Euronav (CMBT) 20-F29 Apr 202019 FY Annual report (foreign)Financial data

Company Profile

Document and Entity Information

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2019shares
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, 2019
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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	2019
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 ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	[1]
Non-current assets
Vessels (Note 8)	$ 3,177,262	$ 3,520,067
Right-of-use assets (Note 8)	58,908	0
Other tangible assets (Note 8)	2,265	1,943
Intangible assets	39	105
Receivables (Note 10)	71,083	38,658
Investments in equity accounted investees (Note 26)	50,322	43,182
Deferred tax assets (Note 9)	2,715	2,255
Total non-current assets	3,362,594	3,606,210
Current assets
Bunker inventory (Note 11)	183,382	22,261
Non-current assets held for sale (Note 3)	12,705	42,000
Trade and other receivables (Note 12)	308,987	283,465
Current tax assets	221	282
Cash and cash equivalents (Note 13)	296,954	173,133	[2]
Total current assets	802,249	521,141
TOTAL ASSETS	4,164,843	4,127,351
Equity
Share capital (Note 14)	239,148	239,148
Share premium (Note 14)	1,702,549	1,702,549
Translation reserve	299	411
Hedging reserve (Note 14)	(4,583)	(2,698)
Treasury shares (Note 14)	(45,616)	(14,651)
Retained earnings	420,058	335,764
Equity attributable to owners of the Company	2,311,855	2,260,523
Non-current liabilities
Bank loans (Note 16)	1,173,944	1,421,465
Other notes (Note 16)	198,571	148,166
Other borrowings (Note 16)	107,978	0
Lease liabilities (Note 16)	43,161	0
Other payables (Note 18)	3,809	1,451
Employee benefits (Note 17)	8,094	4,336
Provisions (Note 21)	1,381	4,288
Total non-current liabilities	1,536,938	1,579,706
Current liabilities
Trade and other payables (Note 18)	94,408	87,225
Current tax liabilities	49	41
Bank loans (Note 16)	49,507	138,537
Other borrowings (Note 16)	139,235	60,342
Lease liabilities (Note 16)	32,463	0
Provisions (Note 21)	388	977
Total current liabilities	316,050	287,122
TOTAL EQUITY and LIABILITIES	$ 4,164,843	$ 4,127,351

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.
[2]	.

Consolidated Statement of Profi

Consolidated Statement of Profit or Loss - USD ($)	Jan. 01, 2019	Jan. 01, 2018	Jan. 01, 2017	Dec. 31, 2019	Dec. 31, 2018	[1]	Dec. 31, 2017	[1]
Shipping income
Revenue (Note 4)				$ 932,377,000	$ 600,024,000		$ 513,368,000
Gains on disposal of vessels/other tangible assets (Note 8)				14,879,000	19,138,000		36,538,000
Other operating income (Note 4)				10,094,000	4,775,000		4,902,000
Total shipping income				957,350,000	623,937,000		554,808,000
Operating expenses
Voyage expenses and commissions (Note 5)				(144,681,000)	(141,416,000)		(62,035,000)
Vessel operating expenses (Note 5)				(211,795,000)	(185,792,000)		(150,427,000)
Charter hire expenses				(604,000)	(31,114,000)		(31,173,000)
Losses on disposal of vessels/other tangible assets				(75,000)	(273,000)		(21,027,000)
Impairment on non-current assets held for sale (Note 3)				0	(2,995,000)		0
Depreciation tangible assets (Note 8)				(337,646,000)	(270,582,000)		(229,777,000)
Depreciation intangible assets				(56,000)	(111,000)		(95,000)
General and administrative expenses (Note 5)				(66,890,000)	(66,232,000)		(46,868,000)
Total operating expenses				(761,747,000)	(698,515,000)		(541,402,000)
RESULT FROM OPERATING ACTIVITIES				195,603,000	(74,578,000)		13,406,000
Finance income				20,572,000	15,023,000		7,266,000
Finance expenses (Note 6)				(119,803,000)	(89,412,000)		(50,729,000)
Net finance expenses				(99,231,000)	(74,389,000)		(43,463,000)
Gain on bargain purchase (Note 24)				0	23,059,000	[2]	0	[2]
Share of profit (loss) of equity accounted investees (net of income tax) (Note 25)				16,460,000	16,076,000		30,082,000
PROFIT (LOSS) BEFORE INCOME TAX				112,832,000	(109,832,000)		25,000
Income tax benefit (expense) (Note 7)				(602,000)	(238,000)		1,358,000
PROFIT (LOSS) FOR THE PERIOD				112,230,000	(110,070,000)	[2],[3]	1,383,000	[2],[3]
Attributable to:
Owners of the company				$ 112,230,267	$ (110,069,928)		$ 1,382,530
Basic earnings per share (Note 14) (in dollars per share)				$ 0.52	$ (0.57)		$ 0.01
Diluted earnings per share (Note 14) (in dollars per share)				$ 0.52	$ (0.57)		$ 0.01
Weighted average number of shares (basic) (Note 14) (in shares)	218,786,812	158,166,534	158,166,534	216,029,170.7	191,994,398.17		158,166,534
Weighted average number of shares (diluted) (Note 14) (in shares)				216,029,171	191,994,398		158,297,057

[1]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. 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]	.
[3]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	[1]	Dec. 31, 2017	[1]
Statement of comprehensive income [abstract]
Profit/(loss) for the period	$ 112,230	$ (110,070)	[2],[3]	$ 1,383	[2],[3]
Items that will never be reclassified to profit or loss:
Remeasurements of the defined benefit liability (asset) (Note 17)	(1,223)	120		64
Items that are or may be reclassified to profit or loss:
Foreign currency translation differences (Note 6)	(112)	(157)		448
Cash flow hedges - effective portion of changes in fair value (Note 14)	(1,885)	(2,698)		0
Equity-accounted investees - share of other comprehensive income (Note 26)	(720)	(459)		483
Other comprehensive income (expense), net of tax	(3,940)	(3,194)		995
Total comprehensive income (expense) for the period	108,290	(113,264)		2,378
Attributable to:
Owners of the company	$ 108,290	$ (113,264)		$ 2,378

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.
[2]	.
[3]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. 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
Adjusted balance		$ 1,887,956		$ 173,046	$ 1,215,227	$ 120	$ 0	$ (16,102)	$ 515,665
Beginning balance at Dec. 31, 2016		1,887,956		173,046	1,215,227	120	0	(16,102)	515,665
Adjusted balance \| Previously stated		1,846,361		173,046	1,215,227	568	0	(16,102)	473,622
Adjusted balance		1,846,361		173,046	1,215,227	568	0	(16,102)	473,622
Profit (loss) for the period		1,383	[1],[2],[3]						1,383
Total other comprehensive income		995	[1]			448	0		547
Total comprehensive income (expense) for the period		2,378	[1]			448			1,930
Transactions with owners of the company
Dividends to equity holders		(44,286)							(44,286)
Equity-settled share-based payment (Note 23)		313							313
Total transactions with owners		(43,973)						0	(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		173,046	1,215,227	568	0	(16,102)	473,622
Adjusted balance \| Previously stated		1,846,361		173,046	1,215,227	568	0	(16,102)	473,622
Adjusted balance		1,846,361		173,046	1,215,227	568	0	(16,102)	473,622
Adjusted balance \| Previously stated	[4]	2,260,523		239,148	1,702,549	411	(2,698)	(14,651)	335,764
Adjusted balance		2,260,523	[5]	239,148	1,702,549	411	(2,698)	(14,651)	335,764
Profit (loss) for the period		(110,070)	[1],[2],[3]						(110,070)
Total other comprehensive income		(3,194)	[1]			(157)	(2,698)		(339)
Total comprehensive income (expense) for the period		(113,264)	[1]			(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 23)		37							37
Total transactions with owners		529,171		66,102	487,322			1,451	(25,704)
Ending balance (Previously stated) at Dec. 31, 2018	[4]	2,260,523		239,148	1,702,549	411	(2,698)	(14,651)	335,764
Ending balance at Dec. 31, 2018		2,260,523	[5]	239,148	1,702,549	411	(2,698)	(14,651)	335,764
Adjusted balance \| Previously stated	[4]	2,260,523		239,148	1,702,549	411	(2,698)	(14,651)	335,764
Adjusted balance		2,260,523	[5]	239,148	1,702,549	411	(2,698)	(14,651)	335,764
Adjusted balance \| Previously stated	[4]	2,260,523		239,148	1,702,549	411	(2,698)	(14,651)	335,764
Adjusted balance		2,311,855		239,148	1,702,549	299	(4,583)	(45,616)	420,058
Profit (loss) for the period		112,230							112,230
Total other comprehensive income		(3,940)				(112)	(1,885)		(1,943)
Total comprehensive income (expense) for the period		108,290				(112)	(1,885)		110,287
Transactions with owners of the company
Dividends to equity holders		(25,993)							(25,993)
Treasury shares acquired (Note 13)		(30,965)						(30,965)
Total transactions with owners		(56,958)		0	0			(30,965)	(25,993)
Ending balance at Dec. 31, 2019		2,311,855		239,148	1,702,549	299	(4,583)	(45,616)	420,058
Adjusted balance		$ 2,311,855		$ 239,148	$ 1,702,549	$ 299	$ (4,583)	$ (45,616)	$ 420,058

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.
[2]	.
[3]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. 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 initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.
[5]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Cash flows from (used in) operating activities [abstract]
Profit/(loss) for the period		$ 112,230		$ (110,070)	[1],[2],[3]	$ 1,383	[1],[2],[3]
Adjustments for:		405,823		289,311	[2]	225,527	[2]
Depreciation of tangible assets (Note 8)		337,646		270,582	[2]	229,777	[2]
Depreciation of intangible assets		56		111	[2]	95	[2]
Impairment on non-current assets held for sale (Note 3)		0		2,995	[2]	0	[2]
Provisions		(448)		(42)	[2]	(160)	[2]
Income tax (benefits)/expenses (Note 7)		602		239	[2]	(1,358)	[2]
Share of profit of equity-accounted investees, net of tax (Note 26)		(16,460)		(16,076)	[2]	(30,082)	[2]
Net finance expenses (Note 6)		99,231		74,389	[2]	43,463	[2]
(Gain)/loss on disposal of assets (Note 8)		(14,804)		(18,865)	[2]	(15,511)	[2]
Equity-settled share-based payment transactions (Note 5)		0		37	[2]	313	[2]
Amortization of deferred capital gain		0		(1,000)	[2]	(1,010)	[2]
Gain on bargain purchase (Note 25)		0		(23,059)	[2],[3]	0	[2],[3]
Changes in working capital requirements		(165,419)		(114,533)	[2]	22,083	[2]
Change in cash guarantees		(34)		33	[2]	(52)	[2]
Change in inventory (Note 11)		(161,121)		(22,261)	[2]	0	[2]
Change in receivables from contracts with customers (Note 12)		(41,001)		(23,589)	[2]	5,938	[2]
Change in accrued income (Note 12)		(3,051)		(6,393)	[2]	(1,499)	[2]
Change in deferred charges (Note 12)		(2,078)		18,848	[2]	(3,648)	[2]
Change in other receivables (Note 10-12)		22,393		(77,876)	[2]	28,773	[2]
Change in trade payables (Note 18)		6,471		(8,181)	[2]	1,165	[2]
Change in accrued payroll (Note 18)		(2,282)		(11,000)	[2]	1,014	[2]
Change in accrued expenses (Note 18)		3,473		18,839	[2]	(6,727)	[2]
Change in deferred income (Note 18)		10,028		(2,265)	[2]	(3,726)	[2]
Change in other payables (Note 18)		(806)		(1,304)	[2]	18	[2]
Change in provisions for employee benefits (Note 17)		2,589		616	[2]	827	[2]
Income taxes paid during the period		(993)		(67)	[2]	11	[2]
Interest paid (Note 6-19)		(98,852)		(67,209)	[2]	(39,595)	[2]
Interest received (Note 6-12)		6,602		3,409	[2]	636	[2]
Dividends received from equity-accounted investees (Note 26)		12,600		0	[2]	1,250	[2]
Net cash from (used in) operating activities		271,991		841	[2]	211,295	[2]
Cash flows from (used in) investing activities [abstract]
Acquisition of vessels (Note 8)		(7,024)		(237,476)	[2]	(176,687)	[2]
Proceeds from the sale of vessels (Note 8)		86,235		26,762	[2]	96,880	[2]
Acquisition of other tangible assets and prepayments (Note 8)		(1,015)		(588)	[2]	(1,203)	[2]
Acquisition of intangible assets		(14)		(1)	[2]	(11)	[2]
Proceeds from the sale of other (in)tangible assets		30		0	[2]	29	[2]
Loans from (to) related parties (Note 26)		(31,713)		134,097	[2]	40,750	[2]
Acquisition of subsidiaries or from business combinations, net of cash acquired (Note 25)		0		(126,288)	[2]	0	[2]
Purchase of shares in equity-accounted investees		(4,000)		0	[2]	0	[2]
Proceeds from sale of subsidiaries (Note 25)		0		140,960	[2]	0	[2]
Lease payments received from finance leases		1,251		0	[2]	0	[2]
Net cash from (used in) investing activities		43,750		190,042	[2]	(40,242)	[2]
Cash flows from (used in) financing activities [abstract]
(Purchase of) Proceeds from sale of treasury shares (Note 14)		(30,965)		(1,661)	[2]	0	[2]
Proceeds from new borrowings (Note 16)		1,099,701		983,882	[2]	526,024	[2]
Proceeds from sale and leaseback (Note 16)		124,425		0	[2]	0	[2]
Repayment of borrowings (Note 16)		(1,318,398)		(1,115,894)	[2]	(710,993)	[2]
Repayment of lease liabilities (Note 16)		30,214		0	[2]	0	[2]
Transaction costs related to issue of loans and borrowings (Note 16)		(9,721)		(3,849)	[2]	(5,874)	[2]
Dividends paid (Note 14)		(26,015)		(22,643)	[2]	(44,133)	[2]
Net cash from (used in) financing activities		(191,187)		(160,165)	[2]	(234,976)	[2]
Net increase (decrease) in cash and cash equivalents		124,554		30,718	[2]	(63,923)	[2]
Net cash and cash equivalents at the beginning of the period (Note 13)	[2]	173,133	[4]	143,648		206,689
Effect of changes in exchange rates		(733)		(1,233)	[2]	882	[2]
Net cash and cash equivalents at the end of the period (Note 13)		296,954		173,133	[2],[4]	143,648	[2]
Net cash and cash equivalents at the end of the period (Note 12) of which restricted cash		$ 0		$ 79	[2]	$ 115	[2]

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.
[2]	.
[3]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. 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 initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

Significant accounting policies

Significant accounting policies	12 Months Ended
Significant accounting policies	Dec. 31, 2019
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, or CMB, formed in 1895, Compagnie Nationale de Navigation SA, or 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 merged in 2018 with Gener8 Maritime, Inc, which became a wholly-owned subsidiary of Euronav NV. Through the merger Euronav NV has an operating fleet of more than 70 tankers and is a leading independent large crude tanker operator in the world. 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 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 third-party 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 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 accounting 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 16 Leases has been applied. Changes in significant accounting policies are described in policy 6. 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 29, 2020. 3. 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 less cost of disposal if it is lower than their carrying amount 4. 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. 5. Use of estimates and judgments The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of the Group's accounting policies and the 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 judgments 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. A. Judgments Information about judgments made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statement is included in the following notes: • Note 8 – Impairment; • Note 25 - Business Combination and • Note 20 - Lease term: whether the Group is reasonably certain to exercise renewal, termination, purchase options. B. Assumptions and estimation uncertainties Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amounts in the next financial years is included in the following notes: • Note 8 – Impairment test: key assumptions underlying the recoverable amount; • Note 9 - Measurement of deferred tax assets: availability of future taxable profit against which deductible temporary differences and tax losses carried forward can be utilized and • Note 20 - Leases: key assumptions underlying the lease liability and right-of-use asset, e.g. lease term, lease payments and estimate on residual value guarantee. 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 the following notes: • Note 3 - Assets and liabilities held for sale and discontinued operations; • Note 19 - Financial instruments and • Note 23 - Share-based payment arrangements 6. Changes in accounting policies The Group initially applied IFRS 16 Leases from 1 January 2019. A number of other new standards are also effective from 1 January 2019 but they do not have a material effect on the consolidated financial statements. – Annual Improvements to IFRS Standards 2015-2017 Cycle – Amendments to IAS 19: Plan Amendment, Curtailment of Settlement – IFRIC 23 Uncertainty over Income Tax Treatments – Amendments to IFRS 9: Prepayment Features with Negative Compensation – Amendments to IAS 28: Long-term Interests in Associates and Joint Ventures The Group applied IFRS 16 using the modified retrospective approach, under which the cumulative effect of initial application is recognized in retained earnings at 1 January 2019. Accordingly, the comparative information presented for 2018 is not restated - i.e. it is presented, as previously reported, under IAS 17 and related interpretations. The details of the changes in accounting policies are disclosed below. Additionally, the disclosure requirements in IFRS 16 have not been applied to comparative information. The Group 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 was adjusted following the application of IFRS 15 on Revenue Recognition and IFRS 9 on Financial Instruments. A. Definition of a lease Previously, the Group determined at contract inception whether an arrangement was or contained a lease under IFRIC 4 Determining whether an Arrangement contains a Lease. The Group now assesses whether a contract is or contains a lease based on the definition of a lease. Under IFRS 16, a contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. On transition to IFRS 16, the Group elected to apply the practical expedient to grandfather the assessment of which transactions are leases. The Group applied IFRS 16 only to contracts that were previously identified as leases. Contracts that were not identified as leases under IAS 17 and IFRIC 4 were not reassessed for whether there is a lease under IFRS 16. Therefore, the definition of a lease under IFRS 16 was applied only to contracts entered into or changed on or after 1 January 2019. B. As a lessee As a lessee, the Group leases primary vessels under bare boat charters, office rental and company cars. The Group previously classified these leases as operating leases (not as finance lease) under IAS 17 based on its assessment of whether the lease transferred significantly all of the risks and rewards incidental to ownership of the underlying asset to the Group. Under IFRS 16, the Group recognizes right-of-use assets, representing its right to use the underlying assets, and lease liabilities, representing its obligation to make lease payments, for most of these leases - i.e. these leases are on-balance sheet. At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone price. Previously, the Group classified these leases as operating leases under IAS17. On transition, for these leases, lease liabilities were measured at the present value of the remaining lease payments, discounted at the Group's incremental borrowing rate (see policy 5D). Right-of-use assets were measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments. The Group tested its right-of-use assets for impairment on the date of transition. The onerous contract practical expedient was applied at transition date. On transition to IFRS 16, the Group elected to apply practical expedients. In particular, the Group did not recognize right-of-use assets and liabilities for leases for which the lease term ends within 12 months of the date of initial application and did not recognize right-of-use assets and liabilities for leases of low value assets (e.g. IT equipment). Accordingly, those lease payments were recognized as an expense and there was no impact on transition. The practical expedients regarding hindsight, discount rate, and no initial direct costs were not used. Lease and non-lease components in the contracts are separated. C. 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. Furthermore 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 floating time charter agreements under which vessels are employed by the TI Pool no longer meets the definition of a lease under IFRS 16 and accordingly are accounted for under IFRS 15 Revenue from Contracts with Customers since January 1, 2019. This did 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 required 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. This did not have a material impact for the Group. The Group sub-leases some of its properties. Under IAS 17, the head lease and sub-lease contracts were classified as operating leases. The Group assessed the classification of the sub-lease contracts with reference to the right-of-use asset rather than the underlying asset, and concluded that they are finance leases under IFRS 16. For the sub-lease contracts that qualify as finance lease, the right of use asset related to the head lease was derecognized and a lease receivable relating to the sublease was recognized. The lease liability from the head lease continued to be recognized. Generally, the accounting policies applicable to the Group as a lessor in the comparative period were not different from IFRS 16 except for the classification of the sub-lease that resulted in a finance lease classification. D. Impact on financial statements On transition to IFRS 16, the Group, as a lessee, recognized additional right-of-use assets and additional lease liabilities, recognizing the difference in retained earnings at January 1, 2019. The impact on transition is summarized below. (in million of USD) January 1, 2019 Retained earnings — Right-of-use assets 87.6 Lease receivables 11.4 Lease liabilities 105.3 The right-of-use assets were reduced by $ 11.4 million which represents the lease receivables related to the subleases that qualify as finance lease under IFRS 16, by $ 3 million related to a deferred gain on a previous sale-and-leaseback transaction and by $ 3.2 million related to onerous lease contracts. The adoption of IFRS 16 did no t have an impact on retained earnings as of January 1, 2019. For the impact of IFRS 16 on profit or loss for the period, see Note 20. For the impact of IFRS 16 on segment information, see Note 2. For the details of accounting policies under IFRS 16 and IAS17, see accounting policy 19. When measuring lease liabilities for leases as a lessee that were classified as operating leases, the Group discounted lease payments using its incremental borrowing rate at 1 January 2019. The weighted-average rate applied is 6% and was determined by country and by term of the leases and take into account the Company‘s credit profile. (in thousands of USD) January 1, 2019 Operating lease commitments at 31 December 2018 as disclosed under IAS 17 120,304 - Recognition exemption for leases with less than 12 months of lease term at transition (40 ) - Separation of non-lease component (761 ) Lease liabilities, not discounted 119,503 Discount effect (14,235 ) Lease liabilities recognized at January 1, 2019 105,268 As a result of initially applying IFRS 16, in relation to the leases that were previously classified as operating leases, the Group recognized $ 58.9 million of right-of-use assets and $ 75.6 million of lease liabilities as at December 31, 2019. Also in relation to those leases under IFRS 16, the Group has recognized $( 29.3 ) million depreciation charges and $( 4.8 ) million interest expenses, instead of operating (lease) expenses. 7. Basis of Consolidation 7.1. 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 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. 7.2. 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. 7.3. 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. 7.4. 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 Fair Value through Other Comprehensive Income ("FVOCI") or Fair Value through Profit or Loss ("FVTPL") financial asset depending on the level of influence retained. 7.5. 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. 7.6. 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. 8. Foreign currency 8.1. 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. 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 on translation are generally recognized in profit or loss. However, foreign currency differences arising from the translation of the following items are recognized in OCI: • a financial liability designated 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. 8.2. 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. 9. Financial Instruments Recognition and initial measurement Trade receivables, debt securities issued and subordinated liabilities are initially recognized when they are originated. All other financial assets and financial liabilities (including liabilities designated as at FVTPL) are initially recognized on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component which 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 or issue. Financial liabilities are recognized initially at fair value less any directly attributable transaction costs. 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. Financial assets and liabilities are offset and the net amount is 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. 9.1. Financial assets Classification and subsequent measurement On initial recognition, a financial asset is classified as measured at: amortized cost; FVOCI - debt investment; FVOCI - equity instrument; or 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. 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. Assessment whether contractual cash flows are solely payments of principal and interest 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. 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. Derecognition 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 or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases the transferred assets are not derecognized. Any interest in such transferred financial assets that is created or retained by the Group is recognized as a separate asset or liability. 9.2. Financial liabilities Classification a

