Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2018 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | EURONAV NV |
Entity Central Index Key (CIK) | 1,604,481 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2018 |
Amendment flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | H1 |
Condensed consolidated statemen
Condensed consolidated statement of financial position - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | [1] |
Non-current assets | |||
Vessels (Note 12) | $ 3,605,611 | $ 2,271,500 | |
Assets under construction (Note 12) | 39,248 | 63,668 | |
Other tangible assets (Note 12) | 2,012 | 1,663 | |
Intangible assets | 173 | 72 | |
Receivables (Note 19) | 54,022 | 160,352 | |
Investments in equity accounted investees (Note 23) | 35,824 | 30,595 | |
Deferred tax assets | 2,601 | 2,487 | |
Total non-current assets | 3,739,491 | 2,530,337 | |
Current assets | |||
Trade and other receivables (Note 20) | 239,819 | 136,797 | |
Current tax assets | 201 | 191 | |
Cash and cash equivalents | 206,279 | 143,648 | |
Assets held for sale (Note 8) | 1,319 | 0 | |
Total current assets | 447,618 | 280,636 | |
TOTAL ASSETS | 4,187,109 | 2,810,973 | |
Equity | |||
Share capital (Note 13) | 239,148 | 173,046 | |
Share premium (Note 13) | 1,702,549 | 1,215,227 | |
Translation reserve | 524 | 568 | |
Hedging reserve (Note 13) | (201) | 0 | |
Treasury shares (Note 13) | (16,102) | (16,102) | |
Retained earnings | 410,662 | 473,622 | |
Equity attributable to owners of the Company | 2,336,580 | 1,846,361 | |
Non-current liabilities | |||
Bank loans (Note 15) | 1,275,712 | 653,730 | |
Other notes (Note 15) | 147,890 | 147,619 | |
Other payables (Note 16) | 413 | 539 | |
Employee benefits | 4,297 | 3,984 | |
Total non-current liabilities | 1,428,312 | 805,872 | |
Current liabilities | |||
Trade and other payables (Note 16) | 87,067 | 61,355 | |
Current tax liabilities | 11 | 11 | |
Bank loans (Note 15) | 276,849 | 47,361 | |
Other borrowings (Note 15) | 58,290 | 50,010 | |
Provisions | 0 | 3 | |
Total current liabilities | 422,217 | 158,740 | |
TOTAL EQUITY and LIABILITIES | $ 4,187,109 | $ 2,810,973 | |
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Condensed consolidated statem_2
Condensed consolidated statement of profit or loss - USD ($) | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | [1] | |
Shipping income | |||
Revenue (Note 9) | $ 202,748,000 | $ 290,591,000 | |
Gains on disposal of vessels/other tangible assets (Note 12) | 10,175,000 | 20,000 | |
Other operating income (Note 9) | 2,133,000 | 2,775,000 | |
Total shipping income | 215,056,000 | 293,386,000 | |
Operating expenses | |||
Voyage expenses and commissions (Note 10) | (46,277,000) | (32,283,000) | |
Vessel operating expenses (Note 10) | (78,870,000) | (78,488,000) | |
Charter hire expenses (Note 10) | (15,432,000) | (15,485,000) | |
Loss on disposal of vessels/other tangible assets (Note 12) | 0 | (21,027,000) | |
Depreciation tangible assets (Note 12) | (112,926,000) | (115,525,000) | |
Depreciation intangible assets | (51,000) | (48,000) | |
General and administrative expenses (Note 10) | (31,150,000) | (22,351,000) | |
Total operating expenses | (284,706,000) | (285,207,000) | |
RESULT FROM OPERATING ACTIVITIES | (69,650,000) | 8,179,000 | |
Finance income (Note 11) | 7,185,000 | 2,393,000 | |
Finance expenses (Note 11) | (33,978,000) | (22,034,000) | |
Net finance expenses | (26,793,000) | (19,641,000) | |
Gain on bargain purchase (Note 22) | 36,280,000 | 0 | [2] |
Share of profit (loss) of equity accounted investees (net of income tax) (Note 23) | 8,420,000 | 21,024,000 | |
PROFIT (LOSS) BEFORE INCOME TAX | (51,743,000) | 9,562,000 | |
Income tax benefit (expense) | 141,000 | 526,000 | |
PROFIT (LOSS) FOR THE PERIOD | (51,602,000) | 10,088,000 | [2],[3] |
Attributable to: | |||
Owners of the company | $ (51,602,299) | $ 10,087,987 | |
Basic earnings per share (in dollars per share) | $ (0.31) | $ 0.06 | |
Diluted earnings per share (in dollars per share) | $ (0.31) | $ 0.06 | |
Weighted average number of shares (basic) (in shares) | 164,550,509 | 158,166,534 | |
Weighted average number of shares (diluted) (in shares) | 164,634,673 | 158,304,525 | |
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. | ||
[2] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. | ||
[3] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Condensed consolidated statem_3
Condensed consolidated statement of comprehensive income - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | [2] | |
Statement of comprehensive income [abstract] | |||
Profit/(loss) for the period | $ (51,602) | $ 10,088 | [1],[3] |
Items that will never be reclassified to profit or loss: | |||
Remeasurements of the defined benefit liability (asset) | 0 | 0 | |
Items that are or may be reclassified to profit or loss: | |||
Foreign currency translation differences | (44) | 296 | |
Cash flow hedges - effective portion of changes in fair value (Note 13) | (201) | 0 | |
Equity-accounted investees - share of other comprehensive income (Note 23) | (160) | 484 | |
Other comprehensive (loss) / income, net of tax | (405) | 780 | |
Total comprehensive (loss) / income for the period | (52,007) | 10,868 | |
Attributable to: | |||
Owners of the company | $ (52,007) | $ 10,868 | |
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. | ||
[2] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. | ||
[3] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Condensed consolidated statem_4
Condensed consolidated statement of changes in equity - USD ($) $ in Thousands | Total | Share capital | Share premium | Translation reserve | Hedging reserve | Treasury shares | Retained earnings | Adjustment on initial application of IFRS 15 (net of tax) (Note 4) | Adjustment on initial application of IFRS 15 (net of tax) (Note 4)Retained earnings | Adjustment on initial application of IFRS 9 (net of tax) (Note 4) | Adjustment on initial application of IFRS 9 (net of tax) (Note 4)Retained earnings | ||
Beginning balance at Dec. 31, 2016 | $ 1,887,956 | $ 173,046 | $ 1,215,227 | $ 120 | $ 0 | $ (16,102) | $ 515,665 | ||||||
Profit (loss) for the period | 10,088 | [1],[2],[3] | 10,088 | ||||||||||
Total other comprehensive income | 780 | [2] | 296 | 484 | |||||||||
Total comprehensive (loss) / income for the period | 10,868 | [2] | 296 | 10,572 | |||||||||
Transactions with owners of the company | |||||||||||||
Dividends to equity holders (Note 13) | (34,797) | (34,797) | |||||||||||
Equity-settled share-based payment (Note 13) | 161 | 161 | |||||||||||
Total transactions with owners | (34,636) | (34,636) | |||||||||||
Ending balance at Jun. 30, 2017 | 1,864,188 | 173,046 | 1,215,227 | 416 | 0 | (16,102) | 491,601 | ||||||
Adjustment on initial application | $ (1,729) | $ (1,729) | $ (16) | $ (16) | |||||||||
Beginning balance adjusted | [4] | 1,844,616 | 173,046 | 1,215,227 | 568 | 0 | (16,102) | 471,877 | |||||
Beginning balance at Dec. 31, 2017 | 1,846,361 | [5] | 173,046 | 1,215,227 | 568 | 0 | (16,102) | 473,622 | |||||
Profit (loss) for the period | (51,602) | (51,602) | |||||||||||
Total other comprehensive income | (405) | (44) | (201) | (160) | |||||||||
Total comprehensive (loss) / income for the period | (52,007) | (44) | (201) | (51,762) | |||||||||
Transactions with owners of the company | |||||||||||||
Dividends to equity holders (Note 13) | (9,490) | (9,490) | |||||||||||
Equity-settled share-based payment (Note 13) | 37 | 37 | |||||||||||
Issue of ordinary shares related to business combinations (Note 13) | 553,424 | 66,102 | 487,322 | ||||||||||
Total transactions with owners | 543,971 | 66,102 | 487,322 | (9,453) | |||||||||
Ending balance at Jun. 30, 2018 | $ 2,336,580 | $ 239,148 | $ 1,702,549 | $ 524 | $ (201) | $ (16,102) | $ 410,662 | ||||||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. | ||||||||||||
[2] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. | ||||||||||||
[3] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. | ||||||||||||
[4] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated but the opening balance of 2018 has been adjusted following the application of IFRS 15 on Revenue Recognition. | ||||||||||||
[5] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | [3] | ||
Cash flows from operating activities | ||||
Profit/(loss) for the period | $ (51,602) | $ 10,088 | [1],[2] | |
Adjustments for: | 84,292 | 134,269 | ||
Depreciation of tangible assets (Note 12) | 112,926 | 115,525 | ||
Depreciation of intangible assets | 51 | 48 | ||
Provisions | (3) | (58) | ||
Tax (benefits)/expenses | (141) | (526) | ||
Share of profit of equity-accounted investees, net of tax (Note 23) | (8,420) | (21,024) | ||
Net finance expense (Note 11) | 26,793 | 19,641 | ||
(Gain)/loss on disposal of assets (Note 12) | (10,175) | 21,007 | ||
Equity-settled share-based payment transactions | 37 | 161 | ||
Amortization of deferred capital gain | (496) | (505) | ||
Gain on bargain purchase (Note 22) | (36,280) | 0 | [1] | |
Changes in working capital requirements | (23,136) | 4,765 | ||
Change in cash guarantees | 31 | (29) | ||
Change in trade receivables | (325) | 2,467 | ||
Change in accrued income | (2,796) | 5,518 | ||
Change in deferred charges | (13,186) | (1,412) | ||
Change in other receivables | (3,760) | 2,543 | ||
Change in trade payables | (838) | 723 | ||
Change in accrued payroll | (13,037) | (838) | ||
Change in accrued expenses | 13,380 | (2,260) | ||
Change in deferred income | (5,109) | (2,300) | ||
Change in other payables | 2,185 | 43 | ||
Change in provisions for employee benefits | 319 | 310 | ||
Income taxes paid during the period | 18 | 167 | ||
Interest paid | (21,394) | (17,569) | ||
Interest received | 547 | 266 | ||
Dividends received from equity-accounted investees (Note 23) | 0 | 1,250 | ||
Net cash from (used in) operating activities | (11,275) | 133,236 | ||
Net cash from (used in) investing activities | ||||
Acquisition of vessels and vessels under construction (Note 12) | (147,426) | (141,684) | ||
Proceeds from the sale of vessels (Note 12) | 10,175 | 20,790 | ||
Acquisition of other tangible assets (Note 12) | (272) | (73) | ||
Acquisition of intangible assets | (1) | (1) | ||
Proceeds from the sale of other (in)tangible assets | 0 | 28 | ||
Loans from (to) related parties (Note 23) | 118,700 | 18,500 | ||
Net cash received from business combinations (Note 22) | 126,288 | 0 | ||
Proceeds from sale of subsidiaries (Note 22) | 120,025 | 0 | ||
Net cash from (used in) investing activities | 227,489 | (102,440) | ||
Net cash from (used in) financing activities | ||||
Proceeds from new borrowings (Note 15) | 480,056 | 533,074 | ||
Repayment of borrowings (Note 15) | (621,890) | (495,012) | ||
Transaction costs related to issue of loans and borrowings (Note 15) | (1,649) | (5,874) | ||
Dividends paid (Note 13) | (9,501) | (34,651) | ||
Net cash from (used in) financing activities | (152,984) | (2,463) | ||
Net increase (decrease) in cash and cash equivalents | 63,230 | 28,333 | ||
Net cash and cash equivalents at the beginning of the period | 143,648 | [4] | 206,689 | |
Effect of changes in exchange rates | (599) | 677 | ||
Net cash and cash equivalents at the end of the period | 206,279 | 235,699 | ||
Net cash and cash equivalents at the end of the period, of which restricted cash (Note 24) | $ 96,689 | $ 115 | ||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. | |||
[2] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. | |||
[3] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. | |||
[4] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Reporting entity
Reporting entity | 6 Months Ended |
Jun. 30, 2018 | |
Corporate Information1 [Abstract] | |
Reporting entity | 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 condensed consolidated interim financial statements ("interim financial statements") as at and for the six months ended June 30, 2018 comprise the Company and its subsidiaries (together referred to as Euronav or the “Group”) and the Group’s interest in associates and joint ventures. |
Basis of preparation
Basis of preparation | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of General Information About Financial Statements [Abstract] | |
Basis of preparation | Basis of preparation These condensed consolidated interim financial statements have been prepared in accordance with lAS 34 Interim Financial Reporting. They do not include all the information required for a complete set of IFRS annual financial statements and should therefore be read in conjunction with the consolidated financial statements for the year ended December 31, 2017 that have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). This is the first set of the Group's financial statements where IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments have been applied. Changes to significant accounting policies are described in Note 4. These condensed consolidated interim financial statements were authorized for issue by the Board of Directors on October 8, 2018. |
Use of judgments and estimates
Use of judgments and estimates | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Changes In Accounting Policies, Accounting Estimates And Errors [Abstract] | |
Use of judgments and estimates | Use of judgements and estimates The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended December 31, 2017, except for the identification and measurement of assets acquired and liabilities assumed related to the business combination with Gener8 Maritime Inc. which are described Note 22. 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. Further information about the assumptions made in measuring fair values is included in Note 16. |
Changes in significant accounti
Changes in significant accounting policies | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Changes In Accounting Policies, Accounting Estimates And Errors [Abstract] | |
Changes in significant accounting policies | Changes in significant accounting policies A summary of the Company's significant accounting policies can be found in the Company's consolidated financial statements for the year ended December 31, 2017 . Except as described below, the accounting policies and calculation methods adopted in the preparation of these condensed consolidated interim financial statements are consistent with those applied in the Group's consolidated financial statements as at and for the year ended December 31, 2017 , that have been prepared in accordance with IFRS. The changes in accounting policies are also expected to be reflected in the Group's consolidated financial statements as at and for the year ending December 31, 2018. The Group adopted IFRS 15 Revenue from Contracts with Customers (see A) and IFRS 9 Financial Instruments (see B) on January 1, 2018. A number of other new standards are effective from January 1, 2018 but they do not have a material effect on the Group's financial statements. The effect of initially applying these standards is mainly attributed to the following: – recognizing revenue for spot charters on a load-to-discharge basis instead of a discharge-to-discharge basis; – capitalizing the voyage expenses incurred between the previous discharge port and the next load port if they qualify as fulfillment costs and if they are expected to be recovered; – an increase in impairment losses recognized on financial assets. A. IFRS 15 Revenue from Contracts with Customers IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaced IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations. The Group has adopted IFRS 15 using the cumulative effect method (without practical expedients), with the effect of initially applying this standard recognized at the date of initial application (i.e. January 1, 2018). Accordingly, the information presented for 2017 has not been restated - i.e. it is presented, as previously reported, under IAS 18, IAS 11 and related interpretations. The following table summarizes the impact, net of tax, of transition to IFRS 15 on retained earnings at January 1, 2018. (in thousands of USD) Impact of adopting IFRS 15 at January 1, 2018 Retained earnings Revenue on a load-to-discharge basis (4,422) Recognition capitalized fulfillment costs 2,693 Impact at January 1, 2018 (1,729) The following tables summarize the impacts of adopting IFRS 15 on the Group's interim statement of financial position as at June 30, 2018 and its interim statement of profit or loss and OCI for the six months then ended for each of the line items affected. There was no material impact on the Group's interim statement of cash flows for the six-month period ended June 30, 2018. Impact on the condensed interim consolidated statement of financial position (in thousands of USD) Amounts after adoption of IFRS 15 Adjustments Amounts without adoption of IFRS 15 ASSETS Non-current assets 3,739,491 — 3,739,491 Current assets 447,618 (6,591) 454,209 Trade and other receivables 239,819 (6,591) 246,410 TOTAL ASSETS 4,187,109 (6,591) 4,193,700 EQUITY AND LIABILITIES Equity Retained earnings 410,662 (2,092) 412,754 Equity attributable to owners of the Company 2,336,580 (2,092) 2,338,672 Non-current liabilities 1,428,312 — 1,428,312 Current liabilities 422,217 (4,499) 426,716 Trade and other payables 87,067 (4,499) 91,566 TOTAL EQUITY AND LIABILITIES 4,187,109 (6,591) 4,193,700 Impact on the condensed interim consolidated statement of profit or loss (in thousands of USD) Amounts after adoption of IFRS 15 Adjustments Amounts without adoption of IFRS 15 Shipping income Revenue 202,748 (2,168) 204,916 Total shipping income 215,056 (2,168) 217,224 Operating expenses Voyage expenses and commissions (46,277) 1,805 (48,082) Total operating expenses (284,706) 1,805 (286,511) RESULT FROM OPERATING ACTIVITIES (69,650) (363) (69,287) PROFIT (LOSS) FOR THE PERIOD (51,602) (363) (51,239) TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD (52,007) (363) (51,644) B. IFRS 9 Financial Instruments IFRS 9 sets out requirements for recognizing and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. This standard replaces IAS 39 Financial Instruments: Recognition and Measurement. The Group has applied the exemption not to restate prior periods with respect to classification and measurement (including impairment). Accordingly, the information presented for 2017 has not been restated. The following table summarizes the impact, net of tax, of transition to IFRS 9 on the opening balance of retained earnings. (in thousands of USD) Impact of adopting IFRS 9 at January 1, 2018 Retained earnings Recognition of expected credit losses under IFRS 9 (16) Impact at January 1, 2018 (16) The details of new significant accounting policies and the nature and effect of the changes to previous accounting policies are set out below. i. Classification and measurement of financial assets and financial liabilities IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. However, it eliminates the previous IAS 39 categories for financial assets of held to maturity, loans and receivables and available for sale. The adoption of IFRS 9 has not had a significant effect on the Group's accounting policies related to financial liabilities and derivative financial instruments. The impact of IFRS 9 on the classification and measurement of financial assets is set out below. Under IFRS 9, on initial recognition, a financial asset is classified as measured at: amortized cost; fair value through other comprehensive income (FVOCI) - debt investment; FVOCI - equity investment; or fair value through profit or loss (FVTPL). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. Derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated. Instead, the hybrid financial instrument as a whole is assessed for classification. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: – it is held within a business model whose objective is to hold assets to collect contractual cash flows; and – its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and – its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition. The following accounting policies apply to the subsequent measurement of financial assets. Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses (see (ii) below). Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. The effect of adopting IFRS 9 on the carrying amounts of financial assets at January 1, 2018 relates solely to the new impairment requirements, as described further below. The following table and the accompanying notes below explain the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the Group's financial assets as at January 1, 2018. (in thousands of USD) Original classification under IAS 39 New classification under IFRS 9 Original carrying amount under IAS 39 New carrying amount under IFRS 9 Financial assets Forward exchange contracts used for hedging Fair value - hedging instrument Fair value - hedging instrument 467 467 Non-current receivables Loans and receivables Amortized cost 160,352 160,352 Trade and other receivables Loans and receivables Amortized cost 112,000 111,984 Cash and cash equivalents Loans and receivables Amortized cost 143,648 143,648 Total financial assets 416,467 416,451 Trade and other receivables that were classified as loans and receivables under IAS 39 are now classified at amortized cost. An increase of USD 16 thousand in the allowance for impairment over these receivables was recognized in opening retained earnings at January 1, 2018 on transition to IFRS 9. These trade and other receivables do not include additional trade receivables of USD 4.4 million that were recognized at January 1, 2018 on the adoption of IFRS 15 but did not have a material impact in the allowance for impairment. ii. Impairment of financial assets IFRS 9 replaces the 'incurred loss' model in IAS 39 with an 'expected credit loss' (ECL) model. The new impairment model applies to financial assets measured at amortized cost, contract assets and debt investments at FVOCI, but not to investments in equity instruments. Under IFRS 9, credit losses are recognized earlier than under IAS 39. The financial assets at amortized cost consist of trade receivables, cash and cash equivalents, and corporate debt securities. Under IFRS 9, loss allowances are measured on either of the following bases: – 12-month ECLs: these are ECLs that result from possible default events within the 12 months after the reporting date; and – lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured as 12-month ECLs: – debt securities that are determined to have low credit risk at the reporting date; and – other debt securities and bank balances for which credit risk (i.e. the risk of default occuring over the expected life of the financial instrument) has not increased significantly since initial recognition. The Group has elected to measure loss allowances for trade receivables and contract assets at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analyses, based on the Group's historical experience and informed credit assessment and including forward-looking information. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. The Group considers a financial asset to be in default when: – the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or – the financial asset is more than 90 days past due. 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. Derivatives are entered into with banks and financial institution counterparties, which are rated A- to AA+, based on rating agency S&P. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between cash flows due to the entity in accordance with the contract and cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Credit-impaired financial assets At each reporting date, the Group assesses whether financial assets carried at amortized cost and debt securities at FVOCI are credit-impaired. A financial asset is 'credit-impaired' when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Presentation of impairment Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. For debt securities at FVOCI, the loss allowance is recognized in OCI, instead of being recorded in the statement of profit or loss. Impairment losses related to trade and other receivables, including contract assets, are presented separately in the statement of profit or loss and OCI. However, due to the small impact of IFRS 9 on the financial statements, no reclassification was done for the six-months ended June 30, 2018. Impairment losses on other financial assets are not presented separately in the statement of profit or loss and OCI, because the amount is not material. It has been presented as part of the line 'finance costs'. Impact of the new impairment model For assets in the scope of the IFRS 9 impairment model, impairment losses are generally expected to increase and become more volatile. The Group has determined that the application of IFRS 9's impairment requirements at January 1, 2018, results in an additional impairment allowance as follows. (in thousands of USD) Loss allowance at December 31, 2017 under IAS 39 0 Additional impairment recognized at January 1, 2018 on: Trade and other receivables as at December 31, 2017 16 Additional trade receivables recognized on adoption of IFRS 15 0 Loss allowance at January 1, 2018 under IFRS 9 16 Trade and other receivables The ECLs were calculated based on actual credit loss experience over the past 10 years, taking into account reasonable and supportable forecast of future economic conditions. iii. Hedge accounting The Group has elected to adopt the new general hedge accounting model in IFRS 9. This requires the Group to ensure that hedge accounting relationships are aligned with its risk management objectives and strategy and to apply a more qualitative and forward-looking approach to assessing hedge effectiveness. |
