Euronav (CMBT) 20-F 30 Apr 19 2018 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2018shares
Document and Entity Information [Abstract]
Entity Registrant Name	EURONAV NV
Entity Central Index Key (CIK)	0001604481
Document Type	20-F
Document Period End Date	Dec. 31, 2018
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Amendment flag	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Entity Common Stock, Shares Outstanding (in shares)	220,024,713

Consolidated Statement of Finan

Consolidated Statement of Financial Position - USD ($)	Dec. 31, 2018	Dec. 31, 2017	[1]
Non-current assets
Vessels (Note 8)	$ 3,520,067,000	$ 2,271,500,000
Assets under construction (Note 8)	0	63,668,000
Other tangible assets (Note 8)	1,943,000	1,663,000
Intangible assets	105,000	72,000
Receivables (Note 10)	38,658,000	160,352,000
Investments in equity accounted investees (Note 25)	43,182,000	30,595,000
Deferred tax assets (Note 9)	2,255,000	2,487,000
Total non-current assets	3,606,210,000	2,530,337,000
Current assets
Trade and other receivables (Note 11)	305,726,000	136,797,000
Current tax assets	282,000	191,000
Cash and cash equivalents (Note 12)	173,133,000	143,648,000	[2]
Non-current assets held for sale (Note 3)	42,000,000	0
Total current assets	521,141,000	280,636,000
TOTAL ASSETS	4,127,351,000	2,810,973,000
Equity
Share capital (Note 13)	239,148,000	173,046,000
Share premium (Note 13)	1,702,549,000	1,215,227,000
Translation reserve	411,000	568,000
Hedging reserve (Note 13)	(2,698,000)	0
Treasury shares (Note 13)	(14,651,000)	(16,102,000)
Retained earnings	335,764,000	473,622,000
Equity attributable to owners of the Company	2,260,523,000	1,846,361,000
Non-current liabilities
Bank loans (Note 15)	1,421,465,000	653,730,000
Other notes (Note 15)	148,166,000	147,619,000
Other payables (Note 17)	1,451,000	539,000
Employee benefits (Note 16)	4,336,000	3,984,000
Provisions (Note 20)	4,288,000	0
Total non-current liabilities	1,579,706,000	805,872,000
Current liabilities
Trade and other payables (Note 17)	87,225,000	61,355,000
Current tax liabilities	41,000	11,000
Bank loans (Note 15)	138,537,000	47,361,000
Other borrowings (Note 15)	60,342,000	50,010,000
Provisions (Note 20)	977,000	3,000
Total current liabilities	287,122,000	158,740,000
TOTAL EQUITY and LIABILITIES	$ 4,127,351,000	$ 2,810,973,000
[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.

Consolidated Statement of Profi

Consolidated Statement of Profit or Loss - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2018	Dec. 31, 2017	[1]	Dec. 31, 2016	[1]
Shipping income
Revenue (Note 4)				$ 600,024,000	$ 513,368,000		$ 684,265,000
Gains on disposal of vessels/other tangible assets (Note 8)				19,138,000	36,538,000		50,397,000
Other operating income (Note 4)				4,775,000	4,902,000		6,996,000
Total shipping income				623,937,000	554,808,000		741,658,000
Operating expenses
Voyage expenses and commissions (Note 5)				(141,416,000)	(62,035,000)		(59,560,000)
Vessel operating expenses (Note 5)				(185,792,000)	(150,427,000)		(160,199,000)
Charter hire expenses				(31,114,000)	(31,173,000)		(17,713,000)
Losses on disposal of vessels/other tangible assets				(273,000)	(21,027,000)		(2,000)
Impairment on non-current assets held for sale (Note 3)				(2,995,000)	0		0
Loss on disposal of investments in equity accounted investees (Note 24)				0	0		(24,150,000)
Depreciation tangible assets (Note 8)				(270,582,000)	(229,777,000)		(227,664,000)
Depreciation intangible assets				(111,000)	(95,000)		(99,000)
General and administrative expenses (Note 5)				(66,232,000)	(46,868,000)		(44,051,000)
Total operating expenses				(698,515,000)	(541,402,000)		(533,438,000)
RESULT FROM OPERATING ACTIVITIES				(74,578,000)	13,406,000		208,220,000
Finance income				15,023,000	7,266,000		6,855,000
Finance expenses (Note 6)				(89,412,000)	(50,729,000)		(51,695,000)
Net finance expenses				(74,389,000)	(43,463,000)		(44,840,000)
Gain on bargain purchase (Note 24)				23,059,000	0	[2]	0	[2]
Share of profit (loss) of equity accounted investees (net of income tax) (Note 25)				16,076,000	30,082,000		40,495,000
PROFIT (LOSS) BEFORE INCOME TAX				(109,832,000)	25,000		203,875,000
Income tax benefit (expense) (Note 7)				(238,000)	1,358,000		174,000
PROFIT (LOSS) FOR THE PERIOD				(110,070,000)	1,383,000	[2],[3]	204,049,000	[2],[3]
Attributable to:
Owners of the company				$ (110,069,928)	$ 1,382,530		$ 204,049,212
Basic earnings per share (Note 14) (in dollars per share)				$ (0.57)	$ 0.01		$ 1.29
Diluted earnings per share (Note 14) (in dollars per share)				$ (0.57)	$ 0.01		$ 1.29
Weighted average number of shares (basic) (in shares)	158,166,534	158,166,534	158,742,282	191,994,398	158,166,534		158,262,268
Weighted average number of shares (diluted) (Note 14) (in shares)				191,994,398	158,297,057		158,429,057
[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.

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	[2]	Dec. 31, 2016	[2]
Statement of comprehensive income [abstract]
Profit/(loss) for the period	$ (110,070)	$ 1,383	[1],[3]	$ 204,049	[1],[3]
Items that will never be reclassified to profit or loss:
Remeasurements of the defined benefit liability (asset) (Note 16)	120	64		(646)
Items that are or may be reclassified to profit or loss:
Foreign currency translation differences (Note 6)	(157)	448		170
Cash flow hedges - effective portion of changes in fair value (Note 13)	(2,698)	0		0
Equity-accounted investees - share of other comprehensive income (Note 25)	(459)	483		1,224
Other comprehensive income/(expense), net of tax	(3,194)	995		748
Total comprehensive income/(expense) for the period	(113,264)	2,378		204,797
Attributable to:
Owners of the company	$ (113,264)	$ 2,378		$ 204,797
[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.

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Thousands	Total		Share capital	Share premium	Translation reserve	Hedging reserve	Treasury shares	Retained earnings
Beginning balance at Dec. 31, 2015	$ 1,905,749		$ 173,046	$ 1,215,227	$ (50)	$ 0	$ (12,283)	$ 529,809
Profit (loss) for the period	204,049	[1],[2],[3]						204,049
Total other comprehensive income	748	[2]			170	0		578
Total comprehensive income/(expense) for the period	204,797	[2]			170			204,627
Transactions with owners of the company
Dividends to equity holders	(216,838)							(216,838)
Treasury shares acquired (Note 13)	(6,889)						(6,889)
Treasury shares sold (Note 13)	731						3,070	(2,339)
Equity-settled share-based payment (Note 22)	406							406
Total transactions with owners	(222,590)						(3,819)	(218,771)
Ending balance at Dec. 31, 2016	1,887,956		173,046	1,215,227	120	0	(16,102)	515,665
Profit (loss) for the period	1,383	[1],[2],[3]						1,383
Total other comprehensive income	995	[2]			448	0		547
Total comprehensive income/(expense) for the period	2,378	[2]			448			1,930
Transactions with owners of the company
Dividends to equity holders	(44,286)							(44,286)
Equity-settled share-based payment (Note 22)	313							313
Total transactions with owners	(43,973)							(43,973)
Ending balance (Previously stated) at Dec. 31, 2017	1,846,361		173,046	1,215,227	568	0	(16,102)	473,622
Ending balance at Dec. 31, 2017	1,846,361	[4]	173,046	1,215,227	568	0	(16,102)	473,622
Profit (loss) for the period | Adjustment on initial application of IFRS 15 (net of tax) (Note 1)	(10,024)
Profit (loss) for the period	(110,070)							(110,070)
Total other comprehensive income	(3,194)				(157)	(2,698)		(339)
Total comprehensive income/(expense) for the period | Adjustment on initial application of IFRS 15 (net of tax) (Note 1)	(10,024)
Total comprehensive income/(expense) for the period	(113,264)				(157)	(2,698)		(110,409)
Transactions with owners of the company
Issue of ordinary shares related to business combinations (Note 13)	553,424		66,102	487,322
Dividends to equity holders	(22,629)							(22,629)
Treasury shares acquired (Note 13)	(3,955)						(3,955)
Treasury shares sold (Note 13)	2,294						5,406	(3,112)
Equity-settled share-based payment (Note 22)	37							37
Total transactions with owners	529,171		66,102	487,322			1,451	(25,704)
Ending balance (Adjustment on initial application of IFRS 15 (net of tax) (Note 1)) at Dec. 31, 2018	(11,753)
Ending balance at Dec. 31, 2018	$ 2,260,523		$ 239,148	$ 1,702,549	$ 411	$ (2,698)	$ (14,651)	$ 335,764
[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.

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Cash flows from (used in) operating activities [abstract]
Profit/(loss) for the period		$ (110,070)		$ 1,383	[1],[2],[3]	$ 204,049	[1],[2],[3]
Adjustments for:		289,311		225,527	[3]	205,457	[3]
Depreciation of tangible assets (Note 8)		270,582		229,777	[3]	227,664	[3]
Depreciation of intangible assets		111		95	[3]	99	[3]
Impairment on non-current assets held for sale (Note 3)		2,995		0	[3]	0	[3]
Loss (gain) on disposal of investments in equity accounted investees (Note 24)		0		0	[3]	24,150	[3]
Provisions		(42)		(160)	[3]	(603)	[3]
Income tax (benefits)/expenses (Note 7)		239		(1,358)	[3]	(174)	[3]
Share of profit of equity-accounted investees, net of tax (Note 25)		(16,076)		(30,082)	[3]	(40,495)	[3]
Net finance expenses (Note 6)		74,389		43,463	[3]	44,839	[3]
(Gain)/loss on disposal of assets (Note 8)		(18,865)		(15,511)	[3]	(50,395)	[3]
Equity-settled share-based payment transactions (Note 5)		37		313	[3]	406	[3]
Amortization of deferred capital gain		(1,000)		(1,010)	[3]	(34)	[3]
Gain on bargain purchase (Note 24)		(23,059)		0	[1],[3]	0	[1],[3]
Changes in working capital requirements		(114,533)		22,083	[3]	38,487	[3]
Change in cash guarantees		33		(52)	[3]	107	[3]
Change in trade receivables (Note 11)		(23,589)		5,938	[3]	(755)	[3]
Change in accrued income (Note 11)		(6,393)		(1,499)	[3]	21,049	[3]
Change in deferred charges (Note 11)		(3,413)		(3,648)	[3]	239	[3]
Change in other receivables (Note 10-11)		(77,876)		28,773	[3]	35,905	[3]
Change in trade payables (Note 17)		(8,181)		1,165	[3]	(6,817)	[3]
Change in accrued payroll (Note 17)		(11,000)		1,014	[3]	(138)	[3]
Change in accrued expenses (Note 17)		18,839		(6,727)	[3]	(7,547)	[3]
Change in deferred income (Note 17)		(2,265)		(3,726)	[3]	(3,591)	[3]
Change in other payables (Note 17)		(1,304)		18	[3]	(226)	[3]
Change in provisions for employee benefits (Note 16)		616		827	[3]	261	[3]
Income taxes paid during the period		(67)		11	[3]	(100)	[3]
Interest paid (Note 6-18)		(67,209)		(39,595)	[3]	(33,378)	[3]
Interest received (Note 6-11)		3,409		636	[3]	209	[3]
Dividends received from equity-accounted investees (Note 25)		0		1,250	[3]	23,478	[3]
Net cash from (used in) operating activities		841		211,295	[3]	438,202	[3]
Cash flows from (used in) investing activities [abstract]
Acquisition of vessels (Note 8)		(237,476)		(176,687)	[3]	(342,502)	[3]
Proceeds from the sale of vessels (Note 8)		26,762		96,880	[3]	223,016	[3]
Acquisition of other tangible assets and prepayments (Note 8)		(588)		(1,203)	[3]	(178)	[3]
Acquisition of intangible assets		(1)		(11)	[3]	(18)	[3]
Proceeds from the sale of other (in)tangible assets		0		29	[3]	38	[3]
Loans from (to) related parties (Note 25)		134,097		40,750	[3]	22,047	[3]
Proceeds from capital decreases in joint ventures (Note 25)		0		0	[3]	3,737	[3]
Acquisition of subsidiaries or from business combinations, net of cash acquired (Note 24)		126,288		0	[3]	(6,755)	[3]
Proceeds from sale of subsidiaries (Note 24)		140,960		0	[3]	0	[3]
Net cash from (used in) investing activities		190,042		(40,242)	[3]	(100,615)	[3]
Cash flows from (used in) financing activities [abstract]
(Purchase of) Proceeds from sale of treasury shares (Note 13)		(1,661)		0	[3]	(6,157)	[3]
Proceeds from new borrowings (Note 15)		983,882		526,024	[3]	740,286	[3]
Repayment of borrowings (Note 15)		(1,115,894)		(710,993)	[3]	(774,015)	[3]
Transaction costs related to issue of loans and borrowings (Note 15)		(3,849)		(5,874)	[3]	(4,436)	[3]
Dividends paid (Note 13)		(22,643)		(44,133)	[3]	(216,838)	[3]
Net cash from (used in) financing activities		(160,165)		(234,976)	[3]	(261,160)	[3]
Net increase (decrease) in cash and cash equivalents		30,718		(63,923)	[3]	76,427	[3]
Net cash and cash equivalents at the beginning of the period (Note 12)	[3]	143,648	[4]	206,689		131,663
Effect of changes in exchange rates		(1,233)		882	[3]	(1,401)	[3]
Net cash and cash equivalents at the end of the period (Note 12)		173,133		143,648	[3],[4]	206,689	[3]
Net cash and cash equivalents at the end of the period (Note 12) of which restricted cash		$ 79		$ 115	[3]	$ 146	[3]
[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.

Significant accounting policies

Significant accounting policies	12 Months Ended
	Dec. 31, 2018
Corporate Information And Statement Of IFRS Compliance [Abstract]
Significant accounting policies	Significant accounting policies 1. Reporting Entity Euronav NV (the "Company") is a company domiciled in Belgium. The address of the Company's registered office is De Gerlachekaai 20, 2000 Antwerpen, Belgium. The consolidated financial statements of the Company comprise the Company and its subsidiaries (together referred to as the "Group") and the Group's interests in associates and joint ventures. Euronav NV is a fully-integrated provider of international maritime shipping and offshore services engaged in the transportation and storage of crude oil. The Company was incorporated under the laws of Belgium on June 26, 2003, and grew out of three companies that had a strong presence in the shipping industry; Compagnie Maritime Belge NV, ("CMB"), formed in 1895, Compagnie Nationale de Navigation SA, ("CNN"), formed in 1938, and Ceres Hellenic formed in 1950. The Company started doing business under the name "Euronav" in 1989 when it was initially formed as the international tanker subsidiary of CNN. Euronav NV charters its vessels to leading international energy companies. The Company pursues a chartering strategy of primarily employing its vessels on the spot market, including through the Tankers International (TI) Pool (the "TI Pool") and also under fixed-rate contracts and long-term time charters, which typically include a profit sharing component. A spot market voyage charter is a contract to carry a specific cargo from a load port to a discharge port for an agreed freight per ton of cargo or a specified total amount. Under spot market voyage charters, the Company pays voyage expenses such as port, canal and bunker costs. Spot charter rates have historically been volatile and fluctuate due to seasonal changes, as well as general supply and demand dynamics in the crude oil marine transportation sector. Although the revenues generated by the Company in the spot market are less predictable, the Company believes their exposure to this market provides them with the opportunity to capture better profit margins during periods when vessel demand exceeds supply leading to improvements in tanker charter rates. The Company principally employs and commercially manages their VLCCs through the TI Pool, a leading spot market-oriented VLCC pool in which other shipowners with vessels of similar size and quality participate along with the Company. The Company participated in the formation of the TI Pool in 2000 to allow themselves and other TI Pool participants, consisting of third-party owners and operators of similarly sized vessels, to gain economies of scale, obtain increased cargo flow of information, logistical efficiency and greater vessel utilization. Time charters provide the Group with a fixed and stable cash flow for a known period of time. Time charters may help the Group mitigate, in part, its exposure to the spot market, which tends to be volatile in nature, being seasonal and generally weaker in the second and third quarters of the year due to refinery shutdowns and related maintenance during the warmer summer months. The Group may when the cycle matures or otherwise opportunistically employ more of its vessels under time charter contracts as the available rates for time charters improve. The Group may also enter into time charter contracts with profit sharing arrangements, which the Group believes will enable it to benefit if the spot market increases above a base charter rate as calculated either by sharing sub charter profits of the charterer or by reference to a market index and in accordance with a formula provided in the applicable charter contract. The Group currently deploys its two FSOs as floating storage units under service contracts with North Oil Company, in the offshore services sector. 2. Basis of preparation (a) Statement of compliance These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). This is the first set of the consolidated financial statements in which IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments have been applied. Changes to significant accounting policies are described in Note 2.(e). All other accounting policies have been consistently applied for all periods presented in the consolidated financial statements unless disclosed otherwise. The consolidated financial statements were authorized for issue by the Board of Directors on April 30, 2019. (b) Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for the following material items in the statement of financial position: • Derivative financial instruments are measured at fair value • Non-current assets held for sale are recognized at fair value if it is lower than their carrying amount (c) Functional and presentation currency The consolidated financial statements are presented in USD, which is the Company's functional and presentation currency. All financial information presented in USD has been rounded to the nearest thousand except when otherwise indicated. (d) Use of estimates and judgements The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which are the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statement is included in the following note: • Note 8 – Impairment • Note 24 - Business Combination Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year is included in the following note: • Note 8 – Impairment test: key assumptions underlying the recoverable amount Measurement of fair values A number of the Group's accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Group has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values, and reports directly to the CFO. The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of IFRS, including the level in the fair value hierarchy in which such valuations should be classified. Significant valuation issues are reported to the Group Audit and Risk Committee. When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows. • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e.as prices) or indirectly (i.e. derived from prices). • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in Note 18. (e) Changes in accounting policies T he 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 voyages on a load-to-discharge basis instead of a discharge-to-discharge basis (see A); • capitalizing the voyage expenses incurred between the date on which the contract was concluded and the next load port if they qualify as fulfillment costs and if they are expected to be recovered (see A); • an increase in impairment losses recognized on financial assets (see B). Costs incurred to fulfill a contract are recognized as an asset if and only if all of the following criteria are met: • the costs relate directly to a contract; • the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future; and • the costs are expected to be recovered. 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. Additionally, the disclosure requirements in IFRS 15 have not been applied to comparative information. 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 for spot voyages (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 statement of financial position as at December 31, 2018 and its statement of profit or loss and OCI for the year then ended for each of the line items affected. There was no material impact on the Group's statement of cash flows for the year ended December 31, 2018 . Impact on the consolidated statement of financial position 31 December 2018 (in thousands of USD) Amounts without adoption of IFRS 15 Adjustments As reported ASSETS Non-current assets 3,606,210 — 3,606,210 Current assets 532,894 (11,753 ) 521,141 Trade and other receivables 317,479 (11,753 ) 305,726 TOTAL ASSETS 4,139,104 (11,753 ) 4,127,351 EQUITY AND LIABILITIES Equity Retained earnings 347,517 (11,753 ) 335,764 Equity attributable to owners of the Company 2,272,276 (11,753 ) 2,260,523 Non-current liabilities 1,579,706 — 1,579,706 Current liabilities 287,122 — 287,122 Trade and other payables 87,225 — 87,225 TOTAL EQUITY AND LIABILITIES 4,139,104 (11,753 ) 4,127,351 Impact on the consolidated statement of profit or loss and OCI For the year ended 31 December 2018 (in thousands of USD) Amounts without adoption of IFRS 15 Adjustments As reported Shipping income Revenue 610,549 (10,525) 600,024 Total shipping income 634,462 (10,525) 623,937 Operating expenses Voyage expenses and commissions (141,917) 501 (141,416) Total operating expenses (699,016) 501 (698,515) RESULT FROM OPERATING ACTIVITIES (64,554) (10,024) (74,578) PROFIT (LOSS) FOR THE PERIOD (100,046) (10,024) (110,070) TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD (103,240) (10,024) (113,264) Spot voyages: under IAS 18, revenue for these contracts was recognized over time on discharge-to-discharge basis and the expenses were recognized over the same period. Under IFRS 15, revenue from spot voyages is also recognized over time but on a load-to-discharge basis. Therefore, revenue is recognized later under IFRS 15 than under IAS 18. The impacts of these changes on items other than revenue are a decrease in trade and other receivables. Furthermore the voyage expenses incurred between the date on which the contract was concluded and the next load port are capitalized if they qualify as fulfillment costs and if they are expected to be recovered. IFRS 15 did not have a significant impact on the Group’s accounting policies with respect to other revenue streams and revenue recognition (see Note 1 - 2.(o) and Note 4). 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. As a result of the adoption of IFRS 9, the Group has adopted consequential amendments to IAS 1 Presentation of Financial Statements, which require impairment of financial assets to be presented in a separate line item in the statement of profit or loss. Impairment losses on financial assets are not presented separately in the statement of profit or loss, because the amount is not material. The impairment loss on trade receivables has been presented in 'general and administrative expenses'. The impairment loss on the other financial assets has been presented as part of the line 'finance expenses'. Additionally, the Group has adopted consequential amendments to IFRS 7 Financial Instruments: Disclosures that are applied to disclosures about 2018 but have not been applied to comparative information. The Group has applied the exemption not to restate comparative information for prior periods with respect to classification and measurement (including impairment). Differences in the carrying amounts of financial assets and financial liabilities resulting from the adoption of IFRS 9 are recognized in retained earnings as at 1 January 2018. Accordingly, the information presented for 2017 has not been restated and does not generally reflect the requirements of IFRS 9, but rather those of IAS 39. 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 contains three principal classification categories for financial assets: measured at amortized cost, fair value through other comprehensive income ('FVOCI') and 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. IFRS 9 eliminates the previous IAS 39 categories of held to maturity, loans and receivables and available for sale. Under IFRS 9, 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. IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. 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 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 and financial liabilities 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 (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 liabilities Secured bank loans Other financial liabilities Other financial liabilities 701,091 701,091 Unsecured notes Other financial liabilities Other financial liabilities 147,619 147,619 Unsecured other borrowings Other financial liabilities Other financial liabilities 50,010 50,010 Trade and other payables Other financial liabilities Other financial liabilities 51,335 51,335 Advances received on contracts Other financial liabilities Other financial liabilities 539 539 Total financial liabilities 950,594 950,594 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. 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. The USD 16 thousand is the only difference between the carrying amount of financial assets under IAS39 to the carrying amount under IFRS9 on transition to IFRS9 on 1 January 2018. 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. 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 — 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 — 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 ten years , taking into account reasonable and supportable forecast of future economic conditions. ii i. 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. There were no instruments designated as hedging instrument as at December 31, 2017 and accordingly there is no impact on the Group's consolidated financial statements for the year ended December 31 2017. (f) Basis of Consolidation (i) Business Combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. For acquisitions on or after January 1, 2010, the Group measures goodwill at the acquisition date as: • the fair value of the consideration transferred; plus • the recognized amount of any non-controlling interests in the acquiree; plus if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less • the net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognized immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts generally are recognized in profit or loss. Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. (ii) Non-controlling interests (NCI) NCI are measured at their proportionate share of the acquiree's identifiable net assets at the date of acquisition. Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. (iii) Subsidiaries Subsidiaries are those entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which the control commences until the date on which control ceases. (iv) Loss of control On the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognized in profit or loss. If the Group retains any interest in the former subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as an equity-accounted investee or as a FVOCI or FVTPL financial asset depending on the level of influence retained. (v) Interests in equity-accounted investees The Group's interests in equity-accounted investees comprise interest in associates and joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in associates and joint ventures are accounted for using the equity method. They are recognized initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group's share of the profit or loss and other comprehensive income ("OCI") of equity-accounted investees, until the date on which significant influence or joint control ceases. Interests in associates and joint ventures include any long-term interests that, in substance, form part of the Group's investment in those associates or joint ventures and include unsecured shareholder loans for which settlement is neither planned nor likely to occur in the foreseeable future, which, therefore, are an extension of the Group's investment in those associates and joint ventures. The Group's share of losses that exceeds its investment is applied to the carrying amount of those loans. After the Group's interest is reduced to zero, a liability is recognized to the extent that the Group has a legal or constructive obligation to fund the associates' or joint ventures' operations or has made payments on their behalf. (vi) Transactions eliminated on consolidation Intragroup balances and transactions, and any unrealized gains arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the underlying asset to the extent of the Group's interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. (g) Foreign currency (i) Foreign currency transactions Transactions in foreign currencies are translated to USD at the foreign exchange rate applicable at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to USD at the foreign exchange rate applicable at that date. Foreign exchange differences arising on translation are recognized in profit or loss. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign exchange differences arising from the translation of the following items are recognized in OCI: • a financial liability desginated as a hedge of the net investment in a foreign operation to the extent that the hedge is effective; and • qualifying cash flow hedges to the extent that the hedges are effective. (ii) Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to USD at exchange rates at the reporting date. The income and expenses of foreign operations are translated to USD at rates approximating the exchange rates at the dates of the transactions. Foreign currency differences are recognized directly in equity (Translation reserve). When a foreign operation is disposed of, in part or in full, the relevant amount in the translation reserve is transferred to profit or loss. (h) Financial Instruments (i) Non-derivative financial assets The group initially recognizes loans and receivables on the date that they are originated. All other financial assets are recognized initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in such transferred financial assets that is created or retained by the Group is recognized as a separate asset or liability. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm's length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models refined to reflect the issuer's specific circumstances. The Group classifies non-derivative financial assets into the following categories: financial assets at fair value through profit or loss, loans and receivables, cash and cash equivalents, held-to-maturity financial assets and available-for-sale financial assets. The Company determines the classification of its investments at initial recognition and re-evaluates this designation at every reporting date. Non-derivative financial assets - Policy applicable from 1 January 2018 On initial recognition, a financial asset is classified as measured at: amortized cost; FVOCI - debt investment; FVOCI - equity instrument; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. 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 objectives 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. Non-derivative financial assets - Assessment whether contractual cash flows are solely payments of principal and interest: Policy applicable from 1 January 2018 For the purposes of this assessment, 'principal' is defined as the fair value of the financial asset on initial recognition. 'Interest' is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: • contingent events that would change the amount or timing of cash flows; • terms that may adjust the contractual coupon rate, including variable-rate features; • prepayment and extension features; and • terms that limit the Group's claim to cash flows from specified assets (e.g. non-resource features). A prepayment feature is consistent with the solely payments of

Segment reporting

Segment reporting	12 Months Ended
	Dec. 31, 2018
Operating Segments [Abstract]
Segment reporting	Segment reporting The Group distinguishes two operating segments: the operation of crude oil tankers in the international markets (the Tankers Segment) and the floating production, storage and offloading operations (the FSO/FpSO Segment). These two divisions operate in completely different markets, where in the latter the assets are tailor made or converted for specific long term projects. The tanker market requires a different marketing strategy as this is considered a very volatile market, contract duration is often less than two years and the assets are to a large extent standardized. The segment profit or loss figures and key assets as set out below are presented to the executive committee on at least a quarterly basis to help the key decision makers in evaluating the respective segments. The Chief Operating Decision Maker (CODM) also receives the information per segment based on proportionate consolidation for the joint ventures and not by applying equity accounting. The reconciliation between the figures of all segments combined on the one hand and with the consolidated statements of financial position and profit or loss on the other hand is presented in a separate column Equity-accounted investees. The Group has one client in the Tankers segment that represented 7% of the Tankers segment total revenue in 2018 ( 2017 : one client which represented 10% and in 2016 two clients which represented 10% ). All the other clients represent less than 7% of total revenues of the Tankers segment. The Group has a unique client in the FSO segment. The Group's internal organizational and management structure does not distinguish any relevant geographical segments. Consolidated statement of financial position (in thousands of USD) December 31, 2018 December 31, 2017 ASSETS Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Vessels 3,520,067 150,029 (150,029 ) 3,520,067 2,271,500 168,100 (168,100 ) 2,271,500 Assets under construction — — — — 63,668 — — 63,668 Other tangible assets 1,943 — — 1,943 1,663 — — 1,663 Intangible assets 105 — — 105 72 — — 72 Receivables 38,658 — — 38,658 163,382 10,739 (13,769 ) 160,352 Investments in equity accounted investees 1,915 — 41,267 43,182 1,695 — 28,900 30,595 Deferred tax assets 2,255 1,229 (1,229 ) 2,255 2,487 223 (223 ) 2,487 Total non-current assets 3,564,943 151,258 (109,991 ) 3,606,210 2,504,467 179,062 (153,192 ) 2,530,337 Total current assets 521,536 15,784 (16,179 ) 521,141 281,132 11,581 (12,077 ) 280,636 TOTAL ASSETS 4,086,479 167,042 (126,170 ) 4,127,351 2,785,599 190,643 (165,269 ) 2,810,973 EQUITY and LIABILITIES Total equity 2,219,648 40,874 1 2,260,523 1,820,887 25,473 1 1,846,361 Bank and other loans 1,421,465 97,480 (97,480 ) 1,421,465 653,730 162,762 (162,762 ) 653,730 Convertible and other Notes 148,166 — — 148,166 147,619 — — 147,619 Other payables 1,451 355 (355 ) 1,451 539 — — 539 Deferred tax liabilities — 4,283 (4,283 ) — — 1,680 (1,680 ) — Employee benefits 4,336 — — 4,336 3,984 — — 3,984 Amounts due to equity-accounted joint ventures — — — — — — — — Provisions 4,288 — — 4,288 — — — — Total non-current liabilities 1,579,706 102,118 (102,118 ) 1,579,706 805,872 164,442 (164,442 ) 805,872 Total current liabilities 287,125 24,050 (24,053 ) 287,122 158,840 728 (828 ) 158,740 TOTAL EQUITY and LIABILITIES 4,086,479 167,042 (126,170 ) 4,127,351 2,785,599 190,643 (165,269 ) 2,810,973 Consolidated statement of profit or loss (in thousands of USD) 2018 2017 2016 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Shipping income Revenue 600,024 49,155 (49,155 ) 600,024 513,399 59,513 (59,544 ) 513,368 704,766 65,125 (85,626 ) 684,265 Gains on disposal of vessels/other tangible assets 19,138 — — 19,138 36,538 — — 36,538 50,397 — — 50,397 Other operating income 4,775 72 (72 ) 4,775 4,902 234 (234 ) 4,902 6,765 327 (96 ) 6,996 Total shipping income 623,937 49,227 (49,227 ) 623,937 554,839 59,747 (59,778 ) 554,808 761,928 65,452 (85,722 ) 741,658 Operating expenses Voyage expenses and commissions (141,416 ) (1 ) 1 (141,416 ) (62,035 ) (304 ) 304 (62,035 ) (63,305 ) (476 ) 4,221 (59,560 ) Vessel operating expenses (185,792 ) (9,637 ) 9,637 (185,792 ) (150,391 ) (9,157 ) 9,121 (150,427 ) (164,478 ) (9,679 ) 13,958 (160,199 ) Charter hire expenses (31,114 ) — — (31,114 ) (31,173 ) — — (31,173 ) (17,713 ) — — (17,713 ) Losses on disposal of vessels/other tangible assets (273 ) — — (273 ) (21,027 ) — — (21,027 ) (1 ) — (1 ) (2 ) Impairment on non-current assets held for sale (2,995 ) — — (2,995 ) — — — — — — — — Loss on disposal of investments in equity accounted investees — — — — — — — — (24,150 ) — — (24,150 ) Depreciation tangible assets (270,582 ) (18,071 ) 18,071 (270,582 ) (229,777 ) (18,071 ) 18,071 (229,777 ) (233,368 ) (18,071 ) 23,775 (227,664 ) Depreciation intangible assets (111 ) — — (111 ) (95 ) — — (95 ) (99 ) — — (99 ) General and administrative expenses (66,235 ) (425 ) 428 (66,232 ) (46,871 ) (30 ) 33 (46,868 ) (44,152 ) (80 ) 181 (44,051 ) Total operating expenses (698,518 ) (28,134 ) 28,137 (698,515 ) (541,369 ) (27,562 ) 27,529 (541,402 ) (547,266 ) (28,306 ) 42,134 (533,438 ) RESULT FROM OPERATING ACTIVITIES (74,581 ) 21,093 (21,090 ) (74,578 ) 13,470 32,185 (32,249 ) 13,406 214,662 37,146 (43,588 ) 208,220 Finance income 15,023 160 (160 ) 15,023 7,267 197 (198 ) 7,266 6,864 57 (66 ) 6,855 Finance expenses (89,412 ) (3,795 ) 3,795 (89,412 ) (50,730 ) (1,026 ) 1,027 (50,729 ) (52,420 ) (2,552 ) 3,277 (51,695 ) Net finance expenses (74,389 ) (3,635 ) 3,635 (74,389 ) (43,463 ) (829 ) 829 (43,463 ) (45,556 ) (2,495 ) 3,211 (44,840 ) Gain on bargain purchase 23,059 — — 23,059 — — — — — — — — Share of profit (loss) of equity accounted investees (net of income tax) 220 — 15,856 16,076 150 — 29,932 30,082 334 — 40,161 40,495 Profit (loss) before income tax (125,691 ) 17,458 (1,599 ) (109,832 ) (29,843 ) 31,356 (1,488 ) 25 169,440 34,651 (216 ) 203,875 Income tax expense (238 ) (1,599 ) 1,599 (238 ) 1,358 (1,488 ) 1,488 1,358 174 (216 ) 216 174 Profit (loss) for the period (125,929 ) 15,859 — (110,070 ) (28,485 ) 29,868 — 1,383 169,614 34,435 — 204,049 Attributable to: Owners of the company (125,929 ) 15,859 — (110,070 ) (28,485 ) 29,868 — 1,383 169,614 34,435 — 204,049 Summarized consolidated statement of cash flows (in thousands of USD) 2018 2017 2016 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Net cash from (used in) operating activities 843 40,672 (40,674 ) 841 211,310 49,684 (49,698 ) 211,295 427,926 49,013 (38,737 ) 438,202 Net cash from (used in) investing activities 190,042 — — 190,042 (40,243 ) — 1 (40,242 ) (90,891 ) — (9,724 ) (100,615 ) Net cash from (used in) financing activities (160,165 ) (42,164 ) 42,164 (160,165 ) (234,921 ) (78,421 ) 78,367 (234,976 ) (264,714 ) (32,929 ) 36,483 (261,160 ) Capital expenditure (238,065 ) — — (238,065 ) (177,901 ) — — (177,901 ) (342,698 ) — — (342,698 )

Assets and liabilities held for

Assets and liabilities held for sale and discontinued operations	12 Months Ended
	Dec. 31, 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) December 31, 2018 December 31, 2017 December 31, 2016 Vessels 42,000 — — Of which in Tankers segment 42,000 — — Of which in FSO segment — — — (in thousands of USD) (Estimated) Sale price Book Value Asset Held For Sale Impairment Loss (Expected) Loss At January 1, 2018 — — — — — Assets sold from assets held for sale Felicity 42,000 44,995 42,000 (2,995 ) — At December 31, 2018 — — 42,000 (2,995 ) — As of December 31, 2017 and per December 31, 2016, the Group had no assets held for sale. On October 31, 2018, the Company sold the Suezmax Felicity (2009 - 157,667 dwt), for USD 42.0 million . This vessel was accounted for as a non-current asset held for sale as at December 31, 2018, and had a carrying value of USD 45.0 million as of that date. The vessel was delivered to its new owner on January 9, 2019. The impairment loss on this vessel amounted to USD (3.0) million and has been recorded in the consolidated statement of profit or loss for the twelve months ended December 31, 2018. Discontinued operations As of December 31, 2018 and December 31, 2017 , the Group had no operations that meet the criteria of a discontinued operation.

Revenue and other operating inc

Revenue and other operating income	12 Months Ended
	Dec. 31, 2018
Analysis of income and expense [abstract]
Revenue and other operating income	Revenue and other operating income 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 (Note 1 - 2.(e).A). In the following table, revenue is disaggregated by type of contract. (in thousands of USD) 2018 2017 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Pool Revenue 277,394 — — 277,394 249,334 — (31 ) 249,303 Spot Voyages 247,392 — — 247,392 145,360 — — 145,360 Time Charters (Note 19) 75,238 49,155 (49,155 ) 75,238 118,705 59,513 (59,513 ) 118,705 Total revenue 600,024 49,155 (49,155 ) 600,024 513,399 59,513 (59,544 ) 513,368 Other operating income 4,775 72 (72 ) 4,775 4,902 234 (234 ) 4,902 For the accounting treatment of revenue, we refer to the accounting policies (o) - Revenue. Revenue from spot voyages falls within the scope of IFRS 15 'Revenue from Contracts with Customers'. Pool revenue and time charters are lease income in scope of IAS 17. The increase in revenue is mostly related to the increase in pool and spot voyage revenue which is due to an increase in the fleet size as a consequence of the business combination with Gener8 Maritime Inc. (Note 24). This increase was partially offset by lower revenue from time charters due to unfavorable market conditions and a lower number of vessels on time charter. 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.

Expenses for shipping activitie

Expenses for shipping activities and other expenses from operating activities	12 Months Ended
	Dec. 31, 2018
Analysis of income and expense [abstract]
Expenses for shipping activities and other expenses from operating activities	Expenses for shipping activities and other expenses from operating activities Voyage expenses and commissions (in thousands of USD) 2018 2017 2016 Commissions paid (8,193 ) (4,895 ) (6,724 ) Bunkers (103,920 ) (45,249 ) (36,372 ) Other voyage related expenses (29,303 ) (11,891 ) (16,464 ) Total voyage expenses and commissions (141,416 ) (62,035 ) (59,560 ) The voyage expenses and commissions increased in 2018 compared to 2017 because a lower proportion of vessels were on time charter contract in 2018 and due to an increase in the fleet size as a consequence of the business combination with Gener8 Maritime Inc. (Note 24). For vessels operated on the spot market, voyage expenses are paid by the shipowner while voyage expenses for vessels under a time charter contract, are paid by the charterer. Voyage expenses for vessels operated in a Pool, are paid by the Pool. The majority of other voyage expenses are port costs, agency fees and agent fees paid to operate the vessels on the spot market. Port costs vary depending on the number of spot voyages performed, number and type of ports. Vessel operating expenses (in thousands of USD) 2018 2017 2016 Operating expenses (172,589 ) (139,832 ) (148,554 ) Insurance (13,203 ) (10,595 ) (11,645 ) Total vessel operating expenses (185,792 ) (150,427 ) (160,199 ) The operating expenses relate mainly to the crewing, technical and other costs to operate tankers. In 2018 these expenses were higher compared to 2017 due to an increase in the fleet size as a consequence of the business combination with Gener8 Maritime Inc. (Note 24). Charter hire expenses (in thousands of USD) 2018 2017 2016 Charter hire (Note 19) 6 (62 ) (16,921 ) Bare boat hire (Note 19) (31,120 ) (31,111 ) (792 ) Total charter hire expenses (31,114 ) (31,173 ) (17,713 ) The bareboat charter-hire expenses in 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 agreed on December 16, 2016. General and administrative expenses (in thousands of USD) 2018 2017 2016 Wages and salaries (16,247 ) (12,853 ) (12,754 ) Social security costs (3,746 ) (2,511 ) (2,532 ) Provision for employee benefits (Note 16) (616 ) (827 ) (261 ) Equity-settled share-based payments (Note 22) (37 ) (313 ) (406 ) Other employee benefits (7,607 ) (3,148 ) (3,178 ) Employee benefits (28,253 ) (19,652 ) (19,131 ) Administrative expenses (33,485 ) (22,579 ) (21,264 ) Tonnage Tax (4,436 ) (4,772 ) (4,246 ) Claims (100 ) (25 ) (13 ) Provisions 42 160 603 Total general and administrative expenses (66,232 ) (46,868 ) (44,051 ) Average number of full time equivalents (shore staff) 161.77 150.49 139.44 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 2018 compared to 2017. This increase was mainly related to the merger with Gener8 Maritime Inc., which had an impact on wages and salaries and other employee benefits due to a higher number of staff and severance payments and an impact on administrative expenses due to an increase in legal and other fees (USD 5.0 million, see Note 24) and additional office rent expenses.

Net finance expense

Net finance expense	12 Months Ended
	Dec. 31, 2018
Financial Instruments [Abstract]
Net finance expense	Net finance expense Recognized in profit or loss (in thousands of USD) 2018 2017 2016 Interest income 4,106 655 217 Foreign exchange gains 10,917 6,611 6,638 Finance income 15,023 7,266 6,855 Interest expense on financial liabilities measured at amortized cost (67,956 ) (38,391 ) (39,007 ) Fair value adjustment on interest rate swaps (2,790 ) — — Other financial charges (6,802 ) (5,819 ) (4,577 ) Foreign exchange losses (11,864 ) (6,519 ) (8,111 ) Finance expense (89,412 ) (50,729 ) (51,695 ) Net finance expense recognized in profit or loss (74,389 ) (43,463 ) (44,840 ) Interest income, which mainly consists of interest income from bank deposits, increased due to the merger with Gener8 Maritime Inc. and due to an increase in deposit rates. Interest expense on financial liabilities measured at amortized cost increased during the year ended December 31, 2018, compared to 2017. This increase was attributable to the interest on the senior unsecured bond of USD 150 million which was issued on May 31, 2017 and an increase in the average outstanding debt during the year as a result of the new credit facilities entered into 2018 (see Note 15) and credit facilities in relation to the merger with Gener8 Maritime Inc. combined with increased interest rates. Fair value adjustment on interest rate swaps are interest rate swaps which were acquired in the Gener8 Maritime Inc. deal and of which the fair value at acquisition is amortized over the remaining duration of the swap via the fair value adjustment of interest rate swaps (see Note 13). Other financial charges increased in 2018 compared to 2017, which was primarily attributable to commitment fees paid for available credit lines, of which the total availability increased in 2018. The above finance income and expenses include the following in respect of assets (liabilities) not recognized at fair value through profit or loss: 2018 2017 2016 Total interest income on financial assets 4,106 655 217 Total interest expense on financial liabilities (67,956 ) (38,391 ) (39,007 ) Total other financial charges (6,802 ) (5,819 ) (4,577 ) Recognized directly in equity (in thousands of USD) 2018 2017 2016 Foreign currency translation differences for foreign operations (157 ) 448 170 Cash flow hedges - effective portion of changes in fair value (2,698 ) — — Net finance expense recognized directly in equity (2,855 ) 448 170 Attributable to: Owners of the Company (2,855 ) 448 170 Net finance expense recognized directly in equity (2,855 ) 448 170 Recognized in: Translation reserve (157 ) 448 170 Hedging reserve (2,698 ) — —

Income tax benefit (expense)

Income tax benefit (expense)	12 Months Ended
	Dec. 31, 2018
Income Taxes [Abstract]
Income tax benefit (expense)	Income tax benefit (expense) (in thousands of USD) 2018 2017 2016 Current tax Current period (37 ) (85 ) 60 Total current tax (37 ) (85 ) 60 Deferred tax Recognition of unused tax losses/(use of tax losses) (195 ) 1,473 220 Other (6 ) (30 ) (106 ) Total deferred tax (201 ) 1,443 114 Total tax benefit/(expense) (238 ) 1,358 174 Reconciliation of effective tax 2018 2017 2016 Profit (loss) before tax (109,832 ) 25 203,875 Tax at domestic rate (29.58 )% 32,488 (33.99 )% (8 ) (33.99 )% (69,297 ) Effects on tax of : Tax exempt profit / loss (50 ) 499 (8,090 ) Tax adjustments for previous years 9 10 70 Loss for which no DTA (*) has been recognized (1,037 ) — — Use of previously unrecognized tax losses — 7,146 1,118 Non-deductible expenses (962 ) (710 ) (1,718 ) Tonnage Tax regime (33,602 ) (13,918 ) 64,637 Effect of share of profit of equity-accounted investees 4,690 10,175 13,761 Effects of tax regimes in foreign jurisdictions (1,774 ) (1,836 ) (307 ) Total taxes 0.22 % (238 ) 5,430.01 % 1,358 0.09 % 174 In application of an IFRIC agenda decision on 'IAS 12 Income taxes', tonnage tax is not accounted for as income taxes in accordance with IAS 12 and is not presented as part of income tax expense in the consolidated statement of profit or loss but has been shown as an administrative expense under the heading General and administrative expenses. The amount paid for tonnage tax in the year ended December 31, 2018 was USD 4.4 million (see Note 5). * Deferred Tax Asset Deferred tax assets and liabilities Recognized deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: (in thousands of USD) ASSETS LIABILITIES NET Provisions 1 — 1 Employee benefits 44 — 44 Unused tax losses & tax credits 2,442 — 2,442 2,487 — 2,487 Offset — — Balance at December 31, 2017 2,487 — Employee benefits 37 — 37 Unused tax losses & tax credits 2,218 — 2,218 2,255 — 2,255 Offset — — Balance at December 31, 2018 2,255 — Unrecognized deferred tax assets and liabilities Deferred tax assets and liabilities have not been recognized in respect of the following items: (in thousands of USD) December 31, 2018 December 31, 2017 ASSETS LIABILITIES ASSETS LIABILITIES Deductible temporary differences 274 — 357 — Taxable temporary differences 8 (12,162 ) 7 (14,231 ) Tax losses & tax credits 86,568 — 89,528 — 86,850 (12,162 ) 89,892 (14,231 ) Offset (12,162 ) 12,162 (14,231 ) 14,231 Total 74,688 — 75,661 — The unrecognized deferred tax assets in respect of tax losses and tax credits relates to tax losses carried forward, investment deduction allowances and excess dividend received deduction. Tax losses and tax credits have no expiration date. A deferred tax asset ('DTA') is recognized for unused tax losses and tax credits carried forward, to the extent that it is probable that future taxable profits will be available. The Group considers future taxable profits as probable when it is more likely than not that taxable profits will be generated in the foreseeable future. When determining whether probable future taxable profits are available the probability threshold is applied to portions of the total amount of unused tax losses or tax credits, rather than the entire amount. Given the nature of the tonnage tax regime, the Group has a substantial amount of unused tax losses and tax credits for which no future taxable profits are probable and therefore no DTA has been recognized. No deferred tax liabilities have been recognized for temporary differences related to vessels for which the Group expects that the reversal of these differences will not have a tax effect. In December 2017, changes to the Belgian corporate income tax rate were enacted, lowering the rate to 29.58% as from 2018 and to 25% from 2020. These changes have been reflected in the calculation of the amounts of deferred tax assets and liabilities in respect of Belgian Group entities as at December 31, 2018 and December 31, 2017. Movement in deferred tax balances during the year (in thousands of USD) Balance at Jan 1, 2016 Recognized in income Recognized in equity Translation differences Balance at Dec 31, 2016 Provisions 169 (121 ) — (17 ) 31 Employee benefits 23 15 — (1 ) 37 Unused tax losses & tax credits 743 220 — (67 ) 896 Total 935 114 — (85 ) 964 Balance at Jan 1, 2017 Recognized in income Recognized in equity Translation differences Balance at Dec 31, 2017 Provisions 31 (32 ) — 2 1 Employee benefits 37 2 — 5 44 Unused tax losses & tax credits 896 1,473 — 73 2,442 Total 964 1,443 — 80 2,487 Balance at Jan 1, 2018 Recognized in income Recognized in equity Translation differences Balance at Dec 31, 2018 Provisions 1 (1 ) — — — Employee benefits 44 (5 ) — (2 ) 37 Unused tax losses & tax credits 2,442 (195 ) — (29 ) 2,218 Total 2,487 (201 ) — (31 ) 2,255

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 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 Prepayments Total PPE At January 1, 2016 Cost 3,477,605 93,890 2,482 2 3,573,979 Depreciation & impairment losses (1,189,569 ) — (1,434 ) — (1,191,003 ) Net carrying amount 2,288,036 93,890 1,048 2 2,382,976 Acquisitions 250,912 86,944 175 3 338,034 Acquisitions through business combinations (Note 24) 120,280 — — — 120,280 Disposals and cancellations (143,457 ) — (7 ) — (143,464 ) Depreciation charges (227,306 ) — (358 ) — (227,664 ) Transfers 94,698 (94,698 ) 5 (5 ) — Translation differences — — (86 ) — (86 ) Balance at December 31, 2016 2,383,163 86,136 777 — 2,470,076 At January 1, 2017 Cost 3,748,135 86,136 2,373 — 3,836,644 Depreciation & impairment losses (1,364,972 ) — (1,596 ) — (1,366,568 ) Net carrying amount 2,383,163 86,136 777 — 2,470,076 Acquisitions 125,486 51,201 1,203 — 177,890 Disposals and cancellations (81,389 ) — (9 ) — (81,398 ) Depreciation charges (229,429 ) — (348 ) — (229,777 ) Transfers 73,669 (73,669 ) — — — Translation differences — — 40 — 40 Balance at December 31, 2017 2,271,500 63,668 1,663 — 2,336,831 At 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 45,750 191,726 588 — 238,064 Acquisitions through business combinations (Note 24) 1,704,250 — 345 — 1,704,595 Disposals and cancellations (7,814 ) — (75 ) — (7,889 ) Disposals and cancellations through business combinations (Note 24) (434,000 ) — — — (434,000 ) Depreciation charges (270,018 ) — (564 ) — (270,582 ) Transfer to assets held for sale (Note 3) (44,995 ) — — — (44,995 ) Transfers 255,394 (255,394 ) — — — Translation differences — — (14 ) — (14 ) Balance at December 31, 2018 3,520,067 — 1,943 — 3,522,010 At December 31, 2018 Cost 4,927,324 — 4,274 — 4,931,598 Depreciation & impairment losses (1,407,257 ) — (2,331 ) — (1,409,588 ) Net carrying amount 3,520,067 — 1,943 — 3,522,010 On March 26, April 25, August 8 and August 29, 2018, Euronav took delivery of the Suezmaxes Cap Quebec (2018 – 156,600 dwt), Cap Pembroke (2018 – 156,600 dwt), Cap Port Arthur (2018 - 156,600 dwt) and the Cap Corpus Christi (2018 - 156,600 dwt) respectively. These were the 4 vessels under construction as at December 31, 2017 from Hyundai Heavy Industries. On June 29, 2018, Euronav 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 . In 2018, the Finesse, Nautic, Noble, Hojo, Cap Felix, Newton and Cap Leon have been dry-docked. The cost of planned repairs and maintenance is capitalized and included under the heading acquisitions and is depreciated over their estimated useful life ( 2.5 - 5 years). Disposal of assets – Gains/losses (in thousands of USD) Sale price Book Value Gain Deferred Gain Loss Famenne - Sale 38,016 24,195 13,821 — — Nautilus - Sale 43,250 32,208 11,042 (500 ) — Navarin - Sale 47,250 36,739 10,511 (1,500 ) — Neptun - Sale 47,250 37,534 9,716 (1,500 ) — Nucleus - Sale 47,250 36,974 10,276 (1,500 ) — Other 38 9 31 — (2 ) At December 31, 2016 223,054 167,659 55,397 (5,000 ) (2 ) Sale price Book Value Gain Deferred Gain Loss TI Topaz - Sale 20,790 41,817 — — (21,027 ) Flandre - Sale 45,000 24,693 20,307 — — Cap Georges - Sale 9,310 801 8,509 — — Artois - Sale 21,780 14,077 7,703 — — Other 29 9 20 — — At December 31, 2017 96,909 81,398 36,538 — (21,027 ) Sale price Book Value Gain Deferred Gain Loss Cap Jean - Sale 10,175 — 10,175 — — Cap Romuald - Sale 10,282 1,319 8,963 — — Gener8 Companion - Sale 6,305 6,495 — — (190 ) Other — — — — (83 ) At December 31, 2018 26,762 7,814 19,138 — (273 ) 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 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. On June 25, 2018, the Group sold the Suezmax Cap Romuald (1998 - 146,643 dwt) for a net sale price of USD 10.3 million . The Company recorded a gain of USD 9.0 million on the sale upon delivery to its new owner on August 22, 2018. On November 1, 2018, the Group sold the LR1 Companion (2004 - 72,749 dwt) for USD 6.3 million . The vessel came as part of the Gener8 transaction and was a non-core asset. The Company recorded a loss of USD 0.2 million on the sale upon delivery to its new owner on November 29, 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: - Weighted average of past and ongoing shipping cycles and for the weighting factors applied, including management judgement for the ongoing cycle, is used as forecast charter rates - Weighted Average Cost of Capital ("WACC") of 7.70% ( 2017 : 9.70% and 2016 : 6.43% ) - 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 the past, the Group used a fixed cut of 10 years to define a shipping cycle. As management is assessing continuously the resilience of its projections to the business cycles that can be observed in the tankers market, it concluded that a business cycle approach provided a better long-term view of the dynamics at play in the industry. By defining a shipping cycle from peak to peak over the last 20 years and including management's expectation of the completion of the current cycle, management is better able to capture the full length of a business cycle while also giving more weight to recent and current market experience. The current cycle is forecasted based on management judgement, analyst reports and past experience. The impairment test did not result in a requirement to record an impairment loss in 2018 . With an increase of the WACC of 300 bps to 10.70% , the analysis would also indicate that the carrying amount of the vessels as of December 31, 2018 is not impaired. This weighting and forecasting of the ongoing cycle is based on management judgement, but none of the full cycles, with or without management forecasting of the ongoing cycle or the sole use of the ongoing cycle would lead to an impairment. When using 10 -year historical charter rates in this impairment analysis, the impairment analysis indicates that an impairment is required for the tanker fleet of USD 47.9 million (2017 and 2016: no impairment). When using 5 -year historical charter rates in this impairment analysis, the impairment analysis indicates that no impairment is required for the tanker fleet ( 2017 : 5.7 million impairment and 2016 : no impairment), and when using 1 -year historical charter rates in this impairment analysis, the impairment analysis indicates that an impairment is required for the tanker fleet of USD 92.7 million ( 2017 : USD 427.3 million and 2016 : no impairment). FSO In the context of the valuation of the Group's investments in the respective joint ventures, the Group also performed an impairment test on the FSO vessels owned by TI Asia Ltd and TI Africa Ltd. For FSOs the impairment assessment has been based on a value in use calculation to estimate the recoverable amount from the vessel. This method is chosen as there is no efficient market for transactions of FSO vessels as each vessel is often purposely built for specific circumstances. In assessing value in use, the following assumptions were used: - Weighted Average Cost of Capital ('WACC') of 7.70% ( 2017 : 9.70% and 2016 : 6.43% ) - 25 year useful life with residual value equal to zero This assessment did not result in a requirement to record an impairment loss in 2018 . Even with an increase of the WACC of 300 bps, there was no need to record an impairment loss in 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 as well as management's best estimate of daily rates for future unfixed periods. The FSO Asia and the FSO Africa were on a timecharter contract to Maersk Oil Qatar until July 22, 2017 and September 22, 2017, respectively. On May 14, 2017, the joint ventures between the Group and International Seaways, signed a contract for five years for the FSO Africa and FSO Asia in direct continuation of the current contractual service. The contract was signed with North Oil Company, the new operator of the Al-Shaheen oil field, whose shareholders are Qatar Petroleum Oil & gas Limited and Total E&P Golfe Limited. Security All tankers financed are subject to a mortgage to secure bank loans (see Note 15). Vessels on order or under construction The group has no vessels under construction as at December 31, 2018 . As at December 31, 2017 the Group had four vessels under construction for an aggregate amount of USD 63.7 million ( 2016 : USD 86.1 million). The amounts presented within "Vessels under construction" related to the four Ice Class Suezmax vessels from Hyundai Heavy Industries. These vessels were delivered during 2018. Capital commitment As at December 31, 2018 the Group had no capital commitments. As at December 31, 2017 the Group's total capital commitment amounted to 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 December 31, 2018 payments scheduled for TOTAL 2019 2020 2021 Commitments in respect of VLCCs — — — — Commitments in respect of Suezmaxes — — — — Commitments in respect of FSOs — — — — Total — — — —

Deferred tax assets and liabili

Deferred tax assets and liabilities	12 Months Ended
	Dec. 31, 2018
Income Taxes [Abstract]
Deferred tax assets and liabilities	Income tax benefit (expense) (in thousands of USD) 2018 2017 2016 Current tax Current period (37 ) (85 ) 60 Total current tax (37 ) (85 ) 60 Deferred tax Recognition of unused tax losses/(use of tax losses) (195 ) 1,473 220 Other (6 ) (30 ) (106 ) Total deferred tax (201 ) 1,443 114 Total tax benefit/(expense) (238 ) 1,358 174 Reconciliation of effective tax 2018 2017 2016 Profit (loss) before tax (109,832 ) 25 203,875 Tax at domestic rate (29.58 )% 32,488 (33.99 )% (8 ) (33.99 )% (69,297 ) Effects on tax of : Tax exempt profit / loss (50 ) 499 (8,090 ) Tax adjustments for previous years 9 10 70 Loss for which no DTA (*) has been recognized (1,037 ) — — Use of previously unrecognized tax losses — 7,146 1,118 Non-deductible expenses (962 ) (710 ) (1,718 ) Tonnage Tax regime (33,602 ) (13,918 ) 64,637 Effect of share of profit of equity-accounted investees 4,690 10,175 13,761 Effects of tax regimes in foreign jurisdictions (1,774 ) (1,836 ) (307 ) Total taxes 0.22 % (238 ) 5,430.01 % 1,358 0.09 % 174 In application of an IFRIC agenda decision on 'IAS 12 Income taxes', tonnage tax is not accounted for as income taxes in accordance with IAS 12 and is not presented as part of income tax expense in the consolidated statement of profit or loss but has been shown as an administrative expense under the heading General and administrative expenses. The amount paid for tonnage tax in the year ended December 31, 2018 was USD 4.4 million (see Note 5). * Deferred Tax Asset Deferred tax assets and liabilities Recognized deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: (in thousands of USD) ASSETS LIABILITIES NET Provisions 1 — 1 Employee benefits 44 — 44 Unused tax losses & tax credits 2,442 — 2,442 2,487 — 2,487 Offset — — Balance at December 31, 2017 2,487 — Employee benefits 37 — 37 Unused tax losses & tax credits 2,218 — 2,218 2,255 — 2,255 Offset — — Balance at December 31, 2018 2,255 — Unrecognized deferred tax assets and liabilities Deferred tax assets and liabilities have not been recognized in respect of the following items: (in thousands of USD) December 31, 2018 December 31, 2017 ASSETS LIABILITIES ASSETS LIABILITIES Deductible temporary differences 274 — 357 — Taxable temporary differences 8 (12,162 ) 7 (14,231 ) Tax losses & tax credits 86,568 — 89,528 — 86,850 (12,162 ) 89,892 (14,231 ) Offset (12,162 ) 12,162 (14,231 ) 14,231 Total 74,688 — 75,661 — The unrecognized deferred tax assets in respect of tax losses and tax credits relates to tax losses carried forward, investment deduction allowances and excess dividend received deduction. Tax losses and tax credits have no expiration date. A deferred tax asset ('DTA') is recognized for unused tax losses and tax credits carried forward, to the extent that it is probable that future taxable profits will be available. The Group considers future taxable profits as probable when it is more likely than not that taxable profits will be generated in the foreseeable future. When determining whether probable future taxable profits are available the probability threshold is applied to portions of the total amount of unused tax losses or tax credits, rather than the entire amount. Given the nature of the tonnage tax regime, the Group has a substantial amount of unused tax losses and tax credits for which no future taxable profits are probable and therefore no DTA has been recognized. No deferred tax liabilities have been recognized for temporary differences related to vessels for which the Group expects that the reversal of these differences will not have a tax effect. In December 2017, changes to the Belgian corporate income tax rate were enacted, lowering the rate to 29.58% as from 2018 and to 25% from 2020. These changes have been reflected in the calculation of the amounts of deferred tax assets and liabilities in respect of Belgian Group entities as at December 31, 2018 and December 31, 2017. Movement in deferred tax balances during the year (in thousands of USD) Balance at Jan 1, 2016 Recognized in income Recognized in equity Translation differences Balance at Dec 31, 2016 Provisions 169 (121 ) — (17 ) 31 Employee benefits 23 15 — (1 ) 37 Unused tax losses & tax credits 743 220 — (67 ) 896 Total 935 114 — (85 ) 964 Balance at Jan 1, 2017 Recognized in income Recognized in equity Translation differences Balance at Dec 31, 2017 Provisions 31 (32 ) — 2 1 Employee benefits 37 2 — 5 44 Unused tax losses & tax credits 896 1,473 — 73 2,442 Total 964 1,443 — 80 2,487 Balance at Jan 1, 2018 Recognized in income Recognized in equity Translation differences Balance at Dec 31, 2018 Provisions 1 (1 ) — — — Employee benefits 44 (5 ) — (2 ) 37 Unused tax losses & tax credits 2,442 (195 ) — (29 ) 2,218 Total 2,487 (201 ) — (31 ) 2,255

Non-current receivables

Non-current receivables	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Non-current receivables	Non-current receivables (in thousands of USD) December 31, 2018 December 31, 2017 Shareholders loans to joint ventures 28,665 159,733 Derivatives 7,930 — Other non-current receivables 2,062 618 Investment 1 1 Total non-current receivables 38,658 160,352 The shareholders loans to joint ventures as of December 31, 2018 and December 31, 2017 did not bear interest. Please refer to Note 25 for more information on the shareholders loans to joint ventures. The derivatives relates to the fair market value of the Interest Rate Swaps, acquired through the acquisition of Gener8 Maritime Inc. and two forward cap contracts which were entered into 2018 (see Note 13). The increase in other non-current receivables relates to an increase of cash guarantees and deposits, acquired in the merger with Gener8 Maritime Inc. The maturity date of the non-current receivables is as follows: (in thousands of USD) December 31, 2018 December 31, 2017 Receivable: Within two years 7,206 — Between two and three years — — Between three and four years 725 — Between four and five years 541 — More than five years 30,186 160,352 Total non-current receivables 38,658 160,352 Because the shareholders loans are perpetual non-amortizing loans, these non-current receivables are presented as maturing after 5 years. Trade and other receivables - current (in thousands of USD) December 31, 2018 December 31, 2017 Trade receivables 64,923 32,758 Accrued income 17,765 12,465 Accrued interest 750 52 Deferred charges 39,734 24,797 Deferred fulfillment costs 2,140 — Other receivables 180,414 66,725 Total trade and other receivables 305,726 136,797 The increase in trade receivables mainly relates to the merger with Gener8 Maritime Inc. and due to the increase in market freight rates compared to prior year-end. The increase in accrued income and deferred charges relates to a higher number of vessels on the spot market, primarily as a result of the merger with Gener8 Maritime Inc. Fulfillment costs represent primarily bunker costs incurred between the date on which the contract of a spot voyage charter was concluded and the next load port. These expenses are deferred according to IFRS 15 Revenue from Contracts with Customers and are amortized on a systematic basis consistent with the pattern of transfer of service. The increase in other receivables relates to income to be received by the Group from the Tankers International Pool. These amounts increased in 2018 due to a higher number of vessels in the Pool as a result of the merger with Gener8 Maritime Inc. and improving freight market conditions at the end of 2018. For currency and credit risk, we refer to Note 18.

