The interest payments on variable interest rate loans in the table above reflect market forward interest rates at the reporting date and these amounts may change as market interest rates change. It is not expected that the cash flows included in the table above (the maturity analysis) could occur significantly earlier, or at significantly different amounts than stated above. Market risk Tanker market risk The spot tanker freight market is a highly volatile global market and the Group cannot predict what the market will be. The Group has a strategy of operating the majority of its fleet on the spot market but tries to keep a certain part of the fleet under fixed time charter contracts. The proportion of vessels operated on the spot will vary according to the many factors affecting both the spot and fixed time charter contract markets. Every increase (decrease) of 1,000 USD on the spot tanker freight market (VLCC and Suezmax) per day would have increased (decreased) profit or loss by the amounts shown below: (effect in thousands of USD) 2017 2016 2015 Profit or loss Profit or loss Profit or loss 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD Increase Decrease Increase Decrease Increase Decrease 13,420 (13,420 ) 14,140 (14,140 ) 12,972 (12,972 ) Interest rate risk Euronav interest rate management general policy is to borrow at floating interest rates based on LIBOR plus a margin. The Euronav Corporate Treasury Department monitors the Group's interest rate exposure on a regular basis. From time to time and under the responsibility of the Chief Financial Officer, different strategies to reduce the risk associated with fluctuations in interest rates can be proposed to Board of Directors for their approval. In the past the Group hedged part of its exposure to changes in interest rates on borrowings. All borrowings contracted for the financing of vessels are on the basis of a floating interest rate, increased by a margin. On a regular basis the Group may use various interest rate related derivatives (interest rate swaps, caps and floors) to achieve an appropriate mix of fixed and floating rate exposure as defined by the Group. On December 31, 2017 , the Group had no such instruments in place. At the reporting date the interest rate profile of the Group's interest-bearing financial instruments was: (in thousands of USD) 2017 2016 FIXED RATE INSTRUMENTS Financial assets — — Financial liabilities 147,619 — 147,619 — VARIABLE RATE INSTRUMENTS Financial liabilities 751,101 1,085,562 751,101 1,085,562 Fair value sensitivity analysis for fixed rate instruments The Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss, and the Group does not designate derivatives (interest rate swaps) as hedging instruments under a fair value hedge accounting model. Therefore a change in interest rates at the reporting date would not affect profit or loss nor equity as of that date. Cash flow sensitivity analysis for variable rate instruments A change of 50 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. Profit or Loss Equity 50 BP 50 BP 50 BP 50 BP (effect in thousands of USD) Increase Decrease Increase Decrease December 31, 2015 Variable rate instruments (5,670 ) 5,670 — — Interest rate swaps — — — — Cash Flow Sensitivity (Net) (5,670 ) 5,670 — — December 31, 2016 Variable rate instruments (5,315 ) 5,315 — — Interest rate swaps — — — — Cash Flow Sensitivity (Net) (5,315 ) 5,315 — — December 31, 2017 Variable rate instruments (4,685 ) 4,685 — — Interest rate swaps — — — — Cash Flow Sensitivity (Net) (4,685 ) 4,685 — — Currency risk The Company’s policy is to monitor its material non-functional currency transaction exposure so as to allow for natural coverage (revenues in the same currency than the expenses) whenever possible. When natural coverage is not deemed reasonably possible (for example for long term commitments), the Company manages its material non-functional currency transaction exposure on a case-by-case basis, either by entering into spot foreign currency transactions, foreign exchange forward, swap or option contracts, or by engaging a third party financial advisor with the purpose of managing the foreign exchange risk for us. The Group's exposure to currency risk is related to its operating expenses expressed in Euros and to Treasury Notes denominated in Euros. In 2017 about 16.5% ( 2016 : 17.4% and 2015 : 17.4% ) of the Group's total operating expenses were incurred in Euros. Revenue and the financial instruments are expressed in USD only, except for instruments issued under the Treasury Notes Program (Note 15). (in thousands of USD) December 31, 2017 December 31, 2016 December 31, 2015 EUR USD EUR USD EUR USD Trade payables (7,891 ) (11,383 ) (8,725 ) (9,383 ) (9,913 ) (13,121 ) Operating expenses (89,289 ) (452,113 ) (92,608 ) (440,830 ) (89,457 ) (425,806 ) Treasury Notes (50,010 ) — — — — — — — For the average and closing rates applied during the year, we refer to Note 27. In the past, Euronav had entered into an agreement with a third party financial advisor with the aim to manage the risk from adverse movements in EUR/USD exchange rates. The program used a financial trading strategy called Currency Overlay Management Strategy which managed the equivalent of EUR 40.0 million exposures on a yearly basis. The currency overlay manager conducted foreign-exchange hedging by selectively placing and removing hedges to achieve the objectives set by us. On July 29, 2016, Euronav terminated this agreement. As such there is no impact of this program on the Group's consolidated statement of profit or loss for the year ending December 31, 2017 ( 2016 : loss of USD 0.9 million and 2015 : loss of USD 1.0 million ). Sensitivity analysis A 10 percent strengthening of the EUR against the USD at December 31, would have increased (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. (in thousands of USD) 2017 2016 2015 Equity 211 532 473 Profit or loss (7,113 ) (10,025 ) (9,565 ) A 10 percent weakening of the EUR against the USD at December 31, would have had the equal but opposite effect to the amounts shown above, on the basis that all the other variables remain constant. Master netting or similar agreements The Group enters into derivative transactions under International Swaps and Derivatives Association (ISDA) master netting agreements. In general, under such agreements the amounts owned by each counterparty on a single day in respect of all transactions outstanding in the same currency are aggregated into a single net amount that is payable by one party to the other. Capital management Euronav is continuously optimizing its capital structure (mix between debt and equity). The main objective is to maximize shareholder value while keeping the desired financial flexibility to execute the strategic projects. Some of the Group's other key drivers when making capital structure decisions are pay-out restrictions and the maintenance of the strong financial health of the Group. Besides the statutory minimum equity funding requirements that apply to the Group's subsidiaries in the various countries, the Group is also subject to covenants in relation to some of its senior secured credit facilities: • an amount of current assets that, on a consolidated basis, exceeds current liabilities. Current assets may include undrawn amounts of any committed revolving credit facilities and credit lines having a maturity of more than one year; • an aggregate amount of cash, cash equivalents and available aggregate undrawn amounts of any committed loan of at least USD 50.0 million or 5% of the Group's total indebtedness (excluding guarantees), depending on the applicable loan facility, whichever is greater; • an amount of cash of at least USD 30.0 million ; and • a ratio of Stockholders' Equity to Total Assets of at least 30% Further, the Group's loan facilities generally include an asset protection clause whereby the fair market value of collateral vessels should be at least 125% of the aggregate principal amount outstanding under the respective loan. The credit facilities discussed above also contain restrictions and undertakings which may limit the Group and the Group's subsidiaries' ability to, among other things: • effect changes in management of the Group's vessels; • transfer or sell or otherwise dispose of all or a substantial portion of the Group's assets; • declare and pay dividends (with respect to each of the Group's joint ventures, other than Seven Seas Shipping Limited, no dividend may be distributed before its loan agreement, as applicable, is repaid in full); and • incur additional indebtedness. A violation of any of these financial covenants or operating restrictions contained in the credit facilities may constitute an event of default under these credit facilities, which, unless cured within the grace period set forth under the applicable credit facility, if applicable, or waived or modified by the Group's lenders, provides them with the right to, among other things, require the Group to post additional collateral, enhance equity and liquidity, increase interest payments, pay down indebtedness to a level where the Group is in compliance with loan covenants, sell vessels in the fleet, reclassify indebtedness as current liabilities and accelerate indebtedness and foreclose liens on the vessels and the other assets securing the credit facilities, which would impair the Group's ability to continue to conduct business. Furthermore, certain of our credit facilities contain a cross-default provision that may be triggered by a default under one of our other credit facilities. A cross-default provision means that a default on one loan would result in a default on certain other loans. Because of the presence of cross-default provisions in certain of our credit facilities, the refusal of any one lender under our credit facilities to grant or extend a waiver could result in certain of our indebtedness being accelerated, even if our other lenders under our credit facilities have waived covenant defaults under the respective credit facilities. If our secured indebtedness is accelerated in full or in part, it would be very difficult in the current financing environment for us to refinance our debt or obtain additional financing and we could lose our vessels and other assets securing our credit facilities if our lenders foreclose their liens, which would adversely affect our ability to conduct our business. As of December 31, 2017 , December 31, 2016 and December 31, 2015 , the Group was in compliance with all of the covenants contained in the debt agreements. With respect to the quantitative covenants as of December 31, 2017 , as described above: 1. current assets on a consolidated basis (including available credit lines of USD 607.4 million ) exceeded current liabilities by USD 729.3 million 2. aggregated cash was USD 751.0 million 3. cash was USD 143.6 million 4. ratio of Stockholders' Equity to Total Assets was 65.7% In the course of 2017, the Company updated its dividend policy. The Board has adopted the following current dividend payment policy: the Company intends to pay a minimum fixed dividend of at least USD 0.12 in total per share per year provided (a) the Company has in the view of management and the board, sufficient balance sheet strength and liquidity combined (b) with sufficient earnings visibility from fixed income contracts. In addition, if the results per share are positive and exceed the amount of the fixed dividend, that additional income* will be allocated to either: additional cash dividends, share buy-back, accelerated amortization of debt or the acquisition of vessels which we consider at that time to be accretive to shareholders’ value. *Treatment of capital losses and capital gains As part of its distribution policy Euronav will continue to include exceptional capital losses when assessing additional dividends but also continue to exclude exceptional capital gains when assessing additional dividend payments. *Treatment of Deferred Tax Assets (DTA) and Deferred Tax Liabilities (DTL) As part of its distribution policy Euronav will not include non-cash items affecting the results such as DTA or DTL. |
Operating leases
Operating leases | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of leases [Abstract] | |
Operating Leases | Operating leases Leases as lessee Future minimum lease payments The Group leases in some of its vessels under time charter and bare boat agreements (operating leases). The future minimum lease payments with an average duration of 4 years under non-cancellable leases are as follows: (in thousands of USD) December 31, 2017 December 31, 2016 Less than 1 year (32,120 ) (32,120 ) Between 1 and 5 years (95,524 ) (127,644 ) More than 5 years — — Total future lease payments (127,644 ) (159,764 ) Options to extend the charter period, if any, have not been taken into account when calculating the future minimum lease payments. In 2016, the Group entered into a five year leaseback agreement for 4 VLCCs on December 16, 2016. The sale of the vessels occurred on December 22, 2016 and the charter period has a duration of 5 years , therefore ending on December 22, 2021. Under these leaseback agreements there is a seller's credit of USD 4.5 million of the sale price that becomes immediately due and payable by the owners upon sale of the vessel during the charter period and shall be paid out of the sales proceeds. It also becomes due to the extent of 50% of the (positive) difference between the fair market value of the vessels at the end of the leaseback agreements and USD 17.5 million (for the oldest VLCC) or USD 19.5 million (for the other vessels). Furthermore, the Group provides a residual guarantee to the owners in the aggregate amount of up to USD 20.0 million in total at the time of redelivery of the four vessels. The parties also agreed a profit split, if the vessel is sold at charter expiry they shall share the net proceeds of the sale, 75% for owners and 25% for charterers, between USD 26.5 million and USD 32.5 million (for the oldest VLCC) or between USD 28.5 million and USD 34.5 million (for the other vessels). The Group analyzed the classification of the leaseback agreements based on the primary lease classification criteria and the supplemental indicators in IAS 17, and determined that these agreements qualified as operating leases. Non-cancellable operating lease rentals for office space and company cars with an average duration of 3 years are payable as follows: (in thousands of USD) December 31, 2017 December 31, 2016 Less than 1 year (2,287 ) (2,297 ) Between 1 and 5 years (7,224 ) (5,070 ) More than 5 years (1,227 ) (1,183 ) Total non-cancellable operating lease rentals (10,738 ) (8,550 ) Amounts recognized in profit and loss (in thousands of USD) 2017 2016 2015 Bareboat charter (31,111 ) (792 ) — Time charter (62 ) (16,921 ) (25,849 ) Office rental (2,136 ) (2,219 ) (2,581 ) Total recognized in profit and loss (33,309 ) (19,932 ) (28,430 ) Leases as lessor Future minimum lease receivables The Group leases out some of its vessels under time charter agreements (operating leases). The future minimum lease receivables with an average duration of 5 months under non-cancellable leases are as follows: (in thousands of USD) December 31, 2017 December 31, 2016 Less than 1 year 103,007 150,450 Between 1 and 5 years 147,967 35,083 More than 5 years 31,793 — Total future lease receivables 282,767 185,533 The amounts shown in the table above include the Group's share of operating leases of joint ventures. On some of the abovementioned vessels the Group has granted the option to extend the charter period. These option periods have not been taken into account when calculating the future minimum lease receivables. At December 31, 2017 , Euronav and its subsidiaries, without joint ventures, have future minimum lease receivables less than one year of USD 54.4 million ( 2016 : USD 108.5 million ) and future minimum lease receivables between 1 and 5 years of USD 0.0 million ( 2016 : USD 35.1 million ). Following the rationalization of the TI Pool structure in 2017 (see Note 23), Tankers International Ltd. ("TIL") became the disponent owner of all of the vessels in the TI Pool as all the vessels are now time chartered with a duration of 1 year to TIL at a floating rate equivalent to the average spot rate achieved by the pool times the pool points assigned to each vessel. At December 31, 2017, 24 of our VLCC vessels were employed in the TI Pool under such floating time charters. Given the variable nature of the time charter rates, there are no minimum lease receivables for these contracts and therefore, these floating time charters are not included in the table above. Non-cancellable operating lease rentals for office space with an average duration of 5 years are receivable as follows: (in thousands of USD) December 31, 2017 December 31, 2016 Less than 1 year 726 806 Between 1 and 5 years 2,903 2,644 More than 5 years 233 878 Total future lease receivables 3,862 4,328 The above operating lease rentals receivable relate entirely to the Group's leased offices for Euronav UK. Euronav UK has sublet part of the office space to four different subtenants, starting in 2014 . Amounts recognized in profit and loss (in thousands of USD) 2017 2016 2015 Bareboat charter — — — Time charter 118,705 140,227 126,091 Office rental 840 878 879 Total recognized in profit and loss 119,545 141,105 126,970 |
Provisions and contingencies
Provisions and contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Provisions and contingencies | Provisions and contingencies The Group is involved in a number of disputes in connection with its day-to-day activities, both as claimant and defendant. Such disputes and the associated expenses of legal representation are covered by insurance. Moreover, they are not of a magnitude that lies outside the ordinary, and their scope is not of such a nature that they could jeopardize the Group's financial position. |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2017 | |
Related Party [Abstract] | |
Related parties | Related parties Identity of related parties The Group has a related party relationship with its subsidiaries (see Note 23) and equity-accounted investees (see Note 25) and with its directors and executive officers (see Note 22). Transactions with key management personnel The total amount of the remuneration paid to all non-executive directors for their services as members of the board and committees (if applicable) is as follows: (in thousands of EUR) 2017 2016 2015 Total remuneration 1,015 1,145 1,591 The Remuneration Committee annually reviews the remuneration of the members of the Executive Committee. The remuneration (excluding the CEO) consists of a fixed and a variable component and can be summarized as follows: (in thousands of EUR) 2017 2016 2015 Total fixed remuneration 1,176 1,175 1,176 of which Cost of pension 35 35 35 Other benefits 58 57 57 Total variable remuneration 1,331 1,042 2,392 of which Share-based payments 597 351 1,010 All amounts mentioned refer to the Executive Committee in its official composition throughout 2017 . The remuneration of the CEO can be summarized as follows: (in thousands of GBP) 2017 2016 2015 Total fixed remuneration 407 405 405 of which Cost of pension — — — Other benefits 13 11 11 Total variable remuneration 528 437 863 of which Share-based payments 233 171 333 Within the framework of a stock option plan, the board of directors has granted on December 16, 2013 options on its 1,750,000 treasury shares to the members of the Executive Committee for no consideration but with conditions (see Note 22). 525,000 options were granted to the CEO and 1,225,000 options were granted to the other members of the Executive Committee. The exercise price of the options is EUR 5.7705 . All of the beneficiaries have accepted the options granted to them. In 2016 the Company bought back 692,415 shares and delivered 116,667 shares upon the exercise of share options. In 2017 Euronav did not buy back or dispose of any own shares. At the date of this report all of the remaining options are vested. In addition, the board of directors has granted on February 12, 2015 236,590 options and 65,433 restricted stock units within the framework of a long term incentive plan. Vested stock options may be exercised until 13 years after the grant date. On February 2, 2016, the board of directors granted 54,616 phantom stock units within the framework of an additional long term incentive plan. Each unit gives a conditional right to receive an amount of cash equal to the fair market value of one share of the company on the settlement date. The phantom stock units will mature one-third each year on the second, third and fourth anniversary of the award (see Note 22). On February 9, 2017 the board of directors granted 66,449 phantom stock units within the framework of an additional long term incentive plan. Each unit gives a conditional right to receive an amount of cash equal to the fair market value of one share of the company on the settlement date. The phantom stock units will mature one-third each year on the second, third and fourth anniversary of the award (see Note 22). Relationship with CMB In 2004, Euronav split from Compagnie Maritime Belge (CMB). CMB renders some administrative and general services to Euronav. In 2017 CMB invoiced a total amount of USD 34,928 ( 2016 : USD 17,731 and 2015 : USD 0 ). Properties The Group leases office space in Belgium from Reslea N.V., an entity jointly controlled by CMB and Exmar. Under this lease, the Group paid an annual rent of USD [ 179,079 ] in 2017 ( 2016 : USD 175,572 and 2015 : USD 178,104 ). This lease expires on August 31, 2021. The Group leases office space, through our subsidiary Euronav Ship Management Hellas, in Piraeus, Greece, from Nea Dimitra Ktimatiki Kai Emporik S.A., an entity controlled by Ceres Shipping. Mr. Livanos, a former member of our board acting as permanent representative of TankLog until his resignation on December 3, 2015, is the Chairman and sole shareholder of Ceres Shipping. Under this lease, the Group paid an annual rent of USD 183,766 in 2017 ( 2016 : USD 199,873 and 2015 : USD 184,791 ). This lease expires on December 31, 2017. The Group subleases office space in its London, United Kingdom office, through its subsidiary Euronav (UK) Agencies Limited, pursuant to sublease agreements, dated September 25, 2014, with GasLog Services UK Limited and Unisea Maritime Limited, both parties related to Peter Livanos. Under these subleases, the Company received in 2017 a rent of USD 416,995 ( 2016 : USD 443,643 and 2015 : USD 495,507 ). This sublease expires on April 27, 2023. The Company also subleases office space in its London, United Kingdom office, through its subsidiary Euronav (UK) Agencies Limited, pursuant to a sublease agreement, dated 25 September 2014, with Tankers (UK) Agencies Limited, a 50-50 joint venture with International Seaways. Under this sublease, the Company received in 2017 a rent of USD 218,894 ( 2016 : USD 232,882 and 2015 : USD 260,108 ). This sublease expires on April 27, 2023. Registration Rights On January 28, 2015 the Group entered into a registration rights agreement with companies affiliated with our former Chairman, Peter Livanos, or the Ceres Shareholders, and companies affiliated with our former Vice Chairman, Marc Saverys, or the Saverco Shareholders. Pursuant to the registration rights agreement, each of the Ceres Shareholders as a group and the Saverco Shareholders as a group will be able to piggyback on the others' demand registration. The Ceres Shareholders and the Saverco Shareholders are only treated as having made their request if the registration statement for such shareholder group's shares is declared effective. Once we are eligible to do so, commencing 12 calendar months after the Ordinary Shares have been registered under the Exchange Act, the Ceres Shareholders and the Saverco Shareholders may require us to file shelf registration statements permitting sales by them of ordinary shares into the market from time to time over an extended period. The Ceres Shareholders and the Saverco Shareholders can also exercise piggyback registration rights to participate in certain registrations of ordinary shares by us. All expenses relating to the registrations, including the participation of our executive management team in two marketed roadshows and a reasonable number of marketing calls in connection with one-day or overnight transactions, will be borne by us. The registration rights agreement also contains provisions relating to indemnification and contribution. There are no specified financial remedies for non-compliance with the registration rights agreement. At December 31, 2017 , no rights were exercised by any of the parties under the registration rights agreement. Transactions with subsidiaries and joint ventures The Group has supplied funds in the form of shareholder's advances to some of its joint ventures at pre-agreed conditions which are always similar for the other party involved in the joint venture in question (see below and Note 25). On 20 May, 2016, the Group announced that it had agreed with Bretta Tanker Holdings Inc. ("Bretta") to terminate its Suezmax joint ventures and to enter into a share swap and claims transfer agreement. The joint ventures covered four Suezmax vessels: the Captain Michael (2012 - 157,648 dwt), the Maria (2012 - 157,523 dwt), the Eugenie (2010 - 157,672 dwt) and the Devon (2011 - 157,642 dwt). Euronav assumed full ownership of the two companies owning the two youngest vessels, the Captain Michael and the Maria , and Bretta assumed full ownership of the two companies owning the Eugenie and the Devon (see Note 24). Balances and transactions between the Group and its subsidiaries have been eliminated on consolidation and are not disclosed in this note. Details of outstanding balances and transactions between the Group and its joint ventures are disclosed below: As of end for the year ended December 31, 2016 (in thousands of USD) Trade receivables Trade payables Shareholders Loan Turnover Dividend Income TI Africa Ltd 241 — 137,615 360 — TI Asia Ltd 303 — 65,897 360 — Fiorano Shipholding Ltd — — — 265 — Fontvieille Shipholding Ltd — — — 249 — Larvotto Shipholding Ltd — — — 275 — Moneghetti Shipholding Ltd — — — 287 — Great Hope Enterprises Ltd — — — 28 Kingswood Co. Ltd — — — 23,450 Total 544 — 203,512 1,796 23,478 As of end for the year ended December 31, 2017 (in thousands of USD) Trade receivables Trade payables Shareholders Loan Turnover Dividend Income TI Africa Ltd 30 50 100,115 372 — TI Asia Ltd 130 — 62,647 372 — Kingswood Co. Ltd — — — — 1,250 Tankers Agencies (UK) Ltd 134 137 — — — Total 294 187 162,762 744 1,250 Guarantees The Group provided guarantees to financial institutions that provided credit facilities to joint ventures of the Group. As of December 31, 2016 , the total amount outstanding under these credit facilities was USD 75.3 million , of which the Group guaranteed USD 37.7 million . As of December 31, 2017 , these credit facilities and the related guarantees had expired (see Note 25). |
Share-based payment arrangement
Share-based payment arrangements | 12 Months Ended |
Dec. 31, 2017 | |
Share-Based Payment Arrangements [Abstract] | |
Share-based payment arrangements | Share-based payment arrangements Description of share-based payment arrangements: At December 31, 2017 , the Group had the following share-based payment arrangements: Share option programs (Equity-settled) On December 16, 2013, the Group established a share option program that entitles key management personnel to purchase existing shares in the Company. Under the program, holders of vested options are entitled to purchase shares at the market price of the shares at the grant date. Currently this program is limited to key management personnel. The Group intends to use its treasury shares to settle its obligations under this program. The key terms and conditions related to the grants under these programs are as follows: Grant date/employees entitled Number of instruments Vesting Conditions Contractual life of Options Options granted to key management personnel December 16, 2013 ("Tranche 1") 583,000 Share price to be at least EUR 7.5 5 years December 16, 2013 ("Tranche 2") 583,000 Share price to be at least EUR 8.66 5 years December 16, 2013 ("Tranche 3") 583,000 Share price to be at least EUR 11.54 and US listing 5 years Total Share options 1,750,000 In addition, 50% of the options can only be exercised at the earliest if the shares of the Group are admitted for listing in a recognized US listing exchange platform (the "listing event"). The other 50% can only be exercised 1 year after the listing event. If the Group's shares had not been listed on a US listing exchange, then only 2/3 of the shares would be exercisable and would have to meet the first 2 vesting conditions listed above. Long term incentive plan 2015 (Equity-settled) The Group's Board of Directors implemented in 2015 a long term incentive plan ('LTIP') for key management personnel. Under the terms of this LTIP, the beneficiaries will obtain 40% of their respective LTIP in the form of Euronav stock options, with vesting over three years at anniversary date and 60% in the form of restricted stock units ('RSU's'), which will be paid out in cash with cliff vesting on the third anniversary. In total 236,590 options and 65,433 RSU's were granted on February 12, 2015. Vested stock options may be exercised until 13 years after the grant date. Long term incentive plan 2016 (Cash-settled) The Group's Board of Directors implemented in 2016 an additional long term incentive plan for key management personnel. Under the terms of this LTIP, the beneficiaries will obtain their respective LTIP in cash, based on the volume weighted average price of the shares on Euronext Brussels over the 3 last business days of the relevant vesting period. The phantom stock units will mature one-third each year on the second, third and fourth anniversary of the award. In total a number of 54,616 phantom stocks were granted on February 2, 2016. Long term incentive plan 2017 (Cash-settled) The Group's Board of Directors implemented in 2017 an additional long term incentive plan for key management personnel. Under the terms of this LTIP, the beneficiaries will obtain their respective LTIP in cash, based on the volume weighted average price of the shares on Euronext Brussels over the 3 last business days of the relevant vesting period. The phantom stock units will mature one-third each year on the second, third and fourth anniversary of the award. In total a number of 66,449 phantom stock units were granted on February 9, 2017. Measurement of Fair Value The fair value of the employee share options under the 2013 program and the 2015 LTIP has been measured using the Black-Scholes formula. Service and non-market performance conditions attached to the transactions were not taken into account in measuring fair value. The inputs used in measurement of the fair values at grant date for the equity-settled share option programs were as follows: Share option program 2013 LTIP 2015 (figures in EUR) Tranche 1 Tranche 2 Tranche 3 Tranche 1 Tranche 2 Tranche 3 Fair value at grant date 2.270 2.260 2.120 1.853 1.853 1.853 Share price at grant date 6.070 6.070 6.070 10.050 10.050 10.050 Exercise price 5.770 5.770 5.770 10.0475 10.0475 10.0475 Expected volatility (weighted average) 40 % 40 % 40 % 39.63 % 39.63 % 39.63 % Expected life (Days) (weighted average) 303 467 730 365 730 1,095 Expected dividends — — — 8 % 8 % 8 % Risk-free interest rate 1 % 1 % 1 % 0.66 % 0.66 % 0.66 % Expected volatility has been based on an evaluation of the historical volatility of the Company's share price, particularly over the historical periods commensurate with the expected term. The expected term of the instruments has been based on historical experience and general option holder behavior using a Monte Carlo simulation. The fair value of the RSUs under the 2015 LTIP was measured with reference to the Euronav share price at the grant date. All of the RSUs granted on February 12, 2015 remained outstanding as of December 31, 2017 and had not yet vested. The liability in respect of its obligations under the LTIP 2016 and LTIP 2017 is measured based on the Company's share price at the reporting date and taking into account the extent to which the services have been rendered to date. All of the phantom stocks granted on February 2, 2016 and February 9, 2017 respectively, remained outstanding as of December 31, 2017 . The Company's share price was EUR 10.613 at the grant date of the LTIP 2016 and EUR 7.268 at the grant date of the LTIP 2017, and was EUR 7.684 as at December 31, 2017 . Expenses recognized in profit or loss For details on related employee benefits expense see Note 5. The expenses related to the LTIP 2016 and LTIP 2017 (USD 0.7 million ) are included in the Provision for employee benefits. Reconciliation of outstanding share options The number and weighted-average exercise prices of options under the 2013 share option program and the 2015 LTIP are as follows: (figures in EUR) Number of options 2017 Weighted average exercise price 2017 Number of options 2016 Weighted average exercise price 2016 Outstanding at January 1 586,590 7.495 703,257 7.209 Forfeited during the year 0 0 0 0 Exercised during the year — — (116,667 ) 5.770 Granted during the year 0 0 — — Outstanding at December 31 586,590 7.495 586,590 7.495 Vested at December 31 507,726 0 428,863 0 In 2016 the Company bought back 692,415 shares and delivered 116,667 shares upon the exercise of share options under the 2013 program. In 2017 Euronav did not buy back or dispose of any own shares. The weighted-average share price at the date of exercise for the share options exercised in 2016 was EUR 8.99 . |
Group entities
Group entities | 12 Months Ended |
Dec. 31, 2017 | |
Interests in Other Entities [Abstract] | |
Group entities | Group entities Country of incorporation Consolidation method Ownership interest December 31, 2017 December 31, 2016 December 31, 2015 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Subsidiaries Euronav Tankers NV Belgium full 100.00 % 100.00 % 100.00 % Euronav Shipping NV Belgium full 100.00 % 100.00 % 100.00 % Euronav (UK) Agencies Limited UK full 100.00 % 100.00 % 100.00 % Euronav Luxembourg SA Luxembourg full 100.00 % 100.00 % 100.00 % Euronav sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management Ltd Liberia full 100.00 % 100.00 % 100.00 % Euronav Ship Management Hellas (branch office) Euronav Hong Kong Hong Kong full 100.00 % 100.00 % 100.00 % Euro-Ocean Ship Management (Cyprus) Ltd Cyprus full 100.00 % 100.00 % 100.00 % Euronav Singapore Singapore full 100.00 % 100.00 % 100.00 % Fiorano Shipholding Ltd Hong Kong full 100.00 % 100.00 % NA Larvotto Shipholding Ltd Hong Kong full 100.00 % 100.00 % NA Euronav MI Inc Marshall Islands full 100.00 % NA NA Joint ventures Fiorano Shipholding Ltd Hong Kong equity NA NA 50.00 % Fontvieille Shipholding Ltd Hong Kong equity NA NA 50.00 % Great Hope Enterprises Ltd Hong Kong equity NA NA 50.00 % Kingswood Co. Ltd Marshall Islands equity 50.00 % 50.00 % 50.00 % Larvotto Shipholding Ltd Hong Kong equity NA NA 50.00 % Moneghetti Shipholding Ltd Hong Kong equity NA NA 50.00 % TI Africa Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % TI Asia Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % Tankers Agencies (UK) Ltd UK equity 50.00 % NA NA Tankers International LLC Marshall Islands equity 50.00 % NA NA Associates Tankers International LLC Marshall Islands equity NA 40.00 % 40.00 % In 2015 two joint ventures, Asia Conversion Corporation and Africa Conversion Corporation, were dissolved. In 2016 , the Group transferred its equity interests in Moneghetti Shipholding Ltd. and Fontvieille Shipholding Ltd. and acquired Bretta Tanker Holdings' equity interests in Fiorano Shipholding Ltd. and Larvotto Shipholding Ltd. As a result, the Group's equity interest in Fiorano Shipholding Ltd. and Larvotto Shipholding Ltd. increased from 50% to 100% (see Note 24). In 2016 one joint venture, Great Hope Enterprises Ltd was dissolved. In the fourth quarter of 2017, Euronav NV incorporated a new subsidiary, Euronav MI Inc (see Note 26). In 2017, the corporate structure of Tankers International pool (“TI Pool”) was rationalized. Under the new structure, the shares of Tankers UK Agencies (“TUKA”), fully held at the time by Tankers International LLC (“TI LLC”), an entity incorporated under the laws of the Marshall Islands, have been distributed to the two remaining founding members of the TI Pool (namely Euronav NV and International Seaways INC), to form a 50-50 joint venture. Further, following the withdrawal in December 2017 of one of its members, TI LLC, which was previously an associate of the Group, became a joint venture of the Group as from that time. Additionally, a new company, Tankers International Ltd. ("TIL"), was incorporated under the laws of the United Kingdom, and is fully owned by TUKA. TIL became the disponent owner of all of the vessels in the TI Pool as all the vessels are now time chartered to TIL at a floating rate equivalent to the average spot rate achieved by the pool times the pool points assigned to each vessel. This new structure allowed the TI Pool to arrange for a credit line financing in order to lower the working capital requirement for the Pool participants which potentially can attract additional pool participants. At December 31, 2017, the Group held 50% of the voting rights in TUKA but held 61% of the outstanding shares that participate in the result of the entity. As Euronav acquired ownership of these shares on December 28, 2017, the Group's share of the profit of the entity, as well as the Group's balances and transactions with this joint venture were not significant as of and for the year ended December 31, 2017. At December 31, 2017, the Group held 50% of the voting rights in TI LLC but held 59% of the outstanding shares that participate in the result of the entity. The Group's share of the profit of the entity, as well as the Group's balances and transactions with this joint venture were not significant as of and for the year ended December 31, 2017. |
Business combinations
Business combinations | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations1 [Abstract] | |
Business combinations | Business combinations On May 20, 2016, the Group announced the termination of the joint ventures with Bretta Tanker Holdings, Inc. covering four Suezmax vessels. Euronav assumed full ownership of the companies owning the two youngest vessels, the Captain Michael (2012 - 157,648 dwt) and the Maria (2012 - 157,523 dwt) on June 2, 2016. On June 2, 2016, the Group entered into a share swap and claims transfer agreement whereby: • The Group transferred its equity interests in Moneghetti Shipholding Ltd. (hereafter 'Moneghetti') and Fontvieille Shipholding Ltd. (hereafter 'Fontvieille') and acquired Bretta Tanker Holdings' equity interests in Fiorano Shipholding Ltd. (hereafter 'Fiorano') and Larvotto Shipholding Ltd. (hereafter 'Larvotto'); and • The Group transferred its claims arising from the shareholder loans to Moneghetti and Fontvieille and acquired Bretta Tanker Holdings' claims arising from the shareholder loans to Fiorano and Larvotto. As a result, the Group's equity interest in both Fiorano and Larvotto increased from 50% to 100% giving the Group control of both companies. The Group no longer has an equity interest in Moneghetti and Fontvieille. Before the swap agreement, the Group accounted for the four entities using the equity method. Following the acquisition, Fiorano and Larvotto are fully consolidated as of June 2, 2016. With this transaction, the Group has become the full owner of the two youngest vessels, the Captain Michael and the Maria , while Bretta has become the full owner of the Devon and the Eugenie . Consideration transferred (in thousands of USD) Fair value at acquisition date Cash 15,110 Shares in Fontvieille and Moneghetti (21,498 ) Shareholders' loan receivable 39,973 Total consideration transferred 33,585 Contribution to revenue and profit/loss Since their acquisition by the Group on June 2, 2016, the 2 acquired companies contributed revenue of USD 4.8 million and a profit of USD 0.1 million to the Group's consolidated results for the year ended December 31, 2016. If the acquisition had occurred on 1 January 2016, management estimates that the Group's consolidated revenue for the year ended December 31, 2016 would have been USD 698.3 million and consolidated profit for the twelve month period ended December 31, 2016 would have been USD 205.1 million . In determining these amounts, management has assumed that the fair value adjustments, that arose on the date of acquisition would have been the same if the acquisition had occurred on 1 January 2016. Acquisition related costs The Group did not incur any material acquisition-related costs for the business combination and these costs were expensed as incurred. Step acquisition The transaction resulted in a loss of USD 24.2 million . This loss was recognized in the consolidated statement of profit or loss for the year ended December 31, 2016 under the heading 'Loss on disposal of investments in equity accounted investees'. In accordance with IFRS 3 (Business Combinations), Euronav accounted for this transaction as a step acquisition and therefore had to re-measure at the acquisition date to fair value Euronav's non-controlling equity interest in the two joint ventures it acquired (loss of USD 13.5 million ) as well as to measure at fair value the consideration transferred, including Euronav's interest in the other two joint ventures (loss of USD 10.7 million ). At acquisition date, the fair value of the Group's non-controlling interest in the two acquired joint ventures amounted to USD (18.6) million . Identifiable assets acquired and liabilities assumed The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the acquisition date. (in thousands of USD) Fair value at acquisition date Property, plant and equipment (Note 8) 120,280 Trade receivables 3,685 Cash and cash equivalents 8,355 Loans and borrowings (Note 15) (61,065 ) Trade and other payables (4,086 ) Total identifiable net assets acquired 67,169 Measurement of fair values Assets acquired Valuation techniques Property, plant and equipment The price was agreed among parties by reference to valuation reports by brokers Goodwill The transaction did not give rise to the recognition of any goodwill: (in thousands of USD) Fair value at acquisition date Consideration transferred 33,585 Fair value of pre-existing interests in Larvotto and Fiorano (18,633 ) Fair value of identifiable net assets (67,169 ) Fair value of shareholders' loan liabilities versus Bretta Tanker Holdings, transferred to Euronav 52,217 Goodwill — Merger with Gener8 Maritime, Inc. On December 21, 2017, Euronav announced that the Company has reached an agreement on a stock-for-stock merger for the entire issued and outstanding share capital of Gener8 Maritime, Inc. (“Gener8“) pursuant to which Gener8 would become a wholly-owned subsidiary of Euronav. The “Exchange Ratio“ of 0.7272 Euronav shares for each share of Gener8 is expected to result in the issuance of approximately 60.9 million new Euronav shares to Gener8 shareholders. The Exchange Ratio implies a premium of 35% paid on Gener8 shares based on the closing share prices on 20 December 2017. The merger will result in Euronav shareholders owning approximately 72% of the issued share capital of the combined entity and Gener8 shareholders owning approximately 28% (based on the fully diluted share capital of Euronav and the fully diluted share capital of Gener8). The merger is subject to the approval of Gener8’s shareholders, the consent of certain of Gener8’s lenders to assign certain debt facilities to the combined entity, the effectiveness of a registration statement to be filed by Euronav with the U.S. Securities and Exchange Commission (the “SEC”) to register the Euronav shares to be issued in the merger (the “New Registration Statement”), the listing of such shares on the New York Stock Exchange (the “NYSE”) and other customary closing conditions. Certain of these closing conditions are substantive, and these conditions have not yet been met. The Gener8 shares will be contributed to Euronav in application of the Belgian Companies Code procedure of a capital increase through contribution in kind. The increase of the Euronav share capital will occur under the existing authorized capital of USD 150.0 million . |
Equity-accounted investees
Equity-accounted investees | 12 Months Ended |
Dec. 31, 2017 | |
Interests in Other Entities [Abstract] | |