Changes in consolidation scope
Changes in consolidation scope | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of General Information About Financial Statements [Abstract] | |
Changes in consolidation scope | Changes in consolidation scope In comparison to the consolidation scope for the year ended December 31, 2017, and except for the merger with Gener8 Maritime, Inc. ("Gener8") on June 12, 2018 and except for the subsequent sale of six subsidiaries, as set out in Note 22, no new subsidiaries were established or acquired, nor were there any sales or liquidations of subsidiaries. |
Significant events
Significant events | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Significant Events [Abstract] | |
Significant events | Significant events On March 22, 2018, the Company signed a senior secured credit facility for an amount of USD 173.6 million (see Note 15) with Kexim, BNP and Credit Agricole Corporate and Investment bank acting also as Agent and Security Trustee. The purpose of the loan is to finance up to 70 per cent of the aggregate contract price of the four Ice Class Suezmax vessels that will be delivered over the course of 2018. On March 26, 2018, and April 25, 2018, Euronav took delivery of the Suezmaxes Cap Quebec (2018 – 156,600 dwt) and Cap Pembroke (2018 – 156,600 dwt) respectively (see Note 12). These vessels are the two of four Ice Class Suezmax vessels which progressively are each starting seven -year contracts with a leading global refinery player from delivery during 2018. On March 29, 2018, TI Asia Ltd. and TI Africa Ltd. concluded a USD 220.0 million senior secured credit facility. The facility consists of a term loan of USD 110.0 million and a revolving loan of USD 110.0 million for the purpose of refinancing the two FSOs as well as for general corporate purposes. The Company provided a guarantee for the revolving credit facility tranche. The fair value of this guarantee is deemed to be immaterial given the long term contract both FSOs have with North Oil Company, which results in sufficient repayment capacity under these facilities. On May 8, 2018, the Group sold the Suezmax Cap Jean (1998 – 146,643 dwt) for USD 10.6 million (see Note 12). The capital gain on that sale of USD 10.2 million , was recorded in the second quarter. Following the sale, the availability of the revolver under the USD 750 million facility was reduced by USD 7.4 million . The vessel was delivered to its new owner on June 8, 2018. On June 11, 2018, the Gener8's shareholders approved the merger between the Company and Gener8 by which, upon closing of the merger on June 12, 2018, Gener8 became a wholly-owned subsidiary of Euronav (see Note 20). Holders of 81% of the outstanding shares of Gener8 cast their vote, of which 98% approved the merger. The 60.9 million new shares issued to Gener8 shareholders as consideration for the transaction began trading on the NYSE as from June 13, 2018 (see Note 13). On June 15, 2018, the Company announced that it has successfully sold 6 VLCCS to International Seaways for a total consideration of USD 434.0 million which included USD 123.0 million in cash consideration and USD 311.0 million in the form of assumption of the outstanding debt related to the vessels. This is an important part of the wider Gener8 Maritime transaction as it allows Euronav to retain leverage around the target level of 50% and to retain substantial liquidity going forward. The six vessels are the Gener8 Miltiades (2016 - 301,038 dwt), Gener8 Chiotis (2016 - 300,973 dwt), Gener8 Success (2016 - 300,932 dwt), Gener8 Andriotis (2016 - 301,014 dwt), Gener8 Strength (2015 - 300,960 dwt) and Gener8 Supreme (2016 - 300,933 dwt). On June 25, 2018, the Company sold the Suezmax Cap Romuald (1998 - 146,640 dwt), for USD 10.6 million . This vessel was accounted for as a non-current asset held for sale as at June 30, 2018 , and had a carrying value of USD 1.3 million at that time. The vessel is expected to be delivered to its new owner on August 14, 2018. Taking into account USD 0.3 million of costs to sell (sales commissions), the gain on the sale of this vessel is expected to be USD 9.0 million . This gain will be recorded upon delivery of the vessel and will therefore be recorded in the third quarter of 2018 (see Note 8). On June 29, 2018, the Company announced that it has acquired the ULCC Seaways Laura Lynn from Oceania Tanker Corporation, a subsidiary of International Seaways. Euronav renamed the ULCC as Oceania and registered it under the Belgian flag. Euronav Tankers bought the Seaways Laura Lynn (2003 - 441,561 dwt) from International Seaways for USD 32.5 million (see Note 12). |
Segment reporting
Segment reporting | 6 Months Ended |
Jun. 30, 2018 | |
Operating Segments [Abstract] | |
Segment reporting | Segment reporting The Group distinguishes two operating segments: the operation of crude oil tankers on the international markets (Tankers) and the floating production, storage and offloading operations (FSO/FpSO). 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 big 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 with the consolidated statements of financial position and profit or loss is presented in a separate column Equity-accounted investees. The Group did not identify any relevant geographic areas. (in thousands of USD) For the six month period ended For the six month period ended June 30, 2018 June 30, 2017 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Revenue 202,746 24,323 (24,321) 202,748 290,620 32,437 (32,466) 290,591 Profit (loss) before income tax (60,168) 9,279 (854) (51,743) (11,446) 18,445 2,563 9,562 (in thousands of USD) June 30, 2018 December 31, 2017 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Non-current assets 3,705,362 170,603 (136,474) 3,739,491 2,504,467 179,062 (153,192) 2,530,337 Current assets 448,021 14,421 (14,824) 447,618 281,132 11,581 (12,077) 280,636 TOTAL ASSETS 4,153,383 185,024 (151,298) 4,187,109 2,785,599 190,643 (165,269) 2,810,973 Equity 2,302,842 33,737 1 2,336,580 1,820,887 25,473 1 1,846,361 Non-current liabilities 1,428,312 127,417 (127,417) 1,428,312 805,872 164,442 (164,442) 805,872 Current liabilities 422,229 23,870 (23,882) 422,217 158,840 728 (828) 158,740 TOTAL LIABILITIES 4,153,383 185,024 (151,298) 4,187,109 2,785,599 190,643 (165,269) 2,810,973 |
Assets and liabilities held for
Assets and liabilities held for sale and discontinued operations | 6 Months Ended |
Jun. 30, 2018 | |
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) June 30, 2018 December 31, 2017 Vessels 1,319 — Of which in Tankers segment 1,319 — Of which in FSO segment — — On June 25, 2018, the Company sold the Suezmax Cap Romuald (1998 - 146,640 dwt), for USD 10.6 million . This vessel was accounted for as a non-current asset held for sale as at June 30, 2018 , and had a carrying value of USD 1.3 million at that time. The vessel is expected to be delivered to its new owner on August 14, 2018. Taking into account USD 0.3 million of costs to sell (sales commissions), the gain on the sale of this vessel is expected to be USD 9.0 million . This gain will be recorded upon delivery of the vessel and will therefore be recorded in the third quarter of 2018. Discontinued operations As of June 30, 2018 and as of December 31, 2017 the Group had no operations that met the criteria of a discontinued operation. |
Revenue and other operating inc
Revenue and other operating income | 6 Months Ended |
Jun. 30, 2018 | |
Analysis of income and expense [abstract] | |
Revenue and other operating income | Revenue and other operating income In the following table, revenue is disaggregated by type of contract. For the six month period ended (in thousands of USD) June 30, 2018 June 30, 2017 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Pool Revenue 80,085 — 2 80,087 146,701 — (29) 146,672 Spot Voyages 83,218 — — 83,218 78,204 — — 78,204 Time Charters 39,443 24,323 (24,323) 39,443 65,715 32,437 (32,437) 65,715 Total revenue 202,746 24,323 (24,321) 202,748 290,620 32,437 (32,466) 290,591 Other operating income — — — 2,133 — — — 2,775 The decrease in revenue is mostly related to the decrease in pool and time charter revenue which is due to unfavorable market conditions. The increase in revenue related to spot voyages is due to a higher number of vessels on the spot market in the first half of 2018, compared to the same period in 2017. 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 based on changes in our vessels' trading patterns. |
Expenses for shipping activitie
Expenses for shipping activities | 6 Months Ended |
Jun. 30, 2018 | |
Analysis of income and expense [abstract] | |
Expenses for shipping activities | Expenses for shipping activities Voyage expenses and commissions For the six month period ended (in thousands of USD) June 30, 2018 June 30, 2017 Voyage related expenses (43,535) (29,571) Commissions paid (2,742) (2,712) Total voyage expenses and commissions (46,277) (32,283) 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 the first six months of 2018 compared to the same period in 2017 because a lower proportion of vessels were on time charter contract in the first half of 2018, compared to the same period in 2017. For vessels under a time charter contract, voyage expenses are paid by the charterer and for vessels operated in a Pool, voyage expenses are paid by the Pool. Vessel operating expenses For the six month period ended (in thousands of USD) June 30, 2018 June 30, 2017 Operating expenses (71,456) (73,105) Insurance (7,414) (5,383) Total vessel operating expenses (78,870) (78,488) The operating expenses relate mainly to the crewing, technical and other costs to operate tankers. In the first six months of 2018 these expenses were in line with the same period in 2017. Charter hire expenses For the six month period ended (in thousands of USD) June 30, 2018 June 30, 2017 Charter hire — (62) Bare boat hire (15,432) (15,423) Total charter hire expenses (15,432) (15,485) The bareboat charter-hire expenses in the first six months of 2018 and 2017 are entirely attributable to the sale and leaseback agreement of four VLCCs ( Nautilus, Navarin, Neptun and Nucleus) , under a five year bareboat contract executed on December 16, 2016. General and administrative expenses For the six month period ended (in thousands of USD) June 30, 2018 June 30, 2017 Wages and salaries (7,929) (5,772) Social security costs (1,863) (1,144) Provision for employee benefits (319) (310) Equity-settled share-based payments (37) (161) Other employee benefits (1,836) (1,101) Employee benefits (11,984) (8,488) Administrative expenses (17,083) (11,196) Tonnage Tax (2,086) (2,693) Claims — (32) Provisions 3 58 Total general and administrative expenses (31,150) (22,351) 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 the first six months of 2018 compared to the same period in 2017. This increase was mainly due to higher wages and salaries and to higher administrative expenses. The higher wages and salaries are due to a higher number of staff in 2018 and the higher administrative expenses are due to legal fees related to the merger with Gener8 (USD 3.7 million ). |
Net finance expense
Net finance expense | 6 Months Ended |
Jun. 30, 2018 | |
Financial Instruments [Abstract] | |
Net finance expense | Net finance expenses For the six month period ended (in thousands of USD) June 30, 2018 June 30, 2017 Interest income 545 281 Foreign exchange gains 6,640 2,112 Finance income 7,185 2,393 Interest expense on financial liabilities measured at amortized cost (23,203 ) (17,791 ) Fair value adjustment on interest rate swaps (38 ) — Amortization other Notes — — Other financial charges (3,539 ) (2,512 ) Foreign exchange losses (7,198 ) (1,731 ) Finance expense (33,978 ) (22,034 ) Net finance expense recognized in profit or loss (26,793 ) (19,641 ) Interest expense on financial liabilities measured at amortized cost increased in the first six months of 2018 compared to the same period in 2017. This increase was primarily attributable to the interest on the senior unsecured bond of USD 150 million which was issued on May 31, 2017 (see Note 15). |
Property, plant and equipment
Property, plant and equipment | 6 Months Ended |
Jun. 30, 2018 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | Property, plant and equipment (in thousands of USD) Vessels Vessels under construction Other tangible assets Total PPE At January 1, 2018 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 Acquisitions 42,055 105,371 272 147,698 Acquisitions through business combinations (Note 22) 1,710,250 — 345 1,710,595 Disposals and cancellations (Note 22) (434,000) — — (434,000) Depreciation charges (112,666) — (260) (112,926) Transfer to assets held for sale (Note 8) (1,319) — — (1,319) Transfers 129,791 (129,791) — — Translation differences — — (8) (8) Balance at June 30, 2018 3,605,611 39,248 2,012 3,646,871 At June 30, 2018 Cost 4,898,292 39,248 4,113 4,941,653 Depreciation & impairment losses (1,292,681) — (2,101) (1,294,782) Net carrying amount 3,605,611 39,248 2,012 3,646,871 On March 26, 2018, and April 25, 2018, Euronav took delivery of the Suezmaxes Cap Quebec (2018 – 156,600 dwt) and Cap Pembroke (2018 – 156,600 dwt) respectively. On June 29, 2018, Euronav took delivery of the ULCC Oceania (2003 - 441,561 dwt) (Note 6). In 2018, the Finesse, Nautic, Noble, Hojo, and Cap Felix have been dry-docked. The cost of planned repairs and maintenance is capitalized and included under the heading Acquisitions. Disposal of assets – Gains/losses (in thousands of USD) Acquisitions Sale price Book Value Gain Deferred Gain Loss TI Topaz - Sale — 20,790 41,817 — — (21,027) Other — 28 8 20 — — At June 30, 2017 20,818 41,825 20 — (21,027) Acquisitions Sale price Book Value Gain Deferred Gain Loss Cap Jean - Sale — 10,175 — 10,175 — — At June 30, 2018 10,175 — 10,175 — — On May 8, 2018, the Group sold the Suezmax Cap Jean (1998 – 146,643 dwt) for a net sale price of USD 10.2 million . The capital gain on that sale of USD 10.2 million was recorded upon delivery of the vessel to its new owner in the second quarter of 2018. 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: – 15 -year historical average of normalized (adjusted for the highest 5% and lowest 5% ) quarterly charter rates (spot time charter rates) used as forecast charter rates for the unfixed days – Weighted Average Cost of Capital ('WACC') of 7.65% (2017: 9.70% ) – 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 view of the fact that the headroom before taking an impairment had significantly decreased since the last reporting period, Management has revisited every assumption to assess the value in use in order to arrive to a greater level of precision. In particular management has reassessed the source of 3 assumptions to calculate the value in use: 1) Time charter contract rates For the Vessels under time charter contract with a remaining duration of more than one year, the rates of the contract will be used for the remaining duration of the contract. For the remaining life of the vessel after the contract maturity, the same forecasted rates will be used as the rates used when vessels are operated on the spot market. As of June 30, 2018, the Company has 2 long-term time charter contracts. 2) Rates used in assessing the value in use for the spot vessel The rates will no longer be estimated based on the 10 -year historical average rates calculated as of the reporting date. In the last 5 years, the standard deviation of the average had increased year-on-year to a point where management felt this average was no longer appropriate to calculate the estimated rate for the forecast. Instead, Management believes that the 15 -year historical average of normalized (adjusted for the highest 5% and lowest 5% ) quarterly charter rates (spot time charter rates) is much more reliable to be used as forecast charter rates as the standard deviation of this average is much lower and much more stable when looking at the last 5 years. 3) WACC The calculation of our WACC is based on our cost of debt (calculated internally), our market leverage and our cost of equity taken from the largest provider of financial data. However, when using a similar method as previous years, our WACC increased by 226 bps compared to 2017. Management performed an analysis of how the cost of equity was computed by the financial data provider. Management believes that the country risk premium used is not appropriate because Euronav is an international company that does not perform services in its country of incorporation and does most of its business in USD as opposed to EUR which is the currency of its domicile. When taking a country risk premium commonly used within the sector and by our competitors, the cost of equity and therefore the WACC have been recomputed to give a WACC of 7.65% . Sensitivity Rates used for forecast 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 normalized 15 -year historical average rates calculated as of the reporting date to be reasonable. When using 10 -year historical charter rates in this impairment analysis, the impairment analysis indicates that an impairment of USD 0.5 million is required for the tanker fleet (2017: no impairment required). When using 5 -year historical charter rates in this impairment analysis, the impairment analysis indicates that no impairment would be required for the tanker fleet (2017: USD 5.7 million ) and when using 1 -year historical charter rates in this impairment analysis, the impairment analysis indicates that an impairment of USD 219.1 million is required for the tanker fleet (2017: USD 427.3 million ). WACC Even an increase of the WACC of 300bps to 10.65% in isolation, the analysis would indicate no impairment would be required as at June 30, 2018. 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 7.65% (2017: 9.70% ) – 25 year useful life with residual value equal to zero This assessment did not result in a requirement to record an impairment loss as at June 30, 2018. Even with an increase of the WACC of 300bps, there was no need to record an impairment loss as at June 30, 2018. 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 per the contract as well as management's best estimate of daily rates for periods after the expiration of the contract. The FSO Asia and the FSO Africa are on a timecharter contract to North Oil Company until July 22, 2022 and September 22, 2022, respectively. Security All tankers financed with bank loans are subject to a mortgage to secure bank loans. Vessels on order or under construction The group has 2 vessels under construction as at June 30, 2018 for an aggregate amount of USD 39.2 million. The amounts presented within "Vessels under construction" relate to two Ice Class Suezmax vessels from Hyundai Heavy Industries which will be delivered in the second half of 2018. Capital commitment As at June 30, 2018 the Group's total capital commitments amount to USD 86.6 million (2017: USD 185.9 million ). These can be detailed as follows: (in thousands of USD) 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 — — As at June 30, 2018 payments scheduled for TOTAL 2018 2019 2020 Commitments in respect of VLCCs — — — — Commitments in respect of Suezmaxes 86,600 86,600 — — Commitments in respect of FSOs — — — — Total 86,600 86,600 — — |
Equity
Equity | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract] | |