Trade and other receivables - c

Trade and other receivables - current	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Trade and other receivables - current	Non-current receivables (in thousands of USD) December 31, 2018 December 31, 2017 Shareholders loans to joint ventures 28,665 159,733 Derivatives 7,930 — Other non-current receivables 2,062 618 Investment 1 1 Total non-current receivables 38,658 160,352 The shareholders loans to joint ventures as of December 31, 2018 and December 31, 2017 did not bear interest. Please refer to Note 25 for more information on the shareholders loans to joint ventures. The derivatives relates to the fair market value of the Interest Rate Swaps, acquired through the acquisition of Gener8 Maritime Inc. and two forward cap contracts which were entered into 2018 (see Note 13). The increase in other non-current receivables relates to an increase of cash guarantees and deposits, acquired in the merger with Gener8 Maritime Inc. The maturity date of the non-current receivables is as follows: (in thousands of USD) December 31, 2018 December 31, 2017 Receivable: Within two years 7,206 — Between two and three years — — Between three and four years 725 — Between four and five years 541 — More than five years 30,186 160,352 Total non-current receivables 38,658 160,352 Because the shareholders loans are perpetual non-amortizing loans, these non-current receivables are presented as maturing after 5 years. Trade and other receivables - current (in thousands of USD) December 31, 2018 December 31, 2017 Trade receivables 64,923 32,758 Accrued income 17,765 12,465 Accrued interest 750 52 Deferred charges 39,734 24,797 Deferred fulfillment costs 2,140 — Other receivables 180,414 66,725 Total trade and other receivables 305,726 136,797 The increase in trade receivables mainly relates to the merger with Gener8 Maritime Inc. and due to the increase in market freight rates compared to prior year-end. The increase in accrued income and deferred charges relates to a higher number of vessels on the spot market, primarily as a result of the merger with Gener8 Maritime Inc. Fulfillment costs represent primarily bunker costs incurred between the date on which the contract of a spot voyage charter was concluded and the next load port. These expenses are deferred according to IFRS 15 Revenue from Contracts with Customers and are amortized on a systematic basis consistent with the pattern of transfer of service. The increase in other receivables relates to income to be received by the Group from the Tankers International Pool. These amounts increased in 2018 due to a higher number of vessels in the Pool as a result of the merger with Gener8 Maritime Inc. and improving freight market conditions at the end of 2018. For currency and credit risk, we refer to Note 18.

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Cash and cash equivalents	Cash and cash equivalents (in thousands of USD) December 31, 2018 December 31, 2017 Bank deposits 62,500 102,200 Cash at bank and in hand 110,633 41,448 TOTAL 173,133 143,648 Of which restricted cash 79 115 NET CASH AND CASH EQUIVALENTS 173,133 143,648 The bank deposits as at December 31, 2018 had an average maturity of 6 days ( 2017 : 16 days).

Equity

Equity	12 Months Ended
	Dec. 31, 2018
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract]
Equity	Equity Number of shares issued (in shares) December 31, 2018 December 31, 2017 December 31, 2016 On issue at 1 January 159,208,949 159,208,949 159,208,949 Issued in business combination 60,815,764 — — On issue at 31 December - fully paid 220,024,713 159,208,949 159,208,949 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 24) increasing the number of shares issued to 220,024,713 shares (see Note 14). This resulted in an increase of USD 66.1 million in share capital and USD 487.3 million share premium. As at December 31, 2018 , the share capital is represented by 220,024,713 shares. The shares have no nominal value. As at December 31, 2018 , the authorized share capital not issued amounts to USD 83,898,616 ( 2017 and 2016: USD 150,000,000 ) or the equivalent of 77,189,888 shares ( 2017 and 2016 : 138,005,652 shares). The holders of ordinary shares are entitled to receive dividends when declared and are entitled to one vote per share at the shareholders' meetings of the Group. 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 15), entered on June 29, 2018 in several Interest Rate Swaps (IRSs) for a combined notional value of USD 208.8 million (Euronav’s share amounts to 50% ). These IRSs are 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 between three and 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 December 31, 2018 amounted to USD (0.9) million (100%), which was entirely reflected in OCI at the level of the JV companies (Note 25). The Group, through the acquisition of Gener8 Maritime Inc. on June 12, 2018, acquired several IRSs for a combined notional value of USD 668.0 million . These IRSs are 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 between one and two years matching the repayment profile of that facility and mature in September 2020. The fair value of these instruments at December 31, 2018 amounted to USD 7.2 million and USD (1.2) million has been recognized in OCI. The Group, through the long term charter parties with Valero for two Suezmaxes (Cap Quebec and Cap Pembroke), entered on March 28, 2018 and April 20, 2018, in two IRSs for a combined notional value of USD 86.8 million . These IRSs are 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 the same duration as the long term charter parties matching the repayment profile of the underlying USD 173.6 million facility and mature on March 28, 2025. The fair value of these instruments at December 31, 2018 amounted to USD (1) million (see Note 17) and USD (1) million has been recognized in OCI. The Group entered on December 7, 2018 into two forward cap contracts (CAPs) with a strike at 3.25% starting on October 1, 2020, to hedge against future increase of interest rates with a notional value of USD 200.0 million 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 CAPs have a maturity date at October 3, 2022. The fair value of these instruments at December 31, 2018 amounted to USD 0.7 million (see Note 10) and USD (0.5) million has been recognized in OCI. Treasury shares As of December 31, 2018 Euronav owned 1,237,901 of its own shares, compared to 1,042,415 of shares owned on December 31, 2017 . In the twelve months period ended December 31, 2018 , Euronav bought back 545,486 shares at an aggregate cost of USD 4.0 million and delivered 350,000 shares upon the exercise of share options. These 350,000 treasury shares had an aggregate weighted average cost of USD 5.4 million and Euronav recognized a loss of USD 3.1 million in retained earnings upon the delivery of these treasury shares to the share option holders. The total net proceeds amounted to USD 2.3 million. 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. During its meeting of August 8, 2018, the Board of Directors of Euronav approved an interim dividend for the first semester 2018 of USD 0.06 per share. The interim dividend of USD 0.06 per share was payable as from October 8, 2018. The interim dividend to holders of Euronext shares was paid in EUR at the USD/EUR exchange rate of the record date. On March 19, 2019, the Board of Directors decided to propose to the Annual Shareholders' meeting to be held on May 9, 2018, to approve a full year dividend of USD 0.12 per share. Taking into account the interim dividend approved in August 2018 in the amount of USD 0.06 per share, the expected dividend payable after the AGM should be USD 0.06 per share. The total amount of dividends paid in 2018 was USD 22.6 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 December 2018, the holders exercised the remaining 350,000 options and a corresponding number of treasury shares were sold. The key terms and conditions did not change after December 31, 2013. The compensation expense related to this share option program was recognized in prior periods and therefore, this program did not have any impact on the consolidated statement of profit or loss for 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. This has been converted into a cash-settled incentive plan in the course of 2018. As of December 31, 2018 , all the stock options remained outstanding but all remaining RSUs were exercised 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 during 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 is eligible to receive phantom stock unit grants. Each phantom stock unit grants the holder a conditional right to receive an amount of cash equal to the fair market value of one share of the company on the settlement date. The phantom stock units will mature one-third each year on the second, third and fourth anniversary of the award. In total a number of 54,616 phantom stocks were granted on February 2, 2016 and one-third was vested on the second anniversary. As of December 31, 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 income recognized in the consolidated statement of profit or loss during 2018 was USD 0.2 million . Long term incentive plan 2017 The Group's Board of Directors implemented in 2017 an additional long term incentive plan for key management personnel. Under the terms of this LTIP, key management personnel are eligible to receive phantom stock unit grants. Each phantom stock unit grants the holder a conditional right to receive an amount of cash equal to the fair market value of one share of the company on the settlement date. The phantom stock units will mature one-third each year on the second, third and fourth anniversary of the award. In total a number of 66,449 phantom stock units were granted on February 9, 2017 and all remain outstanding as of December 31, 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 during 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 December 31, 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 during 2018 was USD 0.5 million.

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2018
Earnings per share [abstract]
Earnings per share	Earnings per share Basic earnings per share The calculation of basic earnings per share at December 31, 2018 was based on a result attributable to ordinary shares of USD (110,069,928) ( December 31, 2017 : USD 1,382,530 and December 31, 2016 : USD 204,049,212 ) and a weighted average number of ordinary shares outstanding during the period ended December 31, 2018 of 191,994,398 ( December 31, 2017 : 158,166,534 and December 31, 2016 : 158,262,268 ), calculated as follows: Result attributable to ordinary shares (in thousands of USD except share and per share information) 2018 2017 2016 Result for the period (110,070 ) 1,383 204,049 Weighted average number of ordinary shares 191,994,398 158,166,534 158,262,268 Basic earnings per share (in USD) (0.57 ) 0.01 1.29 Weighted average number of ordinary shares (in shares) Shares issued Treasury shares Shares outstanding Weighted number of shares On issue at January 1, 2016 159,208,949 466,667 158,742,282 158,742,282 Issuance of shares — — — — Purchases of treasury shares — 692,415 (692,415 ) (575,005 ) Withdrawal of treasury shares — — — — Sales of treasury shares — (116,667 ) 116,667 94,991 On issue at December 31, 2016 159,208,949 1,042,415 158,166,534 158,262,268 On issue at January 1, 2017 159,208,949 1,042,415 158,166,534 158,166,534 Issuance of shares — — — — Purchases of treasury shares — — — — Withdrawal of treasury shares — — — — Sales of treasury shares — — — — On issue at December 31, 2017 159,208,949 1,042,415 158,166,534 158,166,534 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 33,823,562 Purchases of treasury shares — 545,486 (545,486 ) (13,917 ) Withdrawal of treasury shares — — — — Sales of treasury shares — (350,000 ) 350,000 18,219 On issue at December 31, 2018 220,024,713 1,237,901 218,786,812 191,994,398 Diluted earnings per share For the twelve months ended December 31, 2018 , the diluted earnings per share (in USD) amount to (0.57) ( 2017 : 0.01 and 2016 : 1.29 ). At December 31, 2018 and December 31, 2017 , 236,590 options issued under the LTIP 2015 were excluded from the calculation of the diluted weighted average number of shares because their effect would have been anti-dilutive. Weighted average number of ordinary shares (diluted) The table below shows the potential weighted number of shares that could be created if all stock options, restricted stock units, convertible notes and PCPs were to be converted into ordinary shares. (in shares) 2018 2017 2016 Weighted average of ordinary shares outstanding (basic) 191,994,398 158,166,534 158,262,268 Effect of Share-based Payment arrangements — 130,523 166,789 Weighted average number of ordinary shares (diluted) 191,994,398 158,297,057 158,429,057 There are no more remaining outstanding instruments at December 31, 2018 and December 31, 2017 which can give rise to dilution, except for the Euronav stock options of LTIP 2015.

Interest-bearing loans and borr

Interest-bearing loans and borrowings	12 Months Ended
	Dec. 31, 2018
Financial Instruments [Abstract]
Interest-bearing loans and borrowings	Interest-bearing loans and borrowings (in thousands of USD) Bank loans Other notes Total More than 5 years 330,491 — 330,491 Between 1 and 5 years 635,952 — 635,952 More than 1 year 966,443 — 966,443 Less than 1 year 119,119 — 119,119 At January 1, 2017 1,085,562 — 1,085,562 New loans 326,014 150,000 476,014 Scheduled repayments (43,743 ) — (43,743 ) Early repayments (667,250 ) — (667,250 ) Other changes 508 (2,381 ) (1,873 ) Balance at December 31, 2017 701,091 147,619 848,710 More than 5 years 157,180 — 157,180 Between 1 and 5 years 496,550 147,619 644,169 More than 1 year 653,730 147,619 801,349 Less than 1 year 47,361 — 47,361 Balance at December 31, 2017 701,091 147,619 848,710 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 973,550 — 973,550 Scheduled repayments (84,493 ) — (84,493 ) Early repayments (Note 24) (825,691 ) (205,710 ) (1,031,401 ) Acquisitions through business combinations (Note 24) 1,106,736 205,710 1,312,446 Other changes (Note 24) (311,191 ) 547 (310,644 ) Balance at December 31, 2018 1,560,002 148,166 1,708,168 More than 5 years 433,662 — 433,662 Between 1 and 5 years 987,803 148,166 1,135,969 More than 1 year 1,421,465 148,166 1,569,631 Less than 1 year 138,537 — 138,537 Balance at December 31, 2018 1,560,002 148,166 1,708,168 The amounts shown under "New Loans" and "Early Repayments" include drawdowns and repayments under revolving credit facilities during the year. Bank Loans On October 13, 2014, the Group entered into a USD 340.0 million senior secured credit facility with a syndicate of banks. Borrowings under this facility have been used to partially finance the acquisition of the four ( 4 ) modern Japanese built VLCC vessels ('the VLCC Acquisition Vessels') from Maersk Tankers Singapore Pte Ltd and to repay USD 153.1 million of outstanding debt and retire the Group's USD 300.0 million Secured Loan Facility dated April 3, 2009. This facility is comprised of (i) a USD 148.0 million non-amortizing revolving credit facility and (ii) a USD 192.0 million term loan facility. This facility has a term of 7 years and bears interest at LIBOR plus a margin of 2.25% per annum. This credit facility is secured by eight of our wholly-owned vessels, the Fraternity, Felicity, Cap Felix, Cap Theodora, Hojo, Hakone, Hirado and Hakata. On October 22, 2014 a first drawdown under this facility was made to repay a former USD 300 million secured loan facility, followed by additional drawdowns on December 22, 2014 and December 23, 2014 for an amount of 60.3 million and 50.3 million following the delivery of the Hojo and Hakone respectively. On March 3, 2015 and April 13, 2015 additional drawdowns of 53.4 million and 50.4 million were made following the delivery of the Hirado and Hakata respectively. As of December 31, 2018 and December 31, 2017 , the outstanding balances on this facility were USD 184.8 million and USD 111.7 million, respectively. On August 19, 2015, the Group entered into a USD 750.0 million senior secured amortizing revolving credit facility with a syndicate of banks. The facility is available for the purpose of (i) refinancing 21 vessels; (ii) financing four newbuilding VLCCs vessels as well as (iii) Euronav's general corporate and working capital purposes. The credit facility will mature on 1 July 2022 and carries a rate of LIBOR plus a margin of 195 bps. As of December 31, 2018 and December 31, 2017 , the outstanding balances under this facility were USD 165.0 million and USD 330.0 million , respectively. This facility is currently secured by 17 of our wholly-owned vessels. On November 9, 2015, the Group entered into a USD 60.0 million unsecured revolving credit facility which will mature on November 9, 2020 carrying a rate of LIBOR plus a margin of 2.25% . As of December 31, 2018 and December 31, 2017 , there were no outstanding balances under this facility. On June 2, 2016, the Group entered into a share swap and claim transfer agreement (see Note 24) whereby as of that date, Fiorano Shipholding Ltd. and Larvotto Shipholding Ltd. were fully consolidated and all assets acquired and liabilities assumed were recognized. Their respective loans were related to, and were secured by, the vessels owned by Fiorano and Larvotto at the date of the aforementioned transaction. As of December 31, 2018 and December 31, 2017 , the outstanding balances on these facilities were USD 0.0 million and 48.7 million, respectively. Both loan facilities were repaid in full on September 25, 2018 and December 11, 2018, respectively. On December 16, 2016, the Group entered into a USD 409.5 million senior secured amortizing revolving credit facility for the purpose of refinancing 11 vessels as well as Euronav's general corporate purposes. The credit facility was used to refinance the USD 500 million senior secured credit facility dated March 25, 2014 and will mature on January 31, 2023 carrying a rate of LIBOR plus a margin of 2.25% . As of December 31, 2018 and December 31, 2017 , the outstanding balances on this facility were USD 150 million and 118.0 million, respectively. The credit facility is secured by the aforementioned 11 vessels. On January 30, 2017, the Group signed a loan agreement for a nominal amount of USD 110.0 million with the purpose of financing the Ardeche and the Aquitaine, as mentioned in Note 8. On April 25, 2017, following a successful syndication, the loan was replaced with a new Korean Export Credit facility for a nominal amount of USD 108.5 million with Korea Trade Insurance Corporation or “K-sure” as insurer. The new facility is comprised of (i) a USD 27.1 million commercial tranche, which bears interest at LIBOR plus a margin of 1.95% per annum and (ii) a USD 81.4 million tranche insured by K-sure which bears interest at LIBOR plus a margin of 1.50% per annum. The facility is repayable over a term of 12 years, in 24 installments at successive six month intervals, each in the amount of USD 3.6 million together with a balloon installment of USD 21.7 million payable with the 24th installment on January 12, 2029. The K-sure insurance premium and other related transaction costs for a total amount of USD 3.2 million are amortized over the lifetime of the instrument using the effective interest rate method. As of December 31, 2018 and December 31, 2017, the outstanding balances on this facility were USD 97.7 million and USD 104.9 million, respectively in aggregate. This facility is secured by the VLCCs the Ardeche and the Aquitaine. The facility agreement also contains a provision that entitles the lenders to require us to prepay to the lenders, on January 12, 2024, with 180 days’ notice, their respective portion of any advances granted to us under the facility. The facility agreement also contains provisions that allow the remaining lenders to assume an outgoing lender’s respective portion(s) of the advances made to us or to allow us to suggest a replacement lender to assume the respective portion of such advances. On March 22, 2018, the Group 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 was to finance up to 70 per cent of the aggregate contract price of the four Ice Class Suezmax vessels that have been delivered over the course of 2018. The new facility was 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 24 th and last installment on August 24, 2030. The ECA tranche is repayable by 24 consecutive semi-annual installments, each in the amount of USD 1.1 million per vessel and last installment on August 24, 2030. 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. As of December 31, 2018 the outstanding balance on this facility was USD 170.2 million in aggregate. 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 vessel at that time is not satisfactory to the lenders. As a result of the business combination on June 12, 2018, Euronav assumed the USD 633.0 million senior secured loan facility from Gener8 Maritime Inc. This facility provided for term loans up to the aggregate approximate amount of USD 963.7 million , which is comprised of a tranche of term loans to be made available by a syndicate of commercial lenders up to the aggregate approximate amount of USD 282.0 million (the “Commercial Tranche”), a tranche of term loans to be fully guaranteed by the Export-Import Bank of Korea (“KEXIM”) up to the aggregate approximate amount of up to USD 139.7 million (the “KEXIM Guaranteed Tranche”), a tranche of term loans to be made available by KEXIM up to the aggregate approximate amount of USD 197.4 million (the “KEXIM Funded Tranche”) and a tranche of term loans insured by Korea Trade Insurance Corporation (“K-Sure”) up to the aggregate approximate amount of USD 344.6 million (the “K-Sure Tranche”). The Commercial Tranche with a final maturity on September 28, 2022, bears interest at LIBOR plus a margin of 2.75% per annum and is reduced in 10 remaining installments of consecutive three -month interval and a balloon repayment at maturity in 2022. The KEXIM Guaranteed Tranche, with a final maturity on February 28, 2029, bears interest at LIBOR plus a margin of 1.50% per annum and is reduced in 39 remaining installments of consecutive three -month interval. The KEXIM Funded Tranche, with a final maturity on February 28, 2029, bears interest at LIBOR plus a margin of 2.60% per annum and is reduced in 39 remaining installments of consecutive three -month interval. The K-Sure Tranche, with a final maturity on February 28, 2029, bears interest at LIBOR plus a margin of 1.70% per annum and is reduced in 39 remaining installments of consecutive three -month interval. This facility is secured by 13 of our wholly-owned vessels. As of December 31, 2018 , the outstanding balance on this facility was USD 604.8 million in aggregate. As a result of the business combination on June 12, 2018, Euronav assumed the USD 581.0 million senior secured loan facility from Gener8 Maritime Inc. This facility with a final maturity on September 3, 2020 bears interest at LIBOR plus a margin of 3.75% per annum and was reduced in 9 remaining installments of consecutive six -month interval and a final USD 77.4 million repayment is due at maturity in 2020. This facility was secured by 10 of our wholly-owned vessels and a pledge of certain of our and Gener8 Maritime Sub II vessel owning subsidiaries’ respective bank accounts. On September 17, 2018, the Group repaid this facility in full (USD - 139.7 million ) using a portion of the borrowings under the new USD 200.0 million senior secured credit facility. On September 7, 2018, the Group signed a senior secured credit facility for an amount of USD 200.0 million . The Group used the proceeds of this facility to refinance all remaining indebtedness under the USD 581.0 million senior secured loan facility, the USD 67.5 million secured loan facility (Larvotto), and the USD 76.0 million secured loan facility (Fiorano). This facility is secured by 9 of our wholly-owned vessels. This revolving credit facility is reduced in 12 installments of consecutive six-month interval and a final USD 55.0 million repayment is due at maturity in 2025. This facility bears interest at LIBOR plus a margin of 2.0% per annum plus applicable mandatory costs. As of December 31, 2018 , the outstanding balance on this facility was USD 200.0 million . Undrawn borrowing facilities At December 31, 2018 , Euronav and its fully-owned subsidiaries have undrawn credit line facilities amounting to USD 498.9 million committed for at least one year ( 2017 : USD 607.4 million). Terms and debt repayment schedule The terms and conditions of outstanding loans were as follows: (in thousands of USD) December 31, 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 79,762 79,762 78,746 111,666 111,666 110,156 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 395,289 165,000 162,002 485,017 330,000 325,519 Secured vessels Revolving loan 409.5M* USD libor +2.25% 2023 316,060 150,000 147,541 362,780 118,000 114,634 Secured vessels loan 76M USD libor +1.95% 2020 — — — 23,563 23,563 23,563 Secured vessels loan 67.5M USD libor +1.5% 2020 — — — 25,173 25,173 25,173 Secured vessels loan 27.1M USD libor +1.95% 2029 26,459 26,459 24,711 26,911 26,911 24,876 Secured vessels loan 81.4M USD libor +1.50% 2029 71,236 71,236 70,507 78,020 78,020 77,171 Secured vessels loan 69.4M USD libor + 2.0% 2030 68,263 68,263 68,263 — — — Secured vessels loan 104.2M USD libor +2.0% 2030 101,961 101,961 100,490 — — — Secured vessels loan 89.7M USD libor +1.5% 2029 85,295 85,295 85,295 — — — Secured vessels loan 221.4M USD libor +1.7% 2029 210,459 210,459 210,459 — — — Secured vessels loan 126.8M USD libor +2.6% 2029 120,553 120,553 120,553 — — — Secured vessels loan 195.7M USD libor +2.75% 2022 188,481 188,481 188,481 — — — Secured vessels Revolving loan 200.0M* USD libor +2.0% 2025 200,000 200,000 197,955 — — — Unsecured bank facility 60M USD libor +2.25% 2020 60,000 — — 60,000 — — Total interest-bearing bank loans 2,071,375 1,572,467 1,560,002 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 loan Facilities depends on the total value of the fleet of tankers securing the facility. Other notes (in thousands of USD) December 31, 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 150,000 150,000 148,166 150,000 150,000 147,619 Total other notes 150,000 150,000 148,166 150,000 150,000 147,619 On May 31, 2017, the Group successfully completed a new senior unsecured bond issue of USD 150.0 million with a fixed coupon of 7.50% and maturity in May 2022. The net proceeds from the bond issue are being used for general corporate purposes. The related transaction costs for a total of USD 2.7 million are amortized over the lifetime of the instrument using the effective interest rate method. Since October 23, 2017, these unsecured bonds are listed on the Oslo stock exchange. Other borrowings On June 6, 2017, the Group signed an agreement with BNP to act as dealer for a Treasury Notes Program with a maximum outstanding amount of 50 million Euro. On October 1, 2018, KBC has been appointed as an additional dealer in the agreement and the maximum amount has been increased from 50 million Euro to 150 million Euro. As of December 31, 2018, the outstanding amount was USD 60.3 million or 52.7 million Euro (December 31, 2017: USD 50.0 million or 41.7 million Euro). The Treasury Notes are issued on an as needed basis with different durations not exceeding 1 year, and initial pricing is set to 60 bps over Euribor. The company enters into FX forward contracts to manage the currency risks related to these instruments issued in Euro compared to the USD Group functional currency. The FX contracts have the same nominal amount and duration as the issued Treasury Notes and they are measured at fair value with changes in fair value recognized in the consolidated statement of profit or loss. On December 31, 2018, the fair value of these forward contracts amounted to USD 0.5 million . The change in fair value of these derivatives was recorded in the consolidated statement of profit or loss. Transaction and other financial costs The heading 'Other changes' in the first table of this footnote reflects the sale of certain subsidiaries to International Seaways (see Note 24) and the recognition of directly attributable transaction costs as a deduction from the fair value of the corresponding liability, and the subsequent amortization of such costs. In 2018, the Group recognized USD 4.2 million of amortization of financing costs. The Group recognized USD 1.6 million of directly attributable transaction costs as a deduction from the fair value of the USD 173.6 million senior secured amortizing loan facility entered into March 22, 2018 and USD 2.2 million of directly attributable transaction costs as a deduction from the fair value of the USD 200.0 million senior secured amortizing loan facility entered into September 7, 2018. Interest expense on financial liabilities measured at amortized cost increased during the year ended December 31, 2018, compared to 2017 ( 2018 : USD - 68.0 million, 2017 : USD - 38.4 million). This increase was attributable to the interest on the senior unsecured bond of USD 150 million which was issued on May 31, 2017 and an increase in the average outstanding debt during the year as a result of the new credit facilities entered into 2018 and credit facilities in relation to the merger with Gener8 Maritime Inc. Other financial charges increased in 2018 compared to 2017 (2018: USD - 6.8 million , 2017: USD - 5.8 million ) which was primarily attributable to commitment fees paid for available credit lines. Reconciliation of movements of liabilities to cash flows arising from financing activities Liabilities Equity Loans and borrowings Other Notes Other borrowings Share capital / premium Reserves Treasury shares Retained earnings Total Balance at January 1, 2017 1,085,562 — — 1,388,273 120 (16,102 ) 515,665 2,973,518 Changes from financing cash flows Proceeds from issue of other notes (Note 15) — 150,000 — — — — — 150,000 Proceeds from loans and borrowings (Note 15) 326,014 — — — — — — 326,014 Proceeds from issue of other borrowings (Note 15) — — 50,010 — — — — 50,010 Transaction costs related to loans and borrowings (Note 15) (3,174 ) (2,700 ) — — — — — (5,874 ) Repayment of borrowings (Note 15) (710,993 ) — — — — — — (710,993 ) Dividend paid — — — — — — (44,133 ) (44,133 ) Total changes from financing cash flows (388,153 ) 147,300 50,010 — — — (44,133 ) (234,976 ) Other changes Liability-related Amortization of transaction costs (Note 15) 3,682 319 — — — — — 4,001 Total liability-related other changes 3,682 319 — — — — — 4,001 Total equity-related other changes — — — — 448 — 2,090 2,538 Balance at December 31, 2017 701,091 147,619 50,010 1,388,273 568 (16,102 ) 473,622 2,745,081 Liabilities Equity Loans and borrowings Other Notes Other borrowings Share capital / premium Reserves Treasury shares Retained earnings Total Restated balance at January 1, 2018 701,091 147,619 50,010 1,388,273 568 (16,102 ) 471,877 2,743,336 Changes from financing cash flows Proceeds from loans and borrowings (Note 15) 973,550 — — — — — — 973,550 Proceeds from issue of other borrowings (Note 15) — — 10,332 — — — — 10,332 Proceeds from sale of treasury shares (Note 13) — — — — — 5,406 (3,112 ) 2,294 Purchase treasury shares (Note 13) — — — — — (3,955 ) — (3,955 ) Transaction costs related to loans and borrowings (Note 15) (3,849 ) — — — — — — (3,849 ) Repayment of borrowings (Note 15) (910,184 ) (205,710 ) — — — — — (1,115,894 ) Dividend paid — — — — — — (22,643 ) (22,643 ) Total changes from financing cash flows 59,517 (205,710 ) 10,332 — — 1,451 (25,755 ) (160,165 ) Other changes Liability-related Acquisitions through business combinations (Note 24) 1,106,736 205,710 — — — — — 1,312,446 Sale of loans through disposal of subsidiaries (Note 24) (310,968 ) — — — — — — (310,968 ) Amortization of transaction costs (Note 15) 3,626 547 — — — — — 4,173 Total liability-related other changes 799,394 206,257 — — — — — 1,005,651 Total equity-related other changes — — — 553,424 (2,855 ) — (110,358 ) 440,211 Balance at December 31, 2018 1,560,002 148,166 60,342 1,941,697 (2,287 ) (14,651 ) 335,764 4,029,033

Employee benefits

Employee benefits	12 Months Ended
	Dec. 31, 2018
Employee Benefits [Abstract]
Employee benefits	Employee benefits The amounts recognized in the balance sheet are as follows: (in thousands of USD) December 31, 2018 December 31, 2017 December 31, 2016 NET LIABILITY AT BEGINNING OF PERIOD (3,984 ) (2,846 ) (2,038 ) Recognized in profit or loss (616 ) (827 ) (261 ) Recognized in other comprehensive income 120 64 (646 ) Foreign currency translation differences 144 (375 ) 99 NET LIABILITY AT END OF PERIOD (4,336 ) (3,984 ) (2,846 ) Present value of funded obligation (3,538 ) (3,537 ) (2,846 ) Fair value of plan assets 2,970 2,760 2,117 (568 ) (777 ) (729 ) Present value of unfunded obligations (3,768 ) (3,207 ) (2,117 ) NET LIABILITY (4,336 ) (3,984 ) (2,846 ) Amounts in the balance sheet: Liabilities (4,336 ) (3,984 ) (2,846 ) Assets — — — NET LIABILITY (4,336 ) (3,984 ) (2,846 ) Liability for defined benefit obligations The Group makes contributions to three defined benefit plans that provide pension benefits for employees upon retirement. One plan - the Belgian plan - is fully insured through an insurance company. The second and third - French and Greek plans - are uninsured and unfunded. The unfunded obligations include provisions in respect of LTIP 2016, LTIP 2017 and LTIP 2018 (see Note 13). The Group expects to contribute the following amount to its defined benefit pension plans in 2019 : USD 284,722 .

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Trade and other payables	Trade and other payables (in thousands of USD) December 31, 2018 December 31, 2017 Advances received on contracts in progress, between 1 and 5 years 402 539 Derivatives 1,049 — Total non-current other payables 1,451 539 Trade payables 16,266 19,274 Accrued expenses 42,524 22,518 Accrued payroll 5,595 3,596 Dividends payable 146 160 Accrued interest 10,833 1,762 Deferred income 7,754 10,020 Other payables 4,107 4,025 Total current trade and other payables 87,225 61,355 The derivatives relate to the interest rate swap derivatives in connection to the USD 173.6 million facility related to the two Suezmaxes Cap Quebec and Cap Pembroke . The increase in accrued expenses is mainly related to a higher proportion of vessels on the spot market and a higher number of bunkers already delivered in 2018 but not invoiced yet. The increase in accrued payroll is mainly due to the merger with Gener8 Maritime Inc. (see Note 24). The increase in accrued interest is related to the new credit facilities entered into 2018.

Financial instruments - Fair va

Financial instruments - Fair values and risk management	12 Months Ended
	Dec. 31, 2018
Financial Instruments [Abstract]
Financial instruments - Fair values and risk management	Financial instruments - Fair values and risk management The effect of initially applying IFRS 9 on the Group's financial instruments is described in Note 1. Due to the transition method chosen, comparative information has not been restated to reflect the new requirements. Accounting classifications 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 Fair value - Hedging instruments Financial assets at amortized cost Other financial liabilities Total Level 1 Level 2 Level 3 Total December 31, 2017 Financial assets measured at fair value Forward exchange contracts 467 — — 467 — 467 — 467 467 — — 467 Financial assets not measured at fair value Non-current receivables (Note 10) — 160,352 — 160,352 — — 128,427 128,427 Trade and other receivables * (Note 11) — 112,000 — 112,000 — — — — Cash and cash equivalents (Note 12) — 143,648 — 143,648 — — — — — 416,000 — 416,000 Financial liabilities not measured at fair value Secured bank loans (Note 15) — 701,091 701,091 — 706,056 — 706,056 Unsecured other notes (Note 15) — — 147,619 147,619 149,630 — — 149,630 Unsecured other borrowings (Note 15) — — 50,010 50,010 — — — — Trade and other payables * (Note 17) — 51,335 51,335 — — — — Advances received on contracts (Note 17) — 539 539 — — — — — 950,594 950,594 Carrying amount Fair value Fair value - Hedging instruments Financial assets at amortized cost Other financial liabilities Total Level 1 Level 2 Level 3 Total December 31, 2018 Financial assets measured at fair value Forward exchange contracts (Note 15) 484 — — 484 — 484 — 484 Interest rate swaps (Note 10) 7,205 — — 7,205 — 7,205 — 7,205 Forward cap contracts (Note 10) 725 — — 725 — 725 — 725 Non-current assets held for sale (Note 3) — 42,000 — 42,000 — 42,000 — 42,000 8,414 42,000 — 50,414 Financial assets not measured at fair value Non-current receivables (Note 10) — 30,728 — 30,728 — — 26,047 26,047 Trade and other receivables * (Note 11) — 263,186 — 263,186 — — — — Cash and cash equivalents (Note 12) — 173,133 — 173,133 — — — — — 467,047 — 467,047 Financial liabilities measured at fair value Interest rate swaps 1,049 — — 1,049 — 1,049 — 1,049 1,049 — — 1,049 Financial liabilities not measured at fair value Secured bank loans (Note 15) — — 1,560,002 1,560,002 — 1,575,196 — 1,575,196 Unsecured other notes (Note 15) — — 148,166 148,166 144,156 — — 144,156 Unsecured other borrowings (Note 15) — — 60,342 60,342 — — — — Trade and other payables * (Note 17) — — 79,442 79,442 — — — — Advances received on contracts (Note 17) — — 402 402 — — — — — — 1,848,354 1,848,354 * Deferred charges, deferred fulfillment costs and VAT receivables (included in other receivables) (see Note 11), deferred income and VAT payables (included in other payables) (see Note 17), which are not financial assets (liabilities) are not included. Measurement of fair values Valuation techniques and significant unobservable inputs Level 1 fair value was determined based on the actual trading of the unsecured notes, due in 2022, and the trading price on December 26, 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 Interest rate swaps Swap models: the fair value is calculated as the present value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates. Not applicable Forward cap contracts Fair values for both the derivative and the hypothetical derivative will be determined based on a software used to calculate the net present value of the expected cash flows using LIBOR rate curves, futures and basis spreads. Not applicable Non-current assets held for sale Sales price Not applicable Financial instruments not measured at fair value Type Valuation Techniques Significant unobservable inputs Non-current receivables (consisting primarily of shareholders' loans) Discounted cash flow Discount rate and forecasted cash flows Other financial liabilities (consisting of secured and unsecured bank loans) Discounted cash flow Discount rate Other financial notes (consisting of unsecured notes) Not applicable Not applicable Transfers between Level 1, 2 and 3 There were no transfers between these levels in 2017 and 2018 . Financial risk management In the course of its normal business, the Group is exposed to the following risks: • Credit risk • Liquidity risk • Market risk (Tanker market risk, interest rate risk and currency risk) The Company's Board of Directors has overall responsibility for the establishment and oversight of the Group's risk management framework. The Board of Directors has established the Audit and Risk Committee, which is responsible for developing and monitoring the Group's risk management policies. The Committee reports regularly to the Board of Directors on its activities. The Group's risk management policies are established to identify and analyze the risks faced by the Group, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group's activities. The Group, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations. The Group's Audit and Risk Committee oversees how management monitors compliance with the Group's risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The Group's Audit and Risk Committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit and Risk Committee. Credit risk Trade and other receivables The Group has a formal credit policy. Credit evaluations - when necessary - are performed on an ongoing basis. At the balance sheet date there were no significant concentrations of credit risk. In particular, the one client representing 7% each of the Tankers segment's total revenue in 2018 (see Note 2) only represented 0.54% of the total trade and other receivables at December 31, 2018 ( 2017 : one client representing 0.03% ). The maximum exposure to credit risk is represented by the carrying amount of each financial asset. The ageing of current trade and other receivables is as follows: (in thousands of USD) 2018 2017 Not past due 262,795 124,243 Past due 0-30 days 19,463 2,071 Past due 31-365 days 20,169 9,784 More than one year 3,299 699 Total trade and other receivables 305,726 136,797 Past due amounts are not impaired as collection is still considered to be likely and management is confident the outstanding amounts can be recovered. As at December 31, 2018 52.24% ( 2017 : 45.37% ) of the total current trade and other receivables relate to TI Pool which are paid after completion of the voyages but which only deals with oil majors, national oil companies and other actors of the oil industry whose credit worthiness is very high. Amounts not past due are also with customers with very high credit worthiness and are therefore not credit impaired. Non-current receivables Non-current receivables mainly consist of shareholder's loans to joint ventures (see Note 10). As at December 31, 2018 and December 31, 2017 , these receivables had no maturity date and were not impaired. Cash and cash equivalents The Group held cash and cash equivalents of USD 173.1 million at December 31, 2018 ( 2017 : USD 143.6 million ). The cash and cash equivalents are held with bank and financial institution counterparties, which are rated A- to AA+, based on rating agency S&P (see Note 12). Derivatives Derivatives are entered into with banks and financial institution counterparties, which are rated A- to AA+, based on rating agency S&P. Guarantees The Group's policy is to provide financial guarantees only for subsidiaries and joint ventures. At December 31, 2018 , the Group has issued a guarantee to certain banks in respect of the new credit facilities entered into 2018 which were granted to 2 joint ventures (see Note 25). At December 31, 2017, there were no outstanding guarantees towards joint ventures. 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 17) 51,335 51,335 51,335 — — Non-current other payables (Note 17) — — — — — 950,055 1,110,853 184,384 750,722 175,747 Derivative financial liabilities Interest rate swaps (Note 17) — — — — — Forward exchange contracts (Note 17) — — — — — — — — — — Contractual cash flows December 31, 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) 1,708,168 2,034,794 364,122 1,176,317 494,355 Other borrowings (Note 15) 60,342 60,342 60,342 — — Current trade and other payables * (Note 17) 79,471 79,471 79,471 — — Non-current other payables (Note 17) — — — — — 1,847,981 2,174,607 503,935 1,176,317 494,355 Derivative financial liabilities Interest rate swaps (Note 17) — 2,627 461 1,628 538 Forward exchange contracts (Note 17) — — — — — — 2,627 461 1,628 538 * Deferred income (see Note 17), which are not financial liabilities, are not included. The Group has secured bank loans that contain loan covenants. A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. For more details on these covenants, please see "capital management" below. The interest payments on variable interest rate loans in the table above reflect market forward interest rates at the reporting date and these amounts may change as market interest rates change. It is not expected that the cash flows included in the table above (the maturity analysis) could occur significantly earlier, or at significantly different amounts than stated above. Market risk Tanker market risk The spot tanker freight market is a highly volatile global market and the Group cannot predict what the market will be. The Group has a strategy of operating the majority of its fleet on the spot market but tries to keep a certain part of the fleet under fixed time charter contracts. The proportion of vessels operated on the spot will vary according to the many factors affecting both the spot and fixed time charter contract markets. Every increase (decrease) of 1,000 USD on the spot tanker freight market (VLCC and Suezmax) per day would have increased (decreased) profit or loss by the amounts shown below: (effect in thousands of USD) 2018 2017 2016 Profit or loss Profit or loss Profit or loss 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD Increase Decrease Increase Decrease Increase Decrease 19,332 (19,323 ) 13,420 (13,420 ) 14,140 (14,140 ) Interest rate risk Euronav interest rate management general policy is to borrow at floating interest rates based on LIBOR plus a margin. The Euronav Corporate Treasury Department monitors the Group's interest rate exposure on a regular basis. From time to time and under the responsibility of the Chief Financial Officer, different strategies to reduce the risk associated with fluctuations in interest rates can be proposed to the Board of Directors for their approval. In the past the Group hedged part of its exposure to changes in interest rates on borrowings. All borrowings contracted for the financing of vessels are on the basis of a floating interest rate, increased by a margin. On a regular basis the Group may use various interest rate related derivatives (interest rate swaps, caps and floors) to achieve an appropriate mix of fixed and floating rate exposure as defined by the Group. On December 31, 2018 , the Group had such instruments in place (December 31, 2017: no instruments) and approximately 50% of the floating interest rates have been hedged. At the reporting date the interest rate profile of the Group's interest-bearing financial instruments was: (in thousands of USD) 2018 2017 FIXED RATE INSTRUMENTS Financial assets — — Financial liabilities 148,166 147,619 148,166 147,619 VARIABLE RATE INSTRUMENTS Financial liabilities 1,620,344 751,101 1,620,344 751,101 Fair value sensitivity analysis for fixed rate instruments The Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss, and the Group does not designate derivatives (interest rate swaps) as hedging instruments under a fair value hedge accounting model. Therefore a change in interest rates at the reporting date would not affect profit or loss nor equity as of that date. Cash flow sensitivity analysis for variable rate instruments A change of 50 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. Profit or Loss Equity 50 BP 50 BP 50 BP 50 BP (effect in thousands of USD) Increase Decrease Increase Decrease December 31, 2016 Variable rate instruments (5,315 ) 5,315 — — Interest rate swaps — — — — Cash Flow Sensitivity (Net) (5,315 ) 5,315 — — December 31, 2017 Variable rate instruments (4,685 ) 4,685 — — Interest rate swaps — — — — Cash Flow Sensitivity (Net) (4,685 ) 4,685 — — December 31, 2018 Variable rate instruments (4,238 ) 4,238 — — Interest rate swaps — — 6,201 (6,116 ) Cash Flow Sensitivity (Net) (4,238 ) 4,238 6,201 (6,116 ) Currency risk The Group policy is to monitor its material non-functional currency transaction exposure so as to allow for natural coverage (revenues in the same currency than the expenses) whenever possible. When natural coverage is not deemed reasonably possible (for example for long term commitments), the Company manages its material non-functional currency transaction exposure on a case-by-case basis, either by entering into spot foreign currency transactions, foreign exchange forward, swap or option contracts. The Group's exposure to currency risk is related to its operating expenses expressed in Euros and to Treasury Notes denominated in Euros. In 2018 about 12.85% ( 2017 : 16.49% and 2016 : 17.40% ) of the Group's total operating expenses were incurred in Euros. Revenue and borrowings are expressed in USD only, except for instruments issued under the Treasury Notes Program (Note 15). (in thousands of USD) December 31, 2018 December 31, 2017 December 31, 2016 EUR USD EUR USD EUR USD Trade payables (6,311 ) (9,955 ) (7,891 ) (11,383 ) (8,725 ) (9,383 ) Operating expenses (89,761 ) (608,754 ) (89,289 ) (452,113 ) (92,608 ) (440,830 ) Treasury Notes (60,342 ) — (50,010 ) — — — For the average and closing rates applied during the year, we refer to Note 27. In the past, Euronav had entered into an agreement with a third party financial advisor with the aim to manage the risk from adverse movements in EUR/USD exchange rates. The program used a financial trading strategy called Currency Overlay Management Strategy which managed the equivalent of EUR 40.0 million exposures on a yearly basis. The currency overlay manager conducted foreign-exchange hedging by selectively placing and removing hedges to achieve the objectives set by us. On July 29, 2016, Euronav terminated this agreement. As such there is no impact of this program on the Group's consolidated statement of profit or loss for the year ending December 31, 2018 ( 2017 : no impact and 2016 : loss of USD 0.9 million ). Sensitivity analysis A 10 percent strengthening of the EUR against the USD at December 31, would have increased (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. (in thousands of USD) 2018 2017 2016 Equity 491 211 532 Profit or loss (7,888 ) (7,113 ) (10,025 ) A 10 percent weakening of the EUR against the USD at December 31, would have had the equal but opposite effect to the amounts shown above, on the basis that all the other variables remain constant. Cash flow hedges At December 31, 2018, the Group held the following instruments to hedge exposures to changes in interest rates. Maturity (in thousands of USD) 1-6 months 6-12 months More than 1 year Interest rate risk Interest rate swaps Net exposure (23,895 ) (23,921 ) (199,565 ) Average fixed interest rate 1.95 % 1.95 % 1.95 % At December 31, 2018, the Group has 2 forward interest cap options with a notional amount of USD 200.0 million starting on October 1, 2020. At December 31, 2017, the Group held no instruments to hedge exposures to changes in interest rates. The amounts at the reporting date relating to items designated as hedged items were as follows. (in thousands of USD) Change in value used for calculating hedge ineffectiveness Cash flow hedge reserve Interest rate risk Variable-rate instruments 2,191 (2,191 ) Cap option 507 (507 ) The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows. 2018 During the period 2018 (in thousands of USD) Nominal amount Carrying amount - Assets Carrying amount - Liabilities Line item in the statement of financial position where the hedging instrument is included Changes in the value of the hedging instrument recognized in OCI Hedge ineffectiveness recognized in profit or loss Line item in profit or loss that includes hedge ineffectiveness Interest rate risk Interest rate swaps 707,871 7,205 1,049 Receivables, other payables (2,191 ) (2,783 ) Finance expenses Forward cap options 200,000 725 — Receivables (507 ) (7 ) Finance expenses D uring 2018, no amounts were reclassified from hedging reserve to profit or loss. The following table provides a reconciliation by risk category of components of equity and analysis of OCI items, net of tax, resulting from cash flow hedge accounting. (in thousands of USD) Hedging reserve Balance at January 1, 2018 — Cash flow hedges Change in fair value interest rate risk (2,698 ) Balance at December 31, 2018 (2,698 ) Master netting or similar agreements The Group enters into derivative transactions under International Swaps and Derivatives Association (ISDA) master netting agreements. In general, under such agreements the amounts owned by each counterparty on a single day in respect of all transactions outstanding in the same currency are aggregated into a single net amount that is payable by one party to the other. Capital management Euronav is continuously optimizing its capital structure (mix between debt and equity). The main objective is to maximize shareholder value while keeping the desired financial flexibility to execute the strategic projects. Some of the Group's other key drivers when making capital structure decisions are pay-out restrictions and the maintenance of the strong financial health of the Group. Besides the statutory minimum equity funding requirements that apply to the Group's subsidiaries in the various countries, the Group is also subject to covenants in relation to some of its senior secured credit facilities: • an amount of current assets that, on a consolidated basis, exceeds current liabilities. Current assets may include undrawn amounts of any committed revolving credit facilities and credit lines having a maturity of more than one year; • an aggregate amount of cash, cash equivalents and available aggregate undrawn amounts of any committed loan of at least USD 50.0 million or 5% of the Group's total indebtedness (excluding guarantees), depending on the applicable loan facility, whichever is greater; • an amount of cash of at least USD 30.0 million ; and • a ratio of Stockholders' Equity to Total Assets of at least 30% Further, the Group's loan facilities generally include an asset protection clause whereby the fair market value of collateral vessels should be at least between 125% and 145% of the aggregate principal amount outstanding under the respective loan. The credit facilities discussed above also contain restrictions and undertakings which may limit the Group and the Group's subsidiaries' ability to, among other things: • effect changes in management of the Group's vessels; • transfer or sell or otherwise dispose of all or a substantial portion of the Group's assets; • declare and pay dividends (with respect to each of the Group's joint ventures, other than Seven Seas Shipping Limited, no dividend may be distributed before its loan agreement, as applicable, is repaid in full); and • incur additional indebtedness. A violation of any of these financial covenants or operating restrictions contained in the credit facilities may constitute an event of default under these credit facilities, which, unless cured within the grace period set forth under the applicable credit facility, if applicable, or waived or modified by the Group's lenders, provides them with the right to, among other things, require the Group to post additional collateral, enhance equity and liquidity, increase interest payments, pay down indebtedness to a level where the Group is in compliance with loan covenants, sell vessels in the fleet, reclassify indebtedness as current liabilities and accelerate indebtedness and foreclose liens on the vessels and the other assets securing the credit facilities, which would impair the Group's ability to continue to conduct business. Furthermore, certain of our credit facilities contain a cross-default provision that may be triggered by a default under one of our other credit facilities. A cross-default provision means that a default on one loan would result in a default on certain other loans. Because of the presence of cross-default provisions in certain of our credit facilities, the refusal of any one lender under our credit facilities to grant or extend a waiver could result in certain of our indebtedness being accelerated, even if our other lenders under our credit facilities have waived covenant defaults under the respective credit facilities. If our secured indebtedness is accelerated in full or in part, it would be very difficult in the current financing environment for us to refinance our debt or obtain additional financing and we could lose our vessels and other assets securing our credit facilities if our lenders foreclose their liens, which would adversely affect our ability to conduct our business. As of December 31, 2018 , December 31, 2017 and December 31, 2016 , the Group was in compliance with all of the covenants contained in the debt agreements. With respect to the quantitative covenants as of December 31, 2018 , as described above: 1. current assets on a consolidated basis (including available credit lines of USD 498.9 million ) exceeded current liabilities by USD 741.1 million 2. aggregated cash was USD 672.0 million 3. cash was USD 173.1 million 4. ratio of Stockholders' Equity to Total Assets was 54.8% In the course of 2017, the Company updated its dividend policy which is still applied in 2018. The Board has adopted the following current dividend payment policy: the Company intends to pay a minimum fixed dividend of at least USD 0.12 in total per share per year provided (a) the Company has in the view of management and the board, sufficient balance sheet strength and liquidity combined (b) with sufficient earnings visibility from fixed income contracts. In addition, if the results per share are positive and exceed the amount of the fixed dividend, that additional income* will be allocated to either: additional cash dividends, share buy-back, accelerated amortization of debt or the acquisition of vessels which we consider at that time to be accretive to shareholders’ value. *Treatment of capital losses and capital gains As part of its distribution policy Euronav will continue to include exceptional capital losses when assessing additional dividends but also continue to exclude exceptional capital gains when assessing additional dividend payments. *Treatment of Deferred Tax Assets (DTA) and Deferred Tax Liabilities (DTL) As part of its distribution policy Euronav will not include non-cash items affecting the results such as DTA or DTL. As part of its capital allocation strategy, Euronav has the option of buying its own shares back should the Board and Management believe that there is a substantial value disconnect between the share price and the real value of the Company. This return of capital is in addition to the fixed dividend of USD 0.12 per share paid each year. On December 31, 2018, the Company had purchased 545,486 of its own shares on Euronext Brussels. Following these transactions, the Company owned 1,237,901 own shares ( 0.56% of the total outstanding shares) at year-end. The Company started buying back shares on December 19, 2018 and has announced several additional share buybacks since January 2, 2019. Euronav may continue to buy back its own shares opportunistically. The extent to which it does and the timing of these purchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations.

Operating leases

Operating leases	12 Months Ended
	Dec. 31, 2018
Disclosure Of Leases [Abstract]
Operating Leases	Operating leases Leases as lessee Future minimum lease payments The Group leases in some of its vessels under time charter and bare boat agreements (operating leases). The future minimum lease payments with an average duration of 3 years under non-cancellable leases are as follows: (in thousands of USD) December 31, 2018 December 31, 2017 Less than 1 year (32,120 ) (32,120 ) Between 1 and 5 years (63,404 ) (95,524 ) More than 5 years — — Total future lease payments (95,524 ) (127,644 ) Options to extend the charter period, if any, have not been taken into account when calculating the future minimum lease payments. The Group entered into five year leaseback agreement for four VLCCs on December 16, 2016. The sale of the vessels occurred on December 22, 2016 and the charter period has a duration of 5 years , therefore ending on December 22, 2021. Under these leaseback agreements there is a seller's credit of USD 4.5 million of the sale price that becomes immediately due and payable by the owners upon sale of the vessel during the charter period and shall be paid out of the sales proceeds. It also becomes due to the extent of 50% of the (positive) difference between the fair market value of the vessels at the end of the leaseback agreements and USD 17.5 million (for the oldest VLCC) or USD 19.5 million (for the other vessels). Furthermore, the Group provides a residual guarantee to the owners in the aggregate amount of up to USD 20.0 million in total at the time of redelivery of the four vessels. The parties also agreed a profit split, if the vessel is sold at charter expiry they shall share the net proceeds of the sale, 75% for owners and 25% for charterers, between USD 26.5 million and USD 32.5 million (for the oldest VLCC) or between USD 28.5 million and USD 34.5 million (for the other vessels). The Group analyzed the classification of the leaseback agreements based on the primary lease classification criteria and the supplemental indicators in IAS 17, and determined that these agreements qualified as operating leases. The future minimum lease payments under non-cancellable operating lease rentals for office space and company cars with an average duration of 3 years are payable as follows: (in thousands of USD) December 31, 2018 December 31, 2017 Less than 1 year (4,213 ) (2,287 ) Between 1 and 5 years (15,757 ) (7,224 ) More than 5 years (4,810 ) (1,227 ) Total non-cancellable operating lease rentals (24,780 ) (10,738 ) Due to the merger with Gener8 Maritime Inc., the lease rentals for office space as at December 31, 2018 include the leased office in New York (see Note 20). Amounts recognized in profit and loss (in thousands of USD) 2018 2017 2016 Bareboat charter (31,120 ) (31,111 ) (792 ) Time charter 6 (62 ) (16,921 ) Office rental (3,484 ) (2,136 ) (2,219 ) Total recognized in profit and loss (34,598 ) (33,309 ) (19,932 ) Leases as lessor Future minimum lease receivables The Group leases out some of its vessels under time charter agreements (operating leases). The future minimum lease receivables with an average duration of 4 years under non-cancellable leases are as follows: (in thousands of USD) December 31, 2018 December 31, 2017 Less than 1 year 151,039 103,007 Between 1 and 5 years 394,721 147,967 More than 5 years 113,721 31,793 Total future lease receivables 659,482 282,767 The amounts shown in the table above include the Group's share of operating leases of joint ventures. On some of the abovementioned vessels the Group has granted the option to extend the charter period. These option periods have not been taken into account when calculating the future minimum lease receivables. At December 31, 2018 , Euronav and its subsidiaries, without joint ventures, have future minimum lease receivables less than one year of USD 53.1 million ( 2017 : USD 54.4 million ), future minimum lease receivables between 1 and 5 years of USD 133.1 million ( 2017 : USD 0 million ) and future minimum lease receivables of more than 5 years of USD 113.7 million (2017: USD 0.0 million ). Following the rationalization of the TI Pool structure in 2017 (see Note 23), Tankers International Ltd. ("TIL") became the disponent owner of all of the vessels in the TI Pool as all the vessels are now time chartered with a duration of 1 year to TIL at a floating rate equivalent to the average spot rate achieved by the pool times the pool points assigned to each vessel. At December 31, 2018, 41 of our VLCC vessels were employed in the TI Pool under such floating time charters. Given the variable nature of the time charter rates, there are no minimum lease receivables for these contracts and therefore, these floating time charters are not included in the table above. The future minimum lease receivables under non-cancellable operating lease rentals for office space with an average duration of 5 years are receivable as follows: (in thousands of USD) December 31, 2018 December 31, 2017 Less than 1 year 1,741 726 Between 1 and 5 years 8,918 2,903 More than 5 years 3,216 233 Total future lease receivables 13,876 3,862 The above operating lease rentals receivable relate entirely to the Group's leased offices for Euronav UK and Gener8 Maritime Subsidiary II Inc. Euronav UK has sublet part of the office space to four different subtenants, starting in 2014 and Gener8 Maritime Subsidiary II Inc. has sublet their entire office starting in December 2018. Amounts recognized in profit and loss (in thousands of USD) 2018 2017 2016 Bareboat charter — — — Time charter 75,238 118,705 140,227 Office rental 846 840 878 Total recognized in profit and loss 76,084 119,545 141,105

Provisions and contingencies

Provisions and contingencies	12 Months Ended
	Dec. 31, 2018
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Provisions and contingencies	Provisions and contingencies (in thousands of USD) Onerous contract Total Balance at January 1, 2018 — — Assumed in a business combination (Note 24) 5,303 5,303 Provisions used during the year (38 ) (38 ) Balance at December 31, 2018 5,265 5,265 Non-current 4,288 4,288 Current 977 977 Total 5,265 5,265 In 2004, Gener8 Maritime Subsidiary II Inc. entered into a non-cancellable lease for office space. This lease started on December 1, 2004 and would have expired on September 30, 2020. On July 14, 2015 this lease was extended for an additional 5 years until September 30, 2025. The facilities have been sub-let for the remaining lease term, but changes in market conditions have meant that the rental income is lower than the rental expense. The obligation for the future payments, net of expected rental income, has been provided for. The Group is involved in a number of disputes in connection with its day-to-day activities, both as claimant and defendant. Such disputes and the associated expenses of legal representation are covered by insurance. Moreover, they are not of a magnitude that lies outside the ordinary, and their scope is not of such a nature that they could jeopardize the Group's financial position.