Equity-accounted investees | Equity-accounted investees (in thousands of USD) December 31, 2017 December 31, 2016 Assets Interest in joint ventures 30,595 16,867 Interest in associates — 1,546 TOTAL ASSETS 30,595 18,413 Liabilities Interest in joint ventures — — Interest in associates — — TOTAL LIABILITIES — — Associates (in thousands of USD) December 31, 2017 December 31, 2016 Carrying amount of interest at the beginning of the period 1,546 1,212 Group's share of profit (loss) for the period 149 334 Dividend in kind (shares TUKA) distributed by associate (Note 23) (1,559 ) — Reclassification of associate to joint venture (Note 23) (136 ) — Carrying amount of interest at the end of the period — 1,546 Joint Ventures The following table contains a roll forward of the balance sheet amounts with respect to the Group's joint ventures: ASSET LIABILITY (in thousands of USD) Investments in equity accounted investees Shareholders loans Investments in equity accounted investees Shareholders loans Gross balance (89,338 ) 363,414 (5,880 ) — Offset investment with shareholders loan 105,643 (105,643 ) — — Balance at January 1, 2015 16,305 257,771 (5,880 ) — Group's share of profit (loss) for the period 51,407 — — — Group's share of other comprehensive income 1,610 — — — Capital increase/(decrease) in joint ventures (1,499 ) — 5,880 — Dividends received from joint ventures (275 ) — — — Movement shareholders loans to joint ventures — (45,665 ) — — Gross balance (38,095 ) 317,749 — — Offset investment with shareholders loan 58,520 (58,520 ) — — Balance at December 31, 2015 20,425 259,229 — — Group's share of profit (loss) for the period 40,161 — — — Group's share of other comprehensive income 1,224 — — — Group's share on upstream transactions 4,646 — — — Capital increase/(decrease) in joint ventures (3,737 ) — — — Dividends received from joint ventures (23,478 ) — — — Movement shareholders loans to joint ventures — (18,499 ) — — Business combinations 15,981 (95,738 ) — — Gross balance (3,298 ) 203,512 — — Offset investment with shareholders loan 20,165 (20,165 ) — — Balance at December 31, 2016 16,867 183,348 — — ASSET LIABILITY (in thousands of USD) Investments in equity accounted investees Shareholders loans Investments in equity accounted investees Shareholders loans Group's share of profit (loss) for the period 29,933 — — — Group's share of other comprehensive income 483 — — — Dividends received from joint ventures (1,250 ) — — — Dividend in kind (shares TUKA) received from associate (Note 23) 1,559 — — — Reclassification of associate to joint venture (Note 23) 136 — — — Movement shareholders loans to joint ventures — (40,750 ) — — Gross balance 27,565 162,763 — — Offset investment with shareholders loan 3,030 (3,030 ) — — Balance at December 31, 2017 30,595 159,733 — — The Group's share on upstream transactions in 2016 related to the buy-out of the joint venture partner to obtain full control of the VLCC V.K. Eddie . On November 23, 2016, the Group purchased the VLCC V.K. Eddie from its 50% joint venture Seven Seas Shipping Ltd. In the Group's consolidated financial statements, 50% of the gain recognized on this transaction by Seven Seas Shipping Ltd. was eliminated. The decrease in the balance of shareholders' loans to joint ventures since December 31, 2015 is primarily due to the disposal of two joint ventures and the acquisition two of other joint ventures on June 2, 2016, as set out in Note 24, resulting in the settlement or consolidation, respectively, of the Group's shareholders' loan balances versus these entities. For more details, we refer to the table summarizing the financial information of the Groups' joint ventures further below. Joint venture Segment Description Great Hope Enterprises Ltd Tankers No operating activities, liquidated in 2016 Kingswood Co. Ltd Tankers Holding company; parent of Seven Seas Shipping Ltd. and to be liquidated in the future Seven Seas Shipping Ltd Tankers Formerly owner of 1 VLCC bought in 2016 by Euronav. Wholly owned subsidiary of Kingswood Co. Ltd. Fiorano Shipholding Ltd Tankers Single ship company, owner of 1 Suezmax, acquired Bretta's equity interest in 2016 Larvotto Shipholding Ltd Tankers Single ship company, owner of 1 Suezmax, acquired Bretta's equity interest in 2016 Fontvieille Shipholding Ltd Tankers Single ship company, owner of 1 Suezmax, sold our equity interest to Bretta in 2016 Moneghetti Shipholding Ltd Tankers Single ship company, owner of 1 Suezmax, sold our equity interest to Bretta in 2016 Tankers Agencies (UK) Ltd Tankers Parent company of Tankers International Ltd Tankers International LLC Tankers The manager of the Tankers International Pool who commercially manages the majority of the Group's VLCCs TI Africa Ltd FSO Operator and owner of a single floating storage and offloading facility (FSO Africa) * TI Asia Ltd FSO Operator and owner of a single floating storage and offloading facility (FSO Asia) * * Both FSO Asia and FSO Africa are on a time charter contract to North Oil Company (NOC), the new operator of Al Shaheen field, until mid-2022. The following table contains summarized financial information for all of the Group's joint ventures: Asset Liability (in thousands of USD) Great Hope Enterprises Ltd Kingswood Co. Ltd Seven Seas Shipping Ltd Fiorano Shipholding Ltd Fontvieille Shipholding Ltd Larvotto Shipholding Ltd Moneghetti Shipholding Ltd TI Africa Ltd TI Asia Ltd Total Africa Conversion Corp Asia Conversion Corp Total December 31, 2015 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets — 520 33,052 78,031 65,837 73,234 70,159 215,184 208,405 744,422 — — — of which Vessel — — 33,052 78,031 65,837 73,234 70,159 208,030 200,452 728,795 — — — Current Assets 102 489 7,463 6,498 4,195 7,873 7,219 12,144 41,744 87,727 — — — of which cash and cash equivalents 59 — 1,528 552 186 1,578 4,891 880 30,465 40,139 — — — Non-Current Liabilities — — 521 84,094 77,485 81,424 79,647 303,018 223,552 849,740 — — — Of which bank loans — — — 27,813 30,470 29,143 43,750 — 75,343 206,519 — — — Current Liabilities 15 2 239 5,981 6,656 6,621 7,099 1,155 30,832 58,601 — — — Of which bank loans — — — 4,250 4,000 3,970 4,000 — 28,858 45,078 — — — Net assets (100%) 87 1,007 39,755 (5,546 ) (14,109 ) (6,939 ) (9,368 ) (76,845 ) (4,235 ) (76,192 ) — — — Group's share of net assets 43 504 19,878 (2,773 ) (7,054 ) (3,469 ) (4,684 ) (38,423 ) (2,118 ) (38,096 ) — — — Shareholders loans to joint venture — — — 28,141 23,507 26,141 17,949 149,615 72,397 317,750 — — — Net Carrying amount of interest in joint venture 43 504 19,878 — — — — — — 20,424 — — — Remaining shareholders loan to joint venture — — — — — 25,368 — 16,453 — 22,672 — 13,265 — 111,193 — 70,280 — 259,229 — — — — — — Revenue 1 — 18,701 21,050 21,509 22,837 21,317 64,627 64,382 234,425 — — — Depreciations and amortization — — (3,601 ) (4,852 ) (4,832 ) (4,571 ) (4,630 ) (18,209 ) (17,933 ) (58,628 ) — — — Interest Expense — — (102 ) (530 ) (851 ) (644 ) (1,170 ) (1,220 ) (6,106 ) (10,623 ) — — — Income tax expense — — — — — — — 259 106 365 — — — Profit (loss) for the period (100%) 3 (4 ) 11,791 6,361 6,330 6,762 5,661 35,329 30,580 102,814 — — — Other comprehensive income (100%) — — — — — — — 3,220 3,220 — — — Group's share of profit (loss) for the period 2 (2 ) 5,895 3,181 3,165 3,381 2,831 17,664 15,290 51,407 — — — Group's share of other comprehensive income — — — — — — — — 1,610 1,610 — — — Asset Liability (in thousands of USD) Great Hope Enterprises Ltd Kingswood Co. Ltd Seven Seas Shipping Ltd Fiorano Shipholding Ltd Fontvieille Shipholding Ltd Larvotto Shipholding Ltd Moneghetti Shipholding Ltd TI Africa Ltd TI Asia Ltd Total Africa Conversion Corp Asia Conversion Corp Total At December 31, 2016 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets — 946 — — — — — 198,826 192,344 392,116 — — — of which Vessel — — — — — — — 189,821 182,519 372,340 — — — Current Assets — 76 3,221 — — — — 38,206 47,889 89,392 — — — of which cash and cash equivalents — — 555 — — — — 26,928 36,591 64,074 — — — Non-Current Liabilities — — 946 — — — — 276,498 132,763 410,207 — — — Of which bank loans — — — — — — — — — — — — — Current Liabilities — 2 132 — — — — 863 76,899 77,896 — — — Of which bank loans — — — — — — — — 75,343 75,343 — — — Net assets (100%) — 1,020 2,143 — — — — (40,329 ) 30,571 (6,595 ) — — — Group's share of net assets — 510 1,072 — — — — (20,165 ) 15,285 (3,298 ) — — — Shareholders loans to joint venture — — — — — — — 137,615 65,897 203,512 — — — Net Carrying amount of interest in joint venture — 510 1,072 — — — — — 15,285 16,867 — — — Remaining shareholders loan to joint venture — — — — — — — — — — — — — 117,451 — 65,897 — 183,348 — — — — — — Revenue — — 13,646 7,182 6,404 6,901 7,471 65,188 65,063 171,855 — — — Depreciations and amortization — — (3,344 ) (2,047 ) (2,037 ) (1,929 ) (2,049 ) (18,209 ) (17,933 ) (47,548 ) — — — Interest Expense — — (3 ) (223 ) (377 ) (288 ) (537 ) (400 ) (4,703 ) (6,531 ) — — — Income tax expense — — — — — — — (326 ) (106 ) (432 ) — — — Profit (loss) for the period (100%) (32 ) 12 7,469 1,146 500 1,082 1,270 36,515 32,359 80,322 — — — Other comprehensive income (100%) — — — — — — — 2,448 2,448 — — — Group's share of profit (loss) for the period (16 ) 6 3,735 573 250 541 635 18,257 16,180 40,161 — — — Group's share of other comprehensive income — — — — — — — — 1,224 1,224 — — — Asset Liability (in thousands of USD) Kingswood Co. Ltd Seven Seas Shipping Ltd TI Africa Ltd TI Asia Ltd Tankers Agencies (UK) Ltd (see Note 23) TI LLC (see Note 23) Total Africa Conversion Corp Asia Conversion Corp Total At December 31, 2017 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets 629 — 182,298 175,826 363 98 359,214 — — — of which Vessel — — 171,612 164,587 — — 336,199 — — — Current Assets — 993 12,639 10,521 149,650 1,108 174,912 — — — of which cash and cash equivalents — 689 4,062 1,968 1,889 — 8,608 — — — Non Current Liabilities — 629 200,231 128,653 — — 329,514 — — — Of which bank loans — — — — — — — — — — Current Liabilities 111 91 766 687 147,453 975 150,083 — — — Of which bank loans — — — — 43,000 — 43,000 — — — Net assets (100%) 518 273 (6,060 ) 57,007 2,560 232 54,530 — — — Group's share of net assets 259 137 (3,030 ) 28,503 1,559 136 27,565 — — — Shareholders loans to joint venture — — 100,115 62,647 — — 162,762 — — — Net Carrying amount of interest in joint venture 259 137 — 28,503 1,559 136 30,595 — — — Remaining shareholders loan to joint venture — — 97,085 62,647 — — 159,732 — — — — Revenue — 61 61,015 58,011 — — 119,087 — — — Depreciations and amortization — — (18,209 ) (17,933 ) — — (36,142 ) — — — Interest Expense — — (90 ) (1,961 ) — — (2,052 ) — — — Income tax expense — — 383 (3,359 ) — — (2,976 ) — — — Profit (loss) for the period (100%) (2 ) 130 34,269 25,467 — — 59,865 — — — Other comprehensive income (100%) — — — 966 — — 966 — — — Group's share of profit (loss) for the period (1 ) 65 17,135 12,734 — — 29,932 — — — Group's share of other comprehensive income — — — 483 — — 483 — — — Loans and borrowings In October 2008, TI Asia Ltd and TI Africa Ltd concluded a USD 500 million senior secured credit facility. The facility consists of a term loan of USD 180 million which was used to finance the acquisition of two ULCC vessels, the TI Asia and the TI Africa respectively from Euronav and International Seaways, Inc. (formerly "OSG") and a project finance loan of USD 320 million which has been used to finance the conversion of the above mentioned vessels into FSO. The tranche related to FSO Asia matured in 2017 and had a rate of Libor plus a margin of 1.15% . The tranche related to FSO Africa matured in August 2013 with a balloon of USD 45.0 million and had a rate of Libor plus a margin of 2.25% . In 2013, the Africa Tranche was extended until 2015 and on August 28, 2015 it was fully repaid. All bank loans in the joint ventures are secured by the underlying vessel or FSO. The following table summarizes the terms and debt repayment profile of the bank loans held by the joint ventures: (in thousands of USD) December 31, 2017 December 31, 2016 Curr. Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value TI Asia Ltd * USD libor +1.15% 2017 — — — 75,343 75,343 75,343 Total interest-bearing bank loans — — — 75,343 75,343 75,343 * The mentioned secured bank loans are subject to loan covenants such as an Asset Protection clause. Loan covenant Because the tranche related to FSO Asia matured in 2017, loan covenants were no longer applicable as at December 31, 2017 . Interest rate swaps Two of the Group's JV companies in connection to the FSO conversion project of the TI Asia and TI Africa also entered in two Interest Rate Swap instruments for a combined notional value of USD 480 million (Euronav's share amounts to 50% ). These IRSs were used to hedge the risk related to any fluctuation of the Libor rate and had a duration of 8 years starting respectively in July 2009 and September 2009 for FSO Asia and FSO Africa . Following the restructuring of the original service contract related to the FSO Africa on January 22, 2010 and the consecutive reduction of financing, the hedge related to that tranche lost its qualification as hedging instrument in a cash flow hedge relationship under IAS 39. As such the cash flows from this IRS affected profit or loss of the joint venture as from 2010 through 2017. However the hedge related to the financing of FSO Asia qualified fully as a hedging instrument in a cash flow hedge relationship under IAS 39. This instrument was measured at fair value; effective changes in fair value were recognized in equity of the joint venture and the ineffective portion was recorded in profit or loss of the joint venture. Both IRSs matured in 2017. Vessels On June 2, 2016, the Group entered into a share swap and claims transfer agreement (see Note 24). As a result, the Group became the full owner of the two youngest vessels, the Captain Michael (2012 – 157,648 dwt) and the Maria (2012 – 157,523 dwt), while Bretta became the full owner of the Devon and the Eugenie . On November 23, 2016, Seven Seas Shipping Ltd delivered the VLCC V.K. Eddie (2005 – 305,261 dwt) to the Group after the sale announced on November 2, 2016 for USD 39.0 million . Seven Seas Shipping Ltd recognized a gain of USD 9.3 million on this transaction in the last quarter of 2016 . In the Group's consolidated financial statements, 50% of this gain was eliminated. There were no capital commitments as of December 31, 2017 , December 31, 2016 and December 31, 2015 . Cash and cash equivalents (in thousands of USD) 2017 2016 Cash and cash equivalents of the joint ventures 8,608 64,074 Group's share of cash and cash equivalents 4,304 32,037 of which restricted cash — 6,789 |
Subsidiaries
Subsidiaries | 12 Months Ended |
Dec. 31, 2017 | |
Interests in Other Entities [Abstract] | |
Subsidiaries | Subsidiaries The Group holds 100% of the voting rights in all of its subsidiaries (see Note 23). In 2015 one new wholly owned subsidiary, Euronav Singapore Pte Ltd, incorporated in the second quarter of 2015 was included in the consolidation scope. In 2016 the Group entered into a share swap and claims transfer agreement whereby the Group's equity interest in both Fiorano Shipholding Ltd. and Larvotto Shipholding Ltd. increased from 50% to 100% . In the fourth quarter of 2017 , Euronav NV incorporated a new subsidiary, Euronav MI Inc. This subsidiary was incorporated in connection with the intended merger with Gener8 Maritime, Inc. (Note 24) and did not have any activities as at December 31, 2017. |
Major exchange rates
Major exchange rates | 12 Months Ended |
Dec. 31, 2017 | |
Effects Of Changes In Foreign Exchange Rates [Abstract] | |
Major exchange rates | Major exchange rates The following major exchange rates have been used in preparing the consolidated financial statements: closing rates average rates 1 XXX = x,xxxx USD December 31, 2017 December 31, 2016 December 31, 2015 2017 2016 2015 EUR 1.1993 1.0541 1.0887 1.1249 1.1061 1.1154 GBP 1.3517 1.2312 1.4833 1.2880 1.3662 1.5315 |
Audit fees
Audit fees | 12 Months Ended |
Dec. 31, 2017 | |
Additional information [abstract] | |
Audit fees | Audit fees The audit fees for the Group amounted to USD 0.9 million ( 2016 : USD 1.0 million and 2015 : USD 0.7 million ). During the year the statutory auditor and persons professionally related to him performed additional audit related services amounting to USD 0.0 million ( 2016 : USD 0.0 million and 2015 : USD 0.2 million ) and tax services for fees of USD 0.0 million ( 2016 : USD 0.0 million and 2015 : 0.0 million ). The 2015 audit related services mainly related to the Group's series of capital transactions, including the Group's US listing. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events Disclosure [Abstract] | |
Subsequent events | Subsequent events On March 22, 2018, the Group signed a loan agreement for an amount of USD 173.6 million with the purpose of financing up to 70 per cent of the aggregate contract price of the four Ice Class Suezmax vessels (see Note 8). On March 26, 2018, Euronav took delivery of the first Ice Class Suezmax Cap Quebec ( 2018 - 156,600 dwt). On March 29, 2018, TI Asia Ltd and TI Africa Ltd concluded a USD 220.0 Senior Secured Credit Facility. The facility consists of a term loan of USD 110.0 million and a revolving credit facility of USD 110.0 million for the purpose of refinancing the two FSOs as well as for general corporate purposes. The Group provided a guarantee for the revolving credit facility tranche. |
Significant accounting polici36
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Basis of preparation Statement of compliance | Basis of preparation (a) Statement of compliance These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). All accounting policies have been consistently applied for all periods presented in the consolidated financial statements, unless disclosed otherwise. The consolidated financial statements were authorized for issue by the Board of Directors on April 17, 2018. |
Basis of measurement | Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for the following material items in the statement of financial position: • Derivative financial instruments are measured at fair value |
Functional and presentation currency | Functional and presentation currency The consolidated financial statements are presented in USD, which is the Company's functional and presentation currency. All financial information presented in USD has been rounded to the nearest thousand except when otherwise indicated. |
Use of estimates and judgements | Use of estimates and judgements The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which are the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statement is included in the following note: • Note 8 – Impairment Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year is included in the following note: • Note 8 – Impairment test: key assumptions underlying the recoverable amount |
Measurement of fair values | Measurement of fair values A number of the Group's accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Group has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values, and reports directly to the CFO. The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of IFRS, including the level in the fair value hierarchy in which such valuations should be classified. Significant valuation issues are reported to the Group Audit and Risk Committee. When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows. • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e.as prices) or indirectly (i.e. derived from prices). • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. |
Changes in accounting policies and New standards and interpretations not yet adopted | Changes in accounting policies Except for the changes below, the accounting policies adopted in the preparation of the consolidated financial statements for the year ended December 31, 2017 are consistent with those applied in the preparation of the consolidated financial statements for the year ended December 31, 2016 . The Group has adopted the following new standards, interpretations and amendments to standards, including any consequential amendments to other standards, with a date of initial application of January 1, 2017: • Annual Improvements to IFRSs 2014-2016 cycle (amendments to IFRS 12) • Amendments to IAS 7: Disclosure Initiative • Amendments to IFRS 12: Recognition of Deferred Tax Assets for Unrealized Losses The adoption of these standards, interpretations and amendments to standards did not have a material impact on the Group's consolidated financial statements. New standards and interpretations not yet adopted A number of new standards, amendments to standards and interpretations are not yet effective for the year ended 31 December, 2017 , and have not been applied in preparing these consolidated financial statements: IFRS 9 Financial instruments, the IASB issued the final version of IFRS 9 Financial Instruments in July 2014. IFRS 9 is effective for annual periods beginning on or after 1 January 2018, with early adoption permitted. The Group will apply IFRS 9 initially on 1 January 2018 and will not restate comparative information for prior periods. The new standard will require the Group to revise its accounting processes and internal controls related to reporting financial instruments. An analysis indicated that the initial adoption of IFRS 9 on January 1, 2018 would result in a provision for doubtful debtors of USD 16k. The adoption of IFRS 9 will not have any other impact on the classification or measurement of financial assets. IFRS 15 Revenue from Contracts with Customers establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces existing revenue recognition guidance, including IAS 18 Revenue, IAS 11 Construction Contracts, IFRIC 13 Customer Loyalty Programmes, IFRIC 15 Agreements for the Construction of Real Estate, IFRIC 18 Transfers of Assets from Customers and SIC 31 Barter Transactions Involving Advertising Services. IFRS 15 is effective for the annual periods beginning on or after January 1, 2018, with early adoption permitted. The standard establishes a five-step model that will apply to revenue earned from a contract with a customer. The standard’s requirements will also apply to the sale of some non-financial assets that are not part of the entity’s ordinary activities (e.g., sales of property or plant and equipment). Extensive disclosures will be required, including disaggregation of total revenue, information about performance obligations, changes in contract asset and liability account balances between periods and key judgements and estimates. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). The Group will adopt the standard using the cumulative catch-up transition method. The new standard will be effective for us beginning January 1, 2018. The Group has undertaken a comprehensive approach to assess the impact of the guidance on its business by reviewing the current accounting policies and practices to identify any potential differences that may result from applying the new requirements to the consolidated financial statements. Part of the Group’s revenue is generated from time charters, where revenue is recognized on an accrual basis and is recorded over the term of the charter as the service is provided. This new guidance will not have any impact on this aspect of the Group’s revenue. For spot charters, we recognize revenue on a discharge-to-discharge basis in determining the percentage of completion for all voyage charters. After consulting with other shipping companies on business assumptions, processes, systems and controls the Group decided to recognize revenue on a load-to-discharge basis as from January 1, 2018. Under this new standard the Group will also capitalize the voyage expenses incurred between the previous discharge port and the next load port if they qualify as fulfillment costs under IFRS 15 and if they are expected to be recovered. An analysis of spot charter revenue from voyages over year-end indicated that the initial adoption of IFRS 15 on January 1, 2018 will result in a reduction of accrued revenue by USD 4.4 million and the recognition of capitalized fulfillment costs of USD 2.7 million , with a corresponding net reduction of equity. The new standard will also require the Group to revise its accounting processes and internal controls related to reporting spot charter revenue and voyage expenses. IFRS 16 Leases published on January 13, 2016 makes a distinction between a service contract and a lease based on whether the contract conveys the right to control the use of an identified asset and introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognizes a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. There are optional exemptions for short term leases and leases of low value items. Lessor accounting remains similar to the current standard - i.e. lessors continue to classify leases as finance or operating leases. For lessors, there is little change to the existing accounting in IAS 17 Leases. IFRS 16 replaces existing leases guidance including IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC-15 Operating Leases-Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. The standard is effective for annual periods beginning on or after January 1, 2019. Early adoption is permitted for entities that apply IFRS 15 Revenue from Contracts with Customers at or before the date of initial application of IFRS 16. The Group will adopt IFRS 16 as of January 1, 2019. An assessment of the impact of IFRS 16 has not been finalized to date, but the Group expects that the most significant impact will be that the Group will recognize new assets and liabilities for its operating leases as lessee (for company cars, office rental and bare boat charters). Reference is also made to the disclosure on lease payments in Note 19. In addition, the nature and recognition of expenses related to those leases will change as IFRS 16 replaces the straight-line operating lease expense with a depreciation charge for right-of-use assets and interest expense on lease liabilities. The Group does not expect the adoption of IFRS 16 to impact its ability to comply with the loan covenants described in Note 18. Classification and Measurement of Share-based Payment Transactions (Amendments to IFRS 2) issued on 20 June 2016 covers three accounting areas: the measurement of cash-settled share-based payments; the classification of share-based payments settled net of tax withholdings; and the accounting for a modification of a share-based payment from cash-settled to equity-settled. The amendments are effective for annual periods commencing on or after 1 January 2018. As a practical simplification, the amendments can be applied prospectively so that prior periods do not have to be restated. Retrospective, or early application is permitted if companies have the required information. The amendments are not expected to have a material impact on the Group’s consolidated financial statements. Transfers of property assets to/from, investment property (Amendments to IAS 40) issued on 8 December 2016, clarifies that a property asset is transferred to, or from, investment property when and only when there is an actual change in use. A change in management intention alone does not support a transfer. The amendments are effective for annual periods beginning on or after 1 January 2018, with earlier adoption permitted. The amendments are not expected to have a material impact on the Group’s consolidated financial statements. Long-term Interests in Associates and Joint Ventures (Amendments to IAS 28) issued on 12 October 2017, clarifies how companies should account for long-term interests in an associate or joint venture, to which the equity method is not applied, using IFRS 9. The amendments are effective for annual periods beginning on or after 1 January 2019, with early adoption permitted. The amendments are not expected to have a material impact on the Group’s consolidated financial statements. IFRIC 22 Foreign currency transactions and Advance consideration issued on 8 December 2016, clarifies the transaction date to be used to determine the exchange rate for translating foreign currency transactions involving an advance payment or receipt. The interpretation is effective for annual periods beginning on or after 1 January 2018, with earlier adoption permitted. The amendments are not expected to have a material impact on the Group’s consolidated financial statements. IFRIC 23 Uncertainty over Income Tax Treatments issued on 7 June 2017, clarifies how to apply the recognition and measurement requirements in IAS 12 when there is uncertainty over income tax treatments. In such a circumstance, an entity shall recognize and measure its current or deferred tax asset or liability applying the requirements in IAS 12 based on taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates determined applying this Interpretation. An entity is required to assume that a tax authority with the right to examine and challenge tax treatments will examine those treatments and have full knowledge of all related information. Detection risk is not considered in the recognition and measurement of uncertain tax treatments. The entity should measure the impact of the uncertainty using the method that best predicts the resolution of the uncertainty; either the most likely amount method or the expected value method. The interpretation is effective for annual periods beginning on or after 1 January 2019, with earlier adoption permitted. The amendments are not expected to have a material impact on the Group’s consolidated financial statements. Annual improvements to IFRSs 2014-2016 Cycle, issued on 8 December 2016, covers the following minor amendments: - IFRS 1 First-time Adoption of IFRS: removes outdated exemptions for first-time adopters of IFRS (effective for annual periods beginning on or after 1 January 2018); - IFRS 12 Disclosure of Interests in Other Entities: the amendments clarify that the disclosure requirements for interests in other entities also apply to interests that are classified as held for sale or distribution (effective for annual periods beginning on or after 1 January 2017 and adopted by the Group as of 1 January 2017). - IAS 28 Investments in Associates and Joint Ventures: the amendments clarify that a venture capital organization, or other qualifying entity, may elect to measure its investments in an associate or joint venture at fair value through profit or loss. This election can be made on an investment-by-investment basis. A non-investment entity investor may elect to retain the fair value accounting applied by an investment entity associate or investment entity joint venture to its subsidiaries. This election can be made separately for each investment entity associate or joint venture. These amendments are effective for annual periods beginning on or after 1 January 2018, with earlier adoption permitted. The amendments are not expected to have a material impact on the Group’s consolidated financial statements. Annual improvements to IFRSs 2015-2017 Cycle, issued on 12 December 2017, covers the following minor amendments: - IFRS 3 Business Combinations: the amendments clarify that a company remeasures its previously held interest in a joint operation when it obtains control of the business. - IFRS 11 Joint Arrangements: the amendments clarify that a company does not remeasure its previously held interest in a joint operation when it obtains joint control of the business. - IAS 12 Income Taxes: the amendments clarify that a company accounts for all income tax consequences of dividend payments consistently with the transactions that generated the distributable profits - i.e. in profit or loss, OCI or equity. - IAS 23 Borrowing Costs: the amendments clarify that a company treats as part of general borrowings any borrowing originally made to develop an asset when the asset is ready for its intended use or sale. The amendments are effective for annual reporting periods beginning on or after 1 January 2019 with earlier application permitted. The amendments are not expected to have a material impact on the Group’s consolidated financial statements. |
Basis of Consolidation | Basis of Consolidation (i) Business Combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. For acquisitions on or after January 1, 2010, the Group measures goodwill at the acquisition date as: • the fair value of the consideration transferred; plus • the recognized amount of any non-controlling interests in the acquiree; plus if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less • the net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed. • When the excess is negative, a bargain purchase gain is recognized immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts generally are recognized in profit or loss. Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. (ii) Non-controlling interests (NCI) NCI are measured at their proportionate share of the acquiree's identifiable net assets at the date of acquisition. Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. (iii) Subsidiaries Subsidiaries are those entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which the control commences until the date on which control ceases. (iv) Loss of control On the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognized in profit or loss. If the Group retains any interest in the former subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as an equity-accounted investee or as an available-for-sale financial asset depending on the level of influence retained. (v) Interests in equity-accounted investees The Group's interests in equity-accounted investees comprise interest in associates and joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in associates and joint ventures are accounted for using the equity method. They are recognized initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group's share of the profit or loss and other comprehensive income ("OCI") of equity-accounted investees, until the date on which significant influence or joint control ceases. Interests in associates and joint ventures include any long-term interests that, in substance, form part of the Group's investment in those associates or joint ventures and include unsecured shareholder loans for which settlement is neither planned nor likely to occur in the foreseeable future, which, therefore, are an extension of the Group's investment in those associates and joint ventures. The Group's share of losses that exceeds its investment is applied to the carrying amount of those loans. After the Group's interest is reduced to zero, a liability is recognized to the extent that the Group has a legal or constructive obligation to fund the associates' or joint ventures' operations or has made payments on their behalf. (vi) Transactions eliminated on consolidation Intragroup balances and transactions, and any unrealized gains arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the underlying asset to the extent of the Group's interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. |
Business Combinations | Business Combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. For acquisitions on or after January 1, 2010, the Group measures goodwill at the acquisition date as: • the fair value of the consideration transferred; plus • the recognized amount of any non-controlling interests in the acquiree; plus if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less • the net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed. • When the excess is negative, a bargain purchase gain is recognized immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts generally are recognized in profit or loss. Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. |
Non-controlling interests (NCI) | Non-controlling interests (NCI) NCI are measured at their proportionate share of the acquiree's identifiable net assets at the date of acquisition. Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. |
Subsidiaries | Subsidiaries Subsidiaries are those entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which the control commences until the date on which control ceases. |
Loss of control | Loss of control On the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognized in profit or loss. If the Group retains any interest in the former subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as an equity-accounted investee or as an available-for-sale financial asset depending on the level of influence retained. |
Interests in equity-accounted investees | Interests in equity-accounted investees The Group's interests in equity-accounted investees comprise interest in associates and joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in associates and joint ventures are accounted for using the equity method. They are recognized initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group's share of the profit or loss and other comprehensive income ("OCI") of equity-accounted investees, until the date on which significant influence or joint control ceases. Interests in associates and joint ventures include any long-term interests that, in substance, form part of the Group's investment in those associates or joint ventures and include unsecured shareholder loans for which settlement is neither planned nor likely to occur in the foreseeable future, which, therefore, are an extension of the Group's investment in those associates and joint ventures. The Group's share of losses that exceeds its investment is applied to the carrying amount of those loans. After the Group's interest is reduced to zero, a liability is recognized to the extent that the Group has a legal or constructive obligation to fund the associates' or joint ventures' operations or has made payments on their behalf. |
Transactions eliminated on consolidation | Transactions eliminated on consolidation Intragroup balances and transactions, and any unrealized gains arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the underlying asset to the extent of the Group's interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. |
Foreign currency | Foreign currency (i) Foreign currency transactions Transactions in foreign currencies are translated to USD at the foreign exchange rate applicable at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to USD at the foreign exchange rate applicable at that date. Foreign exchange differences arising on translation are recognized in profit or loss. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. (ii) Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to USD at exchange rates at the reporting date. The income and expenses of foreign operations are translated to USD at rates approximating the exchange rates at the dates of the transactions. Foreign currency differences are recognized directly in equity (Translation reserve). When a foreign operation is disposed of, in part or in full, the relevant amount in the translation reserve is transferred to profit or loss. |
Financial Instruments | Financial Instruments (i) Non-derivative financial assets The group initially recognizes loans and receivables on the date that they are originated. All other financial assets (including assets designated as at fair value through profit and loss) are recognized initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in such transferred financial assets that is created or retained by the Group is recognized as a separate asset or liability. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm's length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models refined to reflect the issuer's specific circumstances. The Group classifies non-derivative financial assets into the following categories: financial assets at fair value through profit or loss, loans and receivables, cash and cash equivalents, held-to-maturity financial assets and available-for-sale financial assets. The Company determines the classification of its investments at initial recognition and re-evaluates this designation at every reporting date. Financial assets at fair value through profit or loss A financial asset is classified as at fair value through profit or loss if it is classified as held for trading or is designated as such on initial recognition. Financial assets are designated as at fair value through profit or loss if the Group manages such investments and makes purchase and sale decisions based on their fair value in accordance with the Group's treasury policy. Attributable transaction costs are recognized in profit or loss as incurred. Financial assets at fair value through profit or loss are measured at fair value and changes therein, which takes into account any dividend income, are recognized in profit or loss. Assets in this category are classified as current assets if they are expected to be realized within 12 months of the balance sheet date. Loans and receivables Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortized cost using the effective interest method, less any impairment losses. They arise when the Group provides money, goods or services directly to a debtor with no intention of trading the receivable. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as non-current assets. Loans and receivables are included in trade and other receivables in the statement of financial position. Held-to-maturity financial assets If the Group has the positive intent and ability to hold debt securities to maturity, then such financial assets are classified as held-to-maturity. Held-to-maturity financial assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, held-to-maturity financial assets are measured at amortized cost using the effective interest method, less any impairment losses. Held-to-maturity financial assets comprise debentures. Available-for-sale financial assets Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of the other categories. Available-for-sale financial assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses and foreign currency differences on available-for-sale debt instruments, are recognized in OCI and presented in the fair value reserve in equity. When an investment is derecognized, the gain or loss accumulated in equity is reclassified to profit or loss. Available-for-sale financial assets comprise equity securities and debt securities. They are included in non-current assets unless the Company intends to dispose of the investment within 12 months of the balance sheet date. (ii) Non-derivative financial liabilities The Group initially recognizes debt securities issued and subordinated liabilities on the date that they are originated. All other financial liabilities (including liabilities designated as at fair value through profit or loss) are recognized initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire. Non-derivative financial liabilities are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. Non-derivative financial liabilities comprise loans and borrowings, bank overdrafts, and trade and other payables. Bank overdrafts that are repayable on demand and form an integral part of the Group's cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. (iii) Share capital Ordinary share capital Ordinary share capital is classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity, net of any tax effects. Repurchase of share capital When share capital recognized as equity is repurchased, the amount of the consideration paid, including directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and presented in the reserve for own shares. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is presented in share premium. (iv) Derivative financial instruments The Group from time to time may enter into derivative financial instruments to hedge its exposure to market fluctuations, foreign exchange and interest rate risks arising from operational, financing and investment activities. On initial designation of the derivative as hedging instrument, the Group formally documents the relationship between the hedging instrument(s) and hedged item(s), including the risk management objectives and strategy in undertaking the hedge transaction, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, whether the hedging instruments are expected to be "highly effective" in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated, and whether the actual results of each hedge are within a range of 80-125 percent. For a cash flow hedge of a forecast transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that could ultimately affect reported net income. Derivative financial instruments are recognized initially at fair value; attributable transaction costs are expensed as incurred. Subsequent to initial recognition, all derivatives are remeasured to fair value, and changes therein are accounted for as follows: Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognized in OCI and presented in the hedging reserve in equity. The amount recognized in OCI is removed and included in profit or loss in the same period as the hedged cash flows affect profit or loss under the same line item in the statement of profit or loss as the hedged item. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. When the hedged item is a non-financial asset, the amount accumulated in equity is included in the carrying amount of the asset when the asset is recognized. In other cases, the amount accumulated in equity is reclassified to profit or loss in the same period that the hedged item affects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated, exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. If the forecast transaction is no longer expected to occur, then the balance in equity is reclassified to profit or loss. Other non-trading derivatives When a derivative financial instrument is not held for trading, and is not designated in a qualifying hedge relationship, all changes in its fair value are recognized immediately in profit or loss. (v) Compound financial instruments Compound financial instruments issued by the Group comprise Notes denominated in USD that can be converted to ordinary shares at the option of the holder, when the number of shares is fixed and does not vary with changes in fair value. The liability component of compound financial instruments is initially recognized at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognized at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity component in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. Interest related to the financial liability is recognized in profit and loss. On conversion, the financial liability is reclassified to equity and no gain or loss is recognized. |