Equity | Equity Issue of ordinary shares related to business combinations Upon the completion of the merger transaction with Gener8 Maritime Inc. on June 12, 2018, 60,815,764 new ordinary shares were issued at a stock price of USD 9.10 each (see Note 22) resulting in 220,024,713 shares (see Note 14). This resulted in an increase of USD 66.1 million share capital and USD 487.3 million share premium. Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations. Hedging reserve The Group , through two of its JV companies in connection to the USD 220.0 million facility raised in March 2018 (Note 6), entered in several Interest Rate Swap (IRSs) instruments for a combined notional value of USD 208.8 million (Euronav’s share amounts to 50% ). These IRSs have been used to hedge the risk related to the fluctuation of the Libor rate and qualify as hedging instruments in a cash flow hedge relationship under IFRS 9. These instruments have been measured at their fair value; effective changes in fair value have been recognized in OCI and the ineffective portion has been recognized in profit or loss. These IRSs have a remaining duration of four years matching the repayment profile of that facility and mature on July 21, 2022 and September 22, 2022 for FSO Asia and FSO Africa respectively. The fair value of these instruments at June 30, 2018 amounted to USD ( 320,774 ) ( 100% ), which was entirely reflected in OCI at the level of the JV companies (Note 23). The Group, through the acquisition of Gener8 Maritime inc, acquired several IRSs for a combined notional value of USD 668.0 million . These IRSs have been used to hedge the risk related to the fluctuation of the Libor rate and qualify as hedging instruments in a cash flow hedge relationship under IFRS 9. These instruments have been measured at their fair value; effective changes in fair value have been recognized in OCI and the ineffective portion has been recognized in profit or loss. These IRSs have a remaining duration of two years matching the repayment profile of that facility and mature in September, 2020. The fair value of these instruments at June 30, 2018 amounted to USD 11.0 million and USD ( 201 ) thousand has been recognized in OCI. Treasury shares As of June 30, 2018 Euronav owned 1,042,415 of its own shares. In the six month period ended June 30, 2018 Euronav did not buy back or dispose of any own shares. Dividends On May 9, 2018, the Annual Shareholders' meeting approved a full year dividend of USD 0.12 per share. Taking into account the interim dividend approved in August 2017 in the amount of USD 0.06 per share, the dividend paid after the AGM was USD 0.06 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. The total amount of dividends paid in the first six months of 2018 was USD 9.5 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 the six month period ended June 30, 2018 , the holders did not exercise any options and 350,000 options were outstanding as of June 30, 2018 . 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 the six month period ended June 30, 2018 . 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. As of June 30, 2018 , all the stock options remained outstanding but all RSUs were vested in the first quarter of 2018. 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 in the six month period ended June 30, 2018 with respect to the LTIP 2015 was USD 37 thousand. 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 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 54,616 phantom stock units were granted on February 2, 2016 and one-third was vested on the second anniversary. As of June 30, 2018 , 36,411 phantom stocks were outstanding. 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 in the six month period ended June 30, 2018 was USD (0.1) 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 June 30, 2018 . 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 in the six month period ended June 30, 2018 was USD 0.2 million. Long term incentive plan 2018 The Group's Board of Directors implemented in 2018 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 154,432 phantom stock units were granted on February 16, 2018 and all remain outstanding as of June 30, 2018 . The LTIP 2018 qualifies as a cash-settled share-based payment transaction. The Company recognizes a liability in respect of its obligations under the LTIP 2018, 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 in the six month period ended June 30, 2018 was USD 0.3 million. |
Earnings per share
Earnings per share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings per share [abstract] | |
Earnings per share | Earnings per share Basic earnings per share The calculation of basic earnings per share at June 30, 2018 was based on a result attributable to ordinary shares of USD (51,602,299) ( June 30, 2017 : USD 10,087,987 ) and a weighted average number of ordinary shares outstanding during the six month period ended June 30, 2018 of 164,550,509 ( June 30, 2017 : 158,166,534 ), calculated as follows: Result attributable to ordinary shares For the six month period ended (in thousands of USD except share and per share information) June 30, 2018 June 30, 2017 Result for the period (51,602) 10,088 Weighted average 164,550,509 158,166,534 Basic earnings per share (in USD) (0.31) 0.06 Weighted average number of ordinary shares (in shares) Shares issued Treasury shares Shares outstanding Weighted number of shares On issue at January 1, 2018 159,208,949 1,042,415 158,166,534 158,166,534 Issuance of shares 60,815,764 — 60,815,764 6,383,975 Purchases of treasury shares — — — — Withdrawal of treasury shares — — — — Sales of treasury shares — — — — On issue at June 30, 2018 220,024,713 1,042,415 218,982,298 164,550,509 On June 12, 2018 the new ordinary shares were issued. Diluted earnings per share For the six months ended June 30, 2018 , the diluted earnings per share (in USD) amount to (0.31) (2017: 0.06 ). At June 30, 2018 , 236,590 outstanding options granted under the LTIP 2015 were excluded from the diluted weighted average number of ordinary shares calculation because their effect would have been anti-dilutive ( June 30, 2017 : 236,590 options). 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 and restricted stock units were to be converted into ordinary shares. (in shares) June 30, 2018 June 30, 2017 Weighted average of ordinary shares outstanding (basic) 164,550,509 158,166,534 Effect of share-based payment arrangements 84,164 137,991 Weighted average number of ordinary shares (diluted) 164,634,673 158,304,525 The share-based payment arrangements can give rise to dilution at June 30, 2018 . |
Interest-bearing loans and borr
Interest-bearing loans and borrowings | 6 Months Ended |
Jun. 30, 2018 | |
Financial Instruments [Abstract] | |
Interest-bearing loans and borrowings | Interest-bearing loans and borrowings Bank loans Convertible and other Notes Total 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 At January 1, 2018 701,091 147,619 848,710 New loans 471,776 — 471,776 Scheduled repayments (23,681) — (23,681) Early repayments (Note 22) (392,500) (205,710) (598,210) Acquisitions through business combinations (Note 22) 1,106,736 205,710 1,312,446 Other changes (Note 22) (310,861) 271 (310,590) Balance at June 30, 2018 1,552,561 147,890 1,700,451 More than 5 years 330,003 — 330,003 Between 1 and 5 years 945,709 147,890 1,093,599 More than 1 year 1,275,712 147,890 1,423,602 Less than 1 year 276,849 — 276,849 Balance at June 30, 2018 1,552,561 147,890 1,700,451 Bank loans Terms and debt repayment schedule The terms and conditions of outstanding loans were as follows: (in thousands of USD) June 30, 2018 December 31, 2017 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 95,714 95,714 94,457 111,666 111,666 110,156 Secured vessels Revolving loan 148M* USD libor +2.25% 2021 147,559 105,000 105,000 147,559 — — Secured vessels Revolving loan 750M* USD libor +1.95% 2022 439,166 110,000 106,289 485,017 330,000 325,519 Secured vessels Revolving loan 409.5M* USD libor +2.25% 2023 339,420 185,500 182,598 362,780 118,000 114,634 Secured vessels loan 76M USD libor +1.95% 2020 21,438 21,438 21,438 23,563 23,563 23,563 Secured vessels loan 67.5M USD libor +1.5% 2020 23,188 23,188 23,188 25,173 25,173 25,173 Secured vessels loan 27.1M USD libor +1.95% 2029 26,685 26,685 24,795 26,911 26,911 24,876 Secured vessels loan 81.4M USD libor +1.50% 2029 74,628 74,628 73,839 78,020 78,020 77,171 Secured vessels loan 69.4M USD libor + 2.0% 2030 34,710 34,710 34,710 — — — Secured vessels loan 104.2M USD libor + 2.0% 2030 52,065 52,065 50,479 — — — Secured vessels loan 162.2M USD libor + 3.75% 2020 162,219 162,219 162,219 — — — Secured vessels loan 633.5M USD libor + 2.75% 2028 633,549 633,549 633,549 — — — Unsecured bank facility 60M USD libor +2.25% 2020 60,000 40,000 40,000 60,000 — — Total interest-bearing bank loans 2,110,340 1,564,695 1,552,561 1,320,688 713,332 701,091 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 Credit Facility depends on the total value of the fleet of tankers securing the facility. On March 22, 2018, the Company signed a senior secured credit facility for an amount of USD 173.6 million with Kexim, BNP and Credit Agricole Corporate and Investment bank acting also as Agent and Security Trustee. The purpose of the loan is to finance up to 70 per cent of the aggregate contract price of the four Ice Class Suezmax vessels that will be delivered over the course of 2018. The new facility is comprised of (i) a USD 69.4 million commercial tranche, which bears interest at LIBOR plus a margin of 2.0% per annum and (ii) a USD 104.2 million ECA tranche which bears interest at LIBOR plus a margin of 2.0% per annum. The commercial tranche is repayable by 24 equal consecutive semi-annual installments, each in the amount of USD 0.6 million per vessel together with a balloon installment of USD 3.5 million payable with the 24th and last installment. The ECA tranche is repayable by 24 consecutive semi-annual installments, each in the amount of USD 1.1 million per vessel. Transaction costs for a total amount of USD 1.6 million are amortized over the lifetime of the instrument using the effective interest rate method. Lenders of the facility have a put option on the 7th anniversary of the facility, for which a notice has to be served 13 months in advance requesting a prepayment of their remaining contribution. After receiving notice, the Group will have to either repay the relevant contribution on the 7th year anniversary or to transfer this contribution to another acceptable lender. The put option can only be exercised if the employment of the ship at that time is not satisfactory to the lenders. Other notes (in thousands of USD) June 30, 2018 December 31, 2017 Curr. Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value Unsecured notes USD 7.50% 2022 150,000 150,000 147,890 150,000 150,000 147,619 Total other notes 150,000 150,000 147,890 150,000 150,000 147,619 On May 31, 2017, the Group successfully completed a new senior unsecured bond issue of USD 150 million with a fixed coupon of 7.50% and maturity in May 2022. The net proceeds from the bond issue will be used for general corporate purposes. DNB Markets, Nordea and Arctic Securities AS acted as joint lead managers in connection with the placement of the bond issue. 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. 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 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 June 30, 2018 , the fair value of these forward contracts amounted to USD (0.6) million. The change in fair value of these derivatives was recorded in the condensed consolidated statement of profit or loss. |
Trade and other payables
Trade and other payables | 6 Months Ended |
Jun. 30, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other payables | Trade and other payables (in thousands of USD) June 30, 2018 December 31, 2017 Advances received on contracts in progress, between 1 and 5 years 413 539 Total non-current other payables 413 539 Trade payables 23,610 19,274 Accrued payroll 3,557 3,596 Dividends payable 148 160 Accrued expenses 37,065 22,518 Accrued interest 9,686 1,762 Deferred income 4,911 10,020 Other payables 8,090 4,025 Total current trade and other payables 87,067 61,355 The overall increase in trade and other payables is mainly due to the merger with Gener8 (see Note 22). The increase in accrued expenses is furthermore due to legal fees accrued in relationship to the merger. The decrease in deferred income is due to a lower number of vessels on time charter. |
Financial instruments
Financial instruments | 6 Months Ended |
Jun. 30, 2018 | |
Financial Instruments [Abstract] | |
Financial instruments | Financial instruments 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 (in thousands of USD) 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 — 160,352 — 160,352 — — 128,427 128,427 Trade and other receivables (Note 20) * — 112,000 — 112,000 — — — — Cash and cash equivalents — 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 16) * — — 51,335 51,335 — — — — Advances received on contracts (Note 16) — — 539 539 — — — — — — 950,594 950,594 Carrying amount Fair value (in thousands of USD) Hedging instruments Loans and receivables Other financial liabilities Total Level 1 Level 2 Level 3 Total June 30, 2018 Financial assets measured at fair value Forward exchange contracts (562) — — (562) — (562) — (562) Interest rate swaps 11,040 — — 11,040 — 11,040 — 11,040 10,478 — — 10,478 Financial assets not measured at fair value Non-current receivables — 54,022 — 54,022 — — 45,134 45,134 Trade and other receivables (Note 20) * — 188,172 — 188,172 — — — — Cash and cash equivalents — 206,279 — 206,279 — — — — — 448,473 — 448,473 Financial liabilities not measured at fair value Secured bank loans (Note 15) — — 1,552,561 1,552,561 — 1,575,793 — 1,575,793 Unsecured bank loans (Note 15) — — — — — — — — Unsecured notes (Note 15) — — 147,890 147,890 151,110 — — 151,110 Unsecured other borrowings (Note 15) — — 58,290 58,290 — — — — Trade and other payables (Note 16) * — — 82,156 82,156 — — — — Advances received on contracts (Note 16) — — 413 413 — — — — — — 1,841,310 1,841,310 * Deferred charges (see Note 20) and deferred income (see Note 16), 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 June 30, 2018 . 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 2017 and for the six-month period ended June 30, 2018 . Level 3 fair values The following table shows a reconciliation from the opening balance to the closing balance for Level 3 fair values. (in thousands of USD) Non-current receivables At January 1, 2018 128,427 Settlement shareholders loans (Note 23) (115,671) Net change in fair value (unrealized) 23,038 Net change in other non-current receivables (Note 19) 1,445 LT Portion of FMV derivatives (change) (Note 19) 7,895 Balance at June 30, 2018 45,134 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, 2017 (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 and other notes (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 16) * 51,335 51,335 51,335 — — Non-current other payables — — — — — 950,055 1,110,853 184,384 750,722 175,747 Derivative financial liabilities Interest rate swaps — — — — — Forward exchange contracts — — — — — — — — — — Contractual cash flows June 30, 2018 Carrying Amount Total Less than 1 year Between 1 and 5 years More than 5 years Non derivative financial liabilities Bank loans and other notes (Note 15) 1,700,451 2,132,817 260,341 1,491,831 380,645 Other borrowings (Note 15) 58,290 58,290 58,290 — — Current trade and other payables (Note 16) * 82,156 82,156 82,156 — — Non-current other payables — — — — — 1,840,897 2,273,263 400,787 1,491,831 380,645 Derivative financial liabilities Interest rate swaps — — — — — Forward exchange contracts — — — — — — — — — — * Deferred income (see Note 16), 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. |
Deferred tax assets and liabili
Deferred tax assets and liabilities | 6 Months Ended |
Jun. 30, 2018 | |
Income Taxes [Abstract] | |
Deferred tax assets and liabilities | Deferred tax assets and liabilities Euronav NV and its subsidiaries had available combined cumulative tax losses and other tax credits carried forward of USD 354.1 million and USD 363.9 million as of June 30, 2018 and December 31, 2017 , respectively. Under current local tax laws, these loss carry forwards have an indefinite life and may be used to offset future taxable income of Euronav NV and its subsidiaries. The Company did not recognize deferred tax assets of USD 88.2 million and USD 89.0 million as of June 30, 2018 and December 31, 2017 , respectively, that can be carried forward against future taxable income, because it is not considered more likely than not that these deferred tax assets will be utilized in the foreseeable future. |
Non-current receivables
Non-current receivables | 6 Months Ended |
Jun. 30, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Non-current receivables | Non-current receivables (in thousands of USD) June 30, 2018 December 31, 2017 Shareholders loans to joint ventures 44,062 159,733 LT portion of FMV derivatives 7,896 — Other non-current receivables 2,063 618 Investment 1 1 Total non-current receivables 54,022 160,352 The shareholders loans to joint ventures as of June 30, 2018 and December 31, 2017 did not bear interest. Please refer to Note 23 for more information on the shareholders loans to joint ventures. The LT portion of FMV derivatives relates to the fair market value of the Interest Rate Swap instruments, acquired through the acquisition of Gener8 Maritime Inc (see Note 13). The increase in other non-current receivables is related to an increase of cash guarantees and deposits. Trade and other receivables (in thousands of USD) June 30, 2018 December 31, 2017 Trade receivables 41,660 32,758 Accrued income 14,168 12,465 Accrued interest 50 52 Deferred charges 51,647 24,797 Other receivables 132,294 66,725 Total trade and other receivables 239,819 136,797 The increase in deferred charges is next to the impact of Gener8 also due to a higher proportion of vessels on the spot market, deferrals of TC-in costs for the 4 bareboat-in vessels which were not deferred at the end of December 31, 2017 and to the vessels on TC-in from Gener8 in June 2018. The overall increase in trade and other receivables is mainly related to the merger with Gener8 and the acquisition of their outstanding receivables such as Pool revenue still to be collected. The other receivables increased further due to the USD 21.0 million receivable from International Seaways ("INSW") following the sale of the subsidiaries owning six modern VLCCs to INSW for a total cash payment of USD 141.0 million of which USD 120.0 million was received on June 14, 2018, the date of closing (see Note 22). |
Trade and other receivables
Trade and other receivables | 6 Months Ended |
Jun. 30, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other receivables | Non-current receivables (in thousands of USD) June 30, 2018 December 31, 2017 Shareholders loans to joint ventures 44,062 159,733 LT portion of FMV derivatives 7,896 — Other non-current receivables 2,063 618 Investment 1 1 Total non-current receivables 54,022 160,352 The shareholders loans to joint ventures as of June 30, 2018 and December 31, 2017 did not bear interest. Please refer to Note 23 for more information on the shareholders loans to joint ventures. The LT portion of FMV derivatives relates to the fair market value of the Interest Rate Swap instruments, acquired through the acquisition of Gener8 Maritime Inc (see Note 13). The increase in other non-current receivables is related to an increase of cash guarantees and deposits. Trade and other receivables (in thousands of USD) June 30, 2018 December 31, 2017 Trade receivables 41,660 32,758 Accrued income 14,168 12,465 Accrued interest 50 52 Deferred charges 51,647 24,797 Other receivables 132,294 66,725 Total trade and other receivables 239,819 136,797 The increase in deferred charges is next to the impact of Gener8 also due to a higher proportion of vessels on the spot market, deferrals of TC-in costs for the 4 bareboat-in vessels which were not deferred at the end of December 31, 2017 and to the vessels on TC-in from Gener8 in June 2018. The overall increase in trade and other receivables is mainly related to the merger with Gener8 and the acquisition of their outstanding receivables such as Pool revenue still to be collected. The other receivables increased further due to the USD 21.0 million receivable from International Seaways ("INSW") following the sale of the subsidiaries owning six modern VLCCs to INSW for a total cash payment of USD 141.0 million of which USD 120.0 million was received on June 14, 2018, the date of closing (see Note 22). |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |
Contingencies | 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 jeopardise the Group's financial position. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations1 [Abstract] | |