Related parties

Related parties	12 Months Ended
	Dec. 31, 2018
Related Party [Abstract]
Related parties	Related parties Identity of related parties The Group has a related party relationship with its subsidiaries (see Note 23) and equity-accounted investees (see Note 25) and with its directors and executive officers (see Note 22). Transactions with key management personnel The total amount of the remuneration paid to all non-executive directors for their services as members of the board and committees (if applicable) is as follows: (in thousands of EUR) 2018 2017 2016 Total remuneration 1,035 1,015 1,145 The Remuneration Committee annually reviews the remuneration of the members of the Executive Committee. The remuneration (excluding the CEO) consists of a fixed and a variable component and can be summarized as follows: (in thousands of EUR) 2018 2017 2016 Total fixed remuneration 1,231 1,176 1,175 of which Cost of pension 39 35 35 Other benefits 75 58 57 Total variable remuneration 1,153 1,331 1,042 of which Share-based payments 299 597 351 All amounts mentioned refer to the Executive Committee in its official composition throughout 2018 . The remuneration of the CEO can be summarized as follows: (in thousands of GBP) 2018 2017 2016 Total fixed remuneration 537 407 405 of which Cost of pension — — — Other benefits 40 13 11 Total variable remuneration 1,866 528 437 of which Share-based payments 118 233 171 Within the framework of a stock option plan, the board of directors has granted on December 16, 2013 options on its 1,750,000 treasury shares to the members of the Executive Committee for no consideration but with conditions (see Note 22). 525,000 options were granted to the CEO and 1,225,000 options were granted to the other members of the Executive Committee. The exercise price of the options is EUR 5.7705 . All of the beneficiaries have accepted the options granted to them. In 2016 the Company bought back 692,415 shares and delivered 116,667 shares upon the exercise of share options. In 2018 the Company bought back 545,486 shares and delivered 350,000 shares upon the exercise of share options. In addition, the board of directors has granted on February 12, 2015 236,590 options and 65,433 restricted stock units within the framework of a long term incentive plan. Vested stock options may be exercised until 13 years after the grant date. As of December 31, 2018, all the stock options remained outstanding but all RSUs were exercised in 2018. On February 2, 2016, the board of directors granted 54,616 phantom stock units within the framework of an additional long term incentive plan. Each unit gives a conditional right to receive an amount of cash equal to the fair market value of one share of the company on the settlement date. The phantom stock units will mature one-third each year on the second, third and fourth anniversary of the award. One-third was vested on the second anniversary. On February 9, 2017 the board of directors granted 66,449 phantom stock units within the framework of an additional long term incentive plan. Each unit gives a conditional right to receive an amount of cash equal to the fair market value of one share of the company on the settlement date. The phantom stock units will mature one-third each year on the second, third and fourth anniversary of the award. On February 16, 2018 the board of directors granted 154,432 phantom stock units within the framework of an additional long term incentive plan. Each unit gives a conditional right to receive an amount of cash equal to the fair market value of one share of the company on the settlement date. The phantom stock units will mature one-third each year on the second, third and fourth anniversary of the award (see Note 22). Relationship with CMB In 2004, Euronav split from Compagnie Maritime Belge (CMB). CMB renders some administrative and general services to Euronav. In 2018 CMB invoiced a total amount of USD 1,151 ( 2017 : USD 34,928 and 2016 : USD 17,731 ). Properties The Group leases office space in Belgium from Reslea N.V., an entity jointly controlled by CMB and Exmar. Under this lease, the Group paid an annual rent of USD 185,326 in 2018 ( 2017 : USD 179,079 and 2016 : USD 175,572 ). This lease expires on August 31, 2021. The Company subleases office space in its London, United Kingdom office, through its subsidiary Euronav (UK) Agencies Limited, pursuant to a sublease agreement, dated 25 September 2014, with Tankers (UK) Agencies Limited, a 50-50 joint venture with International Seaways. Under this sublease, the Company received in 2018 a rent of USD 227,089 ( 2017 : USD 218,894 and 2016 : USD 232,882 ). This sublease expires on April 27, 2023. Registration Rights On January 28, 2015 the Group entered into a registration rights agreement with companies affiliated with our former Vice Chairman, Marc Saverys, or the Saverco Shareholders. Pursuant to the registration rights agreement, each of the Saverco Shareholders as a group were able to piggyback on the others’ demand registration. The Saverco Shareholders were only treated as having made their request if the registration statement for such shareholder group’s shares was declared effective. Once Euronav is eligible to do so, commencing 12 calendar months after the Ordinary Shares had been registered under the Exchange Act, the Saverco Shareholders could require Euronav to file shelf registration statements permitting sales by them of ordinary shares into the market from time to time over an extended period. The Saverco Shareholders could also exercise piggyback registration rights to participate in certain registrations of ordinary shares by Euronav. All expenses relating to the registrations, including the participation of Euronav's executive management team in two marketed roadshows and a reasonable number of marketing calls in connection with one-day or overnight transactions, can be borne by Euronav. The registration rights agreement also contained provisions relating to indemnification and contribution. There were no specified financial remedies for non-compliance with the registration rights agreement. At December 31, 2018 , no rights were exercised by any of the parties under the registration rights agreement. Transactions with subsidiaries and joint ventures The Group has supplied funds in the form of shareholder's advances to some of its joint ventures at pre-agreed conditions which are always similar for the other party involved in the joint venture in question (see below and Note 25). On 20 May, 2016, the Group announced that it had agreed with Bretta Tanker Holdings Inc. ("Bretta") to terminate its Suezmax joint ventures and to enter into a share swap and claims transfer agreement. The joint ventures covered four Suezmax vessels: the Captain Michael (2012 - 157,648 dwt), the Maria (2012 - 157,523 dwt), the Eugenie (2010 - 157,672 dwt) and the Devon (2011 - 157,642 dwt). Euronav assumed full ownership of the two companies owning the two youngest vessels, the Captain Michael and the Maria , and Bretta assumed full ownership of the two companies owning the Eugenie and the Devon (see Note 24). Balances and transactions between the Group and its subsidiaries have been eliminated on consolidation and are not disclosed in this note. Details of outstanding balances and transactions between the Group and its joint ventures are disclosed below: As of end for the year ended December 31, 2017 (in thousands of USD) Trade receivables Trade payables Shareholders Loan Turnover Dividend Income TI Africa Ltd 30 50 100,115 372 — TI Asia Ltd 130 — 62,647 372 — Kingswood Co. Ltd — — — — 1,250 Tankers Agencies (UK) Ltd 134 137 — — — Total 294 187 162,762 744 1,250 As of end for the year ended December 31, 2018 (in thousands of USD) Trade receivables Trade payables Shareholders Loan Turnover Dividend Income TI Africa Ltd 66 25 28,665 381 — TI Asia Ltd 79 — — 381 — Tankers Agencies (UK) Ltd — 70 — — — Tankers International LLC 46 — — — — Total 191 95 28,665 762 — Guarantees The Group provided guarantees to financial institutions that provided credit facilities to joint ventures of the Group. As of December 31, 2018 , the total amount outstanding under these credit facilities was USD 186.1 million, of which the Group guaranteed 93.0 million. As of December 31, 2017 , there were no outstandings under JV loan agreements and there were no guarantees (see Note 25).

Share-based payment arrangement

Share-based payment arrangements	12 Months Ended
	Dec. 31, 2018
Share-Based Payment Arrangements [Abstract]
Share-based payment arrangements	Share-based payment arrangements Description of share-based payment arrangements: At December 31, 2018 , the Group had the following share-based payment arrangements: Share option programs (Equity-settled) On December 16, 2013, the Group established a share option program that entitles key management personnel to purchase existing shares in the Company. Under the program, holders of vested options are entitled to purchase shares at the market price of the shares at the grant date. Currently this program is limited to key management personnel. The Group intends to use its treasury shares to settle its obligations under this program. The key terms and conditions related to the grants under these programs are as follows: Grant date/employees entitled Number of instruments Vesting Conditions Contractual life of Options Options granted to key management personnel December 16, 2013 ("Tranche 1") 583,000 Share price to be at least EUR 7.5 5 years December 16, 2013 ("Tranche 2") 583,000 Share price to be at least EUR 8.66 5 years December 16, 2013 ("Tranche 3") 583,000 Share price to be at least EUR 11.54 and US listing 5 years Total Share options 1,750,000 In addition, 50% of the options can only be exercised at the earliest if the shares of the Group are admitted for listing in a recognized US listing exchange platform (the "listing event"). The other 50% can only be exercised 1 year after the listing event. If the Group's shares had not been listed on a US listing exchange, then only 2/3 of the shares would be exercisable and would had to meet the first 2 vesting conditions listed above. Long term incentive plan 2015 (Cash-settled) The Group's Board of Directors implemented in 2015 a long term incentive plan ('LTIP') for key management personnel. Under the terms of this LTIP, the beneficiaries will obtain 40% of their respective LTIP in the form of Euronav stock options, with vesting over three years at anniversary date and 60% in the form of restricted stock units ('RSU's'), which will be paid out in cash with cliff vesting on the third anniversary. In total 236,590 options and 65,433 RSU's were granted on February 12, 2015. Vested stock options may be exercised until 13 years after the grant date. In the course of 2018, this long term incentive plan has been converted into a cash-settled plan. As of December 31, 2018, all the stock options remained outstanding but all RSU's were exercised. Long term incentive plan 2016 (Cash-settled) The Group's Board of Directors implemented in 2016 an additional long term incentive plan for key management personnel. Under the terms of this LTIP, the beneficiaries will obtain their respective LTIP in cash, based on the volume weighted average price of the shares on Euronext Brussels over the 3 last business days of the relevant vesting period. The phantom stock units will mature one-third each year on the second, third and fourth anniversary of the award. In total a number of 54,616 phantom stocks were granted on February 2, 2016. Long term incentive plan 2017 (Cash-settled) The Group's Board of Directors implemented in 2017 an additional long term incentive plan for key management personnel. Under the terms of this LTIP, the beneficiaries will obtain their respective LTIP in cash, based on the volume weighted average price of the shares on Euronext Brussels over the 3 last business days of the relevant vesting period. The phantom stock units will mature one-third each year on the second, third and fourth anniversary of the award. In total a number of 66,449 phantom stock units were granted on February 9, 2017. Long term incentive plan 2018 (Cash-settled) 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, the beneficiaries will obtain their respective LTIP in cash, based on the volume weighted average price of the shares on Euronext Brussels over the 3 last business days of the relevant vesting period. The phantom stock units will mature one-third each year on the second, third and fourth anniversary of the award. In total a number of 154,432 phantom stock units were granted on February 16, 2018. Measurement of Fair Value The fair value of the employee share options under the 2013 program and the 2015 LTIP has been measured using the Black-Scholes formula. Service and non-market performance conditions attached to the transactions were not taken into account in measuring fair value. The inputs used in measurement of the fair values at grant date for the equity-settled share option programs were as follows: Share option program 2013 LTIP 2015 (figures in EUR) Tranche 1 Tranche 2 Tranche 3 Tranche 1 Tranche 2 Tranche 3 Fair value at grant date 2.270 2.260 2.120 1.853 1.853 1.853 Share price at grant date 6.070 6.070 6.070 10.050 10.050 10.050 Exercise price 5.770 5.770 5.770 10.0475 10.0475 10.0475 Expected volatility (weighted average) 40 % 40 % 40 % 39.63 % 39.63 % 39.63 % Expected life (Days) (weighted average) 303 467 730 365 730 1,095 Expected dividends — — — 8 % 8 % 8 % Risk-free interest rate 1 % 1 % 1 % 0.66 % 0.66 % 0.66 % Expected volatility has been based on an evaluation of the historical volatility of the Company's share price, particularly over the historical periods commensurate with the expected term. The expected term of the instruments has been based on historical experience and general option holder behavior using a Monte Carlo simulation. The fair value of the RSUs under the 2015 LTIP was measured with reference to the Euronav share price at the grant date. All the RSUs under the LTIP 2015 and the remaining options under the sahre option program were exercised in 2018. The liability in respect of its obligations under the LTIP 2016, LTIP 2017 and LTIP 2018 is measured based on the Company's share price at the reporting date and taking into account the extent to which the services have been rendered to date. One-third of the phantom stocks granted on February 2, 2016 was vested on the second anniversary, 36,411 phantom stocks remained outstanding as of December 31, 2018. All of the phantom stocks granted on February 9, 2017 and February 16, 2018 respectively, remained outstanding as of December 31, 2018 . The Company's share price was EUR 10.613 at the grant date of the LTIP 2016, EUR 7.268 at the grant date of the LTIP 2017 and EUR 7.237 at the grant date of the LTIP 2018, and was EUR 6.22 as at December 31, 2018 . Expenses recognized in profit or loss For details on related employee benefits expenses see Note 5 and Note 16. The expenses related to the LTIP 2016, LTIP 2017 and LTIP 2018 (USD 0.5 million ) are included in the Provision for employee benefits. Reconciliation of outstanding share options The number and weighted-average exercise prices of options under the 2013 share option program and the 2015 LTIP are as follows: (figures in EUR) Number of options 2018 Weighted average exercise price 2018 Number of options 2017 Weighted average exercise price 2017 Outstanding at January 1 586,590 7.495 586,590 7.495 Forfeited during the year 0 0 0 0 Exercised during the year (350,000 ) 7.335 0 0 Granted during the year 0 0 0 0 Outstanding at December 31 236,590 7.732 586,590 7.495 Vested at December 31 236,590 0 507,726 0 In 2018 the Company bought back 545,486 shares and delivered 350,000 shares upon the exercise of share options under the 2013 program. In 2017 Euronav did not buy back or dispose of any own shares. The weighted-average share price at the date of exercise for the share options exercised in 2018 was EUR 7.335 .

Group entities

Group entities	12 Months Ended
	Dec. 31, 2018
Interests in Other Entities [Abstract]
Group entities	Group entities Country of incorporation Consolidation method Ownership interest December 31, 2018 December 31, 2017 December 31, 2016 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Subsidiaries Euronav Tankers NV Belgium full 100.00 % 100.00 % 100.00 % Euronav Shipping NV Belgium full 100.00 % 100.00 % 100.00 % Euronav (UK) Agencies Limited UK full 100.00 % 100.00 % 100.00 % Euronav Luxembourg SA Luxembourg full 100.00 % 100.00 % 100.00 % Euronav sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management Antwerp (branch office) Euronav Ship Management Ltd Liberia full 100.00 % 100.00 % 100.00 % Euronav Ship Management Hellas (branch office) Euronav Hong Kong Hong Kong full 100.00 % 100.00 % 100.00 % Euro-Ocean Ship Management (Cyprus) Ltd Cyprus full 100.00 % 100.00 % 100.00 % Euronav Singapore Singapore full 100.00 % 100.00 % 100.00 % Fiorano Shipholding Ltd Hong Kong full NA 100.00 % 100.00 % Larvotto Shipholding Ltd Hong Kong full NA 100.00 % 100.00 % Euronav MI II Inc Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary II Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary New IV Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Management LLC Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary V Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary VIII Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary Inc. Marshall Islands full 100.00 % NA NA GMR Zeus LLC Marshall Islands full 100.00 % NA NA GMR Atlas LLC Marshall Islands full 100.00 % NA NA GMR Hercules LLC Marshall Islands full 100.00 % NA NA GMR Ulysses LLC Marshall Islands full 100.00 % NA NA GMR Posseidon LLC Marshall Islands full 100.00 % NA NA Victory Ltd. Bermuda full 100.00 % NA NA Vision Ltd. Marshall Islands full 100.00 % NA NA GMR Spartiate LLC Marshall Islands full 100.00 % NA NA GMR Maniate LLC Marshall Islands full 100.00 % NA NA GMR St Nikolas LLC Marshall Islands full 100.00 % NA NA GMR George T LLC Marshall Islands full 100.00 % NA NA GMR Kara G LLC Liberia full 100.00 % NA NA GMR Harriet G LLC Liberia full 100.00 % NA NA GMR Orion LLC Marshall Islands full 100.00 % NA NA GMR Argus LLC Marshall Islands full 100.00 % NA NA GMR Spyridon LLC Marshall Islands full 100.00 % NA NA GMR Horn LLC Marshall Islands full 100.00 % NA NA GMR Phoenix LLC Marshall Islands full 100.00 % NA NA GMR Strength LLC Liberia full 100.00 % NA NA GMR Daphne LLC Marshall Islands full 100.00 % NA NA GMR Defiance LLC Liberia full 100.00 % NA NA GMR Elektra LLC Marshall Islands full 100.00 % NA NA Companion Ltd. Bermuda full 100.00 % NA NA Compatriot Ltd. Bermuda full 100.00 % NA NA Consul Ltd. Bermuda full 100.00 % NA NA GMR Agamemnon LLC Liberia full 100.00 % NA NA Gener8 Neptune LLC Marshall Islands full 100.00 % NA NA Gener8 Athena LLC Marshall Islands full 100.00 % NA NA Gener8 Apollo LLC Marshall Islands full 100.00 % NA NA Gener8 Ares LLC Marshall Islands full 100.00 % NA NA Gener8 Hera LLC Marshall Islands full 100.00 % NA NA Gener8 Constantine LLC Marshall Islands full 100.00 % NA NA Gener8 Oceanus LLC Marshall Islands full 100.00 % NA NA Gener8 Nestor LLC Marshall Islands full 100.00 % NA NA Gener8 Nautilus LLC Marshall Islands full 100.00 % NA NA Gener8 Macedon LLC Marshall Islands full 100.00 % NA NA Gener8 Noble LLC Marshall Islands full 100.00 % NA NA Gener8 Ethos LLC Marshall Islands full 100.00 % NA NA Gener8 Perseus LLC Marshall Islands full 100.00 % NA NA Gener8 Theseus LLC Marshall Islands full 100.00 % NA NA Gener8 Hector LLC Marshall Islands full 100.00 % NA NA Gener8 Strength Inc. Marshall Islands full 100.00 % NA NA Gener8 Supreme Inc. Marshall Islands full 100.00 % NA NA Gener8 Andriotis Inc. Marshall Islands full 100.00 % NA NA Gener8 Militiades Inc. Marshall Islands full 100.00 % NA NA Gener8 Success Inc. Marshall Islands full 100.00 % NA NA Gener8 Chiotis Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 1 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 2 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 3 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 4 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 5 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 6 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 7 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 8 Inc. Marshall Islands full 100.00 % NA NA Joint ventures Kingswood Co. Ltd Marshall Islands equity 50.00 % 50.00 % 50.00 % TI Africa Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % TI Asia Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % Tankers Agencies (UK) Ltd UK equity 50.00 % 50.00 % NA Tankers International LLC Marshall Islands equity 50.00 % 50.00 % NA Associates Tankers International LLC Marshall Islands equity NA NA 40.00 % In 2016, the Group transferred its equity interests in Moneghetti Shipholding Ltd. and Fontvieille Shipholding Ltd. and acquired Bretta Tanker Holdings' equity interests in Fiorano Shipholding Ltd. and Larvotto Shipholding Ltd. As a result, the Group's equity interest in Fiorano Shipholding Ltd. and Larvotto Shipholding Ltd. increased from 50% to 100% (see Note 24). In 2016 one joint venture, Great Hope Enterprises Ltd was dissolved. In the fourth quarter of 2017, Euronav NV incorporated a new subsidiary, Euronav MI Inc. In 2017, the corporate structure of Tankers International pool (“TI Pool”) was rationalized. Under the new structure, the shares of Tankers UK Agencies (“TUKA”), fully held at the time by Tankers International LLC (“TI LLC”), an entity incorporated under the laws of the Marshall Islands, were distributed to the two remaining founding members of the TI Pool (namely Euronav NV and International Seaways INC), to form a 50-50 joint venture. Further, following the withdrawal in December 2017 of one of its members, TI LLC, which was previously an associate of the Group, became a joint venture of the Group as from that time. Additionally, a new company, Tankers International Ltd. ("TIL"), was incorporated under the laws of the United Kingdom, and is fully owned by TUKA. TIL is the disponent owner of all of the vessels in the TI Pool as all the vessels are now time chartered to TIL at a floating rate equivalent to the average spot rate achieved by the pool times the pool points assigned to each vessel. This new structure allowed the TI Pool to arrange for a credit line financing in order to lower the working capital requirement for the Pool participants which potentially can attract additional pool participants. At December 31, 2018, the Group held 50% of the voting rights in TUKA but held 61% of the outstanding shares that participate in the result of the entity. At December 31, 2018, the Group held 50% of the voting rights in TI LLC but held 59% of the outstanding shares that participate in the result of the entity. I n 2018 two subsidiaries, Fiorano Shipholding Ltd and Larvotto Shipholding Ltd were dissolved. Due to the merger with Gener8 Maritime Inc. on June 12, 2018 as set out in Note 24, the Group acquired new subsidiaries. Those subsidiaries were used by Gener8 mostly as SPV to own individual vessels. All of the vessels have been transferred to Euronav NV in 2018. The Group intends to liquidate a majority of those subsidiaries as soon as possible. The Group holds 100% of the voting rights in all of its subsidiaries.

Business combinations

Business combinations	12 Months Ended
	Dec. 31, 2018
Business Combinations1 [Abstract]
Business combinations	Business combinations On May 20, 2016, the Group announced the termination of the joint ventures with Bretta Tanker Holdings, Inc. covering four Suezmax vessels. Euronav assumed full ownership of the companies owning the two youngest vessels, the Captain Michael (2012 - 157,648 dwt) and the Maria (2012 - 157,523 dwt) on June 2, 2016. Share swap On June 2, 2016, the Group entered into a share swap and claims transfer agreement whereby: • The Group transferred its equity interests in Moneghetti Shipholding Ltd. (hereafter 'Moneghetti') and Fontvieille Shipholding Ltd. (hereafter 'Fontvieille') and acquired Bretta Tanker Holdings' equity interests in Fiorano Shipholding Ltd. (hereafter 'Fiorano') and Larvotto Shipholding Ltd. (hereafter 'Larvotto'); and • The Group transferred its claims arising from the shareholder loans to Moneghetti and Fontvieille and acquired Bretta Tanker Holdings' claims arising from the shareholder loans to Fiorano and Larvotto. As a result, the Group's equity interest in both Fiorano and Larvotto increased from 50% to 100% giving the Group control of both companies. The Group no longer has an equity interest in Moneghetti and Fontvieille. Before the swap agreement, the Group accounted for the four entities using the equity method. Following the acquisition, Fiorano and Larvotto were fully consolidated as from June 2, 2016 until their liquidation in 2018. With this transaction, the Group became the full owner of the two youngest vessels, the Captain Michael and the Maria , while Bretta has become the full owner of the Devon and the Eugenie . Consideration transferred (in thousands of USD) Fair value at acquisition date Cash 15,110 Shares in Fontvieille and Moneghetti (21,498 ) Shareholders' loan receivable 39,973 Total consideration transferred 33,585 Contribution to revenue and profit/loss Since their acquisition by the Group on June 2, 2016, the 2 acquired companies contributed revenue of USD 4.8 million and a profit of USD 0.1 million to the Group's consolidated results for the year ended December 31, 2016. If the acquisition had occurred on 1 January 2016, management estimates that the Group's consolidated revenue for the year ended December 31, 2016 would have been USD 698.3 million and consolidated profit for the twelve month period ended December 31, 2016 would have been USD 205.1 million . In determining these amounts, management has assumed that the fair value adjustments, that arose on the date of acquisition would have been the same if the acquisition had occurred on 1 January 2016. Acquisition related costs The Group did not incur any material acquisition-related costs for the business combination and these costs were expensed as incurred. Step acquisition The transaction resulted in a loss of USD 24.2 million . This loss was recognized in the consolidated statement of profit or loss for the year ended December 31, 2016 under the heading 'Loss on disposal of investments in equity accounted investees'. In accordance with IFRS 3 (Business Combinations), Euronav accounted for this transaction as a step acquisition and therefore had to re-measure at the acquisition date to fair value Euronav's non-controlling equity interest in the two joint ventures it acquired (loss of USD 13.5 million ) as well as to measure at fair value the consideration transferred, including Euronav's interest in the other two joint ventures (loss of USD 10.7 million ). At acquisition date, the fair value of the Group's non-controlling interest in the two acquired joint ventures amounted to USD (18.6) million . Identifiable assets acquired and liabilities assumed The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the acquisition date. (in thousands of USD) Fair value at acquisition date Property, plant and equipment (Note 8) 120,280 Trade receivables 3,685 Cash and cash equivalents 8,355 Loans and borrowings (Note 15) (61,065 ) Trade and other payables (4,086 ) Total identifiable net assets acquired 67,169 Measurement of fair values Assets acquired Valuation techniques Property, plant and equipment The price was agreed among parties by reference to valuation reports by brokers Goodwill The transaction did not give rise to the recognition of any goodwill: (in thousands of USD) Fair value at acquisition date Consideration transferred 33,585 Fair value of pre-existing interests in Larvotto and Fiorano (18,633 ) Fair value of identifiable net assets (67,169 ) Fair value of shareholders' loan liabilities versus Bretta Tanker Holdings, transferred to Euronav 52,217 Goodwill — Merger with Gener8 Maritime, Inc. ('Gener8') 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. Gener8 Maritime 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. The merger created the world’s leading independent crude tanker operator with 72 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. The “Exchange Ratio“ of 0.7272 Euronav shares for each share of Gener8 resulted in the issuance 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 20 December 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 the fully diluted share capital of Gener8). Euronav as the combined entity remain listed on NYSE and Euronext under the symbol "EURN". Subsequently, Euronav sold certain subsidiaries owning six 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 20.9 million was paid in Q4. This sale was an important part of the wider merger with Gener8 Maritime transaction as it allows Euronav to retain leverage around a 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 provisions 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 16.5 million and a loss of USD 43.7 million to the Group’s consolidated results for the year ended December 31, 2018. If the acquisition had occurred on 1 January 2018, management estimates that the Group’s consolidated revenue for the year ended December 31, 2018 would have been USD 665.5 million and consolidated loss for the twelve month period ended December 31, 2018 would have been USD (160.1) million. In determining these amounts, management has assumed that the fair value adjustments, that arose on the date of acquisition would have been the same if the acquisition had occurred on 1 January 2018. Acquisition related costs The Group incurred approximately USD 5.0 million relating to external legal fees, due to dilligence 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 acquired by INSW when they acquired certain subsidiaries owning six 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. On September 17, 2018, this facility was repaid in full. 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 8) 1,704,250 1,270,250 434,000 Other tangible assets 345 345 — Intangible assets 152 152 — Receivables 16,750 9,599 7,151 Current assets 79,459 64,829 14,629 Cash and cash equivalents 126,288 126,288 — Loans and borrowings (Note 15) (1,312,446) (1,001,478) (310,968) Provision onerous contracts (Note 20) (5,303) (5,303) — Current liabilities (33,012) (29,160) (3,852) Total identifiable net assets acquired 576,482 435,522 140,960 (in thousands of USD) Fair value at acquisition date Consideration transferred 553,423 Total identifiable net assets acquired 576,482 Bargain Purchase 23,059 The transaction resulted in a bargain purchase gain of USD 23.1 million as 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 exchange ratio and the date of the merger when the valuation of the vessels was assessed. This gain was recognized in the consolidated statement of profit or loss for 2018, under the heading ‘Gain on bargain purchase’. As at June 12, 2018, the gross contractual amounts receivable acquired amounted to USD 98.2 million and the amounts expected not to collect amounted to USD 2.0 million which gives a net amount receivable of USD 96.2 million (see table above, sum of receivables and current assets).

Equity-accounted investees

Equity-accounted investees	12 Months Ended
	Dec. 31, 2018
Interests in Other Entities [Abstract]
Equity-accounted investees	Equity-accounted investees (in thousands of USD) December 31, 2018 December 31, 2017 Assets Interest in joint ventures 43,182 30,595 Interest in associates — — TOTAL ASSETS 43,182 30,595 Liabilities Interest in joint ventures — — Interest in associates — — TOTAL LIABILITIES — — Associates (in thousands of USD) December 31, 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 (Note 23) — (1,559 ) Reclassification of associate to joint venture (Note 23) — (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 (38,095 ) 317,749 — — Offset investment with shareholders loan 58,520 (58,520 ) — — Balance at January 1, 2016 20,425 259,229 — — Group's share of profit (loss) for the period 40,161 — — — Group's share of other comprehensive income 1,224 — — — Group's share on upstream transactions 4,646 — — — Capital increase/(decrease) in joint ventures (3,737 ) — — — Dividends received from joint ventures (23,478 ) — — — Movement shareholders loans to joint ventures — (18,499 ) — — Business Combinations 15,981 (95,738 ) — — Gross balance (3,298 ) 203,512 — — Offset investment with shareholders loan 20,165 (20,165 ) — — Balance at December 31, 2016 16,867 183,348 — — Group's share of profit (loss) for the period 29,933 — — — Group's share of other comprehensive income 483 — — — Dividends received from joint ventures (1,250 ) — — — Dividend in kind (shares TUKA) received from associate (Note 23) 1,559 — — — Reclassification of associate to joint venture (Note 23) 136 — — — Movement shareholders loans to joint ventures — (40,750 ) — — Gross balance 27,565 162,763 — — Offset investment with shareholders loan 3,030 (3,030 ) — — Balance at December 31, 2017 30,595 159,733 — — ASSET LIABILITY (in thousands of USD) Investments in equity accounted investees Shareholders loans Investments in equity accounted investees Shareholders loans Group's share of profit (loss) for the period 16,076 — — — Group's share of other comprehensive income (459 ) — — — Movement shareholders loans to joint ventures — (134,097 ) — — Gross balance 43,182 28,666 — — Offset investment with shareholders loan — — — — Balance at December 31, 2018 43,182 28,666 — — The Group's share on upstream transactions in 2016 related to the buy-out of the joint venture partner to obtain full control of the VLCC V.K. Eddie . On November 23, 2016, the Group purchased the VLCC V.K. Eddie from its 50% joint venture Seven Seas Shipping Ltd. In the Group's consolidated financial statements, 50% of the gain recognized on this transaction by Seven Seas Shipping Ltd. was eliminated. The decrease in the balance of shareholders' loans to joint ventures in 2016 is primarily due to the disposal of two joint ventures and the acquisition of two other joint ventures on June 2, 2016, as set out in Note 24, resulting in the settlement or consolidation, respectively, of the Group's shareholders' loan balances versus these entities. For more details, we refer to the table summarizing the financial information of the Groups' joint ventures further below. The decrease in the balance of shareholders’ loans to joint ventures in 2018 is primarily due to the USD 220.0 million senior secured credit facility which TI Asia Ltd. and TI Africa Ltd. entered into March 29, 2018. The shareholders loans were partially repaid by using a part of the proceeds of this new borrowing. In this context, the Company provided a guarantee for the revolving tranche of the above credit facility. Joint venture Segment Description Great Hope Enterprises Ltd Tankers No operating activities, liquidated in 2016 Kingswood Co. Ltd Tankers Holding company; parent of Seven Seas Shipping Ltd. and to be liquidated in the future Seven Seas Shipping Ltd Tankers Formerly owner of 1 VLCC bought in 2016 by Euronav. Wholly owned subsidiary of Kingswood Co. Ltd. Fiorano Shipholding Ltd Tankers Single ship company, owner of 1 Suezmax, acquired Bretta's equity interest in 2016 (liquidated in 2018) Larvotto Shipholding Ltd Tankers Single ship company, owner of 1 Suezmax, acquired Bretta's equity interest in 2016 (liquidated in 2018) Fontvieille Shipholding Ltd Tankers Single ship company, owner of 1 Suezmax, sold our equity interest to Bretta in 2016 Moneghetti Shipholding Ltd Tankers Single ship company, owner of 1 Suezmax, sold our equity interest to Bretta in 2016 Tankers Agencies (UK) Ltd Tankers Parent company of Tankers International Ltd Tankers International LLC Tankers The manager of the Tankers International Pool who commercially manages the majority of the Group's VLCCs TI Africa Ltd FSO Operator and owner of a single floating storage and offloading facility (FSO Africa) * TI Asia Ltd FSO Operator and owner of a single floating storage and offloading facility (FSO Asia) * * FSO Asia and FSO Africa are on a time charter contract to North Oil Company (NOC), the new operator of Al Shaheen field, until mid 2022. The following table contains summarized financial information for all of the Group's joint ventures: Asset (in thousands of USD) Great Hope Enterprises Ltd Kingswood Co. Ltd Seven Seas Shipping Ltd Fiorano Shipholding Ltd Fontvieille Shipholding Ltd Larvotto Shipholding Ltd Moneghetti Shipholding Ltd TI Africa Ltd TI Asia Ltd Total At December 31, 2016 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets — 946 — — — — — 198,826 192,344 392,116 of which Vessel — — — — — — — 189,821 182,519 372,340 Current Assets — 76 3,221 — — — — 38,206 47,889 89,392 of which cash and cash equivalents — — 555 — — — — 26,928 36,591 64,074 Non-Current Liabilities — — 946 — — — — 276,498 132,763 410,207 Of which bank loans — — — — — — — — — — Current Liabilities — 2 132 — — — — 863 76,899 77,896 Of which bank loans — — — — — — — — 75,343 75,343 Net assets (100%) — 1,020 2,143 — — — — (40,329 ) 30,571 (6,595 ) Group's share of net assets — 510 1,072 — — — — (20,165 ) 15,285 (3,298 ) Shareholders loans to joint venture — — — — — — — 137,615 65,897 203,512 Net Carrying amount of interest in joint venture — 510 1,072 — — — — — 15,285 16,867 Remaining shareholders loan to joint venture — — — — — — — 117,451 65,897 183,348 Revenue — — 13,646 7,182 6,404 6,901 7,471 65,188 65,063 171,855 Depreciations and amortization — — (3,344 ) (2,047 ) (2,037 ) (1,929 ) (2,049 ) (18,209 ) (17,933 ) (47,548 ) Interest Expense — — (3 ) (223 ) (377 ) (288 ) (537 ) (400 ) (4,703 ) (6,531 ) Income tax expense — — — — — — — (326 ) (106 ) (432 ) Profit (loss) for the period (100%) (32 ) 12 7,469 1,146 500 1,082 1,270 36,515 32,359 80,322 Other comprehensive income (100%) — — — — — — — 2,448 2,448 Group's share of profit (loss) for the period (16 ) 6 3,735 573 250 541 635 18,257 16,180 40,161 Group's share of other comprehensive income — — — — — — — — 1,224 1,224 (in thousands of USD) Kingswood Co. Ltd Seven Seas Shipping Ltd TI Africa Ltd TI Asia Ltd Tankers Agencies (UK) Ltd (see Note 23) TI LLC (see Note 23) Total At December 31, 2017 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets 629 — 182,298 175,826 363 98 359,214 of which Vessel — — 171,612 164,587 — — 336,199 Current Assets — 993 12,639 10,521 149,650 1,108 174,912 of which cash and cash equivalents — 689 4,062 1,968 1,889 — 8,608 Non-Current Liabilities — 629 200,231 128,653 — — 329,514 Of which bank loans — — — — — — — Current Liabilities 111 91 766 687 147,453 975 150,083 Of which bank loans — — — — 43,000 — 43,000 Net assets (100%) 518 273 (6,060 ) 57,007 2,560 232 54,530 Group's share of net assets 259 137 (3,030 ) 28,503 1,559 136 27,565 Shareholders loans to joint venture — — 100,115 62,647 — — 162,762 Net Carrying amount of interest in joint venture 259 137 — 28,503 1,559 136 30,595 Remaining shareholders loan to joint venture — — 97,085 62,647 — — 159,732 Revenue — 61 61,015 58,011 — — 119,087 Depreciations and amortization — — (18,209 ) (17,933 ) — — (36,142 ) Interest Expense — — (90 ) (1,961 ) — — (2,052 ) Income tax expense — — 383 (3,359 ) — — (2,976 ) Profit (loss) for the period (100%) (2 ) 130 34,269 25,467 — — 59,865 Other comprehensive income (100%) — — — 966 — — 966 Group's share of profit (loss) for the period (1 ) 65 17,135 12,734 — — 29,932 Group's share of other comprehensive income — — — 483 — — 483 (in thousands of USD) Kingswood Co. Ltd Seven Seas Shipping Ltd TI Africa Ltd TI Asia Ltd Tankers Agencies (UK) Ltd (see Note 23) TI LLC (see Note 23) Total At December 31, 2018 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets 522 — 154,553 147,962 306 — 303,343 of which Vessel — — 153,404 146,654 — — 300,058 Current Assets — 792 9,119 22,450 289,431 288 322,080 of which cash and cash equivalents — 696 484 2,561 2,487 — 6,227 Non Current Liabilities — 522 130,068 74,171 — — 204,760 Of which bank loans — — 70,080 67,551 — — 137,630 Current Liabilities 5 1 24,400 23,699 286,825 48 334,978 Of which bank loans — — 23,867 23,015 64,500 — 111,382 Net assets (100%) 517 269 9,205 72,543 2,912 240 85,685 Group's share of net assets 258 134 4,603 36,271 1,774 141 43,182 Shareholders loans to joint venture — — 28,665 — — — 28,665 Net Carrying amount of interest in joint venture 258 134 4,603 36,271 1,774 141 43,182 Remaining shareholders loan to joint venture — — 28,665 — — — 28,665 Revenue — 1 49,129 49,180 749,229 — 847,540 Depreciations and amortization — — (18,209 ) (17,933 ) (71 ) — (36,213 ) Interest Expense — — (3,857 ) (3,733 ) (2,571 ) — (10,161 ) Income tax expense — — (1,585 ) (1,611 ) (216 ) — (3,412 ) Profit (loss) for the period (100%) (2 ) (5 ) 15,742 15,977 352 10 32,074 Other comprehensive income (100%) — — (477 ) (441 ) — — (918 ) Group's share of profit (loss) for the period (1 ) (2 ) 7,871 7,989 214 6 16,076 Group's share of other comprehensive income — — (239 ) (220 ) — — (459 ) Loans and borrowings On March 29, 2018, TI Asia Ltd. and TI Africa Ltd. entered into 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 not significant given the long term contract both FSOs have with North Oil Company, which results in sufficient repayment capacity under these facilities. Transaction costs for a total amount of USD 2.2 million are amortized over the lifetime of the instrument using the effective interest rate method. As of December 31, 2018 the outstanding balance on this facility was USD 186.1 million in aggregate. All bank loans in the joint ventures are secured by the underlying vessel or FSO. The following table summarizes the terms and debt repayment profile of the bank loans held by the joint ventures: (in thousands of USD) December 31, 2018 December 31, 2017 Curr. Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value TI Asia Ltd revolving loan 54M* USD libor +2.0% 2022 45,671 45,671 45,283 — — — TI Asia Ltd loan 54M USD libor +2.0% 2022 45,671 45,671 45,283 — — — TI Africa Ltd revolving loan 56M* USD libor +2.0% 2022 47,362 47,362 46,974 — — — TI Africa Ltd loan 56M* USD libor +2.0% 2022 47,362 47,362 46,974 — — — Total interest-bearing bank loans 186,067 186,067 184,513 — — — * The mentioned secured bank loans are subject to loan covenants. Loan covenant As of December 31, 2018, all joint ventures were in compliance with the covenants, as applicable, of their respective loans. Interest rate swaps In connection to the USD 220.0 million facility, the JV's 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 are 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 are 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 between three and 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 (see Note 13). Vessels On June 2, 2016, the Group entered into a share swap and claims transfer agreement (see Note 24). As a result, the Group became the full owner of the two youngest vessels, the Captain Michael (2012 – 157,648 dwt) and the Maria (2012 – 157,523 dwt), while Bretta became the full owner of the Devon and the Eugenie . On November 23, 2016, Seven Seas Shipping Ltd delivered the VLCC V.K. Eddie (2005 – 305,261 dwt) to the Group after the sale announced on November 2, 2016 for USD 39.0 million . Seven Seas Shipping Ltd recognized a gain of USD 9.3 million on this transaction in the last quarter of 2016. In the Group's consolidated financial statements, 50% of this gain was eliminated. There were no capital commitments as of December 31, 2018 , December 31, 2017 and December 31, 2016 . Cash and cash equivalents (in thousands of USD) 2018 2017 Cash and cash equivalents of the joint ventures 6,227 8,608 Group's share of cash and cash equivalents 3,385 4,304 of which restricted cash — —

Major exchange rates

Major exchange rates	12 Months Ended
	Dec. 31, 2018
Effects Of Changes In Foreign Exchange Rates [Abstract]
Major exchange rates	Major exchange rates The following major exchange rates have been used in preparing the consolidated financial statements: closing rates average rates 1 XXX = x,xxxx USD December 31, 2018 December 31, 2017 December 31, 2016 2018 2017 2016 EUR 1.1450 1.1993 1.0541 1.1838 1.1249 1.1061 GBP 1.2800 1.3517 1.2312 1.3374 1.2880 1.3662

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2018
Disclosure of events after reporting period [Abstract]
Subsequent events	Subsequent events Since the start of 2019, Euronav continued to buy back its own shares and owns on March 18, 2019 a total of 3,370,544 shares ( 1.53% of the total outstanding shares). On October 31, 2018, the Company sold the Suezmax Felicity (2009 - 157,667 dwt), for USD 42.0 million . This vessel was accounted for as a non-current asset held for sale as at December 31, 2018. The vessel was delivered to its new owner on January 9, 2019. A transaction-based bonus plan in relation to the Gener8 transaction has been offered to key management personnel and has been accepted by the beneficiaries in January 2019. On February 4, 2019, Euronav announced that Patrick Rodgers has decided to step down from his role as Chief Executive Officer or CEO during 2019 and on March 28, 2019, Euronav announced that Hugo De Stoop, our current Chief Financial Officer or CFO, will succeed Patrick Rodgers as our CEO after a brief handover period which is expected to take place in the course of the second quarter of 2019. As a result, we have commenced a recruitment process for a new replacement CFO. Patrick Rodgers is leaving Euronav in a strong position with sector low leverage, substantial liquidity and operational flexibility to take on the challenges from the tanker market going forward. On February 11, 2019, Euronav sold the LR1 Genmar Compatriot (2004 – 72,768 dwt) for USD 6.75 million . The Company will record a capital gain of approximately USD 0.4 million in the second quarter of 2019 upon delivery to its new owner.