Non-derivative financial assets | Non-derivative financial assets The group initially recognizes loans and receivables on the date that they are originated. All other financial assets (including assets designated as at fair value through profit and loss) are recognized initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in such transferred financial assets that is created or retained by the Group is recognized as a separate asset or liability. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm's length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models refined to reflect the issuer's specific circumstances. The Group classifies non-derivative financial assets into the following categories: financial assets at fair value through profit or loss, loans and receivables, cash and cash equivalents, held-to-maturity financial assets and available-for-sale financial assets. The Company determines the classification of its investments at initial recognition and re-evaluates this designation at every reporting date. Financial assets at fair value through profit or loss A financial asset is classified as at fair value through profit or loss if it is classified as held for trading or is designated as such on initial recognition. Financial assets are designated as at fair value through profit or loss if the Group manages such investments and makes purchase and sale decisions based on their fair value in accordance with the Group's treasury policy. Attributable transaction costs are recognized in profit or loss as incurred. Financial assets at fair value through profit or loss are measured at fair value and changes therein, which takes into account any dividend income, are recognized in profit or loss. Assets in this category are classified as current assets if they are expected to be realized within 12 months of the balance sheet date. Loans and receivables Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortized cost using the effective interest method, less any impairment losses. They arise when the Group provides money, goods or services directly to a debtor with no intention of trading the receivable. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as non-current assets. Loans and receivables are included in trade and other receivables in the statement of financial position. Held-to-maturity financial assets If the Group has the positive intent and ability to hold debt securities to maturity, then such financial assets are classified as held-to-maturity. Held-to-maturity financial assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, held-to-maturity financial assets are measured at amortized cost using the effective interest method, less any impairment losses. Held-to-maturity financial assets comprise debentures. Available-for-sale financial assets Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of the other categories. Available-for-sale financial assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses and foreign currency differences on available-for-sale debt instruments, are recognized in OCI and presented in the fair value reserve in equity. When an investment is derecognized, the gain or loss accumulated in equity is reclassified to profit or loss. Available-for-sale financial assets comprise equity securities and debt securities. They are included in non-current assets unless the Company intends to dispose of the investment within 12 months of the balance sheet date. |
Non-derivative financial liabilities | Non-derivative financial liabilities The Group initially recognizes debt securities issued and subordinated liabilities on the date that they are originated. All other financial liabilities (including liabilities designated as at fair value through profit or loss) are recognized initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire. Non-derivative financial liabilities are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. Non-derivative financial liabilities comprise loans and borrowings, bank overdrafts, and trade and other payables. Bank overdrafts that are repayable on demand and form an integral part of the Group's cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. |
Share capital | Share capital Ordinary share capital Ordinary share capital is classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity, net of any tax effects. Repurchase of share capital When share capital recognized as equity is repurchased, the amount of the consideration paid, including directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and presented in the reserve for own shares. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is presented in share premium. |
Derivative financial instruments | Derivative financial instruments The Group from time to time may enter into derivative financial instruments to hedge its exposure to market fluctuations, foreign exchange and interest rate risks arising from operational, financing and investment activities. On initial designation of the derivative as hedging instrument, the Group formally documents the relationship between the hedging instrument(s) and hedged item(s), including the risk management objectives and strategy in undertaking the hedge transaction, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, whether the hedging instruments are expected to be "highly effective" in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated, and whether the actual results of each hedge are within a range of 80-125 percent. For a cash flow hedge of a forecast transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that could ultimately affect reported net income. Derivative financial instruments are recognized initially at fair value; attributable transaction costs are expensed as incurred. Subsequent to initial recognition, all derivatives are remeasured to fair value, and changes therein are accounted for as follows: Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognized in OCI and presented in the hedging reserve in equity. The amount recognized in OCI is removed and included in profit or loss in the same period as the hedged cash flows affect profit or loss under the same line item in the statement of profit or loss as the hedged item. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. When the hedged item is a non-financial asset, the amount accumulated in equity is included in the carrying amount of the asset when the asset is recognized. In other cases, the amount accumulated in equity is reclassified to profit or loss in the same period that the hedged item affects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated, exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. If the forecast transaction is no longer expected to occur, then the balance in equity is reclassified to profit or loss. Other non-trading derivatives When a derivative financial instrument is not held for trading, and is not designated in a qualifying hedge relationship, all changes in its fair value are recognized immediately in profit or loss. |
Compound financial instruments | Compound financial instruments Compound financial instruments issued by the Group comprise Notes denominated in USD that can be converted to ordinary shares at the option of the holder, when the number of shares is fixed and does not vary with changes in fair value. The liability component of compound financial instruments is initially recognized at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognized at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity component in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. Interest related to the financial liability is recognized in profit and loss. On conversion, the financial liability is reclassified to equity and no gain or loss is recognized. |
Goodwill and intangible assets | Goodwill and intangible assets (i) Goodwill Goodwill that arises on the acquisition of subsidiaries is presented as an intangible asset. For the measurement of goodwill at initial recognition, see accounting policy (f). After initial recognition goodwill is measured at cost less accumulated impairment losses (refer to accounting policy (k)). In respect of equity accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment, and any impairment loss is allocated to the carrying amount of the equity accounted investee as a whole. (ii) Intangible assets Intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and impairment losses (see accounting policy k). The cost of an intangible asset acquired in a separate acquisition is the cash paid or the fair value of any other consideration given. The cost of an internally generated intangible asset includes the directly attributable expenditure of preparing the asset for its intended use. (iii) Subsequent expenditure Subsequent expenditure on intangible assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates and its cost can be measured reliably. All other expenditure is expensed as incurred. (iv) Amortization Amortization is charged to the income statement on a straight-line basis over the estimated useful lives of the intangible assets from the date they are available for use. The estimated useful lives are as follows: Software: 3 - 5 years Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. |
Vessels, property, plant and equipment | Vessels, property, plant and equipment (i) Owned assets Vessels and items of property, plant and equipment are stated at cost or deemed cost less accumulated depreciation (see below) and impairment losses (refer to accounting policy (k)). Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the following: • The cost of materials and direct labor; • Any other costs directly attributable to bringing the assets to a working condition for their intended use; • When the Group has an obligation to remove the asset or restore the site, an estimate of the costs of dismantling and removing the items and restoring the site on which they are located; and • Capitalized borrowing costs. Where an item of property, plant and equipment comprises major components having different useful lives, they are accounted for as separate items of property, plant and equipment (refer to accounting policy (j) vii). Gains and losses on disposal of a vessel or of another item of property, plant and equipment are determined by comparing the net proceeds from disposal with the carrying amount of the vessel or the item of property, plant and equipment and are recognized in profit or loss. For the sale of vessels or other items of property, plant and equipment, transfer of risk and rewards usually occurs upon delivery of the vessel to the new owner. (ii) Leased assets Leases in terms of which the Group assumes substantially all of the risks and rewards of ownership are classified as finance leases. Vessels, property, plant and equipment acquired by way of finance lease is stated at an amount equal to the lower of its fair value and the present value of the minimum lease payments at inception of the lease, less accumulated depreciation (see below) and impairment losses (refer accounting policy (k)). Lease payments are accounted for as described in accounting policy (q). Other leases are operating leases and are not recognized in the Group's statement of financial position. Depreciation Depreciation is charged to the consolidated statement of profit or loss on a straight-line basis over the estimated useful lives of vessels and items of property, plant and equipment. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land is not depreciated. Vessels and items of property, plant and equipment are depreciated from the date that they are available for use. Internally constructed assets are depreciated from the date that the assets are completed and ready for use. The estimated useful lives of significant items of property, plant and equipment are as follows: • tankers 20 years • FSO/FpSO/FPSO 25 years • plant and equipment 5 - 20 years • fixtures and fittings 5 - 10 years • other tangible assets 3 - 20 years • dry-docking 2.5 - 5 years Vessels are estimated to have a zero residual value. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. (vii) Dry-docking – component approach Where an item of property, plant and equipment comprises major components having different useful lives, they are accounted for as separate items of property, plant and equipment. Costs associated with routine repairs and maintenance are expensed as incurred including routine maintenance performed whilst the vessel is in dry-dock. Components installed during dry-dock with a useful life of more than 1 year will be amortized over their estimated useful life. Assets under construction Assets under construction, especially newbuilding vessels, are accounted for in accordance with the stage of completion of the newbuilding contract. Typical stages of completion are the milestones that are usually part of a newbuilding contract: signing or receipt of refund guarantee, steel cutting, keel laying, launching and delivery. All stages of completion are guaranteed by a refund guarantee provided by the shipyard. (iv) Subsequent expenditure Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the item of property, plant and equipment and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. All other expenditure is recognized in the consolidated statement of profit or loss as an expense as incurred. (v) Borrowing costs Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset. |
Impairment of financial assets | Non-derivative financial assets A financial asset not classified as at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset, and that loss event(s) had an impact on the estimated future cash flows of that asset that can be estimated reliably. Objective evidence that financial assets are impaired includes default or delinquency by a debtor, restructuring of an amount due to the Group on terms that the Group would not consider otherwise, indications that a debtor or issuer will enter bankruptcy, adverse changes in the payment status of borrowers or issuers, economic conditions that correlate with defaults or the disappearance of an active market for a security. In addition, for an investment in an equity security a significant or prolonged decline in the fair value of the security below its cost is objective evidence of impairment. Financial assets measured at amortized cost The Group considers evidence of impairment for financial assets measured at amortized cost (loans and receivables and held-to-maturity financial assets) at both a specific asset and collective level. All individually significant assets are assessed for specific impairment. Those found not to be specifically impaired are then collectively assessed for any impairment that has been incurred but not yet identified. Assets that are not individually significant are collectively assessed for impairment by grouping together assets with similar risk characteristics. In assessing collective impairment, the Group uses historical trends of the probability of default, the timing of recoveries and the amount of loss incurred, adjusted for management's judgement as to whether current economic and credit conditions are such that the actual losses are likely to be greater or less than suggested by historical trends. An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. Losses are recognized in profit or loss and reflected in an allowance account against loans and receivables or held-to maturity financial assets. Interest on the impaired asset continues to be recognized. When an event occurring after the impairment was recognized causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. Available-for-sale financial assets Impairment losses on available-for-sale financial assets are recognized by reclassifying the losses accumulated in the fair value reserve in equity to profit or loss. The cumulative loss that is reclassified from equity to profit or loss is the difference between the acquisition cost, net of any principal repayment and amortization, and the current fair value, less any impairment loss recognized previously in profit or loss. Changes in cumulative impairment losses attributable to the application of the effective interest method are reflected as a component of interest income. If, in a subsequent period, the fair value of an impaired available-for-sale debt security increases and the increase can be related objectively to an event occurring after the impairment loss was recognized, then the impairment loss is reversed, with the amount of the reversal recognized in profit or loss. However, any subsequent recovery in the fair value of an impaired available-for-sale equity security is recognized in OCI. Equity-accounted investees An impairment loss in respect of an equity-accounted investee is measured by comparing the recoverable amount of the investment with its carrying amount. An impairment loss is recognized in profit or loss, and is reversed if there has been a favorable change in the estimates used to determine the recoverable amount. Assets held for sale Non-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, the assets, or components of a disposal group, are remeasured in accordance with the Group's accounting policies. Thereafter generally the assets or disposal group are measured at the lower of their carrying amount and fair value less cost to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets or investment property, which continue to be measured in accordance with the Group's accounting policies. Impairment losses on initial classification as held for sale and subsequent gains and losses on remeasurement are recognized in profit or loss. Gains are not recognized in excess of any cumulative impairment loss. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortized or depreciated, and any equity-accounted investee is no longer equity accounted. |
Impairment of non-financial assets | Non-financial assets The carrying amounts of the Group's non-financial assets, other than deferred tax assets (refer to accounting policy (s)), are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated. Goodwill and indefinite-lived intangible assets are tested annually for impairment. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit (CGU) exceeds its recoverable amount. The recoverable amount of an asset or CGU is the greater of its fair value less cost to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Future cash flows are based on current market conditions, historical trends as well as future expectations. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination. Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro rata basis. An impairment loss recognized for goodwill shall not be reversed. For other assets, an impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. |
Assets held for sale | Assets held for sale Non-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, the assets, or components of a disposal group, are remeasured in accordance with the Group's accounting policies. Thereafter generally the assets or disposal group are measured at the lower of their carrying amount and fair value less cost to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets or investment property, which continue to be measured in accordance with the Group's accounting policies. Impairment losses on initial classification as held for sale and subsequent gains and losses on remeasurement are recognized in profit or loss. Gains are not recognized in excess of any cumulative impairment loss. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortized or depreciated, and any equity-accounted investee is no longer equity accounted. |
Employee benefits | Employee benefits (i) Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognized as an employee benefit expense in profit or loss in the periods during which related services are rendered by employees. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. Contributions to a defined contribution plan that are due more than 12 months after the end of the period in which the employees render the services are discounted to their present value. (ii) Defined benefit plans The Group's net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognized asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements. Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return of plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in OCI. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in profit and loss. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognized immediately in profit or loss. The Group recognizes gains and losses on the settlement of a defined plan when the settlement occurs. (iii) Other long term employee benefits The Group's net obligation in respect of long-term employee benefits, other than pension plans, is the amount of future benefit that employees have earned in return for their service in the current and prior periods. The obligation is calculated using the projected unit credit method and is discounted to its present value and the fair value of any related assets is deducted. The discount rate is the yield at the reporting date on AA credit rated bonds that have maturity dates approximating the terms of the Group's obligations and that are denominated in the currency in which the benefits are expected to be paid. Remeasurements are recognized in profit or loss in the period in which they arise. (iv) Termination benefits Termination benefits are recognized as an expense when the Group is demonstrably committed, without realistic possibility or withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognized as an expense if the Group has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the reporting date, then they are discounted to their present value. (v) Short-term employee benefit Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. |
Share-based payment transactions | Share-based payment transactions The grant-date fair value of equity-settled share-based payment awards granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. The fair value of the amount payable to beneficiaries in respect of "phantom stock unit" grants, which are settled in cash, is recognized as an expense with a corresponding increase in liabilities, over the period during which the beneficiaries become unconditionally entitled to payment. The amount is remeasured at each reporting date and at settlement based on the fair value of the phantom stock units. Any changes in the liability are recognized in profit or loss. |
Provisions | Provisions A provision is recognized when the Group has a legal or constructive obligation that can be estimated reliably, as result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. The provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. The unwinding of the discount is recognized as finance cost. Restructuring A provision for restructuring is recognized when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been announced publicly. Future operating costs are not provided for. Onerous contracts A provision for onerous contracts is recognized when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognizes any impairment loss on the assets associated with that contract. |
Revenue | Revenue (i) Pool Revenues Aggregated revenue recognized on a daily basis from vessels operating on voyage charters in the spot market and on contract of affreightment ("COA") within the pool is converted into an aggregated net revenue amount by subtracting aggregated voyage expenses (such as fuel and port charges) from gross voyage revenue. These aggregated net revenues are combined with aggregated time charter revenues to determine aggregated pool Time Charter Equivalent revenue ("TCE"). Aggregated pool TCE revenue is then allocated to pool partners in accordance with the allocated pool points earned for each vessel that recognizes each vessel's earnings capacity based on its cargo, capacity, speed and fuel consumption performance and actual on hire days. The TCE revenue earned by our vessels operated in the pools is equal to the pool point rating of the vessels multiplied by time on hire, as reported by the pool manager. (ii) Time - and Bareboat charters Revenues from time charters and bareboat charters are accounted for as operating leases and are recognized on a straight line basis over the periods of such charters, as service is performed The Group does not recognize time charter revenues during periods that vessels are offhire. (iii) Spot voyages Within the shipping industry, there are two methods used to account for voyage revenues: ratably over the estimated length of each voyage and completed voyage. The recognition of voyage revenues ratably on a daily basis over the estimated length of each voyage is the most prevalent method of accounting for voyage revenues and the method used by the Group and the pools in which we participate. Under each method, voyages may be calculated on either a load-to-load or discharge-to-discharge basis. In applying its revenue recognition method, management believes that the discharge-to-discharge basis of calculating voyages more accurately estimates voyage results than the load-to-load basis. Since, at the time of discharge, management generally knows the next load port and expected discharge port, the discharge-to-discharge calculation of voyage revenues can be estimated with a greater degree of accuracy. Euronav does not begin recognizing voyage revenue until a charter has been agreed to by both the Group and the customer, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage because it is only at this time the charter rate is determinable for the specified load and discharge ports and collectability is reasonably assured. No revenue is recognized if there are significant uncertainties regarding recovery of the consideration due and associated costs. |
Gain and losses on disposal of vessels | Gain and losses on disposal of vessels In view of their importance the Group reports capital gains and losses on the sale of vessels as a separate line item in the consolidated statement of profit or loss. For the sale of vessels, transfer of risks and awards usually occurs upon delivery of the vessel to the new owner. |
Leases | Leases Lease payments Payments made under operating leases are recognized in the income statement on a straight-line basis over the term of the lease. Lease incentives received are recognized as an integral part of the total lease expense, over the term of the lease. Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a constant period rate of interest on the remaining balance of the liability. |
Finance income and finance cost | Finance income and finance cost Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, dividends on redeemable preference shares, interest receivable on funds invested, dividend income, foreign exchange gains and losses, and gains and losses on hedging instruments that are recognized in the consolidated statement of profit or loss (refer to accounting policy (h)). Interest income is recognized in the consolidated statement of profit or loss as it accrues, taking into account the effective yield on the asset. Dividend income is recognized in the consolidated statement of profit or loss on the date that the dividend is declared. The interest expense component of finance lease payments is recognized in the consolidated statement of profit or loss using the effective interest rate method. |
Income tax | Income tax Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in OCI. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized using the balance sheet method, in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax recognized is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantially enacted at the balance sheet date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized. In application of an IFRIC agenda decision on IAS 12 Income taxes, tonnage tax is not accounted for as income taxes in accordance with IAS 12 and is not presented as part of income tax expense in the income statement but is shown as an administrative expense under the heading Other operating expenses. |
Segment reporting | Segment reporting An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group's other components. The Group distinguishes two segments: the operation of crude oil tankers in the international markets and the floating storage and offloading operations (FSO/FpSO). The Group's internal organizational and management structure does not distinguish any geographical segments. |
Discontinued operations | Discontinued operations A discontinued operation is a component of the Group's business that represents a separate major line of business or geographical area of operations that has been disposed of or is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale, if earlier. When an operation is classified as a discontinued operation, the comparative statement of profit or loss is represented as if the operation had been discontinued from the start of the comparative period. |
Significant accounting polici37
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Estimated useful lives of property, plant and equipment | The estimated useful lives of significant items of property, plant and equipment are as follows: • tankers 20 years • FSO/FpSO/FPSO 25 years • plant and equipment 5 - 20 years • fixtures and fittings 5 - 10 years • other tangible assets 3 - 20 years • dry-docking 2.5 - 5 years (in thousands of USD) Acquisitions Sale price Book Value Gain Deferred Gain Loss Antarctica - Sale (Note 3) — 91,065 89,000 2,065 — — Cap Laurent - Sale — 21,825 10,682 11,143 — — Other — — — 94 — (8,002 ) At December 31, 2015 13,302 — (8,002 ) Acquisitions Sale price Book Value Gain Deferred Gain Loss Famenne - Sale (Note 3) — 38,016 24,195 13,821 — — Nautilus - Sale — 43,250 32,208 11,042 (500 ) — Navarin - Sale — 47,250 36,739 10,511 (1,500 ) — Neptun - Sale — 47,250 37,534 9,716 (1,500 ) — Nucleus - Sale — 47,250 36,974 10,276 (1,500 ) — Other — — — 31 — (2 ) At December 31, 2016 55,397 (5,000 ) (2 ) Acquisitions Sale price Book Value Gain Deferred Gain Loss TI Topaz - Sale — 20,790 41,817 — — (21,027 ) Flandre - Sale — 45,000 24,693 20,307 — — Cap Georges - Sale — 9,310 801 8,509 — — Artois - Sale — 21,780 14,077 7,703 — — Other — 28 8 20 — — At December 31, 2017 36,538 — (21,027 ) (in thousands of USD) Vessels Vessels under construction Other tangible assets Prepayments Total PPE At January 1, 2015 Cost 3,342,607 — 2,997 16,601 3,362,205 Depreciation & impairment losses (1,084,273 ) — (1,771 ) — (1,086,044 ) Net carrying amount 2,258,334 — 1,226 16,601 2,276,161 Acquisitions 257,706 93,890 288 8,001 359,885 Disposals and cancellations (10,681 ) — (3 ) (8,000 ) (18,684 ) Depreciation charges (209,728 ) — (428 ) — (210,156 ) Transfer to assets held for sale (24,195 ) — — — (24,195 ) Transfers 16,600 — — (16,600 ) — Translation differences — — (35 ) — (35 ) Balance at December 31, 2015 2,288,036 93,890 1,048 2 2,382,976 At January 1, 2016 Cost 3,477,605 93,890 2,482 2 3,573,979 Depreciation & impairment losses (1,189,569 ) — (1,434 ) — (1,191,003 ) Net carrying amount 2,288,036 93,890 1,048 2 2,382,976 Acquisitions 250,912 86,944 175 3 338,034 Acquisitions through business combinations (Note 24) 120,280 — — — 120,280 Disposals and cancellations (143,457 ) — (7 ) — (143,464 ) Depreciation charges (227,306 ) — (358 ) — (227,664 ) Transfer to assets held for sale — — — — — Transfers 94,698 (94,698 ) 5 (5 ) — Translation differences — — (86 ) — (86 ) Balance at December 31, 2016 2,383,163 86,136 777 — 2,470,076 At January 1, 2017 Cost 3,748,135 86,136 2,373 — 3,836,644 Depreciation & impairment losses (1,364,972 ) — (1,596 ) — (1,366,568 ) Net carrying amount 2,383,163 86,136 777 — 2,470,076 Acquisitions 125,486 51,201 1,203 — 177,890 Acquisitions through business combinations (Note 24) — — — — — Disposals and cancellations (81,389 ) — (9 ) — (81,398 ) Depreciation charges (229,429 ) — (348 ) — (229,777 ) Transfer to assets held for sale — — — — — Transfers 73,669 (73,669 ) — — — Translation differences — — 40 — 40 Balance at December 31, 2017 2,271,500 63,668 1,663 — 2,336,831 At December 31, 2017 Cost 3,595,692 63,668 3,545 — 3,662,905 Depreciation & impairment losses (1,324,192 ) — (1,882 ) — (1,326,074 ) Net carrying amount 2,271,500 63,668 1,663 — 2,336,831 These can be detailed as follows: (in thousands of USD) As at December 31, 2016 payments scheduled for TOTAL 2017 2018 2019 Commitments in respect of VLCCs 97,035 97,035 — — Commitments in respect of Suezmaxes 111,793 24,843 86,950 — Commitments in respect of FSOs — — — — Total 208,828 121,878 86,950 — As at December 31, 2017 payments scheduled for TOTAL 2018 2019 2020 Commitments in respect of VLCCs — — — — Commitments in respect of Suezmaxes 185,922 185,922 — — Commitments in respect of FSOs — — — — Total 185,922 185,922 — — |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Operating Segments [Abstract] | |
Schedule of Operating Segments | Consolidated statement of financial position (in thousands of USD) December 31, 2017 December 31, 2016 ASSETS Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Vessels 2,271,500 168,100 (168,100 ) 2,271,500 2,383,163 186,170 (186,170 ) 2,383,163 Assets under construction 63,668 — — 63,668 86,136 — — 86,136 Other tangible assets 1,663 — — 1,663 777 — — 777 Intangible assets 72 — — 72 156 — — 156 Receivables 163,382 10,739 (13,769 ) 160,352 204,079 9,414 (29,579 ) 183,914 Investments in equity accounted investees 1,695 — 28,900 30,595 1,546 — 16,867 18,413 Deferred tax assets 2,487 223 (223 ) 2,487 964 — — 964 Total non-current assets 2,504,467 179,062 (153,192 ) 2,530,337 2,676,821 195,584 (198,882 ) 2,673,523 Total current assets 281,132 11,581 (12,077 ) 280,636 375,037 43,048 (44,697 ) 373,388 TOTAL ASSETS 2,785,599 190,643 (165,269 ) 2,810,973 3,051,858 238,632 (243,579 ) 3,046,911 EQUITY and LIABILITIES Total equity 1,820,887 25,473 1 1,846,361 1,892,836 (4,879 ) (1 ) 1,887,956 Bank and other loans 653,730 162,762 (162,762 ) 653,730 966,443 203,512 (203,512 ) 966,443 Convertible and other Notes 147,619 — — 147,619 — — — — Other payables 539 — — 539 533 1,118 (1,118 ) 533 Deferred tax liabilities — 1,680 (1,680 ) — — — — — Employee benefits 3,984 — — 3,984 2,846 — — 2,846 Amounts due to equity-accounted joint ventures — — — — — — — — Provisions — — — — 38 — — 38 Total non-current liabilities 805,872 164,442 (164,442 ) 805,872 969,860 204,630 (204,630 ) 969,860 Total current liabilities 158,840 728 (828 ) 158,740 189,162 38,881 (38,948 ) 189,095 TOTAL EQUITY and LIABILITIES 2,785,599 190,643 (165,269 ) 2,810,973 3,051,858 238,632 (243,579 ) 3,046,911 Consolidated statement of profit or loss (in thousands of USD) 2017 2016 2015 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Shipping income Revenue 513,398 59,513 (59,543 ) 513,368 704,766 65,125 (85,626 ) 684,265 898,495 64,504 (116,492 ) 846,507 Gains on disposal of vessels/other tangible assets 36,538 — — 36,538 50,397 — — 50,397 13,302 — — 13,302 Other operating income 4,902 234 (234 ) 4,902 6,765 327 (96 ) 6,996 6,798 808 (180 ) 7,426 Total shipping income 554,838 59,747 (59,777 ) 554,808 761,928 65,452 (85,722 ) 741,658 918,595 65,312 (116,672 ) 867,235 Operating expenses Voyage expenses and commissions (62,035 ) (304 ) 304 (62,035 ) (63,305 ) (476 ) 4,221 (59,560 ) (83,896 ) (473 ) 13,132 (71,237 ) Vessel operating expenses (150,390 ) (9,157 ) 9,120 (150,427 ) (164,478 ) (9,679 ) 13,958 (160,199 ) (160,894 ) (10,074 ) 17,250 (153,718 ) Charter hire expenses (31,173 ) — — (31,173 ) (17,713 ) — — (17,713 ) (25,849 ) — — (25,849 ) Losses on disposal of vessels/other tangible assets (21,027 ) — — (21,027 ) (1 ) — (1 ) (2 ) (8,002 ) — — (8,002 ) Loss on disposal of investments in equity accounted investees — — — — (24,150 ) — — (24,150 ) — — — — Depreciation tangible assets (229,777 ) (18,071 ) 18,071 (229,777 ) (233,368 ) (18,071 ) 23,775 (227,664 ) (221,399 ) (18,071 ) 29,314 (210,156 ) Depreciation intangible assets (95 ) — — (95 ) (99 ) — — (99 ) (50 ) — — (50 ) General and administrative expenses (46,871 ) (30 ) 33 (46,868 ) (44,152 ) (80 ) 181 (44,051 ) (46,433 ) (283 ) 465 (46,251 ) Total operating expenses (541,368 ) (27,562 ) 27,528 (541,402 ) (547,266 ) (28,306 ) 42,134 (533,438 ) (546,523 ) (28,901 ) 60,161 (515,263 ) RESULT FROM OPERATING ACTIVITIES 13,470 32,185 (32,249 ) 13,406 214,662 37,146 (43,588 ) 208,220 372,072 36,411 (56,511 ) 351,972 Finance income 7,267 197 (198 ) 7,266 6,864 57 (66 ) 6,855 3,313 22 (23 ) 3,312 Finance expenses (50,730 ) (1,026 ) 1,027 (50,729 ) (52,420 ) (2,552 ) 3,277 (51,695 ) (52,590 ) (3,663 ) 5,311 (50,942 ) Net finance expenses (43,463 ) (829 ) 829 (43,463 ) (45,556 ) (2,495 ) 3,211 (44,840 ) (49,277 ) (3,641 ) 5,288 (47,630 ) Share of profit (loss) of equity accounted investees (net of income tax) 150 — 29,932 30,082 334 — 40,161 40,495 185 — 51,407 51,592 Profit (loss) before income tax (29,843 ) 31,356 (1,488 ) 25 169,440 34,651 (216 ) 203,875 322,980 32,770 184 355,934 Income tax expense 1,358 (1,488 ) 1,488 1,358 174 (216 ) 216 174 (5,633 ) 184 (184 ) (5,633 ) Profit (loss) for the period (28,485 ) 29,868 — 1,383 169,614 34,435 — 204,049 317,347 32,954 — 350,301 Attributable to: Owners of the company (28,485 ) 29,868 — 1,383 169,614 34,435 — 204,049 317,347 32,954 — 350,301 onsolidated statement of cash flows (in thousands of USD) 2017 2016 2015 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Net cash from operating activities 211,310 49,684 (49,698 ) 211,295 427,926 49,013 (38,737 ) 438,202 505,821 58,747 (114,036 ) 450,532 Net cash from (used in) investing activities (40,243 ) — 1 (40,242 ) (90,891 ) — (9,724 ) (100,615 ) (248,770 ) — 42,897 (205,873 ) Net cash from (used in) financing activities (234,921 ) (78,421 ) 78,367 (234,976 ) (264,714 ) (32,929 ) 36,483 (261,160 ) (350,429 ) (20,557 ) 5,671 (365,315 ) Capital expenditure (177,901 ) — — (177,901 ) (342,698 ) — — (342,698 ) (361,754 ) — 1,611 (360,143 ) Impairment losses — — — — — — — — — — — — Impairment losses reversed — — — — — — — — — — — — |
Assets and liabilities held f39
Assets and liabilities held for sale and discontinued operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Non-Current Assets Held For Sale And Discontinued Operations [Abstract] | |
Assets held for sale | The assets held for sale can be detailed as follows: (in thousands of USD) 2017 2016 2015 Vessels — — 24,195 Of which in Tankers segment — — 24,195 Of which in FSO segment — — — (in thousands of USD) (Estimated) Sale price Book Value Asset Held For Sale (Expected) Gain (Expected) Loss At January 1, 2015 — — 89,000 — — Assets transferred to assets held for sale Famenne 38,016 24,195 24,195 13,821 — Assets sold from assets held for sale Antarctica 91,065 89,000 (89,000 ) 2,065 — At December 31, 2015 — — 24,195 15,886 — At January 1, 2016 — — 24,195 — — Assets sold from assets held for sale Famenne 38,016 24,195 (24,195 ) 13,821 — At December 31, 2016 — — — 13,821 — |
Revenue and other operating i40
Revenue and other operating income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |
Schedule Of Revenue Sources | (in thousands of USD) 2017 2016 2015 Pool Revenue 249,303 340,217 455,617 Spot Voyages 145,360 203,821 264,799 Time Charters (Note 19) 118,705 140,227 126,091 Total revenue 513,368 684,265 846,507 (in thousands of USD) 2017 2016 2015 Other operating income 4,902 6,996 7,426 |
Expenses for shipping activit41
Expenses for shipping activities and other expenses from operating activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |
Schedule of Voyage Expenses and Commissions | Voyage expenses and commissions (in thousands of USD) 2017 2016 2015 Voyage related expense (57,140 ) (52,836 ) (62,787 ) Commissions paid (4,895 ) (6,724 ) (8,450 ) Total voyage expenses and commissions (62,035 ) (59,560 ) (71,237 ) |
Schedule of Vessel Operating Expenses | Vessel operating expenses (in thousands of USD) 2017 2016 2015 Operating expenses (139,832 ) (148,554 ) (142,035 ) Insurance (10,595 ) (11,645 ) (11,683 ) Total vessel operating expenses (150,427 ) (160,199 ) (153,718 ) |
Schedule of Charter Hire Expenses | Charter hire expenses (in thousands of USD) 2017 2016 2015 Charter hire (Note 19) (62 ) (16,921 ) (25,849 ) Bare boat hire (Note 19) (31,111 ) (792 ) — Total charter hire expenses (31,173 ) (17,713 ) (25,849 ) |
Schedule of General and Administrative Expenses | General and administrative expenses (in thousands of USD) 2017 2016 2015 Wages and salaries (12,853 ) (12,754 ) (12,554 ) Social security costs (2,511 ) (2,532 ) (2,379 ) Provision for employee benefits (Note 16) (827 ) (261 ) (108 ) Equity-settled share-based payments (Note 22) (313 ) (406 ) (1,637 ) Other employee benefits (3,148 ) (3,178 ) (3,715 ) Employee benefits (19,652 ) (19,131 ) (20,392 ) Administrative expenses (22,579 ) (21,264 ) (21,389 ) Tonnage Tax (4,772 ) (4,246 ) (4,360 ) Claims (25 ) (13 ) (19 ) Provisions 160 603 (91 ) Total general and administrative expenses (46,868 ) (44,051 ) (46,251 ) Average number of full time equivalents (shore staff) 150.49 139.44 132.20 |
Net finance expense (Tables)
Net finance expense (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Disclosure of Net Finance Expense Recognized in Profit or Loss | Recognized in profit or loss (in thousands of USD) 2017 2016 2015 Interest income 655 217 208 Foreign exchange gains 6,611 6,638 3,104 Finance income 7,266 6,855 3,312 Interest expense on financial liabilities measured at amortized cost (38,391 ) (39,007 ) (38,246 ) Amortization other Notes — — (4,127 ) Other financial charges (5,819 ) (4,577 ) (4,355 ) Foreign exchange losses (6,519 ) (8,111 ) (4,214 ) Finance expense (50,729 ) (51,695 ) (50,942 ) Net finance expense recognized in profit or loss (43,463 ) (44,840 ) (47,630 ) |
Disclosure of Finance Income and Expenses Not at Fair Value Through Profit or Loss | The above finance income and expenses include the following in respect of assets (liabilities) not at fair value through profit or loss: 2017 2016 2015 Total interest income on financial assets 655 217 208 Total interest expense on financial liabilities (38,391 ) (39,007 ) (42,373 ) Total other financial charges (5,819 ) (4,577 ) (4,355 ) |
Disclosure Finance Expense Recognized Directly in Equity | Recognized directly in equity (in thousands of USD) 2017 2016 2015 Foreign currency translation differences for foreign operations 448 170 (429 ) Net finance expense recognized directly in equity 448 170 (429 ) Attributable to: Owners of the Company 448 170 (429 ) Net finance expense recognized directly in equity 448 170 (429 ) Recognized in: Translation reserve 448 170 (429 ) |
Income tax benefit (expense) (T
Income tax benefit (expense) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Disclosure of tax benefit (expense) | (in thousands of USD) 2017 2016 2015 Current tax Current period (85 ) 60 (98 ) Total current tax (85 ) 60 (98 ) Deferred tax Recognition of unused tax losses/(use of tax losses) 1,473 220 (5,450 ) Other (30 ) (106 ) (85 ) Total deferred tax 1,443 114 (5,535 ) Total tax benefit/(expense) 1,358 174 (5,633 ) |
Disclosure of reconciliation of effective tax | Reconciliation of effective tax 2017 2016 2015 Profit (loss) before tax 25 203,875 355,934 Tax at domestic rate (33.99 )% (8 ) (33.99 )% (69,297 ) (33.99 )% (120,982 ) Effects on tax of : Tax exempt profit / loss 499 (8,090 ) (144 ) Tax adjustments for previous years 10 70 17 Loss for which no DTA (*) has been recognized — — (4,811 ) Use of previously unrecognized tax losses 7,146 1,118 15,668 Non-deductible expenses (710 ) (1,718 ) (5,225 ) Tonnage Tax regime (13,918 ) 64,637 91,334 Effect of share of profit of equity-accounted investees 10,175 13,761 17,536 Effects of tax regimes in foreign jurisdictions (1,836 ) (307 ) 974 Total taxes 5,430.01 % 1,358 0.09 % 174 (1.58 )% (5,633 ) In application of an IFRIC agenda decision on 'IAS 12 Income taxes', tonnage tax is not accounted for as income taxes in accordance with IAS 12 and is not presented as part of income tax expense in the consolidated statement of profit or loss but has been shown as an administrative expense under the heading General and administrative expenses. The amount paid for tonnage tax in the year ended December 31, 2017 was USD 4.8 million (see Note 5). * Deferred Tax Asset |
Property, plant and equipment P
Property, plant and equipment Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, plant and equipment [abstract] | |
Schedule of information about property, plant and equipment | The estimated useful lives of significant items of property, plant and equipment are as follows: • tankers 20 years • FSO/FpSO/FPSO 25 years • plant and equipment 5 - 20 years • fixtures and fittings 5 - 10 years • other tangible assets 3 - 20 years • dry-docking 2.5 - 5 years (in thousands of USD) Acquisitions Sale price Book Value Gain Deferred Gain Loss Antarctica - Sale (Note 3) — 91,065 89,000 2,065 — — Cap Laurent - Sale — 21,825 10,682 11,143 — — Other — — — 94 — (8,002 ) At December 31, 2015 13,302 — (8,002 ) Acquisitions Sale price Book Value Gain Deferred Gain Loss Famenne - Sale (Note 3) — 38,016 24,195 13,821 — — Nautilus - Sale — 43,250 32,208 11,042 (500 ) — Navarin - Sale — 47,250 36,739 10,511 (1,500 ) — Neptun - Sale — 47,250 37,534 9,716 (1,500 ) — Nucleus - Sale — 47,250 36,974 10,276 (1,500 ) — Other — — — 31 — (2 ) At December 31, 2016 55,397 (5,000 ) (2 ) Acquisitions Sale price Book Value Gain Deferred Gain Loss TI Topaz - Sale — 20,790 41,817 — — (21,027 ) Flandre - Sale — 45,000 24,693 20,307 — — Cap Georges - Sale — 9,310 801 8,509 — — Artois - Sale — 21,780 14,077 7,703 — — Other — 28 8 20 — — At December 31, 2017 36,538 — (21,027 ) (in thousands of USD) Vessels Vessels under construction Other tangible assets Prepayments Total PPE At January 1, 2015 Cost 3,342,607 — 2,997 16,601 3,362,205 Depreciation & impairment losses (1,084,273 ) — (1,771 ) — (1,086,044 ) Net carrying amount 2,258,334 — 1,226 16,601 2,276,161 Acquisitions 257,706 93,890 288 8,001 359,885 Disposals and cancellations (10,681 ) — (3 ) (8,000 ) (18,684 ) Depreciation charges (209,728 ) — (428 ) — (210,156 ) Transfer to assets held for sale (24,195 ) — — — (24,195 ) Transfers 16,600 — — (16,600 ) — Translation differences — — (35 ) — (35 ) Balance at December 31, 2015 2,288,036 93,890 1,048 2 2,382,976 At January 1, 2016 Cost 3,477,605 93,890 2,482 2 3,573,979 Depreciation & impairment losses (1,189,569 ) — (1,434 ) — (1,191,003 ) Net carrying amount 2,288,036 93,890 1,048 2 2,382,976 Acquisitions 250,912 86,944 175 3 338,034 Acquisitions through business combinations (Note 24) 120,280 — — — 120,280 Disposals and cancellations (143,457 ) — (7 ) — (143,464 ) Depreciation charges (227,306 ) — (358 ) — (227,664 ) Transfer to assets held for sale — — — — — Transfers 94,698 (94,698 ) 5 (5 ) — Translation differences — — (86 ) — (86 ) Balance at December 31, 2016 2,383,163 86,136 777 — 2,470,076 At January 1, 2017 Cost 3,748,135 86,136 2,373 — 3,836,644 Depreciation & impairment losses (1,364,972 ) — (1,596 ) — (1,366,568 ) Net carrying amount 2,383,163 86,136 777 — 2,470,076 Acquisitions 125,486 51,201 1,203 — 177,890 Acquisitions through business combinations (Note 24) — — — — — Disposals and cancellations (81,389 ) — (9 ) — (81,398 ) Depreciation charges (229,429 ) — (348 ) — (229,777 ) Transfer to assets held for sale — — — — — Transfers 73,669 (73,669 ) — — — Translation differences — — 40 — 40 Balance at December 31, 2017 2,271,500 63,668 1,663 — 2,336,831 At December 31, 2017 Cost 3,595,692 63,668 3,545 — 3,662,905 Depreciation & impairment losses (1,324,192 ) — (1,882 ) — (1,326,074 ) Net carrying amount 2,271,500 63,668 1,663 — 2,336,831 These can be detailed as follows: (in thousands of USD) As at December 31, 2016 payments scheduled for TOTAL 2017 2018 2019 Commitments in respect of VLCCs 97,035 97,035 — — Commitments in respect of Suezmaxes 111,793 24,843 86,950 — Commitments in respect of FSOs — — — — Total 208,828 121,878 86,950 — As at December 31, 2017 payments scheduled for TOTAL 2018 2019 2020 Commitments in respect of VLCCs — — — — Commitments in respect of Suezmaxes 185,922 185,922 — — Commitments in respect of FSOs — — — — Total 185,922 185,922 — — |