Segment reporting

Segment reporting	12 Months Ended
Segment reporting	Dec. 31, 2019
Operating Segments [Abstract]
Segment reporting	Segment reporting The Group distinguishes two operating segments: the operation of crude oil tankers on the international markets (Tankers) and the floating production, storage and offloading operations (FSO/FPSO). These two divisions operate in completely different markets, where in the latter the assets are tailor made or converted for specific long term projects. The tanker market requires a different marketing strategy as this is considered a very volatile market, contract duration is often less than two years and the assets are to a 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 2019 ( 2018 : one client which represented 7% and in 2017 one client which represented 10% ). All the other clients represent less than 7% of total revenues of the Tankers segment. The Group has one client in the FSO segment. The Group's internal organizational and management structure does not distinguish any geographical segments. Consolidated statement of financial position (in thousands of USD) December 31, 2019 December 31, 2018 ASSETS Tankers * FSO * Less: Equity-accounted investees * Total Tankers FSO Less: Equity-accounted investees Total Vessels 3,198,993 131,958 (153,689 ) 3,177,262 3,520,067 150,029 (150,029 ) 3,520,067 Right-of-use assets 58,908 — — 58,908 — — — — Other tangible assets 2,265 — — 2,265 1,943 — — 1,943 Intangible assets 39 — — 39 105 — — 105 Receivables 52,502 — 18,581 71,083 38,658 — — 38,658 Investments in equity accounted investees 2,355 — 47,967 50,322 1,915 — 41,267 43,182 Deferred tax assets 2,715 1,116 (1,116 ) 2,715 2,255 1,229 (1,229 ) 2,255 Total non-current assets 3,317,777 133,074 (88,257 ) 3,362,594 3,564,943 151,258 (109,991 ) 3,606,210 Total current assets 805,613 10,405 (13,769 ) 802,249 521,536 15,784 (16,179 ) 521,141 TOTAL ASSETS 4,123,390 143,479 (102,026 ) 4,164,843 4,086,479 167,042 (126,170 ) 4,127,351 EQUITY and LIABILITIES Total equity 2,268,490 43,365 — 2,311,855 2,219,648 40,874 1 2,260,523 Bank and other loans 1,173,944 67,962 (67,962 ) 1,173,944 1,421,465 97,480 (97,480 ) 1,421,465 Other notes 198,571 — — 198,571 148,166 — — 148,166 Other borrowings 107,978 — — 107,978 — — — — Lease liabilities 43,161 — — 43,161 — — — — Other payables 3,809 539 (539 ) 3,809 1,451 355 (355 ) 1,451 Deferred tax liabilities — 4,769 (4,769 ) — — 4,283 (4,283 ) — Employee benefits 8,094 — — 8,094 4,336 — — 4,336 Provisions 1,381 — — 1,381 4,288 — — 4,288 Total non-current liabilities 1,536,938 73,270 (73,270 ) 1,536,938 1,579,706 102,118 (102,118 ) 1,579,706 Total current liabilities 317,962 26,844 (28,756 ) 316,050 287,125 24,050 (24,053 ) 287,122 TOTAL EQUITY and LIABILITIES 4,123,390 143,479 (102,026 ) 4,164,843 4,086,479 167,042 (126,170 ) 4,127,351 Consolidated statement of profit or loss (in thousands of USD) 2019 2018 2017 Tankers * FSO * Less: Equity-accounted investees * Total Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Shipping income Revenue 933,823 49,461 (50,907 ) 932,377 600,024 49,155 (49,155 ) 600,024 513,399 59,513 (59,544 ) 513,368 Gains on disposal of vessels/other tangible assets 14,879 — — 14,879 19,138 — — 19,138 36,538 — — 36,538 Other operating income 10,075 3,351 (3,332 ) 10,094 4,775 72 (72 ) 4,775 4,902 234 (234 ) 4,902 Total shipping income 958,777 52,812 (54,239 ) 957,350 623,937 49,227 (49,227 ) 623,937 554,839 59,747 (59,778 ) 554,808 Operating expenses Voyage expenses and commissions (145,047 ) 2 364 (144,681 ) (141,416 ) (1 ) 1 (141,416 ) (62,035 ) (304 ) 304 (62,035 ) Vessel operating expenses (212,010 ) (12,657 ) 12,872 (211,795 ) (185,792 ) (9,637 ) 9,637 (185,792 ) (150,391 ) (9,157 ) 9,121 (150,427 ) Charter hire expenses (604 ) — — (604 ) (31,114 ) — — (31,114 ) (31,173 ) — — (31,173 ) Losses on disposal of vessels/other tangible assets (75 ) — — (75 ) (273 ) — — (273 ) (21,027 ) — — (21,027 ) Impairment on non-current assets held for sale — — — — (2,995 ) — — (2,995 ) — — — — Depreciation tangible assets (338,036 ) (18,071 ) 18,461 (337,646 ) (270,582 ) (18,071 ) 18,071 (270,582 ) (229,777 ) (18,071 ) 18,071 (229,777 ) Depreciation intangible assets (56 ) — — (56 ) (111 ) — — (111 ) (95 ) — — (95 ) General and administrative expenses (66,958 ) (283 ) 351 (66,890 ) (66,235 ) (425 ) 428 (66,232 ) (46,871 ) (30 ) 33 (46,868 ) Total operating expenses (762,786 ) (31,009 ) 32,048 (761,747 ) (698,518 ) (28,134 ) 28,137 (698,515 ) (541,369 ) (27,562 ) 27,529 (541,402 ) RESULT FROM OPERATING ACTIVITIES 195,991 21,803 (22,191 ) 195,603 (74,581 ) 21,093 (21,090 ) (74,578 ) 13,470 32,185 (32,249 ) 13,406 Finance income 20,399 147 26 20,572 15,023 160 (160 ) 15,023 7,267 197 (198 ) 7,266 Finance expenses (119,809 ) (4,558 ) 4,564 (119,803 ) (89,412 ) (3,795 ) 3,795 (89,412 ) (50,730 ) (1,026 ) 1,027 (50,729 ) Net finance expenses (99,410 ) (4,411 ) 4,590 (99,231 ) (74,389 ) (3,635 ) 3,635 (74,389 ) (43,463 ) (829 ) 829 (43,463 ) Gain on bargain purchase — — — — 23,059 — — 23,059 — — — — Share of profit (loss) of equity accounted investees (net of income tax) 440 — 16,020 16,460 220 — 15,856 16,076 150 — 29,932 30,082 Profit (loss) before income tax 97,021 17,392 (1,581 ) 112,832 (125,691 ) 17,458 (1,599 ) (109,832 ) (29,843 ) 31,356 (1,488 ) 25 Income tax expense (602 ) (1,581 ) 1,581 (602 ) (238 ) (1,599 ) 1,599 (238 ) 1,358 (1,488 ) 1,488 1,358 Profit (loss) for the period 96,418 15,812 — 112,230 (125,929 ) 15,859 — (110,070 ) (28,485 ) 29,868 — 1,383 Attributable to: Owners of the company 96,418 15,812 — 112,230 (125,929 ) 15,859 — (110,070 ) (28,485 ) 29,868 — 1,383 Summarized consolidated statement of cash flows (in thousands of USD) 2019 2018 2017 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 259,109 41,278 (28,396 ) 271,991 843 40,672 (40,674 ) 841 211,310 49,684 (49,698 ) 211,295 Net cash from (used in) investing activities 44,211 — (461 ) 43,750 190,042 — — 190,042 (40,243 ) — 1 (40,242 ) Net cash from (used in) financing activities (178,587 ) (41,491 ) 28,891 (191,187 ) (160,165 ) (42,164 ) 42,164 (160,165 ) (234,921 ) (78,421 ) 78,367 (234,976 ) Capital expenditure (30,173 ) — 22,120 (8,053 ) (238,065 ) — — (238,065 ) (177,901 ) — — (177,901 ) * The Group initially applied IFRS 16 at 1 January 2019, which requires the recognition of right-of-use assets and lease liabilities for lease contracts that were previously classified as operating leases (see Note 1.5). As a result, the Group recognized $ 87.6 million of right-of-use assets and $ 105.3 million of liabilities from those lease contracts. The assets and liabilities are included in the Tankers and FSO segments as at 31 December 2019. The Group has applied IFRS 16 using the modified retrospective approach, under which comparative information is not restated (see Note 1.5).

Assets and liabilities held for

Assets and liabilities held for sale and discontinued operations	12 Months Ended
	Dec. 31, 2019
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, 2019 December 31, 2018 December 31, 2017 Vessels 12,705 42,000 — Of which in Tankers segment 12,705 42,000 — Of which in FSO segment — — — (in thousands of USD) (Estimated) Sale price Book Value Asset Held For Sale Impairment Loss (Expected) Gain At January 1, 2018 — — — — — Assets transferred to assets held for sale Felicity 42,000 44,995 42,000 (2,995 ) — At December 31, 2018 — — 42,000 (2,995 ) — At January 1, 2019 Assets transferred to assets held for sale Finesse 21,003 12,705 12,705 — 8,298 Assets sold from assets held for sale 42,000 42,000 (42,000 ) — — Felicity At December 31, 2019 — — 12,705 — 8,298 On January 23, 2020, the Company sold the Suezmax Finesse (2003 - 149,994 dwt), for $ 21.8 million . The fair value less cost of disposal (sales commission of 3.5% ) amounted to 21.0 million . This vessel was accounted for as a non-current asset held for sale as at December 31, 2019, and had a carrying value of $ 12.7 million as of that date. The vessel was delivered to its new owner on February 21, 2020. Taking into account the sales commission, the net gain on this vessel amounts to $ 8.3 million and was recorded in the consolidated statement of profit or loss in the first quarter of 2020. Discontinued operations As of December 31, 2019 and December 31, 2018 , 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
Revenue and other operating income	Dec. 31, 2019
Analysis of income and expense [abstract]
Revenue and other operating income	Revenue and other operating income (in thousands of USD) 2019 2018 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Pool Revenue 524,840 — 7 524,847 277,394 — — 277,394 Spot Voyages 318,674 — (1,453 ) 317,221 247,392 — — 247,392 Time Charters 90,309 49,461 (49,461 ) 90,309 75,238 49,155 (49,155 ) 75,238 Total revenue 933,823 49,461 (50,907 ) 932,377 600,024 49,155 (49,155 ) 600,024 Other operating income — — — 10,094 — — — 4,775 (in thousands of USD) 2017 Tankers FSO Less: Equity-accounted investees Total Pool Revenue 249,334 — (31 ) 249,303 Spot Voyages 145,360 — — 145,360 Time Charters 118,705 59,513 (59,513 ) 118,705 Total revenue 513,399 59,513 (59,544 ) 513,368 Other operating income — — — 4,902 For the accounting treatment of revenue, we refer to the accounting policies (see Note 1.17) - Revenue. 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. and improved rates mainly in the last quarter of 2019. 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. This increase is mainly due to improved marine insurance conditions thanks to the increase in the fleet size as a consequence of the business combination with Gener8 Maritime Inc. in 2018 and a Gener8 legacy arbitration claim settlement at better terms than originally accounted for.

Expenses for shipping activitie

Expenses for shipping activities and other expenses from operating activities	12 Months Ended
	Dec. 31, 2019
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) 2019 2018 2017 Commissions paid (10,130 ) (8,193 ) (4,895 ) Bunkers (101,947 ) (103,920 ) (45,249 ) Other voyage related expenses (32,604 ) (29,303 ) (11,891 ) Total voyage expenses and commissions (144,681 ) (141,416 ) (62,035 ) The voyage expenses and commissions increased in 2019 compared to 2018 because a higher number of vessels were performing spot voyages in 2019 mainly due to an increase in the fleet size as a consequence of the business combination with Gener8 Maritime Inc. in 2018. 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. Bunker expenses decreased compared to last year due to a change in the composition of the fleet for vessels operated on the spot. 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) 2019 2018 2017 Operating expenses (196,739 ) (172,589 ) (139,832 ) Insurance (15,056 ) (13,203 ) (10,595 ) Total vessel operating expenses (211,795 ) (185,792 ) (150,427 ) The operating expenses relate mainly to the crewing, technical and other costs to operate tankers. In 2019 these expenses were higher compared to 2018 due to an increase in the fleet size as a consequence of the business combination with Gener8 Maritime Inc. in 2018. Charter hire expenses (in thousands of USD) 2019 2018 2017 Charter hire (Note 19) (604 ) 6 (62 ) Bare boat hire (Note 19) — (31,120 ) (31,111 ) Total charter hire expenses (604 ) (31,114 ) (31,173 ) 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. F ollowing the adoption of IFRS 16 on January 1, 2019, costs related to these bareboat agreements are recognized in depreciation expenses for the depreciation of the right-of-use asset over the remaining lease term and finance expenses (see Note 1.19). The charter hire expenses in 2019 are related to the 2.5 months hire for the barge (Dragon Satu) in relation to the bunker fuel project. General and administrative expenses (in thousands of USD) 2019 2018 2017 Wages and salaries (25,050 ) (16,247 ) (12,853 ) Social security costs (3,430 ) (3,746 ) (2,511 ) Provision for employee benefits (Note 17) (2,589 ) (616 ) (827 ) Equity-settled share-based payments (Note 23) — (37 ) (313 ) Other employee benefits (3,713 ) (7,607 ) (3,148 ) Employee benefits (34,782 ) (28,253 ) (19,652 ) Administrative expenses (31,226 ) (33,485 ) (22,579 ) Tonnage Tax (1,313 ) (4,436 ) (4,772 ) Claims (17 ) (100 ) (25 ) Provisions 448 42 160 Total general and administrative expenses (66,890 ) (66,232 ) (46,868 ) Average number of full time equivalents (shore staff) 184.90 161.77 150.49 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 2019 compared to 2018. This increase was mainly related to the merger with Gener8 Maritime Inc. in 2018, which had an impact on wages and salaries due to a higher number of staff and the settlement following the stepping down of the CEO Paddy Rodgers in the course of the first semester in 2019. Furthermore the TI Admin fee increased due to a larger number of vessels being operated in the TI Pool and higher IT expenses. This increase was offset by a decrease in legal and other fees which relates to the merger with Gener8 in 2018 (see Note 25, $ 5.0 million transaction costs), a decrease in travel expenses and a decrease in rental expenses as a result of the adoption of IFRS 16 on January 1, 2019, whereby the costs related to the rental agreements are now recognized in depreciation expenses for the depreciation of the right-of-use asset over the remaining lease term and finance expenses. Tonnage tax decreased in 2019 due to a change in the Greek tonnage tax regime. The change relates to the voluntary tonnage tax which is no longer applicable to the Group. The provision for employee benefits increased in 2019 compared to 2018 which is mainly due to the transaction based incentive plan which has been implemented in 2019 for key management personnel ($ 1.8 million , see Note 14 and 17).

Net finance expense

Net finance expense	12 Months Ended
Net finance expense	Dec. 31, 2019
Financial Instruments [Abstract]
Net finance expense	Net finance expense Recognized in profit or loss (in thousands of USD) 2019 2018 2017 Interest income 6,529 4,106 655 Foreign exchange gains 14,043 10,917 6,611 Finance income 20,572 15,023 7,266 Interest expense on financial liabilities measured at amortized cost (84,378 ) (67,956 ) (38,391 ) Interest leasing (4,811 ) — — Fair value adjustment on interest rate swaps (8,533 ) (2,790 ) — Other financial charges (7,474 ) (6,802 ) (5,819 ) Foreign exchange losses (14,607 ) (11,864 ) (6,519 ) Finance expense (119,803 ) (89,412 ) (50,729 ) Net finance expense recognized in profit or loss (99,231 ) (74,389 ) (43,463 ) Interest income increased due to the interest received on the interest rate swaps which were acquired in the Gener8 Maritime Inc. deal and due to more cash on hand during the period. Interest expense on financial liabilities measured at amortized cost increased during the year ended December 31, 2019, compared to 2018. This increase was attributable to an increase in the average outstanding debt during the year as a result of the merger with Gener8 Maritime Inc. combined with increased interest rates. Interest leasing is the interest on lease liabilities which were recognized due to the adoption of IFRS 16 on January 1, 2019 (see Note 1.19). Fair value adjustment on interest rate swaps relate primarily to interest rate swaps which were acquired in the Gener8 Maritime Inc. merger 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. Two IRSs related to the Gener8 Maritime Inc. merger were settled in 2019 and the one remaining has a duration matching the repayment profile of that facility and matures in September 2020 (see Note 14). $ 4.9 million was transfered from OCI to profit or loss related to de-designated hedging instruments. The above finance income and expenses include the following in respect of assets (liabilities) not recognized at fair value through profit or loss: 2019 2018 2017 Total interest income on financial assets 6,529 4,106 655 Total interest expense on financial liabilities (84,378 ) (67,956 ) (38,391 ) Total interest leasing (4,811 ) — — Total other financial charges (7,474 ) (6,802 ) (5,819 ) Recognized directly in equity (in thousands of USD) 2019 2018 2017 Foreign currency translation differences for foreign operations (112 ) (157 ) 448 Cash flow hedges - effective portion of changes in fair value (1,885 ) (2,698 ) — Net finance expense recognized directly in equity (1,997 ) (2,855 ) 448 Attributable to: Owners of the Company (1,997 ) (2,855 ) 448 Net finance expense recognized directly in equity (1,997 ) (2,855 ) 448 Recognized in: Translation reserve (112 ) (157 ) 448 Hedging reserve (1,885 ) (2,698 ) —

Income tax benefit (expense)

Income tax benefit (expense)	12 Months Ended
Income tax benefit (expense)	Dec. 31, 2019
Income Taxes [Abstract]
Income tax benefit (expense)	Income tax benefit (expense) (in thousands of USD) 2019 2018 2017 Current tax Current period (1,066 ) (37 ) (85 ) Total current tax (1,066 ) (37 ) (85 ) Deferred tax Recognition of unused tax losses/(use of tax losses) 474 (195 ) 1,473 Other (10 ) (6 ) (30 ) Total deferred tax 464 (201 ) 1,443 Total tax benefit/(expense) (602 ) (238 ) 1,358 Reconciliation of effective tax 2019 2018 2017 Profit (loss) before tax 112,832 (109,832 ) 25 Tax at domestic rate (29.58 )% (33,376 ) (29.58 )% 32,488 (33.99 )% (8 ) Effects on tax of : Tax exempt profit / loss 317 (50 ) 499 Tax adjustments for previous years 34 9 10 Loss for which no DTA () has been recognized (26 ) (1,037 ) — Non-deductible expenses (538 ) (962 ) (710 ) Use of previously unrecognized tax losses and tax credits 4,066 — 7,146 Tonnage Tax regime 24,534 (33,602 ) (13,918 ) Effect of share of profit of equity-accounted investees 2,482 4,690 10,175 Effects of tax regimes in foreign jurisdictions 1,905 (1,774 ) (1,836 ) Total taxes (0.53 )% (602 ) 0.22 % (238 ) 5,430.01 % 1,358 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, 2019 was $ 1.3 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 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 — Employee benefits 26 — 26 Unused tax losses & tax credits 23,790 — 23,790 Unremitted earnings — (21,101 ) (21,101 ) 23,816 (21,101 ) 2,715 Offset (21,101 ) 21,101 Balance at December 31, 2019 2,715 — 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, 2019 December 31, 2018 ASSETS LIABILITIES ASSETS LIABILITIES Deductible temporary differences 290 — 274 — Taxable temporary differences — (12,162 ) 8 (12,162 ) Tax losses & tax credits 59,772 — 86,568 — 60,062 (12,162 ) 86,850 (12,162 ) Offset (12,162 ) 12,162 (12,162 ) 12,162 Total 47,900 — 74,688 — 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. The decrease in unrecognized deferred tax assets mainly relates to a partial use of investment deduction allowances in 2019. 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, 2019 and December 31, 2018. Movement in deferred tax balances during the year (in thousands of USD) 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 Balance at Jan 1, 2019 Recognized in income Recognized in equity Translation differences Balance at Dec 31, 2019 Provisions — — — — — Employee benefits 37 (10 ) — (1 ) 26 Unused tax losses & tax credits 2,218 474 — (3 ) 2,689 Total 2,255 464 — (4 ) 2,715

Property, plant and equipment

Property, plant and equipment	12 Months Ended
Property, plant and equipment	Dec. 31, 2019
Property, plant and equipment [abstract]
Property, plant and equipment	Property, plant and equipment (in thousands of USD) Vessels Vessels under construction Right-of-use assets Other tangible assets Total PPE 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 25) 1,704,250 — — 345 1,704,595 Disposals and cancellations (7,814 ) — — (75 ) (7,889 ) Disposals and cancellations through business combinations (Note 25) (434,000 ) — — (434,000 ) Depreciation charges (270,018 ) — — (564 ) (270,582 ) Transfer to assets held for sale (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 January 1, 2019 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 Acquisitions 7,024 — 549 1,012 8,585 Adoption IFRS 16 — — 87,598 — 87,598 Disposals and cancellations (29,386 ) — — (52 ) (29,438 ) Depreciation charges (307,738 ) — (29,265 ) (643 ) (337,646 ) Transfer to assets held for sale (Note 3) (12,705 ) — — — (12,705 ) Translation differences — — 26 5 31 Balance at December 31, 2019 3,177,262 — 58,908 2,265 3,238,435 At December 31, 2019 Cost 4,815,910 — 88,182 5,042 4,909,134 Depreciation & impairment losses (1,638,648 ) — (29,274 ) (2,777 ) (1,670,699 ) Net carrying amount 3,177,262 — 58,908 2,265 3,238,435 I n 2019, the Cap Theodora, Cap Pierre, Cap Diamant and Fraternity have been dry-docked. The cost of planned repairs and maintenance is capitalized and included under the heading Acquisitions. The adoption of IFRS 16 as of January 1, 2019 (see Note 1.19), resulted in the recognition of right-of-use assets of $ 87.6 million on the balance sheet which are included under the heading Adoption IFRS 16. Disposal of assets – Gains/losses (in thousands of USD) Sale price Book Value Gain Loss TI Topaz - Sale 20,790 41,817 — (21,027 ) Flandre - Sale 45,000 24,693.3 20,306.7 — Cap Georges - Sale 9,310 801.4 8,508.6 — Artois - Sale 21,780 14,077 7,703 — Other 29 9 20 — At December 31, 2017 96,909 81,397.7 36,538.3 (21,027 ) Sale price Book Value 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 ) Sale price Book Value Gain Loss Felicity - Sale 42,000 42,000 — — Compatriot - Sale 6,615 6,173 442 — VK Eddie - Sale 37,620 23,212 14,408 — Other 29 — 29 (75 ) At December 31, 2019 86,264 71,385 14,879 (75 ) On October 31, 2018, the group sold the Suezmax Felicity (2009 - 157,667 dwt), for $ 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 $ 45.0 million . The vessel was delivered to its new owner on January 9, 2019 and the impairment loss of $ 3.0 million was recorded in 2018. On February 11, 2019, Euronav sold the LR1 Genmar Compatriot (2004 – 72,768 dwt) for a net sale price of $ 6.6 million . The Company recorded a capital gain of $ 0.4 million in the second quarter of 2019 upon delivery to its new owner on May 21, 2019. On July 12, 2019, the group sold the VLCC VK Eddie (2005 - 305,261 dwt) for $ 37.6 million . A capital gain on the sale of $ 14.4 million was recorded during the third quarter of 2019 upon delivery to its new owner on August 5, 2019. Impairment The Group performed a review of the internal as well as external indicators of impairment to consider whether further testing was necessary, and determined that there were no indicators present as of December 31, 2019 that would trigger the requirement to perform a more in-depth impairment analysis. Refer to accounting policy 12.2 for a description of the indicators that the Group used in its assessment. Such computation will be implemented in future periods when events and changes in circumstances indicate that an impairment might exist and the carrying amount of the assets might not be recovered. Security All tankers financed are subject to a mortgage to secure bank loans (see Note 16). Vessels on order or under construction The group had no vessels under construction as at December 31, 2019 and December 31, 2018 . Capital commitment As at December 31, 2019 and December 31, 2018 the Group had no capital commitments.