Significant accounting polici_2

Significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2018
Corporate Information And Statement Of IFRS Compliance [Abstract]
Basis of preparation Statement of compliance	Basis of preparation (a) Statement of compliance These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). This is the first set of the consolidated financial statements in which IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments have been applied. Changes to significant accounting policies are described in Note 2.(e). All other accounting policies have been consistently applied for all periods presented in the consolidated financial statements unless disclosed otherwise. The consolidated financial statements were authorized for issue by the Board of Directors on April 30, 2019.
Basis of measurement	Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for the following material items in the statement of financial position: • Derivative financial instruments are measured at fair value • Non-current assets held for sale are recognized at fair value if it is lower than their carrying amount
Functional and presentation currency	Functional and presentation currency The consolidated financial statements are presented in USD, which is the Company's functional and presentation currency. All financial information presented in USD has been rounded to the nearest thousand except when otherwise indicated.
Use of estimates and judgements	Use of estimates and judgements The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which are the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statement is included in the following note: • Note 8 – Impairment • Note 24 - Business Combination Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year is included in the following note: • Note 8 – Impairment test: key assumptions underlying the recoverable amount
Measurement of fair values	Measurement of fair values A number of the Group's accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Group has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values, and reports directly to the CFO. The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of IFRS, including the level in the fair value hierarchy in which such valuations should be classified. Significant valuation issues are reported to the Group Audit and Risk Committee. When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows. • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e.as prices) or indirectly (i.e. derived from prices). • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in Note 18.
Changes in accounting policies and New standards and interpretations not yet adopted	New standards and interpretations not yet adopted A number of new standards, amendments to standards and interpretations are not yet effective for the year ended 31 December, 2018 , and have not been applied in preparing these consolidated financial statements: IFRS 16 Leases published on January 13, 2016 makes a distinction between a service contract and a lease based on whether the contract conveys the right to control the use of an identified asset and introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognizes a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. There are optional exemptions for short term leases and leases of low value items. Lessor accounting remains similar to the current standard - i.e. lessors continue to classify leases as finance or operating leases. For lessors, there is little change to the existing accounting in IAS 17 Leases. IFRS 16 replaces existing leases guidance including IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC-15 Operating Leases-Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. The standard is effective for annual periods beginning on or after January 1, 2019. The Group doesn't expect the adoption of IFRS 16 to impact its ability to comply with loan covenants. Leases where the Group is a lessee The Group will adopt IFRS 16 as of January 1, 2019, using the modified retrospective approach with optional practical expedients and where comparative figures remain the same as presented before. The Group will apply the practical expedient not to recognize leases with a remaining lease term less than one year as of January 1, 2019. The practical expedients low value leases, hindsight, discount rate and no initial direct costs will not be used. Lease and non-lease components in the contracts will be separated. The Group expects to recognize new assets and liabilities for its operating leases for bare boat charters, office rental and company cars. 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 the right-of-use of the underlying assets and interest expense on lease liabilities. For the four bare boat charters for the vessels Nautilus, Nucleus, Neptun and Navarin, the Group expects to recognize a right of use asset and lease liability of USD 86.7 M which is the present value at January 1, 2019 of the future lease payments. The right of use asset was measured based on the option of right of use asset equalizing with the lease liability. The right of use asset will be corrected for the effect of a previously deferred gain on the sale and leaseback of these vessels for USD 3.0 million and will be depreciated over the remaining lease term till December 15, 2021. For the office leases, the Group expects to recognize a right of use asset and lease liability of USD 18.4 M. The right of use asset will be corrected by the practical expedient impairment assessment based on the onerous contract analysis option for USD 5.3 million . The right of use assets will also be reduced by USD 11.4 million which represents the lease receivable related to subleases that qualify as finance lease under IFRS 16. Company cars are not expected to have a material impact. The Group will use the short-term lease exemption for all the lease contracts with a remaining lease term of less than one year. Accordingly, those lease payments will be recognized as an expense and there will be no impact on transition. Leases where the Group is a lessor As a lessor the Group leases out some of its vessels under long-term time charter agreements and a number of vessels are employed in the TI Pool under floating time charter agreements. Further the Group subleases office space to third parties in certain leased offices of Euronav UK and Euronav MI II Inc (formerly Gener8 Maritime Inc.). The Group expects to recognize USD 11.4 M lease receivable related to sublease agreements that qualify as finance lease. Vessels employed by the TI Pool do not meet the definition of a lease under IFRS 16 and accordingly will be accounted for under IFRS 15 Revenue from Contracts with Customers. This will not have a material impact on the Group’s consolidated revenue. For certain vessels employed under long-term time charter agreements, the adoption of IFRS 16 will require the Group to separate the lease and non-lease component in the contract, with the lease component qualified as operating lease and the non-lease component accounted for under IFRS 15. While additional disclosure might be required, this will not have a material impact for the Group. Long-term Interests in Associates and Joint Ventures (Amendments to IAS 28) issued on 12 October 2017, clarifies how companies should account for long-term interests in an associate or joint venture, to which the equity method is not applied, using IFRS 9. The amendments are effective for annual periods beginning on or after 1 January 2019, with early adoption permitted. The amendments are not expected to have a material impact on the Group’s consolidated financial statements. IFRIC 23 Uncertainty over Income Tax Treatments issued on 7 June 2017, clarifies how to apply the recognition and measurement requirements in IAS 12 when there is uncertainty over income tax treatments. In such a circumstance, an entity shall recognize and measure its current or deferred tax asset or liability applying the requirements in IAS 12 based on taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates determined applying this Interpretation. An entity is required to assume that a tax authority with the right to examine and challenge tax treatments will examine those treatments and have full knowledge of all related information. Detection risk is not considered in the recognition and measurement of uncertain tax treatments. The entity should measure the impact of the uncertainty using the method that best predicts the resolution of the uncertainty; either the most likely amount method or the expected value method. The interpretation is effective for annual periods beginning on or after 1 January 2019, with earlier adoption permitted. The amendments are not expected to have a material impact on the Group’s consolidated financial statements. Annual improvements to IFRSs 2015-2017 Cycle , issued on 12 December 2017, covers the following minor amendments: • IFRS 3 Business Combinations: the amendments clarify that a company remeasures its previously held interest in a joint operation when it obtains control of the business. • IFRS 11 Joint Arrangements: the amendments clarify that a company does not remeasure its previously held interest in a joint operation when it obtains joint control of the business. • IAS 12 Income Taxes: the amendments clarify that a company accounts for all income tax consequences of dividend payments consistently with the transactions that generated the distributable profits - i.e. in profit or loss, OCI or equity. • IAS 23 Borrowing Costs: the amendments clarify that a company treats as part of general borrowings any borrowing originally made to develop an asset when the asset is ready for its intended use or sale. The amendments are effective for annual reporting periods beginning on or after 1 January 2019 with earlier application permitted. The amendments are not expected to have a material impact on the Group’s consolidated financial statements. Plan Amendment, Curtailment or Settlement (Amendments to IAS 19) issued on 7 February 2018, clarifies that on amendment, curtailment or settlement of a defined benefit plan, the current service cost and net interest for the remainder of the annual reporting period are calculated using updated actuarial assumptions - i.e. consistent with the calculation of a gain or loss on the plan amendment, curtailment or settlement. The amendment also clarifies that an entity first determines any past service cost, or a gain or loss on settlement, without considering the effect of the asset ceiling. This amount is recognized in profit or loss. The entity then determines the effect of the asset ceiling after plan amendment, curtailment or settlement. Any change in that effect is recognized in other comprehensive income (except for amounts included in net interest). The amendments are effective for annual periods beginning on or after 1 January 2019 and are applied prospectively. The amendments are not expected to have a material impact on the Group’s consolidated financial statements. Amendment to IFRS 3 Business Combinations , issued on 22 October 2018, provides more guidance on the definition of a business. The amendment includes an election to use a concentration test. This is a simplified assessment that will result in an asset acquisition if substantially all of the fair value of the gross assets is concentrated in a single identifiable asset or a group of similar identifiable assets. If one does not apply the concentration test, or the test is failed, then the assessment focuses on the existence of substantive process. The amendment applies to businesses acquired in annual periods beginning on or after 1 January 2020 with earlier application permitted. Amendments to IAS 1 and IAS 8: Definition of Material was issued on 31 October 2018 clarifying the definition of ‘Material’ and aligning the definition of ‘material’ across the standards. The new definition states that “information is considered material, if omitting, misstating or obscuring it could reasonably be expected to influence decisions that primarily users of general purpose financial statements make on the basis of those financial statements, which provide information about a specific reporting entity”. The amendments clarify that materiality will depend on the nature or magnitude of information. The amendments are effective prospectively for annual periods beginning on or after 1 January 2020 with earlier application permitted. On 29 March 2018, the IASB has issued Amendments to References to the Conceptual Framework in IFRS Standards (Amendments to CF) . The Conceptual Framework sets out the fundamental concepts of financial reporting that guides the Board in developing IFRS Standards. It helps to ensure that the Standards are conceptually consistent and that similar transactions are treated the same way, providing useful information for investors and others. The Conceptual Framework also assists companies in developing accounting policies when no IFRS Standard applies to a particular transaction; and it helps stakeholders to understand the Standards better. Key changes include: • Increasing the prominence of stewardship in the objective of financial reporting, which is to provide information that is useful in making resource allocation decisions. • Reinstating prudence, defined as the exercise of caution when making judgements under conditions of uncertainty, as a component of neutrality. • Defining a reporting entity, which might be a legal entity or a portion of a legal entity. • Revising the definition of an asset as a present economic resource controlled by the entity as a result of past events. • Revising the definition of a liability as a present obligation of the entity to transfer an economic resource as a result of past events. • Removing the probability threshold for recognition, and adding guidance on derecognition. • Adding guidance on the information provided by different measurement bases, and explaining factors to consider when selecting a measurement basis. • Stating that profit or loss is the primary performance indicator and that, in principle, income and expenses in other comprehensive income should be recycled where the relevance or faithful representation of the financial statements would be enhanced. The amendments are effective for annual periods beginning on or after 1 January 2020, whereas the Board will start using the revised Conceptual Framework immediately. Changes in accounting policies T he 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 voyages on a load-to-discharge basis instead of a discharge-to-discharge basis (see A); • capitalizing the voyage expenses incurred between the date on which the contract was concluded and the next load port if they qualify as fulfillment costs and if they are expected to be recovered (see A); • an increase in impairment losses recognized on financial assets (see B). Costs incurred to fulfill a contract are recognized as an asset if and only if all of the following criteria are met: • the costs relate directly to a contract; • the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future; and • the costs are expected to be recovered. 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. Additionally, the disclosure requirements in IFRS 15 have not been applied to comparative information. 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 for spot voyages (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 statement of financial position as at December 31, 2018 and its statement of profit or loss and OCI for the year then ended for each of the line items affected. There was no material impact on the Group's statement of cash flows for the year ended December 31, 2018 . Impact on the consolidated statement of financial position 31 December 2018 (in thousands of USD) Amounts without adoption of IFRS 15 Adjustments As reported ASSETS Non-current assets 3,606,210 — 3,606,210 Current assets 532,894 (11,753 ) 521,141 Trade and other receivables 317,479 (11,753 ) 305,726 TOTAL ASSETS 4,139,104 (11,753 ) 4,127,351 EQUITY AND LIABILITIES Equity Retained earnings 347,517 (11,753 ) 335,764 Equity attributable to owners of the Company 2,272,276 (11,753 ) 2,260,523 Non-current liabilities 1,579,706 — 1,579,706 Current liabilities 287,122 — 287,122 Trade and other payables 87,225 — 87,225 TOTAL EQUITY AND LIABILITIES 4,139,104 (11,753 ) 4,127,351 Impact on the consolidated statement of profit or loss and OCI For the year ended 31 December 2018 (in thousands of USD) Amounts without adoption of IFRS 15 Adjustments As reported Shipping income Revenue 610,549 (10,525) 600,024 Total shipping income 634,462 (10,525) 623,937 Operating expenses Voyage expenses and commissions (141,917) 501 (141,416) Total operating expenses (699,016) 501 (698,515) RESULT FROM OPERATING ACTIVITIES (64,554) (10,024) (74,578) PROFIT (LOSS) FOR THE PERIOD (100,046) (10,024) (110,070) TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD (103,240) (10,024) (113,264) Spot voyages: under IAS 18, revenue for these contracts was recognized over time on discharge-to-discharge basis and the expenses were recognized over the same period. Under IFRS 15, revenue from spot voyages is also recognized over time but on a load-to-discharge basis. Therefore, revenue is recognized later under IFRS 15 than under IAS 18. The impacts of these changes on items other than revenue are a decrease in trade and other receivables. Furthermore the voyage expenses incurred between the date on which the contract was concluded and the next load port are capitalized if they qualify as fulfillment costs and if they are expected to be recovered. IFRS 15 did not have a significant impact on the Group’s accounting policies with respect to other revenue streams and revenue recognition (see Note 1 - 2.(o) and Note 4). 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. As a result of the adoption of IFRS 9, the Group has adopted consequential amendments to IAS 1 Presentation of Financial Statements, which require impairment of financial assets to be presented in a separate line item in the statement of profit or loss. Impairment losses on financial assets are not presented separately in the statement of profit or loss, because the amount is not material. The impairment loss on trade receivables has been presented in 'general and administrative expenses'. The impairment loss on the other financial assets has been presented as part of the line 'finance expenses'. Additionally, the Group has adopted consequential amendments to IFRS 7 Financial Instruments: Disclosures that are applied to disclosures about 2018 but have not been applied to comparative information. The Group has applied the exemption not to restate comparative information for prior periods with respect to classification and measurement (including impairment). Differences in the carrying amounts of financial assets and financial liabilities resulting from the adoption of IFRS 9 are recognized in retained earnings as at 1 January 2018. Accordingly, the information presented for 2017 has not been restated and does not generally reflect the requirements of IFRS 9, but rather those of IAS 39. 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 contains three principal classification categories for financial assets: measured at amortized cost, fair value through other comprehensive income ('FVOCI') and 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. IFRS 9 eliminates the previous IAS 39 categories of held to maturity, loans and receivables and available for sale. Under IFRS 9, 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. IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. 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 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 and financial liabilities 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 (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 liabilities Secured bank loans Other financial liabilities Other financial liabilities 701,091 701,091 Unsecured notes Other financial liabilities Other financial liabilities 147,619 147,619 Unsecured other borrowings Other financial liabilities Other financial liabilities 50,010 50,010 Trade and other payables Other financial liabilities Other financial liabilities 51,335 51,335 Advances received on contracts Other financial liabilities Other financial liabilities 539 539 Total financial liabilities 950,594 950,594 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. 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. The USD 16 thousand is the only difference between the carrying amount of financial assets under IAS39 to the carrying amount under IFRS9 on transition to IFRS9 on 1 January 2018. 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. 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 — 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 — 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 ten years , taking into account reasonable and supportable forecast of future economic conditions. ii i. 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. There were no instruments designated as hedging instrument as at December 31, 2017 and accordingly there is no impact on the Group's consolidated financial statements for the year ended December 31 2017.
Business Combinations	Business Combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. For acquisitions on or after January 1, 2010, the Group measures goodwill at the acquisition date as: • the fair value of the consideration transferred; plus • the recognized amount of any non-controlling interests in the acquiree; plus if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less • the net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognized immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts generally are recognized in profit or loss. Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognized in profit or loss.
Non-controlling interests (NCI)	Non-controlling interests (NCI) NCI are measured at their proportionate share of the acquiree's identifiable net assets at the date of acquisition. Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
Subsidiaries	Subsidiaries Subsidiaries are those entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which the control commences until the date on which control ceases.
Loss of control	Loss of control On the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognized in profit or loss. If the Group retains any interest in the former subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as an equity-accounted investee or as a FVOCI or FVTPL financial asset depending on the level of influence retained.
Interests in equity-accounted investees	Interests in equity-accounted investees The Group's interests in equity-accounted investees comprise interest in associates and joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in associates and joint ventures are accounted for using the equity method. They are recognized initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group's share of the profit or loss and other comprehensive income ("OCI") of equity-accounted investees, until the date on which significant influence or joint control ceases. Interests in associates and joint ventures include any long-term interests that, in substance, form part of the Group's investment in those associates or joint ventures and include unsecured shareholder loans for which settlement is neither planned nor likely to occur in the foreseeable future, which, therefore, are an extension of the Group's investment in those associates and joint ventures. The Group's share of losses that exceeds its investment is applied to the carrying amount of those loans. After the Group's interest is reduced to zero, a liability is recognized to the extent that the Group has a legal or constructive obligation to fund the associates' or joint ventures' operations or has made payments on their behalf.
Basis of Consolidation	Basis of Consolidation (i) Business Combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. For acquisitions on or after January 1, 2010, the Group measures goodwill at the acquisition date as: • the fair value of the consideration transferred; plus • the recognized amount of any non-controlling interests in the acquiree; plus if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less • the net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognized immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts generally are recognized in profit or loss. Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. (ii) Non-controlling interests (NCI) NCI are measured at their proportionate share of the acquiree's identifiable net assets at the date of acquisition. Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. (iii) Subsidiaries Subsidiaries are those entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which the control commences until the date on which control ceases. (iv) Loss of control On the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognized in profit or loss. If the Group retains any interest in the former subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as an equity-accounted investee or as a FVOCI or FVTPL financial asset depending on the level of influence retained. (v) Interests in equity-accounted investees The Group's interests in equity-accounted investees comprise interest in associates and joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in associates and joint ventures are accounted for using the equity method. They are recognized initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group's share of the profit or loss and other comprehensive income ("OCI") of equity-accounted investees, until the date on which significant influence or joint control ceases. Interests in associates and joint ventures include any long-term interests that, in substance, form part of the Group's investment in those associates or joint ventures and include unsecured shareholder loans for which settlement is neither planned nor likely to occur in the foreseeable future, which, therefore, are an extension of the Group's investment in those associates and joint ventures. The Group's share of losses that exceeds its investment is applied to the carrying amount of those loans. After the Group's interest is reduced to zero, a liability is recognized to the extent that the Group has a legal or constructive obligation to fund the associates' or joint ventures' operations or has made payments on their behalf. (vi) Transactions eliminated on consolidation Intragroup balances and transactions, and any unrealized gains arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the underlying asset to the extent of the Group's interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.
Transactions eliminated on consolidation	Transactions eliminated on consolidation Intragroup balances and transactions, and any unrealized gains arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the underlying asset to the extent of the Group's interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.
Foreign currency	Foreign currency (i) Foreign currency transactions Transactions in foreign currencies are translated to USD at the foreign exchange rate applicable at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to USD at the foreign exchange rate applicable at that date. Foreign exchange differences arising on translation are recognized in profit or loss. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign exchange differences arising from the translation of the following items are recognized in OCI: • a financial liability desginated as a hedge of the net investment in a foreign operation to the extent that the hedge is effective; and • qualifying cash flow hedges to the extent that the hedges are effective. (ii) Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to USD at exchange rates at the reporting date. The income and expenses of foreign operations are translated to USD at rates approximating the exchange rates at the dates of the transactions. Foreign currency differences are recognized directly in equity (Translation reserve). When a foreign operation is disposed of, in part or in full, the relevant amount in the translation reserve is transferred to profit or loss.
Financial Instruments	Financial Instruments (i) Non-derivative financial assets The group initially recognizes loans and receivables on the date that they are originated. All other financial assets are recognized initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in such transferred financial assets that is created or retained by the Group is recognized as a separate asset or liability. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm's length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models refined to reflect the issuer's specific circumstances. The Group classifies non-derivative financial assets into the following categories: financial assets at fair value through profit or loss, loans and receivables, cash and cash equivalents, held-to-maturity financial assets and available-for-sale financial assets. The Company determines the classification of its investments at initial recognition and re-evaluates this designation at every reporting date. Non-derivative financial assets - Policy applicable from 1 January 2018 On initial recognition, a financial asset is classified as measured at: amortized cost; FVOCI - debt investment; FVOCI - equity instrument; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. 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 objectives 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. Non-derivative financial assets - Assessment whether contractual cash flows are solely payments of principal and interest: Policy applicable from 1 January 2018 For the purposes of this assessment, 'principal' is defined as the fair value of the financial asset on initial recognition. 'Interest' is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: • contingent events that would change the amount or timing of cash flows; • terms that may adjust the contractual coupon rate, including variable-rate features; • prepayment and extension features; and • terms that limit the Group's claim to cash flows from specified assets (e.g. non-resource features). A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition. Non-derivative financial assets - Subsequent measurement and gains and losses: Policy applicable from 1 January 2018 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. Non-derivative financial assets - Policy applicable before 1 January 2018 The Group classified its non-derivative financial assets into the following categories: financial assets at fair value through profit or loss, loans and receivables, cash and cash equivalents, held-to-maturity financial assets and available-for-sale financial assets. The Company determined the classification of its investments at initial recognition and re-evaluated this designation at every reporting date. Loans and receivables Loans and receivables were financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortized cost using the effective interest method, less any impairment losses. They arose when the Group provided money, goods or services directly to a debtor with no intention of trading the receivable. They were included in current assets, except for maturities greater than 12 months after the balance sheet date. These were classified as non-current assets. Loans and receivables were included in trade and other receivables in the statement of financial position. Held-to-maturity financial assets If the Group had the positive intent and ability to hold debt securities to maturity, then such financial assets were classified as held-to-maturity. Held-to-maturity financial assets were recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, held-to-maturity financial assets were measured at amortized cost using the effective interest method, less any impairment losses. Held-to-maturity financial assets comprised debentures. (ii) Non-derivative financial liabilities The Group initially recognizes debt securities issued and subordinated liabilities on the date that they are originated. All other financial liabilities (including liabilities designated as at fair value through profit or loss) are recognized initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled, expired or substantially modified. Non-derivative financial liabilities are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. Non-derivative financial liabilities comprise loans and borrowings, bank overdrafts, and trade and other payables. Bank overdrafts that are repayable on demand and form an integral part of the Group's cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. (iii) Share capital Ordinary share capital Ordinary share capital is classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity, net of any tax effects. Repurchase of share capital When share capital recognized as equity is repurchased, the amount of the consideration paid, including directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and presented in the reserve for own shares. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is presented in retained earnings. (iv) Derivative financial instruments Derivative financial instruments and hedge accounting - Policy applicable from 1 January 2018 The Group from time to time may enter into derivative financial instruments to hedge its exposure to market fluctuations, foreign exchange and interest rate risks arising from operational, financing and investment activities. On initial designation of the derivative as hedging instrument, the Group formally documents the economic relationship between the hedging instrument(s) and hedged item(s), including the risk management objectives and strategy in undertaking the hedge transaction, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, at the inception of the hedge relationship, whether the hedging instruments are expected to be "highly effective" in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated. On an ongoing basis, the Group assesses whether the hedge relationship continues and is expected to continue to remain highly effective using retrospective and prospective quantitative and qualitative analyses. Derivative financial instruments are recognized initially at fair value; attributable transaction costs are expensed as incurred. Subsequent to initial recognition, all derivatives are remeasured to fair value, and changes therein are accounted for as follows: Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognized in OCI and presented in the hedging reserve in equity. The amount recognized in OCI is removed and included in profit or loss in the same period as the hedged cash flows affect profit or loss under the same line item in the statement of profit or loss as the hedged item. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts ('forward points') is separately accounted for as a cost of hedging and recognized in a costs of hedging reserve within equity. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated, exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item's cost on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, then the balance in equity is reclassified to profit or loss. Other non-trading derivatives When a derivative financial instrument is not held for trading, and is not designated in a qualifying hedge relationship, all changes in its fair value are recognized immediately in profit or loss. Derivative financial instruments and hedge accounting - Policy applicable before 1 January 2018 The policy applied in the comparative information presented for 2017 is similar to that applied for 2018. However, for all cash flow hedges, including hedges of transactions resulting in the recognition of non-financial items, the amounts accumulated in the cash flow hedge reserve were reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affected profit or loss. (v) Compound financial instruments Compound financial instruments issued by the Group comprise Notes denominated in USD that can be converted to ordinary shares at the option of the holder, when the number of shares is fixed and does not vary with changes in fair value. The liability component of compound financial instruments is initially recognized at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognized at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity component in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. Interest related to the financial liability is recognized in profit and loss. On conversion, the financial liability is reclassified to equity and no gain or loss is recognized.
Non-derivative financial assets	Non-derivative financial assets The group initially recognizes loans and receivables on the date that they are originated. All other financial assets are recognized initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in such transferred financial assets that is created or retained by the Group is recognized as a separate asset or liability. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm's length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models refined to reflect the issuer's specific circumstances. The Group classifies non-derivative financial assets into the following categories: financial assets at fair value through profit or loss, loans and receivables, cash and cash equivalents, held-to-maturity financial assets and available-for-sale financial assets. The Company determines the classification of its investments at initial recognition and re-evaluates this designation at every reporting date. Non-derivative financial assets - Policy applicable from 1 January 2018 On initial recognition, a financial asset is classified as measured at: amortized cost; FVOCI - debt investment; FVOCI - equity instrument; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. 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 objectives 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. Non-derivative financial assets - Assessment whether contractual cash flows are solely payments of principal and interest: Policy applicable from 1 January 2018 For the purposes of this assessment, 'principal' is defined as the fair value of the financial asset on initial recognition. 'Interest' is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: • contingent events that would change the amount or timing of cash flows; • terms that may adjust the contractual coupon rate, including variable-rate features; • prepayment and extension features; and • terms that limit the Group's claim to cash flows from specified assets (e.g. non-resource features). A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition. Non-derivative financial assets - Subsequent measurement and gains and losses: Policy applicable from 1 January 2018 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. Non-derivative financial assets - Policy applicable before 1 January 2018 The Group classified its non-derivative financial assets into the following categories: financial assets at fair value through profit or loss, loans and receivables, cash and cash equivalents, held-to-maturity financial assets and available-for-sale financial assets. The Company determined the classification of its investments at initial recognition and re-evaluated this designation at every reporting date. Loans and receivables Loans and receivables were financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortized cost using the effective interest method, less any impairment losses. They arose when the Group provided money, goods or services directly to a debtor with no intention of trading the receivable. They were included in current assets, except for maturities greater than 12 months after the balance sheet date. These were classified as non-current assets. Loans and receivables were included in trade and other receivables in the statement of financial position. Held-to-maturity financial assets If the Group had the positive intent and ability to hold debt securities to maturity, then such financial assets were classified as held-to-maturity. Held-to-maturity financial assets were recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, held-to-maturity financial assets were measured at amortized cost using the effective interest method, less any impairment losses. Held-to-maturity financial assets comprised debentures.
Non-derivative financial liabilities	Non-derivative financial liabilities The Group initially recognizes debt securities issued and subordinated liabilities on the date that they are originated. All other financial liabilities (including liabilities designated as at fair value through profit or loss) are recognized initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled, expired or substantially modified. Non-derivative financial liabilities are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. Non-derivative financial liabilities comprise loans and borrowings, bank overdrafts, and trade and other payables. Bank overdrafts that are repayable on demand and form an integral part of the Group's cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows.
Share capital	Share capital Ordinary share capital Ordinary share capital is classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity, net of any tax effects. Repurchase of share capital When share capital recognized as equity is repurchased, the amount of the consideration paid, including directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and presented in the reserve for own shares. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is presented in retained earnings.
Derivative financial instruments	Derivative financial instruments Derivative financial instruments and hedge accounting - Policy applicable from 1 January 2018 The Group from time to time may enter into derivative financial instruments to hedge its exposure to market fluctuations, foreign exchange and interest rate risks arising from operational, financing and investment activities. On initial designation of the derivative as hedging instrument, the Group formally documents the economic relationship between the hedging instrument(s) and hedged item(s), including the risk management objectives and strategy in undertaking the hedge transaction, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, at the inception of the hedge relationship, whether the hedging instruments are expected to be "highly effective" in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated. On an ongoing basis, the Group assesses whether the hedge relationship continues and is expected to continue to remain highly effective using retrospective and prospective quantitative and qualitative analyses. Derivative financial instruments are recognized initially at fair value; attributable transaction costs are expensed as incurred. Subsequent to initial recognition, all derivatives are remeasured to fair value, and changes therein are accounted for as follows: Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognized in OCI and presented in the hedging reserve in equity. The amount recognized in OCI is removed and included in profit or loss in the same period as the hedged cash flows affect profit or loss under the same line item in the statement of profit or loss as the hedged item. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts ('forward points') is separately accounted for as a cost of hedging and recognized in a costs of hedging reserve within equity. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated, exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item's cost on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, then the balance in equity is reclassified to profit or loss. Other non-trading derivatives When a derivative financial instrument is not held for trading, and is not designated in a qualifying hedge relationship, all changes in its fair value are recognized immediately in profit or loss. Derivative financial instruments and hedge accounting - Policy applicable before 1 January 2018 The policy applied in the comparative information presented for 2017 is similar to that applied for 2018. However, for all cash flow hedges, including hedges of transactions resulting in the recognition of non-financial items, the amounts accumulated in the cash flow hedge reserve were reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affected profit or loss.
Compound financial instruments	Compound financial instruments Compound financial instruments issued by the Group comprise Notes denominated in USD that can be converted to ordinary shares at the option of the holder, when the number of shares is fixed and does not vary with changes in fair value. The liability component of compound financial instruments is initially recognized at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognized at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity component in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. Interest related to the financial liability is recognized in profit and loss. On conversion, the financial liability is reclassified to equity and no gain or loss is recognized.
Goodwill and intangible assets	Goodwill and intangible assets (i) Goodwill Goodwill that arises on the acquisition of subsidiaries is presented as an intangible asset. For the measurement of goodwill at initial recognition, see accounting policy (f). After initial recognition goodwill is measured at cost less accumulated impairment losses (refer to accounting policy (k)). In respect of equity accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment, and any impairment loss is allocated to the carrying amount of the equity accounted investee as a whole. (ii) Intangible assets Intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and impairment losses (see accounting policy k). The cost of an intangible asset acquired in a separate acquisition is the cash paid or the fair value of any other consideration given. The cost of an internally generated intangible asset includes the directly attributable expenditure of preparing the asset for its intended use. (iii) Subsequent expenditure Subsequent expenditure on intangible assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates and its cost can be measured reliably. All other expenditure is expensed as incurred. (iv) Amortization Amortization is charged to the income statement on a straight-line basis over the estimated useful lives of the intangible assets from the date they are available for use. The estimated useful lives are as follows: Software: 3 - 5 years Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
Vessels, property, plant and equipment	Depreciation Depreciation is charged to the consolidated statement of profit or loss on a straight-line basis over the estimated useful lives of vessels and items of property, plant and equipment. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land is not depreciated. Vessels and items of property, plant and equipment are depreciated from the date that they are available for use. Internally constructed assets are depreciated from the date that the assets are completed and ready for use. The estimated useful lives of significant items of property, plant and equipment are as follows: • tankers 20 years • FSO/FpSO/FPSO 25 years • plant and equipment 5 - 20 years • fixtures and fittings 5 - 10 years • other tangible assets 3 - 20 years • dry-docking 2.5 - 5 years Vessels are estimated to have a zero residual value. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. (vii) Dry-docking – component approach Where an item of property, plant and equipment comprises major components having different useful lives, they are accounted for as separate items of property, plant and equipment. Costs associated with routine repairs and maintenance are expensed as incurred including routine maintenance performed whilst the vessel is in dry-dock. Components installed during dry-dock with a useful life of more than 1 year are amortized over their estimated useful life. Vessels, property, plant and equipment (i) Owned assets Vessels and items of property, plant and equipment are stated at cost or deemed cost less accumulated depreciation (see below) and impairment losses (refer to accounting policy (k)). Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the following: • The cost of materials and direct labor; • Any other costs directly attributable to bringing the assets to a working condition for their intended use; • When the Group has an obligation to remove the asset or restore the site, an estimate of the costs of dismantling and removing the items and restoring the site on which they are located; and • Capitalized borrowing costs. Where an item of property, plant and equipment comprises major components having different useful lives, they are accounted for as separate items of property, plant and equipment (refer to accounting policy (j) vii). Gains and losses on disposal of a vessel or of another item of property, plant and equipment are determined by comparing the net proceeds from disposal with the carrying amount of the vessel or the item of property, plant and equipment and are recognized in profit or loss. For the sale of vessels, transfer of risk and rewards usually occurs upon delivery of the vessel to the new owner. (ii) Leased assets Leases in terms of which the Group assumes substantially all of the risks and rewards of ownership are classified as finance leases. Vessels, property, plant and equipment acquired by way of finance lease is stated at an amount equal to the lower of its fair value and the present value of the minimum lease payments at inception of the lease, less accumulated depreciation (see below) and impairment losses (refer accounting policy (k)). Lease payments are accounted for as described in accounting policy (q). Other leases are operating leases and are not recognized in the Group's statement of financial position. Assets under construction Assets under construction, especially newbuilding vessels, are accounted for in accordance with the stage of completion of the newbuilding contract. Typical stages of completion are the milestones that are usually part of a newbuilding contract: signing or receipt of refund guarantee, steel cutting, keel laying, launching and delivery. All stages of completion are guaranteed by a refund guarantee provided by the shipyard. (iv) Subsequent expenditure Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the item of property, plant and equipment and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. All other expenditure is recognized in the consolidated statement of profit or loss as an expense as incurred. (v) Borrowing costs Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset.
Impairment of financial assets	Assets held for sale Non-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, the assets, or components of a disposal group, are remeasured in accordance with the Group's accounting policies. Thereafter generally the assets or disposal group are measured at the lower of their carrying amount and fair value less cost to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets or investment property, which continue to be measured in accordance with the Group's accounting policies. Impairment losses on initial classification as held for sale and subsequent gains and losses on remeasurement are recognized in profit or loss. Gains are not recognized in excess of any cumulative impairment loss. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortized or depreciated, and any equity-accounted investee is no longer equity accounted. Impairment Policy applicable from 1 January 2018 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 and other receivables, cash and cash equivalents and non-current receivables. 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. Loss allowances for trade receivables are measured 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. However, due to the insignificant impact of IFRS 9 on the financial statements, no reclassification was done for the year ended December 31, 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 expenses'. Policy before 1 January 2018 (i) Non-derivative financial assets A financial asset not classified as at fair value through profit or loss was assessed at each reporting date to determine whether there was objective evidence that it was impaired. A financial asset was impaired if there was objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset, and that loss event(s) had an impact on the estimated future cash flows of that asset that could be estimated reliably. Objective evidence that financial assets were impaired includes default or delinquency by a debtor, restructuring of an amount due to the Group on terms that the Group would not consider otherwise, indications that a debtor or issuer would enter bankruptcy, adverse changes in the payment status of borrowers or issuers, economic conditions that correlated with defaults or the disappearance of an active market for a security. In addition, for an investment in an equity security a significant or prolonged decline in the fair value of the security below its cost was objective evidence of impairment. Financial assets measured at amortized cost The Group considered evidence of impairment for financial assets measured at amortized cost (loans and receivables and held-to-maturity financial assets) at both a specific asset and collective level. All individually significant assets were assessed for specific impairment. Those found not to be specifically impaired were then collectively assessed for any impairment that had been incurred but not yet identified. Assets that were not individually significant are collectively assessed for impairment by grouping together assets with similar risk characteristics. In assessing collective impairment, the Group used historical trends of the probability of default, the timing of recoveries and the amount of loss incurred, adjusted for management's judgement as to whether current economic and credit conditions are such that the actual losses were likely to be greater or less than suggested by historical trends. An impairment loss in respect of a financial asset measured at amortized cost was calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. Losses were recognized in profit or loss and reflected in an allowance account against loans and receivables or held-to maturity financial assets. Interest on the impaired asset continues to be recognized. When an event occurring after the impairment was recognized causes the amount of impairment loss to decrease, the decrease in impairment loss was reversed through profit or loss. Equity-accounted investees An impairment loss in respect of an equity-accounted investee was measured by comparing the recoverable amount of the investment with its carrying amount. An impairment loss is recognized in profit or loss, and was reversed if there had been a favorable change in the estimates used to determine the recoverable amount.
Impairment of non-financial assets	Non-financial assets The carrying amounts of the Group's non-financial assets, other than deferred tax assets (refer to accounting policy (s)), are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated. The recoverable amount of an asset or CGU is the greater of its fair value less cost to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Future cash flows are based on current market conditions, historical trends as well as future expectations. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination. Impairment losses are recognized in profit or loss. An impairment loss recognized for goodwill shall not be reversed. For other assets, an impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
Assets held for sale	Assets held for sale Non-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, the assets, or components of a disposal group, are remeasured in accordance with the Group's accounting policies. Thereafter generally the assets or disposal group are measured at the lower of their carrying amount and fair value less cost to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets or investment property, which continue to be measured in accordance with the Group's accounting policies. Impairment losses on initial classification as held for sale and subsequent gains and losses on remeasurement are recognized in profit or loss. Gains are not recognized in excess of any cumulative impairment loss. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortized or depreciated, and any equity-accounted investee is no longer equity accounted.
Employee benefits	Employee benefits (i) Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognized as an employee benefit expense in profit or loss in the periods during which related services are rendered by employees. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. Contributions to a defined contribution plan that are due more than 12 months after the end of the period in which the employees render the services are discounted to their present value. The calculation of defined contribution obligations is performed annually by a qualified actuary using the projected unit credit method. (ii) Defined benefit plans The Group's net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognized asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements. Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return of plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in OCI. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in profit and loss. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognized immediately in profit or loss. The Group recognizes gains and losses on the settlement of a defined plan when the settlement occurs. (iii) Other long term employee benefits The Group's net obligation in respect of long-term employee benefits, other than pension plans, is the amount of future benefit that employees have earned in return for their service in the current and prior periods. The obligation is calculated using the projected unit credit method and is discounted to its present value and the fair value of any related assets is deducted. The discount rate is the yield at the reporting date on AA credit rated bonds that have maturity dates approximating the terms of the Group's obligations and that are denominated in the currency in which the benefits are expected to be paid. Remeasurements are recognized in profit or loss in the period in which they arise. (iv) Termination benefits Termination benefits are recognized as an expense when the Group is demonstrably committed, without realistic possibility or withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognized as an expense if the Group has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the reporting date, then they are discounted to their present value. (v) Short-term employee benefit Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.
Share-based payment transactions	Share-based payment transactions The grant-date fair value of equity-settled share-based payment awards granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. The fair value of the amount payable to beneficiaries in respect of "phantom stock unit" grants, which are settled in cash, is recognized as an expense with a corresponding increase in liabilities, over the period during which the beneficiaries become unconditionally entitled to payment. The amount is remeasured at each reporting date and at settlement based on the fair value of the phantom stock units. Any changes in the liability are recognized in profit or loss.
Provisions	Provisions A provision is recognized when the Group has a legal or constructive obligation that can be estimated reliably, as result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. The provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. The unwinding of the discount is recognized as finance cost. Restructuring A provision for restructuring is recognized when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been announced publicly. Future operating costs are not provided for. Onerous contracts A provision for onerous contracts is recognized when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognizes any impairment loss on the assets associated with that contract.
Revenue	Revenue (i) Pool Revenues Aggregated revenue recognized on a daily basis from vessels operating on voyage charters in the spot market and on contract of affreightment ("COA") within the pool is converted into an aggregated net revenue amount by subtracting aggregated voyage expenses (such as fuel and port charges) from gross voyage revenue. These aggregated net revenues are combined with aggregated time charter revenues to determine aggregated pool Time Charter Equivalent revenue ("TCE"). Aggregated pool TCE revenue is then allocated to pool partners in accordance with the allocated pool points earned for each vessel that recognizes each vessel's earnings capacity based on its cargo, capacity, speed and fuel consumption performance and actual on hire days. The TCE revenue earned by our vessels operated in the pools is equal to the pool point rating of the vessels multiplied by time on hire, as reported by the pool manager. (ii) Time - and Bareboat charters Revenues from time charters and bareboat charters are accounted for as operating leases and are recognized on a straight line basis over the periods of such charters, as service is performed. The Group does not recognize time charter revenues during periods that vessels are offhire. Payment is typically done on every first day of the upcoming month during the charter period. There is no significant financing component. (iii) Spot voyages As from 1 January 2018, the Group applied IFRS 15. Voyage revenue is recognized over time for spot charters on a load-to-discharge basis. Progress is determined based on time elapsed. Voyage expenses are expensed as incurred unless they are incurred between the date on which the contract was concluded and the next load port. They are then capitalized if they qualify as fulfillment costs and if they are expected to be recovered. The effect of initially applying IFRS 15 is described in Note 1 - 2(e). When our vessels cannot start or continue performing its obligation due to other factors such as port delays, a demurrage is paid, a day rate which is agreed in the time charter party. Demurrage which occurs at the discharge port is recognized as incurred. As demurrage is often a commercial discussion between Euronav and the charterer, the outcome and total compensation received for the delay is not always certain. As such, Euronav only recognizes the revenue which is highly probable to be received. No revenue is recognized if the collection of the consideration is not probable. The amount of revenue recognized is estimated based on historical data. The Group updates its estimate at each reporting date. Payment is typically done at the end of the voyage. There is no specific financing component.
Gain and losses on disposal of vessels	Gain and losses on disposal of vessels In view of their importance the Group reports capital gains and losses on the sale of vessels as a separate line item in the consolidated statement of profit or loss. For the sale of vessels, transfer of control usually occurs upon delivery of the vessel to the new owner.
Leases	Leases Lease payments Payments made under operating leases are recognized in the income statement on a straight-line basis over the term of the lease. Lease incentives received are recognized as an integral part of the total lease expense, over the term of the lease. Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a constant period rate of interest on the remaining balance of the liability.
Finance income and finance cost	Finance income and finance cost Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, dividends on redeemable preference shares, interest receivable on funds invested, dividend income, foreign exchange gains and losses, and gains and losses on hedging instruments that are recognized in the consolidated statement of profit or loss (refer to accounting policy (h)). The 'effective interest rate' is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: • the gross carrying amount of the financial asset; or • the amortized cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortized cost of the liability. Interest income is recognized in the consolidated statement of profit or loss as it accrues, taking into account the effective yield on the asset. Dividend income is recognized in the consolidated statement of profit or loss on the date that the dividend is declared. The interest expense component of finance lease payments is recognized in the consolidated statement of profit or loss using the effective interest rate method.
Income tax	Income tax Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in OCI. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized using the balance sheet method, in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax recognized is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantially enacted at the balance sheet date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized. In application of an IFRIC agenda decision on IAS 12 Income taxes, tonnage tax is not accounted for as income taxes in accordance with IAS 12 and is not presented as part of income tax expense in the income statement but is shown as an administrative expense under the heading Other operating expenses.
Segment reporting	Segment reporting An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group's other components. The Group distinguishes two segments: the operation of crude oil tankers in the international markets and the floating storage and offloading operations (FSO/FpSO). The Group's internal organizational and management structure does not distinguish any geographical segments.
Discontinued operations	Discontinued operations A discontinued operation is a component of the Group's business that represents a separate major line of business or geographical area of operations that has been disposed of or is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale, if earlier. When an operation is classified as a discontinued operation, the comparative statement of profit or loss is represented as if the operation had been discontinued from the start of the comparative period.

Significant accounting polici_3

Significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2018
Corporate Information And Statement Of IFRS Compliance [Abstract]
Disclosure of initial application of standards or 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 for spot voyages (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 — 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 — Loss allowance at January 1, 2018 under IFRS 9 16 Non-derivative financial assets - Subsequent measurement and gains and losses: Policy applicable from 1 January 2018 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. Impact on the consolidated statement of financial position 31 December 2018 (in thousands of USD) Amounts without adoption of IFRS 15 Adjustments As reported ASSETS Non-current assets 3,606,210 — 3,606,210 Current assets 532,894 (11,753 ) 521,141 Trade and other receivables 317,479 (11,753 ) 305,726 TOTAL ASSETS 4,139,104 (11,753 ) 4,127,351 EQUITY AND LIABILITIES Equity Retained earnings 347,517 (11,753 ) 335,764 Equity attributable to owners of the Company 2,272,276 (11,753 ) 2,260,523 Non-current liabilities 1,579,706 — 1,579,706 Current liabilities 287,122 — 287,122 Trade and other payables 87,225 — 87,225 TOTAL EQUITY AND LIABILITIES 4,139,104 (11,753 ) 4,127,351 Impact on the consolidated statement of profit or loss and OCI For the year ended 31 December 2018 (in thousands of USD) Amounts without adoption of IFRS 15 Adjustments As reported Shipping income Revenue 610,549 (10,525) 600,024 Total shipping income 634,462 (10,525) 623,937 Operating expenses Voyage expenses and commissions (141,917) 501 (141,416) Total operating expenses (699,016) 501 (698,515) RESULT FROM OPERATING ACTIVITIES (64,554) (10,024) (74,578) PROFIT (LOSS) FOR THE PERIOD (100,046) (10,024) (110,070) TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD (103,240) (10,024) (113,264) 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 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 and financial liabilities 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 (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 liabilities Secured bank loans Other financial liabilities Other financial liabilities 701,091 701,091 Unsecured notes Other financial liabilities Other financial liabilities 147,619 147,619 Unsecured other borrowings Other financial liabilities Other financial liabilities 50,010 50,010 Trade and other payables Other financial liabilities Other financial liabilities 51,335 51,335 Advances received on contracts Other financial liabilities Other financial liabilities 539 539 Total financial liabilities 950,594 950,594
Estimated useful lives of property, plant and equipment	The estimated useful lives of significant items of property, plant and equipment are as follows: • tankers 20 years • FSO/FpSO/FPSO 25 years • plant and equipment 5 - 20 years • fixtures and fittings 5 - 10 years • other tangible assets 3 - 20 years • dry-docking 2.5 - 5 years 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 December 31, 2018 payments scheduled for TOTAL 2019 2020 2021 Commitments in respect of VLCCs — — — — Commitments in respect of Suezmaxes — — — — Commitments in respect of FSOs — — — — Total — — — — (in thousands of USD) Sale price Book Value Gain Deferred Gain Loss Famenne - Sale 38,016 24,195 13,821 — — Nautilus - Sale 43,250 32,208 11,042 (500 ) — Navarin - Sale 47,250 36,739 10,511 (1,500 ) — Neptun - Sale 47,250 37,534 9,716 (1,500 ) — Nucleus - Sale 47,250 36,974 10,276 (1,500 ) — Other 38 9 31 — (2 ) At December 31, 2016 223,054 167,659 55,397 (5,000 ) (2 ) Sale price Book Value Gain Deferred Gain Loss TI Topaz - Sale 20,790 41,817 — — (21,027 ) Flandre - Sale 45,000 24,693 20,307 — — Cap Georges - Sale 9,310 801 8,509 — — Artois - Sale 21,780 14,077 7,703 — — Other 29 9 20 — — At December 31, 2017 96,909 81,398 36,538 — (21,027 ) Sale price Book Value Gain Deferred Gain Loss Cap Jean - Sale 10,175 — 10,175 — — Cap Romuald - Sale 10,282 1,319 8,963 — — Gener8 Companion - Sale 6,305 6,495 — — (190 ) Other — — — — (83 ) At December 31, 2018 26,762 7,814 19,138 — (273 ) (in thousands of USD) Vessels Vessels under construction Other tangible assets Prepayments Total PPE At January 1, 2016 Cost 3,477,605 93,890 2,482 2 3,573,979 Depreciation & impairment losses (1,189,569 ) — (1,434 ) — (1,191,003 ) Net carrying amount 2,288,036 93,890 1,048 2 2,382,976 Acquisitions 250,912 86,944 175 3 338,034 Acquisitions through business combinations (Note 24) 120,280 — — — 120,280 Disposals and cancellations (143,457 ) — (7 ) — (143,464 ) Depreciation charges (227,306 ) — (358 ) — (227,664 ) Transfers 94,698 (94,698 ) 5 (5 ) — Translation differences — — (86 ) — (86 ) Balance at December 31, 2016 2,383,163 86,136 777 — 2,470,076 At January 1, 2017 Cost 3,748,135 86,136 2,373 — 3,836,644 Depreciation & impairment losses (1,364,972 ) — (1,596 ) — (1,366,568 ) Net carrying amount 2,383,163 86,136 777 — 2,470,076 Acquisitions 125,486 51,201 1,203 — 177,890 Disposals and cancellations (81,389 ) — (9 ) — (81,398 ) Depreciation charges (229,429 ) — (348 ) — (229,777 ) Transfers 73,669 (73,669 ) — — — Translation differences — — 40 — 40 Balance at December 31, 2017 2,271,500 63,668 1,663 — 2,336,831 At 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 45,750 191,726 588 — 238,064 Acquisitions through business combinations (Note 24) 1,704,250 — 345 — 1,704,595 Disposals and cancellations (7,814 ) — (75 ) — (7,889 ) Disposals and cancellations through business combinations (Note 24) (434,000 ) — — — (434,000 ) Depreciation charges (270,018 ) — (564 ) — (270,582 ) Transfer to assets held for sale (Note 3) (44,995 ) — — — (44,995 ) Transfers 255,394 (255,394 ) — — — Translation differences — — (14 ) — (14 ) Balance at December 31, 2018 3,520,067 — 1,943 — 3,522,010 At December 31, 2018 Cost 4,927,324 — 4,274 — 4,931,598 Depreciation & impairment losses (1,407,257 ) — (2,331 ) — (1,409,588 ) Net carrying amount 3,520,067 — 1,943 — 3,522,010

Segment reporting (Tables)

Segment reporting (Tables)	12 Months Ended
	Dec. 31, 2018
Operating Segments [Abstract]
Schedule of operating segments	Consolidated statement of profit or loss (in thousands of USD) 2018 2017 2016 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Shipping income Revenue 600,024 49,155 (49,155 ) 600,024 513,399 59,513 (59,544 ) 513,368 704,766 65,125 (85,626 ) 684,265 Gains on disposal of vessels/other tangible assets 19,138 — — 19,138 36,538 — — 36,538 50,397 — — 50,397 Other operating income 4,775 72 (72 ) 4,775 4,902 234 (234 ) 4,902 6,765 327 (96 ) 6,996 Total shipping income 623,937 49,227 (49,227 ) 623,937 554,839 59,747 (59,778 ) 554,808 761,928 65,452 (85,722 ) 741,658 Operating expenses Voyage expenses and commissions (141,416 ) (1 ) 1 (141,416 ) (62,035 ) (304 ) 304 (62,035 ) (63,305 ) (476 ) 4,221 (59,560 ) Vessel operating expenses (185,792 ) (9,637 ) 9,637 (185,792 ) (150,391 ) (9,157 ) 9,121 (150,427 ) (164,478 ) (9,679 ) 13,958 (160,199 ) Charter hire expenses (31,114 ) — — (31,114 ) (31,173 ) — — (31,173 ) (17,713 ) — — (17,713 ) Losses on disposal of vessels/other tangible assets (273 ) — — (273 ) (21,027 ) — — (21,027 ) (1 ) — (1 ) (2 ) Impairment on non-current assets held for sale (2,995 ) — — (2,995 ) — — — — — — — — Loss on disposal of investments in equity accounted investees — — — — — — — — (24,150 ) — — (24,150 ) Depreciation tangible assets (270,582 ) (18,071 ) 18,071 (270,582 ) (229,777 ) (18,071 ) 18,071 (229,777 ) (233,368 ) (18,071 ) 23,775 (227,664 ) Depreciation intangible assets (111 ) — — (111 ) (95 ) — — (95 ) (99 ) — — (99 ) General and administrative expenses (66,235 ) (425 ) 428 (66,232 ) (46,871 ) (30 ) 33 (46,868 ) (44,152 ) (80 ) 181 (44,051 ) Total operating expenses (698,518 ) (28,134 ) 28,137 (698,515 ) (541,369 ) (27,562 ) 27,529 (541,402 ) (547,266 ) (28,306 ) 42,134 (533,438 ) RESULT FROM OPERATING ACTIVITIES (74,581 ) 21,093 (21,090 ) (74,578 ) 13,470 32,185 (32,249 ) 13,406 214,662 37,146 (43,588 ) 208,220 Finance income 15,023 160 (160 ) 15,023 7,267 197 (198 ) 7,266 6,864 57 (66 ) 6,855 Finance expenses (89,412 ) (3,795 ) 3,795 (89,412 ) (50,730 ) (1,026 ) 1,027 (50,729 ) (52,420 ) (2,552 ) 3,277 (51,695 ) Net finance expenses (74,389 ) (3,635 ) 3,635 (74,389 ) (43,463 ) (829 ) 829 (43,463 ) (45,556 ) (2,495 ) 3,211 (44,840 ) Gain on bargain purchase 23,059 — — 23,059 — — — — — — — — Share of profit (loss) of equity accounted investees (net of income tax) 220 — 15,856 16,076 150 — 29,932 30,082 334 — 40,161 40,495 Profit (loss) before income tax (125,691 ) 17,458 (1,599 ) (109,832 ) (29,843 ) 31,356 (1,488 ) 25 169,440 34,651 (216 ) 203,875 Income tax expense (238 ) (1,599 ) 1,599 (238 ) 1,358 (1,488 ) 1,488 1,358 174 (216 ) 216 174 Profit (loss) for the period (125,929 ) 15,859 — (110,070 ) (28,485 ) 29,868 — 1,383 169,614 34,435 — 204,049 Attributable to: Owners of the company (125,929 ) 15,859 — (110,070 ) (28,485 ) 29,868 — 1,383 169,614 34,435 — 204,049 Consolidated statement of financial position (in thousands of USD) December 31, 2018 December 31, 2017 ASSETS Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Vessels 3,520,067 150,029 (150,029 ) 3,520,067 2,271,500 168,100 (168,100 ) 2,271,500 Assets under construction — — — — 63,668 — — 63,668 Other tangible assets 1,943 — — 1,943 1,663 — — 1,663 Intangible assets 105 — — 105 72 — — 72 Receivables 38,658 — — 38,658 163,382 10,739 (13,769 ) 160,352 Investments in equity accounted investees 1,915 — 41,267 43,182 1,695 — 28,900 30,595 Deferred tax assets 2,255 1,229 (1,229 ) 2,255 2,487 223 (223 ) 2,487 Total non-current assets 3,564,943 151,258 (109,991 ) 3,606,210 2,504,467 179,062 (153,192 ) 2,530,337 Total current assets 521,536 15,784 (16,179 ) 521,141 281,132 11,581 (12,077 ) 280,636 TOTAL ASSETS 4,086,479 167,042 (126,170 ) 4,127,351 2,785,599 190,643 (165,269 ) 2,810,973 EQUITY and LIABILITIES Total equity 2,219,648 40,874 1 2,260,523 1,820,887 25,473 1 1,846,361 Bank and other loans 1,421,465 97,480 (97,480 ) 1,421,465 653,730 162,762 (162,762 ) 653,730 Convertible and other Notes 148,166 — — 148,166 147,619 — — 147,619 Other payables 1,451 355 (355 ) 1,451 539 — — 539 Deferred tax liabilities — 4,283 (4,283 ) — — 1,680 (1,680 ) — Employee benefits 4,336 — — 4,336 3,984 — — 3,984 Amounts due to equity-accounted joint ventures — — — — — — — — Provisions 4,288 — — 4,288 — — — — Total non-current liabilities 1,579,706 102,118 (102,118 ) 1,579,706 805,872 164,442 (164,442 ) 805,872 Total current liabilities 287,125 24,050 (24,053 ) 287,122 158,840 728 (828 ) 158,740 TOTAL EQUITY and LIABILITIES 4,086,479 167,042 (126,170 ) 4,127,351 2,785,599 190,643 (165,269 ) 2,810,973 Summarized consolidated statement of cash flows (in thousands of USD) 2018 2017 2016 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Net cash from (used in) operating activities 843 40,672 (40,674 ) 841 211,310 49,684 (49,698 ) 211,295 427,926 49,013 (38,737 ) 438,202 Net cash from (used in) investing activities 190,042 — — 190,042 (40,243 ) — 1 (40,242 ) (90,891 ) — (9,724 ) (100,615 ) Net cash from (used in) financing activities (160,165 ) (42,164 ) 42,164 (160,165 ) (234,921 ) (78,421 ) 78,367 (234,976 ) (264,714 ) (32,929 ) 36,483 (261,160 ) Capital expenditure (238,065 ) — — (238,065 ) (177,901 ) — — (177,901 ) (342,698 ) — — (342,698 )

Assets and liabilities held f_2

Assets and liabilities held for sale and discontinued operations (Tables)	12 Months Ended
	Dec. 31, 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) December 31, 2018 December 31, 2017 December 31, 2016 Vessels 42,000 — — Of which in Tankers segment 42,000 — — Of which in FSO segment — — — (in thousands of USD) (Estimated) Sale price Book Value Asset Held For Sale Impairment Loss (Expected) Loss At January 1, 2018 — — — — — Assets sold from assets held for sale Felicity 42,000 44,995 42,000 (2,995 ) — At December 31, 2018 — — 42,000 (2,995 ) —

Revenue and other operating i_2

Revenue and other operating income (Tables)	12 Months Ended
	Dec. 31, 2018
Analysis of income and expense [abstract]
Schedule of revenue sources	In the following table, revenue is disaggregated by type of contract. (in thousands of USD) 2018 2017 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Pool Revenue 277,394 — — 277,394 249,334 — (31 ) 249,303 Spot Voyages 247,392 — — 247,392 145,360 — — 145,360 Time Charters (Note 19) 75,238 49,155 (49,155 ) 75,238 118,705 59,513 (59,513 ) 118,705 Total revenue 600,024 49,155 (49,155 ) 600,024 513,399 59,513 (59,544 ) 513,368 Other operating income 4,775 72 (72 ) 4,775 4,902 234 (234 ) 4,902

Expenses for shipping activit_2

Expenses for shipping activities and other expenses from operating activities (Tables)	12 Months Ended
	Dec. 31, 2018
Analysis of income and expense [abstract]
Schedule of voyage expenses and commissions	(in thousands of USD) 2018 2017 2016 Commissions paid (8,193 ) (4,895 ) (6,724 ) Bunkers (103,920 ) (45,249 ) (36,372 ) Other voyage related expenses (29,303 ) (11,891 ) (16,464 ) Total voyage expenses and commissions (141,416 ) (62,035 ) (59,560 )
Schedule of vessel operating expenses	(in thousands of USD) 2018 2017 2016 Operating expenses (172,589 ) (139,832 ) (148,554 ) Insurance (13,203 ) (10,595 ) (11,645 ) Total vessel operating expenses (185,792 ) (150,427 ) (160,199 )
Schedule of charter hire expenses	(in thousands of USD) 2018 2017 2016 Charter hire (Note 19) 6 (62 ) (16,921 ) Bare boat hire (Note 19) (31,120 ) (31,111 ) (792 ) Total charter hire expenses (31,114 ) (31,173 ) (17,713 )
Schedule of general and administrative expenses	(in thousands of USD) 2018 2017 2016 Wages and salaries (16,247 ) (12,853 ) (12,754 ) Social security costs (3,746 ) (2,511 ) (2,532 ) Provision for employee benefits (Note 16) (616 ) (827 ) (261 ) Equity-settled share-based payments (Note 22) (37 ) (313 ) (406 ) Other employee benefits (7,607 ) (3,148 ) (3,178 ) Employee benefits (28,253 ) (19,652 ) (19,131 ) Administrative expenses (33,485 ) (22,579 ) (21,264 ) Tonnage Tax (4,436 ) (4,772 ) (4,246 ) Claims (100 ) (25 ) (13 ) Provisions 42 160 603 Total general and administrative expenses (66,232 ) (46,868 ) (44,051 ) Average number of full time equivalents (shore staff) 161.77 150.49 139.44

Net finance expense (Tables)

Net finance expense (Tables)	12 Months Ended
	Dec. 31, 2018
Financial Instruments [Abstract]
Disclosure of net finance expense recognized in profit or loss	(in thousands of USD) 2018 2017 2016 Interest income 4,106 655 217 Foreign exchange gains 10,917 6,611 6,638 Finance income 15,023 7,266 6,855 Interest expense on financial liabilities measured at amortized cost (67,956 ) (38,391 ) (39,007 ) Fair value adjustment on interest rate swaps (2,790 ) — — Other financial charges (6,802 ) (5,819 ) (4,577 ) Foreign exchange losses (11,864 ) (6,519 ) (8,111 ) Finance expense (89,412 ) (50,729 ) (51,695 ) Net finance expense recognized in profit or loss (74,389 ) (43,463 ) (44,840 )
Disclosure of finance income and expenses not at fair value through profit or loss	The above finance income and expenses include the following in respect of assets (liabilities) not recognized at fair value through profit or loss: 2018 2017 2016 Total interest income on financial assets 4,106 655 217 Total interest expense on financial liabilities (67,956 ) (38,391 ) (39,007 ) Total other financial charges (6,802 ) (5,819 ) (4,577 )
Disclosure finance expense recognized directly in equity	(in thousands of USD) 2018 2017 2016 Foreign currency translation differences for foreign operations (157 ) 448 170 Cash flow hedges - effective portion of changes in fair value (2,698 ) — — Net finance expense recognized directly in equity (2,855 ) 448 170 Attributable to: Owners of the Company (2,855 ) 448 170 Net finance expense recognized directly in equity (2,855 ) 448 170 Recognized in: Translation reserve (157 ) 448 170 Hedging reserve (2,698 ) — —

Income tax benefit (expense) (T

Income tax benefit (expense) (Tables)	12 Months Ended
	Dec. 31, 2018
Income Taxes [Abstract]
Disclosure of tax benefit (expense)	(in thousands of USD) 2018 2017 2016 Current tax Current period (37 ) (85 ) 60 Total current tax (37 ) (85 ) 60 Deferred tax Recognition of unused tax losses/(use of tax losses) (195 ) 1,473 220 Other (6 ) (30 ) (106 ) Total deferred tax (201 ) 1,443 114 Total tax benefit/(expense) (238 ) 1,358 174
Disclosure of reconciliation of effective tax	Reconciliation of effective tax 2018 2017 2016 Profit (loss) before tax (109,832 ) 25 203,875 Tax at domestic rate (29.58 )% 32,488 (33.99 )% (8 ) (33.99 )% (69,297 ) Effects on tax of : Tax exempt profit / loss (50 ) 499 (8,090 ) Tax adjustments for previous years 9 10 70 Loss for which no DTA (*) has been recognized (1,037 ) — — Use of previously unrecognized tax losses — 7,146 1,118 Non-deductible expenses (962 ) (710 ) (1,718 ) Tonnage Tax regime (33,602 ) (13,918 ) 64,637 Effect of share of profit of equity-accounted investees 4,690 10,175 13,761 Effects of tax regimes in foreign jurisdictions (1,774 ) (1,836 ) (307 ) Total taxes 0.22 % (238 ) 5,430.01 % 1,358 0.09 % 174 In application of an IFRIC agenda decision on 'IAS 12 Income taxes', tonnage tax is not accounted for as income taxes in accordance with IAS 12 and is not presented as part of income tax expense in the consolidated statement of profit or loss but has been shown as an administrative expense under the heading General and administrative expenses. The amount paid for tonnage tax in the year ended December 31, 2018 was USD 4.4 million (see Note 5). * Deferred Tax Asset

Property, plant and equipment P

Property, plant and equipment Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2018
Property, plant and equipment [abstract]
Schedule of information about property, plant and equipment	The estimated useful lives of significant items of property, plant and equipment are as follows: • tankers 20 years • FSO/FpSO/FPSO 25 years • plant and equipment 5 - 20 years • fixtures and fittings 5 - 10 years • other tangible assets 3 - 20 years • dry-docking 2.5 - 5 years 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 December 31, 2018 payments scheduled for TOTAL 2019 2020 2021 Commitments in respect of VLCCs — — — — Commitments in respect of Suezmaxes — — — — Commitments in respect of FSOs — — — — Total — — — — (in thousands of USD) Sale price Book Value Gain Deferred Gain Loss Famenne - Sale 38,016 24,195 13,821 — — Nautilus - Sale 43,250 32,208 11,042 (500 ) — Navarin - Sale 47,250 36,739 10,511 (1,500 ) — Neptun - Sale 47,250 37,534 9,716 (1,500 ) — Nucleus - Sale 47,250 36,974 10,276 (1,500 ) — Other 38 9 31 — (2 ) At December 31, 2016 223,054 167,659 55,397 (5,000 ) (2 ) Sale price Book Value Gain Deferred Gain Loss TI Topaz - Sale 20,790 41,817 — — (21,027 ) Flandre - Sale 45,000 24,693 20,307 — — Cap Georges - Sale 9,310 801 8,509 — — Artois - Sale 21,780 14,077 7,703 — — Other 29 9 20 — — At December 31, 2017 96,909 81,398 36,538 — (21,027 ) Sale price Book Value Gain Deferred Gain Loss Cap Jean - Sale 10,175 — 10,175 — — Cap Romuald - Sale 10,282 1,319 8,963 — — Gener8 Companion - Sale 6,305 6,495 — — (190 ) Other — — — — (83 ) At December 31, 2018 26,762 7,814 19,138 — (273 ) (in thousands of USD) Vessels Vessels under construction Other tangible assets Prepayments Total PPE At January 1, 2016 Cost 3,477,605 93,890 2,482 2 3,573,979 Depreciation & impairment losses (1,189,569 ) — (1,434 ) — (1,191,003 ) Net carrying amount 2,288,036 93,890 1,048 2 2,382,976 Acquisitions 250,912 86,944 175 3 338,034 Acquisitions through business combinations (Note 24) 120,280 — — — 120,280 Disposals and cancellations (143,457 ) — (7 ) — (143,464 ) Depreciation charges (227,306 ) — (358 ) — (227,664 ) Transfers 94,698 (94,698 ) 5 (5 ) — Translation differences — — (86 ) — (86 ) Balance at December 31, 2016 2,383,163 86,136 777 — 2,470,076 At January 1, 2017 Cost 3,748,135 86,136 2,373 — 3,836,644 Depreciation & impairment losses (1,364,972 ) — (1,596 ) — (1,366,568 ) Net carrying amount 2,383,163 86,136 777 — 2,470,076 Acquisitions 125,486 51,201 1,203 — 177,890 Disposals and cancellations (81,389 ) — (9 ) — (81,398 ) Depreciation charges (229,429 ) — (348 ) — (229,777 ) Transfers 73,669 (73,669 ) — — — Translation differences — — 40 — 40 Balance at December 31, 2017 2,271,500 63,668 1,663 — 2,336,831 At 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 45,750 191,726 588 — 238,064 Acquisitions through business combinations (Note 24) 1,704,250 — 345 — 1,704,595 Disposals and cancellations (7,814 ) — (75 ) — (7,889 ) Disposals and cancellations through business combinations (Note 24) (434,000 ) — — — (434,000 ) Depreciation charges (270,018 ) — (564 ) — (270,582 ) Transfer to assets held for sale (Note 3) (44,995 ) — — — (44,995 ) Transfers 255,394 (255,394 ) — — — Translation differences — — (14 ) — (14 ) Balance at December 31, 2018 3,520,067 — 1,943 — 3,522,010 At December 31, 2018 Cost 4,927,324 — 4,274 — 4,931,598 Depreciation & impairment losses (1,407,257 ) — (2,331 ) — (1,409,588 ) Net carrying amount 3,520,067 — 1,943 — 3,522,010

Deferred tax assets and liabi_2

Deferred tax assets and liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Income Taxes [Abstract]
Schedule of deferred tax assets and liabilities	(in thousands of USD) Balance at Jan 1, 2016 Recognized in income Recognized in equity Translation differences Balance at Dec 31, 2016 Provisions 169 (121 ) — (17 ) 31 Employee benefits 23 15 — (1 ) 37 Unused tax losses & tax credits 743 220 — (67 ) 896 Total 935 114 — (85 ) 964 Balance at Jan 1, 2017 Recognized in income Recognized in equity Translation differences Balance at Dec 31, 2017 Provisions 31 (32 ) — 2 1 Employee benefits 37 2 — 5 44 Unused tax losses & tax credits 896 1,473 — 73 2,442 Total 964 1,443 — 80 2,487 Balance at Jan 1, 2018 Recognized in income Recognized in equity Translation differences Balance at Dec 31, 2018 Provisions 1 (1 ) — — — Employee benefits 44 (5 ) — (2 ) 37 Unused tax losses & tax credits 2,442 (195 ) — (29 ) 2,218 Total 2,487 (201 ) — (31 ) 2,255 Deferred tax assets and liabilities have not been recognized in respect of the following items: (in thousands of USD) December 31, 2018 December 31, 2017 ASSETS LIABILITIES ASSETS LIABILITIES Deductible temporary differences 274 — 357 — Taxable temporary differences 8 (12,162 ) 7 (14,231 ) Tax losses & tax credits 86,568 — 89,528 — 86,850 (12,162 ) 89,892 (14,231 ) Offset (12,162 ) 12,162 (14,231 ) 14,231 Total 74,688 — 75,661 — Deferred tax assets and liabilities are attributable to the following: (in thousands of USD) ASSETS LIABILITIES NET Provisions 1 — 1 Employee benefits 44 — 44 Unused tax losses & tax credits 2,442 — 2,442 2,487 — 2,487 Offset — — Balance at December 31, 2017 2,487 — Employee benefits 37 — 37 Unused tax losses & tax credits 2,218 — 2,218 2,255 — 2,255 Offset — — Balance at December 31, 2018 2,255 —

Non-current receivables (Tables

Non-current receivables (Tables)	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Schedule of non-current receivables	(in thousands of USD) December 31, 2018 December 31, 2017 Shareholders loans to joint ventures 28,665 159,733 Derivatives 7,930 — Other non-current receivables 2,062 618 Investment 1 1 Total non-current receivables 38,658 160,352
Schedule of non-current receivables by contractual maturity date	The maturity date of the non-current receivables is as follows: (in thousands of USD) December 31, 2018 December 31, 2017 Receivable: Within two years 7,206 — Between two and three years — — Between three and four years 725 — Between four and five years 541 — More than five years 30,186 160,352 Total non-current receivables 38,658 160,352

Trade and other receivables -_2

Trade and other receivables - current (Tables)	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Schedule of trade and other current receivables	(in thousands of USD) December 31, 2018 December 31, 2017 Trade receivables 64,923 32,758 Accrued income 17,765 12,465 Accrued interest 750 52 Deferred charges 39,734 24,797 Deferred fulfillment costs 2,140 — Other receivables 180,414 66,725 Total trade and other receivables 305,726 136,797

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Schedule of cash and cash equivalents	(in thousands of USD) December 31, 2018 December 31, 2017 Bank deposits 62,500 102,200 Cash at bank and in hand 110,633 41,448 TOTAL 173,133 143,648 Of which restricted cash 79 115 NET CASH AND CASH EQUIVALENTS 173,133 143,648

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract]
Disclosure of number of shares issued	Number of shares issued (in shares) December 31, 2018 December 31, 2017 December 31, 2016 On issue at 1 January 159,208,949 159,208,949 159,208,949 Issued in business combination 60,815,764 — — On issue at 31 December - fully paid 220,024,713 159,208,949 159,208,949

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings per share [abstract]
Schedule of earnings per share	(in thousands of USD except share and per share information) 2018 2017 2016 Result for the period (110,070 ) 1,383 204,049 Weighted average number of ordinary shares 191,994,398 158,166,534 158,262,268 Basic earnings per share (in USD) (0.57 ) 0.01 1.29 (in shares) Shares issued Treasury shares Shares outstanding Weighted number of shares On issue at January 1, 2016 159,208,949 466,667 158,742,282 158,742,282 Issuance of shares — — — — Purchases of treasury shares — 692,415 (692,415 ) (575,005 ) Withdrawal of treasury shares — — — — Sales of treasury shares — (116,667 ) 116,667 94,991 On issue at December 31, 2016 159,208,949 1,042,415 158,166,534 158,262,268 On issue at January 1, 2017 159,208,949 1,042,415 158,166,534 158,166,534 Issuance of shares — — — — Purchases of treasury shares — — — — Withdrawal of treasury shares — — — — Sales of treasury shares — — — — On issue at December 31, 2017 159,208,949 1,042,415 158,166,534 158,166,534 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 33,823,562 Purchases of treasury shares — 545,486 (545,486 ) (13,917 ) Withdrawal of treasury shares — — — — Sales of treasury shares — (350,000 ) 350,000 18,219 On issue at December 31, 2018 220,024,713 1,237,901 218,786,812 191,994,398 The table below shows the potential weighted number of shares that could be created if all stock options, restricted stock units, convertible notes and PCPs were to be converted into ordinary shares. (in shares) 2018 2017 2016 Weighted average of ordinary shares outstanding (basic) 191,994,398 158,166,534 158,262,268 Effect of Share-based Payment arrangements — 130,523 166,789 Weighted average number of ordinary shares (diluted) 191,994,398 158,297,057 158,429,057