Deferred tax assets and liabi45
Deferred tax assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Schedule of deferred tax assets and liabilities | (in thousands of USD) Balance at Jan 1, 2015 Recognized in income Recognized in equity Translation differences Balance at Dec 31, 2015 Provisions 238 (61 ) — (8 ) 169 Employee benefits 52 (24 ) — (5 ) 23 Unused tax losses & tax credits 6,246 (5,450 ) — (53 ) 743 Total 6,536 (5,535 ) — (66 ) 935 Balance at Jan 1, 2016 Recognized in income Recognized in equity Translation differences Balance at Dec 31, 2016 Provisions 169 (121 ) — (17 ) 31 Employee benefits 23 15 — (1 ) 37 Unused tax losses & tax credits 743 220 — (67 ) 896 Total 935 114 — (85 ) 964 Balance at Jan 1, 2017 Recognized in income Recognized in equity Translation differences Balance at Dec 31, 2017 Provisions 31 (32 ) — 2 1 Employee benefits 37 2 — 5 44 Unused tax losses & tax credits 896 1,473 — 73 2,442 Total 964 1,443 — 80 2,487 Deferred tax assets and liabilities have not been recognized in respect of the following items: (in thousands of USD) December 31, 2017 December 31, 2016 ASSETS LIABILITIES ASSETS LIABILITIES Deductible temporary differences 357 — 280 — Taxable temporary differences 7 (14,231 ) 7 (25,213 ) Tax losses & tax credits 89,528 — 105,731 — 89,892 (14,231 ) 106,018 (25,213 ) Offset (14,231 ) 14,231 (25,213 ) 25,213 Total 75,661 — 80,805 — Deferred tax assets and liabilities are attributable to the following: (in thousands of USD) ASSETS LIABILITIES NET Provisions 31 — 31 Employee benefits 37 — 37 Unused tax losses & tax credits 896 — 896 964 — 964 Offset — — Balance at December 31, 2016 964 — Provisions 1 — 1 Employee benefits 44 — 44 Unused tax losses & tax credits 2,442 — 2,442 2,487 — 2,487 Offset — — Balance at December 31, 2017 2,487 — |
Non-current receivables (Tables
Non-current receivables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Non-Current Receivables | (in thousands of USD) December 31, 2017 December 31, 2016 Shareholders loans to joint ventures 159,733 183,348 Other non-current receivables 618 565 Investment 1 1 Total non-current receivables 160,352 183,914 |
Schedule of Non-Current Receivables by Contractual Maturity Date | The maturity date of the non-current receivables is as follows: (in thousands of USD) December 31, 2017 December 31, 2016 Receivable: — — Between one and two years — — Between two and three years — — Between three and four years — — Between four and five years — — More than five years 160,352 183,914 Total non-current receivables 160,352 183,914 |
Trade and other receivables -47
Trade and other receivables - current (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of trade and other current receivables | (in thousands of USD) December 31, 2017 December 31, 2016 Trade receivables 32,758 38,695 Accrued income 12,465 10,966 Accrued interest 52 33 Deferred charges 24,797 21,149 Other receivables 66,725 95,499 Total trade and other receivables 136,797 166,342 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of cash and cash equivalents | (in thousands of USD) December 31, 2017 December 31, 2016 Bank deposits 102,200 104,500 Cash at bank and in hand 41,448 102,189 TOTAL 143,648 206,689 Of which restricted cash 115 146 Less: Bank overdrafts used for cash management purposes — — NET CASH AND CASH EQUIVALENTS 143,648 206,689 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract] | |
Disclosure of number of shares issued | Number of shares issued (in shares) December 31, 2017 December 31, 2016 December 31, 2015 On issue at 1 January 159,208,949 159,208,949 131,050,666 Conversion perpetual convertible preferred equity — — 9,459,283 Capital increases — — 18,699,000 On issue at 31 December - fully paid 159,208,949 159,208,949 159,208,949 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share [abstract] | |
Schedule of Earnings per share | Result attributable to ordinary shares (in thousands of USD except share and per share information) 2017 2016 2015 Result for the period 1,383 204,049 350,301 Weighted average number of ordinary shares 158,166,534 158,262,268 155,872,171 Basic earnings per share (in USD) 0.01 1.29 2.25 The table below shows the potential weighted number of shares that could be created if all stock options, restricted stock units, convertible notes and PCPs were to be converted into ordinary shares. (in shares) 2017 2016 2015 Weighted average of ordinary shares outstanding (basic) 158,166,534 158,262,268 155,872,171 Effect of potential conversion of convertible Notes — — 88,689 Effect of potential conversion of PCPs — — 932,971 Effect of Share-based Payment arrangements 130,523 166,789 635,731 Weighted average number of ordinary shares (diluted) 158,297,057 158,429,057 157,529,562 Weighted average number of ordinary shares (in shares) Shares issued Treasury shares Shares outstanding Weighted number of shares On issue at January 1, 2015 131,050,666 1,750,000 129,300,666 129,300,666 Issuance of shares 28,158,283 — 28,158,283 25,842,099 Purchases of treasury shares — — — — Withdrawal of treasury shares — — — — Sales of treasury shares — (1,283,333 ) 1,283,333 729,406 On issue at December 31, 2015 159,208,949 466,667 158,742,282 155,872,171 On issue at January 1, 2016 159,208,949 466,667 158,742,282 158,742,282 Issuance of shares — — — — Purchases of treasury shares — 692,415 (692,415 ) (575,005 ) Withdrawal of treasury shares — — — — Sales of treasury shares — (116,667 ) 116,667 94,991 On issue at December 31, 2016 159,208,949 1,042,415 158,166,534 158,262,268 On issue at January 1, 2017 159,208,949 1,042,415 158,166,534 158,166,534 Issuance of shares — — — — Purchases of treasury shares — — — — Withdrawal of treasury shares — — — — Sales of treasury shares — — — — On issue at December 31, 2017 159,208,949 1,042,415 158,166,534 158,166,534 |
Interest-bearing loans and bo51
Interest-bearing loans and borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Schedule of financial liabilities activity by maturity | (in thousands of USD) Bank loans Convertible and other Notes Total More than 5 years 147,174 — 147,174 Between 1 and 5 years 805,252 — 805,252 More than 1 year 952,426 — 952,426 Less than 1 year 100,022 — 100,022 At January 1, 2016 1,052,448 — 1,052,448 New loans 740,286 — 740,286 Scheduled repayments (60,015 ) — (60,015 ) Early repayments (714,000 ) — (714,000 ) Acquisitions through business combinations (Note 24) 61,065 — 61,065 Other changes 5,778 — 5,778 Balance at December 31, 2016 1,085,562 — 1,085,562 More than 5 years 330,491 — 330,491 Between 1 and 5 years 635,952 — 635,952 More than 1 year 966,443 — 966,443 Less than 1 year 119,119 — 119,119 Balance at December 31, 2016 1,085,562 — 1,085,562 Bank loans Convertible and other Notes Total More than 5 years 330,491 — 330,491 Between 1 and 5 years 635,952 — 635,952 More than 1 year 966,443 — 966,443 Less than 1 year 119,119 — 119,119 At January 1, 2017 1,085,562 — 1,085,562 New loans 326,014 150,000 476,014 Scheduled repayments (43,743 ) — (43,743 ) Early repayments (667,250 ) — (667,250 ) Other changes 508 (2,381 ) (1,873 ) Balance at December 31, 2017 701,091 147,619 848,710 More than 5 years 157,180 — 157,180 Between 1 and 5 years 496,550 147,619 644,169 More than 1 year 653,730 147,619 801,349 Less than 1 year 47,361 — 47,361 Balance at December 31, 2017 701,091 147,619 848,710 The following are the remaining contractual maturities of financial liabilities: Contractual cash flows December 31, 2016 (in thousands of USD) Carrying Amount Total Less than 1 year Between 1 and 5 years More than 5 years Non derivative financial liabilities Bank loans (Note 15) 1,085,562 1,218,702 150,630 718,950 349,122 Current trade and other payables * (Note 17) 56,113 56,113 56,113 — — Non-current other payables (Note 17) — — — — — 1,141,675 1,274,815 206,743 718,950 349,122 Derivative financial liabilities Interest rate swaps (Note 17) — — — — — Forward exchange contracts (Note 17) — — — — — — — — — — Contractual cash flows December 31, 2017 Carrying Amount Total Less than 1 year Between 1 and 5 years More than 5 years Non derivative financial liabilities Bank loans (Note 15) 848,710 1,009,508 83,039 750,722 175,747 Other borrowings (Note 15) 50,010 50,010 50,010 — — Current trade and other payables * (Note 17) 51,335 51,335 51,335 — — Non-current other payables (Note 17) — — — — — 950,055 1,110,853 184,384 750,722 175,747 Derivative financial liabilities Interest rate swaps (Note 17) — — — — — Forward exchange contracts (Note 17) — — — — — — — — — — * Deferred income (see Note 17), which are not financial liabilities, are not included. |
Schedule of interest-bearing loans and borrowings | The terms and conditions of outstanding loans were as follows: (in thousands of USD) December 31, 2017 December 31, 2016 Curr Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value Secured vessels loan 192M USD libor +2.25% 2021 111,666 111,666 110,156 143,571 143,571 141,501 Secured vessels Revolving loan 148M* USD libor +2.25% 2021 147,559 — — 147,559 63,700 63,700 Secured vessels Revolving loan 750M* USD libor +1.95% 2022 485,017 330,000 325,519 636,536 612,050 605,806 Secured vessels Revolving loan 409.5M* USD libor +2.25% 2023 362,780 118,000 114,634 409,500 222,036 217,600 Secured vessels loan 76M USD libor +1.95% 2020 23,563 23,563 23,563 27,813 27,813 27,813 Secured vessels loan 67.5M USD libor +1.5% 2020 25,173 25,173 25,173 29,143 29,143 29,143 Secured vessels loan 27.1M USD libor +1.95% 2029 26,911 26,911 24,876 — — — Secured vessels loan 81.4M USD libor +1.50% 2029 78,020 78,020 77,171 — — — Unsecured bank facility 60M USD libor +2.25% 2020 60,000 — — 60,000 — — Total interest-bearing bank loans 1,320,688 713,332 701,091 1,454,121 1,098,312 1,085,562 The facility size of the vessel loans can be reduced if the value of the collateralized vessels falls under a certain percentage of the outstanding amount under that loan. * The total amount available under the revolving loan Facilities depends on the total value of the fleet of tankers securing the facility. (in thousands of USD) December 31, 2017 December 31, 2016 Curr Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value Unsecured notes USD 7.50% 2022 150,000 150,000 147,619 — — — Total other notes 150,000 150,000 147,619 — — — |
Schedule of reconciliation of liabilities and equity to cash flows arising from financing activities | Liabilities Equity Note Loans and borrowings Other Notes Other borrowings Share capital / premium Reserves Treasury shares Retained earnings Total Balance at January 1, 2017 1,085,562 — — 1,388,273 120 (16,102 ) 515,665 2,973,518 Changes from financing cash flows Proceeds from issue of other notes 15 — 150,000 — — — — — 150,000 Proceeds from loans and borrowings 15 326,014 — — — — — — 326,014 Proceeds from issue of other borrowings 15 — — 50,010 — — — — 50,010 Proceeds from settlement of derivatives - — — — — — — — — Transaction costs related to loans and borrowings 15 (3,174 ) (2,700 ) — — — — — (5,874 ) Repayment of borrowings 15 (710,993 ) — — — — — — (710,993 ) Dividend paid - — — — — — — (44,133 ) (44,133 ) Total changes from financing cash flows (388,153 ) 147,300 50,010 — — — (44,133 ) (234,976 ) Other changes Liability-related Capitalized borrowing costs 15 3,682 319 — — — — — 4,001 Total liability-related other changes 3,682 319 — — — — — 4,001 Total equity-related other changes — — — — 448 — 2,090 2,538 Balance at December 31, 2017 701,091 147,619 50,010 1,388,273 568 (16,102 ) 473,622 2,745,081 |
Employee benefits (Tables)
Employee benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefits [Abstract] | |
Disclosure of net defined benefit liability (asset) | The amounts recognized in the balance sheet are as follows: (in thousands of USD) December 31, 2017 December 31, 2016 December 31, 2015 NET LIABILITY AT BEGINNING OF PERIOD (2,846 ) (2,038 ) (2,108 ) Recognized in profit or loss (827 ) (261 ) (108 ) Recognized in other comprehensive income 64 (646 ) (44 ) Foreign currency translation differences (375 ) 99 222 NET LIABILITY AT END OF PERIOD (3,984 ) (2,846 ) (2,038 ) Present value of funded obligation (3,537 ) (2,846 ) (852 ) Fair value of plan assets 2,760 2,117 539 (777 ) (729 ) (313 ) Present value of unfunded obligations (3,207 ) (2,117 ) (1,725 ) NET LIABILITY (3,984 ) (2,846 ) (2,038 ) Amounts in the balance sheet: Liabilities (3,984 ) (2,846 ) (2,038 ) Assets — — — NET LIABILITY (3,984 ) (2,846 ) (2,038 ) |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of 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 |
Financial instruments - marke54
Financial instruments - market and other risks (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Disclosure of financial assets | The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value, such as trade and other receivables and payables. Carrying amount Fair value Hedging instruments Loans and receivables Other financial liabilities Total Level 1 Level 2 Level 3 Total December 31, 2016 Financial assets not measured at fair value Non-current receivables (Note 10) — 183,914 — 183,914 — — 178,216 178,216 Trade and other receivables * (Note 11) — 145,193 — 145,193 — — — — Cash and cash equivalents (Note 12) — 206,689 — 206,689 — — — — — 535,796 — 535,796 Financial liabilities not measured at fair value Secured bank loans (Note 15) — 1,085,562 1,085,562 — 1,092,023 — 1,092,023 Unsecured bank loans (Note 15) — — — — — — — Trade and other payables * (Note 17) — 56,113 56,113 — — — — Advances received on contracts (Note 17) — 533 533 — — — — — 1,142,208 1,142,208 Carrying amount Fair value Hedging instruments Loans and receivables Other financial liabilities Total Level 1 Level 2 Level 3 Total December 31, 2017 Financial assets measured at fair value Forward exchange contracts 467 — — 467 — 467 — 467 467 — — 467 Financial assets not measured at fair value Non-current receivables (Note 10) — 160,352 — 160,352 — — 128,427 128,427 Trade and other receivables * (Note 11) — 112,000 — 112,000 — — — — Cash and cash equivalents (Note 12) — 143,648 — 143,648 — — — — — 416,000 — 416,000 Financial liabilities not measured at fair value Secured bank loans (Note 15) — — 701,091 701,091 — 706,056 — 706,056 Unsecured bank loans (Note 15) — — — — — — — — Unsecured notes (Note 15) — — 147,619 147,619 149,630 — — 149,630 Unsecured other borrowings (Note 15) — — 50,010 50,010 — — — — Trade and other payables * (Note 17) — — 51,335 51,335 — — — — Advances received on contracts (Note 17) — — 539 539 — — — — — — 950,594 950,594 * Deferred charges (see Note 11) and deferred income (see Note 17), which are not financial assets (liabilities) are not included. |
Disclosure of financial liabilities | It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value, such as trade and other receivables and payables. Carrying amount Fair value Hedging instruments Loans and receivables Other financial liabilities Total Level 1 Level 2 Level 3 Total December 31, 2016 Financial assets not measured at fair value Non-current receivables (Note 10) — 183,914 — 183,914 — — 178,216 178,216 Trade and other receivables * (Note 11) — 145,193 — 145,193 — — — — Cash and cash equivalents (Note 12) — 206,689 — 206,689 — — — — — 535,796 — 535,796 Financial liabilities not measured at fair value Secured bank loans (Note 15) — 1,085,562 1,085,562 — 1,092,023 — 1,092,023 Unsecured bank loans (Note 15) — — — — — — — Trade and other payables * (Note 17) — 56,113 56,113 — — — — Advances received on contracts (Note 17) — 533 533 — — — — — 1,142,208 1,142,208 Carrying amount Fair value Hedging instruments Loans and receivables Other financial liabilities Total Level 1 Level 2 Level 3 Total December 31, 2017 Financial assets measured at fair value Forward exchange contracts 467 — — 467 — 467 — 467 467 — — 467 Financial assets not measured at fair value Non-current receivables (Note 10) — 160,352 — 160,352 — — 128,427 128,427 Trade and other receivables * (Note 11) — 112,000 — 112,000 — — — — Cash and cash equivalents (Note 12) — 143,648 — 143,648 — — — — — 416,000 — 416,000 Financial liabilities not measured at fair value Secured bank loans (Note 15) — — 701,091 701,091 — 706,056 — 706,056 Unsecured bank loans (Note 15) — — — — — — — — Unsecured notes (Note 15) — — 147,619 147,619 149,630 — — 149,630 Unsecured other borrowings (Note 15) — — 50,010 50,010 — — — — Trade and other payables * (Note 17) — — 51,335 51,335 — — — — Advances received on contracts (Note 17) — — 539 539 — — — — — — 950,594 950,594 * Deferred charges (see Note 11) and deferred income (see Note 17), which are not financial assets (liabilities) are not included. |
Disclosure of financial instruments not measured at fair value | Financial instruments measured at fair value Type Valuation Techniques Significant unobservable inputs Forward exchange contracts Forward pricing: the fair value is determined using quoted forward exchange rates at the reporting date and present value calculations based on high credit quality yield curve in the respective currencies. Not applicable Financial instruments not measured at fair value Type Valuation Techniques Significant unobservable inputs Non-current receivables (consisting of shareholders' loans) Discounted cash flow Discount rate Other financial liabilities (consisting of secured and unsecured bank loans) Discounted cash flow Discount rate Other financial notes (consisting of unsecured notes) Not applicable |
Disclosure of financial assets that are either past due or impaired [text block] | The ageing of trade and other receivables is as follows: (in thousands of USD) 2017 2016 Not past due 124,243 155,950 Past due 0-30 days 2,071 1,261 Past due 31-365 days 9,784 7,666 More than one year 699 1,465 Total trade and other receivables 136,797 166,342 |
Schedule and maturity of non-derivative liabilities | (in thousands of USD) Bank loans Convertible and other Notes Total More than 5 years 147,174 — 147,174 Between 1 and 5 years 805,252 — 805,252 More than 1 year 952,426 — 952,426 Less than 1 year 100,022 — 100,022 At January 1, 2016 1,052,448 — 1,052,448 New loans 740,286 — 740,286 Scheduled repayments (60,015 ) — (60,015 ) Early repayments (714,000 ) — (714,000 ) Acquisitions through business combinations (Note 24) 61,065 — 61,065 Other changes 5,778 — 5,778 Balance at December 31, 2016 1,085,562 — 1,085,562 More than 5 years 330,491 — 330,491 Between 1 and 5 years 635,952 — 635,952 More than 1 year 966,443 — 966,443 Less than 1 year 119,119 — 119,119 Balance at December 31, 2016 1,085,562 — 1,085,562 Bank loans Convertible and other Notes Total More than 5 years 330,491 — 330,491 Between 1 and 5 years 635,952 — 635,952 More than 1 year 966,443 — 966,443 Less than 1 year 119,119 — 119,119 At January 1, 2017 1,085,562 — 1,085,562 New loans 326,014 150,000 476,014 Scheduled repayments (43,743 ) — (43,743 ) Early repayments (667,250 ) — (667,250 ) Other changes 508 (2,381 ) (1,873 ) Balance at December 31, 2017 701,091 147,619 848,710 More than 5 years 157,180 — 157,180 Between 1 and 5 years 496,550 147,619 644,169 More than 1 year 653,730 147,619 801,349 Less than 1 year 47,361 — 47,361 Balance at December 31, 2017 701,091 147,619 848,710 The following are the remaining contractual maturities of financial liabilities: Contractual cash flows December 31, 2016 (in thousands of USD) Carrying Amount Total Less than 1 year Between 1 and 5 years More than 5 years Non derivative financial liabilities Bank loans (Note 15) 1,085,562 1,218,702 150,630 718,950 349,122 Current trade and other payables * (Note 17) 56,113 56,113 56,113 — — Non-current other payables (Note 17) — — — — — 1,141,675 1,274,815 206,743 718,950 349,122 Derivative financial liabilities Interest rate swaps (Note 17) — — — — — Forward exchange contracts (Note 17) — — — — — — — — — — Contractual cash flows December 31, 2017 Carrying Amount Total Less than 1 year Between 1 and 5 years More than 5 years Non derivative financial liabilities Bank loans (Note 15) 848,710 1,009,508 83,039 750,722 175,747 Other borrowings (Note 15) 50,010 50,010 50,010 — — Current trade and other payables * (Note 17) 51,335 51,335 51,335 — — Non-current other payables (Note 17) — — — — — 950,055 1,110,853 184,384 750,722 175,747 Derivative financial liabilities Interest rate swaps (Note 17) — — — — — Forward exchange contracts (Note 17) — — — — — — — — — — * Deferred income (see Note 17), which are not financial liabilities, are not included. |
Schedule and maturity of derivative liabilities | The following are the remaining contractual maturities of financial liabilities: Contractual cash flows December 31, 2016 (in thousands of USD) Carrying Amount Total Less than 1 year Between 1 and 5 years More than 5 years Non derivative financial liabilities Bank loans (Note 15) 1,085,562 1,218,702 150,630 718,950 349,122 Current trade and other payables * (Note 17) 56,113 56,113 56,113 — — Non-current other payables (Note 17) — — — — — 1,141,675 1,274,815 206,743 718,950 349,122 Derivative financial liabilities Interest rate swaps (Note 17) — — — — — Forward exchange contracts (Note 17) — — — — — — — — — — Contractual cash flows December 31, 2017 Carrying Amount Total Less than 1 year Between 1 and 5 years More than 5 years Non derivative financial liabilities Bank loans (Note 15) 848,710 1,009,508 83,039 750,722 175,747 Other borrowings (Note 15) 50,010 50,010 50,010 — — Current trade and other payables * (Note 17) 51,335 51,335 51,335 — — Non-current other payables (Note 17) — — — — — 950,055 1,110,853 184,384 750,722 175,747 Derivative financial liabilities Interest rate swaps (Note 17) — — — — — Forward exchange contracts (Note 17) — — — — — — — — — — * Deferred income (see Note 17), which are not financial liabilities, are not included. |
Schedule of sensitivity analysis | This analysis assumes that all other variables, in particular interest rates, remain constant. (in thousands of USD) 2017 2016 2015 Equity 211 532 473 Profit or loss (7,113 ) (10,025 ) (9,565 ) Every increase (decrease) of 1,000 USD on the spot tanker freight market (VLCC and Suezmax) per day would have increased (decreased) profit or loss by the amounts shown below: (effect in thousands of USD) 2017 2016 2015 Profit or loss Profit or loss Profit or loss 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD Increase Decrease Increase Decrease Increase Decrease 13,420 (13,420 ) 14,140 (14,140 ) 12,972 (12,972 ) This analysis assumes that all other variables, in particular foreign currency rates, remain constant. Profit or Loss Equity 50 BP 50 BP 50 BP 50 BP (effect in thousands of USD) Increase Decrease Increase Decrease December 31, 2015 Variable rate instruments (5,670 ) 5,670 — — Interest rate swaps — — — — Cash Flow Sensitivity (Net) (5,670 ) 5,670 — — December 31, 2016 Variable rate instruments (5,315 ) 5,315 — — Interest rate swaps — — — — Cash Flow Sensitivity (Net) (5,315 ) 5,315 — — December 31, 2017 Variable rate instruments (4,685 ) 4,685 — — Interest rate swaps — — — — Cash Flow Sensitivity (Net) (4,685 ) 4,685 — — |
Disclosure of financial instruments by type of interest rate | At the reporting date the interest rate profile of the Group's interest-bearing financial instruments was: (in thousands of USD) 2017 2016 FIXED RATE INSTRUMENTS Financial assets — — Financial liabilities 147,619 — 147,619 — VARIABLE RATE INSTRUMENTS Financial liabilities 751,101 1,085,562 751,101 1,085,562 |
Schedule of currency risk related to operating expenses | (in thousands of USD) December 31, 2017 December 31, 2016 December 31, 2015 EUR USD EUR USD EUR USD Trade payables (7,891 ) (11,383 ) (8,725 ) (9,383 ) (9,913 ) (13,121 ) Operating expenses (89,289 ) (452,113 ) (92,608 ) (440,830 ) (89,457 ) (425,806 ) Treasury Notes (50,010 ) — — — — — — — |
Operating leases (Tables)
Operating leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of leases [Abstract] | |
Schedule Of Future Minimum Lease Payments For Operating Leases | The Group leases in some of its vessels under time charter and bare boat agreements (operating leases). The future minimum lease payments with an average duration of 4 years under non-cancellable leases are as follows: (in thousands of USD) December 31, 2017 December 31, 2016 Less than 1 year (32,120 ) (32,120 ) Between 1 and 5 years (95,524 ) (127,644 ) More than 5 years — — Total future lease payments (127,644 ) (159,764 ) |
Schedule Of Non-cancellable Operating Lease Rentals As Lessee | Non-cancellable operating lease rentals for office space and company cars with an average duration of 3 years are payable as follows: (in thousands of USD) December 31, 2017 December 31, 2016 Less than 1 year (2,287 ) (2,297 ) Between 1 and 5 years (7,224 ) (5,070 ) More than 5 years (1,227 ) (1,183 ) Total non-cancellable operating lease rentals (10,738 ) (8,550 ) |
Schedule Of Operating Lease Expenses Recognized In Profit And Loss | Amounts recognized in profit and loss (in thousands of USD) 2017 2016 2015 Bareboat charter (31,111 ) (792 ) — Time charter (62 ) (16,921 ) (25,849 ) Office rental (2,136 ) (2,219 ) (2,581 ) Total recognized in profit and loss (33,309 ) (19,932 ) (28,430 ) |
Schedule Of Future Minimum Lease Receivables For Operating Leases | The future minimum lease receivables with an average duration of 5 months under non-cancellable leases are as follows: (in thousands of USD) December 31, 2017 December 31, 2016 Less than 1 year 103,007 150,450 Between 1 and 5 years 147,967 35,083 More than 5 years 31,793 — Total future lease receivables 282,767 185,533 |
Schedule Of Non-cancellable Operating Lease Rentals As Lessor | Non-cancellable operating lease rentals for office space with an average duration of 5 years are receivable as follows: (in thousands of USD) December 31, 2017 December 31, 2016 Less than 1 year 726 806 Between 1 and 5 years 2,903 2,644 More than 5 years 233 878 Total future lease receivables 3,862 4,328 |
Schedule Of Operating Lease Revenue Recognized In Profit And Loss | Amounts recognized in profit and loss (in thousands of USD) 2017 2016 2015 Bareboat charter — — — Time charter 118,705 140,227 126,091 Office rental 840 878 879 Total recognized in profit and loss 119,545 141,105 126,970 |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party [Abstract] | |
Disclosure of transactions between related parties | The remuneration of the CEO can be summarized as follows: (in thousands of GBP) 2017 2016 2015 Total fixed remuneration 407 405 405 of which Cost of pension — — — Other benefits 13 11 11 Total variable remuneration 528 437 863 of which Share-based payments 233 171 333 The total amount of the remuneration paid to all non-executive directors for their services as members of the board and committees (if applicable) is as follows: (in thousands of EUR) 2017 2016 2015 Total remuneration 1,015 1,145 1,591 Details of outstanding balances and transactions between the Group and its joint ventures are disclosed below: As of end for the year ended December 31, 2016 (in thousands of USD) Trade receivables Trade payables Shareholders Loan Turnover Dividend Income TI Africa Ltd 241 — 137,615 360 — TI Asia Ltd 303 — 65,897 360 — Fiorano Shipholding Ltd — — — 265 — Fontvieille Shipholding Ltd — — — 249 — Larvotto Shipholding Ltd — — — 275 — Moneghetti Shipholding Ltd — — — 287 — Great Hope Enterprises Ltd — — — 28 Kingswood Co. Ltd — — — 23,450 Total 544 — 203,512 1,796 23,478 As of end for the year ended December 31, 2017 (in thousands of USD) Trade receivables Trade payables Shareholders Loan Turnover Dividend Income TI Africa Ltd 30 50 100,115 372 — TI Asia Ltd 130 — 62,647 372 — Kingswood Co. Ltd — — — — 1,250 Tankers Agencies (UK) Ltd 134 137 — — — Total 294 187 162,762 744 1,250 The remuneration (excluding the CEO) consists of a fixed and a variable component and can be summarized as follows: (in thousands of EUR) 2017 2016 2015 Total fixed remuneration 1,176 1,175 1,176 of which Cost of pension 35 35 35 Other benefits 58 57 57 Total variable remuneration 1,331 1,042 2,392 of which Share-based payments 597 351 1,010 |
Share-based payment arrangeme57
Share-based payment arrangements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-Based Payment Arrangements [Abstract] | |
Inputs used in measurement of the fair values at grant date for the equity-settled share option programs | The inputs used in measurement of the fair values at grant date for the equity-settled share option programs were as follows: Share option program 2013 LTIP 2015 (figures in EUR) Tranche 1 Tranche 2 Tranche 3 Tranche 1 Tranche 2 Tranche 3 Fair value at grant date 2.270 2.260 2.120 1.853 1.853 1.853 Share price at grant date 6.070 6.070 6.070 10.050 10.050 10.050 Exercise price 5.770 5.770 5.770 10.0475 10.0475 10.0475 Expected volatility (weighted average) 40 % 40 % 40 % 39.63 % 39.63 % 39.63 % Expected life (Days) (weighted average) 303 467 730 365 730 1,095 Expected dividends — — — 8 % 8 % 8 % Risk-free interest rate 1 % 1 % 1 % 0.66 % 0.66 % 0.66 % |
Disclosure of number and weighted average exercise prices of share options | The number and weighted-average exercise prices of options under the 2013 share option program and the 2015 LTIP are as follows: (figures in EUR) Number of options 2017 Weighted average exercise price 2017 Number of options 2016 Weighted average exercise price 2016 Outstanding at January 1 586,590 7.495 703,257 7.209 Forfeited during the year 0 0 0 0 Exercised during the year — — (116,667 ) 5.770 Granted during the year 0 0 — — Outstanding at December 31 586,590 7.495 586,590 7.495 Vested at December 31 507,726 0 428,863 0 The key terms and conditions related to the grants under these programs are as follows: Grant date/employees entitled Number of instruments Vesting Conditions Contractual life of Options Options granted to key management personnel December 16, 2013 ("Tranche 1") 583,000 Share price to be at least EUR 7.5 5 years December 16, 2013 ("Tranche 2") 583,000 Share price to be at least EUR 8.66 5 years December 16, 2013 ("Tranche 3") 583,000 Share price to be at least EUR 11.54 and US listing 5 years Total Share options 1,750,000 |
Group entities (Tables)
Group entities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Interests in Other Entities [Abstract] | |
Disclosure of interests in subsidiaries | Country of incorporation Consolidation method Ownership interest December 31, 2017 December 31, 2016 December 31, 2015 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Subsidiaries Euronav Tankers NV Belgium full 100.00 % 100.00 % 100.00 % Euronav Shipping NV Belgium full 100.00 % 100.00 % 100.00 % Euronav (UK) Agencies Limited UK full 100.00 % 100.00 % 100.00 % Euronav Luxembourg SA Luxembourg full 100.00 % 100.00 % 100.00 % Euronav sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management Ltd Liberia full 100.00 % 100.00 % 100.00 % Euronav Ship Management Hellas (branch office) Euronav Hong Kong Hong Kong full 100.00 % 100.00 % 100.00 % Euro-Ocean Ship Management (Cyprus) Ltd Cyprus full 100.00 % 100.00 % 100.00 % Euronav Singapore Singapore full 100.00 % 100.00 % 100.00 % Fiorano Shipholding Ltd Hong Kong full 100.00 % 100.00 % NA Larvotto Shipholding Ltd Hong Kong full 100.00 % 100.00 % NA Euronav MI Inc Marshall Islands full 100.00 % NA NA Joint ventures Fiorano Shipholding Ltd Hong Kong equity NA NA 50.00 % Fontvieille Shipholding Ltd Hong Kong equity NA NA 50.00 % Great Hope Enterprises Ltd Hong Kong equity NA NA 50.00 % Kingswood Co. Ltd Marshall Islands equity 50.00 % 50.00 % 50.00 % Larvotto Shipholding Ltd Hong Kong equity NA NA 50.00 % Moneghetti Shipholding Ltd Hong Kong equity NA NA 50.00 % TI Africa Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % TI Asia Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % Tankers Agencies (UK) Ltd UK equity 50.00 % NA NA Tankers International LLC Marshall Islands equity 50.00 % NA NA Associates Tankers International LLC Marshall Islands equity NA 40.00 % 40.00 % |
Disclosure of interests in joint ventures | Country of incorporation Consolidation method Ownership interest December 31, 2017 December 31, 2016 December 31, 2015 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Subsidiaries Euronav Tankers NV Belgium full 100.00 % 100.00 % 100.00 % Euronav Shipping NV Belgium full 100.00 % 100.00 % 100.00 % Euronav (UK) Agencies Limited UK full 100.00 % 100.00 % 100.00 % Euronav Luxembourg SA Luxembourg full 100.00 % 100.00 % 100.00 % Euronav sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management Ltd Liberia full 100.00 % 100.00 % 100.00 % Euronav Ship Management Hellas (branch office) Euronav Hong Kong Hong Kong full 100.00 % 100.00 % 100.00 % Euro-Ocean Ship Management (Cyprus) Ltd Cyprus full 100.00 % 100.00 % 100.00 % Euronav Singapore Singapore full 100.00 % 100.00 % 100.00 % Fiorano Shipholding Ltd Hong Kong full 100.00 % 100.00 % NA Larvotto Shipholding Ltd Hong Kong full 100.00 % 100.00 % NA Euronav MI Inc Marshall Islands full 100.00 % NA NA Joint ventures Fiorano Shipholding Ltd Hong Kong equity NA NA 50.00 % Fontvieille Shipholding Ltd Hong Kong equity NA NA 50.00 % Great Hope Enterprises Ltd Hong Kong equity NA NA 50.00 % Kingswood Co. Ltd Marshall Islands equity 50.00 % 50.00 % 50.00 % Larvotto Shipholding Ltd Hong Kong equity NA NA 50.00 % Moneghetti Shipholding Ltd Hong Kong equity NA NA 50.00 % TI Africa Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % TI Asia Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % Tankers Agencies (UK) Ltd UK equity 50.00 % NA NA Tankers International LLC Marshall Islands equity 50.00 % NA NA Associates Tankers International LLC Marshall Islands equity NA 40.00 % 40.00 % The following table summarizes the terms and debt repayment profile of the bank loans held by the joint ventures: (in thousands of USD) December 31, 2017 December 31, 2016 Curr. Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value TI Asia Ltd * USD libor +1.15% 2017 — — — 75,343 75,343 75,343 Total interest-bearing bank loans — — — 75,343 75,343 75,343 * The mentioned secured bank loans are subject to loan covenants such as an Asset Protection clause. The following table contains summarized financial information for all of the Group's joint ventures: Asset Liability (in thousands of USD) Great Hope Enterprises Ltd Kingswood Co. Ltd Seven Seas Shipping Ltd Fiorano Shipholding Ltd Fontvieille Shipholding Ltd Larvotto Shipholding Ltd Moneghetti Shipholding Ltd TI Africa Ltd TI Asia Ltd Total Africa Conversion Corp Asia Conversion Corp Total December 31, 2015 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets — 520 33,052 78,031 65,837 73,234 70,159 215,184 208,405 744,422 — — — of which Vessel — — 33,052 78,031 65,837 73,234 70,159 208,030 200,452 728,795 — — — Current Assets 102 489 7,463 6,498 4,195 7,873 7,219 12,144 41,744 87,727 — — — of which cash and cash equivalents 59 — 1,528 552 186 1,578 4,891 880 30,465 40,139 — — — Non-Current Liabilities — — 521 84,094 77,485 81,424 79,647 303,018 223,552 849,740 — — — Of which bank loans — — — 27,813 30,470 29,143 43,750 — 75,343 206,519 — — — Current Liabilities 15 2 239 5,981 6,656 6,621 7,099 1,155 30,832 58,601 — — — Of which bank loans — — — 4,250 4,000 3,970 4,000 — 28,858 45,078 — — — Net assets (100%) 87 1,007 39,755 (5,546 ) (14,109 ) (6,939 ) (9,368 ) (76,845 ) (4,235 ) (76,192 ) — — — Group's share of net assets 43 504 19,878 (2,773 ) (7,054 ) (3,469 ) (4,684 ) (38,423 ) (2,118 ) (38,096 ) — — — Shareholders loans to joint venture — — — 28,141 23,507 26,141 17,949 149,615 72,397 317,750 — — — Net Carrying amount of interest in joint venture 43 504 19,878 — — — — — — 20,424 — — — Remaining shareholders loan to joint venture — — — — — 25,368 — 16,453 — 22,672 — 13,265 — 111,193 — 70,280 — 259,229 — — — — — — Revenue 1 — 18,701 21,050 21,509 22,837 21,317 64,627 64,382 234,425 — — — Depreciations and amortization — — (3,601 ) (4,852 ) (4,832 ) (4,571 ) (4,630 ) (18,209 ) (17,933 ) (58,628 ) — — — Interest Expense — — (102 ) (530 ) (851 ) (644 ) (1,170 ) (1,220 ) (6,106 ) (10,623 ) — — — Income tax expense — — — — — — — 259 106 365 — — — Profit (loss) for the period (100%) 3 (4 ) 11,791 6,361 6,330 6,762 5,661 35,329 30,580 102,814 — — — Other comprehensive income (100%) — — — — — — — 3,220 3,220 — — — Group's share of profit (loss) for the period 2 (2 ) 5,895 3,181 3,165 3,381 2,831 17,664 15,290 51,407 — — — Group's share of other comprehensive income — — — — — — — — 1,610 1,610 — — — Asset Liability (in thousands of USD) Great Hope Enterprises Ltd Kingswood Co. Ltd Seven Seas Shipping Ltd Fiorano Shipholding Ltd Fontvieille Shipholding Ltd Larvotto Shipholding Ltd Moneghetti Shipholding Ltd TI Africa Ltd TI Asia Ltd Total Africa Conversion Corp Asia Conversion Corp Total At December 31, 2016 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets — 946 — — — — — 198,826 192,344 392,116 — — — of which Vessel — — — — — — — 189,821 182,519 372,340 — — — Current Assets — 76 3,221 — — — — 38,206 47,889 89,392 — — — of which cash and cash equivalents — — 555 — — — — 26,928 36,591 64,074 — — — Non-Current Liabilities — — 946 — — — — 276,498 132,763 410,207 — — — Of which bank loans — — — — — — — — — — — — — Current Liabilities — 2 132 — — — — 863 76,899 77,896 — — — Of which bank loans — — — — — — — — 75,343 75,343 — — — Net assets (100%) — 1,020 2,143 — — — — (40,329 ) 30,571 (6,595 ) — — — Group's share of net assets — 510 1,072 — — — — (20,165 ) 15,285 (3,298 ) — — — Shareholders loans to joint venture — — — — — — — 137,615 65,897 203,512 — — — Net Carrying amount of interest in joint venture — 510 1,072 — — — — — 15,285 16,867 — — — Remaining shareholders loan to joint venture — — — — — — — — — — — — — 117,451 — 65,897 — 183,348 — — — — — — Revenue — — 13,646 7,182 6,404 6,901 7,471 65,188 65,063 171,855 — — — Depreciations and amortization — — (3,344 ) (2,047 ) (2,037 ) (1,929 ) (2,049 ) (18,209 ) (17,933 ) (47,548 ) — — — Interest Expense — — (3 ) (223 ) (377 ) (288 ) (537 ) (400 ) (4,703 ) (6,531 ) — — — Income tax expense — — — — — — — (326 ) (106 ) (432 ) — — — Profit (loss) for the period (100%) (32 ) 12 7,469 1,146 500 1,082 1,270 36,515 32,359 80,322 — — — Other comprehensive income (100%) — — — — — — — 2,448 2,448 — — — Group's share of profit (loss) for the period (16 ) 6 3,735 573 250 541 635 18,257 16,180 40,161 — — — Group's share of other comprehensive income — — — — — — — — 1,224 1,224 — — — Asset Liability (in thousands of USD) Kingswood Co. Ltd Seven Seas Shipping Ltd TI Africa Ltd TI Asia Ltd Tankers Agencies (UK) Ltd (see Note 23) TI LLC (see Note 23) Total Africa Conversion Corp Asia Conversion Corp Total At December 31, 2017 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets 629 — 182,298 175,826 363 98 359,214 — — — of which Vessel — — 171,612 164,587 — — 336,199 — — — Current Assets — 993 12,639 10,521 149,650 1,108 174,912 — — — of which cash and cash equivalents — 689 4,062 1,968 1,889 — 8,608 — — — Non Current Liabilities — 629 200,231 128,653 — — 329,514 — — — Of which bank loans — — — — — — — — — — Current Liabilities 111 91 766 687 147,453 975 150,083 — — — Of which bank loans — — — — 43,000 — 43,000 — — — Net assets (100%) 518 273 (6,060 ) 57,007 2,560 232 54,530 — — — Group's share of net assets 259 137 (3,030 ) 28,503 1,559 136 27,565 — — — Shareholders loans to joint venture — — 100,115 62,647 — — 162,762 — — — Net Carrying amount of interest in joint venture 259 137 — 28,503 1,559 136 30,595 — — — Remaining shareholders loan to joint venture — — 97,085 62,647 — — 159,732 — — — — Revenue — 61 61,015 58,011 — — 119,087 — — — Depreciations and amortization — — (18,209 ) (17,933 ) — — (36,142 ) — — — Interest Expense — — (90 ) (1,961 ) — — (2,052 ) — — — Income tax expense — — 383 (3,359 ) — — (2,976 ) — — — Profit (loss) for the period (100%) (2 ) 130 34,269 25,467 — — 59,865 — — — Other comprehensive income (100%) — — — 966 — — 966 — — — Group's share of profit (loss) for the period (1 ) 65 17,135 12,734 — — 29,932 — — — Group's share of other comprehensive income — — — 483 — — 483 — — — Cash and cash equivalents (in thousands of USD) 2017 2016 Cash and cash equivalents of the joint ventures 8,608 64,074 Group's share of cash and cash equivalents 4,304 32,037 of which restricted cash — 6,789 (in thousands of USD) December 31, 2017 December 31, 2016 Assets Interest in joint ventures 30,595 16,867 Interest in associates — 1,546 TOTAL ASSETS 30,595 18,413 Liabilities Interest in joint ventures — — Interest in associates — — TOTAL LIABILITIES — — |
Disclosure of interests in associates | Country of incorporation Consolidation method Ownership interest December 31, 2017 December 31, 2016 December 31, 2015 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Subsidiaries Euronav Tankers NV Belgium full 100.00 % 100.00 % 100.00 % Euronav Shipping NV Belgium full 100.00 % 100.00 % 100.00 % Euronav (UK) Agencies Limited UK full 100.00 % 100.00 % 100.00 % Euronav Luxembourg SA Luxembourg full 100.00 % 100.00 % 100.00 % Euronav sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management Ltd Liberia full 100.00 % 100.00 % 100.00 % Euronav Ship Management Hellas (branch office) Euronav Hong Kong Hong Kong full 100.00 % 100.00 % 100.00 % Euro-Ocean Ship Management (Cyprus) Ltd Cyprus full 100.00 % 100.00 % 100.00 % Euronav Singapore Singapore full 100.00 % 100.00 % 100.00 % Fiorano Shipholding Ltd Hong Kong full 100.00 % 100.00 % NA Larvotto Shipholding Ltd Hong Kong full 100.00 % 100.00 % NA Euronav MI Inc Marshall Islands full 100.00 % NA NA Joint ventures Fiorano Shipholding Ltd Hong Kong equity NA NA 50.00 % Fontvieille Shipholding Ltd Hong Kong equity NA NA 50.00 % Great Hope Enterprises Ltd Hong Kong equity NA NA 50.00 % Kingswood Co. Ltd Marshall Islands equity 50.00 % 50.00 % 50.00 % Larvotto Shipholding Ltd Hong Kong equity NA NA 50.00 % Moneghetti Shipholding Ltd Hong Kong equity NA NA 50.00 % TI Africa Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % TI Asia Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % Tankers Agencies (UK) Ltd UK equity 50.00 % NA NA Tankers International LLC Marshall Islands equity 50.00 % NA NA Associates Tankers International LLC Marshall Islands equity NA 40.00 % 40.00 % (in thousands of USD) December 31, 2017 December 31, 2016 Assets Interest in joint ventures 30,595 16,867 Interest in associates — 1,546 TOTAL ASSETS 30,595 18,413 Liabilities Interest in joint ventures — — Interest in associates — — TOTAL LIABILITIES — — |
Business combinations (Tables)
Business combinations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations1 [Abstract] | |
Disclosure of detailed information about business combinations | The transaction did not give rise to the recognition of any goodwill: (in thousands of USD) Fair value at acquisition date Consideration transferred 33,585 Fair value of pre-existing interests in Larvotto and Fiorano (18,633 ) Fair value of identifiable net assets (67,169 ) Fair value of shareholders' loan liabilities versus Bretta Tanker Holdings, transferred to Euronav 52,217 Goodwill — (in thousands of USD) Fair value at acquisition date Cash 15,110 Shares in Fontvieille and Moneghetti (21,498 ) Shareholders' loan receivable 39,973 Total consideration transferred 33,585 The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the acquisition date. (in thousands of USD) Fair value at acquisition date Property, plant and equipment (Note 8) 120,280 Trade receivables 3,685 Cash and cash equivalents 8,355 Loans and borrowings (Note 15) (61,065 ) Trade and other payables (4,086 ) Total identifiable net assets acquired 67,169 |
Disclosure of measurement of fair values | Assets acquired Valuation techniques Property, plant and equipment The price was agreed among parties by reference to valuation reports by brokers |
Equity-accounted investees (Tab
Equity-accounted investees (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Interests in Other Entities [Abstract] | |