Business Combinations | Business Combinations On June 11, 2018, the Group announced that Gener8's shareholders approved the merger that day between the two companies by which Gener8 became a wholly-owned subsidiary of Euronav (the merger to form the "Combined Entity"). Gener8, Inc. a corporation incorporated under the laws of the Republic of the Marshall Islands, was a leading U.S.-based provider of international seaborne crude oil transportation services, resulting from a transformative merger between General Maritime Corporation, a well-known tanker owner, and Navig8 Crude Tankers Inc., a company sponsored by the Navig8 Group, an independent vessel pool manager. General Maritime Corporation was founded in 1997 and has been an active owner and operator in the crude tanker sector. At the date of the merger, Gener8 owned a fleet of 29 tankers on the water, consisting of 21 VLCC vessels, 6 Suezmax vessels, and 2 Panamax vessels, with an aggregate carrying capacity of approximately 7.4 million dwt, which includes 19 “eco” VLCC newbuildings delivered from 2015 through 2017 equipped with advanced, fuel-saving technology, that were constructed at highly reputable shipyards. Euronav believes that the merger will be accretive to the shareholders of both companies and is consistent with previously set expansion criteria of Euronav. It will create the world’s leading independent crude tanker operator with 74 large crude tankers focused predominately on the VLCC and Suezmax asset classes and two FSO vessels in joint venture and provide tangible economies of scale via pooling arrangements, procurement opportunities, reduced overhead and enhanced access to capital. Furthermore it will offer a well-capitalised, highly liquid company for investors to participate in the tanker market. and through commitment to the Tankers International Pool (a spot market-oriented tanker pool), provide the lowest commercial fees as a percentage of revenue in the sector upon closing of the merger. Holders of 81% of the outstanding shares of Gener8 cast their vote, of which 98% approved the merger. The "Exchange Ratio" of 0.7272 Euronav shares for each share of Gener8 resulted in the issuance of 60,815,764 new ordinary shares on June 12, 2018. The Exchange Ratio implied a premium of 35% paid on Gener8 shares based on the closing share prices on December 20, 2017. The merger resulted 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 fully diluted share capital of Gener8). Euronav as the Combined Entity remain listed on NYSE and Euronext under the symbol "EURN". Subsequently, Euronav sold the subsidiaries owning six modern VLCCs to International Seaways ("INSW") for a total cash payment of USD 141.0 million of which USD 120.0 million was received on June 14, 2018, the date of closing. The remaining balance of USD 21.0 million will be unconditionally paid in Q4 and is included in other amounts receivable (Note 20). This sale was an important part of the wider merger with Gener8 Maritime transaction as it allows Euronav to retain leverage around our target level of 50% and to retain substantial liquidity going forward. The six vessels are the Gener8 Miltiades (2016 – 301,038 dwt), Gener8 Chiotis (2016 – 300,973 dwt), Gener8 Success (2016 – 300,932 dwt), Gener8 Andriotis (2016 – 301,014 dwt), Gener8 Strength (2015 – 300,960 dwt) and Gener8 Supreme (2016 – 300,933 dwt). The assets and liabilities of these companies were recognized at fair value on the date of the closing of the merger. This fair value took into consideration the provisons of the sale and purchase agreement with INSW and accordingly, no result was recorded on this transaction. Consideration transferred in USD Total Business combinations Gener8 shares outstanding 83,267,426 RSU 362,613 Total Gener8 shares 83,630,039 Ratio 0.7272 Issued Euronav shares 60,815,764 Closing price Euronav on June 11, 2018 9.1 Total consideration transferred 553,423,452 Contribution to revenue and profit/loss Since their acquisition by the Group on June 12, 2018, the acquired companies contributed revenue of USD 6.99 million and a loss of USD (3.40) million to the Group’s consolidated results for the six months ended June 30, 2018 . If the acquisition had occurred on 1 January 2018, management estimates that the Group’s consolidated revenue for the six months ended June 30, 2018 would have been USD 268.25 million and consolidated loss for the six months period ended June 30, 2018 would have been USD (100.84) 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 2018. Acquisition related costs The Group incurred approximately USD 5.0 million relating to external legal fees, due to diligence costs and advisory fees. These acquisition-related costs for the business combination were expensed as incurred and are included in 'General and administrative expenses'. Repayment Blue mountain note As part of the Merger Agreement and the Letter agreement between Gener8 and certain affiliates of BlueMountain Capital Management LLC, the Senior Note with a carrying value of USD 205.7 million was prepaid on June 12, 2018. The repayment of the Senior Notes was financed in full by Euronav under its existing liquidity (cash at hands and credit facilities) (see Note 15). Bank loans At the time of the merger, Gener8 had three senior secured credit facilities: (i) the KEXIM Credit Agreement, (ii) the Nordea Credit Agreement and (iii) the Sinosure Credit Agreement of which the first two were assumed by Euronav in the merger and the latter was assumed by INSW when they acquired the subsidiaries owning six modern VLCCs. Prior to the merger, Gener8 was not in compliance with the interest expense coverage ratio covenant for which they obtained short-term waivers from its lenders. Following the merger, the Kexim Credit Agreement was amended to align the covenants with the other senior credit facilities of the Group, resolving the non compliance. The Group, in advance negotiations to refinance the Nordea Credit Agreement, decided not to amend this senior secured credit facility and as such, given the non compliance and remaining duration of the short-term waiver, classified the entire facility as short term. 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) Total Gener8 Subsidiaries INSW Subsidiaries Vessels (Note 12) 1,710,250 1,276,250 434,000 Other tangible assets 345 345 — Intangible assets 152 152 — Receivables 16,769 9,599 7,170 Current assets 81,357 66,728 14,629 Cash and cash equivalents 126,288 126,288 — Loans and borrowings (Note 15) (1,312,446) (1,001,478) (310,968) Current liabilities (33,012) (29,160) (3,852) Total identifiable net assets acquired 589,703 448,724 140,979 (in thousands of USD) Fair value at acquisition date Consideration transferred 553,423 Total identifiable net assets acquired 589,703 Bargain Purchase 36,280 The transaction resulted in a bargain purchase gain of USD 36.28 million because the fair value of assets acquired and liabilities assumed exceeded the total of the fair value of consideration paid. Euronav’s management has reassessed whether they had correctly identified all of the assets acquired and all of the liabilities assumed and this excess remains. Euronav’s management believes that the bargain purchase price is a direct consequence of Gener8 limited liquidity and its shares trading under the net asset value per share prior to and at the time of the agreed ratio as well as a small uptick in the fair value of the vessels between the time of the agreed ratio and the date of the merger when the valuations of the vessels were assessed. This gain was recognized in the consolidated statement of profit or loss for the six months ended June 30, 2018 , under the heading ‘Gain on bargain purchase’. |
Equity-accounted investees
Equity-accounted investees | 6 Months Ended |
Jun. 30, 2018 | |
Interests in Other Entities [Abstract] | |
Equity-accounted investees | Equity-accounted investees (in thousands of USD) June 30, 2018 December 31, 2017 Assets Interest in joint ventures 35,824 30,595 Interest in associates — — TOTAL ASSETS 35,824 30,595 Associates (in thousands of USD) June 30, 2018 December 31, 2017 Carrying amount of interest at the beginning of the period — 1,546 Group's share of profit (loss) for the period — 149 Dividend in kind (shares TUKA) distributed by associate — (1,559) Reclassification of associate to joint venture — (136) Carrying amount of interest at the end of the period — — 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 (3,298) 203,512 — — Offset investment with shareholders loan 20,165 (20,165) — — Balance at January 1, 2017 16,867 183,348 — — 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 1,559 — — — Reclassification of associate to joint venture 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 — — Group's share of profit (loss) for the period 8,419 — — — Group's share of other comprehensive income (160) — — — Movement shareholders loans to joint ventures — (118,701) — — Gross balance 35,824 44,062 — — Offset investment with shareholders loan — — — — Balance at June 30, 2018 35,824 44,062 — — The decrease in the balance of shareholders’ loans to joint ventures since December 31, 2017 is primarily due to the USD 220.0 million senior secured credit facility which TI Asia Ltd. and TI Africa Ltd. concluded on March 29, 2018 (see Note 6). The shareholders loans were partially repaid by using a part of this new borrowing. In addition, the Company provided a guarantee for the revolving tranche of the above credit facility. In connection to the USD 220.0 million facility, the Group entered in several Interest Rate Swap (IRSs) instruments for a combined notional value of USD 208.8 million (Euronav’s share amounts to 50% ). These IRSs have been used to hedge the risk related to the fluctuation of the Libor rate and qualified for hedging instruments in a cash flow hedge relationship under IFRS 9. These instruments have been measured at their fair value; effective changes in fair value have been recognized in OCI and the ineffective portion has been recognized in profit or loss. These IRSs have a remaining duration of four years matching the repayment profile of that facility and mature on July 21, 2022 and September 22, 2022 for FSO Asia and FSO Africa respectively (Note 13). |
Restricted Cash
Restricted Cash | 6 Months Ended |
Jun. 30, 2018 | |
Restricted Cash1 [Abstract] | |
Restricted Cash | Restricted Cash (in thousands of USD) June 30, 2018 December 31, 2017 Restricted Cash 96,689 115 Restricted cash consist of rent deposits and cash deposited on debt service reserve accounts and minimum liquidity accounts linked to some of our long term borrowings. The increase is entirely attributable to the merger with Gener8 and more particularly to the USD 581 million facility and the USD 633.5 million facility which both require cash to be deposited on a debt service reserve account representing the next capital repayment and interest payment. The USD 633.5 million facility also requires cash to be deposited in a minimum liquidity account for as long as the vessels are owned by special purpose vehicles (“SPV”). The Group intends to transfer the ownership of the vessels from the SPV to the balance sheet of Euronav before year end. Once the vessels have been transferred, the cash held on the debt service account will no longer be restricted. |
Subsequent events
Subsequent events | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events Disclosure [Abstract] | |
Subsequent events | Subsequent events On September 7, 2018, the Group entered into a $200.0 million senior secured amortizing revolving credit facility with a syndicate of banks and Nordea Bank Norge SA, as Agent and Security Agent. The Group will use the proceeds of this facility to refinance all remaining indebtedness under our $581.0 million Senior Secured Loan Facility, our $67.5 million Secured Loan Facility (Larvotto) and our $76.0 million Secured Loan Facility (Fiorano). This facility will be secured by 9 of our wholly-owned vessels. The revolving credit facility is reduced in 12 installments of consecutive six-month interval and a final $55.1 million repayment is due at maturity in 2025. This facility bears interest at LIBOR plus a margin of 2.00% per annum plus applicable mandatory costs. Subsequently the Group repaid in full the $581.0 million Senior Secured Loan Facility and the $76.0 million Secured Loan Facility (Fiorano) on September 17, 2018 and September 25, 2018 respectively. It is the Group's intention to repay in full the $67.5 million Secured Loan Facility (Larvotto) by the end of the year. |
Standards Issued but not yet ef
Standards Issued but not yet effective | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Changes In Accounting Policies, Accounting Estimates And Errors [Abstract] | |
Standards issued but not yet effective | Standards issued but not yet effective A number of new standards and amendments to standards are effective for annual periods beginning after 1 January 2018 and early application is permitted. However, the Group has not early adopted the following new or amended standards in preparing these condensed consolidated interim financial statements. The Group has the following updates to information provided in the consolidated financial statements for the year ended December 31, 2017 about the standards issued but not yet effective that may have a significant impact on the Group’s consolidated financial statements. IFRS 16 Leases 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 shortterm 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. 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. The Group will adopt IFRS 16 as of January 1, 2019. The Group has completed an initial assessment of the potential impact on its consolidated financial statements but has not yet completed its detailed assessment. The actual impact of applying IFRS 16 on the financial statements in the period of initial application will depend on future economic conditions, including the Group's borrowing rate at January 1, 2019, the composition of the Group's lease portfolio at that date, the Group's latest assessment of whether it will exercise any lease renewal options and the extent to which the Group chooses to use practical expedients and recognition exemptions. 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. 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. No significant impact is expected for the Group's finance leases. The Group does not expect the adoption of IFRS 16 to impact its ability to comply with loan covenants. As a lessee, the Group can either apply the standard using a retrospective approach or a modified retrospective approach with optional practical expedients. The Group currently anticipates adopting the standard on January 1, 2019, using the modified retrospective approach. Therefore, the cumulative effect of adopting IFRS 16 will be recognized as an adjustment to the opening balance of retained earnings at January 1, 2019, with no restatement of comparative information. |
Use of judgments and estimates
Use of judgments and estimates (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Changes In Accounting Policies, Accounting Estimates And Errors [Abstract] | |
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 significant accoun_2
Changes in significant accounting policies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Changes In Accounting Policies, Accounting Estimates And Errors [Abstract] | |
Disclosure of initial application of standards or interpretations | The following table summarizes the impact, net of tax, of transition to IFRS 9 on the opening balance of retained earnings. (in thousands of USD) Impact of adopting IFRS 9 at January 1, 2018 Retained earnings Recognition of expected credit losses under IFRS 9 (16) Impact at January 1, 2018 (16) The following table summarizes the impact, net of tax, of transition to IFRS 15 on retained earnings at January 1, 2018. (in thousands of USD) Impact of adopting IFRS 15 at January 1, 2018 Retained earnings Revenue on a load-to-discharge basis (4,422) Recognition capitalized fulfillment costs 2,693 Impact at January 1, 2018 (1,729) The Group has determined that the application of IFRS 9's impairment requirements at January 1, 2018, results in an additional impairment allowance as follows. (in thousands of USD) Loss allowance at December 31, 2017 under IAS 39 0 Additional impairment recognized at January 1, 2018 on: Trade and other receivables as at December 31, 2017 16 Additional trade receivables recognized on adoption of IFRS 15 0 Loss allowance at January 1, 2018 under IFRS 9 16 The following accounting policies apply to the subsequent measurement of financial assets. Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses (see (ii) below). Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. The following table and the accompanying notes below explain the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the Group's financial assets as at January 1, 2018. (in thousands of USD) Original classification under IAS 39 New classification under IFRS 9 Original carrying amount under IAS 39 New carrying amount under IFRS 9 Financial assets Forward exchange contracts used for hedging Fair value - hedging instrument Fair value - hedging instrument 467 467 Non-current receivables Loans and receivables Amortized cost 160,352 160,352 Trade and other receivables Loans and receivables Amortized cost 112,000 111,984 Cash and cash equivalents Loans and receivables Amortized cost 143,648 143,648 Total financial assets 416,467 416,451 The following tables summarize the impacts of adopting IFRS 15 on the Group's interim statement of financial position as at June 30, 2018 and its interim statement of profit or loss and OCI for the six months then ended for each of the line items affected. There was no material impact on the Group's interim statement of cash flows for the six-month period ended June 30, 2018. Impact on the condensed interim consolidated statement of financial position (in thousands of USD) Amounts after adoption of IFRS 15 Adjustments Amounts without adoption of IFRS 15 ASSETS Non-current assets 3,739,491 — 3,739,491 Current assets 447,618 (6,591) 454,209 Trade and other receivables 239,819 (6,591) 246,410 TOTAL ASSETS 4,187,109 (6,591) 4,193,700 EQUITY AND LIABILITIES Equity Retained earnings 410,662 (2,092) 412,754 Equity attributable to owners of the Company 2,336,580 (2,092) 2,338,672 Non-current liabilities 1,428,312 — 1,428,312 Current liabilities 422,217 (4,499) 426,716 Trade and other payables 87,067 (4,499) 91,566 TOTAL EQUITY AND LIABILITIES 4,187,109 (6,591) 4,193,700 Impact on the condensed interim consolidated statement of profit or loss (in thousands of USD) Amounts after adoption of IFRS 15 Adjustments Amounts without adoption of IFRS 15 Shipping income Revenue 202,748 (2,168) 204,916 Total shipping income 215,056 (2,168) 217,224 Operating expenses Voyage expenses and commissions (46,277) 1,805 (48,082) Total operating expenses (284,706) 1,805 (286,511) RESULT FROM OPERATING ACTIVITIES (69,650) (363) (69,287) PROFIT (LOSS) FOR THE PERIOD (51,602) (363) (51,239) TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD (52,007) (363) (51,644) |
Segment reporting (Tables)
Segment reporting (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Operating Segments [Abstract] | |
Schedule Financial Information by Segment | The Group did not identify any relevant geographic areas. (in thousands of USD) For the six month period ended For the six month period ended June 30, 2018 June 30, 2017 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Revenue 202,746 24,323 (24,321) 202,748 290,620 32,437 (32,466) 290,591 Profit (loss) before income tax (60,168) 9,279 (854) (51,743) (11,446) 18,445 2,563 9,562 (in thousands of USD) June 30, 2018 December 31, 2017 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Non-current assets 3,705,362 170,603 (136,474) 3,739,491 2,504,467 179,062 (153,192) 2,530,337 Current assets 448,021 14,421 (14,824) 447,618 281,132 11,581 (12,077) 280,636 TOTAL ASSETS 4,153,383 185,024 (151,298) 4,187,109 2,785,599 190,643 (165,269) 2,810,973 Equity 2,302,842 33,737 1 2,336,580 1,820,887 25,473 1 1,846,361 Non-current liabilities 1,428,312 127,417 (127,417) 1,428,312 805,872 164,442 (164,442) 805,872 Current liabilities 422,229 23,870 (23,882) 422,217 158,840 728 (828) 158,740 TOTAL LIABILITIES 4,153,383 185,024 (151,298) 4,187,109 2,785,599 190,643 (165,269) 2,810,973 |
Assets and liabilities held f_2
Assets and liabilities held for sale and discontinued operations (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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) June 30, 2018 December 31, 2017 Vessels 1,319 — Of which in Tankers segment 1,319 — Of which in FSO segment — — |
Revenue and other operating i_2
Revenue and other operating income (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Analysis of income and expense [abstract] | |
Schedule Of Revenue Sources | In the following table, revenue is disaggregated by type of contract. For the six month period ended (in thousands of USD) June 30, 2018 June 30, 2017 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Pool Revenue 80,085 — 2 80,087 146,701 — (29) 146,672 Spot Voyages 83,218 — — 83,218 78,204 — — 78,204 Time Charters 39,443 24,323 (24,323) 39,443 65,715 32,437 (32,437) 65,715 Total revenue 202,746 24,323 (24,321) 202,748 290,620 32,437 (32,466) 290,591 Other operating income — — — 2,133 — — — 2,775 |
Expenses for shipping activit_2
Expenses for shipping activities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Analysis of income and expense [abstract] | |
Schedule of Voyage Expenses and Commissions | Voyage expenses and commissions For the six month period ended (in thousands of USD) June 30, 2018 June 30, 2017 Voyage related expenses (43,535) (29,571) Commissions paid (2,742) (2,712) Total voyage expenses and commissions (46,277) (32,283) |
Schedule of Vessel Operating Expenses | Vessel operating expenses For the six month period ended (in thousands of USD) June 30, 2018 June 30, 2017 Operating expenses (71,456) (73,105) Insurance (7,414) (5,383) Total vessel operating expenses (78,870) (78,488) |
Schedule of Charter Hire Expenses | Charter hire expenses For the six month period ended (in thousands of USD) June 30, 2018 June 30, 2017 Charter hire — (62) Bare boat hire (15,432) (15,423) Total charter hire expenses (15,432) (15,485) |
Disclosure of General and Administrative Expenses | For the six month period ended (in thousands of USD) June 30, 2018 June 30, 2017 Wages and salaries (7,929) (5,772) Social security costs (1,863) (1,144) Provision for employee benefits (319) (310) Equity-settled share-based payments (37) (161) Other employee benefits (1,836) (1,101) Employee benefits (11,984) (8,488) Administrative expenses (17,083) (11,196) Tonnage Tax (2,086) (2,693) Claims — (32) Provisions 3 58 Total general and administrative expenses (31,150) (22,351) |
Net finance expense (Tables)
Net finance expense (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Financial Instruments [Abstract] | |
Disclosure of Net Finance Expense Recognized in Profit or Loss | For the six month period ended (in thousands of USD) June 30, 2018 June 30, 2017 Interest income 545 281 Foreign exchange gains 6,640 2,112 Finance income 7,185 2,393 Interest expense on financial liabilities measured at amortized cost (23,203 ) (17,791 ) Fair value adjustment on interest rate swaps (38 ) — Amortization other Notes — — Other financial charges (3,539 ) (2,512 ) Foreign exchange losses (7,198 ) (1,731 ) Finance expense (33,978 ) (22,034 ) Net finance expense recognized in profit or loss (26,793 ) (19,641 ) |
Property, plant and equipment (
Property, plant and equipment (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Property, plant and equipment [abstract] | |
Schedule of information about property, plant and equipment | As at June 30, 2018 the Group's total capital commitments amount to USD 86.6 million (2017: USD 185.9 million ). These can be detailed as follows: (in thousands of USD) 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 — — As at June 30, 2018 payments scheduled for TOTAL 2018 2019 2020 Commitments in respect of VLCCs — — — — Commitments in respect of Suezmaxes 86,600 86,600 — — Commitments in respect of FSOs — — — — Total 86,600 86,600 — — (in thousands of USD) Acquisitions Sale price Book Value Gain Deferred Gain Loss TI Topaz - Sale — 20,790 41,817 — — (21,027) Other — 28 8 20 — — At June 30, 2017 20,818 41,825 20 — (21,027) Acquisitions Sale price Book Value Gain Deferred Gain Loss Cap Jean - Sale — 10,175 — 10,175 — — At June 30, 2018 10,175 — 10,175 — — (in thousands of USD) Vessels Vessels under construction Other tangible assets Total PPE At January 1, 2018 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 Acquisitions 42,055 105,371 272 147,698 Acquisitions through business combinations (Note 22) 1,710,250 — 345 1,710,595 Disposals and cancellations (Note 22) (434,000) — — (434,000) Depreciation charges (112,666) — (260) (112,926) Transfer to assets held for sale (Note 8) (1,319) — — (1,319) Transfers 129,791 (129,791) — — Translation differences — — (8) (8) Balance at June 30, 2018 3,605,611 39,248 2,012 3,646,871 At June 30, 2018 Cost 4,898,292 39,248 4,113 4,941,653 Depreciation & impairment losses (1,292,681) — (2,101) (1,294,782) Net carrying amount 3,605,611 39,248 2,012 3,646,871 |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings per share [abstract] | |