Interest-bearing loans and bo_2

Interest-bearing loans and borrowings (Tables)	12 Months Ended
	Dec. 31, 2018
Financial Instruments [Abstract]
Schedule of financial liabilities activity by maturity	(in thousands of USD) Bank loans Other notes Total More than 5 years 330,491 — 330,491 Between 1 and 5 years 635,952 — 635,952 More than 1 year 966,443 — 966,443 Less than 1 year 119,119 — 119,119 At January 1, 2017 1,085,562 — 1,085,562 New loans 326,014 150,000 476,014 Scheduled repayments (43,743 ) — (43,743 ) Early repayments (667,250 ) — (667,250 ) Other changes 508 (2,381 ) (1,873 ) Balance at December 31, 2017 701,091 147,619 848,710 More than 5 years 157,180 — 157,180 Between 1 and 5 years 496,550 147,619 644,169 More than 1 year 653,730 147,619 801,349 Less than 1 year 47,361 — 47,361 Balance at December 31, 2017 701,091 147,619 848,710 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 973,550 — 973,550 Scheduled repayments (84,493 ) — (84,493 ) Early repayments (Note 24) (825,691 ) (205,710 ) (1,031,401 ) Acquisitions through business combinations (Note 24) 1,106,736 205,710 1,312,446 Other changes (Note 24) (311,191 ) 547 (310,644 ) Balance at December 31, 2018 1,560,002 148,166 1,708,168 More than 5 years 433,662 — 433,662 Between 1 and 5 years 987,803 148,166 1,135,969 More than 1 year 1,421,465 148,166 1,569,631 Less than 1 year 138,537 — 138,537 Balance at December 31, 2018 1,560,002 148,166 1,708,168 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 17) 51,335 51,335 51,335 — — Non-current other payables (Note 17) — — — — — 950,055 1,110,853 184,384 750,722 175,747 Derivative financial liabilities Interest rate swaps (Note 17) — — — — — Forward exchange contracts (Note 17) — — — — — — — — — — Contractual cash flows December 31, 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) 1,708,168 2,034,794 364,122 1,176,317 494,355 Other borrowings (Note 15) 60,342 60,342 60,342 — — Current trade and other payables * (Note 17) 79,471 79,471 79,471 — — Non-current other payables (Note 17) — — — — — 1,847,981 2,174,607 503,935 1,176,317 494,355 Derivative financial liabilities Interest rate swaps (Note 17) — 2,627 461 1,628 538 Forward exchange contracts (Note 17) — — — — — — 2,627 461 1,628 538 * Deferred income (see Note 17), which are not financial liabilities, are not included.
Schedule of interest-bearing loans and borrowings	(in thousands of USD) December 31, 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 150,000 150,000 148,166 150,000 150,000 147,619 Total other notes 150,000 150,000 148,166 150,000 150,000 147,619 The terms and conditions of outstanding loans were as follows: (in thousands of USD) December 31, 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 79,762 79,762 78,746 111,666 111,666 110,156 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 395,289 165,000 162,002 485,017 330,000 325,519 Secured vessels Revolving loan 409.5M* USD libor +2.25% 2023 316,060 150,000 147,541 362,780 118,000 114,634 Secured vessels loan 76M USD libor +1.95% 2020 — — — 23,563 23,563 23,563 Secured vessels loan 67.5M USD libor +1.5% 2020 — — — 25,173 25,173 25,173 Secured vessels loan 27.1M USD libor +1.95% 2029 26,459 26,459 24,711 26,911 26,911 24,876 Secured vessels loan 81.4M USD libor +1.50% 2029 71,236 71,236 70,507 78,020 78,020 77,171 Secured vessels loan 69.4M USD libor + 2.0% 2030 68,263 68,263 68,263 — — — Secured vessels loan 104.2M USD libor +2.0% 2030 101,961 101,961 100,490 — — — Secured vessels loan 89.7M USD libor +1.5% 2029 85,295 85,295 85,295 — — — Secured vessels loan 221.4M USD libor +1.7% 2029 210,459 210,459 210,459 — — — Secured vessels loan 126.8M USD libor +2.6% 2029 120,553 120,553 120,553 — — — Secured vessels loan 195.7M USD libor +2.75% 2022 188,481 188,481 188,481 — — — Secured vessels Revolving loan 200.0M* USD libor +2.0% 2025 200,000 200,000 197,955 — — — Unsecured bank facility 60M USD libor +2.25% 2020 60,000 — — 60,000 — — Total interest-bearing bank loans 2,071,375 1,572,467 1,560,002 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 loan Facilities depends on the total value of the fleet of tankers securing the facility.
Schedule of reconciliation of liabilities and equity to cash flows arising from financing activities	Liabilities Equity Loans and borrowings Other Notes Other borrowings Share capital / premium Reserves Treasury shares Retained earnings Total Balance at January 1, 2017 1,085,562 — — 1,388,273 120 (16,102 ) 515,665 2,973,518 Changes from financing cash flows Proceeds from issue of other notes (Note 15) — 150,000 — — — — — 150,000 Proceeds from loans and borrowings (Note 15) 326,014 — — — — — — 326,014 Proceeds from issue of other borrowings (Note 15) — — 50,010 — — — — 50,010 Transaction costs related to loans and borrowings (Note 15) (3,174 ) (2,700 ) — — — — — (5,874 ) Repayment of borrowings (Note 15) (710,993 ) — — — — — — (710,993 ) Dividend paid — — — — — — (44,133 ) (44,133 ) Total changes from financing cash flows (388,153 ) 147,300 50,010 — — — (44,133 ) (234,976 ) Other changes Liability-related Amortization of transaction costs (Note 15) 3,682 319 — — — — — 4,001 Total liability-related other changes 3,682 319 — — — — — 4,001 Total equity-related other changes — — — — 448 — 2,090 2,538 Balance at December 31, 2017 701,091 147,619 50,010 1,388,273 568 (16,102 ) 473,622 2,745,081 Liabilities Equity Loans and borrowings Other Notes Other borrowings Share capital / premium Reserves Treasury shares Retained earnings Total Restated balance at January 1, 2018 701,091 147,619 50,010 1,388,273 568 (16,102 ) 471,877 2,743,336 Changes from financing cash flows Proceeds from loans and borrowings (Note 15) 973,550 — — — — — — 973,550 Proceeds from issue of other borrowings (Note 15) — — 10,332 — — — — 10,332 Proceeds from sale of treasury shares (Note 13) — — — — — 5,406 (3,112 ) 2,294 Purchase treasury shares (Note 13) — — — — — (3,955 ) — (3,955 ) Transaction costs related to loans and borrowings (Note 15) (3,849 ) — — — — — — (3,849 ) Repayment of borrowings (Note 15) (910,184 ) (205,710 ) — — — — — (1,115,894 ) Dividend paid — — — — — — (22,643 ) (22,643 ) Total changes from financing cash flows 59,517 (205,710 ) 10,332 — — 1,451 (25,755 ) (160,165 ) Other changes Liability-related Acquisitions through business combinations (Note 24) 1,106,736 205,710 — — — — — 1,312,446 Sale of loans through disposal of subsidiaries (Note 24) (310,968 ) — — — — — — (310,968 ) Amortization of transaction costs (Note 15) 3,626 547 — — — — — 4,173 Total liability-related other changes 799,394 206,257 — — — — — 1,005,651 Total equity-related other changes — — — 553,424 (2,855 ) — (110,358 ) 440,211 Balance at December 31, 2018 1,560,002 148,166 60,342 1,941,697 (2,287 ) (14,651 ) 335,764 4,029,033

Employee benefits (Tables)

Employee benefits (Tables)	12 Months Ended
	Dec. 31, 2018
Employee Benefits [Abstract]
Disclosure of net defined benefit liability (asset)	The amounts recognized in the balance sheet are as follows: (in thousands of USD) December 31, 2018 December 31, 2017 December 31, 2016 NET LIABILITY AT BEGINNING OF PERIOD (3,984 ) (2,846 ) (2,038 ) Recognized in profit or loss (616 ) (827 ) (261 ) Recognized in other comprehensive income 120 64 (646 ) Foreign currency translation differences 144 (375 ) 99 NET LIABILITY AT END OF PERIOD (4,336 ) (3,984 ) (2,846 ) Present value of funded obligation (3,538 ) (3,537 ) (2,846 ) Fair value of plan assets 2,970 2,760 2,117 (568 ) (777 ) (729 ) Present value of unfunded obligations (3,768 ) (3,207 ) (2,117 ) NET LIABILITY (4,336 ) (3,984 ) (2,846 ) Amounts in the balance sheet: Liabilities (4,336 ) (3,984 ) (2,846 ) Assets — — — NET LIABILITY (4,336 ) (3,984 ) (2,846 )

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Schedule of trade and other payables	(in thousands of USD) December 31, 2018 December 31, 2017 Advances received on contracts in progress, between 1 and 5 years 402 539 Derivatives 1,049 — Total non-current other payables 1,451 539 Trade payables 16,266 19,274 Accrued expenses 42,524 22,518 Accrued payroll 5,595 3,596 Dividends payable 146 160 Accrued interest 10,833 1,762 Deferred income 7,754 10,020 Other payables 4,107 4,025 Total current trade and other payables 87,225 61,355

Financial instruments - Fair _2

Financial instruments - Fair values and risk management (Tables)	12 Months Ended
	Dec. 31, 2018
Financial Instruments [Abstract]
Disclosure of financial assets	The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value, such as trade and other receivables and payables. Carrying amount Fair value Fair value - Hedging instruments Financial assets at amortized cost Other financial liabilities Total Level 1 Level 2 Level 3 Total December 31, 2017 Financial assets measured at fair value Forward exchange contracts 467 — — 467 — 467 — 467 467 — — 467 Financial assets not measured at fair value Non-current receivables (Note 10) — 160,352 — 160,352 — — 128,427 128,427 Trade and other receivables * (Note 11) — 112,000 — 112,000 — — — — Cash and cash equivalents (Note 12) — 143,648 — 143,648 — — — — — 416,000 — 416,000 Financial liabilities not measured at fair value Secured bank loans (Note 15) — 701,091 701,091 — 706,056 — 706,056 Unsecured other notes (Note 15) — — 147,619 147,619 149,630 — — 149,630 Unsecured other borrowings (Note 15) — — 50,010 50,010 — — — — Trade and other payables * (Note 17) — 51,335 51,335 — — — — Advances received on contracts (Note 17) — 539 539 — — — — — 950,594 950,594 Carrying amount Fair value Fair value - Hedging instruments Financial assets at amortized cost Other financial liabilities Total Level 1 Level 2 Level 3 Total December 31, 2018 Financial assets measured at fair value Forward exchange contracts (Note 15) 484 — — 484 — 484 — 484 Interest rate swaps (Note 10) 7,205 — — 7,205 — 7,205 — 7,205 Forward cap contracts (Note 10) 725 — — 725 — 725 — 725 Non-current assets held for sale (Note 3) — 42,000 — 42,000 — 42,000 — 42,000 8,414 42,000 — 50,414 Financial assets not measured at fair value Non-current receivables (Note 10) — 30,728 — 30,728 — — 26,047 26,047 Trade and other receivables * (Note 11) — 263,186 — 263,186 — — — — Cash and cash equivalents (Note 12) — 173,133 — 173,133 — — — — — 467,047 — 467,047 Financial liabilities measured at fair value Interest rate swaps 1,049 — — 1,049 — 1,049 — 1,049 1,049 — — 1,049 Financial liabilities not measured at fair value Secured bank loans (Note 15) — — 1,560,002 1,560,002 — 1,575,196 — 1,575,196 Unsecured other notes (Note 15) — — 148,166 148,166 144,156 — — 144,156 Unsecured other borrowings (Note 15) — — 60,342 60,342 — — — — Trade and other payables * (Note 17) — — 79,442 79,442 — — — — Advances received on contracts (Note 17) — — 402 402 — — — — — — 1,848,354 1,848,354 * Deferred charges, deferred fulfillment costs and VAT receivables (included in other receivables) (see Note 11), deferred income and VAT payables (included in other payables) (see Note 17), which are not financial assets (liabilities) are not included.
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 Fair value - Hedging instruments Financial assets at amortized cost Other financial liabilities Total Level 1 Level 2 Level 3 Total December 31, 2017 Financial assets measured at fair value Forward exchange contracts 467 — — 467 — 467 — 467 467 — — 467 Financial assets not measured at fair value Non-current receivables (Note 10) — 160,352 — 160,352 — — 128,427 128,427 Trade and other receivables * (Note 11) — 112,000 — 112,000 — — — — Cash and cash equivalents (Note 12) — 143,648 — 143,648 — — — — — 416,000 — 416,000 Financial liabilities not measured at fair value Secured bank loans (Note 15) — 701,091 701,091 — 706,056 — 706,056 Unsecured other notes (Note 15) — — 147,619 147,619 149,630 — — 149,630 Unsecured other borrowings (Note 15) — — 50,010 50,010 — — — — Trade and other payables * (Note 17) — 51,335 51,335 — — — — Advances received on contracts (Note 17) — 539 539 — — — — — 950,594 950,594 Carrying amount Fair value Fair value - Hedging instruments Financial assets at amortized cost Other financial liabilities Total Level 1 Level 2 Level 3 Total December 31, 2018 Financial assets measured at fair value Forward exchange contracts (Note 15) 484 — — 484 — 484 — 484 Interest rate swaps (Note 10) 7,205 — — 7,205 — 7,205 — 7,205 Forward cap contracts (Note 10) 725 — — 725 — 725 — 725 Non-current assets held for sale (Note 3) — 42,000 — 42,000 — 42,000 — 42,000 8,414 42,000 — 50,414 Financial assets not measured at fair value Non-current receivables (Note 10) — 30,728 — 30,728 — — 26,047 26,047 Trade and other receivables * (Note 11) — 263,186 — 263,186 — — — — Cash and cash equivalents (Note 12) — 173,133 — 173,133 — — — — — 467,047 — 467,047 Financial liabilities measured at fair value Interest rate swaps 1,049 — — 1,049 — 1,049 — 1,049 1,049 — — 1,049 Financial liabilities not measured at fair value Secured bank loans (Note 15) — — 1,560,002 1,560,002 — 1,575,196 — 1,575,196 Unsecured other notes (Note 15) — — 148,166 148,166 144,156 — — 144,156 Unsecured other borrowings (Note 15) — — 60,342 60,342 — — — — Trade and other payables * (Note 17) — — 79,442 79,442 — — — — Advances received on contracts (Note 17) — — 402 402 — — — — — — 1,848,354 1,848,354 * Deferred charges, deferred fulfillment costs and VAT receivables (included in other receivables) (see Note 11), deferred income and VAT payables (included in other payables) (see Note 17), which are not financial assets (liabilities) are not included.
Disclosure of financial instruments not measured at fair value	he 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 Interest rate swaps Swap models: the fair value is calculated as the present value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates. Not applicable Forward cap contracts Fair values for both the derivative and the hypothetical derivative will be determined based on a software used to calculate the net present value of the expected cash flows using LIBOR rate curves, futures and basis spreads. Not applicable Non-current assets held for sale Sales price Not applicable Financial instruments not measured at fair value Type Valuation Techniques Significant unobservable inputs Non-current receivables (consisting primarily of shareholders' loans) Discounted cash flow Discount rate and forecasted cash flows Other financial liabilities (consisting of secured and unsecured bank loans) Discounted cash flow Discount rate Other financial notes (consisting of unsecured notes) Not applicable Not applicable
Disclosure of financial assets that are either past due or impaired	The ageing of current trade and other receivables is as follows: (in thousands of USD) 2018 2017 Not past due 262,795 124,243 Past due 0-30 days 19,463 2,071 Past due 31-365 days 20,169 9,784 More than one year 3,299 699 Total trade and other receivables 305,726 136,797
Schedule and maturity of non-derivative liabilities	(in thousands of USD) Bank loans Other notes Total More than 5 years 330,491 — 330,491 Between 1 and 5 years 635,952 — 635,952 More than 1 year 966,443 — 966,443 Less than 1 year 119,119 — 119,119 At January 1, 2017 1,085,562 — 1,085,562 New loans 326,014 150,000 476,014 Scheduled repayments (43,743 ) — (43,743 ) Early repayments (667,250 ) — (667,250 ) Other changes 508 (2,381 ) (1,873 ) Balance at December 31, 2017 701,091 147,619 848,710 More than 5 years 157,180 — 157,180 Between 1 and 5 years 496,550 147,619 644,169 More than 1 year 653,730 147,619 801,349 Less than 1 year 47,361 — 47,361 Balance at December 31, 2017 701,091 147,619 848,710 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 973,550 — 973,550 Scheduled repayments (84,493 ) — (84,493 ) Early repayments (Note 24) (825,691 ) (205,710 ) (1,031,401 ) Acquisitions through business combinations (Note 24) 1,106,736 205,710 1,312,446 Other changes (Note 24) (311,191 ) 547 (310,644 ) Balance at December 31, 2018 1,560,002 148,166 1,708,168 More than 5 years 433,662 — 433,662 Between 1 and 5 years 987,803 148,166 1,135,969 More than 1 year 1,421,465 148,166 1,569,631 Less than 1 year 138,537 — 138,537 Balance at December 31, 2018 1,560,002 148,166 1,708,168 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 17) 51,335 51,335 51,335 — — Non-current other payables (Note 17) — — — — — 950,055 1,110,853 184,384 750,722 175,747 Derivative financial liabilities Interest rate swaps (Note 17) — — — — — Forward exchange contracts (Note 17) — — — — — — — — — — Contractual cash flows December 31, 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) 1,708,168 2,034,794 364,122 1,176,317 494,355 Other borrowings (Note 15) 60,342 60,342 60,342 — — Current trade and other payables * (Note 17) 79,471 79,471 79,471 — — Non-current other payables (Note 17) — — — — — 1,847,981 2,174,607 503,935 1,176,317 494,355 Derivative financial liabilities Interest rate swaps (Note 17) — 2,627 461 1,628 538 Forward exchange contracts (Note 17) — — — — — — 2,627 461 1,628 538 * Deferred income (see Note 17), which are not financial liabilities, are not included.
Schedule and maturity of derivative liabilities	The following are the remaining contractual maturities of financial liabilities Contractual cash flows December 31, 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 17) 51,335 51,335 51,335 — — Non-current other payables (Note 17) — — — — — 950,055 1,110,853 184,384 750,722 175,747 Derivative financial liabilities Interest rate swaps (Note 17) — — — — — Forward exchange contracts (Note 17) — — — — — — — — — — Contractual cash flows December 31, 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) 1,708,168 2,034,794 364,122 1,176,317 494,355 Other borrowings (Note 15) 60,342 60,342 60,342 — — Current trade and other payables * (Note 17) 79,471 79,471 79,471 — — Non-current other payables (Note 17) — — — — — 1,847,981 2,174,607 503,935 1,176,317 494,355 Derivative financial liabilities Interest rate swaps (Note 17) — 2,627 461 1,628 538 Forward exchange contracts (Note 17) — — — — — — 2,627 461 1,628 538 * Deferred income (see Note 17), which are not financial liabilities, are not included.
Schedule of sensitivity analysis	Every increase (decrease) of 1,000 USD on the spot tanker freight market (VLCC and Suezmax) per day would have increased (decreased) profit or loss by the amounts shown below: (effect in thousands of USD) 2018 2017 2016 Profit or loss Profit or loss Profit or loss 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD Increase Decrease Increase Decrease Increase Decrease 19,332 (19,323 ) 13,420 (13,420 ) 14,140 (14,140 ) This analysis assumes that all other variables, in particular foreign currency rates, remain constant. Profit or Loss Equity 50 BP 50 BP 50 BP 50 BP (effect in thousands of USD) Increase Decrease Increase Decrease December 31, 2016 Variable rate instruments (5,315 ) 5,315 — — Interest rate swaps — — — — Cash Flow Sensitivity (Net) (5,315 ) 5,315 — — December 31, 2017 Variable rate instruments (4,685 ) 4,685 — — Interest rate swaps — — — — Cash Flow Sensitivity (Net) (4,685 ) 4,685 — — December 31, 2018 Variable rate instruments (4,238 ) 4,238 — — Interest rate swaps — — 6,201 (6,116 ) Cash Flow Sensitivity (Net) (4,238 ) 4,238 6,201 (6,116 ) This analysis assumes that all other variables, in particular interest rates, remain constant. (in thousands of USD) 2018 2017 2016 Equity 491 211 532 Profit or loss (7,888 ) (7,113 ) (10,025 )
Disclosure of financial instruments by type of interest rate	At the reporting date the interest rate profile of the Group's interest-bearing financial instruments was: (in thousands of USD) 2018 2017 FIXED RATE INSTRUMENTS Financial assets — — Financial liabilities 148,166 147,619 148,166 147,619 VARIABLE RATE INSTRUMENTS Financial liabilities 1,620,344 751,101 1,620,344 751,101
Schedule of currency risk related to operating expenses	(in thousands of USD) December 31, 2018 December 31, 2017 December 31, 2016 EUR USD EUR USD EUR USD Trade payables (6,311 ) (9,955 ) (7,891 ) (11,383 ) (8,725 ) (9,383 ) Operating expenses (89,761 ) (608,754 ) (89,289 ) (452,113 ) (92,608 ) (440,830 ) Treasury Notes (60,342 ) — (50,010 ) — — —
Disclosure of detailed information about hedging instruments	The following table provides a reconciliation by risk category of components of equity and analysis of OCI items, net of tax, resulting from cash flow hedge accounting. (in thousands of USD) Hedging reserve Balance at January 1, 2018 — Cash flow hedges Change in fair value interest rate risk (2,698 ) Balance at December 31, 2018 (2,698 ) At December 31, 2018, the Group held the following instruments to hedge exposures to changes in interest rates. Maturity (in thousands of USD) 1-6 months 6-12 months More than 1 year Interest rate risk Interest rate swaps Net exposure (23,895 ) (23,921 ) (199,565 ) Average fixed interest rate 1.95 % 1.95 % 1.95 % The amounts at the reporting date relating to items designated as hedged items were as follows. (in thousands of USD) Change in value used for calculating hedge ineffectiveness Cash flow hedge reserve Interest rate risk Variable-rate instruments 2,191 (2,191 ) Cap option 507 (507 ) The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows. 2018 During the period 2018 (in thousands of USD) Nominal amount Carrying amount - Assets Carrying amount - Liabilities Line item in the statement of financial position where the hedging instrument is included Changes in the value of the hedging instrument recognized in OCI Hedge ineffectiveness recognized in profit or loss Line item in profit or loss that includes hedge ineffectiveness Interest rate risk Interest rate swaps 707,871 7,205 1,049 Receivables, other payables (2,191 ) (2,783 ) Finance expenses Forward cap options 200,000 725 — Receivables (507 ) (7 ) Finance expenses

Operating leases (Tables)

Operating leases (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Leases [Abstract]
Future minimum lease payments for operating leases	The Group leases in some of its vessels under time charter and bare boat agreements (operating leases). The future minimum lease payments with an average duration of 3 years under non-cancellable leases are as follows: (in thousands of USD) December 31, 2018 December 31, 2017 Less than 1 year (32,120 ) (32,120 ) Between 1 and 5 years (63,404 ) (95,524 ) More than 5 years — — Total future lease payments (95,524 ) (127,644 )
Non-cancellable operating lease rentals as lessee	The future minimum lease payments under non-cancellable operating lease rentals for office space and company cars with an average duration of 3 years are payable as follows: (in thousands of USD) December 31, 2018 December 31, 2017 Less than 1 year (4,213 ) (2,287 ) Between 1 and 5 years (15,757 ) (7,224 ) More than 5 years (4,810 ) (1,227 ) Total non-cancellable operating lease rentals (24,780 ) (10,738 )
Operating lease expenses recognized in profit and loss	(in thousands of USD) 2018 2017 2016 Bareboat charter (31,120 ) (31,111 ) (792 ) Time charter 6 (62 ) (16,921 ) Office rental (3,484 ) (2,136 ) (2,219 ) Total recognized in profit and loss (34,598 ) (33,309 ) (19,932 )
Future minimum lease receivables for operating leases	The future minimum lease receivables with an average duration of 4 years under non-cancellable leases are as follows: (in thousands of USD) December 31, 2018 December 31, 2017 Less than 1 year 151,039 103,007 Between 1 and 5 years 394,721 147,967 More than 5 years 113,721 31,793 Total future lease receivables 659,482 282,767
Non-cancellable operating lease rentals as lessor	on-cancellable operating lease rentals for office space with an average duration of 5 years are receivable as follows: (in thousands of USD) December 31, 2018 December 31, 2017 Less than 1 year 1,741 726 Between 1 and 5 years 8,918 2,903 More than 5 years 3,216 233 Total future lease receivables 13,876 3,862
Operating lease revenue recognized in profit and loss	(in thousands of USD) 2018 2017 2016 Bareboat charter — — — Time charter 75,238 118,705 140,227 Office rental 846 840 878 Total recognized in profit and loss 76,084 119,545 141,105

Provisions and contingencies (T

Provisions and contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Schedule of provisions	(in thousands of USD) Onerous contract Total Balance at January 1, 2018 — — Assumed in a business combination (Note 24) 5,303 5,303 Provisions used during the year (38 ) (38 ) Balance at December 31, 2018 5,265 5,265 Non-current 4,288 4,288 Current 977 977 Total 5,265 5,265

Related parties (Tables)

Related parties (Tables)	12 Months Ended
	Dec. 31, 2018
Related Party [Abstract]
Disclosure of transactions between related parties	Details of outstanding balances and transactions between the Group and its joint ventures are disclosed below: As of end for the year ended December 31, 2017 (in thousands of USD) Trade receivables Trade payables Shareholders Loan Turnover Dividend Income TI Africa Ltd 30 50 100,115 372 — TI Asia Ltd 130 — 62,647 372 — Kingswood Co. Ltd — — — — 1,250 Tankers Agencies (UK) Ltd 134 137 — — — Total 294 187 162,762 744 1,250 As of end for the year ended December 31, 2018 (in thousands of USD) Trade receivables Trade payables Shareholders Loan Turnover Dividend Income TI Africa Ltd 66 25 28,665 381 — TI Asia Ltd 79 — — 381 — Tankers Agencies (UK) Ltd — 70 — — — Tankers International LLC 46 — — — — Total 191 95 28,665 762 — The remuneration (excluding the CEO) consists of a fixed and a variable component and can be summarized as follows: (in thousands of EUR) 2018 2017 2016 Total fixed remuneration 1,231 1,176 1,175 of which Cost of pension 39 35 35 Other benefits 75 58 57 Total variable remuneration 1,153 1,331 1,042 of which Share-based payments 299 597 351 The remuneration of the CEO can be summarized as follows: (in thousands of GBP) 2018 2017 2016 Total fixed remuneration 537 407 405 of which Cost of pension — — — Other benefits 40 13 11 Total variable remuneration 1,866 528 437 of which Share-based payments 118 233 171 The total amount of the remuneration paid to all non-executive directors for their services as members of the board and committees (if applicable) is as follows: (in thousands of EUR) 2018 2017 2016 Total remuneration 1,035 1,015 1,145

Share-based payment arrangeme_2

Share-based payment arrangements (Tables)	12 Months Ended
	Dec. 31, 2018
Share-Based Payment Arrangements [Abstract]
Disclosure of number and weighted average exercise prices of share options	The key terms and conditions related to the grants under these programs are as follows: Grant date/employees entitled Number of instruments Vesting Conditions Contractual life of Options Options granted to key management personnel December 16, 2013 ("Tranche 1") 583,000 Share price to be at least EUR 7.5 5 years December 16, 2013 ("Tranche 2") 583,000 Share price to be at least EUR 8.66 5 years December 16, 2013 ("Tranche 3") 583,000 Share price to be at least EUR 11.54 and US listing 5 years Total Share options 1,750,000 The number and weighted-average exercise prices of options under the 2013 share option program and the 2015 LTIP are as follows: (figures in EUR) Number of options 2018 Weighted average exercise price 2018 Number of options 2017 Weighted average exercise price 2017 Outstanding at January 1 586,590 7.495 586,590 7.495 Forfeited during the year 0 0 0 0 Exercised during the year (350,000 ) 7.335 0 0 Granted during the year 0 0 0 0 Outstanding at December 31 236,590 7.732 586,590 7.495 Vested at December 31 236,590 0 507,726 0
Inputs used in measurement of the fair values at grant date for the equity-settled share option programs	The inputs used in measurement of the fair values at grant date for the equity-settled share option programs were as follows: Share option program 2013 LTIP 2015 (figures in EUR) Tranche 1 Tranche 2 Tranche 3 Tranche 1 Tranche 2 Tranche 3 Fair value at grant date 2.270 2.260 2.120 1.853 1.853 1.853 Share price at grant date 6.070 6.070 6.070 10.050 10.050 10.050 Exercise price 5.770 5.770 5.770 10.0475 10.0475 10.0475 Expected volatility (weighted average) 40 % 40 % 40 % 39.63 % 39.63 % 39.63 % Expected life (Days) (weighted average) 303 467 730 365 730 1,095 Expected dividends — — — 8 % 8 % 8 % Risk-free interest rate 1 % 1 % 1 % 0.66 % 0.66 % 0.66 %

Group entities (Tables)

Group entities (Tables)	12 Months Ended
	Dec. 31, 2018
Interests in Other Entities [Abstract]
Disclosure of interests in subsidiaries	Country of incorporation Consolidation method Ownership interest December 31, 2018 December 31, 2017 December 31, 2016 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Subsidiaries Euronav Tankers NV Belgium full 100.00 % 100.00 % 100.00 % Euronav Shipping NV Belgium full 100.00 % 100.00 % 100.00 % Euronav (UK) Agencies Limited UK full 100.00 % 100.00 % 100.00 % Euronav Luxembourg SA Luxembourg full 100.00 % 100.00 % 100.00 % Euronav sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management Antwerp (branch office) Euronav Ship Management Ltd Liberia full 100.00 % 100.00 % 100.00 % Euronav Ship Management Hellas (branch office) Euronav Hong Kong Hong Kong full 100.00 % 100.00 % 100.00 % Euro-Ocean Ship Management (Cyprus) Ltd Cyprus full 100.00 % 100.00 % 100.00 % Euronav Singapore Singapore full 100.00 % 100.00 % 100.00 % Fiorano Shipholding Ltd Hong Kong full NA 100.00 % 100.00 % Larvotto Shipholding Ltd Hong Kong full NA 100.00 % 100.00 % Euronav MI II Inc Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary II Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary New IV Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Management LLC Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary V Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary VIII Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary Inc. Marshall Islands full 100.00 % NA NA GMR Zeus LLC Marshall Islands full 100.00 % NA NA GMR Atlas LLC Marshall Islands full 100.00 % NA NA GMR Hercules LLC Marshall Islands full 100.00 % NA NA GMR Ulysses LLC Marshall Islands full 100.00 % NA NA GMR Posseidon LLC Marshall Islands full 100.00 % NA NA Victory Ltd. Bermuda full 100.00 % NA NA Vision Ltd. Marshall Islands full 100.00 % NA NA GMR Spartiate LLC Marshall Islands full 100.00 % NA NA GMR Maniate LLC Marshall Islands full 100.00 % NA NA GMR St Nikolas LLC Marshall Islands full 100.00 % NA NA GMR George T LLC Marshall Islands full 100.00 % NA NA GMR Kara G LLC Liberia full 100.00 % NA NA GMR Harriet G LLC Liberia full 100.00 % NA NA GMR Orion LLC Marshall Islands full 100.00 % NA NA GMR Argus LLC Marshall Islands full 100.00 % NA NA GMR Spyridon LLC Marshall Islands full 100.00 % NA NA GMR Horn LLC Marshall Islands full 100.00 % NA NA GMR Phoenix LLC Marshall Islands full 100.00 % NA NA GMR Strength LLC Liberia full 100.00 % NA NA GMR Daphne LLC Marshall Islands full 100.00 % NA NA GMR Defiance LLC Liberia full 100.00 % NA NA GMR Elektra LLC Marshall Islands full 100.00 % NA NA Companion Ltd. Bermuda full 100.00 % NA NA Compatriot Ltd. Bermuda full 100.00 % NA NA Consul Ltd. Bermuda full 100.00 % NA NA GMR Agamemnon LLC Liberia full 100.00 % NA NA Gener8 Neptune LLC Marshall Islands full 100.00 % NA NA Gener8 Athena LLC Marshall Islands full 100.00 % NA NA Gener8 Apollo LLC Marshall Islands full 100.00 % NA NA Gener8 Ares LLC Marshall Islands full 100.00 % NA NA Gener8 Hera LLC Marshall Islands full 100.00 % NA NA Gener8 Constantine LLC Marshall Islands full 100.00 % NA NA Gener8 Oceanus LLC Marshall Islands full 100.00 % NA NA Gener8 Nestor LLC Marshall Islands full 100.00 % NA NA Gener8 Nautilus LLC Marshall Islands full 100.00 % NA NA Gener8 Macedon LLC Marshall Islands full 100.00 % NA NA Gener8 Noble LLC Marshall Islands full 100.00 % NA NA Gener8 Ethos LLC Marshall Islands full 100.00 % NA NA Gener8 Perseus LLC Marshall Islands full 100.00 % NA NA Gener8 Theseus LLC Marshall Islands full 100.00 % NA NA Gener8 Hector LLC Marshall Islands full 100.00 % NA NA Gener8 Strength Inc. Marshall Islands full 100.00 % NA NA Gener8 Supreme Inc. Marshall Islands full 100.00 % NA NA Gener8 Andriotis Inc. Marshall Islands full 100.00 % NA NA Gener8 Militiades Inc. Marshall Islands full 100.00 % NA NA Gener8 Success Inc. Marshall Islands full 100.00 % NA NA Gener8 Chiotis Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 1 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 2 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 3 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 4 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 5 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 6 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 7 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 8 Inc. Marshall Islands full 100.00 % NA NA Joint ventures Kingswood Co. Ltd Marshall Islands equity 50.00 % 50.00 % 50.00 % TI Africa Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % TI Asia Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % Tankers Agencies (UK) Ltd UK equity 50.00 % 50.00 % NA Tankers International LLC Marshall Islands equity 50.00 % 50.00 % NA Associates Tankers International LLC Marshall Islands equity NA NA 40.00 %
Disclosure of interests in joint ventures	Country of incorporation Consolidation method Ownership interest December 31, 2018 December 31, 2017 December 31, 2016 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Subsidiaries Euronav Tankers NV Belgium full 100.00 % 100.00 % 100.00 % Euronav Shipping NV Belgium full 100.00 % 100.00 % 100.00 % Euronav (UK) Agencies Limited UK full 100.00 % 100.00 % 100.00 % Euronav Luxembourg SA Luxembourg full 100.00 % 100.00 % 100.00 % Euronav sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management Antwerp (branch office) Euronav Ship Management Ltd Liberia full 100.00 % 100.00 % 100.00 % Euronav Ship Management Hellas (branch office) Euronav Hong Kong Hong Kong full 100.00 % 100.00 % 100.00 % Euro-Ocean Ship Management (Cyprus) Ltd Cyprus full 100.00 % 100.00 % 100.00 % Euronav Singapore Singapore full 100.00 % 100.00 % 100.00 % Fiorano Shipholding Ltd Hong Kong full NA 100.00 % 100.00 % Larvotto Shipholding Ltd Hong Kong full NA 100.00 % 100.00 % Euronav MI II Inc Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary II Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary New IV Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Management LLC Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary V Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary VIII Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary Inc. Marshall Islands full 100.00 % NA NA GMR Zeus LLC Marshall Islands full 100.00 % NA NA GMR Atlas LLC Marshall Islands full 100.00 % NA NA GMR Hercules LLC Marshall Islands full 100.00 % NA NA GMR Ulysses LLC Marshall Islands full 100.00 % NA NA GMR Posseidon LLC Marshall Islands full 100.00 % NA NA Victory Ltd. Bermuda full 100.00 % NA NA Vision Ltd. Marshall Islands full 100.00 % NA NA GMR Spartiate LLC Marshall Islands full 100.00 % NA NA GMR Maniate LLC Marshall Islands full 100.00 % NA NA GMR St Nikolas LLC Marshall Islands full 100.00 % NA NA GMR George T LLC Marshall Islands full 100.00 % NA NA GMR Kara G LLC Liberia full 100.00 % NA NA GMR Harriet G LLC Liberia full 100.00 % NA NA GMR Orion LLC Marshall Islands full 100.00 % NA NA GMR Argus LLC Marshall Islands full 100.00 % NA NA GMR Spyridon LLC Marshall Islands full 100.00 % NA NA GMR Horn LLC Marshall Islands full 100.00 % NA NA GMR Phoenix LLC Marshall Islands full 100.00 % NA NA GMR Strength LLC Liberia full 100.00 % NA NA GMR Daphne LLC Marshall Islands full 100.00 % NA NA GMR Defiance LLC Liberia full 100.00 % NA NA GMR Elektra LLC Marshall Islands full 100.00 % NA NA Companion Ltd. Bermuda full 100.00 % NA NA Compatriot Ltd. Bermuda full 100.00 % NA NA Consul Ltd. Bermuda full 100.00 % NA NA GMR Agamemnon LLC Liberia full 100.00 % NA NA Gener8 Neptune LLC Marshall Islands full 100.00 % NA NA Gener8 Athena LLC Marshall Islands full 100.00 % NA NA Gener8 Apollo LLC Marshall Islands full 100.00 % NA NA Gener8 Ares LLC Marshall Islands full 100.00 % NA NA Gener8 Hera LLC Marshall Islands full 100.00 % NA NA Gener8 Constantine LLC Marshall Islands full 100.00 % NA NA Gener8 Oceanus LLC Marshall Islands full 100.00 % NA NA Gener8 Nestor LLC Marshall Islands full 100.00 % NA NA Gener8 Nautilus LLC Marshall Islands full 100.00 % NA NA Gener8 Macedon LLC Marshall Islands full 100.00 % NA NA Gener8 Noble LLC Marshall Islands full 100.00 % NA NA Gener8 Ethos LLC Marshall Islands full 100.00 % NA NA Gener8 Perseus LLC Marshall Islands full 100.00 % NA NA Gener8 Theseus LLC Marshall Islands full 100.00 % NA NA Gener8 Hector LLC Marshall Islands full 100.00 % NA NA Gener8 Strength Inc. Marshall Islands full 100.00 % NA NA Gener8 Supreme Inc. Marshall Islands full 100.00 % NA NA Gener8 Andriotis Inc. Marshall Islands full 100.00 % NA NA Gener8 Militiades Inc. Marshall Islands full 100.00 % NA NA Gener8 Success Inc. Marshall Islands full 100.00 % NA NA Gener8 Chiotis Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 1 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 2 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 3 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 4 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 5 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 6 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 7 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 8 Inc. Marshall Islands full 100.00 % NA NA Joint ventures Kingswood Co. Ltd Marshall Islands equity 50.00 % 50.00 % 50.00 % TI Africa Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % TI Asia Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % Tankers Agencies (UK) Ltd UK equity 50.00 % 50.00 % NA Tankers International LLC Marshall Islands equity 50.00 % 50.00 % NA Associates Tankers International LLC Marshall Islands equity NA NA 40.00 % (in thousands of USD) 2018 2017 Cash and cash equivalents of the joint ventures 6,227 8,608 Group's share of cash and cash equivalents 3,385 4,304 of which restricted cash — — The following table summarizes the terms and debt repayment profile of the bank loans held by the joint ventures: (in thousands of USD) December 31, 2018 December 31, 2017 Curr. Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value TI Asia Ltd revolving loan 54M* USD libor +2.0% 2022 45,671 45,671 45,283 — — — TI Asia Ltd loan 54M USD libor +2.0% 2022 45,671 45,671 45,283 — — — TI Africa Ltd revolving loan 56M* USD libor +2.0% 2022 47,362 47,362 46,974 — — — TI Africa Ltd loan 56M* USD libor +2.0% 2022 47,362 47,362 46,974 — — — Total interest-bearing bank loans 186,067 186,067 184,513 — — — * The mentioned secured bank loans are subject to loan covenants. The following table contains summarized financial information for all of the Group's joint ventures: Asset (in thousands of USD) Great Hope Enterprises Ltd Kingswood Co. Ltd Seven Seas Shipping Ltd Fiorano Shipholding Ltd Fontvieille Shipholding Ltd Larvotto Shipholding Ltd Moneghetti Shipholding Ltd TI Africa Ltd TI Asia Ltd Total At December 31, 2016 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets — 946 — — — — — 198,826 192,344 392,116 of which Vessel — — — — — — — 189,821 182,519 372,340 Current Assets — 76 3,221 — — — — 38,206 47,889 89,392 of which cash and cash equivalents — — 555 — — — — 26,928 36,591 64,074 Non-Current Liabilities — — 946 — — — — 276,498 132,763 410,207 Of which bank loans — — — — — — — — — — Current Liabilities — 2 132 — — — — 863 76,899 77,896 Of which bank loans — — — — — — — — 75,343 75,343 Net assets (100%) — 1,020 2,143 — — — — (40,329 ) 30,571 (6,595 ) Group's share of net assets — 510 1,072 — — — — (20,165 ) 15,285 (3,298 ) Shareholders loans to joint venture — — — — — — — 137,615 65,897 203,512 Net Carrying amount of interest in joint venture — 510 1,072 — — — — — 15,285 16,867 Remaining shareholders loan to joint venture — — — — — — — 117,451 65,897 183,348 Revenue — — 13,646 7,182 6,404 6,901 7,471 65,188 65,063 171,855 Depreciations and amortization — — (3,344 ) (2,047 ) (2,037 ) (1,929 ) (2,049 ) (18,209 ) (17,933 ) (47,548 ) Interest Expense — — (3 ) (223 ) (377 ) (288 ) (537 ) (400 ) (4,703 ) (6,531 ) Income tax expense — — — — — — — (326 ) (106 ) (432 ) Profit (loss) for the period (100%) (32 ) 12 7,469 1,146 500 1,082 1,270 36,515 32,359 80,322 Other comprehensive income (100%) — — — — — — — 2,448 2,448 Group's share of profit (loss) for the period (16 ) 6 3,735 573 250 541 635 18,257 16,180 40,161 Group's share of other comprehensive income — — — — — — — — 1,224 1,224 (in thousands of USD) Kingswood Co. Ltd Seven Seas Shipping Ltd TI Africa Ltd TI Asia Ltd Tankers Agencies (UK) Ltd (see Note 23) TI LLC (see Note 23) Total At December 31, 2017 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets 629 — 182,298 175,826 363 98 359,214 of which Vessel — — 171,612 164,587 — — 336,199 Current Assets — 993 12,639 10,521 149,650 1,108 174,912 of which cash and cash equivalents — 689 4,062 1,968 1,889 — 8,608 Non-Current Liabilities — 629 200,231 128,653 — — 329,514 Of which bank loans — — — — — — — Current Liabilities 111 91 766 687 147,453 975 150,083 Of which bank loans — — — — 43,000 — 43,000 Net assets (100%) 518 273 (6,060 ) 57,007 2,560 232 54,530 Group's share of net assets 259 137 (3,030 ) 28,503 1,559 136 27,565 Shareholders loans to joint venture — — 100,115 62,647 — — 162,762 Net Carrying amount of interest in joint venture 259 137 — 28,503 1,559 136 30,595 Remaining shareholders loan to joint venture — — 97,085 62,647 — — 159,732 Revenue — 61 61,015 58,011 — — 119,087 Depreciations and amortization — — (18,209 ) (17,933 ) — — (36,142 ) Interest Expense — — (90 ) (1,961 ) — — (2,052 ) Income tax expense — — 383 (3,359 ) — — (2,976 ) Profit (loss) for the period (100%) (2 ) 130 34,269 25,467 — — 59,865 Other comprehensive income (100%) — — — 966 — — 966 Group's share of profit (loss) for the period (1 ) 65 17,135 12,734 — — 29,932 Group's share of other comprehensive income — — — 483 — — 483 (in thousands of USD) Kingswood Co. Ltd Seven Seas Shipping Ltd TI Africa Ltd TI Asia Ltd Tankers Agencies (UK) Ltd (see Note 23) TI LLC (see Note 23) Total At December 31, 2018 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets 522 — 154,553 147,962 306 — 303,343 of which Vessel — — 153,404 146,654 — — 300,058 Current Assets — 792 9,119 22,450 289,431 288 322,080 of which cash and cash equivalents — 696 484 2,561 2,487 — 6,227 Non Current Liabilities — 522 130,068 74,171 — — 204,760 Of which bank loans — — 70,080 67,551 — — 137,630 Current Liabilities 5 1 24,400 23,699 286,825 48 334,978 Of which bank loans — — 23,867 23,015 64,500 — 111,382 Net assets (100%) 517 269 9,205 72,543 2,912 240 85,685 Group's share of net assets 258 134 4,603 36,271 1,774 141 43,182 Shareholders loans to joint venture — — 28,665 — — — 28,665 Net Carrying amount of interest in joint venture 258 134 4,603 36,271 1,774 141 43,182 Remaining shareholders loan to joint venture — — 28,665 — — — 28,665 Revenue — 1 49,129 49,180 749,229 — 847,540 Depreciations and amortization — — (18,209 ) (17,933 ) (71 ) — (36,213 ) Interest Expense — — (3,857 ) (3,733 ) (2,571 ) — (10,161 ) Income tax expense — — (1,585 ) (1,611 ) (216 ) — (3,412 ) Profit (loss) for the period (100%) (2 ) (5 ) 15,742 15,977 352 10 32,074 Other comprehensive income (100%) — — (477 ) (441 ) — — (918 ) Group's share of profit (loss) for the period (1 ) (2 ) 7,871 7,989 214 6 16,076 Group's share of other comprehensive income — — (239 ) (220 ) — — (459 ) (in thousands of USD) December 31, 2018 December 31, 2017 Assets Interest in joint ventures 43,182 30,595 Interest in associates — — TOTAL ASSETS 43,182 30,595 Liabilities Interest in joint ventures — — Interest in associates — — TOTAL LIABILITIES — —
Disclosure of interests in associates	Country of incorporation Consolidation method Ownership interest December 31, 2018 December 31, 2017 December 31, 2016 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Subsidiaries Euronav Tankers NV Belgium full 100.00 % 100.00 % 100.00 % Euronav Shipping NV Belgium full 100.00 % 100.00 % 100.00 % Euronav (UK) Agencies Limited UK full 100.00 % 100.00 % 100.00 % Euronav Luxembourg SA Luxembourg full 100.00 % 100.00 % 100.00 % Euronav sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management Antwerp (branch office) Euronav Ship Management Ltd Liberia full 100.00 % 100.00 % 100.00 % Euronav Ship Management Hellas (branch office) Euronav Hong Kong Hong Kong full 100.00 % 100.00 % 100.00 % Euro-Ocean Ship Management (Cyprus) Ltd Cyprus full 100.00 % 100.00 % 100.00 % Euronav Singapore Singapore full 100.00 % 100.00 % 100.00 % Fiorano Shipholding Ltd Hong Kong full NA 100.00 % 100.00 % Larvotto Shipholding Ltd Hong Kong full NA 100.00 % 100.00 % Euronav MI II Inc Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary II Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary New IV Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Management LLC Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary V Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary VIII Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary Inc. Marshall Islands full 100.00 % NA NA GMR Zeus LLC Marshall Islands full 100.00 % NA NA GMR Atlas LLC Marshall Islands full 100.00 % NA NA GMR Hercules LLC Marshall Islands full 100.00 % NA NA GMR Ulysses LLC Marshall Islands full 100.00 % NA NA GMR Posseidon LLC Marshall Islands full 100.00 % NA NA Victory Ltd. Bermuda full 100.00 % NA NA Vision Ltd. Marshall Islands full 100.00 % NA NA GMR Spartiate LLC Marshall Islands full 100.00 % NA NA GMR Maniate LLC Marshall Islands full 100.00 % NA NA GMR St Nikolas LLC Marshall Islands full 100.00 % NA NA GMR George T LLC Marshall Islands full 100.00 % NA NA GMR Kara G LLC Liberia full 100.00 % NA NA GMR Harriet G LLC Liberia full 100.00 % NA NA GMR Orion LLC Marshall Islands full 100.00 % NA NA GMR Argus LLC Marshall Islands full 100.00 % NA NA GMR Spyridon LLC Marshall Islands full 100.00 % NA NA GMR Horn LLC Marshall Islands full 100.00 % NA NA GMR Phoenix LLC Marshall Islands full 100.00 % NA NA GMR Strength LLC Liberia full 100.00 % NA NA GMR Daphne LLC Marshall Islands full 100.00 % NA NA GMR Defiance LLC Liberia full 100.00 % NA NA GMR Elektra LLC Marshall Islands full 100.00 % NA NA Companion Ltd. Bermuda full 100.00 % NA NA Compatriot Ltd. Bermuda full 100.00 % NA NA Consul Ltd. Bermuda full 100.00 % NA NA GMR Agamemnon LLC Liberia full 100.00 % NA NA Gener8 Neptune LLC Marshall Islands full 100.00 % NA NA Gener8 Athena LLC Marshall Islands full 100.00 % NA NA Gener8 Apollo LLC Marshall Islands full 100.00 % NA NA Gener8 Ares LLC Marshall Islands full 100.00 % NA NA Gener8 Hera LLC Marshall Islands full 100.00 % NA NA Gener8 Constantine LLC Marshall Islands full 100.00 % NA NA Gener8 Oceanus LLC Marshall Islands full 100.00 % NA NA Gener8 Nestor LLC Marshall Islands full 100.00 % NA NA Gener8 Nautilus LLC Marshall Islands full 100.00 % NA NA Gener8 Macedon LLC Marshall Islands full 100.00 % NA NA Gener8 Noble LLC Marshall Islands full 100.00 % NA NA Gener8 Ethos LLC Marshall Islands full 100.00 % NA NA Gener8 Perseus LLC Marshall Islands full 100.00 % NA NA Gener8 Theseus LLC Marshall Islands full 100.00 % NA NA Gener8 Hector LLC Marshall Islands full 100.00 % NA NA Gener8 Strength Inc. Marshall Islands full 100.00 % NA NA Gener8 Supreme Inc. Marshall Islands full 100.00 % NA NA Gener8 Andriotis Inc. Marshall Islands full 100.00 % NA NA Gener8 Militiades Inc. Marshall Islands full 100.00 % NA NA Gener8 Success Inc. Marshall Islands full 100.00 % NA NA Gener8 Chiotis Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 1 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 2 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 3 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 4 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 5 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 6 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 7 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 8 Inc. Marshall Islands full 100.00 % NA NA Joint ventures Kingswood Co. Ltd Marshall Islands equity 50.00 % 50.00 % 50.00 % TI Africa Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % TI Asia Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % Tankers Agencies (UK) Ltd UK equity 50.00 % 50.00 % NA Tankers International LLC Marshall Islands equity 50.00 % 50.00 % NA Associates Tankers International LLC Marshall Islands equity NA NA 40.00 % (in thousands of USD) December 31, 2018 December 31, 2017 Assets Interest in joint ventures 43,182 30,595 Interest in associates — — TOTAL ASSETS 43,182 30,595 Liabilities Interest in joint ventures — — Interest in associates — — TOTAL LIABILITIES — —

Business combinations (Tables)

Business combinations (Tables)	12 Months Ended
	Dec. 31, 2018
Business Combinations1 [Abstract]
Disclosure of detailed information about business combinations	The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the acquisition date. (in thousands of USD) Fair value at acquisition date Property, plant and equipment (Note 8) 120,280 Trade receivables 3,685 Cash and cash equivalents 8,355 Loans and borrowings (Note 15) (61,065 ) Trade and other payables (4,086 ) Total identifiable net assets acquired 67,169 (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 (in thousands of USD) Fair value at acquisition date Cash 15,110 Shares in Fontvieille and Moneghetti (21,498 ) Shareholders' loan receivable 39,973 Total consideration transferred 33,585 The transaction did not give rise to the recognition of any goodwill: (in thousands of USD) Fair value at acquisition date Consideration transferred 33,585 Fair value of pre-existing interests in Larvotto and Fiorano (18,633 ) Fair value of identifiable net assets (67,169 ) Fair value of shareholders' loan liabilities versus Bretta Tanker Holdings, transferred to Euronav 52,217 Goodwill —
Disclosure of measurement of fair values	Assets acquired Valuation techniques Property, plant and equipment The price was agreed among parties by reference to valuation reports by brokers