Disclosure of interests in joint ventures | Country of incorporation Consolidation method Ownership interest December 31, 2017 December 31, 2016 December 31, 2015 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Subsidiaries Euronav Tankers NV Belgium full 100.00 % 100.00 % 100.00 % Euronav Shipping NV Belgium full 100.00 % 100.00 % 100.00 % Euronav (UK) Agencies Limited UK full 100.00 % 100.00 % 100.00 % Euronav Luxembourg SA Luxembourg full 100.00 % 100.00 % 100.00 % Euronav sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management Ltd Liberia full 100.00 % 100.00 % 100.00 % Euronav Ship Management Hellas (branch office) Euronav Hong Kong Hong Kong full 100.00 % 100.00 % 100.00 % Euro-Ocean Ship Management (Cyprus) Ltd Cyprus full 100.00 % 100.00 % 100.00 % Euronav Singapore Singapore full 100.00 % 100.00 % 100.00 % Fiorano Shipholding Ltd Hong Kong full 100.00 % 100.00 % NA Larvotto Shipholding Ltd Hong Kong full 100.00 % 100.00 % NA Euronav MI Inc Marshall Islands full 100.00 % NA NA Joint ventures Fiorano Shipholding Ltd Hong Kong equity NA NA 50.00 % Fontvieille Shipholding Ltd Hong Kong equity NA NA 50.00 % Great Hope Enterprises Ltd Hong Kong equity NA NA 50.00 % Kingswood Co. Ltd Marshall Islands equity 50.00 % 50.00 % 50.00 % Larvotto Shipholding Ltd Hong Kong equity NA NA 50.00 % Moneghetti Shipholding Ltd Hong Kong equity NA NA 50.00 % TI Africa Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % TI Asia Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % Tankers Agencies (UK) Ltd UK equity 50.00 % NA NA Tankers International LLC Marshall Islands equity 50.00 % NA NA Associates Tankers International LLC Marshall Islands equity NA 40.00 % 40.00 % The following table summarizes the terms and debt repayment profile of the bank loans held by the joint ventures: (in thousands of USD) December 31, 2017 December 31, 2016 Curr. Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value TI Asia Ltd * USD libor +1.15% 2017 — — — 75,343 75,343 75,343 Total interest-bearing bank loans — — — 75,343 75,343 75,343 * The mentioned secured bank loans are subject to loan covenants such as an Asset Protection clause. The following table contains summarized financial information for all of the Group's joint ventures: Asset Liability (in thousands of USD) Great Hope Enterprises Ltd Kingswood Co. Ltd Seven Seas Shipping Ltd Fiorano Shipholding Ltd Fontvieille Shipholding Ltd Larvotto Shipholding Ltd Moneghetti Shipholding Ltd TI Africa Ltd TI Asia Ltd Total Africa Conversion Corp Asia Conversion Corp Total December 31, 2015 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets — 520 33,052 78,031 65,837 73,234 70,159 215,184 208,405 744,422 — — — of which Vessel — — 33,052 78,031 65,837 73,234 70,159 208,030 200,452 728,795 — — — Current Assets 102 489 7,463 6,498 4,195 7,873 7,219 12,144 41,744 87,727 — — — of which cash and cash equivalents 59 — 1,528 552 186 1,578 4,891 880 30,465 40,139 — — — Non-Current Liabilities — — 521 84,094 77,485 81,424 79,647 303,018 223,552 849,740 — — — Of which bank loans — — — 27,813 30,470 29,143 43,750 — 75,343 206,519 — — — Current Liabilities 15 2 239 5,981 6,656 6,621 7,099 1,155 30,832 58,601 — — — Of which bank loans — — — 4,250 4,000 3,970 4,000 — 28,858 45,078 — — — Net assets (100%) 87 1,007 39,755 (5,546 ) (14,109 ) (6,939 ) (9,368 ) (76,845 ) (4,235 ) (76,192 ) — — — Group's share of net assets 43 504 19,878 (2,773 ) (7,054 ) (3,469 ) (4,684 ) (38,423 ) (2,118 ) (38,096 ) — — — Shareholders loans to joint venture — — — 28,141 23,507 26,141 17,949 149,615 72,397 317,750 — — — Net Carrying amount of interest in joint venture 43 504 19,878 — — — — — — 20,424 — — — Remaining shareholders loan to joint venture — — — — — 25,368 — 16,453 — 22,672 — 13,265 — 111,193 — 70,280 — 259,229 — — — — — — Revenue 1 — 18,701 21,050 21,509 22,837 21,317 64,627 64,382 234,425 — — — Depreciations and amortization — — (3,601 ) (4,852 ) (4,832 ) (4,571 ) (4,630 ) (18,209 ) (17,933 ) (58,628 ) — — — Interest Expense — — (102 ) (530 ) (851 ) (644 ) (1,170 ) (1,220 ) (6,106 ) (10,623 ) — — — Income tax expense — — — — — — — 259 106 365 — — — Profit (loss) for the period (100%) 3 (4 ) 11,791 6,361 6,330 6,762 5,661 35,329 30,580 102,814 — — — Other comprehensive income (100%) — — — — — — — 3,220 3,220 — — — Group's share of profit (loss) for the period 2 (2 ) 5,895 3,181 3,165 3,381 2,831 17,664 15,290 51,407 — — — Group's share of other comprehensive income — — — — — — — — 1,610 1,610 — — — Asset Liability (in thousands of USD) Great Hope Enterprises Ltd Kingswood Co. Ltd Seven Seas Shipping Ltd Fiorano Shipholding Ltd Fontvieille Shipholding Ltd Larvotto Shipholding Ltd Moneghetti Shipholding Ltd TI Africa Ltd TI Asia Ltd Total Africa Conversion Corp Asia Conversion Corp Total At December 31, 2016 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets — 946 — — — — — 198,826 192,344 392,116 — — — of which Vessel — — — — — — — 189,821 182,519 372,340 — — — Current Assets — 76 3,221 — — — — 38,206 47,889 89,392 — — — of which cash and cash equivalents — — 555 — — — — 26,928 36,591 64,074 — — — Non-Current Liabilities — — 946 — — — — 276,498 132,763 410,207 — — — Of which bank loans — — — — — — — — — — — — — Current Liabilities — 2 132 — — — — 863 76,899 77,896 — — — Of which bank loans — — — — — — — — 75,343 75,343 — — — Net assets (100%) — 1,020 2,143 — — — — (40,329 ) 30,571 (6,595 ) — — — Group's share of net assets — 510 1,072 — — — — (20,165 ) 15,285 (3,298 ) — — — Shareholders loans to joint venture — — — — — — — 137,615 65,897 203,512 — — — Net Carrying amount of interest in joint venture — 510 1,072 — — — — — 15,285 16,867 — — — Remaining shareholders loan to joint venture — — — — — — — — — — — — — 117,451 — 65,897 — 183,348 — — — — — — Revenue — — 13,646 7,182 6,404 6,901 7,471 65,188 65,063 171,855 — — — Depreciations and amortization — — (3,344 ) (2,047 ) (2,037 ) (1,929 ) (2,049 ) (18,209 ) (17,933 ) (47,548 ) — — — Interest Expense — — (3 ) (223 ) (377 ) (288 ) (537 ) (400 ) (4,703 ) (6,531 ) — — — Income tax expense — — — — — — — (326 ) (106 ) (432 ) — — — Profit (loss) for the period (100%) (32 ) 12 7,469 1,146 500 1,082 1,270 36,515 32,359 80,322 — — — Other comprehensive income (100%) — — — — — — — 2,448 2,448 — — — Group's share of profit (loss) for the period (16 ) 6 3,735 573 250 541 635 18,257 16,180 40,161 — — — Group's share of other comprehensive income — — — — — — — — 1,224 1,224 — — — Asset Liability (in thousands of USD) Kingswood Co. Ltd Seven Seas Shipping Ltd TI Africa Ltd TI Asia Ltd Tankers Agencies (UK) Ltd (see Note 23) TI LLC (see Note 23) Total Africa Conversion Corp Asia Conversion Corp Total At December 31, 2017 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets 629 — 182,298 175,826 363 98 359,214 — — — of which Vessel — — 171,612 164,587 — — 336,199 — — — Current Assets — 993 12,639 10,521 149,650 1,108 174,912 — — — of which cash and cash equivalents — 689 4,062 1,968 1,889 — 8,608 — — — Non Current Liabilities — 629 200,231 128,653 — — 329,514 — — — Of which bank loans — — — — — — — — — — Current Liabilities 111 91 766 687 147,453 975 150,083 — — — Of which bank loans — — — — 43,000 — 43,000 — — — Net assets (100%) 518 273 (6,060 ) 57,007 2,560 232 54,530 — — — Group's share of net assets 259 137 (3,030 ) 28,503 1,559 136 27,565 — — — Shareholders loans to joint venture — — 100,115 62,647 — — 162,762 — — — Net Carrying amount of interest in joint venture 259 137 — 28,503 1,559 136 30,595 — — — Remaining shareholders loan to joint venture — — 97,085 62,647 — — 159,732 — — — — Revenue — 61 61,015 58,011 — — 119,087 — — — Depreciations and amortization — — (18,209 ) (17,933 ) — — (36,142 ) — — — Interest Expense — — (90 ) (1,961 ) — — (2,052 ) — — — Income tax expense — — 383 (3,359 ) — — (2,976 ) — — — Profit (loss) for the period (100%) (2 ) 130 34,269 25,467 — — 59,865 — — — Other comprehensive income (100%) — — — 966 — — 966 — — — Group's share of profit (loss) for the period (1 ) 65 17,135 12,734 — — 29,932 — — — Group's share of other comprehensive income — — — 483 — — 483 — — — Cash and cash equivalents (in thousands of USD) 2017 2016 Cash and cash equivalents of the joint ventures 8,608 64,074 Group's share of cash and cash equivalents 4,304 32,037 of which restricted cash — 6,789 (in thousands of USD) December 31, 2017 December 31, 2016 Assets Interest in joint ventures 30,595 16,867 Interest in associates — 1,546 TOTAL ASSETS 30,595 18,413 Liabilities Interest in joint ventures — — Interest in associates — — TOTAL LIABILITIES — — |
Disclosure of interests in associates | Country of incorporation Consolidation method Ownership interest December 31, 2017 December 31, 2016 December 31, 2015 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Subsidiaries Euronav Tankers NV Belgium full 100.00 % 100.00 % 100.00 % Euronav Shipping NV Belgium full 100.00 % 100.00 % 100.00 % Euronav (UK) Agencies Limited UK full 100.00 % 100.00 % 100.00 % Euronav Luxembourg SA Luxembourg full 100.00 % 100.00 % 100.00 % Euronav sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management Ltd Liberia full 100.00 % 100.00 % 100.00 % Euronav Ship Management Hellas (branch office) Euronav Hong Kong Hong Kong full 100.00 % 100.00 % 100.00 % Euro-Ocean Ship Management (Cyprus) Ltd Cyprus full 100.00 % 100.00 % 100.00 % Euronav Singapore Singapore full 100.00 % 100.00 % 100.00 % Fiorano Shipholding Ltd Hong Kong full 100.00 % 100.00 % NA Larvotto Shipholding Ltd Hong Kong full 100.00 % 100.00 % NA Euronav MI Inc Marshall Islands full 100.00 % NA NA Joint ventures Fiorano Shipholding Ltd Hong Kong equity NA NA 50.00 % Fontvieille Shipholding Ltd Hong Kong equity NA NA 50.00 % Great Hope Enterprises Ltd Hong Kong equity NA NA 50.00 % Kingswood Co. Ltd Marshall Islands equity 50.00 % 50.00 % 50.00 % Larvotto Shipholding Ltd Hong Kong equity NA NA 50.00 % Moneghetti Shipholding Ltd Hong Kong equity NA NA 50.00 % TI Africa Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % TI Asia Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % Tankers Agencies (UK) Ltd UK equity 50.00 % NA NA Tankers International LLC Marshall Islands equity 50.00 % NA NA Associates Tankers International LLC Marshall Islands equity NA 40.00 % 40.00 % (in thousands of USD) December 31, 2017 December 31, 2016 Assets Interest in joint ventures 30,595 16,867 Interest in associates — 1,546 TOTAL ASSETS 30,595 18,413 Liabilities Interest in joint ventures — — Interest in associates — — TOTAL LIABILITIES — — |
Disclosure of reconciliation of summarised financial information of associate accounted for using equity method to carrying amount of interest in associate | Associates (in thousands of USD) December 31, 2017 December 31, 2016 Carrying amount of interest at the beginning of the period 1,546 1,212 Group's share of profit (loss) for the period 149 334 Dividend in kind (shares TUKA) distributed by associate (Note 23) (1,559 ) — Reclassification of associate to joint venture (Note 23) (136 ) — Carrying amount of interest at the end of the period — 1,546 |
Disclosure of reconciliation of summarised financial information of joint venture accounted for using equity method to carrying amount of interest in joint venture | The following table contains a roll forward of the balance sheet amounts with respect to the Group's joint ventures: ASSET LIABILITY (in thousands of USD) Investments in equity accounted investees Shareholders loans Investments in equity accounted investees Shareholders loans Gross balance (89,338 ) 363,414 (5,880 ) — Offset investment with shareholders loan 105,643 (105,643 ) — — Balance at January 1, 2015 16,305 257,771 (5,880 ) — Group's share of profit (loss) for the period 51,407 — — — Group's share of other comprehensive income 1,610 — — — Capital increase/(decrease) in joint ventures (1,499 ) — 5,880 — Dividends received from joint ventures (275 ) — — — Movement shareholders loans to joint ventures — (45,665 ) — — Gross balance (38,095 ) 317,749 — — Offset investment with shareholders loan 58,520 (58,520 ) — — Balance at December 31, 2015 20,425 259,229 — — Group's share of profit (loss) for the period 40,161 — — — Group's share of other comprehensive income 1,224 — — — Group's share on upstream transactions 4,646 — — — Capital increase/(decrease) in joint ventures (3,737 ) — — — Dividends received from joint ventures (23,478 ) — — — Movement shareholders loans to joint ventures — (18,499 ) — — Business combinations 15,981 (95,738 ) — — Gross balance (3,298 ) 203,512 — — Offset investment with shareholders loan 20,165 (20,165 ) — — Balance at December 31, 2016 16,867 183,348 — — ASSET LIABILITY (in thousands of USD) Investments in equity accounted investees Shareholders loans Investments in equity accounted investees Shareholders loans Group's share of profit (loss) for the period 29,933 — — — Group's share of other comprehensive income 483 — — — Dividends received from joint ventures (1,250 ) — — — Dividend in kind (shares TUKA) received from associate (Note 23) 1,559 — — — Reclassification of associate to joint venture (Note 23) 136 — — — Movement shareholders loans to joint ventures — (40,750 ) — — Gross balance 27,565 162,763 — — Offset investment with shareholders loan 3,030 (3,030 ) — — Balance at December 31, 2017 30,595 159,733 — — |
Disclosure of joint ventures | For more details, we refer to the table summarizing the financial information of the Groups' joint ventures further below. Joint venture Segment Description Great Hope Enterprises Ltd Tankers No operating activities, liquidated in 2016 Kingswood Co. Ltd Tankers Holding company; parent of Seven Seas Shipping Ltd. and to be liquidated in the future Seven Seas Shipping Ltd Tankers Formerly owner of 1 VLCC bought in 2016 by Euronav. Wholly owned subsidiary of Kingswood Co. Ltd. Fiorano Shipholding Ltd Tankers Single ship company, owner of 1 Suezmax, acquired Bretta's equity interest in 2016 Larvotto Shipholding Ltd Tankers Single ship company, owner of 1 Suezmax, acquired Bretta's equity interest in 2016 Fontvieille Shipholding Ltd Tankers Single ship company, owner of 1 Suezmax, sold our equity interest to Bretta in 2016 Moneghetti Shipholding Ltd Tankers Single ship company, owner of 1 Suezmax, sold our equity interest to Bretta in 2016 Tankers Agencies (UK) Ltd Tankers Parent company of Tankers International Ltd Tankers International LLC Tankers The manager of the Tankers International Pool who commercially manages the majority of the Group's VLCCs TI Africa Ltd FSO Operator and owner of a single floating storage and offloading facility (FSO Africa) * TI Asia Ltd FSO Operator and owner of a single floating storage and offloading facility (FSO Asia) * * Both FSO Asia and FSO Africa are on a time charter contract to North Oil Company (NOC), the new operator of Al Shaheen field, until mid-2022. |
Major exchange rates (Tables)
Major exchange rates (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Effects Of Changes In Foreign Exchange Rates [Abstract] | |
Major exchange rates used in the financial statements | The following major exchange rates have been used in preparing the consolidated financial statements: closing rates average rates 1 XXX = x,xxxx USD December 31, 2017 December 31, 2016 December 31, 2015 2017 2016 2015 EUR 1.1993 1.0541 1.0887 1.1249 1.1061 1.1154 GBP 1.3517 1.2312 1.4833 1.2880 1.3662 1.5315 |
Significant accounting polici62
Significant accounting policies - Reporting entity (Details) | 12 Months Ended |
Dec. 31, 2017storage_unit | |
FSOs | Maersk Oil | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of floating storage units under service contracts | 2 |
Significant accounting polici63
Significant accounting policies - Goodwill and intangible assets (Details) - Software | 12 Months Ended |
Dec. 31, 2017 | |
Minimum | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful life | 3 years |
Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful life | 5 years |
Significant accounting polici64
Significant accounting policies - Vessels, property, plant and equipment (Details) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
tankers | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 20 years |
FSO/FpSO/FPSO | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 25 years |
plant and equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 5 years |
plant and equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 20 years |
fixtures and fittings | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 5 years |
fixtures and fittings | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 10 years |
other tangible assets | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 3 years |
other tangible assets | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 20 years |
dry-docking | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 2 years 6 months |
dry-docking | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 5 years |
Vessels | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Residual value | $ 0 |
Dry-docking Component | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Amortization threshold | 1 year |
Significant accounting polici65
Significant accounting policies - Segment reporting (Details) | 12 Months Ended |
Dec. 31, 2017segment | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Number of operating segments | 2 |
Significant accounting polici66
Significant accounting policies - New standards and interpretations not yet adopted (Details) - IFRS 15 $ in Millions | Dec. 31, 2017USD ($) |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Reduction of accrued revenue | $ 4.4 |
Capitalized fulfillment costs | $ 2.7 |
Segment reporting - Additional
Segment reporting - Additional Information (Details) - segment | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of operating segments [line items] | |||
Number of operating segments | 2 | ||
Tankers | |||
Disclosure of operating segments [line items] | |||
Contract duration of project (less than) | 2 years | ||
Two clients | Tankers | |||
Disclosure of operating segments [line items] | |||
Percentage of entity's revenue | 10.00% | ||
One client | Tankers | |||
Disclosure of operating segments [line items] | |||
Percentage of entity's revenue | 10.00% | 11.00% |
Segment reporting - Consolidate
Segment reporting - Consolidated Statement Of Financial Position (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of operating segments [line items] | |||
Vessels | $ 2,271,500 | $ 2,383,163 | |
Assets under construction | 63,668 | 86,136 | |
Other tangible assets | 1,663 | 777 | |
Intangible assets | 72 | 156 | |
Receivables | 160,352 | 183,914 | |
Investments in equity accounted investees (Note 25) | 30,595 | 18,413 | |
Deferred tax assets | 2,487 | 964 | |
Total non-current assets | 2,530,337 | 2,673,523 | |
Total current assets | 280,636 | 373,388 | |
TOTAL ASSETS | 2,810,973 | 3,046,911 | |
Total equity | 1,846,361 | 1,887,956 | |
Bank and other loans | 653,730 | 966,443 | |
Convertible and other Notes | 147,619 | 0 | |
Other payables | 539 | 533 | |
Deferred tax liabilities | 0 | 0 | |
Employee benefits | 3,984 | 2,846 | $ 2,038 |
Amounts due to equity-accounted joint ventures | 0 | 0 | |
Provisions | 0 | 38 | |
Total non-current liabilities | 805,872 | 969,860 | |
Total current liabilities | 158,740 | 189,095 | |
TOTAL EQUITY and LIABILITIES | 2,810,973 | 3,046,911 | |
Operating segments | Tankers | |||
Disclosure of operating segments [line items] | |||
Vessels | 2,271,500 | 2,383,163 | |
Assets under construction | 63,668 | 86,136 | |
Other tangible assets | 1,663 | 777 | |
Intangible assets | 72 | 156 | |
Receivables | 163,382 | 204,079 | |
Investments in equity accounted investees (Note 25) | 1,695 | 1,546 | |
Deferred tax assets | 2,487 | 964 | |
Total non-current assets | 2,504,467 | 2,676,821 | |
Total current assets | 281,132 | 375,037 | |
TOTAL ASSETS | 2,785,599 | 3,051,858 | |
Total equity | 1,820,887 | 1,892,836 | |
Bank and other loans | 653,730 | 966,443 | |
Convertible and other Notes | 147,619 | 0 | |
Other payables | 539 | 533 | |
Deferred tax liabilities | 0 | 0 | |
Employee benefits | 3,984 | 2,846 | |
Amounts due to equity-accounted joint ventures | 0 | 0 | |
Provisions | 0 | 38 | |
Total non-current liabilities | 805,872 | 969,860 | |
Total current liabilities | 158,840 | 189,162 | |
TOTAL EQUITY and LIABILITIES | 2,785,599 | 3,051,858 | |
Operating segments | FSO | |||
Disclosure of operating segments [line items] | |||
Vessels | 168,100 | 186,170 | |
Assets under construction | 0 | 0 | |
Other tangible assets | 0 | 0 | |
Intangible assets | 0 | 0 | |
Receivables | 10,739 | 9,414 | |
Investments in equity accounted investees (Note 25) | 0 | 0 | |
Deferred tax assets | 223 | 0 | |
Total non-current assets | 179,062 | 195,584 | |
Total current assets | 11,581 | 43,048 | |
TOTAL ASSETS | 190,643 | 238,632 | |
Total equity | 25,473 | (4,879) | |
Bank and other loans | 162,762 | 203,512 | |
Convertible and other Notes | 0 | 0 | |
Other payables | 0 | 1,118 | |
Deferred tax liabilities | 1,680 | 0 | |
Employee benefits | 0 | 0 | |
Amounts due to equity-accounted joint ventures | 0 | 0 | |
Provisions | 0 | 0 | |
Total non-current liabilities | 164,442 | 204,630 | |
Total current liabilities | 728 | 38,881 | |
TOTAL EQUITY and LIABILITIES | 190,643 | 238,632 | |
Less: Equity-accounted investees | |||
Disclosure of operating segments [line items] | |||
Vessels | 168,100 | 186,170 | |
Assets under construction | 0 | 0 | |
Other tangible assets | 0 | 0 | |
Intangible assets | 0 | 0 | |
Receivables | 13,769 | 29,579 | |
Investments in equity accounted investees (Note 25) | (28,900) | (16,867) | |
Deferred tax assets | 223 | 0 | |
Total non-current assets | 153,192 | 198,882 | |
Total current assets | 12,077 | 44,697 | |
TOTAL ASSETS | 165,269 | 243,579 | |
Total equity | (1) | 1 | |
Bank and other loans | 162,762 | 203,512 | |
Convertible and other Notes | 0 | 0 | |
Other payables | 0 | 1,118 | |
Deferred tax liabilities | 1,680 | 0 | |
Employee benefits | 0 | 0 | |
Amounts due to equity-accounted joint ventures | 0 | 0 | |
Provisions | 0 | 0 | |
Total non-current liabilities | 164,442 | 204,630 | |
Total current liabilities | 828 | 38,948 | |
TOTAL EQUITY and LIABILITIES | $ 165,269 | $ 243,579 |
Segment reporting - Consolida69
Segment reporting - Consolidated Statement Of Profit Or Loss By Operating Segment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of operating segments [line items] | |||
Revenue | $ 513,368,000 | $ 684,265,000 | $ 846,507,000 |
Gains on disposal of vessels/other tangible assets (Note 8) | 36,538,000 | 50,397,000 | 13,302,000 |
Other operating income | 4,902,000 | 6,996,000 | 7,426,000 |
Total shipping income | 554,808,000 | 741,658,000 | 867,235,000 |
Voyage expenses and commissions | (62,035,000) | (59,560,000) | (71,237,000) |
Vessel operating expenses | (150,427,000) | (160,199,000) | (153,718,000) |
Charter hire expenses | (31,173,000) | (17,713,000) | (25,849,000) |
Losses on disposal of vessels/other tangible assets | (21,027,000) | (2,000) | (8,002,000) |
Loss on disposal of investments in equity accounted investees | 0 | (24,150,000) | 0 |
Depreciation tangible assets | (229,777,000) | (227,664,000) | (210,156,000) |
Depreciation intangible assets | (95,000) | (99,000) | (50,000) |
General and administrative expenses | (46,868,000) | (44,051,000) | (46,251,000) |
Total operating expenses | (541,402,000) | (533,438,000) | (515,263,000) |
RESULT FROM OPERATING ACTIVITIES | 13,406,000 | 208,220,000 | 351,972,000 |
Finance income | 7,266,000 | 6,855,000 | 3,312,000 |
Finance expenses | (50,729,000) | (51,695,000) | (50,942,000) |
Net finance expenses | (43,463,000) | (44,840,000) | (47,630,000) |
Share of profit (loss) of equity accounted investees (net of income tax) | 30,082,000 | 40,495,000 | 51,592,000 |
PROFIT (LOSS) BEFORE INCOME TAX | 25,000 | 203,875,000 | 355,934,000 |
Income tax expense | 1,358,000 | 174,000 | (5,633,000) |
PROFIT (LOSS) FOR THE PERIOD | 1,383,000 | 204,049,000 | 350,301,000 |
Owners of the company | 1,382,530 | 204,049,212 | 350,300,535 |
Operating segments | Tankers | |||
Disclosure of operating segments [line items] | |||
Revenue | 513,398,000 | 704,766,000 | 898,495,000 |
Gains on disposal of vessels/other tangible assets (Note 8) | 36,538,000 | 50,397,000 | 13,302,000 |
Other operating income | 4,902,000 | 6,765,000 | 6,798,000 |
Total shipping income | 554,838,000 | 761,928,000 | 918,595,000 |
Voyage expenses and commissions | (62,035,000) | (63,305,000) | (83,896,000) |
Vessel operating expenses | (150,390,000) | (164,478,000) | (160,894,000) |
Charter hire expenses | (31,173,000) | (17,713,000) | (25,849,000) |
Losses on disposal of vessels/other tangible assets | (21,027,000) | (1,000) | (8,002,000) |
Loss on disposal of investments in equity accounted investees | 0 | (24,150,000) | 0 |
Depreciation tangible assets | (229,777,000) | (233,368,000) | (221,399,000) |
Depreciation intangible assets | (95,000) | (99,000) | (50,000) |
General and administrative expenses | (46,871,000) | (44,152,000) | (46,433,000) |
Total operating expenses | (541,368,000) | (547,266,000) | (546,523,000) |
RESULT FROM OPERATING ACTIVITIES | 13,470,000 | 214,662,000 | 372,072,000 |
Finance income | 7,267,000 | 6,864,000 | 3,313,000 |
Finance expenses | (50,730,000) | (52,420,000) | (52,590,000) |
Net finance expenses | (43,463,000) | (45,556,000) | (49,277,000) |
Share of profit (loss) of equity accounted investees (net of income tax) | 150,000 | 334,000 | 185,000 |
PROFIT (LOSS) BEFORE INCOME TAX | (29,843,000) | 169,440,000 | 322,980,000 |
Income tax expense | 1,358,000 | 174,000 | (5,633,000) |
PROFIT (LOSS) FOR THE PERIOD | (28,485,000) | 169,614,000 | 317,347,000 |
Owners of the company | (28,485,000) | 169,614,000 | 317,347,000 |
Operating segments | FSO | |||
Disclosure of operating segments [line items] | |||
Revenue | 59,513,000 | 65,125,000 | 64,504,000 |
Gains on disposal of vessels/other tangible assets (Note 8) | 0 | 0 | 0 |
Other operating income | 234,000 | 327,000 | 808,000 |
Total shipping income | 59,747,000 | 65,452,000 | 65,312,000 |
Voyage expenses and commissions | (304,000) | (476,000) | (473,000) |
Vessel operating expenses | (9,157,000) | (9,679,000) | (10,074,000) |
Charter hire expenses | 0 | 0 | 0 |
Losses on disposal of vessels/other tangible assets | 0 | 0 | 0 |
Loss on disposal of investments in equity accounted investees | 0 | 0 | 0 |
Depreciation tangible assets | (18,071,000) | (18,071,000) | (18,071,000) |
Depreciation intangible assets | 0 | 0 | 0 |
General and administrative expenses | (30,000) | (80,000) | (283,000) |
Total operating expenses | (27,562,000) | (28,306,000) | (28,901,000) |
RESULT FROM OPERATING ACTIVITIES | 32,185,000 | 37,146,000 | 36,411,000 |
Finance income | 197,000 | 57,000 | 22,000 |
Finance expenses | (1,026,000) | (2,552,000) | (3,663,000) |
Net finance expenses | (829,000) | (2,495,000) | (3,641,000) |
Share of profit (loss) of equity accounted investees (net of income tax) | 0 | 0 | 0 |
PROFIT (LOSS) BEFORE INCOME TAX | 31,356,000 | 34,651,000 | 32,770,000 |
Income tax expense | (1,488,000) | (216,000) | 184,000 |
PROFIT (LOSS) FOR THE PERIOD | 29,868,000 | 34,435,000 | 32,954,000 |
Owners of the company | 29,868,000 | 34,435,000 | 32,954,000 |
Less: Equity-accounted investees | |||
Disclosure of operating segments [line items] | |||
Revenue | 59,543,000 | 85,626,000 | 116,492,000 |
Gains on disposal of vessels/other tangible assets (Note 8) | 0 | 0 | 0 |
Other operating income | 234,000 | 96,000 | 180,000 |
Total shipping income | 59,777,000 | 85,722,000 | 116,672,000 |
Voyage expenses and commissions | (304,000) | (4,221,000) | (13,132,000) |
Vessel operating expenses | (9,120,000) | (13,958,000) | (17,250,000) |
Charter hire expenses | 0 | 0 | 0 |
Losses on disposal of vessels/other tangible assets | 0 | 1,000 | 0 |
Loss on disposal of investments in equity accounted investees | 0 | 0 | 0 |
Depreciation tangible assets | (18,071,000) | (23,775,000) | (29,314,000) |
Depreciation intangible assets | 0 | 0 | 0 |
General and administrative expenses | (33,000) | (181,000) | (465,000) |
Total operating expenses | (27,528,000) | (42,134,000) | (60,161,000) |
RESULT FROM OPERATING ACTIVITIES | 32,249,000 | 43,588,000 | 56,511,000 |
Finance income | 198,000 | 66,000 | 23,000 |
Finance expenses | (1,027,000) | (3,277,000) | (5,311,000) |
Net finance expenses | (829,000) | (3,211,000) | (5,288,000) |
Share of profit (loss) of equity accounted investees (net of income tax) | (29,932,000) | (40,161,000) | (51,407,000) |
PROFIT (LOSS) BEFORE INCOME TAX | 1,488,000 | 216,000 | (184,000) |
Income tax expense | (1,488,000) | (216,000) | 184,000 |
PROFIT (LOSS) FOR THE PERIOD | 0 | 0 | 0 |
Owners of the company | $ 0 | $ 0 | $ 0 |
Segment reporting - Summarized
Segment reporting - Summarized Consolidated Statement Of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of operating segments [line items] | |||
Net cash from operating activities | $ 211,295 | $ 438,202 | $ 450,532 |
Net cash from (used in) investing activities | (40,242) | (100,615) | (205,873) |
Net cash from (used in) financing activities | (234,976) | (261,160) | (365,315) |
Capital expenditure | (177,901) | (342,698) | (360,143) |
Impairment losses | 0 | 0 | 0 |
Impairment losses reversed | 0 | 0 | 0 |
Operating segments | Tankers | |||
Disclosure of operating segments [line items] | |||
Net cash from operating activities | 211,310 | 427,926 | 505,821 |
Net cash from (used in) investing activities | (40,243) | (90,891) | (248,770) |
Net cash from (used in) financing activities | (234,921) | (264,714) | (350,429) |
Capital expenditure | (177,901) | (342,698) | (361,754) |
Impairment losses | 0 | 0 | 0 |
Impairment losses reversed | 0 | 0 | 0 |
Operating segments | FSO | |||
Disclosure of operating segments [line items] | |||
Net cash from operating activities | 49,684 | 49,013 | 58,747 |
Net cash from (used in) investing activities | 0 | 0 | 0 |
Net cash from (used in) financing activities | (78,421) | (32,929) | (20,557) |
Capital expenditure | 0 | 0 | 0 |
Impairment losses | 0 | 0 | 0 |
Impairment losses reversed | 0 | 0 | 0 |
Less: Equity-accounted investees | |||
Disclosure of operating segments [line items] | |||
Net cash from operating activities | 49,698 | (38,737) | (114,036) |
Net cash from (used in) investing activities | (1) | (9,724) | 42,897 |
Net cash from (used in) financing activities | (78,367) | 36,483 | 5,671 |
Capital expenditure | 0 | 0 | (1,611) |
Impairment losses | 0 | 0 | 0 |
Impairment losses reversed | $ 0 | $ 0 | $ 0 |
Assets and liabilities held f71
Assets and liabilities held for sale and discontinued operations - Schedule Of Assets Held For Sale (Details) - USD ($) | Jan. 01, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Asset Held For Sale | $ 0 | ||||
Assets sold from assets held for sale | 0 | $ 0 | $ (24,195,000) | ||
(Expected) Loss | 0 | 0 | 0 | ||
Asset Held For Sale | 0 | 0 | |||
Vessels | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Asset Held For Sale | $ 24,195,000 | 0 | 24,195,000 | 89,000,000 | |
(Estimated) Sale price | 0 | 0 | 0 | 0 | |
Assets sold from assets held for sale | 0 | 0 | (24,195,000) | ||
(Expected) Gain | 0 | 13,821,000 | 15,886,000 | $ 0 | |
(Expected) Loss | 0 | 0 | 0 | 0 | |
(Estimated) Sale price | 0 | 0 | 0 | ||
Asset Held For Sale | 0 | 0 | 24,195,000 | 89,000,000 | |
Tankers | Vessels | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Asset Held For Sale | 24,195,000 | 0 | 24,195,000 | ||
Asset Held For Sale | 0 | 0 | 24,195,000 | ||
FSO | Vessels | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Asset Held For Sale | 0 | 0 | 0 | ||
Asset Held For Sale | 0 | 0 | 0 | ||
Book Value | Vessels | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Asset Held For Sale | $ 0 | $ 0 | 0 | 0 | |
Asset Held For Sale | 0 | 0 | $ 0 | ||
Antarctica | Assets sold from assets held for sale | Vessels | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Assets sold from assets held for sale, estimated sales price | 91,065,000 | ||||
Assets sold from assets held for sale | 89,000,000 | ||||
(Expected) Gain | 2,065,000 | ||||
(Expected) Loss | 0 | ||||
Antarctica | Book Value | Assets sold from assets held for sale | Vessels | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Assets sold from assets held for sale | (89,000,000) | ||||
Famenne | Vessels | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
(Expected) Gain | 13,800,000 | ||||
Famenne | Assets transferred to assets held for sale | Vessels | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Assets transferred to assets held for sale, estimated sales price | 38,016,000 | ||||
Assets transferred to assets held for sale | 24,195,000 | ||||
(Expected) Gain | 13,821,000 | ||||
(Expected) Loss | 0 | ||||
Famenne | Assets sold from assets held for sale | Vessels | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Assets sold from assets held for sale, estimated sales price | 38,016,000 | ||||
Assets sold from assets held for sale | 24,195,000 | ||||
(Expected) Gain | 13,821,000 | ||||
(Expected) Loss | 0 | ||||
Famenne | Book Value | Assets transferred to assets held for sale | Vessels | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Assets transferred to assets held for sale | $ 24,195,000 | ||||
Famenne | Book Value | Assets sold from assets held for sale | Vessels | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Assets sold from assets held for sale | $ (24,195,000) |
Assets and liabilities held f72
Assets and liabilities held for sale and discontinued operations - Additional Information (Details) | Jan. 15, 2016USD ($)T | Jan. 01, 2016USD ($) | Dec. 31, 2016USD ($)operation | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2017USD ($)operation | Mar. 09, 2016USD ($) |
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||||
Assets held for sale | $ 0 | $ 0 | |||||
Number of discontinued operations | operation | 0 | 0 | |||||
Vessels | |||||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||||
Assets held for sale | $ 0 | $ 24,195,000 | $ 89,000,000 | $ 0 | |||
Gain (loss) from sale of vessel | $ 0 | 13,821,000 | 15,886,000 | 0 | |||
Vessels | Famenne | |||||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||||
VLCC weight (in deadweight tons) | T | 298,412 | ||||||
Proceeds from sales of vessels previously held for sale | $ 38,400,000 | ||||||
Gain (loss) from sale of vessel | 13,800,000 | ||||||
Cost | Vessels | |||||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||||
Assets held for sale | $ 0 | $ 0 | $ 0 | ||||
Cost | Vessels | Famenne | |||||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||||
Assets held for sale | $ 24,200,000 |
Revenue and other operating i73
Revenue and other operating income - Schedule Of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Revenue Sources [Line Items] | |||
Revenue | $ 513,368 | $ 684,265 | $ 846,507 |
Other operating income | 4,902 | 6,996 | 7,426 |
Pool Revenue | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue | 249,303 | 340,217 | 455,617 |
Spot Voyages | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue | 145,360 | 203,821 | 264,799 |
Time charter | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue | $ 118,705 | $ 140,227 | $ 126,091 |
Expenses for shipping activit74
Expenses for shipping activities and other expenses from operating activities - Voyage Commissions and Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Analysis of income and expense [abstract] | |||
Voyage related expense | $ (57,140) | $ (52,836) | $ (62,787) |
Commissions paid | (4,895) | (6,724) | (8,450) |
Voyage related expense | $ (62,035) | $ (59,560) | $ (71,237) |
Expenses for shipping activit75
Expenses for shipping activities and other expenses from operating activities - Vessel Operating Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Analysis of income and expense [abstract] | |||
Operating expenses | $ (139,832) | $ (148,554) | $ (142,035) |
Insurance | (10,595) | (11,645) | (11,683) |
Total vessel operating expenses | $ (150,427) | $ (160,199) | $ (153,718) |
Expenses for shipping activit76
Expenses for shipping activities and other expenses from operating activities - Charter Hire Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of operating segments [line items] | |||
Total charter hire expenses | $ (31,173) | $ (17,713) | $ (25,849) |
Charter hire | |||
Disclosure of operating segments [line items] | |||
Total charter hire expenses | (62) | (16,921) | (25,849) |
Bare boat hire | |||
Disclosure of operating segments [line items] | |||
Total charter hire expenses | $ (31,111) | $ (792) | $ 0 |
Expenses for shipping activit77
Expenses for shipping activities and other expenses from operating activities - Narrative (Details) - Sale and Leaseback Agreement - Bareboat charter-hire - Vessels | Dec. 16, 2016vessel |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of VLCCs delivered | 4 |
Duration of sale and leaseback agreement on vessels | 5 years |
Expenses for shipping activit78
Expenses for shipping activities and other expenses from operating activities - General Administrative Expenses (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)employee | Dec. 31, 2016USD ($)employee | Dec. 31, 2015USD ($)employee | |
Analysis of income and expense [abstract] | |||
Wages and salaries | $ (12,853) | $ (12,754) | $ (12,554) |
Social security costs | (2,511) | (2,532) | (2,379) |
Provision for employee benefits | (827) | (261) | (108) |
Equity-settled share-based payments | (313) | (406) | (1,637) |
Other employee benefits | (3,148) | (3,178) | (3,715) |
Employee benefits | (19,652) | (19,131) | (20,392) |
Administrative expenses | (22,579) | (21,264) | (21,389) |
Tonnage Tax | (4,772) | (4,246) | (4,360) |
Claims | (25) | (13) | (19) |
Provisions | 160 | 603 | (91) |
Total general and administrative expenses | $ (46,868) | $ (44,051) | $ (46,251) |
Average number of full time equivalents (shore staff) | employee | 150,490 | 139,440 | 132,200 |
Net finance expense - Net Finan
Net finance expense - Net Finance Expense Recognized in Profit or Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financial Instruments [Abstract] | |||
Interest income | $ 655 | $ 217 | $ 208 |
Foreign exchange gains | 6,611 | 6,638 | 3,104 |
Finance income | 7,266 | 6,855 | 3,312 |
Interest expense on financial liabilities measured at amortized cost | (38,391) | (39,007) | (38,246) |
Amortization other Notes | 0 | 0 | (4,127) |
Other financial charges | (5,819) | (4,577) | (4,355) |
Foreign exchange losses | (6,519) | (8,111) | (4,214) |
Finance expense | (50,729) | (51,695) | (50,942) |
Net finance expenses | $ (43,463) | $ (44,840) | $ (47,630) |
Net finance expense - Finance I
Net finance expense - Finance Income and Expenses Not at Fair Value Through Profit or Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financial Instruments [Abstract] | |||
Total interest income on financial assets | $ 655 | $ 217 | $ 208 |
Total interest expense on financial liabilities | (38,391) | (39,007) | (42,373) |
Total other financial charges | $ (5,819) | $ (4,577) | $ (4,355) |
Net finance expense - Net Fin81
Net finance expense - Net Finance Expense Recognized Directly in Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Foreign currency translation differences for foreign operations | $ 448 | $ 170 | $ (429) |
Other comprehensive income, net of tax | 995 | 748 | 1,136 |
Translation Reserve and Hedging Reserve | |||
Other comprehensive income, net of tax | 448 | 170 | (429) |
Translation reserve | |||
Other comprehensive income, net of tax | $ 448 | $ 170 | $ (429) |
Income tax benefit (expense) -
Income tax benefit (expense) - Income tax benefit (expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current tax | |||
Current period | $ (85) | $ 60 | $ (98) |
Total current tax | (85) | 60 | (98) |
Deferred tax | |||
Recognition of unused tax losses/(use of tax losses) | 1,473 | 220 | (5,450) |
Other | (30) | (106) | (85) |
Total deferred tax | 1,443 | 114 | (5,535) |
Total tax benefit/(expense) | $ 1,358 | $ 174 | $ (5,633) |
Income tax benefit (expense) 83
Income tax benefit (expense) - Effective income tax rate reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Profit (loss) before tax | $ 25 | $ 203,875 | $ 355,934 |
Tax at domestic rate | (8) | (69,297) | (120,982) |
Tax exempt profit / loss | 499 | (8,090) | (144) |
Tax adjustments for previous years | 10 | 70 | 17 |
Loss for which no DTA has been recognized | 0 | 0 | (4,811) |
Use of previously unrecognized tax losses | 7,146 | 1,118 | 15,668 |
Non-deductible expenses | (710) | (1,718) | (5,225) |
Tonnage Tax regime | (13,918) | 64,637 | 91,334 |
Effect of share of profit of equity-accounted investees | 10,175 | 13,761 | 17,536 |
Effects of tax regimes in foreign jurisdictions | (1,836) | (307) | 974 |
Total tax benefit/(expense) | $ 1,358 | $ 174 | $ (5,633) |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | |||
Tax at domestic rate (as a percent) | (33.99%) | (33.99%) | (33.99%) |
Total taxes (as a percent) | 5430.01% | 0.09% | (1.58%) |
Tonnage Tax | $ (4,772) | $ (4,246) | $ (4,360) |
Property, plant and equipment -
Property, plant and equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | $ 185,922 | $ 208,828 | |
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 2,470,076 | 2,382,976 | $ 2,276,161 |
Acquisitions | 177,890 | 338,034 | 359,885 |
Acquisitions through business combinations (Note 24) | 0 | 120,280 | |
Disposals and cancellations | (81,398) | (143,464) | (18,684) |
Depreciation charges | (229,777) | (227,664) | (210,156) |
Transfer to assets held for sale | 0 | 0 | (24,195) |
Transfers | 0 | 0 | 0 |
Translation differences | 40 | (86) | (35) |
Property, plant and equipment, ending balance | 2,336,831 | 2,470,076 | 2,382,976 |
Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 3,836,644 | 3,573,979 | 3,362,205 |
Property, plant and equipment, ending balance | 3,662,905 | 3,836,644 | 3,573,979 |
Depreciation & impairment losses | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | (1,366,568) | (1,191,003) | (1,086,044) |
Property, plant and equipment, ending balance | (1,326,074) | (1,366,568) | (1,191,003) |
Vessels | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 2,383,163 | 2,288,036 | 2,258,334 |
Acquisitions | 125,486 | 250,912 | 257,706 |
Acquisitions through business combinations (Note 24) | 0 | 120,280 | |
Disposals and cancellations | (81,389) | (143,457) | (10,681) |
Depreciation charges | (229,429) | (227,306) | (209,728) |
Transfer to assets held for sale | 0 | 0 | (24,195) |
Transfers | 73,669 | 94,698 | 16,600 |
Translation differences | 0 | 0 | 0 |
Property, plant and equipment, ending balance | 2,271,500 | 2,383,163 | 2,288,036 |
Vessels | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 3,748,135 | 3,477,605 | 3,342,607 |
Property, plant and equipment, ending balance | 3,595,692 | 3,748,135 | 3,477,605 |
Vessels | Depreciation & impairment losses | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | (1,364,972) | (1,189,569) | (1,084,273) |
Property, plant and equipment, ending balance | (1,324,192) | (1,364,972) | (1,189,569) |
Vessels under construction | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 86,136 | 93,890 | 0 |
Acquisitions | 51,201 | 86,944 | 93,890 |
Acquisitions through business combinations (Note 24) | 0 | 0 | |
Disposals and cancellations | 0 | 0 | 0 |
Depreciation charges | 0 | 0 | 0 |
Transfer to assets held for sale | 0 | 0 | 0 |
Transfers | (73,669) | (94,698) | 0 |
Translation differences | 0 | 0 | 0 |
Property, plant and equipment, ending balance | 63,668 | 86,136 | 93,890 |
Vessels under construction | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 86,136 | 93,890 | 0 |
Property, plant and equipment, ending balance | 63,668 | 86,136 | 93,890 |
Vessels under construction | Depreciation & impairment losses | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 0 | 0 | 0 |
Property, plant and equipment, ending balance | 0 | 0 | 0 |
Other tangible assets | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 777 | 1,048 | 1,226 |
Acquisitions | 1,203 | 175 | 288 |
Acquisitions through business combinations (Note 24) | 0 | 0 | |
Disposals and cancellations | (9) | (7) | (3) |
Depreciation charges | (348) | (358) | (428) |
Transfer to assets held for sale | 0 | 0 | 0 |
Transfers | 0 | 5 | 0 |
Translation differences | 40 | (86) | (35) |
Property, plant and equipment, ending balance | 1,663 | 777 | 1,048 |
Other tangible assets | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 2,373 | 2,482 | 2,997 |
Property, plant and equipment, ending balance | 3,545 | 2,373 | 2,482 |
Other tangible assets | Depreciation & impairment losses | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | (1,596) | (1,434) | (1,771) |
Property, plant and equipment, ending balance | (1,882) | (1,596) | (1,434) |
Prepayments | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 0 | 2 | 16,601 |
Acquisitions | 0 | 3 | 8,001 |
Acquisitions through business combinations (Note 24) | 0 | 0 | |
Disposals and cancellations | 0 | 0 | (8,000) |
Depreciation charges | 0 | 0 | 0 |
Transfer to assets held for sale | 0 | 0 | 0 |
Transfers | 0 | (5) | (16,600) |
Translation differences | 0 | 0 | 0 |
Property, plant and equipment, ending balance | 0 | 0 | 2 |
Prepayments | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 0 | 2 | 16,601 |
Property, plant and equipment, ending balance | 0 | 0 | 2 |
Prepayments | Depreciation & impairment losses | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 0 | 0 | 0 |
Property, plant and equipment, ending balance | $ 0 | $ 0 | $ 0 |
Property, plant and equipment85
Property, plant and equipment - Narrative (Details) | Dec. 20, 2017USD ($) | Dec. 04, 2017USD ($) | Nov. 29, 2017USD ($) | Nov. 17, 2017USD ($)T | Nov. 16, 2017USD ($)T | Nov. 10, 2017USD ($)T | May 23, 2017USD ($)T | May 14, 2017 | Jan. 20, 2017T | Jan. 12, 2017T | Dec. 16, 2016USD ($)vessel | Nov. 23, 2016T | Jan. 15, 2016USD ($)T | Jan. 01, 2016USD ($) | Jun. 30, 2017USD ($)vessel | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($)ship | Dec. 31, 2017USD ($)vessel | Dec. 31, 2016USD ($)vessel | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Agreement to purchase property, plant and equipment | $ 208,828,000 | $ 185,922,000 | $ 185,922,000 | $ 185,922,000 | $ 185,922,000 | $ 185,922,000 | $ 208,828,000 | |||||||||||||||||
Acquisition of vessels | 176,687,000 | 342,502,000 | $ 351,596,000 | |||||||||||||||||||||
Deferred gain on sale and leaseback transaction | 5,000,000 | 0 | 0 | 0 | 0 | 0 | 5,000,000 | 0 | ||||||||||||||||
Book Value | 2,470,076,000 | 2,336,831,000 | 2,336,831,000 | 2,336,831,000 | 2,336,831,000 | 2,336,831,000 | 2,470,076,000 | 2,382,976,000 | $ 2,276,161,000 | |||||||||||||||
VLCC TI Topaz | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Sale price | 20,790,000 | |||||||||||||||||||||||
Deferred gain on sale and leaseback transaction | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
VLCC Flandre | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Sale price | 45,000,000 | |||||||||||||||||||||||
Deferred gain on sale and leaseback transaction | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Suezmax Cap Georges | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Sale price | 9,310,000 | |||||||||||||||||||||||
Deferred gain on sale and leaseback transaction | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
VLCC Artois | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Sale price | 21,780,000 | |||||||||||||||||||||||