Deferred tax assets and liabili

Deferred tax assets and liabilities	12 Months Ended
Deferred tax assets and liabilities	Dec. 31, 2019
Income Taxes [Abstract]
Deferred tax assets and liabilities	Income tax benefit (expense) (in thousands of USD) 2019 2018 2017 Current tax Current period (1,066 ) (37 ) (85 ) Total current tax (1,066 ) (37 ) (85 ) Deferred tax Recognition of unused tax losses/(use of tax losses) 474 (195 ) 1,473 Other (10 ) (6 ) (30 ) Total deferred tax 464 (201 ) 1,443 Total tax benefit/(expense) (602 ) (238 ) 1,358 Reconciliation of effective tax 2019 2018 2017 Profit (loss) before tax 112,832 (109,832 ) 25 Tax at domestic rate (29.58 )% (33,376 ) (29.58 )% 32,488 (33.99 )% (8 ) Effects on tax of : Tax exempt profit / loss 317 (50 ) 499 Tax adjustments for previous years 34 9 10 Loss for which no DTA () has been recognized (26 ) (1,037 ) — Non-deductible expenses (538 ) (962 ) (710 ) Use of previously unrecognized tax losses and tax credits 4,066 — 7,146 Tonnage Tax regime 24,534 (33,602 ) (13,918 ) Effect of share of profit of equity-accounted investees 2,482 4,690 10,175 Effects of tax regimes in foreign jurisdictions 1,905 (1,774 ) (1,836 ) Total taxes (0.53 )% (602 ) 0.22 % (238 ) 5,430.01 % 1,358 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, 2019 was $ 1.3 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 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 — Employee benefits 26 — 26 Unused tax losses & tax credits 23,790 — 23,790 Unremitted earnings — (21,101 ) (21,101 ) 23,816 (21,101 ) 2,715 Offset (21,101 ) 21,101 Balance at December 31, 2019 2,715 — 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, 2019 December 31, 2018 ASSETS LIABILITIES ASSETS LIABILITIES Deductible temporary differences 290 — 274 — Taxable temporary differences — (12,162 ) 8 (12,162 ) Tax losses & tax credits 59,772 — 86,568 — 60,062 (12,162 ) 86,850 (12,162 ) Offset (12,162 ) 12,162 (12,162 ) 12,162 Total 47,900 — 74,688 — 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. The decrease in unrecognized deferred tax assets mainly relates to a partial use of investment deduction allowances in 2019. 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, 2019 and December 31, 2018. Movement in deferred tax balances during the year (in thousands of USD) 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 Balance at Jan 1, 2019 Recognized in income Recognized in equity Translation differences Balance at Dec 31, 2019 Provisions — — — — — Employee benefits 37 (10 ) — (1 ) 26 Unused tax losses & tax credits 2,218 474 — (3 ) 2,689 Total 2,255 464 — (4 ) 2,715

Non-current receivables

Non-current receivables	12 Months Ended
Non-current receivables	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]
Non-current receivables	Non-current receivables (in thousands of USD) December 31, 2019 December 31, 2018 Shareholders loans to joint ventures 60,379 28,665 Derivatives — 7,930 Other non-current receivables 2,094 2,062 Lease receivables 8,609 — Investment 1 1 Total non-current receivables 71,083 38,658 The shareholders loans to joint ventures as of December 31, 2019 and December 31, 2018 did not bear interest, except for the new shareholders loans to Bari Shipholding Ltd. and Bastia Shipholding Ltd. which bear an interest rate of 8% . Please refer to Note 26 for more information on the shareholders loans to joint ventures. The derivatives relate 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. As of December 31, 2019 there were no non-current receivables related to these IRSs anymore mainly because two have been settled in the course of 2019 and the remaining one matures in 2020 (see Note 14). The lease receivables relate to the subleases of office space to third parties regarding the leased offices of Euronav UK and Euronav MI II Inc. (formerly Gener8 Maritime Inc.). The maturity date of the non-current receivables is as follows: (in thousands of USD) December 31, 2019 December 31, 2018 Receivable: Within two years 1,959 7,206 Between two and three years 2,076 — Between three and four years 2,278 725 Between four and five years 38,754 541 More than five years 26,016 30,186 Total non-current receivables 71,083 38,658 Because the shareholders loans are perpetual non-amortizing loans, these non-current receivables are presented as maturing after 5 years with the exception of the shareholders loans to Bari Shipholding Ltd and Bastia Shipholding Ltd which will mature in 2024. Trade and other receivables - current (in thousands of USD) December 31, 2019 December 31, 2018 Receivable from contracts with customers 105,925 64,923 Receivable from contracts with customers - TI Pool 146,613 161,737 Accrued income 20,815 17,765 Accrued interest 678 750 Deferred charges 19,134 17,473 Deferred fulfillment costs 2,556 2,140 Other receivables 11,407 18,677 Lease receivables 1,802 — Derivatives 57 — Total trade and other receivables 308,987 283,465 * Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information. Bunkers on board of the vessels are shown under inventory and no longer under deferred charges as of December 31, 2018. The increase in receivables from contracts with customers mainly relates to an increase in market freight rates at year-end. The decrease in receivables from contracts with customers - TI Pool relates to income to be received by the Group from the Tankers International Pool. These amounts decreased in 2019 due to a lower number of vessels in the TI Pool at year-end compared to 2018 and lower working capital per vessel in the Pool. The increase in accrued income and deferred charges relate to a higher number of vessels on the spot market and higher market freight rates at year-end. 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 decrease in other receivables relate mainly to outstanding receivables with Navig8 Pool. These amounts decreased because the relevant vessels were transferred to the TI Pool after the merger with Gener8 Maritime Inc in 2018. The lease receivables relate to the sublease of office space to third parties regarding the leased offices of Euronav UK and Euronav MI II Inc. (formerly Gener8 Maritime Inc). For currency and credit risk, we refer to Note 19.

Bunker inventory (Notes)

Bunker inventory (Notes)	12 Months Ended
Bunker inventory (Notes)	Dec. 31, 2019
Disclosure of inventories [Abstract]
Bunker inventory	Bunker inventory The Group has set up a Bunker Fuel Management Group to manage the fuel oil exposure in the future relating to the IMO 2020 requirements. IMO 2020 requires the vessels to operate with low sulfur fuel (LSFO) which was expected to be higher priced due to anticipated or potential shortage in the production of LSFO and potential quality issues in the first months of 2020 compared to demand. The activity involves the purchase and storage of compliant fuel oil inventory on board of a Euronav vessel so that there would be a safety inventory available for the use on our own fleet going into the 2020 transition period. The bunker inventory purchased and stored on this Euronav vessel is accounted for at the lower of cost and net realizable value with cost being determined on a weighted average basis. The cost includes: the purchase price, initial fuel inspection costs, the transport and handling costs for loading the bunker on our vessel and the effective portion of the change in fair value of derivatives (see Note 14) designated as cashflow hedge of the underlying index between commitment and pricing. In the course of 2019, the company purchased 420,000 metric ton of compliant fuel for an amount of $ 202.3 million (all costs included). As of December 31, 2019 the carrying amount of the bunker inventory amounted to $ 183.4 million . This compliant fuel will be transferred to our vessels and used in the course of 2020. Bunkers delivered to vessels operating in the TI Pool, are sold to the TI Pool and bunkers on board of these pooled vessels are no longer shown as bunker inventory but as trade and other receivables. The inventory is pledged as security to the $ 100 million loan facility (see Note 19).

Trade and other receivables - c

Trade and other receivables - current	12 Months Ended
Trade and other receivables - current	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]
Trade and other receivables - current	Non-current receivables (in thousands of USD) December 31, 2019 December 31, 2018 Shareholders loans to joint ventures 60,379 28,665 Derivatives — 7,930 Other non-current receivables 2,094 2,062 Lease receivables 8,609 — Investment 1 1 Total non-current receivables 71,083 38,658 The shareholders loans to joint ventures as of December 31, 2019 and December 31, 2018 did not bear interest, except for the new shareholders loans to Bari Shipholding Ltd. and Bastia Shipholding Ltd. which bear an interest rate of 8% . Please refer to Note 26 for more information on the shareholders loans to joint ventures. The derivatives relate 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. As of December 31, 2019 there were no non-current receivables related to these IRSs anymore mainly because two have been settled in the course of 2019 and the remaining one matures in 2020 (see Note 14). The lease receivables relate to the subleases of office space to third parties regarding the leased offices of Euronav UK and Euronav MI II Inc. (formerly Gener8 Maritime Inc.). The maturity date of the non-current receivables is as follows: (in thousands of USD) December 31, 2019 December 31, 2018 Receivable: Within two years 1,959 7,206 Between two and three years 2,076 — Between three and four years 2,278 725 Between four and five years 38,754 541 More than five years 26,016 30,186 Total non-current receivables 71,083 38,658 Because the shareholders loans are perpetual non-amortizing loans, these non-current receivables are presented as maturing after 5 years with the exception of the shareholders loans to Bari Shipholding Ltd and Bastia Shipholding Ltd which will mature in 2024. Trade and other receivables - current (in thousands of USD) December 31, 2019 December 31, 2018 Receivable from contracts with customers 105,925 64,923 Receivable from contracts with customers - TI Pool 146,613 161,737 Accrued income 20,815 17,765 Accrued interest 678 750 Deferred charges 19,134 17,473 Deferred fulfillment costs 2,556 2,140 Other receivables 11,407 18,677 Lease receivables 1,802 — Derivatives 57 — Total trade and other receivables 308,987 283,465 * Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information. Bunkers on board of the vessels are shown under inventory and no longer under deferred charges as of December 31, 2018. The increase in receivables from contracts with customers mainly relates to an increase in market freight rates at year-end. The decrease in receivables from contracts with customers - TI Pool relates to income to be received by the Group from the Tankers International Pool. These amounts decreased in 2019 due to a lower number of vessels in the TI Pool at year-end compared to 2018 and lower working capital per vessel in the Pool. The increase in accrued income and deferred charges relate to a higher number of vessels on the spot market and higher market freight rates at year-end. 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 decrease in other receivables relate mainly to outstanding receivables with Navig8 Pool. These amounts decreased because the relevant vessels were transferred to the TI Pool after the merger with Gener8 Maritime Inc in 2018. The lease receivables relate to the sublease of office space to third parties regarding the leased offices of Euronav UK and Euronav MI II Inc. (formerly Gener8 Maritime Inc). For currency and credit risk, we refer to Note 19.

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
Cash and cash equivalents	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]
Cash and cash equivalents	Cash and cash equivalents (in thousands of USD) December 31, 2019 December 31, 2018 Bank deposits 215,000 62,500 Cash at bank and in hand 81,954 110,633 TOTAL 296,954 173,133 Of which restricted cash — 79 NET CASH AND CASH EQUIVALENTS 296,954 173,133 The bank deposits as at December 31, 2019 had an average maturity of 8 days ( 2018 : 6 days). The increase in cash and cash equivalents is mainly related to the sale and leaseback transaction as at December 30, 2019 (see Note 16). All cash is in different banks which all have a high credit rating.

Equity

Equity	12 Months Ended
Equity	Dec. 31, 2019
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract]
Equity	Equity Number of shares issued (in shares) December 31, 2019 December 31, 2018 December 31, 2017 On issue at 1 January 220,024,713 159,208,949 159,208,949 Issued in business combination — 60,815,764 — On issue at 31 December - fully paid 220,024,713 220,024,713 159,208,949 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 $ 9.10 each (see Note 25) increasing the number of shares issued to 220,024,713 shares (see Note 15). This resulted in an increase of $ 66.1 million in share capital and $ 487.3 million share premium. As at December 31, 2019 , the share capital is represented by 220,024,713 shares. The shares have no nominal value. As at December 31, 2019 , the authorized share capital not issued amounts to $ 83,898,616 ( 2018 : $ 83,898,616 and 2017 : $ 150,000,000 ) or the equivalent of 77,189,888 shares ( 2018 : 77,189,888 and 2017 : 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 $ 220.0 million facility raised in March 2018 (Note 16), entered on June 29, 2018 in several Interest Rate Swaps (IRSs) for a combined notional value of $ 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 two and three 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, 2019 amounted to $ (2.4) million (100%), of which (1.5) million was reflected in OCI at the level of the JV companies in 2019 (Note 26). The Group, through the acquisition of Gener8 Maritime Inc. on June 12, 2018, acquired several IRSs for a combined notional value of $ 668.0 million . These IRSs were 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. Two IRSs have been settled in 2019 (see Note 6) and the one remaining has a duration of less than one year matching the repayment profile of that facility and matures in September 2020. The notional value of this instrument at December 31, 2019 amounted to $ 382.4 million . The fair value of this instrument at December 31, 2019 amounted to $ (0.2) million (see Note 18) and $ 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 $ 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 $ 173.6 million facility and mature on March 28, 2025. T he notional value of these instruments at December 31, 2019 amounted to $ 76.8 million . The fair value of these instruments at December 31, 2019 amounted to $ (3.4) million (see Note 18). 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 $ 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 notional value of these instruments at December 31, 2019 amounted to $ 200.0 million . The fair value of these instruments at December 31, 2019 amounted to $ 0.1 million (see Note 12) and $ (0.7) million has been recognized in OCI in 2019. During 2019, the Group entered into several commodity swaps and futures for a combined notional value of $ 133.6 million in connection with its low sulfur fuel oil project. These swaps were used to hedge a potential increase in the index underlying the price of low sulfur fuel between the purchase date and the delivery date of the product, i.e. when title to the low sulfur fuel is actually transferred. These instruments qualified as hedging instruments in a cash flow hedge relationship under IFRS9. These instruments were measured at their fair value; effective changes in fair value were recognized in OCI and the ineffective portion was recognized in profit or loss. These swaps were settled in the third quarter of 2019 at the moment of the delivery of the fuel. Treasury shares As of December 31, 2019 Euronav owned 4,946,216 of its own shares, compared to 1,237,901 of shares owned on December 31, 2018 . In the twelve months period ended December 31, 2019 , Euronav bought back 3,708,315 shares at an aggregate cost of $ 31.0 million. Dividends On May 9, 2019, the Annual Shareholders' meeting approved a full year dividend of $ 0.12 per share. Taking into account the interim dividend approved in August 2018 in the amount of $ 0.06 per share, the dividend paid after the AGM was $ 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 6, 2019, the Board of Directors of Euronav approved an interim dividend for the first semester 2019 of $ 0.06 per share. The interim dividend of $ 0.06 per share was payable as from October 8, 2019. The interim dividend to holders of Euronext shares was paid in EUR at the USD/EUR exchange rate of the record date. On March 24, 2020, the Board of Directors proposed the Annual Shareholders' meeting be held on May 20, 2020, to approve a full year dividend of $ 0.35 per share. Taking into account the interim dividend approved in August 2019 in the amount of $ 0.06 per share, the expected dividend payable after the AGM should be $ 0.29 per share. The total $ 0.35 dividend per share complies with the Group’s policy to return 80% of the net income to shareholders excluding capital gains. The total amount of dividends paid in 2019 was $ 26.0 million ($ 22.6 million in 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. All the RSU’s were exercised in the first quarter of 2018. As of December 31, 2019 , all the stock options remained outstanding. The fair value of the stock options was measured using the Black Scholes formula. The total employee benefit expense recognized in the consolidated statement of profit or loss during 2019 with respect to the LTIP 2015 was $ 0 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 and one-third on the third anniversary. Following the resignation of our former CEO Paddy Rodgers, his phantom stocks were waived. As of December 31, 2019 , 12,500 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 2019 was $ 0.1 million . Long term incentive plan 2017 The Group's Board of Directors implemented in 2017 an additional long term incentive plan for key management personnel. Under the terms of this LTIP, key management personnel are eligible to receive phantom stock unit grants. Each phantom stock unit grants the holder a conditional right to receive an amount of cash equal to the fair market value of one share of the company on the settlement date. The phantom stock units will mature one-third each year on the second, third and fourth anniversary of the award. In total a number of 66,449 phantom stock units were granted on February 9, 2017 and one-third was vested on the second anniversary. Following the resignation of our former CEO Paddy Rodgers, his phantom stocks were waived. As of December 31, 2019 , 32,420 phantom stocks were outstanding. 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 2019 was $ 22,000 . 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. Following the resignation of our former CEO Paddy Rodgers, his phantom stocks were waived. As of December 31, 2019 , 107,780 phantom stocks were outstanding. 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 2019 was $ 0.7 million. Transaction Based Incentive Plan 2019 The Group’s Board of Directors has implemented in 2019 a transaction-based incentive plan for key management personnel. Under the terms of this TBIP, 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 ("FMV") of one share of the Company multiplied by the number of phantom stock units that have vested prior to the settlement date. The TBIP defines FMV as the volume weighted average price of the shares on the New York Stock Exchange over the thirty (30) Business Days preceding such date. The vesting and settlement of the TBIP is spread over five years. The phantom stock awarded vests in four tranches: the first tranche of 12% vesting when the FMV reaches $ 12 (decreased with the amount of dividend paid since grant, if any), the second tranche of 19% vesting when the FMV reaches $ 14 (decreased with the amount of dividend paid since grant, if any)), the third tranche of 25% vesting when the FMV reaches $ 16 (decreased with the amount of dividend paid since grant, if any) and the fourth tranche of 44% vesting when the FMV reaches $ 18 (decreased with the amount of dividend paid since grant, if any). In total a number of 1,200,000 phantom stock units were granted on January 8, 2019. Following the resignation of our former CEO Paddy Rodgers, his phantom stocks were waived. As of December 31, 2019, 800,000 phantom stocks were outstanding. The TBIP 2019 qualifies as a cash-settled share-based payment transaction as the Company receives services from the participants and incur an obligation to settle the transaction in cash. The Company recognizes a liability at fair value in respect of its obligations under the TBIP 2019. The fair value of the plan is being determined using a binomial model with cost being spread of the expected vesting period over the various tranches. The compensation expense recognized in the consolidated statement of profit or loss during 2019 was $ 1.8 million .