Equity-accounted investees (Tab

Equity-accounted investees (Tables)	12 Months Ended
	Dec. 31, 2018
Interests in Other Entities [Abstract]
Disclosure of interests in associates	Country of incorporation Consolidation method Ownership interest December 31, 2018 December 31, 2017 December 31, 2016 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Subsidiaries Euronav Tankers NV Belgium full 100.00 % 100.00 % 100.00 % Euronav Shipping NV Belgium full 100.00 % 100.00 % 100.00 % Euronav (UK) Agencies Limited UK full 100.00 % 100.00 % 100.00 % Euronav Luxembourg SA Luxembourg full 100.00 % 100.00 % 100.00 % Euronav sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management Antwerp (branch office) Euronav Ship Management Ltd Liberia full 100.00 % 100.00 % 100.00 % Euronav Ship Management Hellas (branch office) Euronav Hong Kong Hong Kong full 100.00 % 100.00 % 100.00 % Euro-Ocean Ship Management (Cyprus) Ltd Cyprus full 100.00 % 100.00 % 100.00 % Euronav Singapore Singapore full 100.00 % 100.00 % 100.00 % Fiorano Shipholding Ltd Hong Kong full NA 100.00 % 100.00 % Larvotto Shipholding Ltd Hong Kong full NA 100.00 % 100.00 % Euronav MI II Inc Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary II Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary New IV Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Management LLC Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary V Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary VIII Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary Inc. Marshall Islands full 100.00 % NA NA GMR Zeus LLC Marshall Islands full 100.00 % NA NA GMR Atlas LLC Marshall Islands full 100.00 % NA NA GMR Hercules LLC Marshall Islands full 100.00 % NA NA GMR Ulysses LLC Marshall Islands full 100.00 % NA NA GMR Posseidon LLC Marshall Islands full 100.00 % NA NA Victory Ltd. Bermuda full 100.00 % NA NA Vision Ltd. Marshall Islands full 100.00 % NA NA GMR Spartiate LLC Marshall Islands full 100.00 % NA NA GMR Maniate LLC Marshall Islands full 100.00 % NA NA GMR St Nikolas LLC Marshall Islands full 100.00 % NA NA GMR George T LLC Marshall Islands full 100.00 % NA NA GMR Kara G LLC Liberia full 100.00 % NA NA GMR Harriet G LLC Liberia full 100.00 % NA NA GMR Orion LLC Marshall Islands full 100.00 % NA NA GMR Argus LLC Marshall Islands full 100.00 % NA NA GMR Spyridon LLC Marshall Islands full 100.00 % NA NA GMR Horn LLC Marshall Islands full 100.00 % NA NA GMR Phoenix LLC Marshall Islands full 100.00 % NA NA GMR Strength LLC Liberia full 100.00 % NA NA GMR Daphne LLC Marshall Islands full 100.00 % NA NA GMR Defiance LLC Liberia full 100.00 % NA NA GMR Elektra LLC Marshall Islands full 100.00 % NA NA Companion Ltd. Bermuda full 100.00 % NA NA Compatriot Ltd. Bermuda full 100.00 % NA NA Consul Ltd. Bermuda full 100.00 % NA NA GMR Agamemnon LLC Liberia full 100.00 % NA NA Gener8 Neptune LLC Marshall Islands full 100.00 % NA NA Gener8 Athena LLC Marshall Islands full 100.00 % NA NA Gener8 Apollo LLC Marshall Islands full 100.00 % NA NA Gener8 Ares LLC Marshall Islands full 100.00 % NA NA Gener8 Hera LLC Marshall Islands full 100.00 % NA NA Gener8 Constantine LLC Marshall Islands full 100.00 % NA NA Gener8 Oceanus LLC Marshall Islands full 100.00 % NA NA Gener8 Nestor LLC Marshall Islands full 100.00 % NA NA Gener8 Nautilus LLC Marshall Islands full 100.00 % NA NA Gener8 Macedon LLC Marshall Islands full 100.00 % NA NA Gener8 Noble LLC Marshall Islands full 100.00 % NA NA Gener8 Ethos LLC Marshall Islands full 100.00 % NA NA Gener8 Perseus LLC Marshall Islands full 100.00 % NA NA Gener8 Theseus LLC Marshall Islands full 100.00 % NA NA Gener8 Hector LLC Marshall Islands full 100.00 % NA NA Gener8 Strength Inc. Marshall Islands full 100.00 % NA NA Gener8 Supreme Inc. Marshall Islands full 100.00 % NA NA Gener8 Andriotis Inc. Marshall Islands full 100.00 % NA NA Gener8 Militiades Inc. Marshall Islands full 100.00 % NA NA Gener8 Success Inc. Marshall Islands full 100.00 % NA NA Gener8 Chiotis Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 1 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 2 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 3 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 4 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 5 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 6 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 7 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 8 Inc. Marshall Islands full 100.00 % NA NA Joint ventures Kingswood Co. Ltd Marshall Islands equity 50.00 % 50.00 % 50.00 % TI Africa Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % TI Asia Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % Tankers Agencies (UK) Ltd UK equity 50.00 % 50.00 % NA Tankers International LLC Marshall Islands equity 50.00 % 50.00 % NA Associates Tankers International LLC Marshall Islands equity NA NA 40.00 % (in thousands of USD) December 31, 2018 December 31, 2017 Assets Interest in joint ventures 43,182 30,595 Interest in associates — — TOTAL ASSETS 43,182 30,595 Liabilities Interest in joint ventures — — Interest in associates — — TOTAL LIABILITIES — —
Disclosure of reconciliation of summarised financial information of associate accounted for using equity method to carrying amount of interest in associate	(in thousands of USD) December 31, 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 (Note 23) — (1,559 ) Reclassification of associate to joint venture (Note 23) — (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 (38,095 ) 317,749 — — Offset investment with shareholders loan 58,520 (58,520 ) — — Balance at January 1, 2016 20,425 259,229 — — Group's share of profit (loss) for the period 40,161 — — — Group's share of other comprehensive income 1,224 — — — Group's share on upstream transactions 4,646 — — — Capital increase/(decrease) in joint ventures (3,737 ) — — — Dividends received from joint ventures (23,478 ) — — — Movement shareholders loans to joint ventures — (18,499 ) — — Business Combinations 15,981 (95,738 ) — — Gross balance (3,298 ) 203,512 — — Offset investment with shareholders loan 20,165 (20,165 ) — — Balance at December 31, 2016 16,867 183,348 — — Group's share of profit (loss) for the period 29,933 — — — Group's share of other comprehensive income 483 — — — Dividends received from joint ventures (1,250 ) — — — Dividend in kind (shares TUKA) received from associate (Note 23) 1,559 — — — Reclassification of associate to joint venture (Note 23) 136 — — — Movement shareholders loans to joint ventures — (40,750 ) — — Gross balance 27,565 162,763 — — Offset investment with shareholders loan 3,030 (3,030 ) — — Balance at December 31, 2017 30,595 159,733 — — ASSET LIABILITY (in thousands of USD) Investments in equity accounted investees Shareholders loans Investments in equity accounted investees Shareholders loans Group's share of profit (loss) for the period 16,076 — — — Group's share of other comprehensive income (459 ) — — — Movement shareholders loans to joint ventures — (134,097 ) — — Gross balance 43,182 28,666 — — Offset investment with shareholders loan — — — — Balance at December 31, 2018 43,182 28,666 — —
Disclosure of joint ventures	Joint venture Segment Description Great Hope Enterprises Ltd Tankers No operating activities, liquidated in 2016 Kingswood Co. Ltd Tankers Holding company; parent of Seven Seas Shipping Ltd. and to be liquidated in the future Seven Seas Shipping Ltd Tankers Formerly owner of 1 VLCC bought in 2016 by Euronav. Wholly owned subsidiary of Kingswood Co. Ltd. Fiorano Shipholding Ltd Tankers Single ship company, owner of 1 Suezmax, acquired Bretta's equity interest in 2016 (liquidated in 2018) Larvotto Shipholding Ltd Tankers Single ship company, owner of 1 Suezmax, acquired Bretta's equity interest in 2016 (liquidated in 2018) Fontvieille Shipholding Ltd Tankers Single ship company, owner of 1 Suezmax, sold our equity interest to Bretta in 2016 Moneghetti Shipholding Ltd Tankers Single ship company, owner of 1 Suezmax, sold our equity interest to Bretta in 2016 Tankers Agencies (UK) Ltd Tankers Parent company of Tankers International Ltd Tankers International LLC Tankers The manager of the Tankers International Pool who commercially manages the majority of the Group's VLCCs TI Africa Ltd FSO Operator and owner of a single floating storage and offloading facility (FSO Africa) * TI Asia Ltd FSO Operator and owner of a single floating storage and offloading facility (FSO Asia) * * FSO Asia and FSO Africa are on a time charter contract to North Oil Company (NOC), the new operator of Al Shaheen field, until mid 2022.
Disclosure of interests in joint ventures	Country of incorporation Consolidation method Ownership interest December 31, 2018 December 31, 2017 December 31, 2016 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Subsidiaries Euronav Tankers NV Belgium full 100.00 % 100.00 % 100.00 % Euronav Shipping NV Belgium full 100.00 % 100.00 % 100.00 % Euronav (UK) Agencies Limited UK full 100.00 % 100.00 % 100.00 % Euronav Luxembourg SA Luxembourg full 100.00 % 100.00 % 100.00 % Euronav sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management sas France full 100.00 % 100.00 % 100.00 % Euronav Ship Management Antwerp (branch office) Euronav Ship Management Ltd Liberia full 100.00 % 100.00 % 100.00 % Euronav Ship Management Hellas (branch office) Euronav Hong Kong Hong Kong full 100.00 % 100.00 % 100.00 % Euro-Ocean Ship Management (Cyprus) Ltd Cyprus full 100.00 % 100.00 % 100.00 % Euronav Singapore Singapore full 100.00 % 100.00 % 100.00 % Fiorano Shipholding Ltd Hong Kong full NA 100.00 % 100.00 % Larvotto Shipholding Ltd Hong Kong full NA 100.00 % 100.00 % Euronav MI II Inc Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary II Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary New IV Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Management LLC Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary V Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary VIII Inc. Marshall Islands full 100.00 % NA NA Gener8 Maritime Subsidiary Inc. Marshall Islands full 100.00 % NA NA GMR Zeus LLC Marshall Islands full 100.00 % NA NA GMR Atlas LLC Marshall Islands full 100.00 % NA NA GMR Hercules LLC Marshall Islands full 100.00 % NA NA GMR Ulysses LLC Marshall Islands full 100.00 % NA NA GMR Posseidon LLC Marshall Islands full 100.00 % NA NA Victory Ltd. Bermuda full 100.00 % NA NA Vision Ltd. Marshall Islands full 100.00 % NA NA GMR Spartiate LLC Marshall Islands full 100.00 % NA NA GMR Maniate LLC Marshall Islands full 100.00 % NA NA GMR St Nikolas LLC Marshall Islands full 100.00 % NA NA GMR George T LLC Marshall Islands full 100.00 % NA NA GMR Kara G LLC Liberia full 100.00 % NA NA GMR Harriet G LLC Liberia full 100.00 % NA NA GMR Orion LLC Marshall Islands full 100.00 % NA NA GMR Argus LLC Marshall Islands full 100.00 % NA NA GMR Spyridon LLC Marshall Islands full 100.00 % NA NA GMR Horn LLC Marshall Islands full 100.00 % NA NA GMR Phoenix LLC Marshall Islands full 100.00 % NA NA GMR Strength LLC Liberia full 100.00 % NA NA GMR Daphne LLC Marshall Islands full 100.00 % NA NA GMR Defiance LLC Liberia full 100.00 % NA NA GMR Elektra LLC Marshall Islands full 100.00 % NA NA Companion Ltd. Bermuda full 100.00 % NA NA Compatriot Ltd. Bermuda full 100.00 % NA NA Consul Ltd. Bermuda full 100.00 % NA NA GMR Agamemnon LLC Liberia full 100.00 % NA NA Gener8 Neptune LLC Marshall Islands full 100.00 % NA NA Gener8 Athena LLC Marshall Islands full 100.00 % NA NA Gener8 Apollo LLC Marshall Islands full 100.00 % NA NA Gener8 Ares LLC Marshall Islands full 100.00 % NA NA Gener8 Hera LLC Marshall Islands full 100.00 % NA NA Gener8 Constantine LLC Marshall Islands full 100.00 % NA NA Gener8 Oceanus LLC Marshall Islands full 100.00 % NA NA Gener8 Nestor LLC Marshall Islands full 100.00 % NA NA Gener8 Nautilus LLC Marshall Islands full 100.00 % NA NA Gener8 Macedon LLC Marshall Islands full 100.00 % NA NA Gener8 Noble LLC Marshall Islands full 100.00 % NA NA Gener8 Ethos LLC Marshall Islands full 100.00 % NA NA Gener8 Perseus LLC Marshall Islands full 100.00 % NA NA Gener8 Theseus LLC Marshall Islands full 100.00 % NA NA Gener8 Hector LLC Marshall Islands full 100.00 % NA NA Gener8 Strength Inc. Marshall Islands full 100.00 % NA NA Gener8 Supreme Inc. Marshall Islands full 100.00 % NA NA Gener8 Andriotis Inc. Marshall Islands full 100.00 % NA NA Gener8 Militiades Inc. Marshall Islands full 100.00 % NA NA Gener8 Success Inc. Marshall Islands full 100.00 % NA NA Gener8 Chiotis Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 1 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 2 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 3 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 4 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 5 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 6 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 7 Inc. Marshall Islands full 100.00 % NA NA Gener8 Tankers 8 Inc. Marshall Islands full 100.00 % NA NA Joint ventures Kingswood Co. Ltd Marshall Islands equity 50.00 % 50.00 % 50.00 % TI Africa Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % TI Asia Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % Tankers Agencies (UK) Ltd UK equity 50.00 % 50.00 % NA Tankers International LLC Marshall Islands equity 50.00 % 50.00 % NA Associates Tankers International LLC Marshall Islands equity NA NA 40.00 % (in thousands of USD) 2018 2017 Cash and cash equivalents of the joint ventures 6,227 8,608 Group's share of cash and cash equivalents 3,385 4,304 of which restricted cash — — The following table summarizes the terms and debt repayment profile of the bank loans held by the joint ventures: (in thousands of USD) December 31, 2018 December 31, 2017 Curr. Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value TI Asia Ltd revolving loan 54M* USD libor +2.0% 2022 45,671 45,671 45,283 — — — TI Asia Ltd loan 54M USD libor +2.0% 2022 45,671 45,671 45,283 — — — TI Africa Ltd revolving loan 56M* USD libor +2.0% 2022 47,362 47,362 46,974 — — — TI Africa Ltd loan 56M* USD libor +2.0% 2022 47,362 47,362 46,974 — — — Total interest-bearing bank loans 186,067 186,067 184,513 — — — * The mentioned secured bank loans are subject to loan covenants. The following table contains summarized financial information for all of the Group's joint ventures: Asset (in thousands of USD) Great Hope Enterprises Ltd Kingswood Co. Ltd Seven Seas Shipping Ltd Fiorano Shipholding Ltd Fontvieille Shipholding Ltd Larvotto Shipholding Ltd Moneghetti Shipholding Ltd TI Africa Ltd TI Asia Ltd Total At December 31, 2016 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets — 946 — — — — — 198,826 192,344 392,116 of which Vessel — — — — — — — 189,821 182,519 372,340 Current Assets — 76 3,221 — — — — 38,206 47,889 89,392 of which cash and cash equivalents — — 555 — — — — 26,928 36,591 64,074 Non-Current Liabilities — — 946 — — — — 276,498 132,763 410,207 Of which bank loans — — — — — — — — — — Current Liabilities — 2 132 — — — — 863 76,899 77,896 Of which bank loans — — — — — — — — 75,343 75,343 Net assets (100%) — 1,020 2,143 — — — — (40,329 ) 30,571 (6,595 ) Group's share of net assets — 510 1,072 — — — — (20,165 ) 15,285 (3,298 ) Shareholders loans to joint venture — — — — — — — 137,615 65,897 203,512 Net Carrying amount of interest in joint venture — 510 1,072 — — — — — 15,285 16,867 Remaining shareholders loan to joint venture — — — — — — — 117,451 65,897 183,348 Revenue — — 13,646 7,182 6,404 6,901 7,471 65,188 65,063 171,855 Depreciations and amortization — — (3,344 ) (2,047 ) (2,037 ) (1,929 ) (2,049 ) (18,209 ) (17,933 ) (47,548 ) Interest Expense — — (3 ) (223 ) (377 ) (288 ) (537 ) (400 ) (4,703 ) (6,531 ) Income tax expense — — — — — — — (326 ) (106 ) (432 ) Profit (loss) for the period (100%) (32 ) 12 7,469 1,146 500 1,082 1,270 36,515 32,359 80,322 Other comprehensive income (100%) — — — — — — — 2,448 2,448 Group's share of profit (loss) for the period (16 ) 6 3,735 573 250 541 635 18,257 16,180 40,161 Group's share of other comprehensive income — — — — — — — — 1,224 1,224 (in thousands of USD) Kingswood Co. Ltd Seven Seas Shipping Ltd TI Africa Ltd TI Asia Ltd Tankers Agencies (UK) Ltd (see Note 23) TI LLC (see Note 23) Total At December 31, 2017 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets 629 — 182,298 175,826 363 98 359,214 of which Vessel — — 171,612 164,587 — — 336,199 Current Assets — 993 12,639 10,521 149,650 1,108 174,912 of which cash and cash equivalents — 689 4,062 1,968 1,889 — 8,608 Non-Current Liabilities — 629 200,231 128,653 — — 329,514 Of which bank loans — — — — — — — Current Liabilities 111 91 766 687 147,453 975 150,083 Of which bank loans — — — — 43,000 — 43,000 Net assets (100%) 518 273 (6,060 ) 57,007 2,560 232 54,530 Group's share of net assets 259 137 (3,030 ) 28,503 1,559 136 27,565 Shareholders loans to joint venture — — 100,115 62,647 — — 162,762 Net Carrying amount of interest in joint venture 259 137 — 28,503 1,559 136 30,595 Remaining shareholders loan to joint venture — — 97,085 62,647 — — 159,732 Revenue — 61 61,015 58,011 — — 119,087 Depreciations and amortization — — (18,209 ) (17,933 ) — — (36,142 ) Interest Expense — — (90 ) (1,961 ) — — (2,052 ) Income tax expense — — 383 (3,359 ) — — (2,976 ) Profit (loss) for the period (100%) (2 ) 130 34,269 25,467 — — 59,865 Other comprehensive income (100%) — — — 966 — — 966 Group's share of profit (loss) for the period (1 ) 65 17,135 12,734 — — 29,932 Group's share of other comprehensive income — — — 483 — — 483 (in thousands of USD) Kingswood Co. Ltd Seven Seas Shipping Ltd TI Africa Ltd TI Asia Ltd Tankers Agencies (UK) Ltd (see Note 23) TI LLC (see Note 23) Total At December 31, 2018 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets 522 — 154,553 147,962 306 — 303,343 of which Vessel — — 153,404 146,654 — — 300,058 Current Assets — 792 9,119 22,450 289,431 288 322,080 of which cash and cash equivalents — 696 484 2,561 2,487 — 6,227 Non Current Liabilities — 522 130,068 74,171 — — 204,760 Of which bank loans — — 70,080 67,551 — — 137,630 Current Liabilities 5 1 24,400 23,699 286,825 48 334,978 Of which bank loans — — 23,867 23,015 64,500 — 111,382 Net assets (100%) 517 269 9,205 72,543 2,912 240 85,685 Group's share of net assets 258 134 4,603 36,271 1,774 141 43,182 Shareholders loans to joint venture — — 28,665 — — — 28,665 Net Carrying amount of interest in joint venture 258 134 4,603 36,271 1,774 141 43,182 Remaining shareholders loan to joint venture — — 28,665 — — — 28,665 Revenue — 1 49,129 49,180 749,229 — 847,540 Depreciations and amortization — — (18,209 ) (17,933 ) (71 ) — (36,213 ) Interest Expense — — (3,857 ) (3,733 ) (2,571 ) — (10,161 ) Income tax expense — — (1,585 ) (1,611 ) (216 ) — (3,412 ) Profit (loss) for the period (100%) (2 ) (5 ) 15,742 15,977 352 10 32,074 Other comprehensive income (100%) — — (477 ) (441 ) — — (918 ) Group's share of profit (loss) for the period (1 ) (2 ) 7,871 7,989 214 6 16,076 Group's share of other comprehensive income — — (239 ) (220 ) — — (459 ) (in thousands of USD) December 31, 2018 December 31, 2017 Assets Interest in joint ventures 43,182 30,595 Interest in associates — — TOTAL ASSETS 43,182 30,595 Liabilities Interest in joint ventures — — Interest in associates — — TOTAL LIABILITIES — —

Major exchange rates (Tables)

Major exchange rates (Tables)	12 Months Ended
	Dec. 31, 2018
Effects Of Changes In Foreign Exchange Rates [Abstract]
Major exchange rates used in the financial statements	The following major exchange rates have been used in preparing the consolidated financial statements: closing rates average rates 1 XXX = x,xxxx USD December 31, 2018 December 31, 2017 December 31, 2016 2018 2017 2016 EUR 1.1450 1.1993 1.0541 1.1838 1.1249 1.1061 GBP 1.2800 1.3517 1.2312 1.3374 1.2880 1.3662

Significant accounting polici_4

Significant accounting policies - Reporting entity (Details)	12 Months Ended
	Dec. 31, 2018storage_unit
FSOs | Maersk Oil
Disclosure of detailed information about property, plant and equipment [line items]
Number of floating storage units under service contracts	2

Significant accounting polici_5

Significant accounting policies - Summary of impact, net of tax, of transition to IFRS 15 on retained earnings (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017	[1]
Disclosure of initial application of standards or interpretations [line items]
Retained earnings	$ 335,764		$ 473,622
Adjustment on initial application of IFRS 15 (net of tax) (Note 1)
Disclosure of initial application of standards or interpretations [line items]
Retained earnings	$ (11,753)	$ (1,729)
Revenue for spot voyages | Adjustment on initial application of IFRS 15 (net of tax) (Note 1)
Disclosure of initial application of standards or interpretations [line items]
Retained earnings		(4,422)
Recognition capitalized fulfillment costs | Adjustment on initial application of IFRS 15 (net of tax) (Note 1)
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.

Significant accounting polici_6

Significant accounting policies - Impact of IFRS 15 on consolidated statement of financial position (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jan. 01, 2018		Dec. 31, 2017	[1]	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Non-Current assets	$ 3,606,210			$ 2,530,337
Current Assets	521,141			280,636
Trade and other receivables	305,726			136,797
TOTAL ASSETS	4,127,351			2,810,973
Equity
Retained earnings	335,764			473,622
Equity attributable to owners of the Company	2,260,523	$ 1,844,616	[2]	1,846,361		$ 1,887,956	$ 1,905,749
Non-current liabilities	1,579,706			805,872
Current liabilities	287,122			158,740
Trade and other payables	87,225			61,355
TOTAL EQUITY AND LIABILITIES	4,127,351			$ 2,810,973
Adjustments
ASSETS
Non-Current assets	0
Current Assets	(11,753)
Trade and other receivables	(11,753)
TOTAL ASSETS	(11,753)
Equity
Retained earnings	(11,753)	(1,729)
Equity attributable to owners of the Company	(11,753)	$ (1,729)
Non-current liabilities	0
Current liabilities	0
Trade and other payables	0
TOTAL EQUITY AND LIABILITIES	(11,753)
Amounts without adoption of IFRS 15
ASSETS
Non-Current assets	3,606,210
Current Assets	532,894
Trade and other receivables	317,479
TOTAL ASSETS	4,139,104
Equity
Retained earnings	347,517
Equity attributable to owners of the Company	2,272,276
Non-current liabilities	1,579,706
Current liabilities	287,122
Trade and other payables	87,225
TOTAL EQUITY AND LIABILITIES	$ 4,139,104
[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 but the opening balance of 2018 has been adjusted following the application of IFRS 15 on Revenue Recognition.

Significant accounting polici_7

Significant accounting policies - Impact of IFRS 15 on consolidated statement of profit or loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Shipping income
Revenue	$ 600,024	$ 513,368	[1]	$ 684,265	[1]
Total shipping income	623,937	554,808	[1]	741,658	[1]
Operating expenses
Voyage expenses and commissions	(141,416)	(62,035)	[1]	(59,560)	[1]
Total operating expenses	(698,515)	(541,402)	[1]	(533,438)	[1]
RESULT FROM OPERATING ACTIVITIES	(74,578)	13,406	[1]	208,220	[1]
Profit (loss) for the period	(110,070)	1,383	[1],[2],[3]	204,049	[1],[2],[3]
TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD	(113,264)	$ 2,378	[2]	$ 204,797	[2]
Adjustments
Shipping income
Revenue	(10,525)
Total shipping income	(10,525)
Operating expenses
Voyage expenses and commissions	501
Total operating expenses	501
RESULT FROM OPERATING ACTIVITIES	(10,024)
Profit (loss) for the period	(10,024)
TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD	(10,024)
Amounts without adoption of IFRS 15
Shipping income
Revenue	610,549
Total shipping income	634,462
Operating expenses
Voyage expenses and commissions	(141,917)
Total operating expenses	(699,016)
RESULT FROM OPERATING ACTIVITIES	(64,554)
Profit (loss) for the period	(100,046)
TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD	$ (103,240)
[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.

Significant accounting polici_8

Significant accounting policies - Summary of the impact, net of tax, of transition to IFRS 9 on retained earnings (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017	[1]
Disclosure of initial application of standards or interpretations [line items]
Retained earnings	$ 335,764		$ 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.

Significant accounting polici_9

Significant accounting policies - Summary of original measurement categories under IAS 39 and the new measurement categories under IFRS 9 (Details) - USD ($) $ in Thousands	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
Original carrying amount under IAS 39		950,594
New carrying amount under IFRS 9	950,594
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
Secured bank loans
Disclosure of initial application of standards or interpretations [line items]
Original carrying amount under IAS 39		701,091
New carrying amount under IFRS 9	701,091
Unsecured notes
Disclosure of initial application of standards or interpretations [line items]
Original carrying amount under IAS 39		147,619
New carrying amount under IFRS 9	147,619
Unsecured other borrowings
Disclosure of initial application of standards or interpretations [line items]
Original carrying amount under IAS 39		50,010
New carrying amount under IFRS 9	50,010
Trade and other payables
Disclosure of initial application of standards or interpretations [line items]
Original carrying amount under IAS 39		51,335
New carrying amount under IFRS 9	51,335
Advances received on contracts
Disclosure of initial application of standards or interpretations [line items]
Original carrying amount under IAS 39		$ 539
New carrying amount under IFRS 9	$ 539

Significant accounting polic_10

Significant accounting policies - Impact of the new impairment model (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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
Adjustment on initial application of IFRS 15 (net of tax) (Note 1) | Trade and other receivables
Disclosure of initial application of standards or interpretations [line items]
Increase in the allowance for impairment		$ 0

Significant accounting polic_11

Significant accounting policies - Goodwill and intangible assets (Details) - Software	12 Months Ended
	Dec. 31, 2018
Minimum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life	3 years
Maximum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life	5 years

Significant accounting polic_12

Significant accounting policies - Vessels, property, plant and equipment (Details)	12 Months Ended
	Dec. 31, 2018USD ($)
tankers
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	20 years
FSO/FpSO/FPSO
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	25 years
plant and equipment | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	5 years
plant and equipment | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	20 years
fixtures and fittings | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	5 years
fixtures and fittings | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	10 years
other tangible assets | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	3 years
other tangible assets | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	20 years
dry-docking | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	2 years 6 months
dry-docking | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	5 years
Vessels
Disclosure of detailed information about property, plant and equipment [line items]
Residual value	$ 0
Dry-docking Component
Disclosure of detailed information about property, plant and equipment [line items]
Amortization threshold	1 year

Significant accounting polic_13

Significant accounting policies - Segment reporting (Details)	12 Months Ended
	Dec. 31, 2018segment
Corporate Information And Statement Of IFRS Compliance [Abstract]
Number of operating segments	2

Significant accounting polic_14

Significant accounting policies - Leases (Details) - Adoption Of New Accounting Standard - IFRS 16 $ in Millions	Jan. 01, 2019USD ($)
Office Lease
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Right-of-use assets	$ 18.4
Lease liabilities	18.4
Right-of-use asset impairment	5.3
Sublease receivables, finance lease	11.4
Vessels
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Right-of-use assets	86.7
Lease liabilities	86.7
Deferred gain from sale and leaseback transactions	$ 3

Segment reporting - Additional

Segment reporting - Additional Information (Details) - segment	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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
One client | Tankers
Disclosure of operating segments [line items]
Percentage of entity's revenue	7.00%	10.00%
Two clients | Tankers
Disclosure of operating segments [line items]
Percentage of entity's revenue			10.00%

Segment reporting - Consolidate

Segment reporting - Consolidated Statement of Financial Position (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
ASSETS
Vessels	$ 3,520,067	$ 2,271,500	[1]
Assets under construction	0	63,668	[1]
Other tangible assets	1,943	1,663	[1]
Intangible assets	105	72	[1]
Receivables	38,658	160,352	[1]
Investments in equity accounted investees (Note 25)	43,182	30,595	[1]
Deferred tax assets	2,255	2,487	[1]
Total non-current assets	3,606,210	2,530,337	[1]
Total current assets	521,141	280,636	[1]
TOTAL ASSETS	4,127,351	2,810,973	[1]
EQUITY and LIABILITIES
Total equity	2,260,523	1,846,361
Bank and other loans	1,421,465	653,730
Convertible and other Notes	148,166	147,619
Other payables	1,451	539	[1]
Deferred tax liabilities	0	0
Employee benefits	4,336	3,984	[1]	$ 2,846
Amounts due to equity-accounted joint ventures	0	0
Provisions	4,288	0	[1]
Total non-current liabilities	1,579,706	805,872	[1]
Total current liabilities	287,122	158,740	[1]
TOTAL EQUITY and LIABILITIES	4,127,351	2,810,973	[1]
Operating segments | Tankers
ASSETS
Vessels	3,520,067	2,271,500
Assets under construction	0	63,668
Other tangible assets	1,943	1,663
Intangible assets	105	72
Receivables	38,658	163,382
Investments in equity accounted investees (Note 25)	1,915	1,695
Deferred tax assets	2,255	2,487
Total non-current assets	3,564,943	2,504,467
Total current assets	521,536	281,132
TOTAL ASSETS	4,086,479	2,785,599
EQUITY and LIABILITIES
Total equity	2,219,648	1,820,887
Bank and other loans	1,421,465	653,730
Convertible and other Notes	148,166	147,619
Other payables	1,451	539
Deferred tax liabilities	0	0
Employee benefits	4,336	3,984
Amounts due to equity-accounted joint ventures	0	0
Provisions	4,288	0
Total non-current liabilities	1,579,706	805,872
Total current liabilities	287,125	158,840
TOTAL EQUITY and LIABILITIES	4,086,479	2,785,599
Operating segments | FSO
ASSETS
Vessels	150,029	168,100
Assets under construction	0	0
Other tangible assets	0	0
Intangible assets	0	0
Receivables	0	10,739
Investments in equity accounted investees (Note 25)	0	0
Deferred tax assets	1,229	223
Total non-current assets	151,258	179,062
Total current assets	15,784	11,581
TOTAL ASSETS	167,042	190,643
EQUITY and LIABILITIES
Total equity	40,874	25,473
Bank and other loans	97,480	162,762
Convertible and other Notes	0	0
Other payables	355	0
Deferred tax liabilities	4,283	1,680
Employee benefits	0	0
Amounts due to equity-accounted joint ventures	0	0
Provisions	0	0
Total non-current liabilities	102,118	164,442
Total current liabilities	24,050	728
TOTAL EQUITY and LIABILITIES	167,042	190,643
Less: Equity-accounted investees
ASSETS
Vessels	150,029	168,100
Assets under construction	0	0
Other tangible assets	0	0
Intangible assets	0	0
Receivables	0	13,769
Investments in equity accounted investees (Note 25)	(41,267)	(28,900)
Deferred tax assets	1,229	223
Total non-current assets	109,991	153,192
Total current assets	16,179	12,077
TOTAL ASSETS	126,170	165,269
EQUITY and LIABILITIES
Total equity	(1)	(1)
Bank and other loans	97,480	162,762
Convertible and other Notes	0	0
Other payables	355	0
Deferred tax liabilities	4,283	1,680
Employee benefits	0	0
Amounts due to equity-accounted joint ventures	0	0
Provisions	0	0
Total non-current liabilities	102,118	164,442
Total current liabilities	24,053	828
TOTAL EQUITY and LIABILITIES	$ 126,170	$ 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.

Segment reporting - Consolida_2

Segment reporting - Consolidated Statement of Profit or Loss By Operating Segment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Shipping income
Revenue	$ 600,024,000	$ 513,368,000	[1]	$ 684,265,000	[1]
Gains on disposal of vessels/other tangible assets (Note 8)	19,138,000	36,538,000	[1]	50,397,000	[1]
Other operating income	4,775,000	4,902,000	[1]	6,996,000	[1]
Total shipping income	623,937,000	554,808,000	[1]	741,658,000	[1]
Operating expenses
Voyage expenses and commissions	(141,416,000)	(62,035,000)	[1]	(59,560,000)	[1]
Vessel operating expenses	(185,792,000)	(150,427,000)	[1]	(160,199,000)	[1]
Charter hire expenses	(31,114,000)	(31,173,000)	[1]	(17,713,000)	[1]
Losses on disposal of vessels/other tangible assets	(273,000)	(21,027,000)	[1]	(2,000)	[1]
Impairment on non-current assets held for sale	2,995,000	0	[1]	0	[1]
Loss on disposal of investments in equity accounted investees	0	0	[1]	(24,150,000)	[1]
Depreciation tangible assets	(270,582,000)	(229,777,000)	[1]	(227,664,000)	[1]
Depreciation intangible assets	(111,000)	(95,000)	[1]	(99,000)	[1]
General and administrative expenses	(66,232,000)	(46,868,000)	[1]	(44,051,000)	[1]
Total operating expenses	(698,515,000)	(541,402,000)	[1]	(533,438,000)	[1]
RESULT FROM OPERATING ACTIVITIES	(74,578,000)	13,406,000	[1]	208,220,000	[1]
Finance income	15,023,000	7,266,000	[1]	6,855,000	[1]
Finance expenses	(89,412,000)	(50,729,000)	[1]	(51,695,000)	[1]
Net finance expenses	(74,389,000)	(43,463,000)	[1]	(44,840,000)	[1]
Gain on bargain purchase	23,059,000	0	[1],[2]	0	[1],[2]
Share of profit (loss) of equity accounted investees (net of income tax)	16,076,000	30,082,000	[1]	40,495,000	[1]
PROFIT (LOSS) BEFORE INCOME TAX	(109,832,000)	25,000	[1]	203,875,000	[1]
Income tax expense	(238,000)	1,358,000	[1]	174,000	[1]
PROFIT (LOSS) FOR THE PERIOD	(110,070,000)	1,383,000	[1],[2],[3]	204,049,000	[1],[2],[3]
Attributable to:
Owners of the company	(110,069,928)	1,382,530	[1]	204,049,212	[1]
Operating segments | Tankers
Shipping income
Revenue	600,024,000	513,399,000		704,766,000
Gains on disposal of vessels/other tangible assets (Note 8)	19,138,000	36,538,000		50,397,000
Other operating income	4,775,000	4,902,000		6,765,000
Total shipping income	623,937,000	554,839,000		761,928,000
Operating expenses
Voyage expenses and commissions	(141,416,000)	(62,035,000)		(63,305,000)
Vessel operating expenses	(185,792,000)	(150,391,000)		(164,478,000)
Charter hire expenses	(31,114,000)	(31,173,000)		(17,713,000)
Losses on disposal of vessels/other tangible assets	(273,000)	(21,027,000)		(1,000)
Impairment on non-current assets held for sale	2,995,000	0		0
Loss on disposal of investments in equity accounted investees	0	0		(24,150,000)
Depreciation tangible assets	(270,582,000)	(229,777,000)		(233,368,000)
Depreciation intangible assets	(111,000)	(95,000)		(99,000)
General and administrative expenses	(66,235,000)	(46,871,000)		(44,152,000)
Total operating expenses	(698,518,000)	(541,369,000)		(547,266,000)
RESULT FROM OPERATING ACTIVITIES	(74,581,000)	13,470,000		214,662,000
Finance income	15,023,000	7,267,000		6,864,000
Finance expenses	(89,412,000)	(50,730,000)		(52,420,000)
Net finance expenses	(74,389,000)	(43,463,000)		(45,556,000)
Gain on bargain purchase	23,059,000	0		0
Share of profit (loss) of equity accounted investees (net of income tax)	220,000	150,000		334,000
PROFIT (LOSS) BEFORE INCOME TAX	(125,691,000)	(29,843,000)		169,440,000
Income tax expense	(238,000)	1,358,000		174,000
PROFIT (LOSS) FOR THE PERIOD	(125,929,000)	(28,485,000)		169,614,000
Attributable to:
Owners of the company	(125,929,000)	(28,485,000)		169,614,000
Operating segments | FSO
Shipping income
Revenue	49,155,000	59,513,000		65,125,000
Gains on disposal of vessels/other tangible assets (Note 8)	0	0		0
Other operating income	72,000	234,000		327,000
Total shipping income	49,227,000	59,747,000		65,452,000
Operating expenses
Voyage expenses and commissions	(1,000)	(304,000)		(476,000)
Vessel operating expenses	(9,637,000)	(9,157,000)		(9,679,000)
Charter hire expenses	0	0		0
Losses on disposal of vessels/other tangible assets	0	0		0
Impairment on non-current assets held for sale	0	0		0
Loss on disposal of investments in equity accounted investees	0	0		0
Depreciation tangible assets	(18,071,000)	(18,071,000)		(18,071,000)
Depreciation intangible assets	0	0		0
General and administrative expenses	(425,000)	(30,000)		(80,000)
Total operating expenses	(28,134,000)	(27,562,000)		(28,306,000)
RESULT FROM OPERATING ACTIVITIES	21,093,000	32,185,000		37,146,000
Finance income	160,000	197,000		57,000
Finance expenses	(3,795,000)	(1,026,000)		(2,552,000)
Net finance expenses	(3,635,000)	(829,000)		(2,495,000)
Gain on bargain purchase	0	0		0
Share of profit (loss) of equity accounted investees (net of income tax)	0	0		0
PROFIT (LOSS) BEFORE INCOME TAX	17,458,000	31,356,000		34,651,000
Income tax expense	(1,599,000)	(1,488,000)		(216,000)
PROFIT (LOSS) FOR THE PERIOD	15,859,000	29,868,000		34,435,000
Attributable to:
Owners of the company	15,859,000	29,868,000		34,435,000
Less: Equity-accounted investees
Shipping income
Revenue	49,155,000	59,544,000		85,626,000
Gains on disposal of vessels/other tangible assets (Note 8)	0	0		0
Other operating income	72,000	234,000		96,000
Total shipping income	49,227,000	59,778,000		85,722,000
Operating expenses
Voyage expenses and commissions	(1,000)	(304,000)		(4,221,000)
Vessel operating expenses	(9,637,000)	(9,121,000)		(13,958,000)
Charter hire expenses	0	0		0
Losses on disposal of vessels/other tangible assets	0	0		1,000
Impairment on non-current assets held for sale	0	0		0
Loss on disposal of investments in equity accounted investees	0	0		0
Depreciation tangible assets	(18,071,000)	(18,071,000)		(23,775,000)
Depreciation intangible assets	0	0		0
General and administrative expenses	(428,000)	(33,000)		(181,000)
Total operating expenses	(28,137,000)	(27,529,000)		(42,134,000)
RESULT FROM OPERATING ACTIVITIES	21,090,000	32,249,000		43,588,000
Finance income	160,000	198,000		66,000
Finance expenses	(3,795,000)	(1,027,000)		(3,277,000)
Net finance expenses	(3,635,000)	(829,000)		(3,211,000)
Gain on bargain purchase	0	0		0
Share of profit (loss) of equity accounted investees (net of income tax)	(15,856,000)	(29,932,000)		(40,161,000)
PROFIT (LOSS) BEFORE INCOME TAX	1,599,000	1,488,000		216,000
Income tax expense	(1,599,000)	(1,488,000)		(216,000)
PROFIT (LOSS) FOR THE PERIOD	0	0		0
Attributable to:
Owners of the company	$ 0	$ 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.
[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.

Segment reporting - Summarized

Segment reporting - Summarized Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure of operating segments [line items]
Net cash from (used in) operating activities	$ 841	$ 211,295	[1]	$ 438,202	[1]
Net cash from (used in) investing activities	190,042	(40,242)	[1]	(100,615)	[1]
Net cash from (used in) financing activities	(160,165)	(234,976)	[1]	(261,160)	[1]
Capital expenditure	(238,065)	(177,901)		(342,698)
Operating segments | Tankers
Disclosure of operating segments [line items]
Net cash from (used in) operating activities	843	211,310		427,926
Net cash from (used in) investing activities	190,042	(40,243)		(90,891)
Net cash from (used in) financing activities	(160,165)	(234,921)		(264,714)
Capital expenditure	(238,065)	(177,901)		(342,698)
Operating segments | FSO
Disclosure of operating segments [line items]
Net cash from (used in) operating activities	40,672	49,684		49,013
Net cash from (used in) investing activities	0	0		0
Net cash from (used in) financing activities	(42,164)	(78,421)		(32,929)
Capital expenditure	0	0		0
Less: Equity-accounted investees
Disclosure of operating segments [line items]
Net cash from (used in) operating activities	40,674	(49,698)		(38,737)
Net cash from (used in) investing activities	0	1		(9,724)
Net cash from (used in) financing activities	(42,164)	78,367		36,483
Capital expenditure	$ 0	$ 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_3

Assets and liabilities held for sale and discontinued operations - Assets Held for Sale (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale	$ 42,000,000	$ 0	[1]	$ 0
Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale	42,000,000	0		0
Vessels | Tankers
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale	42,000,000	0		0
Vessels | FSO
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale	$ 0	$ 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 - Schedule of Assets Held for Sale (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Asset Held For Sale	$ 0	[1]	$ 0
Assets sold from assets held for sale	(44,995,000)
Asset Held For Sale	42,000,000		0	[1]	$ 0
(Expected) Loss	(2,995,000)		0	[2]	0	[2]
Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
(Estimated) Sale price	0
Asset Held For Sale	0		0
Assets sold from assets held for sale	(44,995,000)
(Estimated) Sale price	0		0
Asset Held For Sale	42,000,000		0		$ 0
Impairment Loss	(2,995,000)
(Expected) Loss	0
Book Value | Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Asset Held For Sale	0
Asset Held For Sale	0		$ 0
Felicity | Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Impairment Loss	(3,000,000)
Felicity | Assets sold from assets held for sale | Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets sold from assets held for sale, estimated sales price	42,000,000
Assets sold from assets held for sale	(42,000,000)
Impairment Loss	(2,995,000)
(Expected) Loss	0
Felicity | Book Value | Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Asset Held For Sale	45,000,000
Felicity | Book Value | Assets sold from assets held for sale | Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets sold from assets held for sale	$ (44,995,000)
[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.

Assets and liabilities held f_5

Assets and liabilities held for sale and discontinued operations - Additional Information (Details)	Oct. 31, 2018USD ($)T	Dec. 31, 2018USD ($)operation	Dec. 31, 2017USD ($)operation		Dec. 31, 2016USD ($)
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale		$ 42,000,000	$ 0	[1]	$ 0
Number of discontinued operations | operation		0	0
Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale		$ 42,000,000	$ 0		$ 0
Gain (loss) from sale of vessel		(2,995,000)
Vessels | Felicity
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
VLCC weight (in deadweight tons) | T	157,667
Proceeds from sales of vessels previously held for sale	$ 42,000,000
Gain (loss) from sale of vessel		(3,000,000)
Cost | Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale		0	$ 0
Cost | Vessels | Felicity
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale		$ 45,000,000
[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.

Revenue and other operating i_3

Revenue and other operating income - Schedule Of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure Of Revenue Sources [Line Items]
Revenue	$ 600,024	$ 513,368	[1]	$ 684,265	[1]
Other operating income	4,775	4,902	[1]	6,996	[1]
Pool Revenue
Disclosure Of Revenue Sources [Line Items]
Revenue	277,394	249,303
Spot Voyages
Disclosure Of Revenue Sources [Line Items]
Revenue	247,392	145,360
Time charter
Disclosure Of Revenue Sources [Line Items]
Revenue	75,238	118,705
Less: Equity-accounted investees
Disclosure Of Revenue Sources [Line Items]
Revenue	49,155	59,544		85,626
Other operating income	72	234		96
Less: Equity-accounted investees | Pool Revenue
Disclosure Of Revenue Sources [Line Items]
Revenue	0	31
Less: Equity-accounted investees | Spot Voyages
Disclosure Of Revenue Sources [Line Items]
Revenue	0	0
Less: Equity-accounted investees | Time charter
Disclosure Of Revenue Sources [Line Items]
Revenue	49,155	59,513
Tankers | Operating segments
Disclosure Of Revenue Sources [Line Items]
Revenue	600,024	513,399		704,766
Other operating income	4,775	4,902		6,765
Tankers | Operating segments | Pool Revenue
Disclosure Of Revenue Sources [Line Items]
Revenue	277,394	249,334
Tankers | Operating segments | Spot Voyages
Disclosure Of Revenue Sources [Line Items]
Revenue	247,392	145,360
Tankers | Operating segments | Time charter
Disclosure Of Revenue Sources [Line Items]
Revenue	75,238	118,705
FSO | Operating segments
Disclosure Of Revenue Sources [Line Items]
Revenue	49,155	59,513		65,125
Other operating income	72	234		$ 327
FSO | Operating segments | Pool Revenue
Disclosure Of Revenue Sources [Line Items]
Revenue	0	0
FSO | Operating segments | Spot Voyages
Disclosure Of Revenue Sources [Line Items]
Revenue	0	0
FSO | Operating segments | Time charter
Disclosure Of Revenue Sources [Line Items]
Revenue	$ 49,155	$ 59,513
[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 and other expenses from operating activities - Voyage Commissions and Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Analysis of income and expense [abstract]
Commissions paid	$ (8,193)	$ (4,895)		$ (6,724)
Bunkers	(103,920)	(45,249)		(36,372)
Other voyage related expenses	(29,303)	(11,891)		(16,464)
Total voyage expenses and commissions	$ (141,416)	$ (62,035)	[1]	$ (59,560)	[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 and other expenses from operating activities - Vessel Operating Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Analysis of income and expense [abstract]
Operating expenses	$ (172,589)	$ (139,832)		$ (148,554)
Insurance	(13,203)	(10,595)		(11,645)
Total vessel operating expenses	$ (185,792)	$ (150,427)	[1]	$ (160,199)	[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 and other expenses from operating activities - Charter Hire Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure of operating segments [line items]
Total charter hire expenses	$ (31,114)	$ (31,173)	[1]	$ (17,713)	[1]
Charter hire
Disclosure of operating segments [line items]
Total charter hire expenses	6	(62)		(16,921)
Bare boat hire
Disclosure of operating segments [line items]
Total charter hire expenses	$ (31,120)	$ (31,111)		$ (792)
[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 and other expenses from operating activities - Narrative (Details) $ in Millions	Dec. 16, 2016vessel	Dec. 31, 2018USD ($)
Sale and Leaseback Agreement - Bareboat charter-hire | Vessels
Disclosure of detailed information about property, plant and equipment [line items]
Number of VLCCs delivered | vessel	4
Duration of sale and leaseback agreement on vessels	5 years
Gener8 Maritime, Inc.
Disclosure of detailed information about property, plant and equipment [line items]
Legal fees | $		$ 5

Expenses for shipping activit_7

Expenses for shipping activities and other expenses from operating activities - General Administrative Expenses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)employee	Dec. 31, 2017USD ($)employee		Dec. 31, 2016USD ($)employee
Analysis of income and expense [abstract]
Wages and salaries	$ (16,247)	$ (12,853)		$ (12,754)
Social security costs	(3,746)	(2,511)		(2,532)
Provision for employee benefits (Note 16)	(616)	(827)		(261)
Equity-settled share-based payments (Note 22)	(37)	(313)		(406)
Other employee benefits	(7,607)	(3,148)		(3,178)
Employee benefits	(28,253)	(19,652)		(19,131)
Administrative expenses	(33,485)	(22,579)		(21,264)
Tonnage Tax	(4,436)	(4,772)		(4,246)
Claims	(100)	(25)		(13)
Provisions	42	160		603
Total general and administrative expenses	$ (66,232)	$ (46,868)	[1]	$ (44,051)	[1]
Average number of full time equivalents (shore staff) | employee	161.77	150.49		139.44
[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	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Financial Instruments [Abstract]
Interest income	$ 4,106	$ 655		$ 217
Foreign exchange gains	10,917	6,611		6,638
Finance income	15,023	7,266	[1]	6,855	[1]
Interest expense on financial liabilities measured at amortized cost	(67,956)	(38,391)		(39,007)
Fair value adjustment on interest rate swaps	(2,790)	0		0
Other financial charges	(6,802)	(5,819)		(4,577)
Foreign exchange losses	(11,864)	(6,519)		(8,111)
Finance expense	(89,412)	(50,729)	[1]	(51,695)	[1]
Net finance expenses	$ (74,389)	$ (43,463)	[1]	$ (44,840)	[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 ($)	Dec. 31, 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

Net finance expense - Finance I

Net finance expense - Finance Income and Expenses Not at Fair Value Through Profit or Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Financial Instruments [Abstract]
Total interest income on financial assets	$ 4,106	$ 655	$ 217
Total interest expense on financial liabilities	(67,956)	(38,391)	(39,007)
Total other financial charges	$ (6,802)	$ (5,819)	$ (4,577)

Net finance expense - Net Fin_2

Net finance expense - Net Finance Expense Recognized Directly in Equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Foreign currency translation differences for foreign operations	$ (157)	$ 448	[1]	$ 170	[1]
Other comprehensive income, net of tax, cash flow hedges	(2,698)	0	[1]	0	[1]
Other comprehensive income/(expense), net of tax	(3,194)	995	[1]	748	[1]
Translation Reserve and Hedging Reserve
Other comprehensive income/(expense), net of tax	(2,855)	448		170
Translation reserve
Other comprehensive income/(expense), net of tax	(157)	448		170
Hedging reserve
Other comprehensive income/(expense), net of tax	$ (2,698)	$ 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.

Income tax benefit (expense) -

Income tax benefit (expense) - Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Current tax
Current period	$ (37)	$ (85)		$ 60
Total current tax	(37)	(85)		60
Deferred tax
Recognition of unused tax losses/(use of tax losses)	(195)	1,473		220
Other	(6)	(30)		(106)
Total deferred tax	(201)	1,443		114
Total tax benefit/(expense)	$ (238)	$ 1,358	[1]	$ 174	[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.

Income tax benefit (expense) _2

Income tax benefit (expense) - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Reconciliation of accounting profit multiplied by applicable tax rates [abstract]
Profit (loss) before tax	$ (109,832)	$ 25		$ 203,875
Tax at domestic rate	32,488	(8)		(69,297)
Tax exempt profit / loss	(50)	499		(8,090)
Tax adjustments for previous years	9	10		70
Loss for which no DTA has been recognized	(1,037)	0		0
Use of previously unrecognized tax losses	0	7,146		1,118
Non-deductible expenses	(962)	(710)		(1,718)
Tonnage Tax regime	(33,602)	(13,918)		64,637
Effect of share of profit of equity-accounted investees	4,690	10,175		13,761
Effects of tax regimes in foreign jurisdictions	(1,774)	(1,836)		(307)
Total tax benefit/(expense)	$ (238)	$ 1,358	[1]	$ 174	[1]
Reconciliation of average effective tax rate and applicable tax rate [abstract]
Tax at domestic rate (as a percent)	(29.58%)	(33.99%)		(33.99%)
Total taxes (as a percent)	0.22%	5430.01%		0.09%
Tonnage tax expense	$ (4,436)	$ (4,772)		$ (4,246)
[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 -

Property, plant and equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	$ 2,336,831	$ 2,470,076	$ 2,382,976
Acquisitions	238,064	177,890	338,034
Acquisitions through business combinations (Note 24)	1,704,595		120,280
Disposals and cancellations	(7,889)	(81,398)	(143,464)
Disposals and cancellations through business combinations	(434,000)
Depreciation charges	(270,582)	(229,777)	(227,664)
Transfer to assets held for sale	(44,995)
Transfers	0	0	0
Translation differences	(14)	40	(86)
Property, plant and equipment, ending balance	3,522,010	2,336,831	2,470,076
Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	3,662,905	3,836,644	3,573,979
Property, plant and equipment, ending balance	4,931,598	3,662,905	3,836,644
Depreciation & impairment losses
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	(1,326,074)	(1,366,568)	(1,191,003)
Property, plant and equipment, ending balance	(1,409,588)	(1,326,074)	(1,366,568)
Vessels
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	2,271,500	2,383,163	2,288,036
Acquisitions	45,750	125,486	250,912
Acquisitions through business combinations (Note 24)	1,704,250		120,280
Disposals and cancellations	(7,814)	(81,389)	(143,457)
Disposals and cancellations through business combinations	(434,000)
Depreciation charges	(270,018)	(229,429)	(227,306)
Transfer to assets held for sale	(44,995)
Transfers	255,394	73,669	94,698
Translation differences	0	0	0
Property, plant and equipment, ending balance	3,520,067	2,271,500	2,383,163
Vessels | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	3,595,692	3,748,135	3,477,605
Property, plant and equipment, ending balance	4,927,324	3,595,692	3,748,135
Vessels | Depreciation & impairment losses
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	(1,324,192)	(1,364,972)	(1,189,569)
Property, plant and equipment, ending balance	(1,407,257)	(1,324,192)	(1,364,972)
Vessels under construction
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	63,668	86,136	93,890
Acquisitions	191,726	51,201	86,944
Acquisitions through business combinations (Note 24)	0		0
Disposals and cancellations	0	0	0
Disposals and cancellations through business combinations	0
Depreciation charges	0	0	0
Transfer to assets held for sale	0
Transfers	(255,394)	(73,669)	(94,698)
Translation differences	0	0	0
Property, plant and equipment, ending balance	0	63,668	86,136
Vessels under construction | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	63,668	86,136	93,890
Property, plant and equipment, ending balance	0	63,668	86,136
Vessels under construction | Depreciation & impairment losses
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	0	0	0
Property, plant and equipment, ending balance	0	0	0
Other tangible assets
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	1,663	777	1,048
Acquisitions	588	1,203	175
Acquisitions through business combinations (Note 24)	345		0
Disposals and cancellations	(75)	(9)	(7)
Disposals and cancellations through business combinations	0
Depreciation charges	(564)	(348)	(358)
Transfer to assets held for sale	0
Transfers	0	0	5
Translation differences	(14)	40	(86)
Property, plant and equipment, ending balance	1,943	1,663	777
Other tangible assets | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	3,545	2,373	2,482
Property, plant and equipment, ending balance	4,274	3,545	2,373
Other tangible assets | Depreciation & impairment losses
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	(1,882)	(1,596)	(1,434)
Property, plant and equipment, ending balance	(2,331)	(1,882)	(1,596)
Prepayments
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	0	0	2
Acquisitions	0	0	3
Acquisitions through business combinations (Note 24)	0		0
Disposals and cancellations	0	0	0
Disposals and cancellations through business combinations	0
Depreciation charges	0	0	0
Transfer to assets held for sale	0
Transfers	0	0	(5)
Translation differences	0	0	0
Property, plant and equipment, ending balance	0	0	0
Prepayments | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	0	0	2
Property, plant and equipment, ending balance	0	0	0
Prepayments | Depreciation & impairment losses
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	0	0	0
Property, plant and equipment, ending balance	$ 0	$ 0	$ 0

Property, plant and equipment_2

Property, plant and equipment - Narrative (Details)	Nov. 01, 2018USD ($)T	Aug. 29, 2018T	Aug. 08, 2018T	Jun. 29, 2018USD ($)T	Jun. 25, 2018USD ($)T	May 08, 2018USD ($)T	Apr. 25, 2018T	Mar. 26, 2018T	May 14, 2017	Dec. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018USD ($)vessel	Dec. 31, 2018USD ($)ship	Dec. 31, 2017USD ($)vessel	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Book Value										$ 3,522,010,000	$ 3,522,010,000	$ 3,522,010,000	$ 3,522,010,000	$ 3,522,010,000	$ 2,336,831,000	$ 2,470,076,000	$ 2,382,976,000
Agreement to purchase property, plant and equipment										0	0	0	0	0	185,922,000
Suezmax Cap Jean
Disclosure of detailed information about property, plant and equipment [line items]
Proceeds from sales of vessel						$ 10,200,000
Gains on sale of vessel						$ 10,200,000
Suezmax Cap Romuald
Disclosure of detailed information about property, plant and equipment [line items]
Proceeds from sales of vessel					$ 10,300,000
Gains on sale of vessel					$ 9,000,000						8,963,000
Gener8 Companion
Disclosure of detailed information about property, plant and equipment [line items]
Proceeds from sales of vessel	$ 6,300,000
Gains on sale of vessel	$ 200,000										0
FSO Africa And FSO Asia
Disclosure of detailed information about property, plant and equipment [line items]
Term of continued contractual service									5 years
Ice Class Suezmax Vessels
Disclosure of detailed information about property, plant and equipment [line items]
Agreement to purchase property, plant and equipment										0	0	0	0	0	185,922,000
Vessels
Disclosure of detailed information about property, plant and equipment [line items]
Residual value										0	0	0	0	0
Book Value										$ 3,520,067,000	3,520,067,000	$ 3,520,067,000	3,520,067,000	3,520,067,000	$ 2,271,500,000	$ 2,383,163,000	2,288,036,000
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 | Cap Port Arthur
Disclosure of detailed information about property, plant and equipment [line items]
VLCC weight (in deadweight tons) | T			156,600
Vessels | Cap Corpus Christi
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
Payments to acquire vessel				$ 32,500,000
Vessels | Finesse, Nautic, Nobel, Hojo, Cap Felix, Newton And Cap Leon | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life										5 years
Vessels | Finesse, Nautic, Nobel, Hojo, Cap Felix, Newton And Cap Leon | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life										2 years 6 months
Vessels | Suezmax Cap Jean
Disclosure of detailed information about property, plant and equipment [line items]
VLCC weight (in deadweight tons) | T						146,643
Vessels | Suezmax Cap Romuald
Disclosure of detailed information about property, plant and equipment [line items]
VLCC weight (in deadweight tons) | T					146,643
Vessels | Gener8 Companion
Disclosure of detailed information about property, plant and equipment [line items]
VLCC weight (in deadweight tons) | T	72,749
Vessels | Tankers
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life										20 years
Weighted average cost of capital for cash flow projections												7.70%			9.70%	6.43%
Residual value										$ 0	0	$ 0	0	0
Vessels | Tankers | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Increase in weighted average cost of capital												10.70%
Vessels | Tankers | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Increase in weighted average cost of capital												3.00%
Vessels | Tanker fleet, ten-year historical charter rates
Disclosure of detailed information about property, plant and equipment [line items]
Historical charter rates										10 years
Impairment of tanker fleet											47,900,000				$ 0	$ 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	0
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											92,700,000				$ 427,300,000	$ 0
Vessels | Floating Storage And Offloading
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life										25 years
Weighted average cost of capital for cash flow projections												7.70%			9.70%	6.43%
Residual value										$ 0	0	$ 0	$ 0	$ 0
Increase in weighted average cost of capital												3.00%
Vessels | Ice Class Suezmax Vessels
Disclosure of detailed information about property, plant and equipment [line items]
Number of vessels under construction													0	4	4
Vessels under construction
Disclosure of detailed information about property, plant and equipment [line items]
Book Value										$ 0	$ 0	$ 0	$ 0	$ 0	$ 63,668,000	$ 86,136,000	$ 93,890,000

Property, plant and equipment_3

Property, plant and equipment - Schedule of Disposal of Assets (Details) - USD ($) $ in Thousands	Nov. 01, 2018	Jun. 25, 2018	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015
Disclosure of detailed information about property, plant and equipment [line items]
Book Value			$ 3,522,010	$ 2,336,831		$ 2,470,076		$ 2,382,976
Loss			(273)	(21,027)	[1]	(2)	[1]
Vessels
Disclosure of detailed information about property, plant and equipment [line items]
Sale price			26,762	96,909		223,054
Gain			19,138	36,538		55,397
Deferred Gain			0	0		(5,000)
Loss			(273)	(21,027)		(2)
Famenne
Disclosure of detailed information about property, plant and equipment [line items]
Sale price						38,016
Gain						13,821
Deferred Gain						0
Loss						0
Nautilus
Disclosure of detailed information about property, plant and equipment [line items]
Sale price						43,250
Gain						11,042
Deferred Gain						(500)
Loss						0
Navarin
Disclosure of detailed information about property, plant and equipment [line items]
Sale price						47,250
Gain						10,511
Deferred Gain						(1,500)
Loss						0
Neptun
Disclosure of detailed information about property, plant and equipment [line items]
Sale price						47,250
Gain						9,716
Deferred Gain						(1,500)
Loss						0
Nucleus
Disclosure of detailed information about property, plant and equipment [line items]
Sale price						47,250
Gain						10,276
Deferred Gain						(1,500)
Loss						0
Other
Disclosure of detailed information about property, plant and equipment [line items]
Sale price			0	29		38
Gain			0	20		31
Deferred Gain			0	0		0
Loss			(83)	0		(2)
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)
Flandre
Disclosure of detailed information about property, plant and equipment [line items]
Sale price				45,000
Gain				20,307
Deferred Gain				0
Loss				0
Cap Georges
Disclosure of detailed information about property, plant and equipment [line items]
Sale price				9,310
Gain				8,509
Deferred Gain				0
Loss				0
Artois
Disclosure of detailed information about property, plant and equipment [line items]
Sale price				21,780
Gain				7,703
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
Suezmax Cap Romuald
Disclosure of detailed information about property, plant and equipment [line items]
Sale price			10,282
Gain		$ 9,000	8,963
Deferred Gain			0
Loss			0
Gener8 Companion
Disclosure of detailed information about property, plant and equipment [line items]
Sale price			6,305
Gain	$ 200		0
Deferred Gain			0
Loss			(190)
Book Value
Disclosure of detailed information about property, plant and equipment [line items]
Book Value			4,931,598	3,662,905		3,836,644		$ 3,573,979
Book Value | Vessels
Disclosure of detailed information about property, plant and equipment [line items]
Book Value			7,814	81,398		167,659
Book Value | Famenne
Disclosure of detailed information about property, plant and equipment [line items]
Book Value						24,195
Book Value | Nautilus
Disclosure of detailed information about property, plant and equipment [line items]
Book Value						32,208
Book Value | Navarin
Disclosure of detailed information about property, plant and equipment [line items]
Book Value						36,739
Book Value | Neptun
Disclosure of detailed information about property, plant and equipment [line items]
Book Value						37,534
Book Value | Nucleus
Disclosure of detailed information about property, plant and equipment [line items]
Book Value						36,974
Book Value | Other
Disclosure of detailed information about property, plant and equipment [line items]
Book Value			0	9		$ 9
Book Value | TI Topaz
Disclosure of detailed information about property, plant and equipment [line items]
Book Value				41,817
Book Value | Flandre
Disclosure of detailed information about property, plant and equipment [line items]
Book Value				24,693
Book Value | Cap Georges
Disclosure of detailed information about property, plant and equipment [line items]
Book Value				801
Book Value | Artois
Disclosure of detailed information about property, plant and equipment [line items]
Book Value				$ 14,077
Book Value | Cap Jean
Disclosure of detailed information about property, plant and equipment [line items]
Book Value			0
Book Value | Suezmax Cap Romuald
Disclosure of detailed information about property, plant and equipment [line items]
Book Value			1,319
Book Value | Gener8 Companion
Disclosure of detailed information about property, plant and equipment [line items]
Book Value			$ 6,495
[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 ($)	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	$ 0	$ 185,922,000
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	0	185,922,000
FSOs
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	0	0
2018
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	0	185,922,000
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	0	185,922,000
2018 | FSOs
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	0	0
2019
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
2020
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

Deferred tax assets and liabi_3

Deferred tax assets and liabilities - Components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	$ 2,255	$ 2,487	[1]
Deferred tax liabilities	0	0
NET	2,255	2,487		$ 964	$ 935
Provisions
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets		1
Deferred tax liabilities		0
NET	0	1		31	169
Employee benefits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	37	44
Deferred tax liabilities	0	0
NET	37	44		37	23
Unused tax losses & tax credits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	2,218	2,442
Deferred tax liabilities	0	0
NET	2,218	2,442		$ 896	$ 743
Before Offset Amount
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	2,255	2,487
Deferred tax liabilities	0	0
NET	2,255	2,487
Offset
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	0	0
Deferred tax liabilities	$ 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.

Deferred tax assets and liabi_4

Deferred tax assets and liabilities - Unrecognized deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	$ 74,688	$ 75,661
Unrecognized deferred tax liabilities	0	0
Deductible temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	274	357
Unrecognized deferred tax liabilities	0	0
Taxable temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	8	7
Unrecognized deferred tax liabilities	(12,162)	(14,231)
Unused tax losses & tax credits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	86,568	89,528
Unrecognized deferred tax liabilities	0	0
Before Offset Amount
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	86,850	89,892
Unrecognized deferred tax liabilities	(12,162)	(14,231)
Offset
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	(12,162)	(14,231)
Unrecognized deferred tax liabilities	$ 12,162	$ 14,231

Deferred tax assets and liabi_5

Deferred tax assets and liabilities - Movement of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	$ 2,487	$ 964	$ 935
Recognized in income	(201)	1,443	114
Recognized in equity	0	0	0
Translation differences	(31)	80	(85)
Ending balance	2,255	2,487	964
Provisions
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	1	31	169
Recognized in income	(1)	(32)	(121)
Recognized in equity	0	0	0
Translation differences	0	2	(17)
Ending balance	0	1	31
Employee benefits
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	44	37	23
Recognized in income	(5)	2	15
Recognized in equity	0	0	0
Translation differences	(2)	5	(1)
Ending balance	37	44	37
Unused tax losses & tax credits
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	2,442	896	743
Recognized in income	(195)	1,473	220
Recognized in equity	0	0	0
Translation differences	(29)	73	(67)
Ending balance	$ 2,218	$ 2,442	$ 896

Non-current receivables - Sched

Non-current receivables - Schedule of Non-Current Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Subclassifications of assets, liabilities and equities [abstract]
Shareholders loans to joint ventures	$ 28,665	$ 159,733
Non-current derivative financial assets	7,930	0
Other non-current receivables	2,062	618
Investment	1	1
Total non-current receivables	$ 38,658	$ 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.

Non-current receivables - Sch_2

Non-current receivables - Schedule of Non-Current Receivables by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about financial instruments [line items]
Receivables	$ 38,658	$ 160,352	[1]
Within two years
Disclosure of detailed information about financial instruments [line items]
Receivables	7,206	0
Between two and three years
Disclosure of detailed information about financial instruments [line items]
Receivables	0	0
Between three and four years
Disclosure of detailed information about financial instruments [line items]
Receivables	725	0
Between four and five years
Disclosure of detailed information about financial instruments [line items]
Receivables	541	0
More than five years
Disclosure of detailed information about financial instruments [line items]
Receivables	$ 30,186	$ 160,352
[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 -_3

Trade and other receivables - current - Schedule of trade and other current receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Subclassifications of assets, liabilities and equities [abstract]
Trade receivables	$ 64,923	$ 32,758
Accrued income	17,765	12,465
Accrued interest	750	52
Deferred charges	39,734	24,797
Deferred fulfillment costs	2,140	0
Other receivables	180,414	66,725
Total trade and other receivables	$ 305,726	$ 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.