Deferred gain on sale and leaseback transaction | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
VLCC Famenne | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Sale price | 38,016,000 | |||||||||||||||||||||||
Deferred gain on sale and leaseback transaction | 0 | 0 | ||||||||||||||||||||||
Nautilus | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Sale price | 43,250,000 | |||||||||||||||||||||||
Deferred gain on sale and leaseback transaction | 500,000 | 500,000 | ||||||||||||||||||||||
Navarin | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Sale price | 47,250,000 | |||||||||||||||||||||||
Deferred gain on sale and leaseback transaction | 1,500,000 | 1,500,000 | ||||||||||||||||||||||
Neptun | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Sale price | 47,250,000 | |||||||||||||||||||||||
Deferred gain on sale and leaseback transaction | 1,500,000 | 1,500,000 | ||||||||||||||||||||||
Nucleus | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Sale price | 47,250,000 | |||||||||||||||||||||||
Deferred gain on sale and leaseback transaction | 1,500,000 | 1,500,000 | ||||||||||||||||||||||
FSO Africa And FSO Asia | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Term of continued contractual service | 5 years | |||||||||||||||||||||||
Ice Class Suezmax Vessels | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Agreement to purchase property, plant and equipment | 111,793,000 | 185,922,000 | 185,922,000 | 185,922,000 | 185,922,000 | 185,922,000 | 111,793,000 | |||||||||||||||||
Vessels | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Gain (loss) from sale of vessel | $ 0 | 13,821,000 | 15,886,000 | 0 | ||||||||||||||||||||
Residual value | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Book Value | 2,383,163,000 | $ 2,271,500,000 | 2,271,500,000 | $ 2,271,500,000 | 2,271,500,000 | 2,271,500,000 | 2,383,163,000 | $ 2,288,036,000 | 2,258,334,000 | |||||||||||||||
Vessels | VLCC Ardeche | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
VLCC weight (in deadweight tons) | T | 298,642 | |||||||||||||||||||||||
Vessels | VLCC Aquitaine | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
VLCC weight (in deadweight tons) | T | 298,767 | |||||||||||||||||||||||
Vessels | Cap Lara, Captain Michael, Alsace, Iris, Navarin, Simone, Ilma, Nucleus, Neptun, Sonia, Filikon, TI Europe and Nectar | Maximum | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Estimated useful life | 5 years | |||||||||||||||||||||||
Vessels | Cap Lara, Captain Michael, Alsace, Iris, Navarin, Simone, Ilma, Nucleus, Neptun, Sonia, Filikon, TI Europe and Nectar | Minimum | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Estimated useful life | 2 years 6 months | |||||||||||||||||||||||
Vessels | VLCC TI Topaz | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
VLCC weight (in deadweight tons) | T | 319,430 | |||||||||||||||||||||||
Proceeds from sales of vessels | $ 20,800,000 | |||||||||||||||||||||||
Gain (loss) from sale of vessel | $ (21,000,000) | |||||||||||||||||||||||
Vessels | VLCC Flandre | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
VLCC weight (in deadweight tons) | T | 305,688 | |||||||||||||||||||||||
Proceeds from sales of vessels | $ 45,000,000 | |||||||||||||||||||||||
Gain (loss) from sale of vessel | $ 20,300,000 | |||||||||||||||||||||||
Vessels | Suezmax Cap Georges | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
VLCC weight (in deadweight tons) | T | 146,652 | |||||||||||||||||||||||
Proceeds from sales of vessels | $ 9,300,000 | |||||||||||||||||||||||
Gain (loss) from sale of vessel | $ 8,500,000 | |||||||||||||||||||||||
Vessels | VLCC Artois | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
VLCC weight (in deadweight tons) | T | 298,330 | |||||||||||||||||||||||
Proceeds from sales of vessels | $ 21,800,000 | |||||||||||||||||||||||
Gain (loss) from sale of vessel | $ 7,700,000 | |||||||||||||||||||||||
Vessels | VLCC Famenne | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
VLCC weight (in deadweight tons) | T | 298,412 | |||||||||||||||||||||||
Proceeds from sales of vessels | $ 38,400,000 | |||||||||||||||||||||||
Gain (loss) from sale of vessel | $ 13,800,000 | |||||||||||||||||||||||
Vessels | Tankers | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Weighted average cost of capital for cash flow projections | 9.70% | 6.43% | 6.01% | |||||||||||||||||||||
Estimated useful life | 20 years | |||||||||||||||||||||||
Residual value | $ 0 | 0 | $ 0 | 0 | 0 | |||||||||||||||||||
Impairment loss estimate | 9,200,000 | |||||||||||||||||||||||
Vessels | Tankers | Maximum | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Increase in weighted average cost of capital | 12.70% | |||||||||||||||||||||||
Vessels | Tankers | Minimum | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Increase in weighted average cost of capital | 3.00% | |||||||||||||||||||||||
Vessels | Tanker fleet, ten-year historical charter rates | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Historical charter rates | 10 years | |||||||||||||||||||||||
Vessels | Tanker fleet, five-year historical charter rates | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Impairment of tanker fleet | 5,700,000 | $ 0 | $ 123,300,000 | |||||||||||||||||||||
Historical charter rates | 5 years | |||||||||||||||||||||||
Vessels | Tanker fleet, one-year historical charter rates | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Impairment of tanker fleet | 427,300,000 | $ 0 | ||||||||||||||||||||||
Historical charter rates | 1 year | |||||||||||||||||||||||
Vessels | Floating Storage And Offloading | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Weighted average cost of capital for cash flow projections | 9.70% | 6.43% | 6.01% | |||||||||||||||||||||
Estimated useful life | 25 years | |||||||||||||||||||||||
Residual value | $ 0 | 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||
Increase in weighted average cost of capital | 3.00% | |||||||||||||||||||||||
Vessels | Ice Class Suezmax Vessels | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Number of vessels under construction | 4 | 4 | ||||||||||||||||||||||
Number of additional vessels available through purchase option | vessel | 4 | 2 | ||||||||||||||||||||||
Vessels | Assets sold from assets held for sale | VLCC Famenne | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Gain (loss) from sale of vessel | $ 13,821,000 | |||||||||||||||||||||||
Vessels under construction | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Book Value | 86,136,000 | 63,668,000 | 63,668,000 | $ 63,668,000 | $ 63,668,000 | $ 63,668,000 | 86,136,000 | $ 93,890,000 | $ 0 | |||||||||||||||
Seven Seas Shipping Ltd. | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Book Value | 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 33,052,000 | ||||||||||||||||
Seven Seas Shipping Ltd. | Vessels | V.K Eddie | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
VLCC weight (in deadweight tons) | T | 305,261 | |||||||||||||||||||||||
Sale price | $ 9,300,000 | |||||||||||||||||||||||
Sale and Leaseback Agreement | Vessels | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Number of VLCCs delivered | vessel | 4 | |||||||||||||||||||||||
Duration of sale and leaseback agreement on vessels | 5 years | |||||||||||||||||||||||
Sale and Leaseback Agreement | Vessels | Nautilus, Navarin, Neptun, and Nucleus | ||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||||
Deferred gain on sale and leaseback transaction | $ 5,000,000 |
Property, plant and equipment86
Property, plant and equipment - Schedule of Disposal of Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | $ 2,336,831 | $ 2,470,076 | $ 2,382,976 | $ 2,276,161 |
Gain | 36,538 | 55,397 | 13,302 | |
Deferred Gain | 0 | (5,000) | 0 | |
Loss | (21,027) | (2) | (8,002) | |
Antarctica | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 91,065 | |||
Gain | 2,065 | |||
Deferred Gain | 0 | |||
Loss | 0 | |||
Cap Laurent | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 21,825 | |||
Gain | 11,143 | |||
Deferred Gain | 0 | |||
Loss | 0 | |||
Famenne | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 38,016 | |||
Gain | 13,821 | |||
Deferred Gain | 0 | |||
Loss | 0 | |||
TI Topaz | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 20,790 | |||
Gain | 0 | |||
Deferred Gain | 0 | |||
Loss | (21,027) | |||
Nautilus | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 43,250 | |||
Gain | 11,042 | |||
Deferred Gain | (500) | |||
Loss | 0 | |||
Flandre | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 45,000 | |||
Gain | 20,307 | |||
Deferred Gain | 0 | |||
Loss | 0 | |||
Navarin | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 47,250 | |||
Gain | 10,511 | |||
Deferred Gain | (1,500) | |||
Loss | 0 | |||
Cap Georges | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 9,310 | |||
Gain | 8,509 | |||
Deferred Gain | 0 | |||
Loss | 0 | |||
Neptun | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 47,250 | |||
Gain | 9,716 | |||
Deferred Gain | (1,500) | |||
Loss | 0 | |||
Nucleus | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 47,250 | |||
Gain | 10,276 | |||
Deferred Gain | (1,500) | |||
Loss | 0 | |||
Artois | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 21,780 | |||
Gain | 7,703 | |||
Deferred Gain | 0 | |||
Loss | 0 | |||
Other | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 28 | 0 | 0 | |
Gain | 20 | 31 | 94 | |
Deferred Gain | 0 | 0 | 0 | |
Loss | 0 | (2) | (8,002) | |
Book Value | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 3,662,905 | 3,836,644 | 3,573,979 | $ 3,362,205 |
Book Value | Antarctica | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 89,000 | |||
Book Value | Cap Laurent | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 10,682 | |||
Book Value | Famenne | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 24,195 | |||
Book Value | TI Topaz | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 41,817 | |||
Book Value | Nautilus | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 32,208 | |||
Book Value | Flandre | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 24,693 | |||
Book Value | Navarin | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 36,739 | |||
Book Value | Cap Georges | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 801 | |||
Book Value | Neptun | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 37,534 | |||
Book Value | Nucleus | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 36,974 | |||
Book Value | Artois | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 14,077 | |||
Book Value | Other | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | $ 8 | $ 0 | $ 0 |
Property, plant and equipment87
Property, plant and equipment - Capital Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | $ 185,922 | $ 208,828 |
VLCCs | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 0 | 97,035 |
Suezmaxes | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 185,922 | 111,793 |
FSOs | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 0 | 0 |
Between one and two years | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 185,922 | 121,878 |
Between one and two years | VLCCs | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 0 | 97,035 |
Between one and two years | Suezmaxes | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 185,922 | 24,843 |
Between one and two years | FSOs | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 0 | 0 |
Between two and three years | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 0 | 86,950 |
Between two and three years | VLCCs | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 0 | 0 |
Between two and three years | Suezmaxes | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 0 | 86,950 |
Between two and three years | FSOs | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 0 | 0 |
Between three and four years | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 0 | 0 |
Between three and four years | VLCCs | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 0 | 0 |
Between three and four years | Suezmaxes | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 0 | 0 |
Between three and four years | FSOs | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | $ 0 | $ 0 |
Deferred tax assets and liabi88
Deferred tax assets and liabilities - Components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | $ 2,487 | $ 964 | ||
Deferred tax liabilities | 0 | 0 | ||
NET | 2,487 | 964 | $ 935 | $ 6,536 |
Provisions | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 1 | 31 | ||
Deferred tax liabilities | 0 | 0 | ||
NET | 1 | 31 | 169 | 238 |
Employee benefits | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 44 | 37 | ||
Deferred tax liabilities | 0 | 0 | ||
NET | 44 | 37 | 23 | 52 |
Unused tax losses & tax credits | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 2,442 | 896 | ||
Deferred tax liabilities | 0 | 0 | ||
NET | 2,442 | 896 | $ 743 | $ 6,246 |
Before Offset Amount | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 2,487 | 964 | ||
Deferred tax liabilities | 0 | 0 | ||
NET | 2,487 | 964 | ||
Offset | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 0 | 0 | ||
Deferred tax liabilities | $ 0 | $ 0 |
Deferred tax assets and liabi89
Deferred tax assets and liabilities - Unrecognized deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 75,661 | $ 80,805 |
Unrecognized deferred tax liabilities | 0 | 0 |
Deductible temporary differences | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 357 | 280 |
Unrecognized deferred tax liabilities | 0 | 0 |
Taxable temporary differences | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 7 | 7 |
Unrecognized deferred tax liabilities | (14,231) | (25,213) |
Unused tax losses & tax credits | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 89,528 | 105,731 |
Unrecognized deferred tax liabilities | 0 | 0 |
Before Offset Amount | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 89,892 | 106,018 |
Unrecognized deferred tax liabilities | (14,231) | (25,213) |
Offset | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | (14,231) | (25,213) |
Unrecognized deferred tax liabilities | $ 14,231 | $ 25,213 |
Deferred tax assets and liabi90
Deferred tax assets and liabilities - Movement of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | $ 964 | $ 935 | $ 6,536 |
Recognized in income | 1,443 | 114 | (5,535) |
Recognized in equity | 0 | 0 | 0 |
Translation differences | 80 | (85) | (66) |
Ending balance | 2,487 | 964 | 935 |
Provisions | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | 31 | 169 | 238 |
Recognized in income | (32) | (121) | (61) |
Recognized in equity | 0 | 0 | 0 |
Translation differences | 2 | (17) | (8) |
Ending balance | 1 | 31 | 169 |
Employee benefits | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | 37 | 23 | 52 |
Recognized in income | 2 | 15 | (24) |
Recognized in equity | 0 | 0 | 0 |
Translation differences | 5 | (1) | (5) |
Ending balance | 44 | 37 | 23 |
Unused tax losses & tax credits | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | 896 | 743 | 6,246 |
Recognized in income | 1,473 | 220 | (5,450) |
Recognized in equity | 0 | 0 | 0 |
Translation differences | 73 | (67) | (53) |
Ending balance | $ 2,442 | $ 896 | $ 743 |
Non-current receivables - Sched
Non-current receivables - Schedule of Non-Current Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Shareholders loans to joint ventures | $ 159,733 | $ 183,348 |
Other non-current receivables | 618 | 565 |
Investment | 1 | 1 |
Total non-current receivables | $ 160,352 | $ 183,914 |
Non-current receivables - Sch92
Non-current receivables - Schedule of Non-Current Receivables by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | $ 160,352 | $ 183,914 |
Between one and two years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | 0 | 0 |
Between two and three years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | 0 | 0 |
Between three and four years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | 0 | 0 |
Between four and five years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | 0 | 0 |
More than five years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | $ 160,352 | $ 183,914 |
Trade and other receivables -93
Trade and other receivables - current - Schedule of trade and other current receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade receivables | $ 32,758 | $ 38,695 |
Accrued income | 12,465 | 10,966 |
Accrued interest | 52 | 33 |
Deferred charges | 24,797 | 21,149 |
Other receivables | 66,725 | 95,499 |
Total trade and other receivables | $ 136,797 | $ 166,342 |
Cash and cash equivalents - Sch
Cash and cash equivalents - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subclassifications of assets, liabilities and equities [abstract] | ||||
Bank deposits | $ 102,200 | $ 104,500 | ||
Cash at bank and in hand | 41,448 | 102,189 | ||
TOTAL | 143,648 | 206,689 | ||
Of which restricted cash | 115 | 146 | ||
Bank overdrafts used for cash management purposes | 0 | 0 | ||
NET CASH AND CASH EQUIVALENTS | $ 143,648 | $ 206,689 | $ 131,663 | $ 254,086 |
Cash and cash equivalents - Add
Cash and cash equivalents - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Maturity of bank deposits | 16 days | 10 days |
Equity - Number of shares issue
Equity - Number of shares issued (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of number of shares outstanding [abstract] | |||
Beginning of period (in shares) | 158,166,534 | 158,742,282 | 129,300,666 |
End of period (in shares) | 158,166,534 | 158,166,534 | 158,742,282 |
Share capital | |||
Reconciliation of number of shares outstanding [abstract] | |||
Beginning of period (in shares) | 159,208,949 | 159,208,949 | 131,050,666 |
Conversion perpetual convertible preferred equity (in shares) | 0 | 0 | 9,459,283 |
Issuance of shares (in shares) | 0 | 0 | 18,699,000 |
End of period (in shares) | 159,208,949 | 159,208,949 | 159,208,949 |
Equity - Narrative (Details)
Equity - Narrative (Details) | Oct. 05, 2017$ / shares | Aug. 09, 2017$ / shares | May 11, 2017$ / shares | Feb. 09, 2017shares | Feb. 02, 2016shares | Feb. 12, 2015EUR (€)shares | Feb. 06, 2015USD ($)shares | Jan. 30, 2015security | Jan. 28, 2015USD ($)$ / sharesshares | Dec. 16, 2013EUR (€) | Aug. 31, 2017$ / shares | Aug. 31, 2016$ / shares | Mar. 31, 2016shares | Dec. 31, 2018$ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2018$ / shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2017shares | Dec. 31, 2017€ / $ | Dec. 31, 2017£ / $ | Dec. 31, 2016shares | Dec. 31, 2016€ / $ | Dec. 31, 2016£ / $ | Dec. 31, 2015shares | Dec. 31, 2015€ / $ | Dec. 31, 2015£ / $ | Jan. 20, 2015shares | Jan. 19, 2015€ / $$ / shares | Dec. 31, 2014shares |
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||
Closing foreign exchange rate | 1.1993 | 1.3517 | 1.0541 | 1.2312 | 1.0887 | 1.4833 | |||||||||||||||||||||||||
Number of shares outstanding (in shares) | 158,166,534 | 158,166,534 | 158,742,282 | 129,300,666 | |||||||||||||||||||||||||||
Authorised shares not yet issued, amount | $ | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | |||||||||||||||||||||||||||
Number of shares authorised (in shares) | 138,005,652 | 138,005,652 | 138,005,652 | ||||||||||||||||||||||||||||
Number of outstanding perpetual convertible preferred equity securities | security | 30 | ||||||||||||||||||||||||||||||
Conversion perpetual convertible preferred equity | $ | $ 75,000,000 | ||||||||||||||||||||||||||||||
Purchase of treasury shares (in shares) | (692,415) | ||||||||||||||||||||||||||||||
Number of options exercised (in shares) | 166,667 | 0 | 116,667 | ||||||||||||||||||||||||||||
Treasury shares sold | $ | $ 731,000 | 8,263,000 | |||||||||||||||||||||||||||||
Proceeds from issuance of treasury shares | $ | $ 0 | $ (6,157,000) | 8,263,000 | ||||||||||||||||||||||||||||
Dividend payables (in dollars per share) | $ / shares | $ 0.06 | $ 0.06 | $ 0.77 | $ 0.06 | $ 0.55 | $ 0.22 | |||||||||||||||||||||||||
Dividends paid, ordinary shares | $ | $ 44,100,000 | ||||||||||||||||||||||||||||||
Number of options granted (in shares) | 236,590 | 0 | 0 | ||||||||||||||||||||||||||||
Exercise price, share options granted (in dollars per share) | € | € 10.0475 | € 5.7705 | |||||||||||||||||||||||||||||
Expense from share-based payment transactions with employees | $ | $ 313,000 | $ 406,000 | $ 1,637,000 | ||||||||||||||||||||||||||||
Restricted stock units | |||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||
Percentage of stock obtained by beneficiaries | 60.00% | ||||||||||||||||||||||||||||||
Equity instruments granted (in shares) | 65,433 | ||||||||||||||||||||||||||||||
Stock Option | |||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||
Percentage of stock obtained by beneficiaries | 40.00% | ||||||||||||||||||||||||||||||
Vesting period | 3 years | ||||||||||||||||||||||||||||||
Share based payment award expiration period | 13 years | ||||||||||||||||||||||||||||||
IPO | Ordinary shares | |||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||
Number of shares issued (in shares) | 18,699,000 | 13,550,000 | |||||||||||||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 12.25 | $ 12.94 | |||||||||||||||||||||||||||||
Closing foreign exchange rate | € / $ | 0.8604 | ||||||||||||||||||||||||||||||
Proceeds from sale of stock | $ | $ 229,062,750 | ||||||||||||||||||||||||||||||
Payments for debt issue costs | $ | $ 19,400,000 | ||||||||||||||||||||||||||||||
Share capital | |||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||
Number of shares outstanding (in shares) | 159,208,949 | 159,208,949 | 159,208,949 | 131,050,666 | |||||||||||||||||||||||||||
Shares issued in conversion of convertible equity security (in shares) | 0 | 0 | 9,459,283 | ||||||||||||||||||||||||||||
Treasury shares | |||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||
Number of shares outstanding (in shares) | 1,042,415 | 1,042,415 | 466,667 | 1,750,000 | |||||||||||||||||||||||||||
Purchase of treasury shares (in shares) | 692,415 | ||||||||||||||||||||||||||||||
Treasury shares sold | $ | $ 3,070,000 | $ 33,779,000 | |||||||||||||||||||||||||||||
Retained earnings | |||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||
Treasury shares sold | $ | $ (2,339,000) | $ (25,516,000) | |||||||||||||||||||||||||||||
Long term incentive plan 2015 | |||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||
Expense from share-based payment transactions with employees | $ | $ 300,000 | ||||||||||||||||||||||||||||||
Long term incentive plan 2016 | Phantom Stock Units | |||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||
Percentage of stock obtained by beneficiaries | 33.30% | ||||||||||||||||||||||||||||||
Equity instruments granted (in shares) | 54,616 | ||||||||||||||||||||||||||||||
Expense from share-based payment transactions with employees | $ | $ 400,000 | ||||||||||||||||||||||||||||||
Long Term Incentive Plan 2017 | Phantom Stock Units | |||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||
Equity instruments granted (in shares) | 66,449 | ||||||||||||||||||||||||||||||
Expense from share-based payment transactions with employees | $ | $ 300,000 | ||||||||||||||||||||||||||||||
Perpetual Convertible Preferred | |||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||
Shares issued in conversion of convertible equity security (in shares) | 9,459,283 | ||||||||||||||||||||||||||||||
Potential ordinary share transactions | |||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||
Dividend payables (in dollars per share) | $ / shares | $ 0.06 | $ 0.12 | |||||||||||||||||||||||||||||
Tranche 1 | Long term incentive plan 2016 | Phantom Stock Units | |||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||
Percentage of stock obtained by beneficiaries | 33.33% | ||||||||||||||||||||||||||||||
Tranche 1 | Long Term Incentive Plan 2017 | Phantom Stock Units | |||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||
Percentage of stock obtained by beneficiaries | 33.33% | ||||||||||||||||||||||||||||||
Tranche 2 | Long term incentive plan 2016 | Phantom Stock Units | |||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||
Percentage of stock obtained by beneficiaries | 33.33% | ||||||||||||||||||||||||||||||
Tranche 2 | Long Term Incentive Plan 2017 | Phantom Stock Units | |||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||
Percentage of stock obtained by beneficiaries | 33.33% | ||||||||||||||||||||||||||||||
Tranche 3 | Long term incentive plan 2016 | Phantom Stock Units | |||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||
Percentage of stock obtained by beneficiaries | 33.33% | ||||||||||||||||||||||||||||||
Tranche 3 | Long Term Incentive Plan 2017 | Phantom Stock Units | |||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||
Percentage of stock obtained by beneficiaries | 33.33% |
Earnings per share - Narrative
Earnings per share - Narrative (Details) - USD ($) | Jan. 01, 2017 | Jan. 01, 2016 | Jan. 01, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Earnings per share [line items] | ||||||
Profit (loss) for the period | $ 1,382,530 | $ 204,049,212 | $ 350,300,535 | |||
Weighted average number of ordinary shares outstanding (in shares) | 158,166,534 | 158,742,282 | 129,300,666 | 158,166,534 | 158,262,268 | 155,872,171 |
Diluted earnings per share (in dollars per share) | $ 0.01 | $ 1.29 | $ 2.22 | |||
Anti-dilutive securities excluded (in shares) | 0 | 0 | ||||
Long term incentive plan 2015 | ||||||
Earnings per share [line items] | ||||||
Anti-dilutive securities excluded (in shares) | 236,590 | 236,590 |
Earnings per share - Result att
Earnings per share - Result attributable to ordinary shares (Details) - USD ($) | Jan. 01, 2017 | Jan. 01, 2016 | Jan. 01, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Earnings per share [abstract] | ||||||
Profit (loss) for the period | $ 1,382,530 | $ 204,049,212 | $ 350,300,535 | |||
Weighted average number of shares (basic) (in shares) | 158,166,534 | 158,742,282 | 129,300,666 | 158,166,534 | 158,262,268 | 155,872,171 |
Basic earnings per share (in dollars per share) | $ 0.01 | $ 1.29 | $ 2.25 |
Earnings per share - Weighted a
Earnings per share - Weighted average number of ordinary share (Details) - shares | Jan. 01, 2017 | Jan. 01, 2016 | Jan. 01, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Earnings per share [line items] | ||||||
Beginning of period (in shares) | 158,166,534 | 158,742,282 | 129,300,666 | 158,166,534 | 158,742,282 | 129,300,666 |
Issuance of shares (in shares) | 28,158,283 | |||||
Sale of treasury shares (in shares) | 116,667 | 1,283,333 | ||||
Purchase of treasury shares (in shares) | (692,415) | |||||
End of period (in shares) | 158,166,534 | 158,166,534 | 158,742,282 | |||
Reconciliation Of Changes In Weighted Average Shares Outstanding [Roll Forward] | ||||||
Weighted average number of shares (basic) (in shares) | 158,166,534 | 158,742,282 | 129,300,666 | 158,166,534 | 158,262,268 | 155,872,171 |
Issuance of shares (in shares) | 25,842,099 | |||||
Sale of treasury shares (in shares) | 94,991 | 729,406 | ||||
Purchase of treasury shares (in shares) | (575,005) | |||||
Shares issued | ||||||
Earnings per share [line items] | ||||||
Beginning of period (in shares) | 159,208,949 | 159,208,949 | 131,050,666 | 159,208,949 | 159,208,949 | 131,050,666 |
Issuance of shares (in shares) | 28,158,283 | |||||
End of period (in shares) | 159,208,949 | 159,208,949 | 159,208,949 | |||
Treasury shares | ||||||
Earnings per share [line items] | ||||||
Beginning of period (in shares) | 1,042,415 | 466,667 | 1,750,000 | 1,042,415 | 466,667 | 1,750,000 |
Sale of treasury shares (in shares) | (116,667) | (1,283,333) | ||||
Purchase of treasury shares (in shares) | 692,415 | |||||
End of period (in shares) | 1,042,415 | 1,042,415 | 466,667 |
Earnings per share - Weighte101
Earnings per share - Weighted average number of ordinary shares (diluted) (Details) - shares | Jan. 01, 2017 | Jan. 01, 2016 | Jan. 01, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Earnings per share [abstract] | ||||||
Weighted average number of shares (basic) (in shares) | 158,166,534 | 158,742,282 | 129,300,666 | 158,166,534 | 158,262,268 | 155,872,171 |
Effect of potential conversion of convertible Notes (in shares) | 0 | 0 | 88,689 | |||
Effect of potential conversion of PCPs (in shares) | 0 | 0 | 932,971 | |||
Effect of Share-based Payment arrangements (in shares) | 130,523 | 166,789 | 635,731 | |||
Weighted average number of ordinary shares (diluted) (in shares) | 158,297,057 | 158,429,057 | 157,529,562 |
Interest-bearing loans and b102
Interest-bearing loans and borrowings - Schedule and maturity of borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | $ 1,085,562 | $ 1,052,448 |
New loans | 476,014 | 740,286 |
Scheduled repayments | (43,743) | (60,015) |
Early repayments | (667,250) | (714,000) |
Acquisitions through business combinations (Note 24) | 61,065 | |
Other changes | (1,873) | 5,778 |
Carrying amount of liability at the end of the period | 848,710 | 1,085,562 |
More than 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 330,491 | 147,174 |
Carrying amount of liability at the end of the period | 157,180 | 330,491 |
Between 1 and 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 635,952 | 805,252 |
Carrying amount of liability at the end of the period | 644,169 | 635,952 |
More than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 966,443 | 952,426 |
Carrying amount of liability at the end of the period | 801,349 | 966,443 |
Less than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 119,119 | 100,022 |
Carrying amount of liability at the end of the period | 47,361 | 119,119 |
Bank loans | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 1,085,562 | 1,052,448 |
New loans | 326,014 | 740,286 |
Scheduled repayments | (43,743) | (60,015) |
Early repayments | (667,250) | (714,000) |
Acquisitions through business combinations (Note 24) | 61,065 | |
Other changes | 508 | 5,778 |
Carrying amount of liability at the end of the period | 701,091 | 1,085,562 |
Bank loans | More than 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 330,491 | 147,174 |
Carrying amount of liability at the end of the period | 157,180 | 330,491 |
Bank loans | Between 1 and 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 635,952 | 805,252 |
Carrying amount of liability at the end of the period | 496,550 | 635,952 |
Bank loans | More than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 966,443 | 952,426 |
Carrying amount of liability at the end of the period | 653,730 | 966,443 |
Bank loans | Less than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 119,119 | 100,022 |
Carrying amount of liability at the end of the period | 47,361 | 119,119 |
Convertible and other Notes | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 0 | 0 |
New loans | 150,000 | 0 |
Scheduled repayments | 0 | 0 |
Early repayments | 0 | 0 |
Acquisitions through business combinations (Note 24) | 0 | |
Other changes | (2,381) | 0 |
Carrying amount of liability at the end of the period | 147,619 | 0 |
Convertible and other Notes | More than 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 0 | 0 |
Carrying amount of liability at the end of the period | 0 | 0 |
Convertible and other Notes | Between 1 and 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 0 | 0 |
Carrying amount of liability at the end of the period | 147,619 | 0 |
Convertible and other Notes | More than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 0 | 0 |
Carrying amount of liability at the end of the period | 147,619 | 0 |
Convertible and other Notes | Less than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 0 | 0 |
Carrying amount of liability at the end of the period | $ 0 | $ 0 |
Interest-bearing loans and b103
Interest-bearing loans and borrowings - Bank loans (Details) | Apr. 25, 2017USD ($)installment | Dec. 21, 2016USD ($) | Apr. 13, 2015USD ($) | Mar. 03, 2015USD ($) | Dec. 23, 2014USD ($) | Dec. 22, 2014USD ($) | Oct. 22, 2014USD ($) | Oct. 13, 2014USD ($)ship | Mar. 25, 2014USD ($)ship | May 13, 2016ship | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 30, 2017USD ($) | Dec. 16, 2016USD ($)ship | Nov. 09, 2015USD ($) | Aug. 19, 2015USD ($)ship |
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Repayments of borrowings, classified as financing activities | $ 710,993,000 | $ 774,015,000 | $ 1,367,871,000 | ||||||||||||||
New loans | 526,024,000 | 740,286,000 | 931,270,000 | ||||||||||||||
Outstanding | 848,710,000 | 1,085,562,000 | 1,052,448,000 | ||||||||||||||
Periodic payment | 43,743,000 | 60,015,000 | |||||||||||||||
VLCC | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Number of vessels acquired | ship | 4 | ||||||||||||||||
Secured loan facility due 2017 | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Repayments of borrowings, classified as financing activities | $ 300,000,000 | ||||||||||||||||
Senior secured credit facility due 2020 | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | $ 500,000,000 | ||||||||||||||||
Borrowings term | 6 years | ||||||||||||||||
Repayments of borrowings, classified as financing activities | $ 500,000,000 | ||||||||||||||||
Senior secured credit facility due 2020 | VLCC | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Number of vessels used as collateral | ship | 15 | ||||||||||||||||
Senior secured credit facility due 2020 | LIBOR | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Margin rate | 2.75% | ||||||||||||||||
Senior secured credit facility due 2021 | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | $ 340,000,000 | ||||||||||||||||
Borrowings term | 7 years | ||||||||||||||||
New loans | $ 50,400,000 | $ 53,400,000 | $ 50,300,000 | $ 60,300,000 | |||||||||||||
Senior secured credit facility due 2021 | Carrying value | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Outstanding | 111,700,000 | 207,300,000 | |||||||||||||||
Senior secured credit facility due 2021 | Vessels | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Number of vessels used as collateral | ship | 8 | ||||||||||||||||
Senior secured credit facility due 2021 | LIBOR | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Margin rate | 2.25% | ||||||||||||||||
Non-amortizing revolving credit facility due 2021 | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | $ 148,000,000 | 148,000,000 | 148,000,000 | ||||||||||||||
Outstanding | 0 | 63,700,000 | |||||||||||||||
Non-amortizing revolving credit facility due 2021 | Carrying value | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Outstanding | $ 0 | $ 63,700,000 | |||||||||||||||
Non-amortizing revolving credit facility due 2021 | LIBOR | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Margin rate | 2.25% | 2.25% | |||||||||||||||
Secured term loan facility due 2021 | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | 192,000,000 | $ 192,000,000 | $ 192,000,000 | ||||||||||||||
Outstanding | 111,666,000 | 143,571,000 | |||||||||||||||
Secured term loan facility due 2021 | Carrying value | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Outstanding | $ 110,156,000 | $ 141,501,000 | |||||||||||||||
Secured term loan facility due 2021 | LIBOR | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Margin rate | 2.25% | 2.25% | |||||||||||||||
Bank loans | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Repayments of borrowings, classified as financing activities | 153,100,000 | ||||||||||||||||
Outstanding | $ 701,091,000 | $ 1,085,562,000 | $ 1,052,448,000 | ||||||||||||||
Periodic payment | 43,743,000 | 60,015,000 | |||||||||||||||
Secured loan facility dated April 2009 | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Repayments of borrowings, classified as financing activities | $ 300,000,000 | ||||||||||||||||
Senior secured amortizing revolving credit facility | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | 750,000,000 | 750,000,000 | $ 750,000,000 | ||||||||||||||
Outstanding | 330,000,000 | 612,050,000 | |||||||||||||||
Senior secured amortizing revolving credit facility | Carrying value | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Outstanding | $ 325,519,000 | $ 605,806,000 | |||||||||||||||
Senior secured amortizing revolving credit facility | Vessels | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Number of vessels refinanced | ship | 21 | ||||||||||||||||
Senior secured amortizing revolving credit facility | VLCC | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Number of vessels refinanced | ship | 4 | ||||||||||||||||
Senior secured amortizing revolving credit facility | LIBOR | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Margin rate | 1.95% | 1.95% | 195.00% | ||||||||||||||
Unsecured revolving credit facility due 2020 | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | $ 60,000,000 | $ 60,000,000 | $ 60,000,000 | ||||||||||||||
Outstanding | 0 | 0 | |||||||||||||||
Unsecured revolving credit facility due 2020 | Carrying value | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Outstanding | $ 0 | $ 0 | |||||||||||||||
Unsecured revolving credit facility due 2020 | LIBOR | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Margin rate | 2.25% | 2.25% | |||||||||||||||
Senior secured amortizing revolving credit facility due 2023 | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | $ 409,500,000 | $ 409,500,000 | $ 409,500,000 | ||||||||||||||
Outstanding | 118,000,000 | 222,036,000 | |||||||||||||||
Senior secured amortizing revolving credit facility due 2023 | Carrying value | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Outstanding | $ 114,634,000 | $ 217,600,000 | |||||||||||||||
Senior secured amortizing revolving credit facility due 2023 | Vessels | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Number of vessels refinanced | ship | 11 | ||||||||||||||||
Senior secured amortizing revolving credit facility due 2023 | LIBOR | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Margin rate | 2.25% | 2.25% | |||||||||||||||
Senior Secured Amortizing Loan Facility | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | $ 110,000,000 | $ 110,000,000 | |||||||||||||||
Korean Export Credit Facility | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | $ 108,500,000 | ||||||||||||||||
Borrowings term | 12 years | ||||||||||||||||
Outstanding | $ 104,900,000 | ||||||||||||||||
Number of installment payments | installment | 24 | ||||||||||||||||
Frequency of installment payments | 6 months | ||||||||||||||||
Periodic payment | $ 3,600,000 | ||||||||||||||||
Balloon installment to be paid | 21,700,000 | ||||||||||||||||
Borrowing costs capitalised | $ 3,200,000 | ||||||||||||||||
Repayment notification term | 180 days | ||||||||||||||||
Commercial Tranche Due 2029 With Margin Rate1.95 | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | $ 27,100,000 | 27,100,000 | |||||||||||||||
Margin rate | 1.95% | ||||||||||||||||
Outstanding | 26,911,000 | $ 0 | |||||||||||||||
Commercial Tranche Due 2029 With Margin Rate1.95 | Carrying value | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Outstanding | $ 24,876,000 | 0 | |||||||||||||||
Commercial Tranche Due 2029 With Margin Rate1.95 | LIBOR | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Margin rate | 1.95% | ||||||||||||||||
Insured Tranche Due 2029 With Margin Rate 1.50 | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | $ 81,400,000 | $ 81,400,000 | |||||||||||||||
Margin rate | 1.50% | ||||||||||||||||
Outstanding | 78,020,000 | 0 | |||||||||||||||
Insured Tranche Due 2029 With Margin Rate 1.50 | Carrying value | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Outstanding | $ 77,171,000 | 0 | |||||||||||||||
Insured Tranche Due 2029 With Margin Rate 1.50 | LIBOR | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Margin rate | 1.50% | ||||||||||||||||
Senior secured credit facility due 2023 | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Face amount | $ 500,000,000 | ||||||||||||||||
Senior secured credit facility due 2023 | LIBOR | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Margin rate | 2.25% | ||||||||||||||||
Laravotto and Fiorano | Secured bank loans acquired through acquisition | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Outstanding | $ 48,700,000 | $ 57,000,000 |
Interest-bearing loans and b104
Interest-bearing loans and borrowings - Undrawn borrowing facilities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Financial Instruments [Abstract] | ||
Undrawn credit line facilities | $ 607.4 | $ 355.8 |
Interest-bearing loans and b105
Interest-bearing loans and borrowings - Terms and conditions of outstanding loans (Details) - USD ($) | Dec. 31, 2017 | Apr. 25, 2017 | Dec. 31, 2016 | Dec. 16, 2016 | Dec. 31, 2015 | Nov. 09, 2015 | Aug. 19, 2015 | Oct. 13, 2014 | Mar. 25, 2014 |
Disclosure of detailed information about borrowings [line items] | |||||||||
Outstanding | $ 848,710,000 | $ 1,085,562,000 | $ 1,052,448,000 | ||||||
Secured vessels loan due 2021 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount | 192,000,000 | 192,000,000 | $ 192,000,000 | ||||||
Facility size | 111,666,000 | 143,571,000 | |||||||
Outstanding | $ 111,666,000 | $ 143,571,000 | |||||||
Secured vessels loan due 2021 | LIBOR | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Margin rate | 2.25% | 2.25% | |||||||
Secured vessels loan due 2021 | Carrying value | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Outstanding | $ 110,156,000 | $ 141,501,000 | |||||||
Secured vessels revolving loan due 2021 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount | 148,000,000 | 148,000,000 | $ 148,000,000 | ||||||
Facility size | 147,559,000 | 147,559,000 | |||||||
Outstanding | $ 0 | $ 63,700,000 | |||||||
Secured vessels revolving loan due 2021 | LIBOR | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Margin rate | 2.25% | 2.25% | |||||||
Secured vessels revolving loan due 2021 | Carrying value | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Outstanding | $ 0 | $ 63,700,000 | |||||||
Secured vessels loan due 2020 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount | $ 500,000,000 | ||||||||
Secured vessels loan due 2020 | LIBOR | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Margin rate | 2.75% | ||||||||
Secured vessels revolving loan due 2022 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount | 750,000,000 | 750,000,000 | $ 750,000,000 | ||||||
Facility size | 485,017,000 | 636,536,000 | |||||||
Outstanding | $ 330,000,000 | $ 612,050,000 | |||||||
Secured vessels revolving loan due 2022 | LIBOR | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Margin rate | 1.95% | 1.95% | 195.00% | ||||||
Secured vessels revolving loan due 2022 | Carrying value | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Outstanding | $ 325,519,000 | $ 605,806,000 | |||||||
Secured vessels revolving loan due 2023 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount | 409,500,000 | 409,500,000 | $ 409,500,000 | ||||||
Facility size | 362,780,000 | 409,500,000 | |||||||
Outstanding | $ 118,000,000 | $ 222,036,000 | |||||||
Secured vessels revolving loan due 2023 | LIBOR | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Margin rate | 2.25% | 2.25% | |||||||
Secured vessels revolving loan due 2023 | Carrying value | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Outstanding | $ 114,634,000 | $ 217,600,000 | |||||||
Secured vessels loan due 2020 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount | 76,000,000 | 76,000,000 | |||||||
Facility size | 23,563,000 | 27,813,000 | |||||||
Outstanding | $ 23,563,000 | $ 27,813,000 | |||||||
Secured vessels loan due 2020 | LIBOR | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Margin rate | 1.95% | 1.95% | |||||||
Secured vessels loan due 2020 | Carrying value | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Outstanding | $ 23,563,000 | $ 27,813,000 | |||||||
Secured vessels loan due 2020 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount | 67,500,000 | 67,500,000 | |||||||
Facility size | 25,173,000 | 29,143,000 | |||||||
Outstanding | $ 25,173,000 | $ 29,143,000 | |||||||
Secured vessels loan due 2020 | LIBOR | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Margin rate | 1.50% | 1.50% | |||||||
Secured vessels loan due 2020 | Carrying value | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Outstanding | $ 25,173,000 | $ 29,143,000 | |||||||
Secured vessels loan due 2029 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount | 27,100,000 | $ 27,100,000 | |||||||
Margin rate | 1.95% | ||||||||
Facility size | 26,911,000 | 0 | |||||||
Outstanding | $ 26,911,000 | 0 | |||||||
Secured vessels loan due 2029 | LIBOR | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Margin rate | 1.95% | ||||||||
Secured vessels loan due 2029 | Carrying value | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Outstanding | $ 24,876,000 | 0 | |||||||
Secured vessels loan due 2029 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount | 81,400,000 | $ 81,400,000 | |||||||
Margin rate | 1.50% | ||||||||
Facility size | 78,020,000 | 0 | |||||||
Outstanding | $ 78,020,000 | 0 | |||||||
Secured vessels loan due 2029 | LIBOR | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Margin rate | 1.50% | ||||||||
Secured vessels loan due 2029 | Carrying value | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Outstanding | $ 77,171,000 | 0 | |||||||
Unsecured bank facility due 2020 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount | 60,000,000 | 60,000,000 | $ 60,000,000 | ||||||
Facility size | 60,000,000 | 60,000,000 | |||||||
Outstanding | $ 0 | $ 0 | |||||||
Unsecured bank facility due 2020 | LIBOR | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Margin rate | 2.25% | 2.25% | |||||||
Unsecured bank facility due 2020 | Carrying value | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Outstanding | $ 0 | $ 0 | |||||||
Borrowings Excluding Non-Bank Loans | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Facility size | 1,320,688,000 | 1,454,121,000 | |||||||
Outstanding | 713,332,000 | 1,098,312,000 | |||||||
Borrowings Excluding Non-Bank Loans | Carrying value | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Outstanding | $ 701,091,000 | $ 1,085,562,000 |
Interest-bearing loans and b106