Earnings per share

Earnings per share	12 Months Ended
Earnings per share	Dec. 31, 2019
Earnings per share [abstract]
Earnings per share	Earnings per share Basic earnings per share The calculation of basic earnings per share was based on a result attributable to ordinary shares and a weighted average number of ordinary shares outstanding during the period ended December 31 of each year, calculated as follows: Result attributable to ordinary shares 2019 2018 2017 Result for the period (in USD) 112,230,267 (110,069,928 ) 1,382,530 Weighted average number of ordinary shares 216,029,171 191,994,398 158,166,534 Basic earnings per share (in USD) 0.52 (0.57 ) 0.01 Weighted average number of ordinary shares (in shares) Shares issued Treasury shares Shares outstanding Weighted number of shares 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 On issue at January 1, 2019 220,024,713 1,237,901 218,786,812 218,786,812 Issuance of shares — — — — Purchases of treasury shares — 3,708,315 (3,708,315 ) (2,757,641 ) Withdrawal of treasury shares — — — — Sales of treasury shares — — — — On issue at December 31, 2019 220,024,713 4,946,216 215,078,497 216,029,171 Diluted earnings per share For the twelve months ended December 31, 2019 , the diluted earnings per share (in USD) amount to 0.52 ( 2018 : (0.57) and 2017 : 0.01 ). At December 31, 2019 , December 31, 2018 and December 2017, 236,590 options issued under the LTIP 2015 were excluded from the calculation of the diluted weighted average number of shares because these 236,590 options were out-of-the money and have been considered as 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 and restricted stock units were to be converted into ordinary shares. (in shares) 2019 2018 2017 Weighted average of ordinary shares outstanding (basic) 216,029,171 191,994,398 158,166,534 Effect of Share-based Payment arrangements — — 130,523 Weighted average number of ordinary shares (diluted) 216,029,171 191,994,398 158,297,057 There are no more remaining outstanding instruments at December 31, 2019 and December 31, 2018 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
Interest-bearing loans and borrowings	Dec. 31, 2019
Financial Instruments [Abstract]
Interest-bearing loans and borrowings	Interest-bearing loans and borrowings (in thousands of USD) Bank loans Other notes Lease liabilities Other borrowings 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 — — 50,010 97,371 At January 1, 2018 701,091 147,619 — 50,010 898,720 New loans 973,550 — — 447,810 1,421,360 Scheduled repayments (84,493 ) — — (435,213 ) (519,706 ) Early repayments (Note 25) (825,691 ) (205,710 ) — — (1,031,401 ) Acquisitions through business combinations (Note 25) 1,106,736 205,710 — — 1,312,446 Other changes (Note 25) (311,191 ) 547 — — (310,644 ) Translation differences — — — (2,265 ) (2,265 ) Balance at December 31, 2018 1,560,002 148,166 — 60,342 1,768,510 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 — — 60,342 198,879 Balance at December 31, 2018 1,560,002 148,166 — 60,342 1,768,510 Bank loans Other notes Lease liabilities Other borrowings Total 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 — — 60,342 198,879 At January 1, 2019 1,560,002 148,166 — 60,342 1,768,510 New loans 986,755 50,500 498 896,145 1,933,898 Adoption IFRS 16 — — 105,238 — 105,238 Scheduled repayments (92,651 ) — (30,214 ) (708,135 ) (831,000 ) Early repayments (1,225,747 ) — — — (1,225,747 ) Other changes (4,908 ) (95 ) — — (5,003 ) Translation differences — — 102 (1,139 ) (1,037 ) Balance at December 31, 2019 1,223,451 198,571 75,624 247,213 1,744,859 More than 5 years 628,711 — 1,652 — 630,363 Between 1 and 5 years 545,233 198,571 41,509 107,978 893,291 More than 1 year 1,173,944 198,571 43,161 107,978 1,523,654 Less than 1 year 49,507 — 32,463 139,235 221,205 Balance at December 31, 2019 1,223,451 198,571 75,624 247,213 1,744,859 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 $ 340.0 million senior secured credit facility with a syndicate of banks. Borrowings under this facility were 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 $ 153.1 million of outstanding debt and retire the Group's $ 300.0 million Secured Loan Facility dated April 3, 2009. This facility is comprised of (i) a $ 148.0 million non-amortizing revolving credit facility and (ii) a $ 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 seven of our wholly-owned vessels. On October 22, 2014 a first drawdown under this facility was made to repay a former $ 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. Following the sale of the Suezmax Felicity in January 2019, the total revolving credit facility was reduced by $ 13.6 million and an early repayment of $ 7.3 million . As of December 31, 2019 and December 31, 2018 , the outstanding balance on this facility was $ 43.4 million and $ 184.8 million, respectively. On August 19, 2015, the Group entered into a $ 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, 2019 and December 31, 2018 , the outstanding balance under this facility was $ 130.0 million and $ 165.0 million , respectively. This facility is currently secured by 17 of our wholly-owned vessels. On November 9, 2015, the Group entered into a $ 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, 2019 and December 31, 2018 , there was no outstanding balance under this facility. On December 16, 2016, the Group entered into a $ 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 $ 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% . Following the sale and lease back of the VLCC Nautica , Nectar and Noble in December 2019, the total revolving credit facility was reduced by $ 56.9 million . As of December 31, 2019 and December 31, 2018 , the outstanding balance on this facility was $ 90.0 million and $ 150.0 million, respectively. The credit facility is secured by 8 vessels. On January 30, 2017, the Group signed a loan agreement for a nominal amount of $ 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 $ 108.5 million with Korea Trade Insurance Corporation or “K-sure” as insurer. The new facility is comprised of (i) a $ 27.1 million commercial tranche, which bears interest at LIBOR plus a margin of 1.95% per annum and (ii) a $ 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 $ 3.6 million together with a balloon installment of $ 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 $ 3.2 million are amortized over the lifetime of the instrument using the effective interest rate method. As of December 31, 2019 and December 31, 2018 , the outstanding balance on this facility was $ 90.5 million and $ 97.7 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 $ 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 were delivered over the course of 2018. The new facility was comprised of (i) a $ 69.4 million commercial tranche, which bears interest at LIBOR plus a margin of 2.0% per annum and (ii) a $ 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 $ 0.6 million per vessel together with a balloon installment of $ 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 $ 1.1 million per vessel and last installment on August 24, 2030. Transaction costs for a total amount of $ 1.6 million are amortized over the lifetime of the instrument using the effective interest rate method. As of December 31, 2019 and December 31, 2018 , the outstanding balance on this facility was $ 156.9 million and $ 170.2 million , respectively. 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 $ 633.5 million senior secured loan facility from Gener8 Maritime Inc. This facility provided for term loans up to the aggregate approximate amount of $ 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 $ 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 $ 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 $ 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 $ 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 was secured by 13 of our wholly-owned vessels. As of December 31, 2018 , the outstanding balance on this facility was $ 604.8 million in aggregate. On September 26, 2019, the Group repaid this facility in full ($ 561.6 million ) using a portion of the borrowings under our new $ 700.0 million Senior Secured Credit Facility. As a result of the business combination on June 12, 2018, Euronav assumed the $ 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 $ 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 ($ - 139.7 million ) using a portion of the borrowings under the new $ 200.0 million senior secured credit facility. On September 7, 2018, the Group signed a senior secured credit facility for an amount of $ 200.0 million . The Group used the proceeds of this facility to refinance all remaining indebtedness under the $ 581.0 million senior secured loan facility, the $ 67.5 million secured loan facility (Larvotto), and the $ 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 $ 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, 2019 and December 31, 2018 , the outstanding balance on this facility was $ 100.0 million and $ 200.0 million , respectively. On June 27, 2019, the Group entered into a $ 100.0 million senior secured amortizing revolving credit facility with a syndicate of banks of which ABN Amro Bank also acting as Coordinator, Agent and Security Trustee. The facility, secured by the Oceania and the bunker inventory bought in anticipation of the new legislation starting in January 1, 2020, will mature on December 31, 2021 and carries a rate of LIBOR plus a margin of 2.10% . As of December 31, 2019, the outstanding balance on this facility was $ 70.0 million . On August 28, 2019, the Group entered into a $ 700.0 million senior secured amortizing revolving credit facility with a syndicate of banks and Nordea Bank Norge SA acting as Agent and Security Trustee for the purpose of refinancing all remaining indebtedness under the $ 633.5 million senior secured loan facility. The credit facility will mature on January 31, 2026 carrying a rate of LIBOR plus margin of 1.95% . The facility is secured by 13 of our wholly-owned vessels. As of December 31, 2019, the outstanding balance on this facility was $ 560.0 million . Undrawn borrowing facilities At December 31, 2019 , Euronav and its fully-owned subsidiaries have undrawn credit line facilities amounting to $ 753.1 million committed for at least one year ( 2018 : $ 498.9 million). Terms and debt repayment schedule The terms and conditions of outstanding loans were as follows: (in thousands of USD) December 31, 2019 December 31, 2018 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 43,447 43,447 42,859 79,762 79,762 78,746 Secured vessels Revolving loan 148M* USD libor +2.25% 2021 133,962 — — 147,559 105,000 105,000 Secured vessels Revolving loan 750M* USD libor +1.95% 2022 322,340 130,000 128,205 395,289 165,000 162,002 Secured vessels Revolving loan 409.5M* USD libor +2.25% 2023 212,459 90,000 88,328 316,060 150,000 147,541 Secured vessels loan 27.1M USD libor +1.95% 2029 26,007 26,007 25,389 26,459 26,459 24,711 Secured vessels loan 81.4M USD libor +1.50% 2029 64,452 64,452 62,970 71,236 71,236 70,507 Secured vessels loan 69.4M USD libor + 2.0% 2030 63,635 63,635 63,635 68,263 68,263 68,263 Secured vessels loan 104.2M USD libor +2.0% 2030 93,283 93,283 92,035 101,961 101,961 100,490 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 174,344 100,000 98,445 200,000 200,000 197,955 Secured vessels Revolving loan 100.0M* USD libor +2.1% 2021 100,000 70,000 69,043 — — — Secured vessels Revolving loan 700.0M* USD libor +1.95% 2026 700,000 560,000 552,542 — — — Unsecured bank facility 60M USD libor +2.25% 2020 60,000 — — 60,000 — — Total interest-bearing bank loans 1,993,929 1,240,824 1,223,451 2,071,375 1,572,467 1,560,002 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, 2019 December 31, 2018 Curr Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value Unsecured notes USD 7.50% 2022 200,000 200,000 198,571 150,000 150,000 148,166 Total other notes 200,000 200,000 198,571 150,000 150,000 148,166 On June 14, 2019, the Group successfully completed a tap issue of $ 50 million under its existing senior unsecured bonds. The bonds have the same maturity date and carry the same coupon of 7.50% . The tap issue was priced at 101% of par value. Arctic Securities AS, DNB Markets and Nordea acted as joint lead managers in connection with the placement of the tap issue. The related transaction costs of $ 675,000 are amortized over the lifetime of the instrument using the effective interest rate method as well as the above par issuance of $ 500,000 . 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, 2019 , the outstanding amount was $ 122.8 million or 109.3 million Euro ( December 31, 2018 : $ 60.3 million or 52.7 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, 2019 , the fair value of these forward contracts amounted to $ 1.3 million . On December 30, 2019, the Company entered into a sale and leaseback agreement for three VLCCs. The three VLCCs are the Nautica (2008 – 307,284 ), Nectar (2008 – 307,284 ) and Noble (2008 – 307,284 ). The vessels were sold and were leased back under a 54 -months bareboat contract at an average rate of $ 20,681 per day per vessel. In accordance with IFRS, this transaction was not accounted for as a sale but Euronav as seller-lessee will continue to recognize the transferred assets, and recognized a financial liability equal to the net transfer proceeds of $ 124.4 million . At the end of the bareboat contract, the vessels will be redelivered to their new owners. Euronav may, at any time on and after the 1st anniversary, notify the owners by serving an irrevocable written notice at least three months prior to the proposed purchase option date of the charterers' intention to terminate this charter on the purchase option date and purchase the vessel from the owners for the applicable purchase option price. The future lease payments for these leaseback agreements are as follows: (in thousands of USD) December 31, 2019 Less than one year 22,853 Between one and five years 79,211 Total future lease payables 102,064 Transaction and other financial costs The heading 'Other changes' in the first table of this footnote reflects the recognition of directly attributable transaction costs as a deduction from the fair value of the corresponding liability, and the subsequent amortization of such costs. In 2019 , the Group recognized $ 4.7 million of amortization of financing costs. The Group recognized $ 0.7 million of directly attributable transaction costs as a deduction from the fair value of the $ 50.0 million tap issue under its existing senior unsecured bonds entered into June 14, 2019, $ 1.2 million of directly attributable transaction costs as a deduction from the fair value of the $ 100.0 million senior secured amortizing loan facility entered into June 27, 2019 and $ 7.8 million of directly attributable transaction costs as a deduction from the fair value of the $ 700.0 million senior secured amortizing loan facility entered into August 28, 2019. Interest expense on financial liabilities measured at amortized cost increased during the year ended December 31, 2019 , compared to 2018 ( 2019 : $ - 84.4 million, 2018 : $ - 68.0 million). This increase was attributable to an increase in the average outstanding debt during the year as a result of the merger with Gener8 Maritime Inc. combined with increased interest rates. Other financial charges increased in 2019 compared to 2018 ( 2019 : $ - 7.5 million , 2018 : $ - 6.8 million ) which was primarily attributable to commitment fees paid for available credit lines. Interest on lease liabilities ($: - 4.8 million ) were recognized due to the adoption of IFRS 16 on January 1, 2019 (see Note 1.18). 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 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 16) 973,550 — — — — — — 973,550 Proceeds from issue of other borrowings (Note 16) — — 10,332 — — — — 10,332 Proceeds from sale of treasury shares (Note 14) — — — — — 5,406 (3,112 ) 2,294 Purchase treasury shares (Note 14) — — — — — (3,955 ) — (3,955 ) Transaction costs related to loans and borrowings (Note 16) (3,849 ) — — — — — — (3,849 ) Repayment of borrowings (Note 16) (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 25) 1,106,736 205,710 — — — — — 1,312,446 Sale of loans through disposal of subsidiaries (Note 25) (310,968 ) — — — — — — (310,968 ) Amortization of transaction costs (Note 16) 3,626 547 — — — — — 4,173 Total liability-related other changes 799,394 206,257 — — — — — 1,005,651 Total equity-related other changes (Note 14) — — — 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 Liabilities Equity Loans and borrowings Other Notes Other borrowings Lease liabilities Share capital / premium Reserves Treasury shares Retained earnings Total Restated balance at January 1, 2019 1,560,002 148,166 60,342 105,736 1,941,697 (2,287 ) (14,651 ) 335,764 4,134,769 Changes from financing cash flows Proceeds from loans and borrowings (Note 16) 986,755 50,500 — — — — — — 1,037,255 Proceeds from issue of other borrowings (Note 16) — — 62,446 — — — — — 62,446 Proceeds from sale of treasury shares (Note 14) — — — — — — — — — Purchase treasury shares (Note 14) — — — — — — (30,965 ) — (30,965 ) Proceeds from sale and leaseback agreement (Note 16) — — 124,425 — — — — — 124,425 Transaction costs related to loans and borrowings (Note 16) (9,046 ) (675 ) — — — — — — (9,721 ) Repayment of borrowings (Note 16) (1,318,398 ) — — — — — — — (1,318,398 ) Repayment of lease liabilities (Note 16) — — — (30,214 ) — — — — (30,214 ) Dividend paid — — — — — — — (26,015 ) (26,015 ) Total changes from financing cash flows (340,689 ) 49,825 186,871 (30,214 ) — — (30,965 ) (26,015 ) (191,187 ) Other changes Liability-related Amortization of transaction costs (Note 16) 4,138 674 — — — — — — 4,812 Amortization of above par issuance (Note 16) — (94 ) — — — — — — (94 ) Translation differences (Note 16) — — — 102 — — — — 102 Total liability-related other changes 4,138 580 — 102 — — — — 4,820 Total equity-related other changes (Note 14) — — — — — (1,996 ) — 110,309 108,313 Balance at December 31, 2019 1,223,451 198,571 247,213 75,624 1,941,697 (4,283 ) (45,616 ) 420,058 4,056,715

Employee benefits

Employee benefits	12 Months Ended
Employee benefits	Dec. 31, 2019
Employee Benefits [Abstract]
Employee benefits	Employee benefits The amounts recognized in the balance sheet are as follows: (in thousands of USD) December 31, 2019 December 31, 2018 December 31, 2017 NET LIABILITY AT BEGINNING OF PERIOD (4,336 ) (3,984 ) (2,846 ) Recognized in profit or loss (2,589 ) (616 ) (827 ) Recognized in other comprehensive income (1,223 ) 120 64 Foreign currency translation differences 54 144 (375 ) NET LIABILITY AT END OF PERIOD (8,094 ) (4,336 ) (3,984 ) Present value of funded obligation (4,298 ) (3,538 ) (3,537 ) Fair value of plan assets 3,241 2,970 2,760 (1,057 ) (568 ) (777 ) Present value of unfunded obligations (7,037 ) (3,768 ) (3,207 ) NET LIABILITY (8,094 ) (4,336 ) (3,984 ) Amounts in the balance sheet: Liabilities (8,094 ) (4,336 ) (3,984 ) Assets — — — NET LIABILITY (8,094 ) (4,336 ) (3,984 ) 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, LTIP 2018 and TBIP 2019 (see Note 14). The Group expects to contribute the following amount to its defined benefit pension plans in 2020 : $ 49,596 . The valuation used for the defined contribution plans is the Projected Unit Credit Cost as prescribed by IAS 19 R. The Group expects to contribute the following amount to its defined contribution pension plans in 2020: $355,511.

Trade and other payables

Trade and other payables	12 Months Ended
Trade and other payables	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]
Trade and other payables	Trade and other payables (in thousands of USD) December 31, 2019 December 31, 2018 Advances received on contracts in progress, between 1 and 5 years 414 402 Derivatives 3,395 1,049 Total non-current other payables 3,809 1,451 Trade payables 22,737 16,266 Accrued expenses 45,997 42,524 Accrued payroll 3,313 5,595 Dividends payable 123 146 Accrued interest 3,924 10,833 Deferred income 17,783 7,754 Other payables 333 4,107 Derivatives 198 — Total current trade and other payables 94,408 87,225 The non-current derivatives relate to the interest rate swap derivatives in connection to the $ 173.6 million facility related to the two Suezmaxes Cap Quebec and Cap Pembroke . The increase relates to the increase in the fair value of these instruments (see note 14). The increase in trade payables is due to a higher number of outstanding invoices mainly related to the sale and leaseback transaction at the end of 2019 and bunkers. The decrease in accrued interest is related to the interest payment schedule of the new $ 700.0 million credit facility entered into 2019 versus the payment schedule of the $ 633.5 million facility that was repaid in the course of 2019. The increase in deferred income is due to a higher number of vessels on time charter as of December 31, 2019 compared to December 31, 2018. The current derivative relate to the IRS acquired through the acquisition of Gener8 Maritime Inc. (see Note 14).

Financial instruments - Fair va

Financial instruments - Fair values and risk management	12 Months Ended
Financial instruments - Fair values and risk management	Dec. 31, 2019
Financial Instruments [Abstract]
Financial instruments - Fair values and risk management	Financial instruments - Fair values and risk management 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, 2018 Financial assets measured at fair value Forward exchange contracts (Note 16) 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 8,414 — — 8,414 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 12) — 263,186 — 263,186 — — — — Cash and cash equivalents (Note 13) — 173,133 — 173,133 — — — — — 467,047 — 467,047 Financial liabilities measured at fair value Interest rate swaps (Note 18) 1,049 — — 1,049 — 1,049 — 1,049 1,049 — — 1,049 Financial liabilities not measured at fair value Secured bank loans (Note 16) — 1,560,002 1,560,002 — 1,575,196 — 1,575,196 Unsecured other notes (Note 16) — — 148,166 148,166 144,156 — — 144,156 Other borrowings (Note 16) — — 60,342 60,342 — 60,342 — 60,342 Trade and other payables * (Note 18) — 79,442 79,442 — — — — Advances received on contracts (Note 18) — 402 402 — — — — — 1,848,354 1,848,354 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, 2019 Financial assets measured at fair value Forward exchange contracts (Note 16) 1,306 — — 1,306 — 1,306 — 1,306 Interest rate swaps (Note 12) 5 — — 5 — 5 — 5 Forward cap contracts (Note 12) 52 — — 52 — 52 — 52 1,363 — — 1,363 Financial assets not measured at fair value Non-current receivables (Note 10) — 62,474 — 62,474 — — 52,591 52,591 Lease receivables (Note 10) — 8,609 — 8,609 — 9,961 — 9,961 Trade and other receivables * (Note 12) — 286,447 — 286,447 — — — — Cash and cash equivalents (Note 13) — 296,954 — 296,954 — — — — — 654,484 — 654,484 Financial liabilities measured at fair value Interest rate swaps (Note 18) 3,593 — — 3,593 — 3,593 — 3,593 3,593 — — 3,593 Financial liabilities not measured at fair value Secured bank loans (Note 16) — — 1,223,451 1,223,451 — 1,235,770 — 1,235,770 Unsecured other notes (Note 16) — — 198,571 198,571 206,700 — — 206,700 Other borrowings (Note 16) — — 247,213 247,213 — 247,213 — 247,213 Lease liabilities (Note 16) — — 75,624 75,624 — 70,074 — 70,074 Trade and other payables * (Note 18) — — 76,391 76,391 — — — — Advances received on contracts (Note 18) — — 414 414 — — — — — — 1,821,664 1,821,664 * Deferred charges, deferred fulfillment costs and VAT receivables (included in other receivables) (see Note 12), deferred income and VAT payables (included in other payables) (see Note 18), which are not financial assets (liabilities) are not included. Measurement of fair values Valuation techniques and significant unobservable inputs Level 1 fair value was determined based on the actual trading of the unsecured notes, due in 2022, and the trading price on December 31, 2019. 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 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 Lease receivables Discounted cash flow Discount rate Other financial liabilities (consisting of secured and unsecured bank loans and lease liabilities) Discounted cash flow Discount rate Other financial notes (consisting of unsecured notes) List price Not applicable Transfers between Level 1, 2 and 3 There were no transfers between these levels in 2018 and 2019 . 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. All trade and other receivables were with oil majors within the same industry but with a geographic spread and a different business focus. However, based on past experience, there was little or no impact on doubtful amounts. In particular, the one client representing 7% each of the Tankers segment's total revenue in 2019 (see Note 2) only represented 3.82% of the total trade and other receivables at December 31, 2019 ( 2018 : one client representing 0.54% ). 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) 2019 2018 Not past due 246,422 240,534 Past due 0-30 days 35,036 19,463 Past due 31-365 days 21,020 20,169 More than one year 6,509 3,299 Total trade and other receivables 308,987 283,465 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, 2019 47.45% ( 2018 : 52.24% ) of the total current trade and other receivables relate to TI Pool. TI Pool is paid after completion of the voyages which only deals with oil majors, national oil companies and other actors of the oil industry whose credit worthiness historically has been high. Amounts not past due are also with customers with 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, 2019 and December 31, 2018 , these receivables had no maturity date, except for the shareholder loans to Bari Shipholding Ltd. and Bastia Shipholding Ltd. which have a maturity date in 2024, and were not credit impaired as there is no credit risk exposure for the Group. Cash and cash equivalents The Group held cash and cash equivalents of $ 297.0 million at December 31, 2019 ( 2018 : $ 173.1 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 13). 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 26). At December 31, 2019, these guarantees towards joint ventures were still outstanding but have not been called upon. At December 30, 2019, the Group issued a guarantee to the buyer of the three VLCCs in relation to the sale and leaseback transaction (see Note 16) whereby the VLCCs were leased back in a subsidiary under a 54 -months bareboat contract. 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, 2018 (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 16) 1,708,168 2,034,794 364,122 1,176,317 494,355 Other borrowings (Note 16) 60,342 60,342 60,342 Current trade and other payables * (Note 18) 79,442 79,442 79,442 — — 1,847,952 2,174,578 503,906 1,176,317 494,355 Derivative financial liabilities Interest rate swaps (Note 18) 1,049 2,627 461 1,628 538 Forward exchange contracts (Note 18) — — — — — 1,049 2,627 461 1,628 538 Contractual cash flows December 31, 2019 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 16) 1,422,022 1,697,327 110,720 905,302 681,305 Other borrowings (Note 16) 247,213 268,661 145,640 123,020.9 — Lease liabilities (Note 16) 75,624 79,873 35,525 42,667 1,681 Current trade and other payables * (Note 18) 76,589 76,589 76,589 — — 1,821,448 2,122,450 368,474 1,070,990 682,986 Derivative financial liabilities Interest rate swaps (Note 18) 3,593 3,300 758 2,432 110 Forward exchange contracts (Note 18) — — — — — 3,593 3,300 758 2,432 110 * Deferred income and VAT payables (included in other payables) (see Note 18), 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 predicting what the market will be, involves significant uncertainty. 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 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) 2019 2018 2017 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 22,601 (22,581 ) 19,332 (19,323 ) 13,420 (13,420 ) 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. The Group hedges 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 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, 2019 and December 31, 2018 , the Group had such instruments in place 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) 2019 2018 FIXED RATE INSTRUMENTS Financial assets 37,163 — Financial liabilities 398,620 148,166 435,783 148,166 VARIABLE RATE INSTRUMENTS Financial liabilities 1,346,239 1,620,344 1,346,239 1,620,344 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, 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 ) December 31, 2019 Variable rate instruments (6,195 ) 6,195 — — Interest rate swaps — — 1,553 (1,433 ) Cash Flow Sensitivity (Net) (6,195 ) 6,195 1,553 (1,433 ) 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 2019 about 12.5% ( 2018 : 12.9% and 2017 : 16.5% ) 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 16). (in thousands of USD) December 31, 2019 December 31, 2018 December 31, 2017 EUR USD EUR USD EUR USD Trade payables (4,002 ) (18,735 ) (6,311 ) (9,955 ) (7,891 ) (11,383 ) Operating expenses (95,278 ) (666,469 ) (89,761 ) (608,754 ) (89,289 ) (452,113 ) Treasury Notes 122,788 — (60,342 ) — (50,010 ) — For the average and closing rates applied during the year, we refer to Note 27. 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) 2019 2018 2017 Equity 437 491 211 Profit or loss (9,952 ) (7,888 ) (7,113 ) 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, 2019 , 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 (23,469 ) (23,261 ) (176,598 ) Average fixed interest rate 1.99 % 2.00 % 2.96 % 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, 2019 and December 31, 2018 , the Group had 2 forward interest cap options with a notional amount of $ 200.0 million starting on October 1, 2020. The amounts at the reporting date relating to items designated as hedged items were as follows. December 31, 2019 December 31, 2018 (in thousands of USD) Change in value used for calculating hedge ineffectiveness Cash flow hedge reserve Change in value used for calculating hedge ineffectiveness Cash flow hedge reserve Interest rate risk Variable-rate instruments 1,205 (3,396 ) 2,191 (2,191 ) Cap option 680 (1,187 ) 507 (507 ) The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows. 2019 During the period 2019 (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 506,603 5 3,593 Trade and other receivables, non-current and current other payables (1,205 ) (4,943 ) Finance expenses Forward cap options 200,000 52 — Trade and other receivables (680 ) — Finance expenses 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 During 2018, no amounts were reclassified from hedging reserve to profit or loss. During 2019, $ 4.9 million was 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, 2019 (2,698 ) Cash flow hedges Change in fair value interest rate risk (1,885 ) Balance at December 31, 2019 (4,583 ) 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 $ 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 $ 30.0 million ; and • a ratio of Stockholders' Equity to Total Assets of at least 30% Further, the Group's loan facilities generally include an asset protection clause whereby the fair market value of collateral vessels should be at least 125% of the aggregate principal amount outstanding under the respective loan. The credit facilities discussed above also contain restrictions and undertakings which may limit the Group and the Group's subsidiaries' ability to, among other things: • effect changes in management of the Group's vessels; • transfer or sell or otherwise dispose of all or a substantial portion of the Group's assets; • declare and pay dividends (with respect to each of the Group's joint ventures, other than Seven Seas Shipping Limited, no dividend may be distributed before its loan agreement, as applicable, is repaid in full); and • incur additional indebtedness. A violation of any of these financial covenants or operating restrictions contained in the credit facilities may constitute an event of default under these credit facilities, which, unless cured within the grace period set forth under the applicable credit facility, if applicable, or waived or modified by the Group's lenders, provides them with the right to, among other things, require the Group to post additional collateral, enhance equity and liquidity, increase interest payments, pay down indebtedness to a level where the Group is in compliance with loan covenants, sell vessels in the fleet, reclassify indebtedness as current liabilities and accelerate indebtedness and foreclose liens on the vessels and the other assets securing the credit facilities, which would impair the Group's ability to continue to conduct business. Furthermore, certain of our credit facilities contain a cross-default provision that may be triggered by a default under one of our other credit facilities. A cross-default provision means that a default on one loan would result in a default on certain other loans. Because of the presence of cross-default provisions in certain of our credit facilities, the refusal of any one lender under our credit facilities to grant or extend a waiver could result in certain of our indebtedness being accelerated, even if our other lenders under our credit facilities have waived covenant defaults under the respective credit facilities. If our secured indebtedness is accelerated in full or in part, it would be very difficult in the current financing environment for us to refinance our debt or obtain additional financing and we could lose our vessels and other assets securing our credit facilities if our lenders foreclose their liens, which would adversely affect our ability to conduct our business. As of December 31, 2019 , December 31, 2018 and December 31, 2017 , 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, 2019 , as described above: 1. current assets on a consolidated basis (including available credit lines of $ 693.1 million) exceeded current liabilities by $ 1,179.3 million 2. aggregated cash was $ 1,050.1 million 3. cash was $ 297.0 million 4. ratio of Stockholders' Equity to Total Assets was 55.5% The Company updated the guidance to its dividend policy and will target each quarter, applicable as of the first quarter 2020, to return 80% of the net income (including the fixed element of $3 cents per quarter) to shareholders. This return to shareholders will primarily be in the form of a cash dividend and the Company will always look at share buyback as an alternative if it believes more value can be created for shareholders. In line with the current policy, the calculation will not include capital gains (reserved for fleet renewal) but will include capital losses and the policy will at all times be subject to freight market outlook, company balance sheet and cyclicality along with other factors and regulatory requirements. 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 $ 0.12 per share paid each year. On December 31, 2019, the Company had purchased 3,708,315 of its own shares on Euronext Brussels. Following these transactions, the Company owned 4,946,216 own shares ( 2.25% of the total outstanding shares) at year-end. Commodity risk The Group has been purchasing compliant bunker fuel for the future consumption by its vessels. In order to fix the price of the fuel bought the company has used swaps and futures to hedge the risk between decision of buying the fuel and receiving and paying the cargo. These swaps and futures were designated as cash flow hedges of the variability in the price of bunker between the order date and the fixing date. At year-end, all fuel was received. The Group remain exposed to the risk of decrease in bunker fuel on the spot market.