Cash and cash equivalents - Sch

Cash and cash equivalents - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016	[1]
Subclassifications of assets, liabilities and equities [abstract]
Bank deposits	$ 62,500	$ 102,200
Cash at bank and in hand	110,633	41,448
TOTAL	173,133	143,648
Of which restricted cash	$ 79	$ 115	[1]	$ 146
[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.

Cash and cash equivalents - Add

Cash and cash equivalents - Additional Information (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Subclassifications of assets, liabilities and equities [abstract]
Maturity of bank deposits	6 days	16 days

Equity - Number of shares issue

Equity - Number of shares issued (Details) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of number of shares outstanding [abstract]
Beginning of period (in shares)	158,166,534	158,166,534	158,742,282
End of period (in shares)	218,786,812	158,166,534	158,166,534
Share capital
Reconciliation of number of shares outstanding [abstract]
Beginning of period (in shares)	159,208,949	159,208,949	159,208,949
Issued in business combination	60,815,764	0	0
End of period (in shares)	220,024,713	159,208,949	159,208,949

Equity - Narrative (Details)

Equity - Narrative (Details)

Mar. 19, 2019$ / shares

Dec. 07, 2018USD ($)

Oct. 08, 2018$ / shares

Aug. 08, 2018$ / shares

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

Dec. 16, 2013EUR (€)

Aug. 31, 2017$ / shares

Mar. 31, 2016shares

Dec. 31, 2018USD ($)sharesvote_per_share

Dec. 31, 2017USD ($)shares

Dec. 31, 2016USD ($)shares

Sep. 17, 2018USD ($)

Sep. 07, 2018USD ($)

Jun. 29, 2018USD ($)

Apr. 20, 2018USD ($)

Mar. 31, 2018USD ($)

Mar. 29, 2018USD ($)

Dec. 31, 2015shares

Disclosure of classes of share capital [line items]

Number of shares outstanding (in shares) | shares

218,786,812

158,166,534

158,166,534

158,742,282

Issue of ordinary shares related to business combinations (Note 13)

$ 553,424,000

Authorised shares not yet issued, amount

$ 83,898,616

$ 150,000,000

Number of shares authorised (in shares) | shares

77,189,888

138,005,652

Vote per ordinary share | vote_per_share

1

Purchase of treasury shares (in shares) | shares

545,486

692,415

Purchase of treasury shares

$ 3,955,000

$ 6,889,000

Treasury share activity

2,294,000

731,000

Dividend payables (in dollars per share) | $ / shares

$ 0.06

$ 0.06

$ 0.12

$ 0.06

Dividends paid, ordinary shares

$ 22,600,000

Number of options exercised (in shares) | shares

350,000

350,000

0

Number of options granted (in shares) | shares

236,590

0

0

Exercise price, share options granted (in dollars per share) | €

€ 10.0475

€ 5.7705

Expense from share-based payment transactions with employees

$ 37,000

$ 313,000

$ 406,000

Stock Option

Disclosure of classes of share capital [line items]

Number of shares issued (in shares) | shares

350,000

Annual vesting percentage

40.00%

Vesting period

3 years

Share based payment award expiration period

13 years

Restricted stock units

Disclosure of classes of share capital [line items]

Annual vesting percentage

60.00%

Equity instruments granted (in shares) | shares

65,433

Share capital

Disclosure of classes of share capital [line items]

Number of shares outstanding (in shares) | shares

220,024,713

159,208,949

159,208,949

159,208,949

Issue of ordinary shares related to business combinations (Note 13)

$ 66,102,000

Share premium

Disclosure of classes of share capital [line items]

Issue of ordinary shares related to business combinations (Note 13)

$ 487,322,000

Treasury shares

Disclosure of classes of share capital [line items]

Number of shares outstanding (in shares) | shares

1,237,901

1,042,415

1,042,415

466,667

Purchase of treasury shares (in shares) | shares

(545,486)

(692,415)

Purchase of treasury shares

$ 3,955,000

$ 6,889,000

Treasury share activity

5,406,000

3,070,000

Retained earnings

Disclosure of classes of share capital [line items]

Treasury share activity

(3,112,000)

$ (2,339,000)

Long term incentive plan 2015

Disclosure of classes of share capital [line items]

Expense from share-based payment transactions with employees

$ 37,000

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

$ 200,000

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

500,000

Senior Secured Loans

Disclosure of classes of share capital [line items]

Notional amount

$ 200,000,000

$ 220,000,000

$ 220,000,000

Underlying Facility, March 28, 2025 Maturity

Disclosure of classes of share capital [line items]

Notional amount

$ 173,600,000

Potential ordinary share transactions

Disclosure of classes of share capital [line items]

Dividend payables (in dollars per share) | $ / shares

$ 0.12

Second anniversary | Long term incentive plan 2016 | Phantom Stock Units

Disclosure of classes of share capital [line items]

Annual vesting percentage

33.33%

Vesting period

2 years

Second anniversary | Long Term Incentive Plan 2017 | Phantom Stock Units

Disclosure of classes of share capital [line items]

Annual vesting percentage

33.33%

Second anniversary | Long Term Incentive Plan 2018 | Phantom Stock Units

Disclosure of classes of share capital [line items]

Annual vesting percentage

33.33%

Third anniversary | Long term incentive plan 2016 | Phantom Stock Units

Disclosure of classes of share capital [line items]

Annual vesting percentage

33.33%

Vesting period

3 years

Third anniversary | Long Term Incentive Plan 2017 | Phantom Stock Units

Disclosure of classes of share capital [line items]

Annual vesting percentage

33.33%

Third anniversary | Long Term Incentive Plan 2018 | Phantom Stock Units

Disclosure of classes of share capital [line items]

Annual vesting percentage

33.33%

Fourth anniversary | Long term incentive plan 2016 | Phantom Stock Units

Disclosure of classes of share capital [line items]

Annual vesting percentage

33.33%

Vesting period

4 years

Fourth anniversary | Long Term Incentive Plan 2017 | Phantom Stock Units

Disclosure of classes of share capital [line items]

Annual vesting percentage

33.33%

Fourth anniversary | Long Term Incentive Plan 2018 | Phantom Stock Units

Disclosure of classes of share capital [line items]

Annual vesting percentage

33.33%

Gener8 Maritime, Inc.

Disclosure of classes of share capital [line items]

Shares issued through acquisition (in shares) | shares

60,815,764

60,815,764

Shares issued during period (in dollars per share) | $ / shares

$ 9.10

$ 9.1

Notional amount

$ 200,000,000

Gener8 Maritime, Inc. | Share capital

Disclosure of classes of share capital [line items]

Issue of ordinary shares related to business combinations (Note 13)

$ 66,100,000

Gener8 Maritime, Inc. | Share premium

Disclosure of classes of share capital [line items]

Issue of ordinary shares related to business combinations (Note 13)

487,300,000

Interest rate swap contract

Disclosure of classes of share capital [line items]

Notional amount

$ 86,800,000

Financial instruments designated as hedging instruments, at fair value

$ 1,000,000

Gains (losses) on cash flow hedges, before tax

1,000,000

Interest rate swap contract | Gener8 Maritime, Inc.

Disclosure of classes of share capital [line items]

Notional amount

$ 668,000,000

Financial instruments designated as hedging instruments, at fair value

7,200,000

Gains (losses) on cash flow hedges, before tax

1,200,000

Interest rate swap contract | Joint ventures

Disclosure of classes of share capital [line items]

Derivative notional amount

$ 208,800,000

$ 208,800,000

Percent ownership in derivative

50.00%

Financial instruments designated as hedging instruments, at fair value

$ (900,000)

Forward cap contract

Disclosure of classes of share capital [line items]

Notional amount

$ 200,000,000

Financial instruments designated as hedging instruments, at fair value

700,000

Gains (losses) on cash flow hedges, before tax

$ 500,000

Strike rate

3.25%

Minimum | Interest rate swap contract | Gener8 Maritime, Inc.

Disclosure of classes of share capital [line items]

Remaining maturity

1 year

Minimum | Interest rate swap contract | Joint ventures

Disclosure of classes of share capital [line items]

Remaining maturity

3 years

Maximum | Interest rate swap contract | Gener8 Maritime, Inc.

Disclosure of classes of share capital [line items]

Remaining maturity

2 years

Maximum | Interest rate swap contract | Joint ventures

Disclosure of classes of share capital [line items]

Remaining maturity

4 years

Earnings per share - Narrative

Earnings per share - Narrative (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016	[1]
Earnings per share [line items]
Profit (loss) for the period				$ (110,069,928)	$ 1,382,530	[1]	$ 204,049,212
Weighted average number of ordinary shares (in shares)	158,166,534	158,166,534	158,742,282	191,994,398	158,166,534	[1]	158,262,268
Diluted earnings per share (in dollars per share)				$ (0.57)	$ 0.01	[1]	$ 1.29
Anti-dilutive securities excluded (in shares)				0	0
Long term incentive plan 2015
Earnings per share [line items]
Anti-dilutive securities excluded (in shares)				236,590	236,590
[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 ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2018	Dec. 31, 2017	[1]	Dec. 31, 2016	[1]
Earnings per share [abstract]
Profit (loss) for the period				$ (110,069,928)	$ 1,382,530		$ 204,049,212
Weighted average number of ordinary shares (in shares)	158,166,534	158,166,534	158,742,282	191,994,398	158,166,534		158,262,268
Basic earnings per share (in dollars per share)				$ (0.57)	$ 0.01		$ 1.29
[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	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Earnings per share [line items]
Beginning of period (in shares)				158,166,534	158,166,534		158,742,282
Purchase of treasury shares (in shares)				(545,486)			(692,415)
Sale of treasury shares (in shares)				350,000			116,667
Issuance of shares (in shares)				60,815,764
End of period (in shares)	158,166,534	158,166,534	158,742,282	218,786,812	158,166,534		158,166,534
Reconciliation Of Changes In Weighted Average Shares Outstanding [Roll Forward]
Weighted average number of ordinary shares (in shares)	158,166,534	158,166,534	158,742,282	191,994,398	158,166,534	[1]	158,262,268	[1]
Issuance of shares (in shares)				33,823,562
Sale of treasury shares (in shares)				18,219			94,991
Purchase of treasury shares (in shares)				(13,917)			(575,005)
Shares issued
Earnings per share [line items]
Beginning of period (in shares)				159,208,949	159,208,949		159,208,949
Issuance of shares (in shares)				60,815,764
End of period (in shares)	159,208,949	159,208,949	159,208,949	220,024,713	159,208,949		159,208,949
Treasury shares
Earnings per share [line items]
Beginning of period (in shares)				1,042,415	1,042,415		466,667
Purchase of treasury shares (in shares)				545,486			692,415
Sale of treasury shares (in shares)				(350,000)			(116,667)
End of period (in shares)	1,042,415	1,042,415	466,667	1,237,901	1,042,415		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	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Earnings per share [abstract]
Weighted average number of shares (basic) (in shares)	158,166,534	158,166,534	158,742,282	191,994,398	158,166,534	[1]	158,262,268	[1]
Effect of Share-based Payment arrangements (in shares)				0	130,523		166,789
Weighted average number of ordinary shares (diluted) (in shares)				191,994,398	158,297,057	[1]	158,429,057	[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	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		$ 848,710	$ 1,085,562
New loans		973,550	476,014
Scheduled repayments		(84,493)	(43,743)
Early repayments		(1,031,401)	(667,250)
Acquisitions through business combinations (Note 24)		1,312,446
Other changes		(310,644)	(1,873)
Carrying amount of liability at the end of the period		1,708,168	848,710
More than 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		157,180	330,491
Carrying amount of liability at the end of the period		433,662	157,180
Between 1 and 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		644,169	635,952
Carrying amount of liability at the end of the period		1,135,969	644,169
More than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		801,349	966,443
Carrying amount of liability at the end of the period		1,569,631	801,349
Less than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		47,361	119,119
Carrying amount of liability at the end of the period		138,537	47,361
Bank loans
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		701,091	1,085,562
New loans		973,550	326,014
Scheduled repayments		(84,493)	(43,743)
Early repayments		(825,691)	(667,250)
Acquisitions through business combinations (Note 24)		1,106,736
Other changes		(311,191)	508
Carrying amount of liability at the end of the period		1,560,002	701,091
Bank loans | More than 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		157,180	330,491
Carrying amount of liability at the end of the period		433,662	157,180
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	635,952
Carrying amount of liability at the end of the period		987,803	496,550
Bank loans | More than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		653,730	966,443
Carrying amount of liability at the end of the period		1,421,465	653,730
Bank loans | Less than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		47,361	119,119
Carrying amount of liability at the end of the period		138,537	47,361
Other notes
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		147,619	0
New loans		0	150,000
Scheduled repayments		0	0
Early repayments	$ (205,700)	(205,710)	0
Acquisitions through business combinations (Note 24)		205,710
Other changes		547	(2,381)
Carrying amount of liability at the end of the period		148,166	147,619
Other notes | More than 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0	0
Carrying amount of liability at the end of the period		0	0
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	0
Carrying amount of liability at the end of the period		148,166	147,619
Other notes | More than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		147,619	0
Carrying amount of liability at the end of the period		148,166	147,619
Other notes | Less than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0	0
Carrying amount of liability at the end of the period		$ 0	$ 0

Interest-bearing loans and bo_4

Interest-bearing loans and borrowings - Bank loans (Details)

Sep. 17, 2018USD ($)

Sep. 07, 2018USD ($)shipinstallment

Jun. 12, 2018USD ($)shipinstallment

Mar. 22, 2018USD ($)vesselinstallment

Apr. 25, 2017USD ($)installment

Apr. 13, 2015USD ($)

Mar. 03, 2015USD ($)

Dec. 23, 2014USD ($)

Dec. 22, 2014USD ($)

Oct. 22, 2014USD ($)

Oct. 13, 2014USD ($)ship

May 13, 2016ship

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Jun. 30, 2018USD ($)

Mar. 31, 2018USD ($)

Mar. 29, 2018USD ($)

Jan. 30, 2017USD ($)

Dec. 16, 2016USD ($)ship

Nov. 09, 2015USD ($)

Aug. 19, 2015USD ($)ship

Mar. 25, 2014USD ($)

Disclosure of detailed information about borrowings [line items]

Repayments of borrowings, classified as financing activities

$ 1,115,894,000

$ 710,993,000

[1]

$ 774,015,000

[1]

New loans

983,882,000

526,024,000

[1]

740,286,000

[1]

Outstanding

1,708,168,000

848,710,000

1,085,562,000

Periodic payment

84,493,000

43,743,000

VLCC

Disclosure of detailed information about borrowings [line items]

Number of vessels acquired | ship

4

Senior secured credit facility due 2021

Disclosure of detailed information about borrowings [line items]

Face amount

$ 340,000,000

Borrowings term

7 years

New loans

$ 50,400,000

$ 53,400,000

$ 50,300,000

$ 60,300,000

Senior secured credit facility due 2021 | Carrying value

Disclosure of detailed information about borrowings [line items]

Outstanding

184,800,000

111,700,000

Senior secured credit facility due 2021 | Vessels

Disclosure of detailed information about borrowings [line items]

Number of vessels used as collateral | ship

8

Senior secured credit facility due 2021 | LIBOR

Disclosure of detailed information about borrowings [line items]

Margin rate

2.25%

Non-amortizing revolving credit facility due 2021

Disclosure of detailed information about borrowings [line items]

Face amount

$ 148,000,000

148,000,000

Outstanding

105,000,000

0

Facility size

147,559,000

147,559,000

Non-amortizing revolving credit facility due 2021 | Carrying value

Disclosure of detailed information about borrowings [line items]

Outstanding

$ 105,000,000

0

Non-amortizing revolving credit facility due 2021 | LIBOR

Disclosure of detailed information about borrowings [line items]

Margin rate

2.25%

Secured term loan facility due 2021

Disclosure of detailed information about borrowings [line items]

Face amount

192,000,000

$ 192,000,000

Outstanding

79,762,000

111,666,000

Facility size

79,762,000

111,666,000

Secured term loan facility due 2021 | Carrying value

Disclosure of detailed information about borrowings [line items]

Outstanding

$ 78,746,000

110,156,000

Secured term loan facility due 2021 | LIBOR

Disclosure of detailed information about borrowings [line items]

Margin rate

2.25%

Bank loans

Disclosure of detailed information about borrowings [line items]

Repayments of borrowings, classified as financing activities

153,100,000

Outstanding

$ 1,560,002,000

701,091,000

$ 1,085,562,000

Periodic payment

84,493,000

43,743,000

Secured loan facility dated April 2009

Disclosure of detailed information about borrowings [line items]

Repayments of borrowings, classified as financing activities

$ 300,000,000

Secured loan facility due 2017

Disclosure of detailed information about borrowings [line items]

Repayments of borrowings, classified as financing activities

$ 300,000,000

Korean Export Credit Facility

Disclosure of detailed information about borrowings [line items]

Face amount

$ 108,500,000

Borrowings term

12 years

Outstanding

97,700,000

104,900,000

Number of installment payments | installment

24

Frequency of installment payments

6 months

Periodic payment

$ 3,600,000

Balloon installment to be paid

21,700,000

Borrowing costs capitalised

$ 3,200,000

Repayment notification term

180 days

Commercial Tranche Due 2029 With Margin Rate1.95

Disclosure of detailed information about borrowings [line items]

Face amount

$ 27,100,000

27,100,000

Margin rate

1.95%

Outstanding

26,459,000

26,911,000

Facility size

26,459,000

26,911,000

Commercial Tranche Due 2029 With Margin Rate1.95 | Carrying value

Disclosure of detailed information about borrowings [line items]

Outstanding

$ 24,711,000

24,876,000

Commercial Tranche Due 2029 With Margin Rate1.95 | LIBOR

Disclosure of detailed information about borrowings [line items]

Margin rate

1.95%

Insured Tranche Due 2029 With Margin Rate 1.50

Disclosure of detailed information about borrowings [line items]

Face amount

$ 81,400,000

$ 81,400,000

Margin rate

1.50%

Outstanding

71,236,000

78,020,000

Facility size

71,236,000

78,020,000

Insured Tranche Due 2029 With Margin Rate 1.50 | Carrying value

Disclosure of detailed information about borrowings [line items]

Outstanding

$ 70,507,000

77,171,000

Insured Tranche Due 2029 With Margin Rate 1.50 | LIBOR

Disclosure of detailed information about borrowings [line items]

Margin rate

1.50%

Senior secured amortizing revolving credit facility

Disclosure of detailed information about borrowings [line items]

Face amount

$ 750,000,000

$ 750,000,000

Number of vessels used as collateral | ship

17

Outstanding

165,000,000

330,000,000

Facility size

395,289,000

485,017,000

Senior secured amortizing revolving credit facility | Carrying value

Disclosure of detailed information about borrowings [line items]

Outstanding

$ 162,002,000

325,519,000

Senior secured amortizing revolving credit facility | Vessels

Disclosure of detailed information about borrowings [line items]

Number of vessels refinanced | ship

21

Senior secured amortizing revolving credit facility | VLCC

Disclosure of detailed information about borrowings [line items]

Number of vessels refinanced | ship

4

Senior secured amortizing revolving credit facility | LIBOR

Disclosure of detailed information about borrowings [line items]

Margin rate

1.95%

195.00%

Unsecured revolving credit facility due 2020

Disclosure of detailed information about borrowings [line items]

Face amount

$ 60,000,000

$ 60,000,000

Margin rate

2.25%

Outstanding

0

0

Facility size

60,000,000

60,000,000

Unsecured revolving credit facility due 2020 | Carrying value

Disclosure of detailed information about borrowings [line items]

Outstanding

$ 0

0

Unsecured revolving credit facility due 2020 | LIBOR

Disclosure of detailed information about borrowings [line items]

Margin rate

2.25%

Senior secured amortizing revolving credit facility due 2023

Disclosure of detailed information about borrowings [line items]

Face amount

$ 409,500,000

$ 409,500,000

Outstanding

150,000,000

118,000,000

Facility size

316,060,000

362,780,000

Senior secured amortizing revolving credit facility due 2023 | Carrying value

Disclosure of detailed information about borrowings [line items]

Outstanding

$ 147,541,000

114,634,000

Senior secured amortizing revolving credit facility due 2023 | Vessels

Disclosure of detailed information about borrowings [line items]

Number of vessels refinanced | ship

11

Senior secured amortizing revolving credit facility due 2023 | LIBOR

Disclosure of detailed information about borrowings [line items]

Margin rate

2.25%

Senior secured credit facility due 2023

Disclosure of detailed information about borrowings [line items]

Face amount

$ 500,000,000

Senior secured credit facility due 2023 | LIBOR

Disclosure of detailed information about borrowings [line items]

Margin rate

2.25%

Senior Secured Amortizing Loan Facility

Disclosure of detailed information about borrowings [line items]

Face amount

$ 110,000,000

Senior Secured Loans

Disclosure of detailed information about borrowings [line items]

Face amount

$ 200,000,000

$ 220,000,000

$ 220,000,000

Number of vessels used as collateral | ship

9

Outstanding

$ 200,000,000

Number of installment payments | installment

12

Borrowing costs capitalised

$ 1,600,000

Repayment notification term

13 months

Debt Instrument, Expected Future Payment

$ 55,000,000

Senior Secured Loans | 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%

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 Loan Facility

Disclosure of detailed information about borrowings [line items]

Face amount

$ 581,000,000

Secured Loan Due 2020 With Margin Rate At 1.5%

Disclosure of detailed information about borrowings [line items]

Face amount

67,500,000

67,500,000

Outstanding

0

25,173,000

Facility size

0

25,173,000

Secured Loan Due 2020 With Margin Rate At 1.5% | Carrying value

Disclosure of detailed information about borrowings [line items]

Outstanding

$ 0

25,173,000

Secured Loan Due 2020 With Margin Rate At 1.5% | LIBOR

Disclosure of detailed information about borrowings [line items]

Margin rate

1.50%

Secured Loan Due 2020 With Margin Rate At 1.225%

Disclosure of detailed information about borrowings [line items]

Face amount

$ 76,000,000

$ 76,000,000

Outstanding

0

23,563,000

Facility size

0

23,563,000

Secured Loan Due 2020 With Margin Rate At 1.225% | Carrying value

Disclosure of detailed information about borrowings [line items]

Outstanding

$ 0

23,563,000

Secured Loan Due 2020 With Margin Rate At 1.225% | LIBOR

Disclosure of detailed information about borrowings [line items]

Margin rate

1.95%

Laravotto and Fiorano | Secured bank loans acquired through acquisition

Disclosure of detailed information about borrowings [line items]

Outstanding

$ 0

$ 48,700,000

Gener8 Maritime, Inc.

Disclosure of detailed information about borrowings [line items]

Face amount

$ 200,000,000

Gener8 Maritime, Inc. | Senior Secured Loan Facility

Disclosure of detailed information about borrowings [line items]

Face amount

$ 633,000,000

Number of vessels used as collateral | ship

13

Outstanding

604,800,000

Gener8 Maritime, Inc. | Term Loan Facility

Disclosure of detailed information about borrowings [line items]

Face amount

$ 963,700,000

Gener8 Maritime, Inc. | Term Loan Facility - Commercial Tranche

Disclosure of detailed information about borrowings [line items]

Face amount

$ 282,000,000

Margin rate

2.75%

Number of installment payments | installment

10

Frequency of installment payments

3 months

Gener8 Maritime, Inc. | Term Loan Facility - KEXIM Guaranteed Tranche

Disclosure of detailed information about borrowings [line items]

Face amount

$ 139,700,000

Margin rate

1.50%

Number of installment payments | installment

39

Frequency of installment payments

3 months

Gener8 Maritime, Inc. | Term Loan Facility - KEXIM Funded Tranche

Disclosure of detailed information about borrowings [line items]

Face amount

$ 197,400,000

Margin rate

2.60%

Number of installment payments | installment

39

Frequency of installment payments

3 months

Gener8 Maritime, Inc. | Term Loan Facility - K-Sure Tranche

Disclosure of detailed information about borrowings [line items]

Face amount

$ 344,600,000

Margin rate

1.70%

Number of installment payments | installment

39

Frequency of installment payments

3 months

Gener8 Maritime, Inc. | Senior Secured Loan Facility, Due September 3, 2020

Disclosure of detailed information about borrowings [line items]

Face amount

$ 581,000,000

Repayments of borrowings, classified as financing activities

$ 139,700,000

Margin rate

3.75%

Number of vessels used as collateral | ship

10

Number of installment payments | installment

9

Frequency of installment payments

6 months

Balloon installment to be paid

$ 77,400,000

Ice Class Suezmax Vessels | Vessels

Disclosure of detailed information about borrowings [line items]

Contractual Commitments For Acquisition Of Property, Plant And Equipment, Additional Option To Purchase | vessel

4

Ice Class Suezmax Vessels | Senior Secured Loans

Disclosure of detailed information about borrowings [line items]

Outstanding

$ 170,200,000

Facility size

$ 173,600,000

Maximum | Ice Class Suezmax Vessels

Disclosure of detailed information about borrowings [line items]

Finance Portion Of Aggregate Contract Price, Percent

70.00%

[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.

Interest-bearing loans and bo_5

Interest-bearing loans and borrowings - Undrawn borrowing facilities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Financial Instruments [Abstract]
Undrawn credit line facilities	$ 498.9	$ 607.4

Interest-bearing loans and bo_6

Interest-bearing loans and borrowings - Terms and conditions of outstanding loans (Details) - USD ($)	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017	Apr. 25, 2017	Dec. 31, 2016	Dec. 16, 2016	Nov. 09, 2015	Aug. 19, 2015	Oct. 13, 2014
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 1,708,168,000		$ 848,710,000		$ 1,085,562,000
Secured vessels loan due 2021
Disclosure of detailed information about borrowings [line items]
Face amount	192,000,000								$ 192,000,000
Facility size	79,762,000		111,666,000
Outstanding	$ 79,762,000		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	$ 78,746,000		110,156,000
Secured vessels revolving loan due 2021
Disclosure of detailed information about borrowings [line items]
Face amount	148,000,000								$ 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							$ 750,000,000
Facility size	395,289,000		485,017,000
Outstanding	$ 165,000,000		330,000,000
Secured vessels revolving loan due 2022 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	1.95%							195.00%
Secured vessels revolving loan due 2022 | Carrying value
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 162,002,000		325,519,000
Secured vessels revolving loan due 2023
Disclosure of detailed information about borrowings [line items]
Face amount	409,500,000					$ 409,500,000
Facility size	316,060,000		362,780,000
Outstanding	$ 150,000,000		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	$ 147,541,000		114,634,000
Secured vessels loan due 2020
Disclosure of detailed information about borrowings [line items]
Face amount	76,000,000	$ 76,000,000
Facility size	0		23,563,000
Outstanding	$ 0		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	$ 0		23,563,000
Secured vessels loan due 2020
Disclosure of detailed information about borrowings [line items]
Face amount	67,500,000	$ 67,500,000
Facility size	0		25,173,000
Outstanding	$ 0		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	$ 0		25,173,000
Secured vessels loan due 2029
Disclosure of detailed information about borrowings [line items]
Face amount	27,100,000			$ 27,100,000
Margin rate				1.95%
Facility size	26,459,000		26,911,000
Outstanding	$ 26,459,000		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	$ 24,711,000		24,876,000
Secured vessels loan due 2029
Disclosure of detailed information about borrowings [line items]
Face amount	81,400,000			$ 81,400,000
Margin rate				1.50%
Facility size	71,236,000		78,020,000
Outstanding	$ 71,236,000		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	$ 70,507,000		77,171,000
Secured vessels loan due 2030
Disclosure of detailed information about borrowings [line items]
Face amount	69,400,000
Facility size	68,263,000
Outstanding	$ 68,263,000
Secured vessels loan due 2030 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	1.50%
Secured vessels loan due 2030 | Carrying value
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 68,263,000
Secured vessels loan due 2030
Disclosure of detailed information about borrowings [line items]
Face amount	104,200,000
Facility size	101,961,000
Outstanding	$ 101,961,000
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	$ 100,490,000
Secured vessels loan due 2029
Disclosure of detailed information about borrowings [line items]
Face amount	89,700,000
Facility size	85,295,000
Outstanding	$ 85,295,000
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	$ 85,295,000
Secured vessels loan due 2029
Disclosure of detailed information about borrowings [line items]
Face amount	221,400,000
Facility size	210,459,000
Outstanding	$ 210,459,000
Secured vessels loan due 2029 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	1.70%
Secured vessels loan due 2029 | Carrying value
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 210,459,000
Secured vessels loan due 2029
Disclosure of detailed information about borrowings [line items]
Face amount	126,800,000
Facility size	120,553,000
Outstanding	$ 120,553,000
Secured vessels loan due 2029 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	2.60%
Secured vessels loan due 2029 | Carrying value
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 120,553,000
Secured vessels loan due 2022
Disclosure of detailed information about borrowings [line items]
Face amount	195,700,000
Facility size	188,481,000
Outstanding	$ 188,481,000
Secured vessels loan due 2022 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	2.75%
Secured vessels loan due 2022 | Carrying value
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 188,481,000
Secured vessels revolving loan due 2025
Disclosure of detailed information about borrowings [line items]
Face amount	200,000,000
Facility size	200,000,000
Outstanding	$ 200,000,000
Secured vessels revolving loan due 2025 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	2.00%
Secured vessels revolving loan due 2025 | Carrying value
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 197,955,000
Unsecured bank facility due 2020
Disclosure of detailed information about borrowings [line items]
Face amount	60,000,000						$ 60,000,000
Margin rate							2.25%
Facility size	60,000,000		60,000,000
Outstanding	$ 0		0
Unsecured bank facility due 2020 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	2.25%
Unsecured bank facility due 2020 | Carrying value
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 0		0
Borrowings Excluding Non-Bank Loans
Disclosure of detailed information about borrowings [line items]
Facility size	2,071,375,000		1,320,688,000
Outstanding	1,572,467,000		713,332,000
Borrowings Excluding Non-Bank Loans | Carrying value
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 1,560,002,000		$ 701,091,000

Interest-bearing loans and bo_7

Interest-bearing loans and borrowings - Other notes (Details) - USD ($)	12 Months Ended
	Dec. 31, 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
Borrowing costs capitalised	$ 2,700,000
Unsecured Note Due 2022 With Fixed Coupon Rate 7.50% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Other notes, interest rate	7.50%		7.50%
Unsecured Note Due 2022 With Fixed Coupon Rate 7.50% | Carrying value
Disclosure of detailed information about borrowings [line items]
Other notes	$ 148,166,000	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	$ 148,166,000	$ 147,619,000

Interest-bearing loans and bo_8

Interest-bearing loans and borrowings - Other borrowings (Details) $ in Thousands, € in Millions	Jun. 06, 2017EUR (€)	Dec. 31, 2018USD ($)	Dec. 31, 2018EUR (€)	Oct. 01, 2018EUR (€)	Sep. 30, 2018EUR (€)	Dec. 31, 2017USD ($)	Dec. 31, 2017EUR (€)	Dec. 31, 2016USD ($)
Disclosure of detailed information about borrowings [line items]
Outstanding		$ 1,708,168				$ 848,710		$ 1,085,562
Treasury Notes
Disclosure of detailed information about borrowings [line items]
Face amount | €	€ 50			€ 150	€ 50
Outstanding		60,300	€ 52.7			$ 50,000	€ 41.7
Borrowings term	1 year
Euribor | Treasury Notes
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	0.60%
Forward exchange contracts used for hedging | Hedging instruments
Disclosure of detailed information about borrowings [line items]
Financial assets		$ 500

Interest-bearing loans and bo_9

Interest-bearing loans and borrowings - Transaction and other financial costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016		Sep. 17, 2018	Mar. 31, 2018	Mar. 29, 2018	Mar. 22, 2018	May 31, 2017	Jan. 30, 2017
Disclosure of detailed information about borrowings [line items]
Amortization of financing costs	$ 4,200,000
Finance costs	89,412,000	$ 50,729,000	[1]	$ 51,695,000	[1]
Other financial charges		6,800,000		$ 5,800,000
Senior Secured Amortizing Loan Facility
Disclosure of detailed information about borrowings [line items]
Face amount											$ 110,000,000
Senior Secured Amortizing Loan Facility | Unamortized financing costs
Disclosure of detailed information about borrowings [line items]
Finance costs	1,600,000
Senior Secured Loans
Disclosure of detailed information about borrowings [line items]
Face amount						$ 200,000,000	$ 220,000,000	$ 220,000,000
Senior Secured Loans | Unamortized financing costs
Disclosure of detailed information about borrowings [line items]
Finance costs	2,200,000
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 Financial Liabilities
Disclosure of detailed information about borrowings [line items]
Interest expense	$ 68,000,000	$ 38,400,000
Ice Class Suezmax Vessels | Senior Secured Loans
Disclosure of detailed information about borrowings [line items]
Facility size									$ 173,600,000
[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.

Interest-bearing loans and b_10

Interest-bearing loans and borrowings - Reconciliation of movements of liabilities to cash flows arising from financing activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2018
Liabilities
Total liability-related other changes	$ 1,005,651	$ 4,001
Equity
Total equity-related other changes	440,211	2,538
Total
Liabilities and equity beginning balance	2,745,081	2,973,518
Restated balance			$ 2,743,336
Proceeds from issue of other notes (Note 15)		150,000
Proceeds from loans and borrowings (Note 15)	973,550	326,014
Proceeds from issue of other borrowings (Note 15)	10,332	50,010
Proceeds from sale of treasury shares (Note 13)	2,294
Purchase treasury shares (Note 13)	(3,955)
Transaction costs related to loans and borrowings (Note 15)	(3,849)	(5,874)
Repayment of borrowings (Note 15)	(1,115,894)	(710,993)
Dividend paid	(22,643)	(44,133)
Total changes from financing cash flows	(160,165)	(234,976)
Acquisitions through business combinations (Note 24)	1,312,446
Amortization of transaction costs (Note 15)	4,173	4,001
Sale of loans through disposal of subsidiaries (Note 24)	(310,968)
Total equity-related other changes	440,211	2,538
Liabilities and equity ending balance	4,029,033	2,745,081
Loans and borrowings
Liabilities
Liabilities beginning balance	701,091	1,085,562
Restated balance			701,091
Proceeds from issue of other notes (Note 15)		0
Proceeds from loans and borrowings (Note 15)	973,550	326,014
Proceeds from issue of other borrowings (Note 15)	0	0
Proceeds from sale of treasury shares (Note 13)	0
Purchase treasury shares (Note 13)	0
Transaction costs related to loans and borrowings (Note 15)	(3,849)	(3,174)
Repayment of borrowings (Note 15)	(910,184)	(710,993)
Dividend paid	0	0
Total changes from financing cash flows, liabilities	59,517	(388,153)
Acquisitions through business combinations (Note 24)	1,106,736
Sale of loans through disposal of subsidiaries (Note 24)	(310,968)
Amortization of transaction costs (Note 15)	3,626	3,682
Total liability-related other changes	799,394	3,682
Liabilities ending balance	1,560,002	701,091
Other Notes
Liabilities
Liabilities beginning balance	147,619	0
Restated balance			147,619
Proceeds from issue of other notes (Note 15)		150,000
Proceeds from loans and borrowings (Note 15)	0	0
Proceeds from issue of other borrowings (Note 15)	0	0
Proceeds from sale of treasury shares (Note 13)	0
Purchase treasury shares (Note 13)	0
Transaction costs related to loans and borrowings (Note 15)	0	(2,700)
Repayment of borrowings (Note 15)	(205,710)	0
Dividend paid	0	0
Total changes from financing cash flows, liabilities	(205,710)	147,300
Acquisitions through business combinations (Note 24)	205,710
Sale of loans through disposal of subsidiaries (Note 24)	0
Amortization of transaction costs (Note 15)	547	319
Total liability-related other changes	206,257	319
Liabilities ending balance	148,166	147,619
Other borrowings
Liabilities
Liabilities beginning balance	50,010	0
Restated balance			50,010
Proceeds from issue of other notes (Note 15)		0
Proceeds from loans and borrowings (Note 15)	0	0
Proceeds from issue of other borrowings (Note 15)	10,332	50,010
Proceeds from sale of treasury shares (Note 13)	0
Purchase treasury shares (Note 13)	0
Transaction costs related to loans and borrowings (Note 15)	0	0
Repayment of borrowings (Note 15)	0	0
Dividend paid	0	0
Total changes from financing cash flows, liabilities	10,332	50,010
Acquisitions through business combinations (Note 24)	0
Sale of loans through disposal of subsidiaries (Note 24)	0
Amortization of transaction costs (Note 15)	0	0
Total liability-related other changes	0	0
Liabilities ending balance	60,342	50,010
Share capital / premium
Equity
Equity beginning balance	1,388,273	1,388,273
Restated balance			1,388,273
Proceeds from issue of other notes (Note 15)		0
Proceeds from loans and borrowings (Note 15)	0	0
Proceeds from issue of other borrowings (Note 15)	0	0
Proceeds from sale of treasury shares (Note 13)	0
Purchase treasury shares (Note 13)	0
Transaction costs related to loans and borrowings (Note 15)	0	0
Repayment of borrowings (Note 15)	0	0
Dividend paid	0	0
Total changes from financing cash flows, equity	0	0
Acquisitions through business combinations (Note 24)	0
Sale of loans through disposal of subsidiaries (Note 24)	0
Amortization of transaction costs (Note 15)	0	0
Total equity-related other changes	553,424	0
Equity ending balance	1,941,697	1,388,273
Total
Total equity-related other changes	553,424	0
Reserves
Equity
Equity beginning balance	568	120
Restated balance			568
Proceeds from issue of other notes (Note 15)		0
Proceeds from loans and borrowings (Note 15)	0	0
Proceeds from issue of other borrowings (Note 15)	0	0
Proceeds from sale of treasury shares (Note 13)	0
Purchase treasury shares (Note 13)	0
Transaction costs related to loans and borrowings (Note 15)	0	0
Repayment of borrowings (Note 15)	0	0
Dividend paid	0	0
Total changes from financing cash flows, equity	0	0
Acquisitions through business combinations (Note 24)	0
Sale of loans through disposal of subsidiaries (Note 24)	0
Amortization of transaction costs (Note 15)	0	0
Total equity-related other changes	(2,855)	448
Equity ending balance	(2,287)	568
Total
Total equity-related other changes	(2,855)	448
Treasury shares
Equity
Equity beginning balance	(16,102)	(16,102)
Restated balance			(16,102)
Proceeds from issue of other notes (Note 15)		0
Proceeds from loans and borrowings (Note 15)	0	0
Proceeds from issue of other borrowings (Note 15)	0	0
Proceeds from sale of treasury shares (Note 13)	5,406
Purchase treasury shares (Note 13)	(3,955)
Transaction costs related to loans and borrowings (Note 15)	0	0
Repayment of borrowings (Note 15)	0	0
Dividend paid	0	0
Total changes from financing cash flows, equity	1,451	0
Acquisitions through business combinations (Note 24)	0
Sale of loans through disposal of subsidiaries (Note 24)	0
Amortization of transaction costs (Note 15)	0	0
Total equity-related other changes	0	0
Equity ending balance	(14,651)	(16,102)
Total
Total equity-related other changes	0	0
Retained earnings
Equity
Equity beginning balance	473,622	515,665
Restated balance			$ 471,877
Proceeds from issue of other notes (Note 15)		0
Proceeds from loans and borrowings (Note 15)	0	0
Proceeds from issue of other borrowings (Note 15)	0	0
Proceeds from sale of treasury shares (Note 13)	(3,112)
Purchase treasury shares (Note 13)	0
Transaction costs related to loans and borrowings (Note 15)	0	0
Repayment of borrowings (Note 15)	0	0
Dividend paid	(22,643)	(44,133)
Total changes from financing cash flows, equity	(25,755)	(44,133)
Acquisitions through business combinations (Note 24)	0
Sale of loans through disposal of subsidiaries (Note 24)	0
Amortization of transaction costs (Note 15)	0	0
Total equity-related other changes	(110,358)	2,090
Equity ending balance	335,764	473,622
Total
Total equity-related other changes	$ (110,358)	$ 2,090

Employee benefits - Amounts re

Employee benefits - Amounts recognized in the balance sheet (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure of net defined benefit liability (asset) [line items]
Net liability - beginning of period	$ (3,984)	$ (2,846)	$ (2,038)
Recognized in profit or loss	(616)	(827)	(261)
Recognized in other comprehensive income	120	64	(646)
Foreign currency translation differences	144	(375)	99
Net liability - end of period	(4,336)	(3,984)	(2,846)
Liabilities				$ (4,336)	$ (3,984)	[1]	$ (2,846)
Assets				0	0		0
NET LIABILITY	$ (3,984)	$ (2,846)	$ (2,038)	(4,336)	(3,984)		(2,846)
Present value of funded obligation
Disclosure of net defined benefit liability (asset) [line items]
Present value of funded obligation				(3,538)	(3,537)		(2,846)
Fair value of plan assets				2,970	2,760		2,117
Surplus (deficit) in plan				(568)	(777)		(729)
Present value of unfunded obligations
Disclosure of net defined benefit liability (asset) [line items]
Present value of funded obligation				$ (3,768)	$ (3,207)		$ (2,117)
[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.

Employee benefits - Narrative

Employee benefits - Narrative (Details)	12 Months Ended
	Dec. 31, 2018USD ($)benefit_plan
Employee Benefits [Abstract]
Number of defined benefit plans	3
Number of defined benefit plans that are fully insured	1
Estimate of contributions expected to be paid to plan for next annual reporting period | $	$ 284,722

Trade and other payables - Sche

Trade and other payables - Schedule of Trade and Other Payables (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Subclassifications of assets, liabilities and equities [abstract]
Advances received on contracts in progress, between 1 and 5 years	$ 402	$ 539
Derivatives	1,049	0
Total non-current other payables	1,451	539	[1]
Trade payables	16,266	19,274
Accrued expenses	42,524	22,518
Accrued payroll	5,595	3,596
Dividends payable	146	160
Accrued interest	10,833	1,762
Deferred income	7,754	10,020
Other payables	4,107	4,025
Total current trade and other payables	$ 87,225	$ 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.

Trade and other payables - Narr

Trade and other payables - Narrative (Details)	Mar. 22, 2018USD ($)
Senior Secured Loans | Ice Class Suezmax Vessels
Disclosure of detailed information about arrangements involving legal form of lease [line items]
Facility size	$ 173,600,000

Financial instruments - Fair _3

Financial instruments - Fair values and risk management - Carrying amounts and fair values (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Hedging instruments | Forward exchange contracts (Note 15)
Disclosure of financial assets and liabilities [Line Items]
Financial assets	$ 500
Measured At Fair Value
Disclosure of financial assets and liabilities [Line Items]
Financial assets	50,414	$ 467
Measured At Fair Value | Interest rate swaps
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	1,049
Financial liabilities, at fair value	1,049
Measured At Fair Value | Interest rate swaps | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0
Measured At Fair Value | Interest rate swaps | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	1,049
Measured At Fair Value | Interest rate swaps | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0
Measured At Fair Value | Forward exchange contracts (Note 15)
Disclosure of financial assets and liabilities [Line Items]
Financial assets	484	467
Financial assets, at fair value	484	467
Measured At Fair Value | Forward exchange contracts (Note 15) | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Measured At Fair Value | Forward exchange contracts (Note 15) | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	484	467
Measured At Fair Value | Forward exchange contracts (Note 15) | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Measured At Fair Value | Interest rate swaps
Disclosure of financial assets and liabilities [Line Items]
Financial assets	7,205
Financial assets, at fair value	7,205
Measured At Fair Value | Interest rate swaps | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0
Measured At Fair Value | Interest rate swaps | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	7,205
Measured At Fair Value | Interest rate swaps | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0
Measured At Fair Value | Forward cap contract
Disclosure of financial assets and liabilities [Line Items]
Financial assets	725
Financial assets, at fair value	725
Measured At Fair Value | Forward cap contract | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0
Measured At Fair Value | Forward cap contract | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	725
Measured At Fair Value | Forward cap contract | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0
Measured At Fair Value | Non-current assets held for sale
Disclosure of financial assets and liabilities [Line Items]
Financial assets	42,000
Financial assets, at fair value	42,000
Measured At Fair Value | Non-current assets held for sale | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0
Measured At Fair Value | Non-current assets held for sale | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	42,000
Measured At Fair Value | Non-current assets held for sale | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0
Measured At Fair Value | Hedging instruments | Interest rate swaps
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	1,049
Measured At Fair Value | Hedging instruments
Disclosure of financial assets and liabilities [Line Items]
Financial assets	8,414	467
Measured At Fair Value | Hedging instruments | Forward exchange contracts (Note 15)
Disclosure of financial assets and liabilities [Line Items]
Financial assets	484	467
Measured At Fair Value | Hedging instruments | Interest rate swaps
Disclosure of financial assets and liabilities [Line Items]
Financial assets	7,205
Measured At Fair Value | Hedging instruments | Forward cap contract
Disclosure of financial assets and liabilities [Line Items]
Financial assets	725
Measured At Fair Value | Financial assets at amortised cost
Disclosure of financial assets and liabilities [Line Items]
Financial assets	42,000
Measured At Fair Value | Financial assets at amortised cost | Non-current assets held for sale
Disclosure of financial assets and liabilities [Line Items]
Financial assets	42,000
Not Measured At Fair Value
Disclosure of financial assets and liabilities [Line Items]
Financial assets	467,047	416,000
Financial liabilities	1,848,354	950,594
Not Measured At Fair Value | Secured bank loans
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	1,560,002	701,091
Financial liabilities, at fair value	1,575,196	706,056
Not Measured At Fair Value | Secured bank loans | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Secured bank loans | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	1,575,196	706,056
Not Measured At Fair Value | Secured bank loans | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Unsecured notes
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	148,166	147,619
Financial liabilities, at fair value	144,156	149,630
Not Measured At Fair Value | Unsecured notes | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	144,156	149,630
Not Measured At Fair Value | Unsecured notes | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Unsecured notes | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0
Not Measured At Fair Value | Unsecured other borrowings
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	60,342	50,010
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Unsecured other borrowings | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Unsecured other borrowings | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Unsecured other borrowings | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0
Not Measured At Fair Value | Trade and other payables
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	79,442	51,335
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Trade and other payables | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Trade and other payables | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Trade and other payables | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Advances received on contracts
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	402	539
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Advances received on contracts | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Advances received on contracts | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Advances received on contracts | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Non-current receivables
Disclosure of financial assets and liabilities [Line Items]
Financial assets	30,728	160,352
Financial assets, at fair value	26,047	128,427
Not Measured At Fair Value | Non-current receivables | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Not Measured At Fair Value | Non-current receivables | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Not Measured At Fair Value | Non-current receivables | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	26,047	128,427
Not Measured At Fair Value | Trade and other receivables
Disclosure of financial assets and liabilities [Line Items]
Financial assets	263,186	112,000
Financial assets, at fair value	0	0
Not Measured At Fair Value | Trade and other receivables | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Not Measured At Fair Value | Trade and other receivables | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Not Measured At Fair Value | Trade and other receivables | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Not Measured At Fair Value | Cash and cash equivalents
Disclosure of financial assets and liabilities [Line Items]
Financial assets	173,133	143,648
Financial assets, at fair value	0	0
Not Measured At Fair Value | Cash and cash equivalents | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Not Measured At Fair Value | Cash and cash equivalents | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Not Measured At Fair Value | Cash and cash equivalents | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Not Measured At Fair Value | Other financial liabilities
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	1,848,354	950,594
Not Measured At Fair Value | Other financial liabilities | Secured bank loans
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	1,560,002	701,091
Not Measured At Fair Value | Other financial liabilities | Unsecured notes
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	148,166	147,619
Not Measured At Fair Value | Other financial liabilities | Unsecured other borrowings
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	60,342	50,010
Not Measured At Fair Value | Other financial liabilities | Trade and other payables
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	79,442	51,335
Not Measured At Fair Value | Other financial liabilities | Advances received on contracts
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	402	539
Not Measured At Fair Value | Financial assets at amortised cost
Disclosure of financial assets and liabilities [Line Items]
Financial assets	467,047	416,000
Not Measured At Fair Value | Financial assets at amortised cost | Non-current receivables
Disclosure of financial assets and liabilities [Line Items]
Financial assets	30,728	160,352
Not Measured At Fair Value | Financial assets at amortised cost | Trade and other receivables
Disclosure of financial assets and liabilities [Line Items]
Financial assets	263,186	112,000
Not Measured At Fair Value | Financial assets at amortised cost | Cash and cash equivalents
Disclosure of financial assets and liabilities [Line Items]
Financial assets	$ 173,133	$ 143,648

Financial instruments - Fair _4

Financial instruments - Fair values and risk management - Additional information (Details) € in Millions	12 Months Ended
	Dec. 31, 2018USD ($)derivative	Dec. 31, 2017USD ($)derivative		Dec. 31, 2016USD ($)		Dec. 31, 2018EUR (€)derivative	Dec. 31, 2015USD ($)	[2]
Disclosure of detailed information about financial instruments [line items]
Cash and cash equivalents	$ 173,133,000	$ 143,648,000	[1],[2]	$ 206,689,000	[2]		$ 131,663,000
Percent of floating interest rates hedged	50.00%
Loss before income tax	$ 110,070,000	(1,383,000)	[2],[3],[4]	$ (204,049,000)	[2],[3],[4]
Credit risk
Disclosure of detailed information about financial instruments [line items]
Cash and cash equivalents	173,100,000	$ 143,600,000
Market risk
Disclosure of detailed information about financial instruments [line items]
Sensitivity analysis, reasonably possible change in risk variable, amount	1,000
Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Number of derivative instruments held | derivative		0
Interest rate risk | Variable interest rate
Disclosure of detailed information about financial instruments [line items]
Credit exposure	$ 1,620,344,000	$ 751,101,000
Sensitivity analysis, reasonably possible change in risk variable, percent	0.50%
Currency risk
Disclosure of detailed information about financial instruments [line items]
Concentration risk percentage	13.00%	16.00%		17.00%		13.00%
Sensitivity analysis, reasonably possible change in risk variable, percent	10.00%
Currency risk | Currency overlay management strategy
Disclosure of detailed information about financial instruments [line items]
Credit exposure | €						€ 40
Loss before income tax	$ 0	$ 0		$ 900,000
One client | Tankers
Disclosure of detailed information about financial instruments [line items]
Percentage of entity's revenue	7.00%	10.00%
Customer Concentration Risk | One client | Trade and other receivables | Credit risk
Disclosure of detailed information about financial instruments [line items]
Concentration risk percentage	0.54%	0.03%				0.54%
Customer Concentration Risk | TI Pool | Trade and other receivables | Credit risk
Disclosure of detailed information about financial instruments [line items]
Concentration risk percentage	52.00%	45.37%				52.00%
Joint ventures
Disclosure of detailed information about financial instruments [line items]
Guaranteed portion of related party debt	$ 93,000,000	$ 0
Joint ventures | Credit risk
Disclosure of detailed information about financial instruments [line items]
Guaranteed portion of related party debt		$ 0
Cash flow hedges | Forward cap contract
Disclosure of detailed information about financial instruments [line items]
Number of derivative instruments held | derivative	2					2
Derivative notional amount	$ 200,000,000
[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.
[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.

Financial instruments - Fair _5

Financial instruments - Fair values and risk management - Aging of trade and other receivables (Details) - Credit risk - Loans and receivables - Trade and other receivables - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	$ 305,726	$ 136,797
Not past due
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	262,795	124,243
Past due 0-30 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	19,463	2,071
Past due 31-365 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	20,169	9,784
More than 1 year
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	$ 3,299	$ 699

Financial instruments - Fair _6

Financial instruments - Fair values and risk management - Remaining contractual maturities of financial liabilities (Details) - Liquidity risk - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	$ 2,174,607	$ 1,110,853
Derivative financial liabilities, undiscounted cash flows	2,627	0
Bank loans and other notes
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	2,034,794	1,009,508
Other borrowings
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	60,342	50,010
Current trade and other payables
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	79,471	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	2,627	0
Forward exchange contracts
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	0	0
Other Financial Liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,847,981	950,055
Derivative financial liabilities	0	0
Other Financial Liabilities | Bank loans and other notes
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,708,168	848,710
Other Financial Liabilities | Other borrowings
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	60,342	50,010
Other Financial Liabilities | Current trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	79,471	51,335
Other Financial Liabilities | Non-current other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	0
Other Financial Liabilities | Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities	0	0
Other Financial Liabilities | Forward exchange contracts
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities	0	0
Less than 1 year
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	503,935	184,384
Derivative financial liabilities, undiscounted cash flows	461	0
Less than 1 year | Bank loans and other notes
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	364,122	83,039
Less than 1 year | Other borrowings
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	60,342	50,010
Less than 1 year | Current trade and other payables
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	79,471	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	461	0
Less than 1 year | Forward exchange contracts
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	0	0
Between 1 and 5 years
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	1,176,317	750,722
Derivative financial liabilities, undiscounted cash flows	1,628	0
Between 1 and 5 years | Bank loans and other notes
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	1,176,317	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
Between 1 and 5 years | Current trade and other payables
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	0	0
Between 1 and 5 years | Non-current other payables
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	0	0
Between 1 and 5 years | Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	1,628	0
Between 1 and 5 years | Forward exchange contracts
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	0	0
More than 5 years
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	494,355	175,747
Derivative financial liabilities, undiscounted cash flows	538	0
More than 5 years | Bank loans and other notes
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	494,355	175,747
More than 5 years | Other borrowings
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	0
More than 5 years | Current trade and other payables
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	0	0
More than 5 years | Non-current other payables
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	0	0
More than 5 years | Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	538	0
More than 5 years | Forward exchange contracts
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	$ 0	$ 0

Financial instruments - Fair _7

Financial instruments - Fair values and risk management - Tanker market risk scenario (Details) - Market risk - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about financial instruments [line items]
Profit or loss	$ 19,332	$ 13,420	$ 14,140
Decrease in risk variable, impact on profit (loss)	$ (19,323)	$ (13,420)	$ (14,140)

Financial instruments - Fair _8

Financial instruments - Fair values and risk management - Interest rate risk (Details) - Interest rate risk - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fixed interest rate
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ 148,166	$ 147,619
Variable interest rate
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	1,620,344	751,101
Financial assets | Fixed interest rate
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	0	0
Financial liabilities | Fixed interest rate
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	148,166	147,619
Financial liabilities | Variable interest rate
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ 1,620,344	$ 751,101

Financial instruments - Fair _9

Financial instruments - Fair values and risk management - Cash flow sensitivity analysis for variable rate instruments (Details) - Variable interest rate - Interest rate risk - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about financial instruments [line items]
Profit or loss	$ (4,238)	$ (4,685)	$ (5,315)
Decrease in risk variable, impact on profit (loss)	4,238	4,685	5,315
Equity	6,201	0	0
Decrease in risk variable, impact on equity	(6,116)	0	0
Variable rate instruments
Disclosure of detailed information about financial instruments [line items]
Profit or loss	(4,238)	(4,685)	(5,315)
Decrease in risk variable, impact on profit (loss)	4,238	4,685	5,315
Equity	0	0	0
Decrease in risk variable, impact on equity	0	0	0
Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Profit or loss	0	0	0
Decrease in risk variable, impact on profit (loss)	0	0	0
Equity	6,201	0	0
Decrease in risk variable, impact on equity	$ (6,116)	$ 0	$ 0

Financial instruments - Fair_10

Financial instruments - Fair values and risk management - Currency risk related to operating (Details) $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)		Dec. 31, 2016USD ($)		Dec. 31, 2018EUR (€)	Dec. 31, 2017EUR (€)
Disclosure of detailed information about financial instruments [line items]
Operating expense	$ (698,515)	$ (541,402)	[1]	$ (533,438)	[1]
Treasury Notes	(1,708,168)	(848,710)		(1,085,562)
EUR | Currency risk
Disclosure of detailed information about financial instruments [line items]
Trade payables	(6,311)	(7,891)		(8,725)
Operating expense	(89,761)	(89,289)		(92,608)
USD | Currency risk
Disclosure of detailed information about financial instruments [line items]
Trade payables	(9,955)	(11,383)		(9,383)
Operating expense	(608,754)	(452,113)		(440,830)
Treasury Notes
Disclosure of detailed information about financial instruments [line items]
Treasury Notes	(60,300)	(50,000)				€ (52.7)	€ (41.7)
Treasury Notes | EUR | Currency risk
Disclosure of detailed information about financial instruments [line items]
Treasury Notes	(60,342)	(50,010)		0
Treasury Notes | USD | Currency risk
Disclosure of detailed information about financial instruments [line items]
Treasury Notes	$ 0	$ 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.

Financial instruments - Fair_11

Financial instruments - Fair values and risk management - Sensitivity analysis for types of currency risk (Details) - EUR - Currency risk - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about financial instruments [line items]
Equity	$ 491	$ 211	$ 532
Profit or loss	$ (7,888)	$ (7,113)	$ (10,025)

Financial instruments - Fair_12

Financial instruments - Fair values and risk management - Schedule of cash flow hedges (Details) - Cash flow hedges - Interest rate risk $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Disclosure of detailed information about financial instruments [line items]
Cash flow hedge reserve	$ 2,698
Changes in the value of the hedging instrument recognized in OCI	(2,698)
1-6 months
Disclosure of detailed information about financial instruments [line items]
Net exposure	$ (23,895)
Average fixed interest rate	1.95%
6-12 months
Disclosure of detailed information about financial instruments [line items]
Net exposure	$ (23,921)
Average fixed interest rate	1.95%
More than 1 year
Disclosure of detailed information about financial instruments [line items]
Net exposure	$ (199,565)
Average fixed interest rate	1.95%
Variable-rate instruments
Disclosure of detailed information about financial instruments [line items]
Change in value used for calculating hedge ineffectiveness	$ 2,191
Cash flow hedge reserve	(2,191)
Forward cap option
Disclosure of detailed information about financial instruments [line items]
Change in value used for calculating hedge ineffectiveness	507
Cash flow hedge reserve	(507)
Nominal amount	200,000
Carrying amount - Assets	725
Carrying amount - Liabilities	0
Changes in the value of the hedging instrument recognized in OCI	(507)
Hedge ineffectiveness recognized in profit or loss	(7)
Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Nominal amount	707,871
Carrying amount - Assets	7,205
Carrying amount - Liabilities	1,049
Changes in the value of the hedging instrument recognized in OCI	(2,191)
Hedge ineffectiveness recognized in profit or loss	$ (2,783)

Financial instruments - Fair_13

Financial instruments - Fair values and risk management - Capital management (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016	[2]	Dec. 31, 2015	[2]
Disclosure of detailed information about financial instruments [line items]
Facility size	$ 498,900,000	$ 607,400,000
Current assets less current liabilities	741,100,000
Aggregate cash	672,000,000
Cash and cash equivalents	$ 173,133,000	$ 143,648,000	[1],[2]	$ 206,689,000		$ 131,663,000
Ratio of stockholders' equity to total assets	54.80%
Minimum yearly fixed dividend (in USD per share)	$ 0.12
Shares repurchased held in treasury (in shares)	545,486
Treasury stock (in shares)	1,237,901
Treasury shares as percent of shares outstanding	0.56%
Senior Secured Loans
Disclosure of detailed information about financial instruments [line items]
Aggregate cash and cash equivalents, including undrawn amounts on committed loans	$ 50,000,000
Ratio of indebtedness to net capital	5.00%
Minimum cash requirement	$ 30,000,000
Ratio of stockholders' equity to total assets, minimum	30.00%
Minimum | Senior Secured Loans
Disclosure of detailed information about financial instruments [line items]
Ratio of fair market value of collateral vessels to aggregate principal amount outstanding on loans	125.00%
Maximum | Senior Secured Loans
Disclosure of detailed information about financial instruments [line items]
Ratio of fair market value of collateral vessels to aggregate principal amount outstanding on loans	145.00%
[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.
[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.