Interest-bearing loans and borrowings - Other notes (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | May 31, 2017 | Dec. 31, 2016 | Dec. 16, 2016 | |
Unsecured Note Due 2022 With Fixed Coupon Rate 7.50% | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face amount | $ 150,000,000 | $ 150,000,000 | $ 0 | $ 150,000,000 |
Other notes | 150,000,000 | 0 | ||
Borrowing costs capitalised | $ 2,700,000 | |||
Unsecured Note Due 2022 With Fixed Coupon Rate 7.50% | Fixed interest rate | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Other notes, interest rate | 7.50% | 7.50% | ||
Unsecured Note Due 2022 With Fixed Coupon Rate 7.50% | Carrying value | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Other notes | $ 147,619,000 | 0 | ||
Other borrowings | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face amount | 150,000,000 | 0 | ||
Other notes | 150,000,000 | 0 | ||
Other borrowings | Carrying value | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Other notes | $ 147,619,000 | $ 0 |
Interest-bearing loans and b107
Interest-bearing loans and borrowings - Other borrowings (Details) $ in Thousands, € in Millions | Jun. 06, 2017EUR (€) | Dec. 31, 2017USD ($) |
Treasury Notes | ||
Disclosure of detailed information about borrowings [line items] | ||
Current borrowings | € | € 50 | |
Borrowings term | 1 year | |
Euribor | Treasury Notes | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 0.60% | |
Hedging instruments | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | $ 467 | |
Forward contract [member] | Hedging instruments | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | $ 467 |
Interest-bearing loans and b108
Interest-bearing loans and borrowings - Transaction and other financial costs (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 31, 2017 | Jan. 30, 2017 | Dec. 16, 2016 | Mar. 25, 2014 | |
Disclosure of detailed information about borrowings [line items] | |||||||
Amortization of financing costs | $ 4,000,000 | ||||||
Finance costs | 50,729,000 | $ 51,695,000 | $ 50,942,000 | ||||
Other financial charges | 5,800,000 | 4,600,000 | |||||
Senior Secured Amortizing Loan Facility | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face amount | $ 110,000,000 | $ 110,000,000 | |||||
Senior Secured Amortizing Loan Facility | Unamortized financing costs | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Finance costs | 3,200,000 | ||||||
Senior secured credit facility due 2023 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face amount | $ 500,000,000 | ||||||
Unsecured Note Due 2022 With Fixed Coupon Rate 7.50% | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face amount | 150,000,000 | 0 | $ 150,000,000 | $ 150,000,000 | |||
Unsecured Note Due 2022 With Fixed Coupon Rate 7.50% | Unamortized financing costs | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Finance costs | 2,700,000 | ||||||
Other Financial Liabilities | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest expense | $ 38,400,000 | $ 39,000,000 |
Interest-bearing loans and b109
Interest-bearing loans and borrowings - Reconciliation of movements of liabilities to cash flows arising from financing activities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Disclosure of detailed information about borrowings [line items] | |
Liabilities and equity beginning balance | $ 2,973,518 |
Proceeds from issue of other notes | 150,000 |
Proceeds from loans and borrowings | 326,014 |
Proceeds from issue of other borrowings | 50,010 |
Proceeds from settlement of derivatives | 0 |
Transaction costs related to loans and borrowings | (5,874) |
Repayment of borrowings | (710,993) |
Dividend paid | (44,133) |
Total changes from financing cash flows | (234,976) |
Capitalized borrowing costs | 4,001 |
Total liability-related other changes | 4,001 |
Total equity-related other changes | 2,538 |
Liabilities and equity ending balance | 2,745,081 |
Loans and borrowings | |
Disclosure of detailed information about borrowings [line items] | |
Liabilities beginning balance | 1,085,562 |
Proceeds from issue of other notes | 0 |
Proceeds from loans and borrowings | 326,014 |
Proceeds from issue of other borrowings | 0 |
Proceeds from settlement of derivatives | 0 |
Transaction costs related to loans and borrowings | (3,174) |
Repayment of borrowings | (710,993) |
Dividend paid | 0 |
Total changes from financing cash flows, liabilities | (388,153) |
Capitalized borrowing costs | 3,682 |
Total liability-related other changes | 3,682 |
Liabilities ending balance | 701,091 |
Other Notes | |
Disclosure of detailed information about borrowings [line items] | |
Liabilities beginning balance | 0 |
Proceeds from issue of other notes | 150,000 |
Proceeds from loans and borrowings | 0 |
Proceeds from issue of other borrowings | 0 |
Proceeds from settlement of derivatives | 0 |
Transaction costs related to loans and borrowings | (2,700) |
Repayment of borrowings | 0 |
Dividend paid | 0 |
Total changes from financing cash flows, liabilities | 147,300 |
Capitalized borrowing costs | 319 |
Total liability-related other changes | 319 |
Liabilities ending balance | 147,619 |
Other borrowings | |
Disclosure of detailed information about borrowings [line items] | |
Liabilities beginning balance | 0 |
Proceeds from issue of other notes | 0 |
Proceeds from loans and borrowings | 0 |
Proceeds from issue of other borrowings | 50,010 |
Proceeds from settlement of derivatives | 0 |
Transaction costs related to loans and borrowings | 0 |
Repayment of borrowings | 0 |
Dividend paid | 0 |
Total changes from financing cash flows, liabilities | 50,010 |
Capitalized borrowing costs | 0 |
Total liability-related other changes | 0 |
Liabilities ending balance | 50,010 |
Share capital / premium | |
Disclosure of detailed information about borrowings [line items] | |
Equity beginning balance | 1,388,273 |
Proceeds from issue of other notes | 0 |
Proceeds from loans and borrowings | 0 |
Proceeds from issue of other borrowings | 0 |
Proceeds from settlement of derivatives | 0 |
Transaction costs related to loans and borrowings | 0 |
Repayment of borrowings | 0 |
Dividend paid | 0 |
Total changes from financing cash flows, equity | 0 |
Capitalized borrowing costs | 0 |
Total equity-related other changes | 0 |
Equity ending balance | 1,388,273 |
Reserves | |
Disclosure of detailed information about borrowings [line items] | |
Equity beginning balance | 120 |
Proceeds from issue of other notes | 0 |
Proceeds from loans and borrowings | 0 |
Proceeds from issue of other borrowings | 0 |
Proceeds from settlement of derivatives | 0 |
Transaction costs related to loans and borrowings | 0 |
Repayment of borrowings | 0 |
Dividend paid | 0 |
Total changes from financing cash flows, equity | 0 |
Capitalized borrowing costs | 0 |
Total equity-related other changes | 448 |
Equity ending balance | 568 |
Treasury shares | |
Disclosure of detailed information about borrowings [line items] | |
Equity beginning balance | (16,102) |
Proceeds from issue of other notes | 0 |
Proceeds from loans and borrowings | 0 |
Proceeds from issue of other borrowings | 0 |
Proceeds from settlement of derivatives | 0 |
Transaction costs related to loans and borrowings | 0 |
Repayment of borrowings | 0 |
Dividend paid | 0 |
Total changes from financing cash flows, equity | 0 |
Capitalized borrowing costs | 0 |
Total equity-related other changes | 0 |
Equity ending balance | (16,102) |
Retained earnings | |
Disclosure of detailed information about borrowings [line items] | |
Equity beginning balance | 515,665 |
Proceeds from issue of other notes | 0 |
Proceeds from loans and borrowings | 0 |
Proceeds from issue of other borrowings | 0 |
Proceeds from settlement of derivatives | 0 |
Transaction costs related to loans and borrowings | 0 |
Repayment of borrowings | 0 |
Dividend paid | 44,133 |
Total changes from financing cash flows, equity | (44,133) |
Capitalized borrowing costs | 0 |
Total equity-related other changes | 2,090 |
Equity ending balance | $ 473,622 |
- Amounts recognized in the bal
- Amounts recognized in the balance sheet (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of net defined benefit liability (asset) [line items] | ||||||
Net liability - beginning of period | $ (2,846) | $ (2,038) | $ (2,108) | |||
Recognized in profit or loss | (827) | (261) | (108) | |||
Recognized in other comprehensive income | 64 | (646) | (44) | |||
Foreign currency translation differences | (375) | 99 | 222 | |||
Net liability - end of period | (3,984) | (2,846) | (2,038) | |||
Liabilities | $ (3,984) | $ (2,846) | $ (2,038) | |||
Assets | 0 | 0 | 0 | |||
NET LIABILITY | $ (2,846) | $ (2,038) | $ (2,108) | (3,984) | (2,846) | (2,038) |
Present value of funded obligation | ||||||
Disclosure of net defined benefit liability (asset) [line items] | ||||||
Present value of funded obligation | (3,537) | (2,846) | (852) | |||
Fair value of plan assets | 2,760 | 2,117 | 539 | |||
Surplus (deficit) in plan | (777) | (729) | (313) | |||
Present value of unfunded obligations | ||||||
Disclosure of net defined benefit liability (asset) [line items] | ||||||
Present value of funded obligation | $ (3,207) | $ (2,117) | $ (1,725) |
- Narrative (Details)
- Narrative (Details) | 12 Months Ended |
Dec. 31, 2017USD ($)benefit_plan | |
Employee Benefits [Abstract] | |
Number of defined benefit plans | 3 |
Number of defined benefit plans that are fully insured | 1 |
Estimate of contributions expected to be paid to plan for next annual reporting period | $ | $ 255,814 |
Trade and other payables - Sche
Trade and other payables - Schedule of Trade and Other Payables (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Subclassifications of assets, liabilities and equities [abstract] | ||
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 |
Trade and other payables - Narr
Trade and other payables - Narrative (Details) $ in Thousands | Dec. 16, 2016USD ($)vessel | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Disclosure of detailed information about arrangements involving legal form of lease [line items] | ||||
Deferred gain on sale and leaseback transaction | $ 0 | $ 5,000 | $ 0 | |
Vessels | Sale and Leaseback Agreement - Bareboat charter-hire | ||||
Disclosure of detailed information about arrangements involving legal form of lease [line items] | ||||
Number of VLCCs delivered | vessel | 4 | |||
Duration of sale and leaseback agreement on vessels | 5 years | |||
Nautilus, Navarin, Neptun, and Nucleus | Vessels | Sale and Leaseback Agreement - Bareboat charter-hire | ||||
Disclosure of detailed information about arrangements involving legal form of lease [line items] | ||||
Deferred gain on sale and leaseback transaction | $ 5,000 |
Financial instruments - mark114
Financial instruments - market and other risks - Carrying amounts and fair values (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Secured bank loans | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | $ 706,056 | $ 1,092,023 |
Secured bank loans | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Secured bank loans | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 706,056 | 1,092,023 |
Secured bank loans | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Unsecured note | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 149,630 | |
Unsecured note | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 149,630 | |
Unsecured note | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | |
Unsecured note | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | |
Unsecured other borrowings | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | |
Unsecured other borrowings | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | |
Unsecured other borrowings | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | |
Unsecured other borrowings | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | |
Unsecured bank loans | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Unsecured bank loans | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Unsecured bank loans | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Unsecured bank loans | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Trade and other payables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Trade and other payables | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Trade and other payables | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Trade and other payables | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Advances received on contracts | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Advances received on contracts | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Advances received on contracts | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Advances received on contracts | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Forward exchange contracts | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 467 | |
Forward exchange contracts | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | |
Forward exchange contracts | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 467 | |
Forward exchange contracts | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | |
Non-current receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 128,427 | 178,216 |
Non-current receivables | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Non-current receivables | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Non-current receivables | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 128,427 | 178,216 |
Trade and other receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Trade and other receivables | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Trade and other receivables | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Trade and other receivables | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Cash and cash equivalents | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Cash and cash equivalents | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Cash and cash equivalents | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Cash and cash equivalents | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Other Financial Liabilities | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 950,594 | 1,142,208 |
Other Financial Liabilities | Secured bank loans | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 701,091 | 1,085,562 |
Other Financial Liabilities | Unsecured note | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 147,619 | |
Other Financial Liabilities | Unsecured other borrowings | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 50,010 | |
Other Financial Liabilities | Unsecured bank loans | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Other Financial Liabilities | Trade and other payables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 51,335 | 56,113 |
Other Financial Liabilities | Advances received on contracts | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 539 | 533 |
Hedging instruments | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 467 | |
Hedging instruments | Forward exchange contracts | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 467 | |
Loans and receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 416,000 | 535,796 |
Loans and receivables | Non-current receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 160,352 | 183,914 |
Loans and receivables | Trade and other receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 112,000 | 145,193 |
Loans and receivables | Cash and cash equivalents | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | $ 143,648 | $ 206,689 |
Financial instruments - mark115
Financial instruments - market and other risks - Additional information (Details) € in Millions | 12 Months Ended | ||||
Dec. 31, 2017USD ($)derivativejoint_venture | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017EUR (€)derivativejoint_venture | Dec. 31, 2014USD ($) | |
Disclosure of detailed information about financial instruments [line items] | |||||
Cash and cash equivalents | $ 143,648,000 | $ 206,689,000 | $ 131,663,000 | $ 254,086,000 | |
Loss before income tax | (1,383,000) | (204,049,000) | $ (350,301,000) | ||
Credit risk | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Cash and cash equivalents | $ 143,600,000 | 206,700,000 | |||
Number of joint ventures under financial guarantees | joint_venture | 2 | 2 | |||
Market risk | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Sensitivity analysis, reasonably possible change in risk variable, amount | $ 1,000 | ||||
Interest rate risk | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Number of derivative instruments held | derivative | 0 | 0 | |||
Interest rate risk | Variable interest rate | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Credit exposure | $ 751,101,000 | $ 1,085,562,000 | |||
Sensitivity analysis, reasonably possible change in risk variable, percent | 0.50% | ||||
Currency risk | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Concentration risk percentage | 16.50% | 17.40% | 17.40% | 16.50% | |
Sensitivity analysis, reasonably possible change in risk variable, percent | 10.00% | ||||
Currency risk | Currency overlay management strategy | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Credit exposure | € | € 40 | ||||
Loss before income tax | $ 0 | $ 900,000 | $ 1,000,000 | ||
One client | Tankers | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Percentage of entity's revenue | 10.00% | 11.00% | |||
Two clients | Tankers | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Percentage of entity's revenue | 10.00% | ||||
Customer Concentration Risk | One client | Trade and other receivables | Credit risk | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Concentration risk percentage | 0.03% | 0.03% | |||
Customer Concentration Risk | Two clients | Trade and other receivables | Credit risk | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Concentration risk percentage | 3.40% | ||||
Customer Concentration Risk | TI Pool | Trade and other receivables | Credit risk | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Concentration risk percentage | 45.37% | 55.72% | 45.37% | ||
Joint ventures | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Guaranteed portion of related party debt | $ 37,700,000 | ||||
Joint ventures | Credit risk | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Guaranteed portion of related party debt | $ 0 |
Financial instruments - mark116
Financial instruments - market and other risks - Aging of trade and other receivables (Details) - Loans and receivables - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | $ 416,000 | $ 535,796 |
Trade and other receivables | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 112,000 | 145,193 |
Credit risk | Trade and other receivables | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 136,797 | 166,342 |
Credit risk | Trade and other receivables | Not past due | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 124,243 | 155,950 |
Credit risk | Trade and other receivables | Past due 0-30 days | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 2,071 | 1,261 |
Credit risk | Trade and other receivables | Past due 31-365 days | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 9,784 | 7,666 |
Credit risk | Trade and other receivables | More than 1 year | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | $ 699 | $ 1,465 |
Financial instruments - mark117
Financial instruments - market and other risks - Remaining contractual maturities of financial liabilities (Details) - Liquidity risk - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | $ 1,110,853 | $ 1,274,815 |
Derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Bank loans | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 1,009,508 | 1,218,702 |
Other borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 50,010 | |
Current trade and other payables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 51,335 | 56,113 |
Non-current other payables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Interest rate swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Forward exchange contracts | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Other Financial Liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 950,055 | 1,141,675 |
Derivative financial liabilities | 0 | 0 |
Other Financial Liabilities | Bank loans | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 848,710 | 1,085,562 |
Other Financial Liabilities | Other borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 50,010 | |
Other Financial Liabilities | Current trade and other payables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 51,335 | 56,113 |
Other Financial Liabilities | Non-current other payables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Other Financial Liabilities | Interest rate swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities | 0 | 0 |
Other Financial Liabilities | Forward exchange contracts | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities | 0 | 0 |
Less than 1 year | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 184,384 | 206,743 |
Derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Less than 1 year | Bank loans | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 83,039 | 150,630 |
Less than 1 year | Other borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 50,010 | |
Less than 1 year | Current trade and other payables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 51,335 | 56,113 |
Less than 1 year | Non-current other payables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Less than 1 year | Interest rate swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Less than 1 year | Forward exchange contracts | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Between 1 and 5 years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 750,722 | 718,950 |
Derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Between 1 and 5 years | Bank loans | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 750,722 | 718,950 |
Between 1 and 5 years | Other borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | |
Between 1 and 5 years | Current trade and other payables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Between 1 and 5 years | Non-current other payables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Between 1 and 5 years | Interest rate swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Between 1 and 5 years | Forward exchange contracts | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities, undiscounted cash flows | 0 | 0 |
More than 5 years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 175,747 | 349,122 |
Derivative financial liabilities, undiscounted cash flows | 0 | 0 |
More than 5 years | Bank loans | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 175,747 | 349,122 |
More than 5 years | Other borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | |
More than 5 years | Current trade and other payables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
More than 5 years | Non-current other payables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
More than 5 years | Interest rate swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities, undiscounted cash flows | 0 | 0 |
More than 5 years | Forward exchange contracts | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities, undiscounted cash flows | $ 0 | $ 0 |
Financial instruments - mark118
Financial instruments - market and other risks - Tanker market risk scenario (Details) - Market risk - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about financial instruments [line items] | |||
Increase in risk variable, impact on profit (loss) | $ 13,420 | $ 14,140 | $ 12,972 |
Decrease in risk variable, impact on profit (loss) | $ (13,420) | $ (14,140) | $ (12,972) |
Financial instruments - mark119
Financial instruments - market and other risks - Interest rate risk (Details) - Interest rate risk - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fixed interest rate | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | $ 147,619 | $ 0 |
Variable interest rate | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 751,101 | 1,085,562 |
Financial assets | Fixed interest rate | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 0 | 0 |
Financial liabilities | Fixed interest rate | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 147,619 | 0 |
Financial liabilities | Variable interest rate | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | $ 751,101 | $ 1,085,562 |
Financial instruments - mark120
Financial instruments - market and other risks - Cash flow sensitivity analysis for variable rate instruments (Details) - Variable interest rate - Interest rate risk - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about financial instruments [line items] | |||
Increase in risk variable, impact on profit (loss) | $ (4,685) | $ (5,315) | $ (5,670) |
Decrease in risk variable, impact on profit (loss) | 4,685 | 5,315 | 5,670 |
Increase in risk variable, impact on equity | 0 | 0 | 0 |
Decrease in risk variable, impact on equity | 0 | 0 | 0 |
Variable rate instruments | |||
Disclosure of detailed information about financial instruments [line items] | |||
Increase in risk variable, impact on profit (loss) | (4,685) | (5,315) | (5,670) |
Decrease in risk variable, impact on profit (loss) | 4,685 | 5,315 | 5,670 |
Increase in risk variable, impact on equity | 0 | 0 | 0 |
Decrease in risk variable, impact on equity | 0 | 0 | 0 |
Interest rate swaps | |||
Disclosure of detailed information about financial instruments [line items] | |||
Increase in risk variable, impact on profit (loss) | 0 | 0 | 0 |
Decrease in risk variable, impact on profit (loss) | 0 | 0 | 0 |
Increase in risk variable, impact on equity | 0 | 0 | 0 |
Decrease in risk variable, impact on equity | $ 0 | $ 0 | $ 0 |
Financial instruments - mark121
Financial instruments - market and other risks - Currency risk related to operating (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about financial instruments [line items] | |||
Operating expense | $ (541,402) | $ (533,438) | $ (515,263) |
Treasury Notes | 848,710 | 1,085,562 | 1,052,448 |
Euro Member Countries, Euro | Currency risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade payables | (7,891) | (8,725) | (9,913) |
Operating expense | (89,289) | (92,608) | (89,457) |
United States of America, Dollars | Currency risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade payables | (11,383) | (9,383) | (13,121) |
Operating expense | (452,113) | (440,830) | (425,806) |
Treasury Notes | Euro Member Countries, Euro | Currency risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Treasury Notes | 50,010 | 0 | 0 |
Treasury Notes | United States of America, Dollars | Currency risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Treasury Notes | $ 0 | $ 0 | $ 0 |
Financial instruments - mark122
Financial instruments - market and other risks - Sensitivity analysis for types of currency risk (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about financial instruments [line items] | |||
Cash at bank and in hand | $ 41,448 | $ 102,189 | |
Euro Member Countries, Euro | Currency risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Increase in risk variable, impact on equity | 211 | 532 | $ 473 |
Increase in risk variable, impact on profit (loss) | $ (7,113) | $ (10,025) | $ (9,565) |
Financial instruments - mark123
Financial instruments - market and other risks - Capital management (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of detailed information about financial instruments [line items] | ||||
Facility size | $ 607,400,000 | $ 355,800,000 | ||
Current assets less current liabilities | 729,300,000 | |||
Aggregate cash | 751,000,000 | |||
Cash and cash equivalents (Note 12) | $ 143,648,000 | $ 206,689,000 | $ 131,663,000 | $ 254,086,000 |
Ratio of stockholders' equity to total assets | 65.70% | |||
Minimum yearly fixed dividend (in USD per share) | $ 0.12 | |||
Senior Secured Loans | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Aggregate cash and cash equivalents, including undrawn amounts on committed loans | $ 50,000,000 | |||
Ratio of indebtedness to net capital | 5.00% | |||
Minimum cash requirement | $ 30,000,000 | |||
Ratio of stockholders' equity to total assets, minimum | 30.00% | |||
Ratio of fair market value of collateral vessels to aggregate principal amount outstanding on loans | 125.00% |
Operating leases (Details)
Operating leases (Details) | Dec. 16, 2016USD ($)vessel | Dec. 31, 2017USD ($)vesselsubtenant | Dec. 31, 2016USD ($) |
Disclosure of finance lease and operating lease by lessee [line items] | |||
Time chartered vessel, time charter duration | 1 year | ||
Number of vessels under float time charter | vessel | 24 | ||
Total number of subtenants | subtenant | 4 | ||
Less than 1 year | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum lease rental payments, excluding joint ventures | $ 54,400,000 | $ 108,500,000 | |
Between 1 and 5 years | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum lease rental payments, excluding joint ventures | $ 0 | $ 35,100,000 | |
Vessels | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Average lease payable duration | 4 years | ||
Average lease receivable duration | 5 months | ||
Office Space And Company Cars | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Average lease payable duration | 3 years | ||
Average lease receivable duration | 5 years | ||
Sale and Leaseback Agreement | Vessels | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Duration of sale and leaseback agreement on vessels | 5 years | ||
Number of VLCCs delivered | vessel | 4 | ||
Seller credit payable upon sale | $ 4,500,000 | ||
Seller credit percent of fair value threshold | 50.00% | ||
Seller credit payable threshold, oldest vessel | $ 17,500,000 | ||
Seller credit payable threshold, other vessels | 19,500,000 | ||
Leaseback agreement residual guarantee | $ 20,000,000 | ||
Owner percent of profit | 75.00% | ||
Charter percent of profit | 25.00% | ||
Profit share agreement, proceeds lower limit, oldest vessel | $ 26,500,000 | ||
Profit share agreement, proceeds upper limit, oldest vessel | 32,500,000 | ||
Profit share agreement, proceeds lower limit, other vessel | 28,500,000 | ||
Profit share agreement, proceeds upper limit, other vessel | $ 34,500,000 |
Operating leases Schedule Of Fu
Operating leases Schedule Of Future Minimum Lease Payments (Details) - Vessels - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum lease payments payable under non-cancellable operating lease | $ (127,644) | $ (159,764) |
Less than 1 year | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum lease payments payable under non-cancellable operating lease | (32,120) | (32,120) |
Between 1 and 5 years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum lease payments payable under non-cancellable operating lease | (95,524) | (127,644) |
More than 5 years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum lease payments payable under non-cancellable operating lease | $ 0 | $ 0 |
Operating leases Schedule Of No
Operating leases Schedule Of Non-Cancellable Operating Lease Rentals (Details) - Office Space And Company Cars - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum lease payments payable under non-cancellable operating lease | $ (10,738) | $ (8,550) |
Less than 1 year | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum lease payments payable under non-cancellable operating lease | (2,287) | (2,297) |
Between 1 and 5 years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum lease payments payable under non-cancellable operating lease | (7,224) | (5,070) |
More than 5 years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum lease payments payable under non-cancellable operating lease | $ (1,227) | $ (1,183) |
Operating leases Schedule Of Op
Operating leases Schedule Of Operating Leases Recognized In Profit And Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum operating lease payments recognised as expense | $ (33,309) | $ (19,932) | $ (28,430) |
Minimum operating lease payment receipts recognised as revenue | 119,545 | 141,105 | 126,970 |
Bareboat charter | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum operating lease payments recognised as expense | (31,111) | (792) | 0 |
Minimum operating lease payment receipts recognised as revenue | 0 | 0 | 0 |
Time charter | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum operating lease payments recognised as expense | (62) | (16,921) | (25,849) |
Minimum operating lease payment receipts recognised as revenue | 118,705 | 140,227 | 126,091 |
Office rental | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum operating lease payments recognised as expense | (2,136) | (2,219) | (2,581) |
Minimum operating lease payment receipts recognised as revenue | $ 840 | $ 878 | $ 879 |
Operating leases Schedule Of128
Operating leases Schedule Of Future Minimum Lease Receivables For Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of finance lease and operating lease by lessor [line items] | ||
Minimum lease payments receivable under non-cancellable operating lease | $ 282,767 | $ 185,533 |
Less than 1 year | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Minimum lease payments receivable under non-cancellable operating lease | 103,007 | 150,450 |
Between 1 and 5 years | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Minimum lease payments receivable under non-cancellable operating lease | 147,967 | 35,083 |
More than 5 years | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Minimum lease payments receivable under non-cancellable operating lease | $ 31,793 | $ 0 |
Operating leases Schedule Of129
Operating leases Schedule Of Non-cancellable Operating Lease Rentals As Lessor (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of finance lease and operating lease by lessor [line items] | ||
Minimum lease rental payments receivable under non-cancellable operating lease | $ 3,862 | $ 4,328 |
Less than 1 year | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Minimum lease rental payments receivable under non-cancellable operating lease | 726 | 806 |
Between 1 and 5 years | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Minimum lease rental payments receivable under non-cancellable operating lease | 2,903 | 2,644 |
More than 5 years | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Minimum lease rental payments receivable under non-cancellable operating lease | $ 233 | $ 878 |
Related parties - Transactions
Related parties - Transactions with key management personnel (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Non-executive directors | |||
Disclosure of transactions between related parties [line items] | |||
Total remuneration | € 1,015 | € 1,145 | € 1,591 |
Related parties - Fixed and var
Related parties - Fixed and variable components of remuneration (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fixed Remuneration, Excluding CEO | |||
Disclosure of transactions between related parties [line items] | |||
Total remuneration | € 1,176 | € 1,175 | € 1,176 |
Cost of pension | 35 | 35 | 35 |
Other benefits | 58 | 57 | 57 |
Variable Remuneration, Excluding CEO | |||
Disclosure of transactions between related parties [line items] | |||
Total remuneration | 1,331 | 1,042 | 2,392 |
Share-based payments | 597 | 351 | 1,010 |
CEO Fixed Remuneration | |||
Disclosure of transactions between related parties [line items] | |||
Total remuneration | 407 | 405 | 405 |
Cost of pension | 0 | 0 | 0 |
Other benefits | 13 | 11 | 11 |
CEO Variable Remuneration | |||
Disclosure of transactions between related parties [line items] | |||
Total remuneration | 528 | 437 | 863 |
Share-based payments | € 233 | € 171 | € 333 |
Related parties - Narrative (De
Related parties - Narrative (Details) | Feb. 09, 2017shares | Jun. 02, 2016ship | May 20, 2016shipvesselcompanyT | Feb. 02, 2016shares | Feb. 12, 2015EUR (€)shares | Dec. 16, 2013EUR (€)shares | Mar. 31, 2016shares | Dec. 31, 2017USD ($)sharesright | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) |
Disclosure of transactions between related parties [line items] | ||||||||||
Number of options granted (in shares) | shares | 236,590 | 0 | 0 | |||||||
Exercise price, share options granted (in dollars per share) | € | € 10.0475 | € 5.7705 | ||||||||
Number of options exercised (in shares) | shares | 166,667 | 0 | 116,667 | |||||||
Purchase of treasury shares (in shares) | shares | (692,415) | |||||||||
Rights exercised under registration rights agreement (in shares) | right | 0 | |||||||||
Number of vessels assumed | ship | 2 | |||||||||
Proceeds from the sale of vessels (Note 8) | $ | $ 96,880,000 | $ 223,016,000 | $ 112,890,000 | |||||||
Gains on disposal of vessels/other tangible assets | $ | (15,511,000) | (50,395,000) | (5,300,000) | |||||||
Outstanding | $ | 848,710,000 | $ 1,085,562,000 | 1,052,448,000 | |||||||
Executive Committee | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Number of options granted (in shares) | shares | 236,590 | 1,750,000 | ||||||||
Number of options exercised (in shares) | shares | 116,667 | |||||||||
Chief Executive Officer | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Number of options granted (in shares) | shares | 525,000 | |||||||||
Executive Committee (Excluding Chief Executive Officer) | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Number of options granted (in shares) | shares | 1,225,000 | |||||||||
Other related parties | Compagnie Maritime Belge | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Purchases of goods, related party transactions | $ | 34,928 | $ 17,731 | 0 | |||||||
Joint ventures where entity is venturer | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Number of companies assumed | company | 2 | |||||||||
Joint ventures where entity is venturer | Reslea N.V. | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Leases as lessee, related party transactions | $ | 179,079 | 175,572 | 178,104 | |||||||
Subsidiaries | Tankers International LLC | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Leases as lessor, related party transactions | $ | 218,894 | 232,882 | 260,108 | |||||||
Subsidiaries | GasLog Services UK Limited and Unisea Maritime Limited | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Leases as lessor, related party transactions | $ | 416,995 | 443,643 | 495,507 | |||||||
Subsidiaries | Ceres Shipping | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Leases as lessee, related party transactions | $ | $ 183,766 | 199,873 | $ 184,791 | |||||||
Joint ventures | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Guaranteed portion of related party debt | $ | $ 37,700,000 | |||||||||
Restricted stock units | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Annual vesting percentage | 60.00% | |||||||||
Restricted stock units | Executive Committee | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Number of instruments granted in share-based payment arrangement (in shares) | shares | 65,433 | |||||||||
Stock Option | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Vesting period | 3 years | |||||||||
Annual vesting percentage | 40.00% | |||||||||
Stock Option | Executive Committee (Excluding Chief Executive Officer) | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Vesting period | 13 years | |||||||||
Phantom Stock Units | Executive Committee | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Number of instruments granted in share-based payment arrangement (in shares) | shares | 66,449 | 54,616 | ||||||||
Annual vesting percentage | 33.30% | 33.30% | ||||||||
Treasury shares | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Purchase of treasury shares (in shares) | shares | 692,415 | |||||||||
Vessels | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Number of vessels assumed | ship | 2 | |||||||||
Vessels | Joint ventures where entity is venturer | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Number of vessels covered under the joint venture | vessel | 4 | |||||||||
Vessels | Captain Michael | Joint ventures where entity is venturer | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Vessel, mass | T | 157,648 | |||||||||
Vessels | The Maria | Joint ventures where entity is venturer | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Vessel, mass | T | 157,523 | |||||||||
Vessels | The Eugenie | Joint ventures where entity is venturer | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Vessel, mass | T | 157,672 | |||||||||
Vessels | The Devon | Joint ventures where entity is venturer | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Vessel, mass | T | 157,642 | |||||||||
Bretta Tanker Holdings, Inc. | Joint ventures where entity is venturer | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Number of companies assumed | company | 2 | |||||||||
Joint Venture Credit Facility | Joint ventures | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Outstanding | $ | $ 75,300,000 |
Related parties - Outstanding R
Related parties - Outstanding Related Party Transactions (Details) - Joint ventures where entity is venturer - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of transactions between related parties [line items] | ||
Trade receivables | $ 294 | $ 544 |
Trade payables | 187 | 0 |
Shareholders Loan | 162,762 | 203,512 |
Turnover | 744 | 1,796 |
Dividend Income | 1,250 | 23,478 |
TI Africa Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 30 | 241 |
Trade payables | 50 | 0 |
Shareholders Loan | 100,115 | 137,615 |
Turnover | 372 | 360 |
Dividend Income | 0 | 0 |
TI Asia Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 130 | 303 |
Trade payables | 0 | 0 |
Shareholders Loan | 62,647 | 65,897 |
Turnover | 372 | 360 |
Dividend Income | 0 | 0 |
Fiorano Shipholding Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 0 | |
Trade payables | 0 | |
Shareholders Loan | 0 | |
Turnover | 265 | |
Dividend Income | 0 | |
Fontvieille Shipholding Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 0 | |
Trade payables | 0 | |
Shareholders Loan | 0 | |
Turnover | 249 | |
Dividend Income | 0 | |
Larvotto Shipholding Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 0 | |
Trade payables | 0 | |
Shareholders Loan | 0 | |
Turnover | 275 | |
Dividend Income | 0 | |
Moneghetti Shipholding Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 0 | |
Trade payables | 0 | |
Shareholders Loan | 0 | |
Turnover | 287 | |
Dividend Income | 0 | |
Great Hope Enterprises Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 0 | |
Trade payables | 0 | |
Shareholders Loan | 0 | |
Dividend Income | 28 | |
Kingswood Co. Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 0 | 0 |
Trade payables | 0 | 0 |
Shareholders Loan | 0 | 0 |
Turnover | 0 | |
Dividend Income | 1,250 | $ 23,450 |
Tankers Agencies (UK) Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 134 | |
Trade payables | 137 | |
Shareholders Loan | 0 | |
Turnover | 0 | |
Dividend Income | $ 0 |
Share-based payment arrangem134
Share-based payment arrangements - Share options programs (Equity-settled) (Details) - Key management personnel of entity or parent | 12 Months Ended |
Dec. 31, 2017EUR (€)sharesvesting_condition | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of instruments (in shares) | 1,750,000 |
December 16, 2013 (Tranche 1) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of instruments (in shares) | 583,000 |
Vesting Conditions (in EUR per share) | € | € 7.5 |
Contractual life of Options | 5 years |
Percent of options exercised | 50.00% |
December 16, 2013 (Tranche 2) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of instruments (in shares) | 583,000 |
Vesting Conditions (in EUR per share) | € | € 8.66 |
Contractual life of Options | 5 years |
Percent of options exercised | 50.00% |
Time remaining for exercisable options | 1 year |
December 16, 2013 (Tranche 3) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of instruments (in shares) | 583,000 |
Vesting Conditions (in EUR per share) | € | € 11.54 |
Contractual life of Options | 5 years |
Percent of options exercised | 67.00% |
Number of vesting conditions | vesting_condition | 2 |
Share-based payment arrangem135
Share-based payment arrangements - Long term incentive plan 2015 (Equity-settled) (Details) - shares | Feb. 12, 2015 | Dec. 31, 2017 | Dec. 31, 2015 |
Restricted stock units | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Percentage of stock obtained by beneficiaries | 60.00% | ||
Number of instruments (in shares) | 65,433 | ||
Key management personnel of entity or parent | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of instruments (in shares) | 1,750,000 | ||
Long term incentive plan 2015 | Key management personnel of entity or parent | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Percentage of stock obtained by beneficiaries | 40.00% | ||
Vesting period | 3 years | ||
Number of instruments (in shares) | 236,590 | ||
Long term incentive plan 2015 | Key management personnel of entity or parent | Maximum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 13 years | ||
Long term incentive plan 2015 | Key management personnel of entity or parent | Restricted stock units | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Percentage of stock obtained by beneficiaries | 60.00% | ||
Number of instruments (in shares) | 65,433 |
Share-based payment arrangem136
Share-based payment arrangements - Long-term incentive plan 2016 (Cash-settled) (Details) - shares | Feb. 09, 2017 | Feb. 02, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of phantom stocks granted (in shares) | 586,590 | 586,590 | 703,257 | ||
Long term incentive plan 2016 | Phantom Share Units (PSUs) | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Annual vesting percentage | 33.30% | ||||
Number of phantom stocks granted (in shares) | 54,616 | ||||
Executive Committee | Phantom Share Units (PSUs) | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Annual vesting percentage | 33.30% | 33.30% |
Share-based payment arrangem137
Share-based payment arrangements - Long term incentive plan 2017 (Cash-settled) (Details) - shares | Feb. 09, 2017 | Feb. 02, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of phantom stocks granted (in shares) | 586,590 | 586,590 | 703,257 | ||