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2019
Disclosure Of Leases [Abstract]
Leases	Leases Leases as lessee (IFRS 16) Future minimum lease payments Previously, the Group classified its leases as operating leases under IAS 17. This includes operating leases for vessels under bare boat charters, office rental and company cars. For the four bare boat charters for the vessels Nautilus, Nucleus, Neptun and Navarin, the Group recognized a right-of-use asset and lease liability which was the present value at January 1, 2019 of the future lease payments. The right-of-use asset, on January 1, 2019, was measured based on the transition option to align the value of the right of use asset to that of the lease liability. The right-of-use asset was adjusted for the effect of a previously deferred gain on the sale and leaseback of these vessels and is depreciated over the remaining lease term till December 15, 2021. Under these leaseback agreements there is a seller's credit of $ 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 $ 17.5 million (for the oldest VLCC) or $ 19.5 million (for the other vessels). Furthermore, the Group provided a residual guarantee to the owners in the aggregate amount of up to $ 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 $ 26.5 million and $ 32.5 million (for the oldest VLCC) or between $ 28.5 million and $ 34.5 million (for the other vessels). The future lease payments for these leaseback agreements are as follows: (in thousands of USD) December 31, 2019 Less than 1 year 32,903 Between 1 and 5 years 31,870 Total future lease payments 64,773 For the office leases in Belgium, France, Greece, Hong Kong, Singapore, UK and US, which have an average lease term till June 2022, the Group recognized a right-of-use asset and lease liability. The right-of-use asset was adjusted by the practical expedient impairment assessment based on the onerous contract analysis option. The right-of-use asset related to office leases was reduced by the lease receivable related to subleases that qualify as finance lease under IFRS 16. The Group used the short-term lease exemption for all the lease contracts with a remaining lease term of less than one year. Accordingly, those lease payments were recognized as an expense and there was no impact on transition. Information about leases for which the Group is a lessee is presented below. Right-of-use assets (in thousands of USD) Bare boats Office rental Company cars Total Balance at January 1, 2019 83,698 3,711 189 87,598 Additions to right-of-use assets — — 653 653 Depreciation charge for the year (28,287 ) (900 ) (78 ) (29,265 ) Derecognition of right-of-use assets — (78 ) — (78 ) Balance at December 31, 2019 55,411 2,733 764 58,908 Amounts recognized in profit or loss (in thousands of USD) 2019 - Leases under IFRS 16 2019 Interest on lease liabilities (4,811 ) Depreciation right-of-use assets (29,265 ) Expenses relating to short-term leases (103 ) 2018 - Operating leases under IAS 17 2018 Lease expense (34,598 ) Sub-lease income presented in 'other operating income' 846 Amounts recognized in statement of cash flows (in thousands of USD) 2019 Total cash outflow for leases (30,214 ) Total cash inflow for leases 1,251 Extension options Some property leases contain extension options exercisable by the Group. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options, and reassesses if there is a significant event or significant changes in circumstances within its control. The Group has estimated that the potential future lease payments, should it exercise the option, would result in an immaterial impact in the lease liabilities. Leases as lessor As a lessor the Group leases out some of its vessels under long-term 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 recognized at January 1, 2019 $ 11.4 million lease receivables 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 are accounted for under IFRS 15 Revenue from Contracts with Customers. For certain vessels employed under long-term time charter agreements, the adoption of IFRS 16 required 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. This did not have a material impact for the Group. The following table sets out a maturity analysis of the lease receivables related to the subleased office space, showing the undiscounted sublease payments to be received after the reporting date. (in thousands of USD) December 31, 2019 Less than 1 year 2,229 One to two years 2,304 Two to three years 2,335 Three to four years 1,890 Four to five years 1,689 More than 5 years 1,285 Total undiscounted lease receivables 11,776 The Group leases out some of its vessels under time charter agreements. The future undiscounted lease payments to be received are as follows: (in thousands of USD) December 31, 2019 Less than 1 year 184,157 Between 1 and 5 years 344,796 More than 5 years 27,362 Total future lease receivables 556,359 T he amounts shown in the table above include the Group's share of leases of joint ventures. On some of the above mentioned 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.

Provisions and contingencies

Provisions and contingencies	12 Months Ended
Provisions and contingencies	Dec. 31, 2019
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 25) 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 Balance at January 1, 2019 5,265 5,265 Adoption IFRS 16 (3,049 ) (3,049 ) Provisions used during the year (447 ) (447 ) Balance at December 31, 2019 1,769 1,769 Non-current 1,381 1,381 Current 388 388 Total 1,769 1,769 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 starting on December 1, 2018 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. $ 3.0 million of the provision was reclassified to right-of-use assets as part of the adoption of IFRS 16 on January 1, 2019. Furthermore, 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
Related parties	Dec. 31, 2019
Related Party [Abstract]
Related parties	Related parties Identity of related parties The Group has a related party relationship with its subsidiaries (see Note 24) and equity-accounted investees (see Note 26) and with its directors and executive officers (see Note 23). Transactions with key management personnel The total amount of the remuneration paid in local currency to all non-executive directors for their services as members of the board and committees (if applicable) is as follows: (in thousands of EUR) 2019 2018 2017 Total remuneration 1,101 1,035 1,015 The Nomination and 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) 2019 2018 2017 Total fixed remuneration 1,579 1,231 1,176 of which Cost of pension 80 39 35 Other benefits 81 75 58 Total variable remuneration 2,424 1,153 1,331 of which Share-based payments 1,403 299 597 All amounts mentioned refer to the Executive Committee in its official composition throughout 2019 . The remuneration of the CEO can be summarized as follows: (2019 in thousands of EUR, 2018 & 2017 in thousands of GBP) 2019 2018 2017 Total fixed remuneration 5,754 537 407 of which Cost of pension 7.4 — — Other benefits 26 40 13 Total variable remuneration 786 1,866 528 of which Share-based payments 786 118 233 On February 12, 2015, the board of directors granted 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, 2019, all the stock options remained outstanding but all RSUs were exercised in 2018 (see Note 14 and 23). 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 and one-third was vested on the third anniversary (see Note 14 and 23). 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. One-third was vested on the second anniversary (see Note 14 and 23). 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 14 and 23). On January 8, 2019 the board of directors granted 1,200,000 phantom stock units within the framework of a transaction based incentive plan ("TBIP"). After the resignation of the former CEO, 400,000 phantom stock units were waived. The contractual term of the TBIP offer is five years. A first tranche of 12% of the total number of phantom stock units vests on the date on which the Fair Market Value ("FMV") reaches $ 12 (decreased with the amount of dividend paid since grant, if any). A second tranche ( 16% ) vests on the date the FMV reaches $ 14 (decreased with the amount of dividend paid since grant, if any), a third tranche ( 25% ) vests on the date the FMV reaches $ 16 (decreased with the amount of dividend paid since grant, if any) and the final tranche ( 44% ) vests on the date the FMV reaches $ 18 (decreased with the amount of dividend paid since grant, if any) (see Note 14 and 23). The TBIP defines FMV as the volume weighted average price of the shares on the New York Stock Exchange over the thirty (30) Business Days preceding such date. Relationship with CMB In 2004, Euronav split from Compagnie Maritime Belge (CMB). CMB renders some administrative and general services to Euronav. In 2019 CMB invoiced a total amount of $ 1,336 ( 2018 : $ 1,151 and 2017 : $ 34,928 ). In 2019, Euronav started up a project to develop software with CMB Technology to monitor fuel consumption performance of the Euronav fleet. The Group purchased IMO 2020 compliant bunker fuel (low sulfur fuel oil) for future use by its vessels. A ruling was granted to include this activity under the tonnage tax regime. This ruling also provided that physical swaps can be executed. Discussions were started in 2019 to enter into such fuel swaps with the CMB Group. In 2019, one swap was entered into for 1,361 tons. Properties The Group leases office space in Belgium from Reslea N.V., an entity jointly controlled by CMB. Under this lease, the Group paid an annual rent of $ 290,858 in 2019 ( 2018 : $ 185,326 and 2017 : $ 179,079 ). 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 2019 a rent of $ 216,750 ( 2018 : $ 227,089 and 2017 : $ 218,894 ). This sublease expires on April 27, 2023. Registration Rights On January 28, 2015 the Group entered into a registration rights agreement with companies affiliated with our former Chairman, Peter Livanos, or the Ceres Shareholders, and companies affiliated with our former Vice Chairman, Marc Saverys, or the Saverco Shareholders. At December 31, 2019, Peter Livanos was no longer a shareholder of the Company. 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, 2019 , 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 (see below and Note 26). On November 19, 2019, the Group entered into a joint venture together with affiliates of Ridgebury Tankers and clients of Tufton Oceanic. Each 50% -50% joint venture acquired one Suezmax vessel. The JVs, Bari Shipholding Ltd and Bastia Shipholding Ltd, entered into various agreements including a secured term loan for $ 36.7 million and revolving credit for $ 3.0 million with Euronav Hong Kong as lender, a commercial management service with Euronav NV and a technical management service with Ridgebury. 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, 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 — As of end for the year ended December 31, 2019 (in thousands of USD) Trade receivables Trade payables Shareholders Loan Turnover Dividend Income TI Africa Ltd 227 — 23,215 390 — TI Asia Ltd 90 — — 390 12,600 Bari Shipholding Ltd 265 211 18,390 13 — Bastia Shipholding Ltd 301 96 18,773 25 — Tankers Agencies (UK) Ltd — 132 — — — Total 883 439 60,379 818 12,600 Guarantees The Group provided guarantees to financial institutions that provided credit facilities to joint ventures of the Group. As of December 31, 2019 , the total amount outstanding under these credit facilities was $ 139.2 million, of which the Group guaranteed 69.6 million (see Note 26).

Share-based payment arrangement

Share-based payment arrangements	12 Months Ended
Share-based payment arrangements	Dec. 31, 2019
Share-Based Payment Arrangements [Abstract]
Share-based payment arrangements	Share-based payment arrangements Description of share-based payment arrangements: At December 31, 2019 , the Group had the following share-based payment arrangements: Long term incentive plan 2015 (Equity-settled) The Group's Board of Directors implemented in 2015 a long term incentive plan ('LTIP') for key management personnel. Under the terms of this LTIP, the beneficiaries will obtain 40% of their respective LTIP in the form of Euronav stock options, with vesting over three years at anniversary date and 60% in the form of restricted stock units ('RSU's') which will be paid out in cash, with cliff vesting on the third anniversary. In total 236,590 options and 65,433 RSU's were granted on February 12, 2015. Vested stock options may be exercised until 13 years after the grant date. As of December 31, 2019 , all the stock options remained outstanding but all RSU's were exercised in 2018. 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. Transaction Based Incentive Plan 2019 (Cash-settled) The Group’s Board of Directors has implemented in 2019 a transaction-based incentive plan ("TBIP") for key management personnel. Under the terms of this TBIP, 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 ("FMV") of one share of the Company multiplied by the number of phantom stock units that have vested prior to the settlement date. The TBIP defines FMV as the volume weighted average price of the shares on the New York Stock Exchange over the thirty (30) Business Days preceding such date. The vesting and settlement of the TBIP is spread over a time frame of five years. The phantom stock awarded matures in four tranches: the first tranche of 12% vesting when the FMV reaches $ 12 (decreased with the amount of dividend paid since grant, if any), the second tranche of 19% vesting when the FMV reaches $ 14 (decreased with the amount of dividend paid since grant, if any), the third tranche of 25% vesting when the FMV reaches $ 16 (decreased with the amount of dividend paid since grant, if any) and the fourth tranche of 44% vesting when the FMV reaches $ 18 (decreased with the amount of dividend paid since grant, if any). In total a number of 1,200,000 phantom stock units were granted on January 8, 2019 and 800,000 phantom stock units were outstanding at December 31, 2019. Measurement of Fair Value The fair value of the employee share options under 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: LTIP 2015 (figures in EUR) Tranche 1 Tranche 2 Tranche 3 Fair value at grant date 1.853 1.853 1.853 Share price at grant date 10.050 10.050 10.050 Exercise price 10.0475 10.0475 10.0475 Expected volatility (weighted average) 39.63 % 39.63 % 39.63 % Expected life (days) (weighted average) 365 730 1,095 Expected dividends 8 % 8 % 8 % Risk-free interest rate 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 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 and one-third on the third anniversary, 12,500 phantom stocks remained outstanding as of December 31, 2019 . One-third of the phantom stocks granted on February 9, 2017 was vested on the second anniversary, 32,420 phantom stocks remained outstanding as of December 31, 2019 . All of the phantom stocks granted on February 16, 2018, excluding the ones which were waived after the resignation from our former CEO, remained outstanding as of December 31, 2019 . 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 10.98 as at December 31, 2019 . The Company recognizes a liability at fair value in respect of its obligations under the TBIP 2019. The fair value of the plan is being determined using a binominal model with cost being spread of the expected vesting period over the various tranches. The vesting and settlement of the TBIP is spread over a timeframe of five years. The phantom stock awarded matures in four tranches: the first tranche of 12% vesting when the Fair Market Value ("FMV") reaches $ 12 (decreased with the amount of dividend paid since grant, if any), the second tranche of 19% vesting when the FMV reaches $ 14 (decreased with the amount of dividend paid since grant, if any), the third tranche of 25% vesting when the FMV reaches $ 16 (decreased with the amount of dividend paid since grant, if any) and the fourth tranche of 44% vesting when the FMV reaches $ 18 (decreased with the amount of dividend paid since grant, if any). The TBIP defines FMV as the volume weighted average price of the shares on the New York Stock Exchange over the thirty (30) Business Days preceding such date. In total a number of 1,200,000 phantom stock units were granted on January 8, 2019. Following the resignation of our former CEO Paddy Rodgers, his phantom stocks were waived. As of December 31, 2019, 800,000 phantom stocks were outstanding. The inputs used in measurement of the fair value at grant date for the TBIP was as follows: TBIP Tranche 1 Tranche 2 Tranche 3 Tranche 4 Risk-free interest rate 0.0169 0.0169 0.0169 0.0169 Annual volatility 0.3343 0.3343 0.3343 0.3343 Expected vesting period (years) 3.05 3.38 3.69 3.98 Expenses recognized in profit or loss For details on related employee benefits expense, see Note 5 and Note 17. The expenses related to the LTIP 2016, LTIP 2017, LTIP 2018 and TBIP 2019 ($ 2.6 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 2019 Weighted average exercise price 2019 Number of options 2018 Weighted average exercise price 2018 Outstanding at January 1 236,590 7.732 586,590 7.495 Forfeited during the year 0 0 0 0 Exercised during the year — — (350,000 ) 7.335 Granted during the year 0 0 0 0 Outstanding at December 31 236,590 7.732 236,590 7.732 Vested at December 31 236,590 0 236,590 0 In 2018 the Company bought back 545,486 shares and delivered 350,000 shares upon the exercise of the remaining share options under the 2013 program. 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
Group entities	Dec. 31, 2019
Interests in Other Entities [Abstract]
Group entities	Group entities Country of incorporation Consolidation method Ownership interest December 31, 2019 December 31, 2018 December 31, 2017 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Euronav NV, Antwerp, Geneva (branch office) 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 % 100.00 % Gener8 Maritime Subsidiary II Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary New IV Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Management LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary V Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary VIII Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary Inc. Marshall Islands full 100.00 % 100.00 % NA GMR Zeus LLC Marshall Islands full 100.00 % 100.00 % NA GMR Atlas LLC Marshall Islands full 100.00 % 100.00 % NA GMR Hercules LLC Marshall Islands full 100.00 % 100.00 % NA GMR Ulysses LLC Marshall Islands full 100.00 % 100.00 % NA GMR Posseidon LLC Marshall Islands full 100.00 % 100.00 % NA Victory Ltd. Bermuda full NA 100.00 % NA Vision Ltd. Marshall Islands full NA 100.00 % NA GMR Spartiate LLC Marshall Islands full 100.00 % 100.00 % NA GMR Maniate LLC Marshall Islands full 100.00 % 100.00 % NA GMR St Nikolas LLC Marshall Islands full 100.00 % 100.00 % NA GMR George T LLC Marshall Islands full 100.00 % 100.00 % NA GMR Kara G LLC Liberia full 100.00 % 100.00 % NA GMR Harriet G LLC Liberia full 100.00 % 100.00 % NA GMR Orion LLC Marshall Islands full 100.00 % 100.00 % NA GMR Argus LLC Marshall Islands full 100.00 % 100.00 % NA GMR Spyridon LLC Marshall Islands full NA 100.00 % NA GMR Horn LLC Marshall Islands full 100.00 % 100.00 % NA GMR Phoenix LLC Marshall Islands full 100.00 % 100.00 % NA GMR Strength LLC Liberia full NA 100.00 % NA GMR Daphne LLC Marshall Islands full NA 100.00 % NA GMR Defiance LLC Liberia full 100.00 % 100.00 % NA GMR Elektra LLC Marshall Islands full NA 100.00 % NA Companion Ltd. Bermuda full 100.00 % 100.00 % NA Compatriot Ltd. Bermuda full 100.00 % 100.00 % NA Consul Ltd. Bermuda full NA 100.00 % NA GMR Agamemnon LLC Liberia full NA 100.00 % NA Gener8 Neptune LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Athena LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Apollo LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Ares LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Hera LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Constantine LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Oceanus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Nestor LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Nautilus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Macedon LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Noble LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Ethos LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Perseus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Theseus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Hector LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Strength Inc. Marshall Islands full NA 100.00 % NA Gener8 Supreme Inc. Marshall Islands full NA 100.00 % NA Gener8 Andriotis Inc. Marshall Islands full NA 100.00 % NA Gener8 Militiades Inc. Marshall Islands full NA 100.00 % NA Gener8 Success Inc. Marshall Islands full NA 100.00 % NA Gener8 Chiotis Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 1 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 2 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 3 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 4 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 5 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 6 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 7 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 8 Inc. Marshall Islands full NA 100.00 % 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 Bari Shipholding Ltd Hong Kong equity 50.00 % NA NA Bastia Shipholding Ltd Hong Kong equity 50.00 % NA NA Associates Tankers International LLC Marshall Islands equity NA NA 40.00 % In the fourth quarter of 2017, Euronav NV incorporated a new subsidiary, Euronav MI II Inc. In 2017, the corporate structure of Tankers International pool (“TI Pool”) was rationalized. Under the new structure, the shares of Tankers (UK) Agencies Limited (“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, 2019 , 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, 2019 , 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 25, 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. In 2019 the following subsidiaries were dissolved: GMR Strength LLC Gener8 Tankers 8 Inc. GMR Daphne LLC Gener8 Strength Inc. GMR Elektra LLC Gener8 Supreme Inc. GMR Agamemnon LLC Gener8 Andriotis Inc. Gener8 Tankers 1 Inc. Gener8 Miltiades Inc. Gener8 Tankers 2 Inc. Gener8 Success Inc. Gener8 Tankers 3 Inc. Gener8 Chiotis Inc. Gener8 Tankers 4 Inc. Vision Ltd. Gener8 Tankers 5 Inc. Consul Ltd. Gener8 Tankers 6 Inc. Victory Ltd. Gener8 Tankers 7 Inc. GMR Spyridon LLC In 2019, Euronav NV, Antwerp, Geneva (branch office), was established and incorporated in the third quarter of 2019. In the fourth quarter of 2019, two new joint ventures Bari Shipholding Ltd. and Bastia Shipholding Ltd. were incorporated (see Note 26). The Group holds 100% of the voting rights in all of its subsidiaries.

Business combinations

Business combinations	12 Months Ended
Business combinations	Dec. 31, 2019
Business Combinations1 [Abstract]
Business combinations	Business combinations 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. 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-capitalized, 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 $ 141.0 million of which $ 120.0 million was received on June 14, 2018, the date of closing. The remaining balance of $ 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 $ 16.5 million and a loss of $ 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 $ 665.5 million and consolidated loss for the twelve month period ended December 31, 2018 would have been $ (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 $ 5.0 million relating to external legal fees, due to diligence costs and advisory fees. These acquisition-related costs for the business combination were expensed as incurred and are included in 'General and administrative expenses'. Repayment Blue mountain note As part of the Merger Agreement and the Letter agreement between Gener8 and certain affiliates of BlueMountain Capital Management LLC, the Senior Note with a carrying value of $ 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 16). 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 16) (1,312,446) (1,001,478) (310,968) Provision onerous contracts (Note 21) (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 $ 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 $ 98.2 million and the amounts expected not to collect amounted to $ 2.0 million which gives a net amount receivable of $ 96.2 million (see table above, sum of receivables and current assets).