Operating leases - Narrative (D

Operating leases - Narrative (Details)	Dec. 16, 2016USD ($)vessel	Dec. 31, 2018USD ($)vesselsubtenant	Dec. 31, 2017USD ($)
Disclosure of finance lease and operating lease by lessee [line items]
Time chartered vessel, time charter duration		1 year
Number of vessels under float time charter | vessel		41
Number of subtenants | subtenant		4
Less than 1 year
Disclosure of finance lease and operating lease by lessee [line items]
Minimum lease rental payments, excluding joint ventures		$ 53,100,000	$ 54,400,000
Between 1 and 5 years
Disclosure of finance lease and operating lease by lessee [line items]
Minimum lease rental payments, excluding joint ventures		133,100,000	0
More than 5 years
Disclosure of finance lease and operating lease by lessee [line items]
Minimum lease rental payments, excluding joint ventures		$ 113,700,000	$ 0
Vessels
Disclosure of finance lease and operating lease by lessee [line items]
Average lease payable duration		3 years
Average lease receivable duration		4 years
Office Space And Company Cars
Disclosure of finance lease and operating lease by lessee [line items]
Average lease payable duration		3 years
Average lease receivable duration		5 years
Sale and Leaseback Agreement | Vessels
Disclosure of finance lease and operating lease by lessee [line items]
Duration of sale and leaseback agreement on vessels	5 years
Number of VLCCs delivered | vessel	4
Seller credit payable upon sale	$ 4,500,000
Seller credit percent of fair value threshold	50.00%
Seller credit payable threshold, oldest vessel	$ 17,500,000
Seller credit payable threshold, other vessels	19,500,000
Leaseback agreement residual guarantee	$ 20,000,000
Owner percent of profit	75.00%
Charter percent of profit	25.00%
Profit share agreement, proceeds lower limit, oldest vessel	$ 26,500,000
Profit share agreement, proceeds upper limit, oldest vessel	32,500,000
Profit share agreement, proceeds lower limit, other vessel	28,500,000
Profit share agreement, proceeds upper limit, other vessel	$ 34,500,000

Operating leases - Schedule of

Operating leases - Schedule of Future Minimum Lease Payments (Details) - Vessels - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of finance lease and operating lease by lessee [line items]
Minimum lease payments payable under non-cancellable operating lease	$ (95,524)	$ (127,644)
Less than 1 year
Disclosure of finance lease and operating lease by lessee [line items]
Minimum lease payments payable under non-cancellable operating lease	(32,120)	(32,120)
Between 1 and 5 years
Disclosure of finance lease and operating lease by lessee [line items]
Minimum lease payments payable under non-cancellable operating lease	(63,404)	(95,524)
More than 5 years
Disclosure of finance lease and operating lease by lessee [line items]
Minimum lease payments payable under non-cancellable operating lease	$ 0	$ 0

Operating leases - Schedule o_2

Operating leases - Schedule of Non-Cancellable Operating Lease Rentals (Details) - Office Space And Company Cars - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of finance lease and operating lease by lessee [line items]
Minimum lease payments payable under non-cancellable operating lease	$ (24,780)	$ (10,738)
Less than 1 year
Disclosure of finance lease and operating lease by lessee [line items]
Minimum lease payments payable under non-cancellable operating lease	(4,213)	(2,287)
Between 1 and 5 years
Disclosure of finance lease and operating lease by lessee [line items]
Minimum lease payments payable under non-cancellable operating lease	(15,757)	(7,224)
More than 5 years
Disclosure of finance lease and operating lease by lessee [line items]
Minimum lease payments payable under non-cancellable operating lease	$ (4,810)	$ (1,227)

Operating leases - Schedule o_3

Operating leases - Schedule of Operating Leases Recognized in Profit and Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of finance lease and operating lease by lessee [line items]
Minimum operating lease payments recognised as expense	$ (34,598)	$ (33,309)	$ (19,932)
Bareboat charter
Disclosure of finance lease and operating lease by lessee [line items]
Minimum operating lease payments recognised as expense	(31,120)	(31,111)	(792)
Time charter
Disclosure of finance lease and operating lease by lessee [line items]
Minimum operating lease payments recognised as expense	6	(62)	(16,921)
Office rental
Disclosure of finance lease and operating lease by lessee [line items]
Minimum operating lease payments recognised as expense	$ (3,484)	$ (2,136)	$ (2,219)

Operating leases - Schedule o_4

Operating leases - Schedule of Future Minimum Lease Receivables for Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under non-cancellable operating lease	$ 659,482	$ 282,767
Less than 1 year
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under non-cancellable operating lease	151,039	103,007
Between 1 and 5 years
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under non-cancellable operating lease	394,721	147,967
More than 5 years
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under non-cancellable operating lease	$ 113,721	$ 31,793

Operating leases - Schedule o_5

Operating leases - Schedule of Non-cancellable Operating Lease Rentals as Lessor (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease rental payments receivable under non-cancellable operating lease	$ 13,876	$ 3,862
Less than 1 year
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease rental payments receivable under non-cancellable operating lease	1,741	726
Between 1 and 5 years
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease rental payments receivable under non-cancellable operating lease	8,918	2,903
More than 5 years
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease rental payments receivable under non-cancellable operating lease	$ 3,216	$ 233

Operating leases - Schedule o_6

Operating leases - Schedule of Amounts Recognized in Profit and Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of finance lease and operating lease by lessor [line items]
Amount recognized in profit and loss	$ 76,084	$ 119,545	$ 141,105
Bareboat charter
Disclosure of finance lease and operating lease by lessor [line items]
Amount recognized in profit and loss	0	0	0
Time charter
Disclosure of finance lease and operating lease by lessor [line items]
Amount recognized in profit and loss	75,238	118,705	140,227
Office rental
Disclosure of finance lease and operating lease by lessor [line items]
Amount recognized in profit and loss	$ 846	$ 840	$ 878

Provisions and contingencies (D

Provisions and contingencies (Details) - USD ($) $ in Thousands	Jul. 14, 2015	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Disclosure of other provisions [line items]
Beginning balance		$ 0
Assumed in a business combination		5,303
Provisions used during the year		(38)
Ending balance		5,265
Other provisions		0	$ 5,265	$ 0
Provisions			4,288	$ 0	[1]
Current			977
Extension of acquired lease term	5 years
Onerous contract
Disclosure of other provisions [line items]
Assumed in a business combination		5,303
Provisions used during the year		(38)
Ending balance		5,265
Other provisions		$ 5,265	5,265
Provisions			4,288
Current			$ 977
[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.

Related parties - Transactions

Related parties - Transactions with key management personnel (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Non-executive directors
Disclosure of transactions between related parties [line items]
Total remuneration	€ 1,035	€ 1,015	€ 1,145

Related parties - Fixed and var

Related parties - Fixed and variable components of remuneration (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fixed Remuneration, Excluding CEO
Disclosure of transactions between related parties [line items]
Total remuneration	€ 1,231	€ 1,176	€ 1,175
Cost of pension	39	35	35
Other benefits	75	58	57
Variable Remuneration, Excluding CEO
Disclosure of transactions between related parties [line items]
Total remuneration	1,153	1,331	1,042
Share-based payments	299	597	351
CEO Fixed Remuneration
Disclosure of transactions between related parties [line items]
Total remuneration	537	407	405
Cost of pension	0	0	0
Other benefits	40	13	11
CEO Variable Remuneration
Disclosure of transactions between related parties [line items]
Total remuneration	1,866	528	437
Share-based payments	€ 118	€ 233	€ 171

Related parties - Narrative (De

Related parties - Narrative (Details)	Feb. 16, 2018shares	Feb. 09, 2017shares	Jun. 02, 2016ship	May 20, 2016vesselshipcompanyT	Feb. 02, 2016shares	Feb. 12, 2015EUR (€)shares	Dec. 16, 2013EUR (€)shares	Mar. 31, 2016shares	Dec. 31, 2018USD ($)sharesright	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares
Disclosure of transactions between related parties [line items]
Number of options granted (in shares)						236,590			0	0
Exercise price, share options granted (in dollars per share) | €						€ 10.0475	€ 5.7705
Purchase of treasury shares (in shares)									(545,486)		(692,415)
Number of options exercised (in shares)								350,000	350,000	0
Rights exercised under registration rights agreement (in shares) | right									0
Number of vessels assumed | ship			2
Outstanding | $									$ 1,708,168,000	$ 848,710,000	$ 1,085,562,000
Executive Committee
Disclosure of transactions between related parties [line items]
Number of options granted (in shares)						236,590	1,750,000
Number of options exercised (in shares)									350,000		116,667
Chief Executive Officer
Disclosure of transactions between related parties [line items]
Number of options granted (in shares)							525,000
Executive Committee (Excluding Chief Executive Officer)
Disclosure of transactions between related parties [line items]
Number of options granted (in shares)							1,225,000
Other related parties | Compagnie Maritime Belge
Disclosure of transactions between related parties [line items]
Purchases of goods, related party transactions | $									$ 1,151	34,928	$ 17,731
Subsidiaries | Tankers International LLC
Disclosure of transactions between related parties [line items]
Leases as lessor, related party transactions | $									227,089	218,894	232,882
Joint ventures where entity is venturer
Disclosure of transactions between related parties [line items]
Number of companies assumed | company				2
Joint ventures where entity is venturer | Reslea N.V.
Disclosure of transactions between related parties [line items]
Leases as lessee, related party transactions | $									185,326	179,079	$ 175,572
Joint ventures
Disclosure of transactions between related parties [line items]
Guaranteed portion of related party debt | $									$ 93,000,000	0
Restricted stock units
Disclosure of transactions between related parties [line items]
Annual vesting percentage											60.00%
Restricted stock units | Executive Committee
Disclosure of transactions between related parties [line items]
Number of instruments granted in share-based payment arrangement (in shares)						65,433
Stock Option
Disclosure of transactions between related parties [line items]
Vesting period											3 years
Annual vesting percentage											40.00%
Stock Option | Executive Committee (Excluding Chief Executive Officer)
Disclosure of transactions between related parties [line items]
Vesting period						13 years
Phantom Stock Units | Executive Committee
Disclosure of transactions between related parties [line items]
Number of instruments granted in share-based payment arrangement (in shares)	154,432	66,449			54,616
Annual vesting percentage		33.30%			33.30%
Treasury shares
Disclosure of transactions between related parties [line items]
Purchase of treasury shares (in shares)									545,486		692,415
Vessels
Disclosure of transactions between related parties [line items]
Number of vessels assumed | ship				2
Vessels | Joint ventures where entity is venturer
Disclosure of transactions between related parties [line items]
Number of vessels covered under the joint venture | vessel				4
Vessels | Captain Michael | Joint ventures where entity is venturer
Disclosure of transactions between related parties [line items]
Vessel, mass | T				157,648
Vessels | The Maria | Joint ventures where entity is venturer
Disclosure of transactions between related parties [line items]
Vessel, mass | T				157,523
Vessels | The Eugenie | Joint ventures where entity is venturer
Disclosure of transactions between related parties [line items]
Vessel, mass | T				157,672
Vessels | The Devon | Joint ventures where entity is venturer
Disclosure of transactions between related parties [line items]
Vessel, mass | T				157,642
Bretta Tanker Holdings, Inc. | Joint ventures where entity is venturer
Disclosure of transactions between related parties [line items]
Number of companies assumed | company				2
Joint Venture Credit Facility | Joint ventures
Disclosure of transactions between related parties [line items]
Outstanding | $									$ 186,100,000	$ 0

Related parties - Outstanding R

Related parties - Outstanding Related Party Transactions (Details) - Joint ventures where entity is venturer - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of transactions between related parties [line items]
Trade receivables	$ 191	$ 294
Trade payables	95	187
Shareholders Loan	28,665	162,762
Turnover	762	744
Dividend Income	0	1,250
TI Africa Ltd
Disclosure of transactions between related parties [line items]
Trade receivables	66	30
Trade payables	25	50
Shareholders Loan	28,665	100,115
Turnover	381	372
Dividend Income	0	0
TI Asia Ltd
Disclosure of transactions between related parties [line items]
Trade receivables	79	130
Trade payables	0	0
Shareholders Loan	0	62,647
Turnover	381	372
Dividend Income	0	0
Kingswood Co. Ltd
Disclosure of transactions between related parties [line items]
Trade receivables		0
Trade payables		0
Shareholders Loan		0
Turnover		0
Dividend Income		1,250
Tankers Agencies (UK) Ltd
Disclosure of transactions between related parties [line items]
Trade receivables	0	134
Trade payables	70	137
Shareholders Loan	0	0
Turnover	0	0
Dividend Income	0	$ 0
Tankers International LLC
Disclosure of transactions between related parties [line items]
Trade receivables	46
Trade payables	0
Shareholders Loan	0
Turnover	0
Dividend Income	$ 0

Share-based payment arrangeme_3

Share-based payment arrangements - Share options programs (Equity-settled) (Details) - Key management personnel of entity or parent	12 Months Ended
	Dec. 31, 2018EUR (€)sharesvesting_condition
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments (in shares)	1,750,000
Tranche 1
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments (in shares)	583,000
Vesting Conditions (in eur per share) | €	€ 7.5
Contractual life of Options	5 years
Percent of options exercised	50.00%
Tranche 2
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments (in shares)	583,000
Vesting Conditions (in eur per share) | €	€ 8.66
Contractual life of Options	5 years
Percent of options exercised	50.00%
Time remaining for exercisable options	1 year
Tranche 3
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments (in shares)	583,000
Vesting Conditions (in eur per share) | €	€ 11.54
Contractual life of Options	5 years
Percent of options exercised	67.00%
Number of vesting conditions | vesting_condition	2

Share-based payment arrangeme_4

Share-based payment arrangements - Long term incentive plan 2015 (Equity-settled) (Details) - shares	Feb. 12, 2015	Dec. 31, 2018	Dec. 31, 2016
Restricted stock units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of stock obtained by beneficiaries			60.00%
Number of instruments (in shares)	65,433
Key management personnel of entity or parent
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments (in shares)		1,750,000
Long term incentive plan 2015 | Key management personnel of entity or parent
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of stock obtained by beneficiaries			40.00%
Vesting period			3 years
Number of instruments (in shares)	236,590
Long term incentive plan 2015 | Key management personnel of entity or parent | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period		13 years
Long term incentive plan 2015 | Key management personnel of entity or parent | Restricted stock units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of stock obtained by beneficiaries			60.00%
Number of instruments (in shares)	65,433

Share-based payment arrangeme_5

Share-based payment arrangements - Long-term incentive plan 2016 (Cash-settled) (Details) - Phantom Share Units (PSUs) - shares	Feb. 09, 2017	Feb. 02, 2016	Dec. 31, 2018
Long term incentive plan 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of phantom stocks granted (in shares)		54,616	36,411
Executive Committee
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage	33.30%	33.30%
Second anniversary | Long term incentive plan 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Vesting period			2 years
Third anniversary | Long term incentive plan 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Vesting period			3 years
Fourth anniversary | Long term incentive plan 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Vesting period			4 years

Share-based payment arrangeme_6

Share-based payment arrangements - Long term incentive plan 2017 (Cash-settled) (Details) - Phantom Share Units (PSUs) - shares	Feb. 09, 2017	Feb. 02, 2016	Dec. 31, 2018
Executive Committee
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage	33.30%	33.30%
Long Term Incentive Plan 2017 | Executive Committee
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of phantom stocks granted (in shares)	66,449
Second anniversary | Long Term Incentive Plan 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Second anniversary | Long Term Incentive Plan 2017 | Executive Committee
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Vesting period			2 years
Third anniversary | Long Term Incentive Plan 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Third anniversary | Long Term Incentive Plan 2017 | Executive Committee
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Vesting period			3 years
Fourth anniversary | Long Term Incentive Plan 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Fourth anniversary | Long Term Incentive Plan 2017 | Executive Committee
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Vesting period			4 years

Share-based payment arrangeme_7

Share-based payment arrangements - Long term incentive plan 2018 (Cash-settled) (Details) - Phantom Share Units (PSUs) - shares	Feb. 09, 2017	Feb. 02, 2016	Dec. 31, 2018	Feb. 16, 2018
Executive Committee
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage	33.30%	33.30%
Long Term Incentive Plan 2018 | Executive Committee
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of phantom stocks granted (in shares)				154,432
Third anniversary | Long Term Incentive Plan 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Third anniversary | Long Term Incentive Plan 2018 | Executive Committee
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Vesting period			3 years
Second anniversary | Long Term Incentive Plan 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Second anniversary | Long Term Incentive Plan 2018 | Executive Committee
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Vesting period			2 years
Fourth anniversary | Long Term Incentive Plan 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Fourth anniversary | Long Term Incentive Plan 2018 | Executive Committee
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Vesting period			4 years

Share-based payment arrangeme_8

Share-based payment arrangements - Measurement of fair value (Details)	12 Months Ended
	Dec. 31, 2018EUR (€)day	Dec. 31, 2017EUR (€)	Feb. 16, 2018EUR (€)	Feb. 09, 2017EUR (€)	Dec. 31, 2016EUR (€)	Feb. 02, 2016EUR (€)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price at grant date	€ 0	€ 0
Share price at grant date (in eur per share)	7.732	€ 7.495			€ 7.495
Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price at grant date (in eur per share)	6.220		€ 7.237	€ 7.268		€ 10.613
Tranche 1 | Long term incentive plan 2015
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value at grant date	1.853
Share price at grant date	10.050
Exercise price	€ 10.0475
Expected volatility (weighted average)	39.63%
Expected life (Days) (weighted average) | day	365
Expected dividends	8.00%
Risk-free interest rate	0.66%
Tranche 1 | Share option program 2013
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value at grant date	€ 2.270
Share price at grant date	6.070
Exercise price	€ 5.770
Expected volatility (weighted average)	40.00%
Expected life (Days) (weighted average) | day	303
Expected dividends	0.00%
Risk-free interest rate	1.00%
Tranche 2 | Long term incentive plan 2015
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value at grant date	€ 1.853
Share price at grant date	10.050
Exercise price	€ 10.0475
Expected volatility (weighted average)	39.63%
Expected life (Days) (weighted average) | day	730
Expected dividends	8.00%
Risk-free interest rate	0.66%
Tranche 2 | Share option program 2013
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value at grant date	€ 2.260
Share price at grant date	6.070
Exercise price	€ 5.770
Expected volatility (weighted average)	40.00%
Expected life (Days) (weighted average) | day	467
Expected dividends	0.00%
Risk-free interest rate	1.00%
Tranche 3 | Long term incentive plan 2015
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value at grant date	€ 1.853
Share price at grant date	10.050
Exercise price	€ 10.0475
Expected volatility (weighted average)	39.63%
Expected life (Days) (weighted average) | day	1,095
Expected dividends	8.00%
Risk-free interest rate	0.66%
Tranche 3 | Share option program 2013
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value at grant date	€ 2.120
Share price at grant date	6.070
Exercise price	€ 5.770
Expected volatility (weighted average)	40.00%
Expected life (Days) (weighted average) | day	730
Expected dividends	0.00%
Risk-free interest rate	1.00%

Share-based payment arrangeme_9

Share-based payment arrangements - Expenses recognized in profit or loss (Details) $ in Millions	Dec. 31, 2018USD ($)
Long Term Incentive Plan 2016, 2017 and 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Provisions for employee benefits	$ 0.5

Share-based payment arrangem_10

Share-based payment arrangements - Reconciliation of outstanding share options (Details)	Feb. 12, 2015shares	Mar. 31, 2016shares	Dec. 31, 2018EUR (€)shares€ / shares	Dec. 31, 2017EUR (€)shares€ / shares
Number of options
Number of options outstanding, January 1 (in shares)			586,590	586,590
Number of options forfeited (in shares)			0	0
Number of options exercised (in shares)		(350,000)	(350,000)	0
Number of options granted (in shares)	236,590		0	0
Number of options vested (in shares)			236,590	507,726
Number of options outstanding, December 31 (in shares)			236,590	586,590
Weighted average exercise price
Weighted average exercise price of options outstanding, January 1 (in eur per share) | €			€ 7.495	€ 7.495
Weighted average exercise price of options forfeited (in eur per share) | €			0	0
Weighted average exercise price of options exercised (in eur per share) | €			7.335	0
Share price at grant date (in eur per share) | €			0	0
Weighted average exercise price of options outstanding, December 31 (in eur per share) | €			€ 7.732	€ 7.495
Weighted average exercise price of options vested | € / shares			€ 0	€ 0

Share-based payment arrangem_11

Share-based payment arrangements - Reconciliation of outstanding share options, narrative (Details)	1 Months Ended	12 Months Ended
	Mar. 31, 2016shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Treasury stock (in shares)		1,237,901
Number of options exercised (in shares)	350,000	350,000	0
Weighted average share price for share options in share-based payment arrangement exercised during period at date of exercise (in eur per share) | $		$ 7.335
Share option program 2013
Disclosure of terms and conditions of share-based payment arrangement [line items]
Treasury stock (in shares)		545,486	0
Number of options exercised (in shares)		350,000

Group entities Group entities -

Group entities Group entities - ownership interest in subsidiaries, joint ventures, and associates (Details)	Jun. 02, 2016	Jun. 01, 2016	Dec. 31, 2018subsidiary	Dec. 31, 2017joint_venture	Dec. 31, 2016
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest			100.00%	100.00%	100.00%
Proportion of ownership interest in subsidiary			100.00%
Number Of Subsidiaries Dissolved | subsidiary			2
Number of joint ventures dissolved in period | joint_venture				1
Tankers International LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in associate					40.00%
Kingswood Co. Ltd
Disclosure Of Interests In Other Entities [Line Items]
Ownership percentage in joint venture			50.00%	50.00%	50.00%
TI Africa Ltd
Disclosure Of Interests In Other Entities [Line Items]
Ownership percentage in joint venture			50.00%	50.00%	50.00%
TI Asia Ltd
Disclosure Of Interests In Other Entities [Line Items]
Ownership percentage in joint venture			50.00%	50.00%	50.00%
Tankers Agencies (UK) Ltd
Disclosure Of Interests In Other Entities [Line Items]
Ownership percentage in joint venture			50.00%	50.00%
Portion of outstanding shares owned in joint venture			61.00%
Tankers International LLC
Disclosure Of Interests In Other Entities [Line Items]
Ownership percentage in joint venture			50.00%	50.00%
Portion of outstanding shares owned in joint venture			59.00%
Larvotto Shipholding Ltd
Disclosure Of Interests In Other Entities [Line Items]
Ownership percentage in joint venture		50.00%			50.00%
Euronav Tankers NV
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%	100.00%
Euronav Shipping NV
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%	100.00%
Euronav (UK) Agencies Limited
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%	100.00%
Euronav Luxembourg SA
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%	100.00%
Euronav sas
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%	100.00%
Euronav Ship Management sas
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%	100.00%
Euronav Ship Management Ltd
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%	100.00%
Euronav Hong Kong
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%	100.00%
Euro-Ocean Ship Management (Cyprus) Ltd
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%	100.00%
Euronav Singapore
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%	100.00%
Fiorano Shipholding Ltd
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary	100.00%			100.00%	100.00%
Larvotto Shipholding Ltd
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary	100.00%			100.00%	100.00%
Euronav MI II Inc
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
Gener8 Maritime Subsidiary II Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Maritime Subsidiary New IV Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Maritime Management LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Maritime Subsidiary V Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Maritime Subsidiary VIII Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Maritime Subsidiary Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
GMR Zeus LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
GMR Atlas LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
GMR Hercules LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
GMR Ulysses LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
GMR Posseidon LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Victory Ltd.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Vision Ltd.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
GMR Spartiate LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
GMR Maniate LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
GMR St Nikolas LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
GMR George T LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
GMR Kara G LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
GMR Harriet G LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
GMR Orion LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
GMR Argus LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
GMR Spyridon LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
GMR Horn LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
GMR Phoenix LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
GMR Strength LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
GMR Daphne LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
GMR Defiance LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
GMR Elektra LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Companion Ltd.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Compatriot Ltd.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Consul Ltd.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
GMR Agamemnon LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Neptune LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Athena LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Apollo LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Ares LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Hera LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Constantine LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Oceanus LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Nestor LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Nautilus LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Macedon LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Noble LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Ethos LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Perseus LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Theseus LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Hector LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Strength Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Supreme Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Andriotis Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Militiades Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Success Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Chiotis Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Tankers 1 Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Tankers 2 Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Tankers 3 Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Tankers 4 Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Tankers 5 Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Tankers 6 Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Tankers 7 Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%
Gener8 Tankers 8 Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%

Business combinations - Narrat

Business combinations - Narrative (Details)

Jun. 15, 2018USD ($)shipT

Jun. 14, 2018USD ($)

Jun. 12, 2018USD ($)shipcredit_facility

Jun. 11, 2018USD ($)shipT

Dec. 20, 2017

Jun. 02, 2016USD ($)shipentityT

Jun. 01, 2016entity

May 20, 2016ship

Dec. 31, 2018USD ($)ship

Dec. 31, 2018USD ($)ship

Dec. 31, 2016USD ($)

Dec. 31, 2018USD ($)ship

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Disclosure of detailed information about business combination [line items]

Number of vessels assumed | ship

2

Proportion of ownership interest in subsidiary

100.00%

Number of entities accounted for using equity method | entity

4

Losses on disposal of investments in equity accounted investees

$ 0

$ 0

[1]

$ 24,150,000

[1]

Number Of very large crude carriers sold | ship

6

6

Identifiable assets acquired (liabilities assumed)

$ 576,482,000

$ 576,482,000

$ 576,482,000

Target leverage percentage

50.00%

Early repayments

$ 1,031,401,000

667,250,000

Gain on bargain purchase

23,059,000

$ 0

[1],[2]

$ 0

[1],[2]

Non-current receivables and current assets recognized as of acquisition date, gross

$ 98,200,000

Provision for uncollectable receivables

2,000,000

Non-current receivables and current assets recognized as of acquisition date, net

$ 96,200,000

Vessels

Disclosure of detailed information about business combination [line items]

Number of vessels assumed | ship

2

Captain Michael | Vessels

Disclosure of detailed information about business combination [line items]

Vessel, mass | T

157,648

The Maria | Vessels

Disclosure of detailed information about business combination [line items]

Vessel, mass | T

157,523

Bretta Tanker Holdings, Inc.

Disclosure of detailed information about business combination [line items]

Number of vessels covered under the joint venture | ship

4

Laravotto and Fiorano

Disclosure of detailed information about business combination [line items]

Number of entities accounted for using equity method | entity

2

Loss recognized due to re-measurement to fair value

$ 13,500,000

Moneghetti and Fontvieille

Disclosure of detailed information about business combination [line items]

Number of entities accounted for using equity method | entity

2

Loss recognized due to re-measurement to fair value

$ 10,700,000

Larvotto Shipholding Ltd

Disclosure of detailed information about business combination [line items]

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

Fiorano Shipholding Ltd

Disclosure of detailed information about business combination [line items]

Proportion of ownership interest in subsidiary

100.00%

100.00%

100.00%

Laravotto and Fiorano

Disclosure of detailed information about business combination [line items]

Number of acquired companies | entity

2

Revenue of acquiree since acquisition date

$ 4,800,000

Profit (loss) of acquiree since acquisition date

$ 100,000

Revenue of combined entity as if combination occurred at beginning of period

$ 698,300,000

Profit (loss) of combined entity as if combination occurred at beginning of period

$ 205,100,000

Fair value of pre-existing interests in Larvotto and Fiorano

$ (18,633,000)

Equity interests of acquirer (in shares)

(21,498,000)

Identifiable assets acquired (liabilities assumed)

$ 67,169,000

Gener8 Maritime, Inc.

Disclosure of detailed information about business combination [line items]

Proportion of ownership interest in subsidiary

72.00%

Revenue of acquiree since acquisition date

16,500,000

Profit (loss) of acquiree since acquisition date

$ (43,700,000)

Revenue of combined entity as if combination occurred at beginning of period

665,500,000

Profit (loss) of combined entity as if combination occurred at beginning of period

(160,100,000)

Stock exchange ratio

0.7272

0.7272

Equity interests of acquirer (in shares)

$ 60,815,764

Premium on stock exchange ratio

35.00%

Proportion of ownership interests held by non-controlling interests

28.00%

Identifiable assets acquired (liabilities assumed)

$ 435,522,000

Legal fees

5,000,000

Number of credit facilities assumed in business combination | credit_facility

2

International Seaways

Disclosure of detailed information about business combination [line items]

Identifiable assets acquired (liabilities assumed)

$ 140,960,000

Other notes

Disclosure of detailed information about business combination [line items]

Early repayments

$ 205,700,000

$ 205,710,000

$ 0

Gener8 Maritime, Inc.

Disclosure of detailed information about business combination [line items]

Number of credit facilities | credit_facility

3

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

VLCC

Disclosure of detailed information about business combination [line items]

Sale price

$ 120,000,000

Receivable from sale of subsidiary

$ 20,900,000

VLCC | 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

72

72

72

Floating Storage And Offloading

Disclosure of detailed information about business combination [line items]

Number Of Ships | ship

2

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

[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 - Consid

Business combinations - Consideration transferred (Details)	Jun. 12, 2018USD ($)$ / sharesshares	Jun. 11, 2018USD ($)shares$ / shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017shares	Dec. 31, 2016shares	Jun. 02, 2016USD ($)	Dec. 31, 2015shares
Disclosure of detailed information about business combination [line items]
Number of shares outstanding (in shares) | shares			218,786,812	158,166,534	158,166,534		158,742,282
Total consideration transferred			$ 553,423,000
Laravotto and Fiorano
Disclosure of detailed information about business combination [line items]
Cash						$ 15,110,000
Equity interests of acquirer (in shares)						(21,498,000)
Shareholders' loan receivable						39,973,000
Total consideration transferred						$ 33,585,000
Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Equity interests of acquirer (in shares)	$ 60,815,764
Ratio	0.7272	0.7272
Issued Euronav shares (in shares) | shares	60,815,764	60,815,764
Closing prince Euronav | $ / shares	$ 9.10	$ 9.1
Total consideration transferred		$ 553,423,452
Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Number of shares outstanding (in shares) | shares		83,267,426
RSU (in shares) | shares		362,613
Total shares (in shares) | shares		83,630,039

Business combinations - Identi

Business combinations - Identifiable assets acquired and liabilities assumed (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	[1],[2]	Dec. 31, 2016	[1],[2]	Jun. 15, 2018	Jun. 11, 2018	Jun. 02, 2016
Disclosure of detailed information about business combination [line items]
Property, plant and equipment	$ 1,704,250,000
Cash and cash equivalents	126,288,000
Other tangible assets	345,000
Intangible assets	152,000
Receivables	16,750,000
Current assets	79,459,000
Loans and borrowings	(1,312,446,000)
Onerous contracts provision	(5,303,000)
Current liabilities	(33,012,000)
Total identifiable net assets acquired	576,482,000
Consideration transferred	553,423,000
Gain on bargain purchase	$ 23,059,000	$ 0		$ 0
Laravotto and Fiorano
Disclosure of detailed information about business combination [line items]
Property, plant and equipment								$ 120,280,000
Trade receivables								3,685,000
Cash and cash equivalents								8,355,000
Loans and borrowings								(61,065,000)
Trade and other payables								(4,086,000)
Total identifiable net assets acquired								67,169,000
Consideration transferred								$ 33,585,000
Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Property, plant and equipment							$ 1,270,250,000
Cash and cash equivalents							126,288,000
Other tangible assets							345,000
Intangible assets							152,000
Receivables							9,599,000
Current assets							64,829,000
Loans and borrowings							(1,001,478,000)
Onerous contracts provision							(5,303,000)
Current liabilities							(29,160,000)
Total identifiable net assets acquired							435,522,000
Consideration transferred							$ 553,423,452
International Seaways
Disclosure of detailed information about business combination [line items]
Property, plant and equipment						$ 434,000,000
Cash and cash equivalents						0
Other tangible assets						0
Intangible assets						0
Receivables						7,151,000
Current assets						14,629,000
Loans and borrowings						(310,968,000)
Onerous contracts provision						0
Current liabilities						(3,852,000)
Total identifiable net assets acquired						$ 140,960,000
[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.

Business combinations - Goodwi

Business combinations - Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 02, 2016
Disclosure of detailed information about business combination [line items]
Consideration transferred	$ 553,423
Fair value of identifiable net assets	$ (576,482)
Laravotto and Fiorano
Disclosure of detailed information about business combination [line items]
Consideration transferred		$ 33,585
Fair value of pre-existing interests in Larvotto and Fiorano		(18,633)
Fair value of identifiable net assets		(67,169)
Fair value of shareholders' loan liabilities versus Bretta Tanker Holdings, transferred to Euronav		52,217
Goodwill		$ 0

Equity-accounted investees - In

Equity-accounted investees - Interests in Total Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure of Associates and Joint Ventures [Line Items]
TOTAL ASSETS	$ 43,182	$ 30,595	[1]
Joint ventures
Disclosure of Associates and Joint Ventures [Line Items]
TOTAL ASSETS	43,182	30,595		$ 16,867
TOTAL LIABILITIES	0	0
Associates
Disclosure of Associates and Joint Ventures [Line Items]
TOTAL ASSETS	0	0		$ 1,546
TOTAL LIABILITIES	0	0
Associates | Joint ventures
Disclosure of Associates and Joint Ventures [Line Items]
TOTAL ASSETS	43,182	30,595
TOTAL LIABILITIES	$ 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 - Re

Equity-accounted investees - Reconciliation of Changes in Interests in Associates (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 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		43,182	$ 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 (Note 23)		0	(1,559)
Reclassification of associate to joint venture (Note 23)		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		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
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		43,182	$ 30,595	[1]
Joint ventures
Disclosure of joint ventures [line items]
Carrying amount of interest at the beginning of the period		30,595	16,867
Group's share of profit (loss) for the period		16,076	29,932		$ 40,161
Group's share of other comprehensive income		(459)	483		1,224
Carrying amount of interest at the end of the period		43,182	30,595		16,867
Investments in equity accounted investees | Joint ventures
Disclosure of joint ventures [line items]
Gross balance		43,182	27,565		(3,298)	$ (38,095)
Offset investment with shareholders loan		0	3,030		20,165	58,520
Carrying amount of interest at the beginning of the period		30,595	16,867		20,425
Group's share of profit (loss) for the period		16,076	29,933		40,161
Group's share of other comprehensive income		(459)	483		1,224
Group's share on upstream transactions					4,646
Capital increase/(decrease) in joint ventures					(3,737)
Dividends received from joint ventures			(1,250)		(23,478)
Movement shareholders loans to joint ventures		0	0		0
Business combinations					15,981
Carrying amount of interest at the end of the period		43,182	30,595		16,867
Shareholders loans | Joint ventures
Disclosure of joint ventures [line items]
Gross balance		28,666	162,763		203,512	317,749
Offset investment with shareholders loan		0	(3,030)		(20,165)	(58,520)
Carrying amount of interest at the beginning of the period		159,733	183,348		259,229
Group's share of profit (loss) for the period		0	0		0
Group's share of other comprehensive income		0	0		0
Group's share on upstream transactions					0
Capital increase/(decrease) in joint ventures					0
Dividends received from joint ventures			0		0
Movement shareholders loans to joint ventures		(134,097)	(40,750)		(18,499)
Business combinations					(95,738)
Carrying amount of interest at the end of the period		28,666	159,733		183,348
Investments in equity accounted investees | Joint ventures
Disclosure of joint ventures [line items]
Gross balance		0	0		0	0
Offset investment with shareholders loan		0	0		0	0
Carrying amount of interest at the beginning of the period		0	0		0
Group's share of profit (loss) for the period		0	0		0
Group's share of other comprehensive income		0	0		0
Group's share on upstream transactions					0
Capital increase/(decrease) in joint ventures					0
Dividends received from joint ventures			0		0
Movement shareholders loans to joint ventures		0	0		0
Business combinations					0
Carrying amount of interest at the end of the period		0	0		0
Shareholders loans | Joint ventures
Disclosure of joint ventures [line items]
Gross balance		0	0		0	0
Offset investment with shareholders loan		0	0		0	$ 0
Carrying amount of interest at the beginning of the period		0	0		0
Group's share of profit (loss) for the period		0	0		0
Group's share of other comprehensive income		0	0		0
Group's share on upstream transactions					0
Capital increase/(decrease) in joint ventures					0
Dividends received from joint ventures			0		0
Movement shareholders loans to joint ventures		0	0		0
Business combinations					0
Carrying amount of interest at the end of the period		0	0		0
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 (Note 23)		0	(136)
Carrying amount of interest at the end of the period		0	0		$ 1,546
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		$ 43,182	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 (Note 23)			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 (Note 23)			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 (Note 23)			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 (Note 23)			$ 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)

Nov. 23, 2016USD ($)T

Jun. 02, 2016shipjoint_ventureT

May 20, 2016ship

Dec. 31, 2016USD ($)

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Sep. 17, 2018USD ($)

Jun. 29, 2018USD ($)

Apr. 20, 2018USD ($)

Mar. 31, 2018USD ($)

Mar. 29, 2018USD ($)

Disclosure of joint ventures [line items]

Number of joint ventures disposed of | joint_venture

2

Number of joint ventures acquired | joint_venture

2

Outstanding

$ 1,085,562,000

$ 1,708,168,000

$ 848,710,000

$ 1,085,562,000

Number of vessels assumed | ship

2

Commitments in relation to joint ventures

0

$ 0

$ 0

$ 0

Seven Seas Shipping Ltd.

Disclosure of joint ventures [line items]

Ownership percentage in joint venture

50.00%

50.00%

50.00%

50.00%

Joint ventures

Disclosure of joint ventures [line items]

Ownership percentage in joint venture

50.00%

Outstanding

$ 184,513,000

$ 0

Senior Secured Loans

Disclosure of joint ventures [line items]

Notional amount

$ 200,000,000

$ 220,000,000

$ 220,000,000

Outstanding

200,000,000

Senior Secured Loans | TI Asia Ltd And TI Africa Ltd

Disclosure of joint ventures [line items]

Notional amount

220,000,000

Borrowing costs recognised as expense

2,200,000

Outstanding

186,100,000

Term Loan | TI Asia Ltd And TI Africa Ltd

Disclosure of joint ventures [line items]

Notional amount

110,000,000

Revolving Loan | TI Asia Ltd And TI Africa Ltd

Disclosure of joint ventures [line items]

Notional amount

$ 110,000,000

Interest rate swaps

Disclosure of joint ventures [line items]

Notional amount

$ 86,800,000

Interest rate swaps | Joint ventures

Disclosure of joint ventures [line items]

Derivative notional amount

$ 208,800,000

$ 208,800,000

Percent ownership in derivative

50.00%

Vessels

Disclosure of joint ventures [line items]

Number of vessels assumed | ship

2

V.K Eddie | Vessels | Seven Seas Shipping Ltd.

Disclosure of joint ventures [line items]

Percent of gain eliminated

50.00%

50.00%

Vessel, mass | T

305,261

Payments to acquire vessel

$ 39,000,000

Sale price

$ 9,300,000

Captain Michael | Vessels

Disclosure of joint ventures [line items]

Vessel, mass | T

157,648

The Maria | Vessels

Disclosure of joint ventures [line items]

Vessel, mass | T

157,523

Minimum | Interest rate swaps | Joint ventures

Disclosure of joint ventures [line items]

Remaining maturity

3 years

Maximum | Interest rate swaps | Joint ventures

Disclosure of joint ventures [line items]

Remaining maturity

4 years

Equity-accounted investees - Su

Equity-accounted investees - Summarized Financial Information of Joint Ventures (Details) - USD ($) $ in Thousands	Nov. 23, 2016	Jun. 01, 2016	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015
Disclosure of joint ventures [line items]
Non-Current assets			$ 3,606,210	$ 2,530,337	[1]
Non-Current assets of which Vessel			3,522,010	2,336,831		$ 2,470,076		$ 2,382,976
Current Assets			521,141	280,636	[1]
Cash and cash equivalents			173,133	143,648	[1],[2]	206,689	[2]	$ 131,663	[2]
Non-current liabilities			1,579,706	805,872	[1]
Non-Current Liabilities Of which bank loans			1,421,465	653,730
Current liabilities			287,122	158,740	[1]
Net Carrying amount of interest in joint venture			43,182	30,595	[1]
Revenue			600,024	513,368	[3]	684,265	[3]
Income tax expense			238	(1,358)	[3]	(174)	[3]
Profit/(loss) for the period			(110,070)	1,383	[2],[3],[4]	204,049	[2],[3],[4]
Other comprehensive income (100%)			(3,194)	995	[4]	$ 748	[4]
Joint ventures
Disclosure of joint ventures [line items]
Ownership percentage in joint venture						50.00%
Non-Current assets			303,343	359,214		$ 392,116
Non-Current assets of which Vessel			300,058	336,199		372,340
Current Assets			322,080	174,912		89,392
Cash and cash equivalents			6,227	8,608		64,074
Non-current liabilities			204,760	329,514		410,207
Non-Current Liabilities Of which bank loans			137,630	0		0
Current liabilities			334,978	150,083		77,896
Current Liabilities Of which bank loans			111,382	43,000		75,343
Net assets (100%)			85,685	54,530		(6,595)
Group's share of net assets			43,182	27,565		(3,298)
Shareholders loans to joint ventures			28,665	162,762		203,512
Net Carrying amount of interest in joint venture			43,182	30,595		16,867
Remaining shareholders loan to joint venture			28,665	159,732		183,348
Revenue			847,540	119,087		171,855
Depreciations and amortization			(36,213)	(36,142)		(47,548)
Interest Expense			(10,161)	(2,052)		(6,531)
Income tax expense			(3,412)	(2,976)		(432)
Profit/(loss) for the period			32,074	59,865		80,322
Other comprehensive income (100%)			(918)	966		2,448
Group's share of profit (loss) for the period			16,076	29,932		40,161
Group's share of other comprehensive income			$ (459)	$ 483		1,224
Great Hope Enterprises Ltd
Disclosure of joint ventures [line items]
Non-Current assets						0
Non-Current assets of which Vessel						0
Current Assets						0
Cash and cash equivalents						0
Non-current liabilities						0
Non-Current Liabilities Of which bank loans						0
Current liabilities						0
Current Liabilities Of which bank loans						0
Net assets (100%)						0
Group's share of net assets						0
Shareholders loans to joint ventures						0
Net Carrying amount of interest in joint venture						0
Remaining shareholders loan to joint venture						0
Revenue						0
Depreciations and amortization						0
Interest Expense						0
Income tax expense						0
Profit/(loss) for the period						(32)
Other comprehensive income (100%)						0
Group's share of profit (loss) for the period						(16)
Group's share of other comprehensive income						$ 0
Kingswood Co. Ltd
Disclosure of joint ventures [line items]
Ownership percentage in joint venture			50.00%	50.00%		50.00%
Non-Current assets			$ 522	$ 629		$ 946
Non-Current assets of which Vessel			0	0		0
Current Assets			0	0		76
Cash and cash equivalents			0	0		0
Non-current liabilities			0	0		0
Non-Current Liabilities Of which bank loans			0	0		0
Current liabilities			5	111		2
Current Liabilities Of which bank loans			0	0		0
Net assets (100%)			517	518		1,020
Group's share of net assets			258	259		510
Shareholders loans to joint ventures			0	0		0
Net Carrying amount of interest in joint venture			258	259		510
Remaining shareholders loan to joint venture			0	0		0
Revenue			0	0		0
Depreciations and amortization			0	0		0
Interest Expense			0	0		0
Income tax expense			0	0		0
Profit/(loss) for the period			(2)	(2)		12
Other comprehensive income (100%)			0	0		0
Group's share of profit (loss) for the period			(1)	(1)		6
Group's share of other comprehensive income			$ 0	$ 0		$ 0
Seven Seas Shipping Ltd.
Disclosure of joint ventures [line items]
Ownership percentage in joint venture	50.00%		50.00%	50.00%		50.00%
Non-Current assets			$ 0	$ 0		$ 0
Non-Current assets of which Vessel			0	0		0
Current Assets			792	993		3,221
Cash and cash equivalents			696	689		555
Non-current liabilities			522	629		946
Non-Current Liabilities Of which bank loans			0	0		0
Current liabilities			1	91		132
Current Liabilities Of which bank loans			0	0		0
Net assets (100%)			269	273		2,143
Group's share of net assets			134	137		1,072
Shareholders loans to joint ventures			0	0		0
Net Carrying amount of interest in joint venture			134	137		1,072
Remaining shareholders loan to joint venture			0	0		0
Revenue			1	61		13,646
Depreciations and amortization			0	0		(3,344)
Interest Expense			0	0		(3)
Income tax expense			0	0		0
Profit/(loss) for the period			(5)	130		7,469
Other comprehensive income (100%)			0	0		0
Group's share of profit (loss) for the period			(2)	65		3,735
Group's share of other comprehensive income			$ 0	$ 0		$ 0
Fiorano Shipholding Ltd
Disclosure of joint ventures [line items]
Ownership percentage in joint venture						50.00%
Non-Current assets						$ 0
Non-Current assets of which Vessel						0
Current Assets						0
Cash and cash equivalents						0
Non-current liabilities						0
Non-Current Liabilities Of which bank loans						0
Current liabilities						0
Current Liabilities Of which bank loans						0
Net assets (100%)						0
Group's share of net assets						0
Shareholders loans to joint ventures						0
Net Carrying amount of interest in joint venture						0
Remaining shareholders loan to joint venture						0
Revenue						7,182
Depreciations and amortization						(2,047)
Interest Expense						(223)
Income tax expense						0
Profit/(loss) for the period						1,146
Other comprehensive income (100%)						0
Group's share of profit (loss) for the period						573
Group's share of other comprehensive income						$ 0
Fontvieille Shipholding Ltd
Disclosure of joint ventures [line items]
Ownership percentage in joint venture						50.00%
Non-Current assets						$ 0
Non-Current assets of which Vessel						0
Current Assets						0
Cash and cash equivalents						0
Non-current liabilities						0
Non-Current Liabilities Of which bank loans						0
Current liabilities						0
Current Liabilities Of which bank loans						0
Net assets (100%)						0
Group's share of net assets						0
Shareholders loans to joint ventures						0
Net Carrying amount of interest in joint venture						0
Remaining shareholders loan to joint venture						0
Revenue						6,404
Depreciations and amortization						(2,037)
Interest Expense						(377)
Income tax expense						0
Profit/(loss) for the period						500
Other comprehensive income (100%)						0
Group's share of profit (loss) for the period						250
Group's share of other comprehensive income						$ 0
Larvotto Shipholding Ltd
Disclosure of joint ventures [line items]
Ownership percentage in joint venture		50.00%				50.00%
Non-Current assets						$ 0
Non-Current assets of which Vessel						0
Current Assets						0
Cash and cash equivalents						0
Non-current liabilities						0
Non-Current Liabilities Of which bank loans						0
Current liabilities						0
Current Liabilities Of which bank loans						0
Net assets (100%)						0
Group's share of net assets						0
Shareholders loans to joint ventures						0
Net Carrying amount of interest in joint venture						0
Remaining shareholders loan to joint venture						0
Revenue						6,901
Depreciations and amortization						(1,929)
Interest Expense						(288)
Income tax expense						0
Profit/(loss) for the period						1,082
Group's share of profit (loss) for the period						541
Group's share of other comprehensive income						$ 0
Moneghetti Shipholding Ltd
Disclosure of joint ventures [line items]
Ownership percentage in joint venture						50.00%
Non-Current assets						$ 0
Non-Current assets of which Vessel						0
Current Assets						0
Cash and cash equivalents						0
Non-current liabilities						0
Non-Current Liabilities Of which bank loans						0
Current liabilities						0
Current Liabilities Of which bank loans						0
Net assets (100%)						0
Group's share of net assets						0
Shareholders loans to joint ventures						0
Net Carrying amount of interest in joint venture						0
Remaining shareholders loan to joint venture						0
Revenue						7,471
Depreciations and amortization						(2,049)
Interest Expense						(537)
Income tax expense						0
Profit/(loss) for the period						1,270
Other comprehensive income (100%)						0
Group's share of profit (loss) for the period						635
Group's share of other comprehensive income						$ 0
TI Africa Ltd
Disclosure of joint ventures [line items]
Ownership percentage in joint venture			50.00%	50.00%		50.00%
Non-Current assets			$ 154,553	$ 182,298		$ 198,826
Non-Current assets of which Vessel			153,404	171,612		189,821
Current Assets			9,119	12,639		38,206
Cash and cash equivalents			484	4,062		26,928
Non-current liabilities			130,068	200,231		276,498
Non-Current Liabilities Of which bank loans			70,080	0		0
Current liabilities			24,400	766		863
Current Liabilities Of which bank loans			23,867	0		0
Net assets (100%)			9,205	(6,060)		(40,329)
Group's share of net assets			4,603	(3,030)		(20,165)
Shareholders loans to joint ventures			28,665	100,115		137,615
Net Carrying amount of interest in joint venture			4,603	0		0
Remaining shareholders loan to joint venture			28,665	97,085		117,451
Revenue			49,129	61,015		65,188
Depreciations and amortization			(18,209)	(18,209)		(18,209)
Interest Expense			(3,857)	(90)		(400)
Income tax expense			(1,585)	383		(326)
Profit/(loss) for the period			15,742	34,269		36,515
Other comprehensive income (100%)			(477)	0		0
Group's share of profit (loss) for the period			7,871	17,135		18,257
Group's share of other comprehensive income			$ (239)	$ 0		$ 0
TI Asia Ltd
Disclosure of joint ventures [line items]
Ownership percentage in joint venture			50.00%	50.00%		50.00%
Non-Current assets			$ 147,962	$ 175,826		$ 192,344
Non-Current assets of which Vessel			146,654	164,587		182,519
Current Assets			22,450	10,521		47,889
Cash and cash equivalents			2,561	1,968		36,591
Non-current liabilities			74,171	128,653		132,763
Non-Current Liabilities Of which bank loans			67,551	0		0
Current liabilities			23,699	687		76,899
Current Liabilities Of which bank loans			23,015	0		75,343
Net assets (100%)			72,543	57,007		30,571
Group's share of net assets			36,271	28,503		15,285
Shareholders loans to joint ventures			0	62,647		65,897
Net Carrying amount of interest in joint venture			36,271	28,503		15,285
Remaining shareholders loan to joint venture			0	62,647		65,897
Revenue			49,180	58,011		65,063
Depreciations and amortization			(17,933)	(17,933)		(17,933)
Interest Expense			(3,733)	(1,961)		(4,703)
Income tax expense			(1,611)	(3,359)		(106)
Profit/(loss) for the period			15,977	25,467		32,359
Other comprehensive income (100%)			(441)	966		2,448
Group's share of profit (loss) for the period			7,989	12,734		16,180
Group's share of other comprehensive income			$ (220)	$ 483		$ 1,224
Tankers Agencies (UK) Ltd
Disclosure of joint ventures [line items]
Ownership percentage in joint venture			50.00%	50.00%
Non-Current assets			$ 306	$ 363
Non-Current assets of which Vessel			0	0
Current Assets			289,431	149,650
Cash and cash equivalents			2,487	1,889
Non-current liabilities			0	0
Non-Current Liabilities Of which bank loans			0	0
Current liabilities			286,825	147,453
Current Liabilities Of which bank loans			64,500	43,000
Net assets (100%)			2,912	2,560
Group's share of net assets			1,774	1,559
Shareholders loans to joint ventures			0	0
Net Carrying amount of interest in joint venture			1,774	1,559
Remaining shareholders loan to joint venture			0	0
Revenue			749,229	0
Depreciations and amortization			(71)	0
Interest Expense			(2,571)	0
Income tax expense			(216)	0
Profit/(loss) for the period			352	0
Other comprehensive income (100%)			0	0
Group's share of profit (loss) for the period			214	0
Group's share of other comprehensive income			$ 0	$ 0
Tankers International LLC
Disclosure of joint ventures [line items]
Ownership percentage in joint venture			50.00%	50.00%
Non-Current assets			$ 0	$ 98
Non-Current assets of which Vessel			0	0
Current Assets			288	1,108
Cash and cash equivalents			0	0
Non-current liabilities			0	0
Non-Current Liabilities Of which bank loans			0	0
Current liabilities			48	975
Current Liabilities Of which bank loans			0	0
Net assets (100%)			240	232
Group's share of net assets			141	136
Shareholders loans to joint ventures			0	0
Net Carrying amount of interest in joint venture			141	136
Remaining shareholders loan to joint venture			0	0
Revenue			0	0
Depreciations and amortization			0	0
Interest Expense			0	0
Income tax expense			0	0
Profit/(loss) for the period			10	0
Other comprehensive income (100%)			0	0
Group's share of profit (loss) for the period			6	0
Group's share of other comprehensive income			$ 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.
[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.

Equity-accounted investees - Sh

Equity-accounted investees - Shareholder Loans (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of joint ventures [line items]
Outstanding	$ 1,708,168,000	$ 848,710,000	$ 1,085,562,000
Joint ventures
Disclosure of joint ventures [line items]
Facility size	186,067,000	0
Outstanding	184,513,000	0
Carrying value | Joint ventures
Disclosure of joint ventures [line items]
Outstanding	186,067,000	0
TI Asia Ltd Revolving Loan | TI Asia Ltd
Disclosure of joint ventures [line items]
Notional amount	54,000,000
Facility size	45,671,000	0
Outstanding	45,283,000	0
TI Asia Ltd Revolving Loan | Carrying value | TI Asia Ltd
Disclosure of joint ventures [line items]
Outstanding	$ 45,671,000	0
TI Asia Ltd Revolving Loan | LIBOR | TI Asia Ltd
Disclosure of joint ventures [line items]
Borrowings, adjustment to interest rate basis	2.00%
TI Asia Ltd Loan | TI Asia Ltd
Disclosure of joint ventures [line items]
Notional amount	$ 54,000,000
Facility size	45,671,000	0
Outstanding	45,283,000	0
TI Asia Ltd Loan | Carrying value | TI Asia Ltd
Disclosure of joint ventures [line items]
Outstanding	$ 45,671,000	0
TI Asia Ltd Loan | LIBOR | TI Asia Ltd
Disclosure of joint ventures [line items]
Borrowings, adjustment to interest rate basis	2.00%
TI Africa Ltd Revolving Loan | TI Africa Ltd
Disclosure of joint ventures [line items]
Notional amount	$ 56,000,000
Facility size	47,362,000	0
Outstanding	46,974,000	0
TI Africa Ltd Revolving Loan | Carrying value | TI Africa Ltd
Disclosure of joint ventures [line items]
Outstanding	$ 47,362,000	0
TI Africa Ltd Revolving Loan | LIBOR | TI Africa Ltd
Disclosure of joint ventures [line items]
Borrowings, adjustment to interest rate basis	2.00%
TI Africa Ltd Loan | TI Africa Ltd
Disclosure of joint ventures [line items]
Notional amount	$ 56,000,000
Facility size	47,362,000	0
Outstanding	46,974,000	0
TI Africa Ltd Loan | Carrying value | TI Africa Ltd
Disclosure of joint ventures [line items]
Outstanding	$ 47,362,000	$ 0
TI Africa Ltd Loan | LIBOR | TI Africa Ltd
Disclosure of joint ventures [line items]
Borrowings, adjustment to interest rate basis	2.00%

Equity-accounted investees - Ca

Equity-accounted investees - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015	[2]
Disclosure of joint ventures [line items]
Cash and cash equivalents	$ 173,133	$ 143,648	[1],[2]	$ 206,689	[2]	$ 131,663
Joint ventures
Disclosure of joint ventures [line items]
Cash and cash equivalents	6,227	8,608		$ 64,074
Group's share of cash and cash equivalents	3,385	4,304
Group's share of restricted cash	$ 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.
[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.

Major exchange rates (Details)

Major exchange rates (Details)	12 Months Ended
	Dec. 31, 2018€ / $	Dec. 31, 2018€ / $£ / $	Dec. 31, 2017€ / $	Dec. 31, 2017€ / $£ / $	Dec. 31, 2016€ / $	Dec. 31, 2016€ / $£ / $	Dec. 31, 2018£ / $	Dec. 31, 2017£ / $	Dec. 31, 2016£ / $
Effects Of Changes In Foreign Exchange Rates [Abstract]
closing rates	1.1450	1.1450	1.1993	1.1993	1.0541	1.0541	1.2800	1.3517	1.2312
average rates	1.1838	1.3374	1.1249	1.2880	1.1061	1.3662

Subsequent events (Details)

Subsequent events (Details) $ in Thousands	Feb. 11, 2019USD ($)T	Oct. 31, 2018USD ($)T	Mar. 19, 2019	Mar. 18, 2019shares	Dec. 31, 2018shares
Disclosure of non-adjusting events after reporting period [line items]
Treasury stock (in shares) | shares					1,237,901
Treasury shares as percent of shares outstanding					0.56%
Major ordinary share transactions
Disclosure of non-adjusting events after reporting period [line items]
Treasury stock (in shares) | shares				3,370,544
Treasury shares as percent of shares outstanding			1.53%
Felicity
Disclosure of non-adjusting events after reporting period [line items]
Sale price		$ 42,000
Felicity | Vessels
Disclosure of non-adjusting events after reporting period [line items]
Vessel, mass | T		157,667
LR1 Genmar Compatriot | Other disposals of assets
Disclosure of non-adjusting events after reporting period [line items]
Sale price	$ 6,750
Gains on sale of vessel	$ 400
LR1 Genmar Compatriot | Vessels | Other disposals of assets
Disclosure of non-adjusting events after reporting period [line items]
Vessel, mass | T	72,768

Uncategorized Items - eurn-2018

Label	Element	Value
Increase (Decrease) Due To Application Of IFRS 9 [Member]
Equity	ifrs-full_Equity	$ (16,000)
Fiorano Shipholding Ltd [Member]
Proportion of ownership interest in subsidiary	ifrs-full_ProportionOfOwnershipInterestInSubsidiary	50.00%
Treasury shares [member]
Equity	ifrs-full_Equity	$ (16,102,000)	[1]
Share premium [member]
Equity	ifrs-full_Equity	1,215,227,000	[1]
Reserve of exchange differences on translation [member]
Equity	ifrs-full_Equity	568,000	[1]
Retained earnings [member]
Equity	ifrs-full_Equity	471,877,000	[1]
Retained earnings [member] | Increase (Decrease) Due To Application Of IFRS 9 [Member]
Equity	ifrs-full_Equity	(16,000)
Retained earnings [member] | Increase (decrease) due to application of IFRS 15 [member]
Equity	ifrs-full_Equity	(1,729,000)
Reserve of cash flow hedges [member]
Equity	ifrs-full_Equity	0	[1]
Issued capital [member]
Equity	ifrs-full_Equity	$ 173,046,000	[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 but the opening balance of 2018 has been adjusted following the application of IFRS 15 on Revenue Recognition.