Schedule of Earnings per share | (in shares) Shares issued Treasury shares Shares outstanding Weighted number of shares On issue at January 1, 2018 159,208,949 1,042,415 158,166,534 158,166,534 Issuance of shares 60,815,764 — 60,815,764 6,383,975 Purchases of treasury shares — — — — Withdrawal of treasury shares — — — — Sales of treasury shares — — — — On issue at June 30, 2018 220,024,713 1,042,415 218,982,298 164,550,509 Result attributable to ordinary shares For the six month period ended (in thousands of USD except share and per share information) June 30, 2018 June 30, 2017 Result for the period (51,602) 10,088 Weighted average 164,550,509 158,166,534 Basic earnings per share (in USD) (0.31) 0.06 The table below shows the potential weighted number of shares that could be created if all stock options and restricted stock units were to be converted into ordinary shares. (in shares) June 30, 2018 June 30, 2017 Weighted average of ordinary shares outstanding (basic) 164,550,509 158,166,534 Effect of share-based payment arrangements 84,164 137,991 Weighted average number of ordinary shares (diluted) 164,634,673 158,304,525 |
Interest-bearing loans and bo_2
Interest-bearing loans and borrowings (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Financial Instruments [Abstract] | |
Schedule of financial liabilities activity by maturity | Bank loans Convertible and other Notes Total 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 At January 1, 2018 701,091 147,619 848,710 New loans 471,776 — 471,776 Scheduled repayments (23,681) — (23,681) Early repayments (Note 22) (392,500) (205,710) (598,210) Acquisitions through business combinations (Note 22) 1,106,736 205,710 1,312,446 Other changes (Note 22) (310,861) 271 (310,590) Balance at June 30, 2018 1,552,561 147,890 1,700,451 More than 5 years 330,003 — 330,003 Between 1 and 5 years 945,709 147,890 1,093,599 More than 1 year 1,275,712 147,890 1,423,602 Less than 1 year 276,849 — 276,849 Balance at June 30, 2018 1,552,561 147,890 1,700,451 |
Schedule of interest-bearing loans and borrowings | (in thousands of USD) June 30, 2018 December 31, 2017 Curr. Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value Unsecured notes USD 7.50% 2022 150,000 150,000 147,890 150,000 150,000 147,619 Total other notes 150,000 150,000 147,890 150,000 150,000 147,619 The terms and conditions of outstanding loans were as follows: (in thousands of USD) June 30, 2018 December 31, 2017 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 95,714 95,714 94,457 111,666 111,666 110,156 Secured vessels Revolving loan 148M* USD libor +2.25% 2021 147,559 105,000 105,000 147,559 — — Secured vessels Revolving loan 750M* USD libor +1.95% 2022 439,166 110,000 106,289 485,017 330,000 325,519 Secured vessels Revolving loan 409.5M* USD libor +2.25% 2023 339,420 185,500 182,598 362,780 118,000 114,634 Secured vessels loan 76M USD libor +1.95% 2020 21,438 21,438 21,438 23,563 23,563 23,563 Secured vessels loan 67.5M USD libor +1.5% 2020 23,188 23,188 23,188 25,173 25,173 25,173 Secured vessels loan 27.1M USD libor +1.95% 2029 26,685 26,685 24,795 26,911 26,911 24,876 Secured vessels loan 81.4M USD libor +1.50% 2029 74,628 74,628 73,839 78,020 78,020 77,171 Secured vessels loan 69.4M USD libor + 2.0% 2030 34,710 34,710 34,710 — — — Secured vessels loan 104.2M USD libor + 2.0% 2030 52,065 52,065 50,479 — — — Secured vessels loan 162.2M USD libor + 3.75% 2020 162,219 162,219 162,219 — — — Secured vessels loan 633.5M USD libor + 2.75% 2028 633,549 633,549 633,549 — — — Unsecured bank facility 60M USD libor +2.25% 2020 60,000 40,000 40,000 60,000 — — Total interest-bearing bank loans 2,110,340 1,564,695 1,552,561 1,320,688 713,332 701,091 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 Credit Facility depends on the total value of the fleet of tankers securing the facility. |
Trade and other payables (Table
Trade and other payables (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of trade and other payables | (in thousands of USD) June 30, 2018 December 31, 2017 Advances received on contracts in progress, between 1 and 5 years 413 539 Total non-current other payables 413 539 Trade payables 23,610 19,274 Accrued payroll 3,557 3,596 Dividends payable 148 160 Accrued expenses 37,065 22,518 Accrued interest 9,686 1,762 Deferred income 4,911 10,020 Other payables 8,090 4,025 Total current trade and other payables 87,067 61,355 |
Financial instruments (Tables)
Financial instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Financial Instruments [Abstract] | |
Disclosure of financial liabilities | 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 (in thousands of USD) 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 — 160,352 — 160,352 — — 128,427 128,427 Trade and other receivables (Note 20) * — 112,000 — 112,000 — — — — Cash and cash equivalents — 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 16) * — — 51,335 51,335 — — — — Advances received on contracts (Note 16) — — 539 539 — — — — — — 950,594 950,594 Carrying amount Fair value (in thousands of USD) Hedging instruments Loans and receivables Other financial liabilities Total Level 1 Level 2 Level 3 Total June 30, 2018 Financial assets measured at fair value Forward exchange contracts (562) — — (562) — (562) — (562) Interest rate swaps 11,040 — — 11,040 — 11,040 — 11,040 10,478 — — 10,478 Financial assets not measured at fair value Non-current receivables — 54,022 — 54,022 — — 45,134 45,134 Trade and other receivables (Note 20) * — 188,172 — 188,172 — — — — Cash and cash equivalents — 206,279 — 206,279 — — — — — 448,473 — 448,473 Financial liabilities not measured at fair value Secured bank loans (Note 15) — — 1,552,561 1,552,561 — 1,575,793 — 1,575,793 Unsecured bank loans (Note 15) — — — — — — — — Unsecured notes (Note 15) — — 147,890 147,890 151,110 — — 151,110 Unsecured other borrowings (Note 15) — — 58,290 58,290 — — — — Trade and other payables (Note 16) * — — 82,156 82,156 — — — — Advances received on contracts (Note 16) — — 413 413 — — — — — — 1,841,310 1,841,310 * Deferred charges (see Note 20) and deferred income (see Note 16), which are not financial assets (liabilities) are not included. |
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 (in thousands of USD) 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 — 160,352 — 160,352 — — 128,427 128,427 Trade and other receivables (Note 20) * — 112,000 — 112,000 — — — — Cash and cash equivalents — 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 16) * — — 51,335 51,335 — — — — Advances received on contracts (Note 16) — — 539 539 — — — — — — 950,594 950,594 Carrying amount Fair value (in thousands of USD) Hedging instruments Loans and receivables Other financial liabilities Total Level 1 Level 2 Level 3 Total June 30, 2018 Financial assets measured at fair value Forward exchange contracts (562) — — (562) — (562) — (562) Interest rate swaps 11,040 — — 11,040 — 11,040 — 11,040 10,478 — — 10,478 Financial assets not measured at fair value Non-current receivables — 54,022 — 54,022 — — 45,134 45,134 Trade and other receivables (Note 20) * — 188,172 — 188,172 — — — — Cash and cash equivalents — 206,279 — 206,279 — — — — — 448,473 — 448,473 Financial liabilities not measured at fair value Secured bank loans (Note 15) — — 1,552,561 1,552,561 — 1,575,793 — 1,575,793 Unsecured bank loans (Note 15) — — — — — — — — Unsecured notes (Note 15) — — 147,890 147,890 151,110 — — 151,110 Unsecured other borrowings (Note 15) — — 58,290 58,290 — — — — Trade and other payables (Note 16) * — — 82,156 82,156 — — — — Advances received on contracts (Note 16) — — 413 413 — — — — — — 1,841,310 1,841,310 * Deferred charges (see Note 20) and deferred income (see Note 16), which are not financial assets (liabilities) are not included. The following table shows a reconciliation from the opening balance to the closing balance for Level 3 fair values. (in thousands of USD) Non-current receivables At January 1, 2018 128,427 Settlement shareholders loans (Note 23) (115,671) Net change in fair value (unrealized) 23,038 Net change in other non-current receivables (Note 19) 1,445 LT Portion of FMV derivatives (change) (Note 19) 7,895 Balance at June 30, 2018 45,134 |
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 |
Schedule and maturity of non-derivative liabilities | The following are the remaining contractual maturities of financial liabilities: Contractual cash flows December 31, 2017 (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 and other notes (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 16) * 51,335 51,335 51,335 — — Non-current other payables — — — — — 950,055 1,110,853 184,384 750,722 175,747 Derivative financial liabilities Interest rate swaps — — — — — Forward exchange contracts — — — — — — — — — — Contractual cash flows June 30, 2018 Carrying Amount Total Less than 1 year Between 1 and 5 years More than 5 years Non derivative financial liabilities Bank loans and other notes (Note 15) 1,700,451 2,132,817 260,341 1,491,831 380,645 Other borrowings (Note 15) 58,290 58,290 58,290 — — Current trade and other payables (Note 16) * 82,156 82,156 82,156 — — Non-current other payables — — — — — 1,840,897 2,273,263 400,787 1,491,831 380,645 Derivative financial liabilities Interest rate swaps — — — — — Forward exchange contracts — — — — — — — — — — * Deferred income (see Note 16), which are not financial liabilities, are not included. |
Non-current receivables (Tables
Non-current receivables (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Non-Current Receivables | (in thousands of USD) June 30, 2018 December 31, 2017 Shareholders loans to joint ventures 44,062 159,733 LT portion of FMV derivatives 7,896 — Other non-current receivables 2,063 618 Investment 1 1 Total non-current receivables 54,022 160,352 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of trade and other current receivables | (in thousands of USD) June 30, 2018 December 31, 2017 Trade receivables 41,660 32,758 Accrued income 14,168 12,465 Accrued interest 50 52 Deferred charges 51,647 24,797 Other receivables 132,294 66,725 Total trade and other receivables 239,819 136,797 |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations1 [Abstract] | |
Disclosure of detailed information about business combinations | Consideration transferred in USD Total Business combinations Gener8 shares outstanding 83,267,426 RSU 362,613 Total Gener8 shares 83,630,039 Ratio 0.7272 Issued Euronav shares 60,815,764 Closing price Euronav on June 11, 2018 9.1 Total consideration transferred 553,423,452 The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the acquisition date. (in thousands of USD) Total Gener8 Subsidiaries INSW Subsidiaries Vessels (Note 12) 1,710,250 1,276,250 434,000 Other tangible assets 345 345 — Intangible assets 152 152 — Receivables 16,769 9,599 7,170 Current assets 81,357 66,728 14,629 Cash and cash equivalents 126,288 126,288 — Loans and borrowings (Note 15) (1,312,446) (1,001,478) (310,968) Current liabilities (33,012) (29,160) (3,852) Total identifiable net assets acquired 589,703 448,724 140,979 (in thousands of USD) Fair value at acquisition date Consideration transferred 553,423 Total identifiable net assets acquired 589,703 Bargain Purchase 36,280 |
Equity-accounted investees (Tab
Equity-accounted investees (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Interests in Other Entities [Abstract] | |
Disclosure of interests in joint ventures | (in thousands of USD) June 30, 2018 December 31, 2017 Assets Interest in joint ventures 35,824 30,595 Interest in associates — — TOTAL ASSETS 35,824 30,595 |
Disclosure of interests in associates | (in thousands of USD) June 30, 2018 December 31, 2017 Assets Interest in joint ventures 35,824 30,595 Interest in associates — — TOTAL ASSETS 35,824 30,595 |
Disclosure of reconciliation of summarised financial information of associate accounted for using equity method to carrying amount of interest in associate | (in thousands of USD) June 30, 2018 December 31, 2017 Carrying amount of interest at the beginning of the period — 1,546 Group's share of profit (loss) for the period — 149 Dividend in kind (shares TUKA) distributed by associate — (1,559) Reclassification of associate to joint venture — (136) Carrying amount of interest at the end of the period — — |
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 (3,298) 203,512 — — Offset investment with shareholders loan 20,165 (20,165) — — Balance at January 1, 2017 16,867 183,348 — — 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 1,559 — — — Reclassification of associate to joint venture 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 — — Group's share of profit (loss) for the period 8,419 — — — Group's share of other comprehensive income (160) — — — Movement shareholders loans to joint ventures — (118,701) — — Gross balance 35,824 44,062 — — Offset investment with shareholders loan — — — — Balance at June 30, 2018 35,824 44,062 — — |
Restricted Cash (Tables)
Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Restricted Cash1 [Abstract] | |
Schedule of Restricted Cash | (in thousands of USD) June 30, 2018 December 31, 2017 Restricted Cash 96,689 115 |
Changes in significant accoun_3
Changes in significant accounting policies - Summary of impact, net of tax, of transition to IFRS 15 on retained earnings (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | [1] |
Disclosure of initial application of standards or interpretations [line items] | ||||
Retained earnings | $ 410,662 | $ 473,622 | ||
Increase (decrease) due to application of IFRS 15 | ||||
Disclosure of initial application of standards or interpretations [line items] | ||||
Retained earnings | $ (2,092) | $ (1,729) | ||
Revenue on a load-to-discharge basis | Increase (decrease) due to application of IFRS 15 | ||||
Disclosure of initial application of standards or interpretations [line items] | ||||
Retained earnings | (4,422) | |||
Recognition capitalized fulfillment costs | Increase (decrease) due to application of IFRS 15 | ||||
Disclosure of initial application of standards or interpretations [line items] | ||||
Retained earnings | $ 2,693 | |||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Changes in significant accoun_4
Changes in significant accounting policies - Impact of IFRS 15 on consolidated statement of financial position (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | [1] | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||||||
Non-current assets | $ 3,739,491 | $ 2,530,337 | ||||
Current assets | 447,618 | 280,636 | ||||
Trade and other receivables | 239,819 | 136,797 | ||||
TOTAL ASSETS | 4,187,109 | 2,810,973 | ||||
Equity | ||||||
Retained earnings | 410,662 | 473,622 | ||||
Equity attributable to owners of the Company | 2,336,580 | 1,846,361 | $ 1,864,188 | $ 1,887,956 | ||
Non-current liabilities | 1,428,312 | 805,872 | ||||
Current liabilities | 422,217 | 158,740 | ||||
Trade and other payables | 87,067 | 61,355 | ||||
TOTAL EQUITY AND LIABILITIES | 4,187,109 | $ 2,810,973 | ||||
Adjustments | ||||||
ASSETS | ||||||
Non-current assets | 0 | |||||
Current assets | (6,591) | |||||
Trade and other receivables | (6,591) | $ 4,400 | ||||
TOTAL ASSETS | (6,591) | |||||
Equity | ||||||
Retained earnings | (2,092) | $ (1,729) | ||||
Equity attributable to owners of the Company | (2,092) | |||||
Non-current liabilities | 0 | |||||
Current liabilities | (4,499) | |||||
Trade and other payables | (4,499) | |||||
TOTAL EQUITY AND LIABILITIES | (6,591) | |||||
Amounts without adoption of IFRS 15 | ||||||
ASSETS | ||||||
Non-current assets | 3,739,491 | |||||
Current assets | 454,209 | |||||
Trade and other receivables | 246,410 | |||||
TOTAL ASSETS | 4,193,700 | |||||
Equity | ||||||
Retained earnings | 412,754 | |||||
Equity attributable to owners of the Company | 2,338,672 | |||||
Non-current liabilities | 1,428,312 | |||||
Current liabilities | 426,716 | |||||
Trade and other payables | 91,566 | |||||
TOTAL EQUITY AND LIABILITIES | $ 4,193,700 | |||||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Changes in significant accoun_5
Changes in significant accounting policies - Impact of IFRS 15 on consolidated statement of profit or loss (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Shipping income | |||
Revenue | $ 202,748 | $ 290,591 | [1] |
Total shipping income | 215,056 | 293,386 | [1] |
Operating expenses | |||
Voyage expenses and commissions | (46,277) | (32,283) | [1] |
Total operating expenses | 284,706 | 285,207 | [1] |
RESULT FROM OPERATING ACTIVITIES | (69,650) | 8,179 | [1] |
Profit (loss) for the period | (51,602) | 10,088 | [1],[2],[3] |
TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD | (52,007) | $ 10,868 | [2] |
Adjustments | |||
Shipping income | |||
Revenue | (2,168) | ||
Total shipping income | (2,168) | ||
Operating expenses | |||
Voyage expenses and commissions | 1,805 | ||
Total operating expenses | (1,805) | ||
RESULT FROM OPERATING ACTIVITIES | (363) | ||
Profit (loss) for the period | (363) | ||
TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD | (363) | ||
Amounts without adoption of IFRS 15 | |||
Shipping income | |||
Revenue | 204,916 | ||
Total shipping income | 217,224 | ||
Operating expenses | |||
Voyage expenses and commissions | (48,082) | ||
Total operating expenses | 286,511 | ||
RESULT FROM OPERATING ACTIVITIES | (69,287) | ||
Profit (loss) for the period | (51,239) | ||
TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD | $ (51,644) | ||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. | ||
[2] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. | ||
[3] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Changes in significant accoun_6
Changes in significant accounting policies - Summary of the impact, net of tax, of transition to IFRS 9 on retained earnings (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | [1] |
Disclosure of initial application of standards or interpretations [line items] | ||||
Retained earnings | $ 410,662 | $ 473,622 | ||
Increase (Decrease) Due To Application Of IFRS 9 | ||||
Disclosure of initial application of standards or interpretations [line items] | ||||
Retained earnings | $ (16) | |||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Changes in significant accoun_7
Changes in significant accounting policies - Summary of original measurement categories under IAS 39 and the new measurement categories under IFRS 9 (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Disclosure of initial application of standards or interpretations [line items] | ||||
Original carrying amount under IAS 39 | $ 416,467 | |||
New carrying amount under IFRS 9 | $ 416,451 | |||
Trade and other receivables (Note 20) | $ 239,819 | 136,797 | [1] | |
Forward exchange contracts used for hedging | ||||
Disclosure of initial application of standards or interpretations [line items] | ||||
Original carrying amount under IAS 39 | 467 | |||
New carrying amount under IFRS 9 | 467 | |||
Non-current receivables | ||||
Disclosure of initial application of standards or interpretations [line items] | ||||
Original carrying amount under IAS 39 | 160,352 | |||
New carrying amount under IFRS 9 | 160,352 | |||
Trade and other receivables | ||||
Disclosure of initial application of standards or interpretations [line items] | ||||
Original carrying amount under IAS 39 | 112,000 | |||
New carrying amount under IFRS 9 | 111,984 | |||
Increase in the allowance for impairment | 16 | |||
Cash and cash equivalents | ||||
Disclosure of initial application of standards or interpretations [line items] | ||||
Original carrying amount under IAS 39 | $ 143,648 | |||
New carrying amount under IFRS 9 | 143,648 | |||
Increase (decrease) due to application of IFRS 15 | ||||
Disclosure of initial application of standards or interpretations [line items] | ||||
Trade and other receivables (Note 20) | $ (6,591) | 4,400 | ||
Increase (decrease) due to application of IFRS 15 | Trade and other receivables | ||||
Disclosure of initial application of standards or interpretations [line items] | ||||
Increase in the allowance for impairment | $ 0 | |||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Changes in significant accoun_8
Changes in significant accounting policies - Impact of the new impairment model (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Disclosure of initial application of standards or interpretations [line items] | |||
Allowance account for credit losses of financial assets | $ 16 | $ 0 | |
Actual credit loss experience period, to calculate ECLs | 10 years | ||
Trade and other receivables | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Increase in the allowance for impairment | 16 | ||
Increase (decrease) due to application of IFRS 15 | Trade and other receivables | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Increase in the allowance for impairment | $ 0 |
Changes in consolidation scope
Changes in consolidation scope - Narrative (Details) | 6 Months Ended |
Jun. 30, 2018subsidiary | |
Disclosure Of General Information About Financial Statements [Abstract] | |
Number of subsidiaries sold | 6 |
Number of subsidiaries established or acquired during the period | 0 |
Significant events - (Details)
Significant events - (Details) | Jun. 29, 2018USD ($)T | Jun. 25, 2018USD ($)T | Jun. 15, 2018USD ($)shipT | Jun. 12, 2018shares | Jun. 11, 2018shares | May 08, 2018USD ($)T | Apr. 25, 2018T | Mar. 26, 2018T | Mar. 22, 2018USD ($)vessel | Apr. 25, 2018vessel | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2018USD ($) | Mar. 29, 2018USD ($) | Dec. 31, 2017USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Proceeds from sale of vessel | $ 20,818,000 | |||||||||||||||
Gains on disposals of property, plant and equipment | $ 20,000 | |||||||||||||||
Number of VLCC sold | ship | 6 | |||||||||||||||
Consideration for sale of vessel, debt assumed | $ 311,000,000 | |||||||||||||||
Target leverage percentage | 50.00% | |||||||||||||||
Assets held for sale | $ 1,319,000 | $ 0 | [1] | |||||||||||||
Acquisitions | $ 32,500,000 | 147,698,000 | ||||||||||||||
Ice Class Suezmax Vessels | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Facility size | $ 173,600,000 | |||||||||||||||
Suezmax Cap Jean | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Proceeds from sale of vessel | $ 10,600,000 | |||||||||||||||
Gains on disposals of property, plant and equipment | $ 10,200,000 | |||||||||||||||
Vessels | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Consideration from sale of VLCC | $ 434,000,000 | |||||||||||||||
Proceeds from sales of vessels | $ 123,000,000 | |||||||||||||||
Assets held for sale | 1,319,000 | $ 0 | ||||||||||||||
Acquisitions | $ 42,055,000 | |||||||||||||||
Vessels | Ice Class Suezmax Vessels | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Number of additional vessels available through purchase option | vessel | 4 | |||||||||||||||
Vessels delivered | vessel | 2 | |||||||||||||||
Vessels | Ice Class Suezmax Cap Quebec | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
VLCC weight (in deadweight tons) | T | 156,600 | |||||||||||||||
Vessels | Cap Pembroke | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
VLCC weight (in deadweight tons) | T | 156,600 | |||||||||||||||
Vessels | Suezmax Cap Quebec And Cap Pembroke | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Contract service term | 7 years | |||||||||||||||