Equity-accounted investees

Equity-accounted investees	12 Months Ended
Equity-accounted investees	Dec. 31, 2019
Interests in Other Entities [Abstract]
Equity-accounted investees	Equity-accounted investees (in thousands of USD) December 31, 2019 December 31, 2018 Assets Interest in joint ventures 50,322 43,182 Interest in associates — — TOTAL ASSETS 50,322 43,182 Liabilities Interest in joint ventures — — Interest in associates — — TOTAL LIABILITIES — — Joint Ventures The following table contains a roll forward of the balance sheet amounts with respect to the Group's joint ventures: ASSET (in thousands of USD) Investments in equity accounted investees Shareholders loans Gross balance (3,298 ) 203,512 Offset investment with shareholders loan 20,165 (20,165 ) Balance at January 1, 2017 16,867 183,348 Group's share of profit (loss) for the period 29,933 — Group's share of other comprehensive income 483 — Dividends received from joint ventures (1,250 ) — Dividend in kind (shares TUKA) received from associate (Note 23) 1,559 — Reclassification of associate to joint venture 136 — Movement shareholders loans to joint ventures — (40,750 ) Gross balance 27,565 162,763 Offset investment with shareholders loan 3,030 (3,030 ) Balance at December 31, 2017 30,595 159,733 Group's share of profit (loss) for the period 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 ASSET (in thousands of USD) Investments in equity accounted investees Shareholders loans Group's share of profit (loss) for the period 16,460 — Group's share of other comprehensive income (720 ) — Dividends received from joint ventures (12,600 ) — Movement shareholders loans to joint ventures — 31,713 Initial capital provided to joint ventures 4,000 — Gross balance 50,322 60,379 Offset investment with shareholders loan — — Balance at December 31, 2019 50,322 60,379 The decrease in the balance of shareholders’ loans to joint ventures in 2018 is primarily due to the $ 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. The increase in the balance of the shareholders' loan to joint ventures in 2019 is attributable to the shareholders loans to newly set-up joint ventures Bari Shipholding Ltd and Bastia Shipholding Ltd (see Note 10). Joint venture Segment Description Kingswood Co. Ltd Tankers Holding company; parent of Seven Seas Shipping Ltd. and to be liquidated in 2020 Seven Seas Shipping Ltd Tankers Formerly owner of 1 VLCC bought in 2016 by Euronav. Wholly owned subsidiary of Kingswood Co. Ltd. and to be liquidated in 2020 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 Bari Shipholding Ltd Tankers Single ship company, owner of 1 Suezmax Bastia Shipholding Ltd Tankers Single ship company, owner of 1 Suezmax 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) Kingswood Co. Ltd Seven Seas Shipping Ltd TI Africa Ltd TI Asia Ltd Tankers Agencies (UK) Ltd (see Note 24) TI LLC (see Note 24) 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 24) TI LLC (see Note 24) 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 22,450 351,702 288 384,351 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 6 1 24,400 23,699 349,096 48 397,250 Of which bank loans — — 23,867 23,015 64,500 — 111,382 Net assets (100%) 516 269 9,205 72,542 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) Kingswood Co. Ltd Seven Seas Shipping Ltd TI Africa Ltd TI Asia Ltd Tankers Agencies (UK) Ltd (see Note 24) TI LLC (see Note 24) Bari Shipholding Ltd Bastia Shipholding Ltd Total At December 31, 2019 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets 530 — 137,426 128,722 944 — 21,833 21,628 311,083 of which Vessel — — 135,195 128,722 — — 21,833 21,628 307,377 Current Assets — 800 10,809 10,001 418,505 267 1,573 5,577 447,531 of which cash and cash equivalents — 800 1,701 917 3,246 — — 250 6,913 Non Current Liabilities — 525 97,514 49,026 490 — 18,390 18,773 184,718 Of which bank loans — — 45,567 43,927 — — — — 89,495 Current Liabilities 10 1 26,370 27,318 415,301 51 705 4,328 474,085 Of which bank loans — — 24,856 23,968 135,000 — — — 183,824 Net assets (100%) 520 274 24,351 62,379 3,658 216 4,310 4,104 99,811 Group's share of net assets 260 137 12,175 31,189 2,227 127 2,155 2,052 50,322 Shareholders loans to joint venture — — 23,215 — — — 18,390 18,773 60,379 Net Carrying amount of interest in joint venture 260 137 12,175 31,189 2,227 127 2,155 2,052 50,322 Remaining shareholders loan to joint venture — — 23,215 — — — 18,390 18,773 60,379 Revenue — 8 49,434 49,487 1,307,523 — 938 1,970 1,409,360 Depreciations and amortization — — (18,209 ) (17,933 ) (67 ) — (273 ) (507 ) (36,988 ) Interest expense — — (4,633 ) (4,482 ) (3,292 ) — (155 ) (202 ) (12,764 ) Income tax expense — — (1,588 ) (1,573 ) (243 ) — — — (3,405 ) Profit (loss) for the period (100%) (3 ) 6 15,881 15,743 746 (24 ) 310 104 32,763 Other comprehensive income (100%) — — (735 ) (706 ) — — — — (1,441 ) Group's share of profit (loss) for the period (1 ) 3 7,941 7,871 454 (14 ) 155 52 16,460 Group's share of other comprehensive income — — (367 ) (353 ) — — — — (720 ) Loans and borrowings On March 29, 2018, TI Asia Ltd. and TI Africa Ltd. entered into a $ 220.0 million senior secured credit facility. The facility consists of a term loan of $ 110.0 million and a revolving loan of $ 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 until mid 2022, which results in sufficient repayment capacity under these facilities. Transaction costs for a total amount of $ 2.2 million are amortized over the lifetime of the instrument using the effective interest rate method. As of December 31, 2019 the outstanding balance on this facility was $ 139.2 million in aggregate. All bank loans in the joint ventures are secured by the underlying FSO and subject to specific covenants. 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, 2019 December 31, 2018 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 34,163 34,163 33,948 45,671 45,671 45,283 TI Asia Ltd loan 54M* USD libor +2.0% 2022 34,163 34,163 33,948 45,671 45,671 45,283 TI Africa Ltd revolving loan 56M* USD libor +2.0% 2022 35,429 35,429 35,212 47,362 47,362 46,974 TI Africa Ltd loan 56M* USD libor +2.0% 2022 35,429 35,429 35,212 47,362 47,362 46,974 Total interest-bearing bank loans 139,183 139,183 138,319 186,067 186,067 184,513 * The mentioned secured bank loans are subject to loan covenants. Loan covenant As of December 31, 2019 , all joint ventures were in compliance with the covenants, as applicable, of their respective loans. Interest rate swaps In 2018, TI Asia and TI Africa entered in several Interest Rate Swap (IRSs) instruments for a combined notional value of $ 208.8 million (Euronav’s share amounts to 50% ) in connection to the $ 220.0 million facility. 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 two and three 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 14). Vessels On November 19, 2019, the group entered into a joint venture together with affiliates of Ridgebury Tankers and clients of Tufton Oceanic. Each 50% -50% joint venture company has acquired one Suezmax vessel. The joint ventures have acquired two Suezmax tankers (Bari & Bastia) for a total consideration of $ 40.6 million . There were no capital commitments as of December 31, 2019 , December 31, 2018 and December 31, 2017 . Cash and cash equivalents (in thousands of USD) 2019 2018 Cash and cash equivalents of the joint ventures 6,913 6,227 Group's share of cash and cash equivalents 3,814 3,385 of which restricted cash — — Services The Group entered into an agreement with its joint venture to manage commercially both vessels by the Group's chartering desk. Furthermore the Group also entered into an agreement to render accounting, assistance and administrative services. In 2019 the Group invoiced a total amount of $ 18,222 . Furthermore, the joint venture entered into an agreement with the Group to invoice us management fees to do the follow up of the external shipmanagement. In 2019, Ridgebury invoiced the Group $ 40,050 .

Major exchange rates

Major exchange rates	12 Months Ended
Major exchange rates	Dec. 31, 2019
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, 2019 December 31, 2018 December 31, 2017 2019 2018 2017 EUR 1.1234 1.1450 1.1993 1.1213 1.1838 1.1249 GBP 1.3204 1.2800 1.3517 1.2755 1.3374 1.2880

Subsequent events

Subsequent events	12 Months Ended
Subsequent events	Dec. 31, 2019
Disclosure of events after reporting period [Abstract]
Subsequent events	Subsequent events On January 23, 2020, the Company sold the Suezmax Finesse (2003 - 149,994 dwt), for $ 21.0 million . This vessel was accounted for as a non-current asset held for sale as at December 31, 2019. The vessel was delivered to its new owner on February 21, 2020. On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization declared the outbreak a “public health emergency of international concern” following the outbreak of a new strain of coronavirus, ("COVID-19"). On February 12, 2020, Euronav announced the acquisition of three VLCC newbuilding contracts for an aggregate purchase price of $ 280.5 million or $ 93.5 million per vessel. The vessels are due to be delivered early in the fourth quarter 2020 and in January and February 2021 respectively and will be fitted with Exhaust Gas Scrubber technology and Ballast Water Treatment System. On March 6, 2020, Euronav announced it has entered into an agreement for the acquisition through resale of one VLCC newbuilding contract. This VLCC is being acquired for $ 93 million . The vessel is due for delivery early in the first quarter of 2021 and is an identical sister ship of the 3 VLCCs acquired in February as mentioned above. On March 20, 2020, the Company sold the Cap Diamant (2001 - 160,044 dwt), for $ 20.8 million . The vessel was delivered to its new owner on April 9, 2020. A capital gain on the sale of approximately $ 13 million will be recorded during the first quarter of 2020. Currently, the COVID-19 pandemic is reported to have spread to over 100 countries with the number of cases growing daily. The wellbeing and health of our staff, seafarers, their families and the broader community is Euronav’s priority. We have applied a number of precautionary measures across our offices and fleet in order to protect our employees and seafarers in response to the virus. Euronav’s operations have not been materially impacted yet by the COVID-19 pandemic. However, and whilst it is too early to assess the future impact precisely, besides increasing operational challenges both onshore and at sea, the current environment may lead to increased counterparty risk and growing commercial and other disputes. The group will closely monitor the situation and expects to be able to build on its good business relationships with most of its long term customers to successfully navigate through these challenging times. The internal control framework and the corporate governance in general remains operational and effective, without a significant impact on actual internal audit activities and on the communication and information exchange with the business. The extensive automation of processes and controls allow for an adequate execution, even under actual COVID-19 conditions. Specifically, controls are regularly considered to address potential new financial, liquidity and treasury risks or the change in severity or likelihood of existing risks. A combination of rapidly increasing crude supply and a buoyant market for crude storage is underpinning a very robust tanker freight market and strong cash generation presently. Management is however cognizant that there is currently a substantial reduction in crude demand due to the worldwide impact of the COVID-19 outbreak and more specifically to the policies to restrict the movement of people. As a consequence, a significant portion of the oil currently produced and transported is destined to crude inventories. The build-up of these inventories will in 2020 impact the demand for the oil transportation sector and in particular the tanker markets. At the same time, a lower crude price environment is beneficial for the shipping companies in general as it leads to lower fuel costs. Overall and at this stage it is still too early to quantify the impact due to the COVID-19 outbreak on our future results and any forward-looking statements should be regarded with caution because of the inherent uncertainties in economic trends and business risks related to the current COVID-19 outbreak. Euronav does not only maintain a strong balance sheet with which to navigate tanker market cycles but also a very strong liquidity with more than $ 1 billion available in the form of cash and of undrawn revolving credit facilities. Thanks to this strong balance sheet combined with the current high freight market, we are confident about the future but will continue to monitor the situation carefully and remain fully committed to adapt our actions in the best interest of our stakeholders. This event was deemed to constitute a non-adjusting subsequent event in the preparation of the 2019 consolidated financial statements.

Significant accounting polici_2

Significant accounting policies (Policies)	12 Months Ended
Significant accounting policies (Policies)	Dec. 31, 2019
Corporate Information And Statement Of IFRS Compliance [Abstract]
Basis of accounting	Basis of accounting 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 16 Leases has been applied. Changes in significant accounting policies are described in policy 6. 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 29, 2020.
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 less cost of disposal 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 judgments The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of the Group's accounting policies and the 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 judgments 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. A. Judgments Information about judgments made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statement is included in the following notes: • Note 8 – Impairment; • Note 25 - Business Combination and • Note 20 - Lease term: whether the Group is reasonably certain to exercise renewal, termination, purchase options. B. Assumptions and estimation uncertainties Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amounts in the next financial years is included in the following notes: • Note 8 – Impairment test: key assumptions underlying the recoverable amount; • Note 9 - Measurement of deferred tax assets: availability of future taxable profit against which deductible temporary differences and tax losses carried forward can be utilized and • Note 20 - Leases: key assumptions underlying the lease liability and right-of-use asset, e.g. lease term, lease payments and estimate on residual value guarantee.
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 the following notes: • Note 3 - Assets and liabilities held for sale and discontinued operations; • Note 19 - Financial instruments and • Note 23 - Share-based payment arrangements
Changes in accounting policies and New standards and interpretations not yet adopted	Changes in accounting policies The Group initially applied IFRS 16 Leases from 1 January 2019. A number of other new standards are also effective from 1 January 2019 but they do not have a material effect on the consolidated financial statements. – Annual Improvements to IFRS Standards 2015-2017 Cycle – Amendments to IAS 19: Plan Amendment, Curtailment of Settlement – IFRIC 23 Uncertainty over Income Tax Treatments – Amendments to IFRS 9: Prepayment Features with Negative Compensation – Amendments to IAS 28: Long-term Interests in Associates and Joint Ventures The Group applied IFRS 16 using the modified retrospective approach, under which the cumulative effect of initial application is recognized in retained earnings at 1 January 2019. Accordingly, the comparative information presented for 2018 is not restated - i.e. it is presented, as previously reported, under IAS 17 and related interpretations. The details of the changes in accounting policies are disclosed below. Additionally, the disclosure requirements in IFRS 16 have not been applied to comparative information. The Group 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 was adjusted following the application of IFRS 15 on Revenue Recognition and IFRS 9 on Financial Instruments. A. Definition of a lease Previously, the Group determined at contract inception whether an arrangement was or contained a lease under IFRIC 4 Determining whether an Arrangement contains a Lease. The Group now assesses whether a contract is or contains a lease based on the definition of a lease. Under IFRS 16, a contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. On transition to IFRS 16, the Group elected to apply the practical expedient to grandfather the assessment of which transactions are leases. The Group applied IFRS 16 only to contracts that were previously identified as leases. Contracts that were not identified as leases under IAS 17 and IFRIC 4 were not reassessed for whether there is a lease under IFRS 16. Therefore, the definition of a lease under IFRS 16 was applied only to contracts entered into or changed on or after 1 January 2019. B. As a lessee As a lessee, the Group leases primary vessels under bare boat charters, office rental and company cars. The Group previously classified these leases as operating leases (not as finance lease) under IAS 17 based on its assessment of whether the lease transferred significantly all of the risks and rewards incidental to ownership of the underlying asset to the Group. Under IFRS 16, the Group recognizes right-of-use assets, representing its right to use the underlying assets, and lease liabilities, representing its obligation to make lease payments, for most of these leases - i.e. these leases are on-balance sheet. At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone price. Previously, the Group classified these leases as operating leases under IAS17. On transition, for these leases, lease liabilities were measured at the present value of the remaining lease payments, discounted at the Group's incremental borrowing rate (see policy 5D). Right-of-use assets were measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments. The Group tested its right-of-use assets for impairment on the date of transition. The onerous contract practical expedient was applied at transition date. On transition to IFRS 16, the Group elected to apply practical expedients. In particular, the Group did not recognize right-of-use assets and liabilities for leases for which the lease term ends within 12 months of the date of initial application and did not recognize right-of-use assets and liabilities for leases of low value assets (e.g. IT equipment). Accordingly, those lease payments were recognized as an expense and there was no impact on transition. The practical expedients regarding hindsight, discount rate, and no initial direct costs were not used. Lease and non-lease components in the contracts are separated. C. 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. Furthermore 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 floating time charter agreements under which vessels are employed by the TI Pool no longer meets the definition of a lease under IFRS 16 and accordingly are accounted for under IFRS 15 Revenue from Contracts with Customers since January 1, 2019. This did 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 required 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. This did not have a material impact for the Group. The Group sub-leases some of its properties. Under IAS 17, the head lease and sub-lease contracts were classified as operating leases. The Group assessed the classification of the sub-lease contracts with reference to the right-of-use asset rather than the underlying asset, and concluded that they are finance leases under IFRS 16. For the sub-lease contracts that qualify as finance lease, the right of use asset related to the head lease was derecognized and a lease receivable relating to the sublease was recognized. The lease liability from the head lease continued to be recognized. Generally, the accounting policies applicable to the Group as a lessor in the comparative period were not different from IFRS 16 except for the classification of the sub-lease that resulted in a finance lease classification. D. Impact on financial statements On transition to IFRS 16, the Group, as a lessee, recognized additional right-of-use assets and additional lease liabilities, recognizing the difference in retained earnings at January 1, 2019. The impact on transition is summarized below. (in million of USD) January 1, 2019 Retained earnings — Right-of-use assets 87.6 Lease receivables 11.4 Lease liabilities 105.3 The right-of-use assets were reduced by $ 11.4 million which represents the lease receivables related to the subleases that qualify as finance lease under IFRS 16, by $ 3 million related to a deferred gain on a previous sale-and-leaseback transaction and by $ 3.2 million related to onerous lease contracts. The adoption of IFRS 16 did no t have an impact on retained earnings as of January 1, 2019. For the impact of IFRS 16 on profit or loss for the period, see Note 20. For the impact of IFRS 16 on segment information, see Note 2. For the details of accounting policies under IFRS 16 and IAS17, see accounting policy 19. When measuring lease liabilities for leases as a lessee that were classified as operating leases, the Group discounted lease payments using its incremental borrowing rate at 1 January 2019. The weighted-average rate applied is 6% and was determined by country and by term of the leases and take into account the Company‘s credit profile. (in thousands of USD) January 1, 2019 Operating lease commitments at 31 December 2018 as disclosed under IAS 17 120,304 - Recognition exemption for leases with less than 12 months of lease term at transition (40 ) - Separation of non-lease component (761 ) Lease liabilities, not discounted 119,503 Discount effect (14,235 ) Lease liabilities recognized at January 1, 2019 105,268 As a result of initially applying IFRS 16, in relation to the leases that were previously classified as operating leases, the Group recognized $ 58.9 million of right-of-use assets and $ 75.6 million of lease liabilities as at December 31, 2019. Also in relation to those leases under IFRS 16, the Group has recognized $( 29.3 ) million depreciation charges and $( 4.8 ) million interest expenses, instead of operating (lease) expenses. 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, 2019 , and have not been applied in preparing these 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 processes. 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 primary 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 judgments 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. On 26 September 2019, the IASB has issued Amendments to IFRS 9, IAS 39 and IFRS 7 (interest rate benchmark reform) . The related amendments modify some specific hedge accounting requirements to provide relief from potential effects of the uncertainty caused by the IBOR reform. In addition it requires companies to provide additional information to investors about their hedging relationships which are directly affected by these uncertainties. The amendments are summarized as follows: – When determining whether a forecast transaction is highly probable, a company shall assume that the interest rate benchmark on which the hedged cash flows are based is not altered as a result of the reform. – When performing prospective assessments, a company shall assume that the interest rate benchmark on which the hedged item, hedged risk and/or hedging instrument are based is not altered as a result of their interest rate benchmark reform. – When applying IAS 39, the company is not required to undertake the IAS 39 retrospective assessment for hedging relationships directly affected by the reform. However, the company must comply with all other IAS 39 hedge accounting requirements, including the prospective assessment. – For hedges of a non-contractually specified benchmark component of interest rate risk, a company shall apply the separately identifiable requirement only at the inception of such hedging relationship. The amendments are effective for annual periods beginning on or after 1 January 2020 with earlier application permitted. None of the amendments above are expected to have a material impact on the Group's consolidated financial statements.
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 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 Fair Value through Other Comprehensive Income ("FVOCI") or Fair Value through Profit or Loss ("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 7.1. 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 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. 7.2. 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. 7.3. 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. 7.4. 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 Fair Value through Other Comprehensive Income ("FVOCI") or Fair Value through Profit or Loss ("FVTPL") financial asset depending on the level of influence retained. 7.5. 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. 7.6. 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 8.1. 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. 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 on translation are generally recognized in profit or loss. However, foreign currency differences arising from the translation of the following items are recognized in OCI: • a financial liability designated 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. 8.2. 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 Recognition and initial measurement Trade receivables, debt securities issued and subordinated liabilities are initially recognized when they are originated. All other financial assets and financial liabilities (including liabilities designated as at FVTPL) are initially recognized on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component which 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 or issue. Financial liabilities are recognized initially at fair value less any directly attributable transaction costs. 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. Financial assets and liabilities are offset and the net amount is 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. 9.1. Financial assets Classification and subsequent measurement On initial recognition, a financial asset is classified as measured at: amortized cost; FVOCI - debt investment; FVOCI - equity instrument; or 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. 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. Assessment whether contractual cash flows are solely payments of principal and interest 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. 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. Derecognition 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 or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases the transferred assets are not derecognized. Any interest in such transferred financial assets that is created or retained by the Group is recognized as a separate asset or liability. 9.2. Financial liabilities Classification and subsequent measurement Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gains or loss on derecognition is also recognized in profit or loss. Derecognition The Group derecognizes a financial liability when its contractual obligations are discharged, canceled, or expired. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss. 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. 9.3. Derivative financial instruments Derivative financial instruments and hedge accounting 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. Derivative are initially measured at fair value; attributable transaction costs are expensed as incurred. Subsequent to initial recognition, derivatives are remeasured at fair value, and changes therein are generally recognized in profit or loss. The group designated certain derivatives as hedging instruments to hedge the variability in cash flows. The Group ensure that hedge accounting relationships are aligned with its risk management objectives and strategy and apply a more qualitative and forward looking approach in assessing hedge effectiveness. 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 objective(s) and strategy for undertaking the hedge. The Group also documents the methods that will be used to assess the effectiveness of the hedging relationship and makes an assessment whether the hedging instruments are expected to be “highly effective” in offsetting the changes in the 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 analysis. 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. 9.4. 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. 9.5. 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.
Financial assets	Financial assets Classification and subsequent measurement On initial recognition, a financial asset is classified as measured at: amortized cost; FVOCI - debt investment; FVOCI - equity instrument; or 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. 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. Assessment whether contractual cash flows are solely payments of principal and interest 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. 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. Derecognition 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 or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases the transferred assets are not derecognized. Any interest in such transferred financial assets that is created or retained by the Group is recognized as a separate asset or liability.
Non-derivative financial liabilities	Financial liabilities Classification and subsequent measurement Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gains or loss on derecognition is also recognized in profit or loss. Derecognition The Group derecognizes a financial liability when its contractual obligations are discharged, canceled, or expired. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss. 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.
Derivative financial instruments	Derivative financial instruments Derivative financial instruments and hedge accounting 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. Derivative are initially measured at fair value; attributable transaction costs are expensed as incurred. Subsequent to initial recognition, derivatives are remeasured at fair value, and changes therein are generally recognized in profit or loss. The group designated certain derivatives as hedging instruments to hedge the variability in cash flows. The Group ensure that hedge accounting relationships are aligned with its risk management objectives and strategy and apply a more qualitative and forward looking approach in assessing hedge effectiveness. 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 objective(s) and strategy for undertaking the hedge. The Group also documents the methods that will be used to assess the effectiveness of the hedging relationship and makes an assessment whether the hedging instruments are expected to be “highly effective” in offsetting the changes in the 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 analysis. 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.
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.
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 10.1. Goodwill Goodwill that arises on the acquisition of subsidiaries is presented as an intangible asset. For the measurement of goodwill at initial recognition, refer to accounting policy 6. After initial recognition goodwill is measured at cost less accumulated impairment losses, refer to accounting policy 11. 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. 10.2. 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, refer to accounting policy 11. 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. 10.3. Subseq uent 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. 10.4. Amortization Amortization is charged to the income statement on a straight-line basis over the estimated useful lives of the intangible assets from the date they are available for use. The estimated useful lives are as follows: • Software: 3 - 5 years Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
Vessels, property, plant and equipment	Vessels, property, plant and equipment 11.1. Owned as sets 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 11. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of 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 11.6. 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. 11.2. 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. 11.3. 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. 11.4. 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. 11.5. 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. The right-of-use asset is depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the basis of those of property and equipment (refer to accounting policy 18). 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. 11.6. 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 depreciated over their estimated useful-life.
Impairment of financial assets	Impairment 12.1. Non-derivative financial assets The impairment model applies to financial assets measured at amortized cost, contract assets and debt investments at FVOCI. 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 'expected credit loss' (ECL): 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 occurring 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 analysis, 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 180 days past due. The financial assets that are more than 180 days past due, which mainly relates to demurrage and TI pool outstandings, are followed up closely and as long as their collection is highly probable, they are not considered in default. 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 realizing security (if any is held). 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 Ato 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 allowance for ECL Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. The impairment loss on trade receivable has been presented in 'general and administrative expenses'. 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 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'. Write-off The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. The Group calculates the ELC on trade and other receivables based on actual credit loss experience over the past 10 years taking into account reasonable and supportable forecast of future economic conditions.
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 21), inventory and contract assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. Goodwill is tested annually for impairment. 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 CGU’s. Goodwill acquired in a business combination is allocated to groups of CGU’s that are expected to benefit from the synergies of the combination. 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. An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. 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. Tankers The Group analyzes the following internal and external indicators are reviewed to assess whether tankers might be impaired: • the obsolescence or physical damage of an asset; • significant changes in the extent or manner in which vessels are (or are expected to be) used that have (or will have) an adverse effect on the entity; • plans to dispose of assets before the previously expected date of disposal; • indications that the performance of a CGU is, or will be, worse than expected; • significant increases in cash flows for acquiring, operating or maintaining vessels that are significantly higher than originally budgeted; • net cash flows or operating profits that are lower than originally budgeted; • net cash outflows or operating losses; • market capitalization below net asset value; • a significant and unexpected decline in market value of vessels; • significant adverse effects in the technological, market, economic, legal and regulatory environment; • increases in market interest rates. Euronav defines its cash generating unit as a single vessel, unless such vessel is operated in a profit-sharing pool, in which case such vessel, together with the other vessels in the pool, are collectively treated as a cash generating unit. When events and changes in circumstances indicate that the carrying amount of the asset or CGU might not be recovered, the Group performs an impairment test whereby the carrying amount of the 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, assumptions are made regarding forecast charter rates, using the weighted average of past and ongoing shipping cycles including management judgment for the ongoing cycle and for the weighting factors applied, the weighted average cost of capital ('WACC'), the useful life of the vessels (20 years for tankers) and a residual value. After careful consideration of the trends in the shipping industry, the Group elected to retain residual values for its vessels equal to zero. Although management believes that its process to determine the assumptions used to evaluate the carrying amount of the assets, when required, are reasonable and appropriate, such assumptions are subject to judgment. Management is assessing continuously the resilience of its projections to the business cycles that can be observed in the tankers market, and concluded that a business cycle approach provides 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 judgment, analyst reports and past experience. FSOs In the context of the valuation of the Group's investments in the respective joint ventures, the Group also reviews internal and external indicators, similar to the ones used for tankers, to assess whether the FSOs might be impaired. When events and changes in circumstances indicate that the carrying amount of the assets might not be recovered, the Group performs an impairment test on the FSO vessels owned by TI Asia Ltd and TI Africa Ltd, 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, assumptions are made regarding forecast charter rates, weighted average cost of capital ('WACC'), the useful life of the FSOs (25 years) and a residual value. After careful consideration of the trends in the shipping industry, the Group elected to retain residual values for its vessels equal to zero. The value in use calculation for FSOs, when required, is based on the remaining useful life of the vessels as of the reporting date, and forecast charter rates are determined using fixed daily rates as well as management's best estimate of daily rates for future unfixed periods. The FSO Asia and the FSO Africa are on a five years timecharter contract to North Oil Company, the operator of the Al-Shaheen oil field, whose shareholders are Qatar Petroleum Oil & gas Limited and Total E&P Golfe Limited, until July 22, 2022 and September 22, 2022, respectively.
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 of disposal. 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.
Bunker inventory	Bunker inventory The Group has been purchasing compliant bunker fuel for future use by its vessels. Bunkers are presented as inventory and are accounted for on a weighted average basis. The cost of inventories comprises of the purchase price, fuel inspection costs and transport and handling costs. The effective portion of the change in fair value of derivatives designated as cash flow hedges of the underlying price index between the date of purchase and the date of delivery is also recognized as an inventory cost. The ineffective portion of the change in fair value of these derivatives is recognized directly in profit or loss. The inventory is accounted for at the lower of cost and net realizable value with cost being determined on a weighted average basis. Bunker expenses are recognized in profit or loss upon consumption.
Employee benefits	Employee benefits 15.1. 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. 15.2. 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. 15.3. Other long term employee benefit s 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. 15.4. 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. 15.5. 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 fair value of the Transaction Based Incentive Plan is being determined by using a binomial model with cost being spread of the expected vesting period over the various tranches. The fair value of the Long term incentive plan 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 a 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 17.1. 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 floating 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. Revenue from the floating time charter agreements under which vessels are employed by the TI Pool is accounted for under IFRS 15 Revenue from Contracts with Customers. 17.2. Time - and Bareboat charters As a lessor, the Group leases out some of its vessels under time charters and bareboat charters, refer to accounting policy 19. Lessors shall classify each lease as an operating lease or a finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Otherwise a lease is classified as an operating lease. 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 (refer to accounting policy 19.A.2). IFRS 16 requires the Group to separate lease and non-lease components, with the lease component qualifying as operating lease under IFRS16 and the service components accounted for under IFRS 15. 17.3. 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. When our vessels cannot start or continue performing its obligation due to other factors such as port delays, a demurrage is paid. The applicable demurrage rate is stipulated in the contract. 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 highly probable. The amount of revenue recognized is estimated based on historical data. The Group updates its estimate on an annually basis. 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 The Group has applied IFRS 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under IAS 17 and IFRIC 4. A. Policy applicable from 1 January 2019 At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. The policy is applied to contracts entered into, on or after 1 January 2019 1. As a lessee The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at the amount equal to the lease liability adjusted by initial direct costs incurred by the lessee. Adjustments may also be required for any payments made at or before the commencement date and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. After lease commencement, the Group measures the right-of-use asset using a cost model, namely at cost less accumulated depreciation and accumulated impairment. The right-of-use asset is subsequently depreciated using the straight-line method, refer to accounting policy 10.5. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The lessee's incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources (e.g. World office yield rate) and makes certain adjustments to reflect the terms of the lease and type of the asset leased or by calculating the weighted average of the cost of secured debt and unsecured debt. Lease payments included in the measurement of the lease liability comprise the following: - fixed payments; - variable lease payments that depend on an index or a rate; - amounts expected to be payable under a residual value guarantee and - the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group's estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether the purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. The Group has applied judgment to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognized. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the profit or loss if the carrying amount of the right-to-use asset has been reduced to zero. Lease and non-lease components in the contracts are separated. Short-term leases and leases of low-value assets The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including IT equipment. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. 2. As a lessor When the Group acts as a lessor, it determines at lease inception whether each lease is a finance or operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. If the lease qualifies as an operating lease, e.g. time charter out, the leased asset remains on the balance sheet of the lessor and continues being depreciated. The adoption of IFRS 16 required 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. The Group recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as part of 'revenue' (refer to accounting policy 17.2.) Payments related to service component made under operating leases are also recognized in the income statement over the term of the lease. The Group sub-leases some of its properties. The sub-lease contracts are classified as finance leases under IFRS 16. For these sub-lease, the right-of-use asset related to the head lease was derecognized and a lease receivable, at an amount equal to the net investment, relating to the sublease is recognized. Subsequently the Group recognizes finance income over the lease term of a finance lease, based on a pattern reflecting a constant periodic rate of return on the net investment and if applicable impairment losses on lease receivable. B. Policy applicable before 1 January 2019 For contracts entered into before 1 January 2019, the Group determined whether the arrangement was or contained a lease. 1. As a lessee Leases in terms of which the Group assumes substantially all of the risks and rewards of ownership were classified as finance leases. Vessels, property, plant and equipment acquired by way of finance lease was 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 to accounting policy 11). Lease payments were accounted for as described in accounting policy 19.A.1. Other leases are operating leases and were not recognized in the Group’s statement of financial position. 2. As a lessor Payments received under operating leases were recognized in the income statement on a straight-line basis over the term of the lease. Lease incentives received were recognized as an integral part of the total lease expense, over the term of the lease. Minimum lease payments made under finance leases were apportioned between the finance expense and the reduction of the outstanding liability. The finance expense were 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, 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 8). 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. Interest income related to finance lease for the subleases is also recognized in the consolidated statement of profit or loss. as a finance income. The interest expense component of lease liabilities 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 reviewed at each reporting date and 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. In accordance to IFRIC 23 the Group assesses whether there is any uncertainty over Income Tax Treatments. The amount is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes.
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
Significant accounting policies (Tables)	Dec. 31, 2019
Corporate Information And Statement Of IFRS Compliance [Abstract]
Disclosure of initial application of standards or interpretations	The impact on transition is summarized below. (in million of USD) January 1, 2019 Retained earnings — Right-of-use assets 87.6 Lease receivables 11.4 Lease liabilities 105.3 (in thousands of USD) January 1, 2019 Operating lease commitments at 31 December 2018 as disclosed under IAS 17 120,304 - Recognition exemption for leases with less than 12 months of lease term at transition (40 ) - Separation of non-lease component (761 ) Lease liabilities, not discounted 119,503 Discount effect (14,235 ) Lease liabilities recognized at January 1, 2019 105,268
Schedule of FV Determination	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.
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 Vessels are estimated to have a zero residual value. (in thousands of USD) Vessels Vessels under construction Right-of-use assets Other tangible assets Total PPE 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 25) 1,704,250 — — 345 1,704,595 Disposals and cancellations (7,814 ) — — (75 ) (7,889 ) Disposals and cancellations through business combinations (Note 25) (434,000 ) — — (434,000 ) Depreciation charges (270,018 ) — — (564 ) (270,582 ) Transfer to assets held for sale (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 January 1, 2019 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 Acquisitions 7,024 — 549 1,012 8,585 Adoption IFRS 16 — — 87,598 — 87,598 Disposals and cancellations (29,386 ) — — (52 ) (29,438 ) Depreciation charges (307,738 ) — (29,265 ) (643 ) (337,646 ) Transfer to assets held for sale (Note 3) (12,705 ) — — — (12,705 ) Translation differences — — 26 5 31 Balance at December 31, 2019 3,177,262 — 58,908 2,265 3,238,435 At December 31, 2019 Cost 4,815,910 — 88,182 5,042 4,909,134 Depreciation & impairment losses (1,638,648 ) — (29,274 ) (2,777 ) (1,670,699 ) Net carrying amount 3,177,262 — 58,908 2,265 3,238,435 Disposal of assets – Gains/losses (in thousands of USD) Sale price Book Value Gain Loss TI Topaz - Sale 20,790 41,817 — (21,027 ) Flandre - Sale 45,000 24,693.3 20,306.7 — Cap Georges - Sale 9,310 801.4 8,508.6 — Artois - Sale 21,780 14,077 7,703 — Other 29 9 20 — At December 31, 2017 96,909 81,397.7 36,538.3 (21,027 ) Sale price Book Value 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 ) Sale price Book Value Gain Loss Felicity - Sale 42,000 42,000 — — Compatriot - Sale 6,615 6,173 442 — VK Eddie - Sale 37,620 23,212 14,408 — Other 29 — 29 (75 ) At December 31, 2019 86,264 71,385 14,879 (75 ) As at December 31, 2019 and December 31, 2018 the Group had no capital commitments.