Executive Committee | Phantom Stock Units | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Annual vesting percentage | 33.30% | 33.30% | |||
Long Term Incentive Plan 2017 | Executive Committee | Phantom Stock Units | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Annual vesting percentage | 33.30% | ||||
Number of phantom stocks granted (in shares) | 66,449 |
Share-based payment arrangem138
Share-based payment arrangements - Measurement of fair value (Details) | 12 Months Ended | ||||
Dec. 31, 2017EUR (€)day | Dec. 31, 2016EUR (€) | Feb. 09, 2017EUR (€) | Feb. 02, 2016EUR (€) | Dec. 31, 2015EUR (€) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share price at grant date | € 0 | € 0 | |||
Share price at grant date | 7.495 | € 7.495 | € 7.209 | ||
Phantom Share Units (PSUs) | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share price at grant date | 7.684 | € 10.613 | € 7.268 | ||
Tranche 1 | Long term incentive plan 2015 | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Fair value at grant date | 1.853 | ||||
Share price at grant date | 10.050 | ||||
Exercise price | € 10.0475 | ||||
Expected volatility (weighted average) | 39.63% | ||||
Expected life (Days) (weighted average) | day | 365 | ||||
Expected dividends | 8.00% | ||||
Risk-free interest rate | 0.66% | ||||
Tranche 1 | Share option program 2013 | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Fair value at grant date | € 2.270 | ||||
Share price at grant date | 6.070 | ||||
Exercise price | € 5.770 | ||||
Expected volatility (weighted average) | 40.00% | ||||
Expected life (Days) (weighted average) | day | 303 | ||||
Expected dividends | 0.00% | ||||
Risk-free interest rate | 1.00% | ||||
Tranche 2 | Long term incentive plan 2015 | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Fair value at grant date | € 1.853 | ||||
Share price at grant date | 10.050 | ||||
Exercise price | € 10.0475 | ||||
Expected volatility (weighted average) | 39.63% | ||||
Expected life (Days) (weighted average) | day | 730 | ||||
Expected dividends | 8.00% | ||||
Risk-free interest rate | 0.66% | ||||
Tranche 2 | Share option program 2013 | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Fair value at grant date | € 2.260 | ||||
Share price at grant date | 6.070 | ||||
Exercise price | € 5.770 | ||||
Expected volatility (weighted average) | 40.00% | ||||
Expected life (Days) (weighted average) | day | 467 | ||||
Expected dividends | 0.00% | ||||
Risk-free interest rate | 1.00% | ||||
Tranche 3 | Long term incentive plan 2015 | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Fair value at grant date | € 1.853 | ||||
Share price at grant date | 10.050 | ||||
Exercise price | € 10.0475 | ||||
Expected volatility (weighted average) | 39.63% | ||||
Expected life (Days) (weighted average) | day | 1,095 | ||||
Expected dividends | 8.00% | ||||
Risk-free interest rate | 0.66% | ||||
Tranche 3 | Share option program 2013 | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Fair value at grant date | € 2.120 | ||||
Share price at grant date | 6.070 | ||||
Exercise price | € 5.770 | ||||
Expected volatility (weighted average) | 40.00% | ||||
Expected life (Days) (weighted average) | day | 730 | ||||
Expected dividends | 0.00% | ||||
Risk-free interest rate | 1.00% |
Share-based payment arrangem139
Share-based payment arrangements - Expenses recognized in profit or loss (Details) $ in Millions | Dec. 31, 2016USD ($) |
Long Term Incentive Plan 2016 And 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Provisions for employee benefits | $ 0.7 |
Share-based payment arrangem140
Share-based payment arrangements - Reconciliation of outstanding share options (Details) | Feb. 12, 2015shares | Mar. 31, 2016shares | Dec. 31, 2017EUR (€)shares€ / shares | Dec. 31, 2016EUR (€)shares€ / shares |
Share-Based Payment Arrangements [Abstract] | ||||
Number of options outstanding, January 1 (in shares) | 586,590 | 703,257 | ||
Number of options forfeited (in shares) | 0 | 0 | ||
Number of options exercised (in shares) | (166,667) | 0 | (116,667) | |
Number of options granted (in shares) | 236,590 | 0 | 0 | |
Number of options vested (in shares) | 507,726 | 428,863 | ||
Number of options outstanding, December 31 (in shares) | 586,590 | 586,590 | ||
Weighted average exercise price of options outstanding, January 1 | € | € 7.495 | € 7.209 | ||
Weighted average exercise price of options forfeited | € | 0 | 0 | ||
Weighted average exercise price of options exercised | € | 0 | 5.770 | ||
Share price at grant date | € | 0 | 0 | ||
Weighted average exercise price of options outstanding, December 31 | € | € 7.495 | € 7.495 | ||
Weighted average exercise price of options vested | € / shares | € 0 | € 0 |
Share-based payment arrangem141
Share-based payment arrangements - Reconciliation of outstanding share options, narrative (Details) | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2016shares | Dec. 31, 2017shares | Dec. 31, 2016EUR (€)shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of options exercised (in shares) | 166,667 | 0 | 116,667 |
Weighted average share price for share options in share-based payment arrangement exercised during period at date of exercise | € | € 8.99 | ||
Share option program 2013 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Treasury stock (in shares) | 0 | 692,415 | |
Number of options exercised (in shares) | 116,667 |
Group entities Group entities -
Group entities Group entities - ownership interest in subsidiaries, joint ventures, and associates (Details) - joint_venture | Nov. 23, 2016 | Jun. 02, 2016 | Jun. 01, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Proportion of ownership interest | 100.00% | 100.00% | 100.00% | |||
Number of joint ventures dissolved in period | 1 | 2 | ||||
Tankers International LLC | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Proportion of ownership interest in associate | 40.00% | 40.00% | ||||
Larvotto Shipholding Ltd | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Ownership percentage in joint venture | 50.00% | 50.00% | 50.00% | |||
Africa Conversion Corp | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Ownership percentage in joint venture | 50.00% | 50.00% | 50.00% | |||
Asia Conversion Corp | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Ownership percentage in joint venture | 50.00% | 50.00% | 50.00% | |||
Fiorano Shipholding Ltd | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Proportion of ownership interest in subsidiary | 50.00% | |||||
Ownership percentage in joint venture | 50.00% | 50.00% | ||||
Fontvieille Shipholding Ltd | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Ownership percentage in joint venture | 50.00% | 50.00% | ||||
Great Hope Enterprises Ltd | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Ownership percentage in joint venture | 50.00% | |||||
Kingswood Co. Ltd | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Ownership percentage in joint venture | 50.00% | 50.00% | 50.00% | |||
Moneghetti Shipholding Ltd | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Ownership percentage in joint venture | 50.00% | 50.00% | ||||
Seven Seas Shipping Ltd. | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Ownership percentage in joint venture | 50.00% | 50.00% | 50.00% | 50.00% | ||
TI Africa Ltd | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Ownership percentage in joint venture | 50.00% | 50.00% | 50.00% | |||
TI Asia Ltd | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Ownership percentage in joint venture | 50.00% | 50.00% | 50.00% | |||
Tankers Agencies (UK) Ltd | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Ownership percentage in joint venture | 50.00% | |||||
Portion of outstanding shares owned in joint venture | 61.00% | |||||
Tankers International LLC | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Ownership percentage in joint venture | 50.00% | |||||
Portion of outstanding shares owned in joint venture | 59.00% | |||||
Euronav Tankers NV | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Euronav Shipping NV | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Euronav (UK) Agencies Limited | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Euronav Luxembourg SA | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Euronav sas | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Euronav Ship Management sas | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Euronav Ship Management Ltd | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Euronav Hong Kong | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Euro-Ocean Ship Management (Cyprus) Ltd | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Euronav Singapore | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Fiorano Shipholding Ltd | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Larvotto Shipholding Ltd | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Euronav MI Inc | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% |
Business combinations - Narrat
Business combinations - Narrative (Details) | Dec. 21, 2017USD ($) | Jun. 02, 2016USD ($)shipentityT | Jun. 01, 2016entity | May 20, 2016ship | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Disclosure of detailed information about business combination [line items] | ||||||||
Number of vessels assumed | ship | 2 | |||||||
Number of entities accounted for using equity method | entity | 4 | |||||||
Losses on disposal of investments in equity accounted investees | $ 0 | $ 24,150,000 | $ 0 | |||||
Authorised shares not yet issued, amount | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | ||||
Vessels | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Number of vessels assumed | ship | 2 | |||||||
Captain Michael | Vessels | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Vessel, mass | T | 157,648 | |||||||
The Maria | Vessels | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Vessel, mass | T | 157,523 | |||||||
Bretta Tanker Holdings, Inc. | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Number of vessels covered under the joint venture | ship | 4 | |||||||
Laravotto and Fiorano | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Number of entities accounted for using equity method | entity | 2 | |||||||
Loss recognized due to re-measurement to fair value | $ 13,500,000 | |||||||
Moneghetti and Fontvieille | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Number of entities accounted for using equity method | entity | 2 | |||||||
Loss recognized due to re-measurement to fair value | $ 10,700,000 | |||||||
Larvotto Shipholding Ltd | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||||
Fiorano Shipholding Ltd | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||||
Gener8 Maritime, Inc. | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Proportion of ownership interest in subsidiary | 72.00% | |||||||
Stock exchange ratio | 72.72% | |||||||
Equity interests of acquirer (in shares) | $ 60,900,000 | |||||||
Premium on stock exchange ratio | 35.00% | |||||||
Proportion of ownership interests held by non-controlling interests | 28.00% | |||||||
Laravotto and Fiorano | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Number of acquired companies | entity | 2 | |||||||
Revenue of acquiree since acquisition date | 4,800,000 | |||||||
Profit of acquiree since acquisition date | $ 100,000 | |||||||
Revenue of combined entity as if combination occurred at beginning of period | $ 698,300,000 | |||||||
Profit of combined entity as if combination occurred at beginning of period | $ 205,100,000 | |||||||
Fair value of pre-existing interests in Larvotto and Fiorano | $ (18,633,000) | |||||||
Equity interests of acquirer (in shares) | $ (21,498,000) |
Business combinations - Consid
Business combinations - Consideration transferred (Details) - Laravotto and Fiorano $ in Thousands | Jun. 02, 2016USD ($) |
Disclosure of detailed information about business combination [line items] | |
Cash | $ 15,110 |
Shares in Fontvieille and Moneghetti | (21,498) |
Shareholders' loan receivable | 39,973 |
Total consideration transferred | $ 33,585 |
Business combinations - Identi
Business combinations - Identifiable assets acquired and liabilities assumed (Details) - Laravotto and Fiorano $ in Thousands | Jun. 02, 2016USD ($) |
Disclosure of detailed information about business combination [line items] | |
Property, plant and equipment (Note 8) | $ 120,280 |
Trade receivables | 3,685 |
Cash and cash equivalents | 8,355 |
Loans and borrowings (Note 15) | (61,065) |
Trade and other payables | (4,086) |
Total identifiable net assets acquired | $ 67,169 |
Business combinations - Goodwi
Business combinations - Goodwill (Details) - Laravotto and Fiorano $ in Thousands | Jun. 02, 2016USD ($) |
Disclosure of detailed information about business combination [line items] | |
Consideration transferred | $ 33,585 |
Fair value of pre-existing interests in Larvotto and Fiorano | (18,633) |
Fair value of identifiable net assets | (67,169) |
Fair value of shareholders' loan liabilities versus Bretta Tanker Holdings, transferred to Euronav | 52,217 |
Goodwill | $ 0 |
Equity-accounted investees - In
Equity-accounted investees - Interests in Total Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of Associates and Joint Ventures [Line Items] | |||
TOTAL ASSETS | $ 30,595 | $ 18,413 | |
Joint ventures | |||
Disclosure of Associates and Joint Ventures [Line Items] | |||
TOTAL ASSETS | 30,595 | 16,867 | $ 20,424 |
TOTAL LIABILITIES | 0 | 0 | |
Associates | |||
Disclosure of Associates and Joint Ventures [Line Items] | |||
TOTAL ASSETS | 0 | 1,546 | $ 1,212 |
TOTAL LIABILITIES | 0 | 0 | |
Associates | Joint ventures | |||
Disclosure of Associates and Joint Ventures [Line Items] | |||
TOTAL ASSETS | 30,595 | 18,413 | |
TOTAL LIABILITIES | $ 0 | $ 0 |
Equity-accounted investees - Re
Equity-accounted investees - Reconciliation of Changes in Interests in Associates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Changes in Interests in Associates [Roll Forward] | |||
Carrying amount of interest at the beginning of the period | $ 18,413 | ||
Group's share of profit (loss) for the period | $ 0 | $ 0 | |
Carrying amount of interest at the end of the period | 30,595 | 18,413 | |
Associates | |||
Reconciliation of Changes in Interests in Associates [Roll Forward] | |||
Carrying amount of interest at the beginning of the period | 1,546 | 1,212 | |
Group's share of profit (loss) for the period | 149 | 334 | |
Dividend in kind (shares TUKA) distributed by associate | (1,559) | 0 | |
Reclassification of associate to joint venture | (136) | 0 | |
Carrying amount of interest at the end of the period | $ 0 | $ 1,546 | $ 1,212 |
Equity-accounted investees -149
Equity-accounted investees - Reconciliation of Changes in Interests in Joint Ventures (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of joint ventures [line items] | ||||
Carrying amount of interest at the beginning of the period | $ 18,413 | |||
Group's share of profit (loss) for the period | $ 0 | $ 0 | ||
Group's share of other comprehensive income | 0 | 0 | ||
Carrying amount of interest at the end of the period | 30,595 | 18,413 | ||
Joint ventures | ||||
Disclosure of joint ventures [line items] | ||||
Carrying amount of interest at the beginning of the period | 16,867 | 20,424 | ||
Group's share of profit (loss) for the period | 29,932 | 40,161 | 51,407 | |
Group's share of other comprehensive income | (483) | (1,224) | (1,610) | |
Carrying amount of interest at the end of the period | 30,595 | 16,867 | 20,424 | |
Investments in equity accounted investees | Joint ventures | ||||
Disclosure of joint ventures [line items] | ||||
Gross balance | 27,565 | (3,298) | (38,095) | $ (89,338) |
Offset investment with shareholders loan | 3,030 | 20,165 | 58,520 | 105,643 |
Carrying amount of interest at the beginning of the period | 16,867 | 20,425 | 16,305 | |
Group's share of profit (loss) for the period | 29,933 | 40,161 | 51,407 | |
Group's share of other comprehensive income | (483) | (1,224) | (1,610) | |
Group's share on upstream transactions | 4,646 | |||
Capital increase/(decrease) in joint ventures | (3,737) | (1,499) | ||
Dividends received from joint ventures | (1,250) | (23,478) | (275) | |
Dividend in kind (shares TUKA) distributed by associate | 1,559 | |||
Reclassification of associate to joint venture | (136) | |||
Movement shareholders loans to joint ventures | 0 | 0 | 0 | |
Business combinations | (15,981) | |||
Carrying amount of interest at the end of the period | 30,595 | 16,867 | 20,425 | |
Shareholders loans | Joint ventures | ||||
Disclosure of joint ventures [line items] | ||||
Gross balance | 162,763 | 203,512 | 317,749 | 363,414 |
Offset investment with shareholders loan | (3,030) | (20,165) | (58,520) | (105,643) |
Carrying amount of interest at the beginning of the period | 183,348 | 259,229 | 257,771 | |
Group's share of profit (loss) for the period | 0 | 0 | 0 | |
Group's share of other comprehensive income | 0 | 0 | 0 | |
Group's share on upstream transactions | 0 | |||
Capital increase/(decrease) in joint ventures | 0 | 0 | ||
Dividends received from joint ventures | 0 | 0 | 0 | |
Dividend in kind (shares TUKA) distributed by associate | 0 | |||
Reclassification of associate to joint venture | 0 | |||
Movement shareholders loans to joint ventures | (40,750) | (18,499) | (45,665) | |
Business combinations | 95,738 | |||
Carrying amount of interest at the end of the period | 159,733 | 183,348 | 259,229 | |
Shareholders loans | Joint ventures | ||||
Disclosure of joint ventures [line items] | ||||
Gross balance | 0 | 0 | 0 | 0 |
Offset investment with shareholders loan | 0 | 0 | 0 | 0 |
Carrying amount of interest at the beginning of the period | 0 | 0 | 0 | |
Group's share of profit (loss) for the period | 0 | 0 | 0 | |
Group's share of other comprehensive income | 0 | 0 | 0 | |
Group's share on upstream transactions | 0 | |||
Capital increase/(decrease) in joint ventures | 0 | 0 | ||
Dividends received from joint ventures | 0 | 0 | 0 | |
Reclassification of associate to joint venture | 0 | |||
Movement shareholders loans to joint ventures | 0 | 0 | 0 | |
Business combinations | 0 | |||
Carrying amount of interest at the end of the period | 0 | 0 | 0 | |
Investments in equity accounted investees | Joint ventures | ||||
Disclosure of joint ventures [line items] | ||||
Gross balance | 0 | 0 | 0 | (5,880) |
Offset investment with shareholders loan | 0 | 0 | 0 | $ 0 |
Carrying amount of interest at the beginning of the period | 0 | 0 | (5,880) | |
Group's share of profit (loss) for the period | 0 | 0 | 0 | |
Group's share of other comprehensive income | 0 | 0 | 0 | |
Group's share on upstream transactions | 0 | |||
Capital increase/(decrease) in joint ventures | 0 | 5,880 | ||
Dividends received from joint ventures | 0 | 0 | 0 | |
Reclassification of associate to joint venture | 0 | |||
Movement shareholders loans to joint ventures | 0 | 0 | 0 | |
Business combinations | 0 | |||
Carrying amount of interest at the end of the period | $ 0 | $ 0 | $ 0 |
Equity-accounted investees - Su
Equity-accounted investees - Summarized Financial Information of Joint Ventures (Details) - USD ($) $ in Thousands | Nov. 23, 2016 | Jun. 01, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of joint ventures [line items] | ||||||
Non-Current assets | $ 2,530,337 | $ 2,673,523 | ||||
of which Vessel | 2,336,831 | 2,470,076 | $ 2,382,976 | $ 2,276,161 | ||
Current Assets | 280,636 | 373,388 | ||||
Cash and cash equivalents | 143,648 | 206,689 | 131,663 | $ 254,086 | ||
Non-current liabilities | 805,872 | 969,860 | ||||
Non-current portion of bank loans | 653,730 | 966,443 | ||||
Total current liabilities | 158,740 | 189,095 | ||||
Net Carrying amount of interest in joint venture | 30,595 | 18,413 | ||||
Remaining shareholders loan to joint venture | 0 | |||||
Revenue | 513,368 | 684,265 | 846,507 | |||
Income tax expense | (1,358) | (174) | 5,633 | |||
Profit/(loss) for the period | 1,383 | 204,049 | 350,301 | |||
Other comprehensive income (100%) | 995 | 748 | 1,136 | |||
Group's share of profit (loss) for the period | 0 | 0 | ||||
Dividend in kind (shares TUKA) distributed by associate (Note 23) | $ 0 | $ 0 | ||||
Joint ventures | ||||||
Disclosure of joint ventures [line items] | ||||||
Ownership percentage in joint venture | 50.00% | 50.00% | ||||
Non-Current assets | 359,214 | $ 392,116 | $ 744,422 | |||
of which Vessel | 336,199 | 372,340 | 728,795 | |||
Current Assets | 174,912 | 89,392 | 87,727 | |||
Cash and cash equivalents | 8,608 | 64,074 | 40,139 | |||
Non-current liabilities | 329,514 | 410,207 | 849,740 | |||
Non-current portion of bank loans | 0 | 0 | 206,519 | |||
Total current liabilities | 150,083 | 77,896 | 58,601 | |||
Current portion of bank loans | 43,000 | 75,343 | 45,078 | |||
Net assets (100%) | 54,530 | (6,595) | (76,192) | |||
Group's share of net assets | 27,565 | (3,298) | (38,096) | |||
Receivables due from related parties | 162,762 | 203,512 | 317,750 | |||
Net Carrying amount of interest in joint venture | 30,595 | 16,867 | 20,424 | |||
Remaining shareholders loan to joint venture | 159,732 | 183,348 | 259,229 | |||
Revenue | 119,087 | 171,855 | 234,425 | |||
Depreciations and amortization | (36,142) | (47,548) | (58,628) | |||
Interest Expense | (2,052) | (6,531) | (10,623) | |||
Income tax expense | (2,976) | (432) | 365 | |||
Profit/(loss) for the period | 59,865 | 80,322 | 102,814 | |||
Other comprehensive income (100%) | 966 | 2,448 | 3,220 | |||
Group's share of profit (loss) for the period | 29,932 | 40,161 | 51,407 | |||
Dividend in kind (shares TUKA) distributed by associate (Note 23) | $ 483 | 1,224 | $ 1,610 | |||
Great Hope Enterprises Ltd | ||||||
Disclosure of joint ventures [line items] | ||||||
Ownership percentage in joint venture | 50.00% | |||||
Non-Current assets | 0 | $ 0 | ||||
of which Vessel | 0 | 0 | ||||
Current Assets | 0 | 102 | ||||
Cash and cash equivalents | 0 | 59 | ||||
Non-current liabilities | 0 | 0 | ||||
Non-current portion of bank loans | 0 | 0 | ||||
Total current liabilities | 0 | 15 | ||||
Current portion of bank loans | 0 | 0 | ||||
Net assets (100%) | 0 | 87 | ||||
Group's share of net assets | 0 | 43 | ||||
Receivables due from related parties | 0 | 0 | ||||
Net Carrying amount of interest in joint venture | 0 | 43 | ||||
Remaining shareholders loan to joint venture | 0 | 0 | ||||
Revenue | 0 | 1 | ||||
Depreciations and amortization | 0 | 0 | ||||
Interest Expense | 0 | 0 | ||||
Income tax expense | 0 | 0 | ||||
Profit/(loss) for the period | (32) | 3 | ||||
Other comprehensive income (100%) | 0 | 0 | ||||
Group's share of profit (loss) for the period | (16) | 2 | ||||
Dividend in kind (shares TUKA) distributed by associate (Note 23) | $ 0 | $ 0 | ||||
Kingswood Co. Ltd | ||||||
Disclosure of joint ventures [line items] | ||||||
Ownership percentage in joint venture | 50.00% | 50.00% | 50.00% | |||
Non-Current assets | $ 629 | $ 946 | $ 520 | |||
of which Vessel | 0 | 0 | 0 | |||
Current Assets | 0 | 76 | 489 | |||
Cash and cash equivalents | 0 | 0 | 0 | |||
Non-current liabilities | 0 | 0 | 0 | |||
Non-current portion of bank loans | 0 | 0 | 0 | |||
Total current liabilities | 111 | 2 | 2 | |||
Current portion of bank loans | 0 | 0 | 0 | |||
Net assets (100%) | 518 | 1,020 | 1,007 | |||
Group's share of net assets | 259 | 510 | 504 | |||
Receivables due from related parties | 0 | 0 | 0 | |||
Net Carrying amount of interest in joint venture | 259 | 510 | 504 | |||
Remaining shareholders loan to joint venture | 0 | 0 | 0 | |||
Revenue | 0 | 0 | 0 | |||
Depreciations and amortization | 0 | 0 | 0 | |||
Interest Expense | 0 | 0 | 0 | |||
Income tax expense | 0 | 0 | 0 | |||
Profit/(loss) for the period | (2) | 12 | (4) | |||
Other comprehensive income (100%) | 0 | 0 | 0 | |||
Group's share of profit (loss) for the period | (1) | 6 | (2) | |||
Dividend in kind (shares TUKA) distributed by associate (Note 23) | $ 0 | $ 0 | $ 0 | |||
Seven Seas Shipping Ltd. | ||||||
Disclosure of joint ventures [line items] | ||||||
Ownership percentage in joint venture | 50.00% | 50.00% | 50.00% | 50.00% | ||
Non-Current assets | $ 0 | $ 0 | $ 33,052 | |||
of which Vessel | 0 | 0 | 33,052 | |||
Current Assets | 993 | 3,221 | 7,463 | |||
Cash and cash equivalents | 689 | 555 | 1,528 | |||
Non-current liabilities | 629 | 946 | 521 | |||
Non-current portion of bank loans | 0 | 0 | 0 | |||
Total current liabilities | 91 | 132 | 239 | |||
Current portion of bank loans | 0 | 0 | 0 | |||
Net assets (100%) | 273 | 2,143 | 39,755 | |||
Group's share of net assets | 137 | 1,072 | 19,878 | |||
Receivables due from related parties | 0 | 0 | 0 | |||
Net Carrying amount of interest in joint venture | 137 | 1,072 | 19,878 | |||
Remaining shareholders loan to joint venture | 0 | 0 | 0 | |||
Revenue | 61 | 13,646 | 18,701 | |||
Depreciations and amortization | 0 | (3,344) | (3,601) | |||
Interest Expense | 0 | (3) | (102) | |||
Income tax expense | 0 | 0 | 0 | |||
Profit/(loss) for the period | 130 | 7,469 | 11,791 | |||
Other comprehensive income (100%) | 0 | 0 | 0 | |||
Group's share of profit (loss) for the period | 65 | 3,735 | 5,895 | |||
Dividend in kind (shares TUKA) distributed by associate (Note 23) | $ 0 | $ 0 | $ 0 | |||
Fiorano Shipholding Ltd | ||||||
Disclosure of joint ventures [line items] | ||||||
Ownership percentage in joint venture | 50.00% | 50.00% | ||||
Non-Current assets | $ 0 | $ 78,031 | ||||
of which Vessel | 0 | 78,031 | ||||
Current Assets | 0 | 6,498 | ||||
Cash and cash equivalents | 0 | 552 | ||||
Non-current liabilities | 0 | 84,094 | ||||
Non-current portion of bank loans | 0 | 27,813 | ||||
Total current liabilities | 0 | 5,981 | ||||
Current portion of bank loans | 0 | 4,250 | ||||
Net assets (100%) | 0 | (5,546) | ||||
Group's share of net assets | 0 | (2,773) | ||||
Receivables due from related parties | 0 | 28,141 | ||||
Net Carrying amount of interest in joint venture | 0 | 0 | ||||
Remaining shareholders loan to joint venture | 0 | 25,368 | ||||
Revenue | 7,182 | 21,050 | ||||
Depreciations and amortization | (2,047) | (4,852) | ||||
Interest Expense | (223) | (530) | ||||
Income tax expense | 0 | 0 | ||||
Profit/(loss) for the period | 1,146 | 6,361 | ||||
Other comprehensive income (100%) | 0 | 0 | ||||
Group's share of profit (loss) for the period | 573 | 3,181 | ||||
Dividend in kind (shares TUKA) distributed by associate (Note 23) | $ 0 | $ 0 | ||||
Fontvieille Shipholding Ltd | ||||||
Disclosure of joint ventures [line items] | ||||||
Ownership percentage in joint venture | 50.00% | 50.00% | ||||
Non-Current assets | $ 0 | $ 65,837 | ||||
of which Vessel | 0 | 65,837 | ||||
Current Assets | 0 | 4,195 | ||||
Cash and cash equivalents | 0 | 186 | ||||
Non-current liabilities | 0 | 77,485 | ||||
Non-current portion of bank loans | 0 | 30,470 | ||||
Total current liabilities | 0 | 6,656 | ||||
Current portion of bank loans | 0 | 4,000 | ||||
Net assets (100%) | 0 | (14,109) | ||||
Group's share of net assets | 0 | (7,054) | ||||
Receivables due from related parties | 0 | 23,507 | ||||
Net Carrying amount of interest in joint venture | 0 | 0 | ||||
Remaining shareholders loan to joint venture | 0 | 16,453 | ||||
Revenue | 6,404 | 21,509 | ||||
Depreciations and amortization | (2,037) | (4,832) | ||||
Interest Expense | (377) | (851) | ||||
Income tax expense | 0 | 0 | ||||
Profit/(loss) for the period | 500 | 6,330 | ||||
Other comprehensive income (100%) | 0 | 0 | ||||
Group's share of profit (loss) for the period | 250 | 3,165 | ||||
Dividend in kind (shares TUKA) distributed by associate (Note 23) | $ 0 | $ 0 | ||||
Larvotto Shipholding Ltd | ||||||
Disclosure of joint ventures [line items] | ||||||
Ownership percentage in joint venture | 50.00% | 50.00% | 50.00% | |||
Non-Current assets | $ 0 | $ 73,234 | ||||
of which Vessel | 0 | 73,234 | ||||
Current Assets | 0 | 7,873 | ||||
Cash and cash equivalents | 0 | 1,578 | ||||
Non-current liabilities | 0 | 81,424 | ||||
Non-current portion of bank loans | 0 | 29,143 | ||||
Total current liabilities | 0 | 6,621 | ||||
Current portion of bank loans | 0 | 3,970 | ||||
Net assets (100%) | 0 | (6,939) | ||||
Group's share of net assets | 0 | (3,469) | ||||
Receivables due from related parties | 0 | 26,141 | ||||
Net Carrying amount of interest in joint venture | 0 | 0 | ||||
Remaining shareholders loan to joint venture | 0 | 22,672 | ||||
Revenue | 6,901 | 22,837 | ||||
Depreciations and amortization | (1,929) | (4,571) | ||||
Interest Expense | (288) | (644) | ||||
Income tax expense | 0 | 0 | ||||
Profit/(loss) for the period | 1,082 | 6,762 | ||||
Group's share of profit (loss) for the period | 541 | 3,381 | ||||
Dividend in kind (shares TUKA) distributed by associate (Note 23) | $ 0 | $ 0 | ||||
Moneghetti Shipholding Ltd | ||||||
Disclosure of joint ventures [line items] | ||||||
Ownership percentage in joint venture | 50.00% | 50.00% | ||||
Non-Current assets | $ 0 | $ 70,159 | ||||
of which Vessel | 0 | 70,159 | ||||
Current Assets | 0 | 7,219 | ||||
Cash and cash equivalents | 0 | 4,891 | ||||
Non-current liabilities | 0 | 79,647 | ||||
Non-current portion of bank loans | 0 | 43,750 | ||||
Total current liabilities | 0 | 7,099 | ||||
Current portion of bank loans | 0 | 4,000 | ||||
Net assets (100%) | 0 | (9,368) | ||||
Group's share of net assets | 0 | (4,684) | ||||
Receivables due from related parties | 0 | 17,949 | ||||
Net Carrying amount of interest in joint venture | 0 | 0 | ||||
Remaining shareholders loan to joint venture | 0 | 13,265 | ||||
Revenue | 7,471 | 21,317 | ||||
Depreciations and amortization | (2,049) | (4,630) | ||||
Interest Expense | (537) | (1,170) | ||||
Income tax expense | 0 | 0 | ||||
Profit/(loss) for the period | 1,270 | 5,661 | ||||
Other comprehensive income (100%) | 0 | 0 | ||||
Group's share of profit (loss) for the period | 635 | 2,831 | ||||
Dividend in kind (shares TUKA) distributed by associate (Note 23) | $ 0 | $ 0 | ||||
TI Africa Ltd | ||||||
Disclosure of joint ventures [line items] | ||||||
Ownership percentage in joint venture | 50.00% | 50.00% | 50.00% | |||
Non-Current assets | $ 182,298 | $ 198,826 | $ 215,184 | |||
of which Vessel | 171,612 | 189,821 | 208,030 | |||
Current Assets | 12,639 | 38,206 | 12,144 | |||
Cash and cash equivalents | 4,062 | 26,928 | 880 | |||
Non-current liabilities | 200,231 | 276,498 | 303,018 | |||
Non-current portion of bank loans | 0 | 0 | 0 | |||
Total current liabilities | 766 | 863 | 1,155 | |||
Current portion of bank loans | 0 | 0 | 0 | |||
Net assets (100%) | (6,060) | (40,329) | (76,845) | |||
Group's share of net assets | (3,030) | (20,165) | (38,423) | |||
Receivables due from related parties | 100,115 | 137,615 | 149,615 | |||
Net Carrying amount of interest in joint venture | 0 | 0 | 0 | |||
Remaining shareholders loan to joint venture | 97,085 | 117,451 | 111,193 | |||
Revenue | 61,015 | 65,188 | 64,627 | |||
Depreciations and amortization | (18,209) | (18,209) | (18,209) | |||
Interest Expense | (90) | (400) | (1,220) | |||
Income tax expense | 383 | (326) | 259 | |||
Profit/(loss) for the period | 34,269 | 36,515 | 35,329 | |||
Other comprehensive income (100%) | 0 | 0 | 0 | |||
Group's share of profit (loss) for the period | 17,135 | 18,257 | 17,664 | |||
Dividend in kind (shares TUKA) distributed by associate (Note 23) | $ 0 | $ 0 | $ 0 | |||
TI Asia Ltd | ||||||
Disclosure of joint ventures [line items] | ||||||
Ownership percentage in joint venture | 50.00% | 50.00% | 50.00% | |||
Non-Current assets | $ 175,826 | $ 192,344 | $ 208,405 | |||
of which Vessel | 164,587 | 182,519 | 200,452 | |||
Current Assets | 10,521 | 47,889 | 41,744 | |||
Cash and cash equivalents | 1,968 | 36,591 | 30,465 | |||
Non-current liabilities | 128,653 | 132,763 | 223,552 | |||
Non-current portion of bank loans | 0 | 0 | 75,343 | |||
Total current liabilities | 687 | 76,899 | 30,832 | |||
Current portion of bank loans | 0 | 75,343 | 28,858 | |||
Net assets (100%) | 57,007 | 30,571 | (4,235) | |||
Group's share of net assets | 28,503 | 15,285 | (2,118) | |||
Receivables due from related parties | 62,647 | 65,897 | 72,397 | |||
Net Carrying amount of interest in joint venture | 28,503 | 15,285 | 0 | |||
Remaining shareholders loan to joint venture | 62,647 | 65,897 | 70,280 | |||
Revenue | 58,011 | 65,063 | 64,382 | |||
Depreciations and amortization | (17,933) | (17,933) | (17,933) | |||
Interest Expense | (1,961) | (4,703) | (6,106) | |||
Income tax expense | (3,359) | (106) | 106 | |||
Profit/(loss) for the period | 25,467 | 32,359 | 30,580 | |||
Other comprehensive income (100%) | 966 | 2,448 | 3,220 | |||
Group's share of profit (loss) for the period | 12,734 | 16,180 | 15,290 | |||
Dividend in kind (shares TUKA) distributed by associate (Note 23) | $ 483 | $ 1,224 | $ 1,610 | |||
Africa Conversion Corp | ||||||
Disclosure of joint ventures [line items] | ||||||
Ownership percentage in joint venture | 50.00% | 50.00% | 50.00% | |||
Non-Current assets | $ 0 | $ 0 | $ 0 | |||
of which Vessel | 0 | 0 | 0 | |||
Current Assets | 0 | 0 | 0 | |||
Cash and cash equivalents | 0 | 0 | 0 | |||
Non-current liabilities | 0 | 0 | 0 | |||
Non-current portion of bank loans | 0 | 0 | 0 | |||
Total current liabilities | 0 | 0 | 0 | |||
Current portion of bank loans | 0 | 0 | 0 | |||
Net assets (100%) | 0 | 0 | 0 | |||
Group's share of net assets | 0 | 0 | 0 | |||
Receivables due from related parties | 0 | 0 | 0 | |||
Net Carrying amount of interest in joint venture | 0 | 0 | 0 | |||
Remaining shareholders loan to joint venture | 0 | 0 | 0 | |||
Revenue | 0 | 0 | 0 | |||
Depreciations and amortization | 0 | 0 | 0 | |||
Interest Expense | 0 | 0 | 0 | |||
Income tax expense | 0 | 0 | 0 | |||
Profit/(loss) for the period | 0 | 0 | 0 | |||
Other comprehensive income (100%) | 0 | 0 | 0 | |||
Group's share of profit (loss) for the period | 0 | 0 | 0 | |||
Dividend in kind (shares TUKA) distributed by associate (Note 23) | $ 0 | $ 0 | $ 0 | |||
Asia Conversion Corp | ||||||
Disclosure of joint ventures [line items] | ||||||
Ownership percentage in joint venture | 50.00% | 50.00% | 50.00% | |||
Non-Current assets | $ 0 | $ 0 | $ 0 | |||
of which Vessel | 0 | 0 | 0 | |||
Current Assets | 0 | 0 | 0 | |||
Cash and cash equivalents | 0 | 0 | 0 | |||
Non-current liabilities | 0 | 0 | 0 | |||
Non-current portion of bank loans | 0 | 0 | 0 | |||
Total current liabilities | 0 | 0 | 0 | |||
Current portion of bank loans | 0 | 0 | 0 | |||
Net assets (100%) | 0 | 0 | 0 | |||
Group's share of net assets | 0 | 0 | 0 | |||
Receivables due from related parties | 0 | 0 | 0 | |||
Net Carrying amount of interest in joint venture | 0 | 0 | 0 | |||
Remaining shareholders loan to joint venture | 0 | 0 | 0 | |||
Revenue | 0 | 0 | 0 | |||
Depreciations and amortization | 0 | 0 | 0 | |||
Interest Expense | 0 | 0 | 0 | |||
Income tax expense | 0 | 0 | 0 | |||
Profit/(loss) for the period | 0 | 0 | 0 | |||
Other comprehensive income (100%) | 0 | 0 | 0 | |||
Group's share of profit (loss) for the period | 0 | |||||
Dividend in kind (shares TUKA) distributed by associate (Note 23) | 0 | |||||
Joint Venture Liability | ||||||
Disclosure of joint ventures [line items] | ||||||
Non-Current assets | 0 | 0 | 0 | |||
of which Vessel | 0 | 0 | 0 | |||
Current Assets | 0 | 0 | 0 | |||
Cash and cash equivalents | 0 | 0 | 0 | |||
Non-current liabilities | 0 | 0 | 0 | |||
Non-current portion of bank loans | 0 | 0 | 0 | |||
Total current liabilities | 0 | 0 | 0 | |||
Current portion of bank loans | 0 | 0 | 0 | |||
Net assets (100%) | 0 | 0 | 0 | |||
Group's share of net assets | 0 | 0 | 0 | |||
Receivables due from related parties | 0 | 0 | 0 | |||
Net Carrying amount of interest in joint venture | 0 | 0 | 0 | |||
Remaining shareholders loan to joint venture | 0 | 0 | 0 | |||
Revenue | 0 | 0 | 0 | |||
Depreciations and amortization | 0 | 0 | 0 | |||
Interest Expense | 0 | 0 | 0 | |||
Income tax expense | 0 | 0 | 0 | |||
Profit/(loss) for the period | 0 | 0 | 0 | |||
Other comprehensive income (100%) | 0 | 0 | 0 | |||
Group's share of profit (loss) for the period | 0 | 0 | 0 | |||
Dividend in kind (shares TUKA) distributed by associate (Note 23) | $ 0 | $ 0 | $ 0 | |||
Tankers International LLC | ||||||
Disclosure of joint ventures [line items] | ||||||
Ownership percentage in joint venture | 50.00% | |||||
Non-Current assets | $ 98 | |||||
of which Vessel | 0 | |||||
Current Assets | 1,108 | |||||
Cash and cash equivalents | 0 | |||||
Non-current liabilities | 0 | |||||
Non-current portion of bank loans | 0 | |||||
Total current liabilities | 975 | |||||
Current portion of bank loans | 0 | |||||
Net assets (100%) | 232 | |||||
Group's share of net assets | 136 | |||||
Receivables due from related parties | 0 | |||||
Net Carrying amount of interest in joint venture | 136 | |||||
Remaining shareholders loan to joint venture | 0 | |||||
Revenue | 0 | |||||
Depreciations and amortization | 0 | |||||
Interest Expense | 0 | |||||
Income tax expense | 0 | |||||
Profit/(loss) for the period | 0 | |||||
Other comprehensive income (100%) | 0 | |||||
Group's share of profit (loss) for the period | 0 | |||||
Dividend in kind (shares TUKA) distributed by associate (Note 23) | $ 0 | |||||
Tankers Agencies (UK) Ltd | ||||||
Disclosure of joint ventures [line items] | ||||||
Ownership percentage in joint venture | 50.00% | |||||
Non-Current assets | $ 363 | |||||
of which Vessel | 0 | |||||
Current Assets | 149,650 | |||||
Cash and cash equivalents | 1,889 | |||||
Non-current liabilities | 0 | |||||
Non-current portion of bank loans | 0 | |||||
Total current liabilities | 147,453 | |||||
Current portion of bank loans | 43,000 | |||||
Net assets (100%) | 2,560 | |||||
Group's share of net assets | 1,559 | |||||
Receivables due from related parties | 0 | |||||
Net Carrying amount of interest in joint venture | 1,559 | |||||
Remaining shareholders loan to joint venture | 0 | |||||
Revenue | 0 | |||||
Depreciations and amortization | 0 | |||||
Interest Expense | 0 | |||||
Income tax expense | 0 | |||||
Profit/(loss) for the period | 0 | |||||
Other comprehensive income (100%) | 0 | |||||
Group's share of profit (loss) for the period | 0 | |||||
Dividend in kind (shares TUKA) distributed by associate (Note 23) | $ 0 |
Equity-accounted investees - Na
Equity-accounted investees - Narrative (Details) | Nov. 23, 2016USD ($)T | Jun. 02, 2016shipjoint_ventureT | May 20, 2016ship | Sep. 30, 2009 | Jul. 31, 2009 | Oct. 31, 2008USD ($)ship | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)derivativejoint_venture | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Disclosure of joint ventures [line items] | ||||||||||
Number of joint ventures disposed of | joint_venture | 2 | |||||||||
Number of joint ventures acquired | joint_venture | 2 | |||||||||
Outstanding | $ 1,085,562,000 | $ 848,710,000 | $ 1,085,562,000 | $ 1,052,448,000 | ||||||
Number of vessels assumed | ship | 2 | |||||||||
Commitments in relation to joint ventures | 0 | 0 | $ 0 | $ 0 | ||||||
Joint ventures | ||||||||||
Disclosure of joint ventures [line items] | ||||||||||
Ownership percentage in joint venture | 50.00% | 50.00% | ||||||||
Outstanding | 75,343,000 | $ 0 | $ 75,343,000 | |||||||
Seven Seas Shipping Ltd. | ||||||||||
Disclosure of joint ventures [line items] | ||||||||||
Ownership percentage in joint venture | 50.00% | 50.00% | 50.00% | 50.00% | ||||||
Senior Secured Loans | TI Asia Ltd And TI Africa Ltd | ||||||||||
Disclosure of joint ventures [line items] | ||||||||||
Notional amount | $ 500,000,000 | |||||||||
Term Loan Facility | TI Asia Ltd And TI Africa Ltd | ||||||||||
Disclosure of joint ventures [line items] | ||||||||||
Notional amount | $ 180,000,000 | |||||||||
Number of vessels acquired | ship | 2 | |||||||||
Project Finance Loan | TI Asia Ltd And TI Africa Ltd | ||||||||||
Disclosure of joint ventures [line items] | ||||||||||
Notional amount | $ 320,000,000 | |||||||||
Senior Secured Credit Facility 2013 Maturity FSO Africa | TI Asia Ltd And TI Africa Ltd | ||||||||||
Disclosure of joint ventures [line items] | ||||||||||
Balloon installment to be paid | $ 45,000,000 | |||||||||
LIBOR | Senior Secured Credit Facility 2017 Maturity FSO Asia | TI Asia Ltd And TI Africa Ltd | ||||||||||
Disclosure of joint ventures [line items] | ||||||||||
Borrowings, interest rate | 1.15% | |||||||||
LIBOR | Senior Secured Credit Facility 2013 Maturity FSO Africa | TI Asia Ltd And TI Africa Ltd | ||||||||||
Disclosure of joint ventures [line items] | ||||||||||
Borrowings, interest rate | 2.25% | |||||||||
Interest rate swaps | Joint ventures | ||||||||||
Disclosure of joint ventures [line items] | ||||||||||
Number of joint ventures entered into interest rate swap instruments | joint_venture | 2 | |||||||||
Number of derivative instruments held | derivative | 2 | |||||||||
Derivative notional amount | $ 480,000,000 | |||||||||
Percent ownership in derivative | 50.00% | |||||||||
Interest rate risk | ||||||||||
Disclosure of joint ventures [line items] | ||||||||||
Number of derivative instruments held | derivative | 0 | |||||||||
Vessels | ||||||||||
Disclosure of joint ventures [line items] | ||||||||||
Number of vessels assumed | ship | 2 | |||||||||
V.K Eddie | Vessels | Seven Seas Shipping Ltd. | ||||||||||
Disclosure of joint ventures [line items] | ||||||||||
Percent of gain eliminated | 50.00% | 50.00% | ||||||||
Vessel, mass | T | 305,261 | |||||||||
Sale price | $ 9,300,000 | |||||||||
Purchase of property, plant and equipment, classified as investing activities | $ 39,000,000 | |||||||||
Captain Michael | Vessels | ||||||||||
Disclosure of joint ventures [line items] | ||||||||||
Vessel, mass | T | 157,648 | |||||||||
The Maria | Vessels | ||||||||||
Disclosure of joint ventures [line items] | ||||||||||
Vessel, mass | T | 157,523 | |||||||||
FSO Asia | Interest rate swaps | Joint ventures | ||||||||||
Disclosure of joint ventures [line items] | ||||||||||
Derivative instrument term | 8 years | |||||||||
FSO Africa | Interest rate swaps | Joint ventures | ||||||||||
Disclosure of joint ventures [line items] | ||||||||||
Derivative instrument term | 8 years |
Equity-accounted investees - Sh
Equity-accounted investees - Shareholder Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of joint ventures [line items] | |||
Outstanding | $ 848,710 | $ 1,085,562 | $ 1,052,448 |
TI Asia Ltd | |||
Disclosure of joint ventures [line items] | |||
Facility size | 0 | 75,343 | |
Outstanding | 0 | 75,343 | |
Joint ventures | |||
Disclosure of joint ventures [line items] | |||
Facility size | 0 | 75,343 | |
Outstanding | 0 | 75,343 | |
Carrying value | TI Asia Ltd | |||
Disclosure of joint ventures [line items] | |||
Outstanding | 0 | 75,343 | |
Carrying value | Joint ventures | |||
Disclosure of joint ventures [line items] | |||
Outstanding | $ 0 | $ 75,343 | |
LIBOR | TI Asia Ltd | |||
Disclosure of joint ventures [line items] | |||
Borrowings, adjustment to interest rate basis | 1.15% |
Equity-accounted investees - Ca
Equity-accounted investees - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of joint ventures [line items] | ||||
Cash and cash equivalents | $ 143,648 | $ 206,689 | $ 131,663 | $ 254,086 |
Joint ventures | ||||
Disclosure of joint ventures [line items] | ||||
Cash and cash equivalents | 8,608 | 64,074 | $ 40,139 | |
Group's share of cash and cash equivalents | 4,304 | 32,037 | ||
Group's share of restricted cash | $ 0 | $ 6,789 |
Subsidiaries (Details)
Subsidiaries (Details) - subsidiary | Jun. 02, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of subsidiaries [line items] | ||||
Proportion of voting rights held in subsidiary | 100.00% | |||
Larvotto Shipholding Ltd | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |
Euronav Singapore Pte Ltd | ||||
Disclosure of subsidiaries [line items] | ||||
Number of subsidiaries incorporated during period | 1 | |||
Fiorano Shipholding Ltd | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% |
Major exchange rates (Details)
Major exchange rates (Details) | 12 Months Ended | ||||||||
Dec. 31, 2017€ / $ | Dec. 31, 2017€ / $£ / $ | Dec. 31, 2016€ / $ | Dec. 31, 2016€ / $£ / $ | Dec. 31, 2015€ / $ | Dec. 31, 2015€ / $£ / $ | Dec. 31, 2017£ / $ | Dec. 31, 2016£ / $ | Dec. 31, 2015£ / $ | |
Effects Of Changes In Foreign Exchange Rates [Abstract] | |||||||||
closing rates | 1.1993 | 1.1993 | 1.0541 | 1.0541 | 1.0887 | 1.0887 | 1.3517 | 1.2312 | 1.4833 |
average rates | 1.1249 | 1.2880 | 1.1061 | 1.3662 | 1.1154 | 1.5315 |
(Details)
(Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Audit Fees [Abstract] | |||
Audit fees | $ 0.9 | $ 1 | $ 0.7 |
Fees for additional audit related services | 0 | 0 | 0.2 |
Fees for tax services | $ 0 | $ 0 | $ 0 |
Subsequent events (Details)
Subsequent events (Details) | Mar. 26, 2018T | Mar. 22, 2018USD ($)vessel | Jun. 30, 2017vessel | Dec. 31, 2016vessel | Mar. 29, 2018USD ($) |
Ice Class Suezmax Vessels | Entering into significant commitment or contingent liabilities | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Facility size | $ 173,600,000 | ||||
Ice Class Suezmax Vessels | Vessels | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Number of additional vessels available through purchase option | vessel | 4 | 2 | |||
Ice Class Suezmax Vessels | Vessels | Major purchases of assets | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Number of additional vessels available through purchase option | vessel | 4 | ||||
Ice Class Suezmax Cap Quebec | Vessels | Major purchases of assets | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Vessel, mass | T | 156,600 | ||||
Maximum | Ice Class Suezmax Vessels | Entering into significant commitment or contingent liabilities | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Maximum portion of contract to be financed | 70.00% | ||||
Senior Secured Loans | Entering into significant commitment or contingent liabilities | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Notional amount | $ 220,000,000 | ||||
Term Loan Facility | Entering into significant commitment or contingent liabilities | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Notional amount | 110,000,000 | ||||
Revolving Credit Facility | Entering into significant commitment or contingent liabilities | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Notional amount | $ 110,000,000 |