Vessels | Suezmax Cap Jean | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
VLCC weight (in deadweight tons) | T | 146,643 | |||||||||||||||
Vessels | Gener8 Miltiades | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
VLCC weight (in deadweight tons) | T | 301,038 | |||||||||||||||
Vessels | Gener8 Chiotis | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
VLCC weight (in deadweight tons) | T | 300,973 | |||||||||||||||
Vessels | Gener8 Success | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
VLCC weight (in deadweight tons) | T | 300,932 | |||||||||||||||
Vessels | Gener8 Andriotis | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
VLCC weight (in deadweight tons) | T | 301,014 | |||||||||||||||
Vessels | Gener8 Strength | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
VLCC weight (in deadweight tons) | T | 300,960 | |||||||||||||||
Vessels | Gener8 Supreme | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
VLCC weight (in deadweight tons) | T | 300,933 | |||||||||||||||
Vessels | Suezmax Cap Romuald | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
VLCC weight (in deadweight tons) | T | 146,640 | |||||||||||||||
Proceeds from sales of vessels | $ 10,600,000 | |||||||||||||||
Selling expense | 300,000 | |||||||||||||||
Gains on disposals of non-current assets | $ 9,000,000 | |||||||||||||||
Vessels | ULCC Seaways Laura Lynn | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
VLCC weight (in deadweight tons) | T | 441,561 | |||||||||||||||
Carrying value | Vessels | Suezmax Cap Romuald | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Assets held for sale | $ 1,300,000 | |||||||||||||||
Maximum | Ice Class Suezmax Vessels | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Maximum portion of contract to be financed | 70.00% | |||||||||||||||
Senior Secured Loans | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | $ 220,000,000 | $ 220,000,000 | ||||||||||||||
Senior Secured Loans | Ice Class Suezmax Vessels | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Facility size | $ 173,600,000 | |||||||||||||||
Term Loan Facility | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | 110,000,000 | |||||||||||||||
Revolving Credit Facility | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | $ 750,000,000 | $ 110,000,000 | ||||||||||||||
Decrease in available credit facility | $ 7,400,000 | |||||||||||||||
Gener8 Maritime, Inc. | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Issue of ordinary shares related to business combinations (Note 13) | shares | 60,815,764 | 60,900,000 | ||||||||||||||
Gener8 Maritime, Inc. | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Portion of outstanding shares cast vote | 81.00% | |||||||||||||||
Portion of outstanding shares vote to approve measure | 98.00% | |||||||||||||||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Segment reporting - Narrative (
Segment reporting - Narrative (Details) | 6 Months Ended |
Jun. 30, 2018segment | |
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 |
Segment reporting - Financial i
Segment reporting - Financial information by segment (Details) - USD ($) $ in Thousands | 6 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Disclosure of operating segments [line items] | ||||||
Revenue | $ 202,748 | $ 290,591 | [1] | |||
Profit (loss) before income tax | (51,743) | 9,562 | [1] | |||
Non-current assets | 3,739,491 | $ 2,530,337 | [2] | |||
Current assets | 447,618 | 280,636 | [2] | |||
TOTAL ASSETS | 4,187,109 | 2,810,973 | [2] | |||
Equity | 2,336,580 | 1,864,188 | 1,846,361 | [2] | $ 1,887,956 | |
Non-current liabilities | 1,428,312 | 805,872 | [2] | |||
Current liabilities | 422,217 | 158,740 | [2] | |||
TOTAL EQUITY and LIABILITIES | 4,187,109 | 2,810,973 | [2] | |||
Operating segments | Tankers | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 202,746 | 290,620 | ||||
Profit (loss) before income tax | (60,168) | (11,446) | ||||
Non-current assets | 3,705,362 | 2,504,467 | ||||
Current assets | 448,021 | 281,132 | ||||
TOTAL ASSETS | 4,153,383 | 2,785,599 | ||||
Equity | 2,302,842 | 1,820,887 | ||||
Non-current liabilities | 1,428,312 | 805,872 | ||||
Current liabilities | 422,229 | 158,840 | ||||
TOTAL EQUITY and LIABILITIES | 4,153,383 | 2,785,599 | ||||
Operating segments | FSO | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 24,323 | 32,437 | ||||
Profit (loss) before income tax | 9,279 | 18,445 | ||||
Non-current assets | 170,603 | 179,062 | ||||
Current assets | 14,421 | 11,581 | ||||
TOTAL ASSETS | 185,024 | 190,643 | ||||
Equity | 33,737 | 25,473 | ||||
Non-current liabilities | 127,417 | 164,442 | ||||
Current liabilities | 23,870 | 728 | ||||
TOTAL EQUITY and LIABILITIES | 185,024 | 190,643 | ||||
Less: Equity-accounted investees | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 24,321 | 32,466 | ||||
Profit (loss) before income tax | 854 | $ (2,563) | ||||
Non-current assets | 136,474 | 153,192 | ||||
Current assets | 14,824 | 12,077 | ||||
TOTAL ASSETS | 151,298 | 165,269 | ||||
Equity | (1) | (1) | ||||
Non-current liabilities | 127,417 | 164,442 | ||||
Current liabilities | 23,882 | 828 | ||||
TOTAL EQUITY and LIABILITIES | $ 151,298 | $ 165,269 | ||||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. | |||||
[2] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Assets and liabilities held f_3
Assets and liabilities held for sale and discontinued operations - Schedule of assets held for sale (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets held for sale | $ 1,319 | $ 0 | [1] |
Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets held for sale | 1,319 | 0 | |
Tankers | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets held for sale | 1,319 | 0 | |
FSO | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets held for sale | $ 0 | $ 0 | |
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Assets and liabilities held f_4
Assets and liabilities held for sale and discontinued operations - Narrative (Details) $ in Thousands | Jun. 25, 2018USD ($)T | Jun. 15, 2018USD ($) | Jun. 30, 2018USD ($)operation | Dec. 31, 2017USD ($)operation | |
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Assets held for sale | $ 1,319 | $ 0 | [1] | ||
Number of discontinued operations | operation | 0 | 0 | |||
Vessels | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Proceeds from sales of vessels previously held for sale | $ 123,000 | ||||
Assets held for sale | $ 1,319 | $ 0 | |||
Vessels | Suezmax Cap Romuald | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
VLCC weight (in deadweight tons) | T | 146,640 | ||||
Proceeds from sales of vessels previously held for sale | $ 10,600 | ||||
Costs to sell | 300 | ||||
Gain from sale of vessel | $ 9,000 | ||||
Cost | Vessels | Suezmax Cap Romuald | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Assets held for sale | $ 1,300 | ||||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Revenue and other operating i_3
Revenue and other operating income - Schedule of revenue (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue | $ 202,748 | $ 290,591 | [1] |
Other operating income | 2,133 | 2,775 | [1] |
Pool Revenue | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue | 80,087 | 146,672 | |
Spot Voyages | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue | 83,218 | 78,204 | |
Time Charters | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue | 39,443 | 65,715 | |
Operating segments | Tankers | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue | 202,746 | 290,620 | |
Other operating income | 0 | 0 | |
Operating segments | Tankers | Pool Revenue | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue | 80,085 | 146,701 | |
Operating segments | Tankers | Spot Voyages | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue | 83,218 | 78,204 | |
Operating segments | Tankers | Time Charters | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue | 39,443 | 65,715 | |
Operating segments | FSO | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue | 24,323 | 32,437 | |
Other operating income | 0 | 0 | |
Operating segments | FSO | Pool Revenue | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue | 0 | 0 | |
Operating segments | FSO | Spot Voyages | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue | 0 | 0 | |
Operating segments | FSO | Time Charters | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue | 24,323 | 32,437 | |
Less: Equity-accounted investees | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue | 24,321 | 32,466 | |
Other operating income | 0 | 0 | |
Less: Equity-accounted investees | Pool Revenue | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue | (2) | 29 | |
Less: Equity-accounted investees | Spot Voyages | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue | 0 | 0 | |
Less: Equity-accounted investees | Time Charters | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue | $ 24,323 | $ 32,437 | |
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Expenses for shipping activit_3
Expenses for shipping activities - Voyage commissions and expenses (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Analysis of income and expense [abstract] | |||
Voyage related expenses | $ (43,535) | $ (29,571) | |
Commissions paid | (2,742) | (2,712) | |
Total voyage expenses and commissions | $ (46,277) | $ (32,283) | [1] |
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Expenses for shipping activit_4
Expenses for shipping activities - Vessel operating expenses (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Analysis of income and expense [abstract] | |||
Operating expenses | $ (71,456) | $ (73,105) | |
Insurance | (7,414) | (5,383) | |
Total vessel operating expenses | $ (78,870) | $ (78,488) | [1] |
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Expenses for shipping activit_5
Expenses for shipping activities - Charter hire expenses (Details) $ in Thousands | Dec. 16, 2016vessel | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | |
Disclosure of operating segments [line items] | ||||
Total charter hire expenses | $ (15,432) | $ (15,485) | [1] | |
Charter hire | ||||
Disclosure of operating segments [line items] | ||||
Total charter hire expenses | 0 | (62) | ||
Bare boat hire | ||||
Disclosure of operating segments [line items] | ||||
Total charter hire expenses | $ (15,432) | $ (15,423) | ||
Vessels | Sale And Leaseback Agreement - Bare Boat Hire | ||||
Disclosure of operating segments [line items] | ||||
Number of VLCCs delivered | vessel | 4 | |||
Leaseback term | 5 years | |||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Expenses for shipping activit_6
Expenses for shipping activities - General and administrative expenses (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Disclosure of other provisions [line items] | |||
Wages and salaries | $ (7,929) | $ (5,772) | |
Social security costs | (1,863) | (1,144) | |
Provision for employee benefits | (319) | (310) | |
Equity-settled share-based payments | (37) | (161) | |
Other employee benefits | (1,836) | (1,101) | |
Employee benefits | (11,984) | (8,488) | |
Administrative expenses | (17,083) | (11,196) | |
Tonnage Tax | (2,086) | (2,693) | |
Claims | 0 | (32) | |
Provisions | 3 | 58 | |
Total general and administrative expenses | (31,150) | $ (22,351) | [1] |
Gener8 Maritime, Inc. | Legal proceedings provision | |||
Disclosure of other provisions [line items] | |||
Legal fees | $ 3,700 | ||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Net finance expense - Net finan
Net finance expense - Net finance expense recognized in profit or loss (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Financial Instruments [Abstract] | |||
Interest income | $ 545 | $ 281 | |
Foreign exchange gains | 6,640 | 2,112 | |
Finance income | 7,185 | 2,393 | [1] |
Interest expense on financial liabilities measured at amortized cost | (23,203) | (17,791) | |
Losses on change in fair value of derivatives | (38) | 0 | |
Amortization other Notes | 0 | 0 | |
Other financial charges | (3,539) | (2,512) | |
Foreign exchange losses | (7,198) | (1,731) | |
Finance expense | (33,978) | (22,034) | [1] |
Net finance expenses | $ (26,793) | $ (19,641) | [1] |
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Net finance expense - Narrative
Net finance expense - Narrative (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | May 31, 2017 |
Unsecured Note Due 2022 With Fixed Coupon Rate 7.50% | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 |
Property, plant and equipment -
Property, plant and equipment - Schedule of property, plant and equipment (Details) - USD ($) $ in Thousands | Jun. 29, 2018 | Jun. 30, 2018 |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | $ 2,336,831 | |
Acquisitions | $ 32,500 | 147,698 |
Acquisitions through business combinations, property | 1,710,595 | |
Disposals and cancellations | (434,000) | |
Depreciation charges | (112,926) | |
Transfer to assets held for sale | (1,319) | |
Transfers | 0 | |
Translation differences | (8) | |
Property, plant and equipment, ending balance | 3,646,871 | |
Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 3,662,905 | |
Property, plant and equipment, ending balance | 4,941,653 | |
Depreciation & impairment losses | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 1,326,074 | |
Property, plant and equipment, ending balance | 1,294,782 | |
Vessels | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 2,271,500 | |
Acquisitions | 42,055 | |
Acquisitions through business combinations, property | 1,710,250 | |
Disposals and cancellations | (434,000) | |
Depreciation charges | (112,666) | |
Transfer to assets held for sale | (1,319) | |
Transfers | 129,791 | |
Translation differences | 0 | |
Property, plant and equipment, ending balance | 3,605,611 | |
Vessels | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 3,595,692 | |
Property, plant and equipment, ending balance | 4,898,292 | |
Vessels | Depreciation & impairment losses | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 1,324,192 | |
Property, plant and equipment, ending balance | 1,292,681 | |
Vessels under construction | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 63,668 | |
Acquisitions | 105,371 | |
Acquisitions through business combinations, property | 0 | |
Disposals and cancellations | 0 | |
Depreciation charges | 0 | |
Transfer to assets held for sale | 0 | |
Transfers | (129,791) | |
Translation differences | 0 | |
Property, plant and equipment, ending balance | 39,248 | |
Vessels under construction | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 63,668 | |
Property, plant and equipment, ending balance | 39,248 | |
Vessels under construction | Depreciation & impairment losses | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, ending balance | 0 | |
Other tangible assets | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 1,663 | |
Acquisitions | 272 | |
Acquisitions through business combinations, property | 345 | |
Disposals and cancellations | 0 | |
Depreciation charges | (260) | |
Transfer to assets held for sale | 0 | |
Transfers | 0 | |
Translation differences | (8) | |
Property, plant and equipment, ending balance | 2,012 | |
Other tangible assets | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 3,545 | |
Property, plant and equipment, ending balance | 4,113 | |
Other tangible assets | Depreciation & impairment losses | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 1,882 | |
Property, plant and equipment, ending balance | $ 2,101 |
Property, plant and equipment_2
Property, plant and equipment - Narrative (Details) | Jun. 29, 2018T | May 08, 2018USD ($)T | Apr. 25, 2018T | Mar. 26, 2018T | Jun. 30, 2018USD ($)shipcontract | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Gains on disposals of property, plant and equipment | $ 20,000 | |||||||
Number of long-term time charter contracts | contract | 2 | |||||||
Number of vessels under construction | ship | 2 | |||||||
Assets under construction | $ 39,248,000 | $ 63,668,000 | [1] | |||||
Agreement to purchase property, plant and equipment | $ 86,600,000 | 185,922,000 | ||||||
Suezmax Cap Jean | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Sales price, net of sale commissions | $ 10,200,000 | |||||||
Gains on disposals of property, plant and equipment | $ 10,200,000 | |||||||
Vessels | Ice Class Suezmax Cap Quebec | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
VLCC weight (in deadweight tons) | T | 156,600 | |||||||
Vessels | Cap Pembroke | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
VLCC weight (in deadweight tons) | T | 156,600 | |||||||
Vessels | ULCC Seaways Laura Lynn | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
VLCC weight (in deadweight tons) | T | 441,561 | |||||||
Vessels | Suezmax Cap Jean | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
VLCC weight (in deadweight tons) | T | 146,643 | |||||||
Vessels | Tankers | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Weighted average cost of capital for cash flow projections | 7.65% | |||||||
Estimated useful life | 20 years | |||||||
Residual value | $ 0 | |||||||
Increase in weighted average cost of capital | 2.26% | |||||||
Vessels | Tankers | Maximum | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Increase in weighted average cost of capital | 10.65% | |||||||
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, fifteen-year historical charter rates | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Historical charter rates | 15 years | |||||||
15 year historical rate high end adjustment | 5.00% | |||||||
15 year historical rate low end adjustment | 5.00% | |||||||
Vessels | Tanker fleet, ten-year historical charter rates | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Historical charter rates | 10 years | |||||||
Impairment of tanker fleet | $ 500,000 | 0 | ||||||
Vessels | Tanker fleet, five-year historical charter rates | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Historical charter rates | 5 years | |||||||
Impairment of tanker fleet | $ 0 | 5,700,000 | ||||||
Vessels | Tanker fleet, one-year historical charter rates | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Historical charter rates | 1 year | |||||||
Impairment of tanker fleet | $ 219,100,000 | $ 427,300,000 | ||||||
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 | 7.65% | 9.70% | ||||||
Estimated useful life | 25 years | |||||||
Residual value | $ 0 | |||||||
Increase in weighted average cost of capital | 3.00% | |||||||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Property, plant and equipment_3
Property, plant and equipment - Schedule of disposal of assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | $ 20,818 | |||
Book Value | $ 3,646,871 | $ 2,336,831 | ||
Gain | 20 | |||
Deferred Gain | 0 | |||
Loss | 0 | (21,027) | [1] | |
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) | |||
Other | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 28 | |||
Gain | 20 | |||
Deferred Gain | 0 | |||
Loss | 0 | |||
Cap Jean | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 10,175 | |||
Gain | 10,175 | |||
Deferred Gain | 0 | |||
Loss | 0 | |||
Book Value | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 4,941,653 | 41,825 | $ 3,662,905 | |
Book Value | TI Topaz | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 41,817 | |||
Book Value | Other | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | $ 8 | |||
Book Value | Cap Jean | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | $ 0 | |||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Property, plant and equipment_4
Property, plant and equipment - Capital commitments (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | $ 86,600 | $ 185,922 |
VLCCs | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 0 | 0 |
Suezmaxes | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 86,600 | 185,922 |
FSOs | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 0 | 0 |
2,018 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 86,600 | 185,922 |
2018 | VLCCs | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 0 | 0 |
2018 | Suezmaxes | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 86,600 | 185,922 |
2018 | FSOs | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 0 | 0 |
2,019 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 0 | 0 |
2019 | VLCCs | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 0 | 0 |
2019 | Suezmaxes | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 0 | 0 |
2019 | FSOs | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 0 | 0 |
2,020 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 0 | 0 |
2020 | VLCCs | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 0 | 0 |
2020 | Suezmaxes | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | 0 | 0 |
2020 | FSOs | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | $ 0 | $ 0 |
Equity - (Details)
Equity - (Details) | Jun. 12, 2018USD ($)$ / sharesshares | Jun. 11, 2018$ / sharesshares | May 09, 2018$ / shares | Feb. 16, 2018shares | Feb. 09, 2017shares | Feb. 02, 2016shares | Feb. 12, 2015EUR (€)shares | Aug. 31, 2017$ / shares | Jun. 30, 2018USD ($)shares | Jun. 30, 2017USD ($) | Dec. 31, 2017shares | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2018USD ($) | Mar. 29, 2018USD ($) |
Disclosure of classes of share capital [line items] | |||||||||||||||
Number of shares outstanding (in shares) | shares | 218,982,298 | 158,166,534 | |||||||||||||
Issue of ordinary shares related to business combinations | $ 553,424,000 | ||||||||||||||
Dividend payables (in dollars per share) | $ / shares | $ 0.12 | $ 0.06 | |||||||||||||
Dividends paid, ordinary shares | $ 9,500,000 | ||||||||||||||
Options outstanding (in shares) | shares | 350,000 | ||||||||||||||
Expense from share-based payment transactions with employees | $ 37,000 | $ 161,000 | |||||||||||||
Share capital | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Number of shares outstanding (in shares) | shares | 220,024,713 | 159,208,949 | |||||||||||||
Issue of ordinary shares related to business combinations | $ 66,102,000 | ||||||||||||||
Share premium | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Issue of ordinary shares related to business combinations | $ 487,322,000 | ||||||||||||||
Treasury shares | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Number of shares outstanding (in shares) | shares | 1,042,415 | 1,042,415 | |||||||||||||
Long term incentive plan 2015 | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Number of options granted (in shares) | shares | 236,590 | ||||||||||||||
Exercise price, share options granted (in dollars per share) | € | € 10.0475 | ||||||||||||||
Expense from share-based payment transactions with employees | $ 37,000 | ||||||||||||||
Long term incentive plan 2015 | 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 | ||||||||||||||
Long term incentive plan 2015 | Restricted stock units | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Percentage of stock obtained by beneficiaries | 60.00% | ||||||||||||||
Equity instruments granted (in shares) | shares | 65,433 | ||||||||||||||