Segment reporting (Tables)

Segment reporting (Tables)	12 Months Ended
Segment reporting (Tables)	Dec. 31, 2019
Operating Segments [Abstract]
Schedule of operating segments	Consolidated statement of profit or loss (in thousands of USD) 2019 2018 2017 Tankers * FSO * Less: Equity-accounted investees * Total Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Shipping income Revenue 933,823 49,461 (50,907 ) 932,377 600,024 49,155 (49,155 ) 600,024 513,399 59,513 (59,544 ) 513,368 Gains on disposal of vessels/other tangible assets 14,879 — — 14,879 19,138 — — 19,138 36,538 — — 36,538 Other operating income 10,075 3,351 (3,332 ) 10,094 4,775 72 (72 ) 4,775 4,902 234 (234 ) 4,902 Total shipping income 958,777 52,812 (54,239 ) 957,350 623,937 49,227 (49,227 ) 623,937 554,839 59,747 (59,778 ) 554,808 Operating expenses Voyage expenses and commissions (145,047 ) 2 364 (144,681 ) (141,416 ) (1 ) 1 (141,416 ) (62,035 ) (304 ) 304 (62,035 ) Vessel operating expenses (212,010 ) (12,657 ) 12,872 (211,795 ) (185,792 ) (9,637 ) 9,637 (185,792 ) (150,391 ) (9,157 ) 9,121 (150,427 ) Charter hire expenses (604 ) — — (604 ) (31,114 ) — — (31,114 ) (31,173 ) — — (31,173 ) Losses on disposal of vessels/other tangible assets (75 ) — — (75 ) (273 ) — — (273 ) (21,027 ) — — (21,027 ) Impairment on non-current assets held for sale — — — — (2,995 ) — — (2,995 ) — — — — Depreciation tangible assets (338,036 ) (18,071 ) 18,461 (337,646 ) (270,582 ) (18,071 ) 18,071 (270,582 ) (229,777 ) (18,071 ) 18,071 (229,777 ) Depreciation intangible assets (56 ) — — (56 ) (111 ) — — (111 ) (95 ) — — (95 ) General and administrative expenses (66,958 ) (283 ) 351 (66,890 ) (66,235 ) (425 ) 428 (66,232 ) (46,871 ) (30 ) 33 (46,868 ) Total operating expenses (762,786 ) (31,009 ) 32,048 (761,747 ) (698,518 ) (28,134 ) 28,137 (698,515 ) (541,369 ) (27,562 ) 27,529 (541,402 ) RESULT FROM OPERATING ACTIVITIES 195,991 21,803 (22,191 ) 195,603 (74,581 ) 21,093 (21,090 ) (74,578 ) 13,470 32,185 (32,249 ) 13,406 Finance income 20,399 147 26 20,572 15,023 160 (160 ) 15,023 7,267 197 (198 ) 7,266 Finance expenses (119,809 ) (4,558 ) 4,564 (119,803 ) (89,412 ) (3,795 ) 3,795 (89,412 ) (50,730 ) (1,026 ) 1,027 (50,729 ) Net finance expenses (99,410 ) (4,411 ) 4,590 (99,231 ) (74,389 ) (3,635 ) 3,635 (74,389 ) (43,463 ) (829 ) 829 (43,463 ) Gain on bargain purchase — — — — 23,059 — — 23,059 — — — — Share of profit (loss) of equity accounted investees (net of income tax) 440 — 16,020 16,460 220 — 15,856 16,076 150 — 29,932 30,082 Profit (loss) before income tax 97,021 17,392 (1,581 ) 112,832 (125,691 ) 17,458 (1,599 ) (109,832 ) (29,843 ) 31,356 (1,488 ) 25 Income tax expense (602 ) (1,581 ) 1,581 (602 ) (238 ) (1,599 ) 1,599 (238 ) 1,358 (1,488 ) 1,488 1,358 Profit (loss) for the period 96,418 15,812 — 112,230 (125,929 ) 15,859 — (110,070 ) (28,485 ) 29,868 — 1,383 Attributable to: Owners of the company 96,418 15,812 — 112,230 (125,929 ) 15,859 — (110,070 ) (28,485 ) 29,868 — 1,383 Summarized consolidated statement of cash flows (in thousands of USD) 2019 2018 2017 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 259,109 41,278 (28,396 ) 271,991 843 40,672 (40,674 ) 841 211,310 49,684 (49,698 ) 211,295 Net cash from (used in) investing activities 44,211 — (461 ) 43,750 190,042 — — 190,042 (40,243 ) — 1 (40,242 ) Net cash from (used in) financing activities (178,587 ) (41,491 ) 28,891 (191,187 ) (160,165 ) (42,164 ) 42,164 (160,165 ) (234,921 ) (78,421 ) 78,367 (234,976 ) Capital expenditure (30,173 ) — 22,120 (8,053 ) (238,065 ) — — (238,065 ) (177,901 ) — — (177,901 ) * The Group initially applied IFRS 16 at 1 January 2019, which requires the recognition of right-of-use assets and lease liabilities for lease contracts that were previously classified as operating leases (see Note 1.5). As a result, the Group recognized $ 87.6 million of right-of-use assets and $ 105.3 million of liabilities from those lease contracts. The assets and liabilities are included in the Tankers and FSO segments as at 31 December 2019. The Group has applied IFRS 16 using the modified retrospective approach, under which comparative information is not restated (see Note 1.5). Consolidated statement of financial position (in thousands of USD) December 31, 2019 December 31, 2018 ASSETS Tankers * FSO * Less: Equity-accounted investees * Total Tankers FSO Less: Equity-accounted investees Total Vessels 3,198,993 131,958 (153,689 ) 3,177,262 3,520,067 150,029 (150,029 ) 3,520,067 Right-of-use assets 58,908 — — 58,908 — — — — Other tangible assets 2,265 — — 2,265 1,943 — — 1,943 Intangible assets 39 — — 39 105 — — 105 Receivables 52,502 — 18,581 71,083 38,658 — — 38,658 Investments in equity accounted investees 2,355 — 47,967 50,322 1,915 — 41,267 43,182 Deferred tax assets 2,715 1,116 (1,116 ) 2,715 2,255 1,229 (1,229 ) 2,255 Total non-current assets 3,317,777 133,074 (88,257 ) 3,362,594 3,564,943 151,258 (109,991 ) 3,606,210 Total current assets 805,613 10,405 (13,769 ) 802,249 521,536 15,784 (16,179 ) 521,141 TOTAL ASSETS 4,123,390 143,479 (102,026 ) 4,164,843 4,086,479 167,042 (126,170 ) 4,127,351 EQUITY and LIABILITIES Total equity 2,268,490 43,365 — 2,311,855 2,219,648 40,874 1 2,260,523 Bank and other loans 1,173,944 67,962 (67,962 ) 1,173,944 1,421,465 97,480 (97,480 ) 1,421,465 Other notes 198,571 — — 198,571 148,166 — — 148,166 Other borrowings 107,978 — — 107,978 — — — — Lease liabilities 43,161 — — 43,161 — — — — Other payables 3,809 539 (539 ) 3,809 1,451 355 (355 ) 1,451 Deferred tax liabilities — 4,769 (4,769 ) — — 4,283 (4,283 ) — Employee benefits 8,094 — — 8,094 4,336 — — 4,336 Provisions 1,381 — — 1,381 4,288 — — 4,288 Total non-current liabilities 1,536,938 73,270 (73,270 ) 1,536,938 1,579,706 102,118 (102,118 ) 1,579,706 Total current liabilities 317,962 26,844 (28,756 ) 316,050 287,125 24,050 (24,053 ) 287,122 TOTAL EQUITY and LIABILITIES 4,123,390 143,479 (102,026 ) 4,164,843 4,086,479 167,042 (126,170 ) 4,127,351

Assets and liabilities held f_2

Assets and liabilities held for sale and discontinued operations (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 December 31, 2018 December 31, 2017 Vessels 12,705 42,000 — Of which in Tankers segment 12,705 42,000 — Of which in FSO segment — — — (in thousands of USD) (Estimated) Sale price Book Value Asset Held For Sale Impairment Loss (Expected) Gain At January 1, 2018 — — — — — Assets transferred to assets held for sale Felicity 42,000 44,995 42,000 (2,995 ) — At December 31, 2018 — — 42,000 (2,995 ) — At January 1, 2019 Assets transferred to assets held for sale Finesse 21,003 12,705 12,705 — 8,298 Assets sold from assets held for sale 42,000 42,000 (42,000 ) — — Felicity At December 31, 2019 — — 12,705 — 8,298

Revenue and other operating i_2

Revenue and other operating income (Tables)	12 Months Ended
Revenue and other operating income (Tables)	Dec. 31, 2019
Analysis of income and expense [abstract]
Schedule of revenue sources	(in thousands of USD) 2019 2018 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Pool Revenue 524,840 — 7 524,847 277,394 — — 277,394 Spot Voyages 318,674 — (1,453 ) 317,221 247,392 — — 247,392 Time Charters 90,309 49,461 (49,461 ) 90,309 75,238 49,155 (49,155 ) 75,238 Total revenue 933,823 49,461 (50,907 ) 932,377 600,024 49,155 (49,155 ) 600,024 Other operating income — — — 10,094 — — — 4,775

Expenses for shipping activit_2

Expenses for shipping activities and other expenses from operating activities (Tables)	12 Months Ended
	Dec. 31, 2019
Analysis of income and expense [abstract]
Schedule of voyage expenses and commissions	Voyage expenses and commissions (in thousands of USD) 2019 2018 2017 Commissions paid (10,130 ) (8,193 ) (4,895 ) Bunkers (101,947 ) (103,920 ) (45,249 ) Other voyage related expenses (32,604 ) (29,303 ) (11,891 ) Total voyage expenses and commissions (144,681 ) (141,416 ) (62,035 )
Schedule of vessel operating expenses	Vessel operating expenses (in thousands of USD) 2019 2018 2017 Operating expenses (196,739 ) (172,589 ) (139,832 ) Insurance (15,056 ) (13,203 ) (10,595 ) Total vessel operating expenses (211,795 ) (185,792 ) (150,427 )
Schedule of charter hire expenses	Charter hire expenses (in thousands of USD) 2019 2018 2017 Charter hire (Note 19) (604 ) 6 (62 ) Bare boat hire (Note 19) — (31,120 ) (31,111 ) Total charter hire expenses (604 ) (31,114 ) (31,173 )
Schedule of general and administrative expenses	General and administrative expenses (in thousands of USD) 2019 2018 2017 Wages and salaries (25,050 ) (16,247 ) (12,853 ) Social security costs (3,430 ) (3,746 ) (2,511 ) Provision for employee benefits (Note 17) (2,589 ) (616 ) (827 ) Equity-settled share-based payments (Note 23) — (37 ) (313 ) Other employee benefits (3,713 ) (7,607 ) (3,148 ) Employee benefits (34,782 ) (28,253 ) (19,652 ) Administrative expenses (31,226 ) (33,485 ) (22,579 ) Tonnage Tax (1,313 ) (4,436 ) (4,772 ) Claims (17 ) (100 ) (25 ) Provisions 448 42 160 Total general and administrative expenses (66,890 ) (66,232 ) (46,868 ) Average number of full time equivalents (shore staff) 184.90 161.77 150.49

Net finance expense (Tables)

Net finance expense (Tables)	12 Months Ended
Net finance expense (Tables)	Dec. 31, 2019
Financial Instruments [Abstract]
Disclosure of net finance expense recognized in profit or loss	(in thousands of USD) 2019 2018 2017 Interest income 6,529 4,106 655 Foreign exchange gains 14,043 10,917 6,611 Finance income 20,572 15,023 7,266 Interest expense on financial liabilities measured at amortized cost (84,378 ) (67,956 ) (38,391 ) Interest leasing (4,811 ) — — Fair value adjustment on interest rate swaps (8,533 ) (2,790 ) — Other financial charges (7,474 ) (6,802 ) (5,819 ) Foreign exchange losses (14,607 ) (11,864 ) (6,519 ) Finance expense (119,803 ) (89,412 ) (50,729 ) Net finance expense recognized in profit or loss (99,231 ) (74,389 ) (43,463 )
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: 2019 2018 2017 Total interest income on financial assets 6,529 4,106 655 Total interest expense on financial liabilities (84,378 ) (67,956 ) (38,391 ) Total interest leasing (4,811 ) — — Total other financial charges (7,474 ) (6,802 ) (5,819 )
Disclosure finance expense recognized directly in equity	(in thousands of USD) 2019 2018 2017 Foreign currency translation differences for foreign operations (112 ) (157 ) 448 Cash flow hedges - effective portion of changes in fair value (1,885 ) (2,698 ) — Net finance expense recognized directly in equity (1,997 ) (2,855 ) 448 Attributable to: Owners of the Company (1,997 ) (2,855 ) 448 Net finance expense recognized directly in equity (1,997 ) (2,855 ) 448 Recognized in: Translation reserve (112 ) (157 ) 448 Hedging reserve (1,885 ) (2,698 ) —

Income tax benefit (expense) (T

Income tax benefit (expense) (Tables)	12 Months Ended
Income tax benefit (expense) (Tables)	Dec. 31, 2019
Income Taxes [Abstract]
Disclosure of tax benefit (expense)	(in thousands of USD) 2019 2018 2017 Current tax Current period (1,066 ) (37 ) (85 ) Total current tax (1,066 ) (37 ) (85 ) Deferred tax Recognition of unused tax losses/(use of tax losses) 474 (195 ) 1,473 Other (10 ) (6 ) (30 ) Total deferred tax 464 (201 ) 1,443 Total tax benefit/(expense) (602 ) (238 ) 1,358
Disclosure of reconciliation of effective tax	Reconciliation of effective tax 2019 2018 2017 Profit (loss) before tax 112,832 (109,832 ) 25 Tax at domestic rate (29.58 )% (33,376 ) (29.58 )% 32,488 (33.99 )% (8 ) Effects on tax of : Tax exempt profit / loss 317 (50 ) 499 Tax adjustments for previous years 34 9 10 Loss for which no DTA () has been recognized (26 ) (1,037 ) — Non-deductible expenses (538 ) (962 ) (710 ) Use of previously unrecognized tax losses and tax credits 4,066 — 7,146 Tonnage Tax regime 24,534 (33,602 ) (13,918 ) Effect of share of profit of equity-accounted investees 2,482 4,690 10,175 Effects of tax regimes in foreign jurisdictions 1,905 (1,774 ) (1,836 ) Total taxes (0.53 )% (602 ) 0.22 % (238 ) 5,430.01 % 1,358 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, 2019 was $ 1.3 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, 2019
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 Vessels are estimated to have a zero residual value. (in thousands of USD) Vessels Vessels under construction Right-of-use assets Other tangible assets Total PPE 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 25) 1,704,250 — — 345 1,704,595 Disposals and cancellations (7,814 ) — — (75 ) (7,889 ) Disposals and cancellations through business combinations (Note 25) (434,000 ) — — (434,000 ) Depreciation charges (270,018 ) — — (564 ) (270,582 ) Transfer to assets held for sale (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 January 1, 2019 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 Acquisitions 7,024 — 549 1,012 8,585 Adoption IFRS 16 — — 87,598 — 87,598 Disposals and cancellations (29,386 ) — — (52 ) (29,438 ) Depreciation charges (307,738 ) — (29,265 ) (643 ) (337,646 ) Transfer to assets held for sale (Note 3) (12,705 ) — — — (12,705 ) Translation differences — — 26 5 31 Balance at December 31, 2019 3,177,262 — 58,908 2,265 3,238,435 At December 31, 2019 Cost 4,815,910 — 88,182 5,042 4,909,134 Depreciation & impairment losses (1,638,648 ) — (29,274 ) (2,777 ) (1,670,699 ) Net carrying amount 3,177,262 — 58,908 2,265 3,238,435 Disposal of assets – Gains/losses (in thousands of USD) Sale price Book Value Gain Loss TI Topaz - Sale 20,790 41,817 — (21,027 ) Flandre - Sale 45,000 24,693.3 20,306.7 — Cap Georges - Sale 9,310 801.4 8,508.6 — Artois - Sale 21,780 14,077 7,703 — Other 29 9 20 — At December 31, 2017 96,909 81,397.7 36,538.3 (21,027 ) Sale price Book Value 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 ) Sale price Book Value Gain Loss Felicity - Sale 42,000 42,000 — — Compatriot - Sale 6,615 6,173 442 — VK Eddie - Sale 37,620 23,212 14,408 — Other 29 — 29 (75 ) At December 31, 2019 86,264 71,385 14,879 (75 ) As at December 31, 2019 and December 31, 2018 the Group had no capital commitments.