Long term incentive plan 2016 | Phantom Stock Units | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Equity instruments granted (in shares) | shares | 54,616 | 36,411 | |||||||||||||
Expense from share-based payment transactions with employees | $ (100,000) | ||||||||||||||
Long term incentive plan 2017 | Phantom Stock Units | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Equity instruments granted (in shares) | shares | 66,449 | ||||||||||||||
Expense from share-based payment transactions with employees | 200,000 | ||||||||||||||
Long term incentive plan 2018 | Phantom Stock Units | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Equity instruments granted (in shares) | shares | 154,432 | ||||||||||||||
Expense from share-based payment transactions with employees | $ 300,000 | ||||||||||||||
Senior Secured Loans | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Notional amount | $ 220,000,000 | $ 220,000,000 | |||||||||||||
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 1 | Long term incentive plan 2018 | 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 2 | Long term incentive plan 2018 | 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% | ||||||||||||||
Tranche 3 | Long term incentive plan 2018 | Phantom Stock Units | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Percentage of stock obtained by beneficiaries | 33.33% | ||||||||||||||
Gener8 Maritime, Inc. | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Issued Euronav shares (in shares) | shares | 60,815,764 | 60,900,000 | |||||||||||||
Share price (in dollars per share) | $ / shares | $ 9.10 | $ 9.1 | |||||||||||||
Gener8 Maritime, Inc. | Share capital | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Issue of ordinary shares related to business combinations | $ 66,100,000 | ||||||||||||||
Gener8 Maritime, Inc. | Share premium | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Issue of ordinary shares related to business combinations | 487,300,000 | ||||||||||||||
Interest rate swaps | Gener8 Maritime, Inc. | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Notional amount | $ 668,000,000 | ||||||||||||||
Derivative instrument remaining term | 2 years | ||||||||||||||
Financial instruments fair value | $ 11,000,000 | ||||||||||||||
Financial assets at fair value through other comprehensive income | 201,000 | ||||||||||||||
Joint ventures | Interest rate swaps | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Derivative notional amount | $ 208,800,000 | ||||||||||||||
Percent ownership in derivative | 50.00% | ||||||||||||||
Derivative instrument remaining term | 4 years | ||||||||||||||
Financial instruments fair value | $ 320,774 |
Earnings per share - Narrative
Earnings per share - Narrative (Details) - USD ($) | Jun. 30, 2018 | Jan. 01, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | [1] |
Earnings per share [line items] | ||||||
Result for the period | $ (51,602,299) | $ 10,087,987 | ||||
Weighted average number of ordinary shares outstanding (in shares) | 158,166,534 | 164,550,509 | 158,166,534 | |||
Diluted earnings per share (in dollars per share) | $ (0.31) | $ 0.06 | ||||
Long term incentive plan 2015 | ||||||
Earnings per share [line items] | ||||||
Anti-dilutive securities excluded (in shares) | 236,590 | 236,590 | ||||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Earnings per share - Result att
Earnings per share - Result attributable to ordinary shares (Details) - USD ($) | Jan. 01, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | [1] |
Earnings per share [abstract] | ||||
Result for the period | $ (51,602,299) | $ 10,087,987 | ||
Weighted average number of shares (basic) (in shares) | 158,166,534 | 164,550,509 | 158,166,534 | |
Basic earnings per share (in dollars per share) | $ (0.31) | $ 0.06 | ||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Earnings per share - Weighted a
Earnings per share - Weighted average number of ordinary share (Details) - shares | Jan. 01, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | [1] |
Earnings per share [line items] | ||||
Beginning of period (in shares) | 158,166,534 | 158,166,534 | ||
Issuance of shares (in shares) | 60,815,764 | |||
End of period (in shares) | 218,982,298 | |||
Reconciliation Of Changes In Weighted Average Shares Outstanding [Roll Forward] | ||||
Weighted average number of shares (basic) (in shares) | 158,166,534 | 164,550,509 | 158,166,534 | |
Issuance of shares (in shares) | 6,383,975 | |||
Shares issued | ||||
Earnings per share [line items] | ||||
Beginning of period (in shares) | 159,208,949 | 159,208,949 | ||
Issuance of shares (in shares) | 60,815,764 | |||
End of period (in shares) | 220,024,713 | |||
Treasury shares | ||||
Earnings per share [line items] | ||||
Beginning of period (in shares) | 1,042,415 | 1,042,415 | ||
End of period (in shares) | 1,042,415 | |||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Earnings per share - Weighted_2
Earnings per share - Weighted average number of ordinary shares (diluted) (Details) - shares | Jan. 01, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings per share [abstract] | ||||
Weighted average number of shares (basic) (in shares) | 158,166,534 | 164,550,509 | 158,166,534 | [1] |
Effect of Share-based Payment arrangements (in shares) | 84,164 | 137,991 | ||
Weighted average number of ordinary shares (diluted) (in shares) | 164,634,673 | 158,304,525 | [1] | |
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Interest-bearing loans and bo_3
Interest-bearing loans and borrowings - Schedule and maturity of borrowings (Details) - USD ($) $ in Thousands | Jun. 12, 2018 | Jun. 30, 2018 |
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | $ 848,710 | |
New loans | 471,776 | |
Scheduled repayments | (23,681) | |
Early repayments | (598,210) | |
Acquisitions through business combinations | 1,312,446 | |
Other changes | (310,590) | |
Carrying amount of liability at the end of the period | 1,700,451 | |
More than 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 157,180 | |
Carrying amount of liability at the end of the period | 330,003 | |
Between 1 and 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 644,169 | |
Carrying amount of liability at the end of the period | 1,093,599 | |
More than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 801,349 | |
Carrying amount of liability at the end of the period | 1,423,602 | |
Less than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 47,361 | |
Carrying amount of liability at the end of the period | 276,849 | |
Bank loans | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 701,091 | |
New loans | 471,776 | |
Scheduled repayments | (23,681) | |
Early repayments | (392,500) | |
Acquisitions through business combinations | 1,106,736 | |
Other changes | (310,861) | |
Carrying amount of liability at the end of the period | 1,552,561 | |
Bank loans | More than 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 157,180 | |
Carrying amount of liability at the end of the period | 330,003 | |
Bank loans | Between 1 and 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 496,550 | |
Carrying amount of liability at the end of the period | 945,709 | |
Bank loans | More than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 653,730 | |
Carrying amount of liability at the end of the period | 1,275,712 | |
Bank loans | Less than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 47,361 | |
Carrying amount of liability at the end of the period | 276,849 | |
Convertible and other Notes | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 147,619 | |
New loans | 0 | |
Scheduled repayments | 0 | |
Early repayments | $ (205,700) | (205,710) |
Acquisitions through business combinations | 205,710 | |
Other changes | 271 | |
Carrying amount of liability at the end of the period | 147,890 | |
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 | |
Carrying amount of liability at the end of the period | 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 | 147,619 | |
Carrying amount of liability at the end of the period | 147,890 | |
Convertible and other Notes | More than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 147,619 | |
Carrying amount of liability at the end of the period | 147,890 | |
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 | |
Carrying amount of liability at the end of the period | $ 0 |
Interest-bearing loans and bo_4
Interest-bearing loans and borrowings - Terms and conditions of outstanding loans (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings [line items] | ||
Outstanding | $ 1,700,451,000 | $ 848,710,000 |
Secured vessels loan due 2021 | ||
Disclosure of detailed information about borrowings [line items] | ||
Face amount | 192,000,000 | |
Facility size | 95,714,000 | 111,666,000 |
Outstanding | $ 95,714,000 | 111,666,000 |
Secured vessels loan due 2021 | LIBOR | ||
Disclosure of detailed information about borrowings [line items] | ||
Margin rate | 2.25% | |
Secured vessels loan due 2021 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Outstanding | $ 94,457,000 | 110,156,000 |
Secured vessels revolving loan due 2021 | ||
Disclosure of detailed information about borrowings [line items] | ||
Face amount | 148,000,000 | |
Facility size | 147,559,000 | 147,559,000 |
Outstanding | $ 105,000,000 | 0 |
Secured vessels revolving loan due 2021 | LIBOR | ||
Disclosure of detailed information about borrowings [line items] | ||
Margin rate | 2.25% | |
Secured vessels revolving loan due 2021 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Outstanding | $ 105,000,000 | 0 |
Secured vessels revolving loan due 2022 | ||
Disclosure of detailed information about borrowings [line items] | ||
Face amount | 750,000,000 | |
Facility size | 439,166,000 | 485,017,000 |
Outstanding | $ 110,000,000 | 330,000,000 |
Secured vessels revolving loan due 2022 | LIBOR | ||
Disclosure of detailed information about borrowings [line items] | ||
Margin rate | 1.95% | |
Secured vessels revolving loan due 2022 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Outstanding | $ 106,289,000 | 325,519,000 |
Secured vessels revolving loan due 2023 | ||
Disclosure of detailed information about borrowings [line items] | ||
Face amount | 409,500,000 | |
Facility size | 339,420,000 | 362,780,000 |
Outstanding | $ 185,500,000 | 118,000,000 |
Secured vessels revolving loan due 2023 | LIBOR | ||
Disclosure of detailed information about borrowings [line items] | ||
Margin rate | 2.25% | |
Secured vessels revolving loan due 2023 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Outstanding | $ 182,598,000 | 114,634,000 |
Secured vessels loan due 2020 | ||
Disclosure of detailed information about borrowings [line items] | ||
Face amount | 76,000,000 | |
Facility size | 21,438,000 | 23,563,000 |
Outstanding | $ 21,438,000 | 23,563,000 |
Secured vessels loan due 2020 | LIBOR | ||
Disclosure of detailed information about borrowings [line items] | ||
Margin rate | 1.95% | |
Secured vessels loan due 2020 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Outstanding | $ 21,438,000 | 23,563,000 |
Secured vessels loan due 2020 | ||
Disclosure of detailed information about borrowings [line items] | ||
Face amount | 67,500,000 | |
Facility size | 23,188,000 | 25,173,000 |
Outstanding | $ 23,188,000 | 25,173,000 |
Secured vessels loan due 2020 | LIBOR | ||
Disclosure of detailed information about borrowings [line items] | ||
Margin rate | 1.50% | |
Secured vessels loan due 2020 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Outstanding | $ 23,188,000 | 25,173,000 |
Secured vessels loan due 2029 | ||
Disclosure of detailed information about borrowings [line items] | ||
Face amount | 27,100,000 | |
Facility size | 26,685,000 | 26,911,000 |
Outstanding | $ 26,685,000 | 26,911,000 |
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 | $ 24,795,000 | 24,876,000 |
Secured vessels loan due 2029 | ||
Disclosure of detailed information about borrowings [line items] | ||
Face amount | 81,400,000 | |
Facility size | 74,628,000 | 78,020,000 |
Outstanding | $ 74,628,000 | 78,020,000 |
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 | $ 73,839,000 | 77,171,000 |
Secured vessels loan due 2030 | ||
Disclosure of detailed information about borrowings [line items] | ||
Face amount | 69,400,000 | |
Facility size | 34,710,000 | |
Outstanding | $ 34,710,000 | |
Secured vessels loan due 2030 | LIBOR | ||
Disclosure of detailed information about borrowings [line items] | ||
Margin rate | 2.00% | |
Secured vessels loan due 2030 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Outstanding | $ 34,710,000 | |
Secured vessels loan due 2030 | ||
Disclosure of detailed information about borrowings [line items] | ||
Face amount | 104,200,000 | |
Facility size | 52,065,000 | |
Outstanding | $ 52,065,000 | |
Secured vessels loan due 2030 | LIBOR | ||
Disclosure of detailed information about borrowings [line items] | ||
Margin rate | 2.00% | |
Secured vessels loan due 2030 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Outstanding | $ 50,479,000 | |
Secured vessels loan due 2020 | ||
Disclosure of detailed information about borrowings [line items] | ||
Face amount | 162,200,000 | |
Facility size | 162,219,000 | |
Outstanding | $ 162,219,000 | |
Secured vessels loan due 2020 | LIBOR | ||
Disclosure of detailed information about borrowings [line items] | ||
Margin rate | 3.75% | |
Secured vessels loan due 2020 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Outstanding | $ 162,219,000 | |
Secured vessels loan due 2028 | ||
Disclosure of detailed information about borrowings [line items] | ||
Face amount | 633,500,000 | |
Facility size | 633,549,000 | |
Outstanding | $ 633,549,000 | |
Secured vessels loan due 2028 | LIBOR | ||
Disclosure of detailed information about borrowings [line items] | ||
Margin rate | 2.75% | |
Secured vessels loan due 2028 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Outstanding | $ 633,549,000 | |
Unsecured bank facility due 2020 | ||
Disclosure of detailed information about borrowings [line items] | ||
Face amount | 60,000,000 | |
Facility size | 60,000,000 | 60,000,000 |
Outstanding | $ 40,000,000 | 0 |
Unsecured bank facility due 2020 | LIBOR | ||
Disclosure of detailed information about borrowings [line items] | ||
Margin rate | 2.25% | |
Unsecured bank facility due 2020 | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Outstanding | $ 40,000,000 | 0 |
Total interest-bearing bank loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Facility size | 2,110,340,000 | 1,320,688,000 |
Outstanding | 1,564,695,000 | 713,332,000 |
Total interest-bearing bank loans | Carrying value | ||
Disclosure of detailed information about borrowings [line items] | ||
Outstanding | $ 1,552,561,000 | $ 701,091,000 |
Interest-bearing loans and bo_5
Interest-bearing loans and borrowings - Narrative (Details) € in Millions | Mar. 22, 2018USD ($)vesselinstallment | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Mar. 29, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 06, 2017EUR (€) | May 31, 2017USD ($) |
Disclosure of detailed information about borrowings [line items] | |||||||
Periodic payment | $ 23,681,000 | ||||||
Senior Secured Loans | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face amount | $ 220,000,000 | $ 220,000,000 | |||||
Borrowing costs capitalised | $ 1,600,000 | ||||||
Repayment notification term | 13 months | ||||||
Senior Secured Credit Facility - ECA Tranche | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face amount | $ 104,200,000 | ||||||
Number of installment payments | installment | 24 | ||||||
Periodic payment | $ 1,100,000 | ||||||
Senior Secured Credit Facility - ECA Tranche | LIBOR | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Margin rate | 2.00% | ||||||
Senior Secured Credit Facility - Commercial Tranche | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face amount | $ 69,400,000 | ||||||
Number of installment payments | installment | 24 | ||||||
Periodic payment | $ 600,000 | ||||||
Balloon installment to be paid | $ 3,500,000 | ||||||
Senior Secured Credit Facility - Commercial Tranche | LIBOR | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Margin rate | 2.00% | ||||||
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 | $ 150,000,000 | ||||
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] | |||||||
Borrowings, interest rate | 7.50% | 7.50% | |||||
Treasury Notes | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Current borrowings | € | € 50 | ||||||
Treasury Notes | Euro Interbank Offered Rate | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Margin rate | 0.60% | ||||||
Hedging instruments | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Financial assets | $ 10,478,000 | 467,000 | |||||
Hedging instruments | Forward exchange contracts | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Financial assets | $ (562,000) | $ 467,000 | |||||
Ice Class Suezmax Vessels | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Facility size | $ 173,600,000 | ||||||
Ice Class Suezmax Vessels | Vessels | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Number of additional vessels available through purchase option | vessel | 4 | ||||||
Ice Class Suezmax Vessels | Senior Secured Loans | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Facility size | $ 173,600,000 | ||||||
Maximum | Ice Class Suezmax Vessels | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Maximum portion of contract to be financed | 70.00% |
Interest-bearing loans and bo_6
Interest-bearing loans and borrowings - Other notes (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | May 31, 2017 |
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 | $ 150,000,000 |
Other notes | $ 150,000,000 | 150,000,000 | |
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 | $ 147,890,000 | 147,619,000 | |
Other borrowings | |||
Disclosure of detailed information about borrowings [line items] | |||
Face amount | 150,000,000 | 150,000,000 | |
Other notes | 150,000,000 | 150,000,000 | |
Other borrowings | Carrying value | |||
Disclosure of detailed information about borrowings [line items] | |||
Other notes | $ 147,890,000 | $ 147,619,000 |
Trade and other payables - Sche
Trade and other payables - Schedule of trade and other payables (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Advances received on contracts in progress, between 1 and 5 years | $ 413 | $ 539 | |
Total non-current other payables | 413 | 539 | [1] |
Trade payables | 23,610 | 19,274 | |
Accrued payroll | 3,557 | 3,596 | |
Dividends payable | 148 | 160 | |
Accrued expenses | 37,065 | 22,518 | |
Accrued interest | 9,686 | 1,762 | |
Deferred income | 4,911 | 10,020 | |
Other payables | 8,090 | 4,025 | |
Total current trade and other payables | $ 87,067 | $ 61,355 | [1] |
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Financial instruments - Carryin
Financial instruments - Carrying amounts and fair values (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | $ 45,134 | $ 128,427 |
Secured bank loans | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 1,575,793 | 706,056 |
Secured bank loans | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Secured bank loans | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 1,575,793 | 706,056 |
Secured bank loans | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Unsecured bank loans | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Unsecured bank loans | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Unsecured bank loans | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Unsecured bank loans | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Unsecured notes | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 151,110 | 149,630 |
Unsecured notes | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 151,110 | 149,630 |
Unsecured notes | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Unsecured notes | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Unsecured other borrowings | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Unsecured other borrowings | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Unsecured other borrowings | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Unsecured other borrowings | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Trade and other payables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Trade and other payables | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Trade and other payables | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Trade and other payables | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Advances received on contracts | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Advances received on contracts | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Advances received on contracts | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Advances received on contracts | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Forward exchange contracts | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | (562) | 467 |
Forward exchange contracts | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Forward exchange contracts | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | (562) | 467 |
Forward exchange contracts | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Interest rate swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 11,040 | |
Interest rate swaps | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | |
Interest rate swaps | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 11,040 | |
Interest rate swaps | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | |
Non-current receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 45,134 | 128,427 |
Non-current receivables | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Non-current receivables | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Non-current receivables | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 45,134 | 128,427 |
Trade and other receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Trade and other receivables | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Trade and other receivables | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Trade and other receivables | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Cash and cash equivalents | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Cash and cash equivalents | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Cash and cash equivalents | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Cash and cash equivalents | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair value | 0 | 0 |
Other Financial Liabilities | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Carrying amount | 1,841,310 | 950,594 |
Other Financial Liabilities | Secured bank loans | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Carrying amount | 1,552,561 | 701,091 |
Other Financial Liabilities | Unsecured bank loans | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Carrying amount | 0 | 0 |
Other Financial Liabilities | Unsecured notes | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Carrying amount | 147,890 | 147,619 |
Other Financial Liabilities | Unsecured other borrowings | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Carrying amount | 58,290 | 50,010 |
Other Financial Liabilities | Trade and other payables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Carrying amount | 82,156 | 51,335 |
Other Financial Liabilities | Advances received on contracts | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Carrying amount | 413 | 539 |
Hedging instruments | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Carrying amount | 10,478 | 467 |
Hedging instruments | Forward exchange contracts | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Carrying amount | (562) | 467 |
Hedging instruments | Interest rate swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Carrying amount | 11,040 | |
Loans and receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Carrying amount | 448,473 | 416,000 |
Loans and receivables | Non-current receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Carrying amount | 54,022 | 160,352 |
Loans and receivables | Trade and other receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Carrying amount | 188,172 | 112,000 |
Loans and receivables | Cash and cash equivalents | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Carrying amount | $ 206,279 | $ 143,648 |
Financial instruments - Reconci
Financial instruments - Reconciliation of level three (Details) - Level 3 $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Reconciliation Of Level Three Opening And Closing Balance [Abstract] | |
Beginning balance | $ 128,427 |
Settlement shareholders loans | (115,671) |
Net change in fair value (unrealized) | 23,038 |
Ending balance | 45,134 |
Non-current receivables | |
Reconciliation Of Level Three Opening And Closing Balance [Abstract] | |
Change in fair value | 1,445 |
LT Portion of FMV derivatives | |
Reconciliation Of Level Three Opening And Closing Balance [Abstract] | |
Change in fair value | $ 7,895 |
Financial instruments - Schedul
Financial instruments - Schedule and maturity of non-derivative liabilities (Details) - Liquidity risk - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | $ 2,273,263 | $ 1,110,853 |
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 | 2,132,817 | 1,009,508 |
Other borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 58,290 | 50,010 |
Trade and other payables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 82,156 | 51,335 |
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 Contract Liability | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Carrying Amount | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 1,840,897 | 950,055 |
Derivative financial liabilities | 0 | 0 |
Carrying Amount | Bank loans | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 1,700,451 | 848,710 |
Carrying Amount | Other borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 58,290 | 50,010 |
Carrying Amount | Trade and other payables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 82,156 | 51,335 |
Carrying Amount | Non-current Other Payables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Carrying Amount | Interest rate swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities | 0 | 0 |
Carrying Amount | Forward Contract Liability | ||
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 | 400,787 | 184,384 |
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 | 260,341 | 83,039 |
Less than 1 year | Other borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 58,290 | 50,010 |
Less than 1 year | Trade and other payables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 82,156 | 51,335 |
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 Contract Liability | ||
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 | 1,491,831 | 750,722 |
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 | 1,491,831 | 750,722 |
Between 1 and 5 years | Other borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Between 1 and 5 years | 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 Contract Liability | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities, undiscounted cash flows | 0 | 0 |
More than five years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 380,645 | 175,747 |
Derivative financial liabilities, undiscounted cash flows | 0 | 0 |
More than five years | Bank loans | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 380,645 | 175,747 |
More than five years | Other borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
More than five years | Trade and other payables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
More than five 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 five years | Interest rate swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities, undiscounted cash flows | 0 | 0 |
More than five years | Forward Contract Liability | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities, undiscounted cash flows | $ 0 | $ 0 |
Deferred tax assets and liabi_2
Deferred tax assets and liabilities - Components of deferred tax assets and liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 88.2 | $ 89 |
Unused tax losses & tax credits | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 354.1 | $ 363.9 |
Non-current receivables - Sched
Non-current receivables - Schedule of non-current receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Shareholders loans to joint ventures | $ 44,062 | $ 159,733 | |
LT portion of FMV derivatives | 7,896 | 0 | |
Other non-current receivables | 2,063 | 618 | |
Investment | 1 | 1 | |
Total non-current receivables | $ 54,022 | $ 160,352 | [1] |
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Trade and other receivables - S
Trade and other receivables - Schedule of trade and other current receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Trade receivables | $ 41,660 | $ 32,758 | |
Accrued income | 14,168 | 12,465 | |
Accrued interest | 50 | 52 | |
Deferred charges | 51,647 | 24,797 | |
Other receivables | 132,294 | 66,725 | |
Total trade and other receivables | $ 239,819 | $ 136,797 | [1] |
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Trade and other receivables - N
Trade and other receivables - Narrative (Details) $ in Thousands | Jun. 15, 2018ship | Jun. 14, 2018USD ($) | Jun. 30, 2018USD ($)ship | Jun. 30, 2017USD ($) |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Number of bareboat-in vessels | ship | 4 | |||
Number of VLCC sold | ship | 6 | |||
Proceeds from sale of vessel | $ 20,818 | |||
VLCCs | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Increase in other receivable from sale of vessel | $ 21,000 | |||
Proceeds from sale of vessel | $ 120,000 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) $ in Thousands | Jun. 15, 2018shipcredit_facilityT | Jun. 14, 2018USD ($) | Jun. 12, 2018USD ($)shares | Jun. 11, 2018USD ($)shipTshares | Jun. 30, 2018USD ($)ship | Jun. 30, 2018USD ($)ship | Jun. 30, 2017USD ($) | |
Disclosure of detailed information about business combination [line items] | ||||||||
Number of VLCC sold | ship | 6 | |||||||
Identifiable assets acquired (liabilities assumed) | $ 589,703 | $ 589,703 | ||||||
Proceeds from sale of vessel | $ 20,818 | |||||||
Target leverage percentage | 50.00% | |||||||
Early repayments | 598,210 | |||||||
Bargain purchase | 36,280 | $ 0 | [1],[2] | |||||
Gener8 Maritime, Inc. | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Portion of outstanding shares cast vote | 81.00% | |||||||
Portion of outstanding shares vote to approve measure | 98.00% | |||||||
Number of credit facilities | credit_facility | 3 | |||||||
Gener8 Maritime, Inc. | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Ratio | 0.7272 | |||||||
Issued Euronav shares (in shares) | shares | 60,815,764 | 60,900,000 | ||||||
Premium on stock exchange ratio | 35.00% | |||||||
Proportion of ownership interest in subsidiary | 72.00% | |||||||
Proportion of ownership interests held by non-controlling interests | 28.00% | |||||||
Identifiable assets acquired (liabilities assumed) | $ 448,724 | |||||||
Revenue of acquiree since acquisition date | 6,990 | |||||||
Profit of acquiree since acquisition date | $ (3,400) | |||||||
Profit of combined entity as if combination occurred at beginning of period | (100,840) | |||||||
Legal fees | 5,000 | |||||||
Number of credit facilities assumed in business combination | credit_facility | 2 | |||||||
Revenue of combined entity as if combination occurred at beginning of period | 268,250 | |||||||
Tankers | Gener8 Maritime, Inc. | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Number of vessels assumed | ship | 29 | |||||||
Vessel, mass | T | 7,400,000 | |||||||
VLCCs | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Proceeds from sale of vessel | $ 120,000 | |||||||
Increase in other receivable from sale of vessel | $ 21,000 | |||||||
VLCCs | Gener8 Maritime, Inc. | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Number of vessels assumed | ship | 21 | |||||||
Suezmax Vessels | Gener8 Maritime, Inc. | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Number of vessels assumed | ship | 6 | |||||||
Panamax Vessels | Gener8 Maritime, Inc. | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Number of vessels assumed | ship | 2 | |||||||
Eco VLCC | Gener8 Maritime, Inc. | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Number of vessels assumed | ship | 19 | |||||||
Very Large Crude Carrier And Suezmax | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Number of ships | ship | 74 | 74 | ||||||
Floating Storage And Offloading | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Number of ships | ship | 2 | 2 | ||||||
Gener8 Miltiades | Vessels | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Vessel, mass | T | 301,038 | |||||||
Gener8 Chiotis | Vessels | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Vessel, mass | T | 300,973 | |||||||
Gener8 Success | Vessels | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Vessel, mass | T | 300,932 | |||||||
Gener8 Andriotis | Vessels | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Vessel, mass | T | 301,014 | |||||||
Gener8 Strength | Vessels | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Vessel, mass | T | 300,960 | |||||||
Gener8 Supreme | Vessels | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Vessel, mass | T | 300,933 | |||||||
Convertible and other Notes | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Early repayments | $ 205,700 | $ 205,710 | ||||||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. | |||||||
[2] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Business Combinations - Conside
Business Combinations - Consideration transferred (Details) | Jun. 12, 2018$ / sharesshares | Jun. 11, 2018USD ($)shares$ / shares | Jun. 30, 2018USD ($)shares | Dec. 31, 2017shares |
Disclosure of detailed information about business combination [line items] | ||||
Gener8 shares outstanding (in shares) | 218,982,298 | 158,166,534 | ||
Consideration transferred | $ | $ 553,423,000 | |||
Gener8 Maritime, Inc. | ||||
Disclosure of detailed information about business combination [line items] | ||||
Ratio | 0.7272 | |||
Issued Euronav shares (in shares) | 60,815,764 | 60,900,000 | ||
Closing price Euronav on June 11, 2018 (in dollars per share) | $ / shares | $ 9.10 | $ 9.1 | ||
Consideration transferred | $ | $ 553,423,452 | |||
Gener8 Maritime, Inc. | ||||
Disclosure of detailed information about business combination [line items] | ||||
Gener8 shares outstanding (in shares) | 83,267,426 | |||
RSU (in shares) | 362,613 | |||
Total Gener8 shares (in shares) | 83,630,039 |
Business Combinations - Identif
Business Combinations - Identifiable assets acquired and liabilities assumed (Details) - USD ($) | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | [1],[2] | Jun. 15, 2018 | Jun. 11, 2018 | |
Disclosure of detailed information about business combination [line items] | |||||
Vessels (Note 12) | $ 1,710,250,000 | ||||
Other tangible assets | 345,000 | ||||
Intangible assets | 152,000 | ||||
Receivables | 16,769,000 | ||||
Current assets | 81,357,000 | ||||
Cash and cash equivalents | 126,288,000 | ||||
Loans and borrowings (Note 15) | (1,312,446,000) | ||||
Current liabilities | (33,012,000) | ||||
Total identifiable net assets acquired | 589,703,000 | ||||
Consideration transferred | 553,423,000 | ||||
Bargain purchase | $ 36,280,000 | $ 0 | |||
Gener8 Maritime, Inc. | |||||
Disclosure of detailed information about business combination [line items] | |||||
Vessels (Note 12) | $ 1,276,250,000 | ||||
Other tangible assets | 345,000 | ||||
Intangible assets | 152,000 | ||||
Receivables | 9,599,000 | ||||
Current assets | 66,728,000 | ||||
Cash and cash equivalents | 126,288,000 | ||||
Loans and borrowings (Note 15) | (1,001,478,000) | ||||
Current liabilities | (29,160,000) | ||||
Total identifiable net assets acquired | 448,724,000 | ||||
Consideration transferred | 553,423,452 | ||||
International Seaways | |||||
Disclosure of detailed information about business combination [line items] | |||||
Vessels (Note 12) | $ 434,000,000 | ||||
Other tangible assets | 0 | ||||
Intangible assets | 0 | ||||
Receivables | 7,170,000 | ||||
Current assets | 14,629,000 | ||||
Cash and cash equivalents | 0 | ||||
Loans and borrowings (Note 15) | (310,968,000) | ||||
Current liabilities | $ (3,852,000) | ||||
Total identifiable net assets acquired | $ 140,979,000 | ||||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. | ||||
[2] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Equity-accounted investees - In
Equity-accounted investees - Interests in total assets and liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Associates and Joint Ventures [Line Items] | ||||
TOTAL ASSETS | $ 35,824 | $ 30,595 | [1] | |
Joint ventures | ||||
Disclosure of Associates and Joint Ventures [Line Items] | ||||
TOTAL ASSETS | 35,824 | 30,595 | ||
Associates | ||||
Disclosure of Associates and Joint Ventures [Line Items] | ||||
TOTAL ASSETS | 0 | 0 | $ 1,546 | |
Associates | Joint ventures | ||||
Disclosure of Associates and Joint Ventures [Line Items] | ||||
TOTAL ASSETS | $ 35,824 | $ 30,595 | ||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Equity-accounted investees - Re
Equity-accounted investees - Reconciliation of changes in interests in associates (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2017 | |||
Reconciliation of Changes in Interests in Associates [Roll Forward] | ||||
Carrying amount of interest at the beginning of the period | [1] | $ 30,595 | ||
Carrying amount of interest at the end of the period | 35,824 | $ 30,595 | [1] | |
Associates | ||||
Reconciliation of Changes in Interests in Associates [Roll Forward] | ||||
Carrying amount of interest at the beginning of the period | 0 | 1,546 | ||
Group's share of profit (loss) for the period | 0 | 149 | ||
Dividend in kind (shares TUKA) distributed by associate | 0 | (1,559) | ||
Reclassification of associate to joint venture | 0 | (136) | ||
Carrying amount of interest at the end of the period | $ 0 | $ 0 | ||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Equity-accounted investees - _2
Equity-accounted investees - Reconciliation of changes in interests in joint ventures (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Disclosure of joint ventures [line items] | |||||
Carrying amount of interest at the beginning of the period | [1] | $ 30,595 | |||
Carrying amount of interest at the end of the period | 35,824 | $ 30,595 | [1] | ||
Joint ventures | |||||
Disclosure of joint ventures [line items] | |||||
Carrying amount of interest at the beginning of the period | 30,595 | ||||
Carrying amount of interest at the end of the period | 35,824 | 30,595 | |||
Investments in equity accounted investees | Joint ventures | |||||
Disclosure of joint ventures [line items] | |||||
Gross balance | 35,824 | 27,565 | $ (3,298) | ||
Offset investment with shareholders loan | 0 | 3,030 | 20,165 | ||
Carrying amount of interest at the beginning of the period | 30,595 | 16,867 | |||
Group's share of profit (loss) for the period | 8,419 | 29,933 | |||
Group's share of other comprehensive income | (160) | 483 | |||
Dividends received from joint ventures | (1,250) | ||||
Movement shareholders loans to joint ventures | 0 | 0 | |||
Carrying amount of interest at the end of the period | 35,824 | 30,595 | |||
Shareholders loans | Joint ventures | |||||
Disclosure of joint ventures [line items] | |||||
Gross balance | 44,062 | 162,763 | 203,512 | ||
Offset investment with shareholders loan | 0 | (3,030) | (20,165) | ||
Carrying amount of interest at the beginning of the period | 159,733 | 183,348 | |||
Group's share of profit (loss) for the period | 0 | 0 | |||
Group's share of other comprehensive income | 0 | 0 | |||
Dividends received from joint ventures | 0 | ||||
Movement shareholders loans to joint ventures | (118,701) | (40,750) | |||
Carrying amount of interest at the end of the period | 44,062 | 159,733 | |||
Investments in equity accounted investees | Joint ventures | |||||
Disclosure of joint ventures [line items] | |||||
Gross balance | 0 | 0 | 0 | ||
Offset investment with shareholders loan | 0 | 0 | 0 | ||
Carrying amount of interest at the beginning of the period | 0 | 0 | |||
Group's share of profit (loss) for the period | 0 | 0 | |||
Group's share of other comprehensive income | 0 | 0 | |||
Dividends received from joint ventures | 0 | ||||
Movement shareholders loans to joint ventures | 0 | 0 | |||
Carrying amount of interest at the end of the period | 0 | 0 | |||
Shareholders loans | Joint ventures | |||||
Disclosure of joint ventures [line items] | |||||
Gross balance | 0 | 0 | 0 | ||
Offset investment with shareholders loan | 0 | 0 | $ 0 | ||
Carrying amount of interest at the beginning of the period | 0 | 0 | |||
Group's share of profit (loss) for the period | 0 | 0 | |||
Group's share of other comprehensive income | 0 | 0 | |||
Dividends received from joint ventures | 0 | ||||
Movement shareholders loans to joint ventures | 0 | 0 | |||
Carrying amount of interest at the end of the period | 0 | 0 | |||
Associates | |||||
Disclosure of joint ventures [line items] | |||||
Carrying amount of interest at the beginning of the period | 0 | 1,546 | |||
Group's share of profit (loss) for the period | 0 | 149 | |||
Dividend in kind (shares TUKA) distributed by associate | 0 | 1,559 | |||
Reclassification of associate to joint venture | 0 | 136 | |||
Carrying amount of interest at the end of the period | 0 | 0 | |||
Associates | Joint ventures | |||||
Disclosure of joint ventures [line items] | |||||
Carrying amount of interest at the beginning of the period | 30,595 | ||||
Carrying amount of interest at the end of the period | $ 35,824 | 30,595 | |||
Associates | Investments in equity accounted investees | |||||
Disclosure of joint ventures [line items] | |||||
Dividend in kind (shares TUKA) distributed by associate | 1,559 | ||||
Reclassification of associate to joint venture | 136 | ||||
Associates | Shareholders loans | |||||
Disclosure of joint ventures [line items] | |||||
Dividend in kind (shares TUKA) distributed by associate | 0 | ||||
Reclassification of associate to joint venture | 0 | ||||
Associates | Investments in equity accounted investees | |||||
Disclosure of joint ventures [line items] | |||||
Dividend in kind (shares TUKA) distributed by associate | 0 | ||||
Reclassification of associate to joint venture | 0 | ||||
Associates | Shareholders loans | |||||
Disclosure of joint ventures [line items] | |||||
Dividend in kind (shares TUKA) distributed by associate | 0 | ||||
Reclassification of associate to joint venture | $ 0 | ||||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Equity-accounted investees - Na
Equity-accounted investees - Narrative (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2018 | Mar. 31, 2018 | Mar. 29, 2018 | |
Senior Secured Loans | |||
Disclosure of joint ventures [line items] | |||
Notional amount | $ 220,000,000 | $ 220,000,000 | |
Interest rate swaps | Joint ventures | |||
Disclosure of joint ventures [line items] | |||
Derivative notional amount | $ 208,800,000 | ||
Percent ownership in derivative | 50.00% | ||
Derivative instrument remaining term | 4 years |
Restricted Cash - Schedule of r
Restricted Cash - Schedule of restricted cash (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Restricted Cash1 [Abstract] | ||||
Restricted cash and cash equivalents | $ 96,689 | $ 115 | $ 115 | [1] |
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |
Restricted Cash - Narrative (De
Restricted Cash - Narrative (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Credit Facility | |
Disclosure of detailed information about borrowings [line items] | |
Facility size | $ 581,000 |
Secured vessels loan due 2028 | |
Disclosure of detailed information about borrowings [line items] | |
Facility size | $ 633,549 |
Subsequent events - Narrative (
Subsequent events - Narrative (Details) | Sep. 25, 2018USD ($) | Sep. 17, 2018USD ($) | Sep. 07, 2018USD ($)installment | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | [1] | Mar. 31, 2018USD ($) | Mar. 29, 2018USD ($) |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Repayment of borrowings | $ 621,890,000 | $ 495,012,000 | ||||||
Senior Secured Loans | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Notional amount | $ 220,000,000 | $ 220,000,000 | ||||||
Senior Secured Loans | Entering into significant commitments or contingent liabilities | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Notional amount | $ 200,000,000 | |||||||
Number of semi annual installment payments | installment | 12 | |||||||
Expected future debt payment | $ 55,100,000 | |||||||
Secured vessels loan due 2020 | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Notional amount | 67,500,000 | |||||||
Secured vessels loan due 2020 | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Notional amount | 76,000,000 | |||||||
Secured vessels loan due 2020 | Entering into significant commitments or contingent liabilities | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Repayment of borrowings | $ 76,000,000 | |||||||
Senior Secured Loan Facility | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Notional amount | $ 581,000,000 | |||||||
Senior Secured Loan Facility | Entering into significant commitments or contingent liabilities | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Repayment of borrowings | $ 581,000,000 | |||||||
LIBOR | Senior Secured Loans | Entering into significant commitments or contingent liabilities | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Margin rate | 2.00% | |||||||
LIBOR | Secured vessels loan due 2020 | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Margin rate | 1.50% | |||||||
LIBOR | Secured vessels loan due 2020 | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Margin rate | 1.95% | |||||||
[1] | The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. |