Deferred tax assets and liabi_2

Deferred tax assets and liabilities (Tables)	12 Months Ended
Deferred tax assets and liabilities (Tables)	Dec. 31, 2019
Income Taxes [Abstract]
Schedule of deferred tax assets and liabilities	(in thousands of USD) 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 Balance at Jan 1, 2019 Recognized in income Recognized in equity Translation differences Balance at Dec 31, 2019 Provisions — — — — — Employee benefits 37 (10 ) — (1 ) 26 Unused tax losses & tax credits 2,218 474 — (3 ) 2,689 Total 2,255 464 — (4 ) 2,715 Deferred tax assets and liabilities have not been recognized in respect of the following items: (in thousands of USD) December 31, 2019 December 31, 2018 ASSETS LIABILITIES ASSETS LIABILITIES Deductible temporary differences 290 — 274 — Taxable temporary differences — (12,162 ) 8 (12,162 ) Tax losses & tax credits 59,772 — 86,568 — 60,062 (12,162 ) 86,850 (12,162 ) Offset (12,162 ) 12,162 (12,162 ) 12,162 Total 47,900 — 74,688 — Deferred tax assets and liabilities are attributable to the following: (in thousands of USD) ASSETS LIABILITIES NET 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 — Employee benefits 26 — 26 Unused tax losses & tax credits 23,790 — 23,790 Unremitted earnings — (21,101 ) (21,101 ) 23,816 (21,101 ) 2,715 Offset (21,101 ) 21,101 Balance at December 31, 2019 2,715 —

Non-current receivables (Tables

Non-current receivables (Tables)	12 Months Ended
Non-current receivables (Tables)	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]
Schedule of non-current receivables	(in thousands of USD) December 31, 2019 December 31, 2018 Shareholders loans to joint ventures 60,379 28,665 Derivatives — 7,930 Other non-current receivables 2,094 2,062 Lease receivables 8,609 — Investment 1 1 Total non-current receivables 71,083 38,658
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, 2019 December 31, 2018 Receivable: Within two years 1,959 7,206 Between two and three years 2,076 — Between three and four years 2,278 725 Between four and five years 38,754 541 More than five years 26,016 30,186 Total non-current receivables 71,083 38,658

Trade and other receivables -_2

Trade and other receivables - current (Tables)	12 Months Ended
Trade and other receivables - current (Tables)	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]
Schedule of trade and other current receivables	(in thousands of USD) December 31, 2019 December 31, 2018 Receivable from contracts with customers 105,925 64,923 Receivable from contracts with customers - TI Pool 146,613 161,737 Accrued income 20,815 17,765 Accrued interest 678 750 Deferred charges 19,134 17,473 Deferred fulfillment costs 2,556 2,140 Other receivables 11,407 18,677 Lease receivables 1,802 — Derivatives 57 — Total trade and other receivables 308,987 283,465

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
Cash and cash equivalents (Tables)	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]
Schedule of cash and cash equivalents	(in thousands of USD) December 31, 2019 December 31, 2018 Bank deposits 215,000 62,500 Cash at bank and in hand 81,954 110,633 TOTAL 296,954 173,133 Of which restricted cash — 79 NET CASH AND CASH EQUIVALENTS 296,954 173,133

Equity (Tables)

Equity (Tables)	12 Months Ended
Equity (Tables)	Dec. 31, 2019
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract]
Disclosure of number of shares issued	Number of shares issued (in shares) December 31, 2019 December 31, 2018 December 31, 2017 On issue at 1 January 220,024,713 159,208,949 159,208,949 Issued in business combination — 60,815,764 — On issue at 31 December - fully paid 220,024,713 220,024,713 159,208,949

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
Earnings per share (Tables)	Dec. 31, 2019
Earnings per share [abstract]
Schedule of earnings per share	2019 2018 2017 Result for the period (in USD) 112,230,267 (110,069,928 ) 1,382,530 Weighted average number of ordinary shares 216,029,171 191,994,398 158,166,534 Basic earnings per share (in USD) 0.52 (0.57 ) 0.01 The table below shows the potential weighted number of shares that could be created if all stock options and restricted stock units were to be converted into ordinary shares. (in shares) 2019 2018 2017 Weighted average of ordinary shares outstanding (basic) 216,029,171 191,994,398 158,166,534 Effect of Share-based Payment arrangements — — 130,523 Weighted average number of ordinary shares (diluted) 216,029,171 191,994,398 158,297,057 (in shares) Shares issued Treasury shares Shares outstanding Weighted number of shares 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 On issue at January 1, 2019 220,024,713 1,237,901 218,786,812 218,786,812 Issuance of shares — — — — Purchases of treasury shares — 3,708,315 (3,708,315 ) (2,757,641 ) Withdrawal of treasury shares — — — — Sales of treasury shares — — — — On issue at December 31, 2019 220,024,713 4,946,216 215,078,497 216,029,171

Interest-bearing loans and bo_2

Interest-bearing loans and borrowings (Tables)	12 Months Ended
Interest-bearing loans and borrowings (Tables)	Dec. 31, 2019
Financial Instruments [Abstract]
Schedule of financial liabilities activity by maturity	(in thousands of USD) Bank loans Other notes Lease liabilities Other borrowings 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 — — 50,010 97,371 At January 1, 2018 701,091 147,619 — 50,010 898,720 New loans 973,550 — — 447,810 1,421,360 Scheduled repayments (84,493 ) — — (435,213 ) (519,706 ) Early repayments (Note 25) (825,691 ) (205,710 ) — — (1,031,401 ) Acquisitions through business combinations (Note 25) 1,106,736 205,710 — — 1,312,446 Other changes (Note 25) (311,191 ) 547 — — (310,644 ) Translation differences — — — (2,265 ) (2,265 ) Balance at December 31, 2018 1,560,002 148,166 — 60,342 1,768,510 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 — — 60,342 198,879 Balance at December 31, 2018 1,560,002 148,166 — 60,342 1,768,510 Bank loans Other notes Lease liabilities Other borrowings Total 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 — — 60,342 198,879 At January 1, 2019 1,560,002 148,166 — 60,342 1,768,510 New loans 986,755 50,500 498 896,145 1,933,898 Adoption IFRS 16 — — 105,238 — 105,238 Scheduled repayments (92,651 ) — (30,214 ) (708,135 ) (831,000 ) Early repayments (1,225,747 ) — — — (1,225,747 ) Other changes (4,908 ) (95 ) — — (5,003 ) Translation differences — — 102 (1,139 ) (1,037 ) Balance at December 31, 2019 1,223,451 198,571 75,624 247,213 1,744,859 More than 5 years 628,711 — 1,652 — 630,363 Between 1 and 5 years 545,233 198,571 41,509 107,978 893,291 More than 1 year 1,173,944 198,571 43,161 107,978 1,523,654 Less than 1 year 49,507 — 32,463 139,235 221,205 Balance at December 31, 2019 1,223,451 198,571 75,624 247,213 1,744,859 The following are the remaining contractual maturities of financial liabilities: Contractual cash flows December 31, 2018 (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 16) 1,708,168 2,034,794 364,122 1,176,317 494,355 Other borrowings (Note 16) 60,342 60,342 60,342 Current trade and other payables * (Note 18) 79,442 79,442 79,442 — — 1,847,952 2,174,578 503,906 1,176,317 494,355 Derivative financial liabilities Interest rate swaps (Note 18) 1,049 2,627 461 1,628 538 Forward exchange contracts (Note 18) — — — — — 1,049 2,627 461 1,628 538 Contractual cash flows December 31, 2019 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 16) 1,422,022 1,697,327 110,720 905,302 681,305 Other borrowings (Note 16) 247,213 268,661 145,640 123,020.9 — Lease liabilities (Note 16) 75,624 79,873 35,525 42,667 1,681 Current trade and other payables * (Note 18) 76,589 76,589 76,589 — — 1,821,448 2,122,450 368,474 1,070,990 682,986 Derivative financial liabilities Interest rate swaps (Note 18) 3,593 3,300 758 2,432 110 Forward exchange contracts (Note 18) — — — — — 3,593 3,300 758 2,432 110 * Deferred income and VAT payables (included in other payables) (see Note 18), which are not financial liabilities, are not included.
Schedule of interest-bearing loans and borrowings	(in thousands of USD) December 31, 2019 December 31, 2018 Curr Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value Unsecured notes USD 7.50% 2022 200,000 200,000 198,571 150,000 150,000 148,166 Total other notes 200,000 200,000 198,571 150,000 150,000 148,166 The terms and conditions of outstanding loans were as follows: (in thousands of USD) December 31, 2019 December 31, 2018 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 43,447 43,447 42,859 79,762 79,762 78,746 Secured vessels Revolving loan 148M* USD libor +2.25% 2021 133,962 — — 147,559 105,000 105,000 Secured vessels Revolving loan 750M* USD libor +1.95% 2022 322,340 130,000 128,205 395,289 165,000 162,002 Secured vessels Revolving loan 409.5M* USD libor +2.25% 2023 212,459 90,000 88,328 316,060 150,000 147,541 Secured vessels loan 27.1M USD libor +1.95% 2029 26,007 26,007 25,389 26,459 26,459 24,711 Secured vessels loan 81.4M USD libor +1.50% 2029 64,452 64,452 62,970 71,236 71,236 70,507 Secured vessels loan 69.4M USD libor + 2.0% 2030 63,635 63,635 63,635 68,263 68,263 68,263 Secured vessels loan 104.2M USD libor +2.0% 2030 93,283 93,283 92,035 101,961 101,961 100,490 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 174,344 100,000 98,445 200,000 200,000 197,955 Secured vessels Revolving loan 100.0M* USD libor +2.1% 2021 100,000 70,000 69,043 — — — Secured vessels Revolving loan 700.0M* USD libor +1.95% 2026 700,000 560,000 552,542 — — — Unsecured bank facility 60M USD libor +2.25% 2020 60,000 — — 60,000 — — Total interest-bearing bank loans 1,993,929 1,240,824 1,223,451 2,071,375 1,572,467 1,560,002 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 future lease payments for leaseback agreement	The future lease payments for these leaseback agreements are as follows: (in thousands of USD) December 31, 2019 Less than one year 22,853 Between one and five years 79,211 Total future lease payables 102,064 The future lease payments for these leaseback agreements are as follows: (in thousands of USD) December 31, 2019 Less than 1 year 32,903 Between 1 and 5 years 31,870 Total future lease payments 64,773
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 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 16) 973,550 — — — — — — 973,550 Proceeds from issue of other borrowings (Note 16) — — 10,332 — — — — 10,332 Proceeds from sale of treasury shares (Note 14) — — — — — 5,406 (3,112 ) 2,294 Purchase treasury shares (Note 14) — — — — — (3,955 ) — (3,955 ) Transaction costs related to loans and borrowings (Note 16) (3,849 ) — — — — — — (3,849 ) Repayment of borrowings (Note 16) (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 25) 1,106,736 205,710 — — — — — 1,312,446 Sale of loans through disposal of subsidiaries (Note 25) (310,968 ) — — — — — — (310,968 ) Amortization of transaction costs (Note 16) 3,626 547 — — — — — 4,173 Total liability-related other changes 799,394 206,257 — — — — — 1,005,651 Total equity-related other changes (Note 14) — — — 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 Liabilities Equity Loans and borrowings Other Notes Other borrowings Lease liabilities Share capital / premium Reserves Treasury shares Retained earnings Total Restated balance at January 1, 2019 1,560,002 148,166 60,342 105,736 1,941,697 (2,287 ) (14,651 ) 335,764 4,134,769 Changes from financing cash flows Proceeds from loans and borrowings (Note 16) 986,755 50,500 — — — — — — 1,037,255 Proceeds from issue of other borrowings (Note 16) — — 62,446 — — — — — 62,446 Proceeds from sale of treasury shares (Note 14) — — — — — — — — — Purchase treasury shares (Note 14) — — — — — — (30,965 ) — (30,965 ) Proceeds from sale and leaseback agreement (Note 16) — — 124,425 — — — — — 124,425 Transaction costs related to loans and borrowings (Note 16) (9,046 ) (675 ) — — — — — — (9,721 ) Repayment of borrowings (Note 16) (1,318,398 ) — — — — — — — (1,318,398 ) Repayment of lease liabilities (Note 16) — — — (30,214 ) — — — — (30,214 ) Dividend paid — — — — — — — (26,015 ) (26,015 ) Total changes from financing cash flows (340,689 ) 49,825 186,871 (30,214 ) — — (30,965 ) (26,015 ) (191,187 ) Other changes Liability-related Amortization of transaction costs (Note 16) 4,138 674 — — — — — — 4,812 Amortization of above par issuance (Note 16) — (94 ) — — — — — — (94 ) Translation differences (Note 16) — — — 102 — — — — 102 Total liability-related other changes 4,138 580 — 102 — — — — 4,820 Total equity-related other changes (Note 14) — — — — — (1,996 ) — 110,309 108,313 Balance at December 31, 2019 1,223,451 198,571 247,213 75,624 1,941,697 (4,283 ) (45,616 ) 420,058 4,056,715

Employee benefits (Tables)

Employee benefits (Tables)	12 Months Ended
Employee benefits (Tables)	Dec. 31, 2019
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, 2019 December 31, 2018 December 31, 2017 NET LIABILITY AT BEGINNING OF PERIOD (4,336 ) (3,984 ) (2,846 ) Recognized in profit or loss (2,589 ) (616 ) (827 ) Recognized in other comprehensive income (1,223 ) 120 64 Foreign currency translation differences 54 144 (375 ) NET LIABILITY AT END OF PERIOD (8,094 ) (4,336 ) (3,984 ) Present value of funded obligation (4,298 ) (3,538 ) (3,537 ) Fair value of plan assets 3,241 2,970 2,760 (1,057 ) (568 ) (777 ) Present value of unfunded obligations (7,037 ) (3,768 ) (3,207 ) NET LIABILITY (8,094 ) (4,336 ) (3,984 ) Amounts in the balance sheet: Liabilities (8,094 ) (4,336 ) (3,984 ) Assets — — — NET LIABILITY (8,094 ) (4,336 ) (3,984 )

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
Trade and other payables (Tables)	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]
Schedule of trade and other payables	(in thousands of USD) December 31, 2019 December 31, 2018 Advances received on contracts in progress, between 1 and 5 years 414 402 Derivatives 3,395 1,049 Total non-current other payables 3,809 1,451 Trade payables 22,737 16,266 Accrued expenses 45,997 42,524 Accrued payroll 3,313 5,595 Dividends payable 123 146 Accrued interest 3,924 10,833 Deferred income 17,783 7,754 Other payables 333 4,107 Derivatives 198 — Total current trade and other payables 94,408 87,225

Financial instruments - Fair _2

Financial instruments - Fair values and risk management (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2018 Financial assets measured at fair value Forward exchange contracts (Note 16) 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 8,414 — — 8,414 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 12) — 263,186 — 263,186 — — — — Cash and cash equivalents (Note 13) — 173,133 — 173,133 — — — — — 467,047 — 467,047 Financial liabilities measured at fair value Interest rate swaps (Note 18) 1,049 — — 1,049 — 1,049 — 1,049 1,049 — — 1,049 Financial liabilities not measured at fair value Secured bank loans (Note 16) — 1,560,002 1,560,002 — 1,575,196 — 1,575,196 Unsecured other notes (Note 16) — — 148,166 148,166 144,156 — — 144,156 Other borrowings (Note 16) — — 60,342 60,342 — 60,342 — 60,342 Trade and other payables * (Note 18) — 79,442 79,442 — — — — Advances received on contracts (Note 18) — 402 402 — — — — — 1,848,354 1,848,354 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, 2019 Financial assets measured at fair value Forward exchange contracts (Note 16) 1,306 — — 1,306 — 1,306 — 1,306 Interest rate swaps (Note 12) 5 — — 5 — 5 — 5 Forward cap contracts (Note 12) 52 — — 52 — 52 — 52 1,363 — — 1,363 Financial assets not measured at fair value Non-current receivables (Note 10) — 62,474 — 62,474 — — 52,591 52,591 Lease receivables (Note 10) — 8,609 — 8,609 — 9,961 — 9,961 Trade and other receivables * (Note 12) — 286,447 — 286,447 — — — — Cash and cash equivalents (Note 13) — 296,954 — 296,954 — — — — — 654,484 — 654,484 Financial liabilities measured at fair value Interest rate swaps (Note 18) 3,593 — — 3,593 — 3,593 — 3,593 3,593 — — 3,593 Financial liabilities not measured at fair value Secured bank loans (Note 16) — — 1,223,451 1,223,451 — 1,235,770 — 1,235,770 Unsecured other notes (Note 16) — — 198,571 198,571 206,700 — — 206,700 Other borrowings (Note 16) — — 247,213 247,213 — 247,213 — 247,213 Lease liabilities (Note 16) — — 75,624 75,624 — 70,074 — 70,074 Trade and other payables * (Note 18) — — 76,391 76,391 — — — — Advances received on contracts (Note 18) — — 414 414 — — — — — — 1,821,664 1,821,664 * Deferred charges, deferred fulfillment costs and VAT receivables (included in other receivables) (see Note 12), deferred income and VAT payables (included in other payables) (see Note 18), 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, 2018 Financial assets measured at fair value Forward exchange contracts (Note 16) 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 8,414 — — 8,414 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 12) — 263,186 — 263,186 — — — — Cash and cash equivalents (Note 13) — 173,133 — 173,133 — — — — — 467,047 — 467,047 Financial liabilities measured at fair value Interest rate swaps (Note 18) 1,049 — — 1,049 — 1,049 — 1,049 1,049 — — 1,049 Financial liabilities not measured at fair value Secured bank loans (Note 16) — 1,560,002 1,560,002 — 1,575,196 — 1,575,196 Unsecured other notes (Note 16) — — 148,166 148,166 144,156 — — 144,156 Other borrowings (Note 16) — — 60,342 60,342 — 60,342 — 60,342 Trade and other payables * (Note 18) — 79,442 79,442 — — — — Advances received on contracts (Note 18) — 402 402 — — — — — 1,848,354 1,848,354 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, 2019 Financial assets measured at fair value Forward exchange contracts (Note 16) 1,306 — — 1,306 — 1,306 — 1,306 Interest rate swaps (Note 12) 5 — — 5 — 5 — 5 Forward cap contracts (Note 12) 52 — — 52 — 52 — 52 1,363 — — 1,363 Financial assets not measured at fair value Non-current receivables (Note 10) — 62,474 — 62,474 — — 52,591 52,591 Lease receivables (Note 10) — 8,609 — 8,609 — 9,961 — 9,961 Trade and other receivables * (Note 12) — 286,447 — 286,447 — — — — Cash and cash equivalents (Note 13) — 296,954 — 296,954 — — — — — 654,484 — 654,484 Financial liabilities measured at fair value Interest rate swaps (Note 18) 3,593 — — 3,593 — 3,593 — 3,593 3,593 — — 3,593 Financial liabilities not measured at fair value Secured bank loans (Note 16) — — 1,223,451 1,223,451 — 1,235,770 — 1,235,770 Unsecured other notes (Note 16) — — 198,571 198,571 206,700 — — 206,700 Other borrowings (Note 16) — — 247,213 247,213 — 247,213 — 247,213 Lease liabilities (Note 16) — — 75,624 75,624 — 70,074 — 70,074 Trade and other payables * (Note 18) — — 76,391 76,391 — — — — Advances received on contracts (Note 18) — — 414 414 — — — — — — 1,821,664 1,821,664 * Deferred charges, deferred fulfillment costs and VAT receivables (included in other receivables) (see Note 12), deferred income and VAT payables (included in other payables) (see Note 18), which are not financial assets (liabilities) are not included.
Disclosure of financial instruments not measured at fair value	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 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 Lease receivables Discounted cash flow Discount rate Other financial liabilities (consisting of secured and unsecured bank loans and lease liabilities) Discounted cash flow Discount rate Other financial notes (consisting of unsecured notes) List price 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) 2019 2018 Not past due 246,422 240,534 Past due 0-30 days 35,036 19,463 Past due 31-365 days 21,020 20,169 More than one year 6,509 3,299 Total trade and other receivables 308,987 283,465
Schedule and maturity of non-derivative liabilities	(in thousands of USD) Bank loans Other notes Lease liabilities Other borrowings 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 — — 50,010 97,371 At January 1, 2018 701,091 147,619 — 50,010 898,720 New loans 973,550 — — 447,810 1,421,360 Scheduled repayments (84,493 ) — — (435,213 ) (519,706 ) Early repayments (Note 25) (825,691 ) (205,710 ) — — (1,031,401 ) Acquisitions through business combinations (Note 25) 1,106,736 205,710 — — 1,312,446 Other changes (Note 25) (311,191 ) 547 — — (310,644 ) Translation differences — — — (2,265 ) (2,265 ) Balance at December 31, 2018 1,560,002 148,166 — 60,342 1,768,510 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 — — 60,342 198,879 Balance at December 31, 2018 1,560,002 148,166 — 60,342 1,768,510 Bank loans Other notes Lease liabilities Other borrowings Total 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 — — 60,342 198,879 At January 1, 2019 1,560,002 148,166 — 60,342 1,768,510 New loans 986,755 50,500 498 896,145 1,933,898 Adoption IFRS 16 — — 105,238 — 105,238 Scheduled repayments (92,651 ) — (30,214 ) (708,135 ) (831,000 ) Early repayments (1,225,747 ) — — — (1,225,747 ) Other changes (4,908 ) (95 ) — — (5,003 ) Translation differences — — 102 (1,139 ) (1,037 ) Balance at December 31, 2019 1,223,451 198,571 75,624 247,213 1,744,859 More than 5 years 628,711 — 1,652 — 630,363 Between 1 and 5 years 545,233 198,571 41,509 107,978 893,291 More than 1 year 1,173,944 198,571 43,161 107,978 1,523,654 Less than 1 year 49,507 — 32,463 139,235 221,205 Balance at December 31, 2019 1,223,451 198,571 75,624 247,213 1,744,859 The following are the remaining contractual maturities of financial liabilities: Contractual cash flows December 31, 2018 (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 16) 1,708,168 2,034,794 364,122 1,176,317 494,355 Other borrowings (Note 16) 60,342 60,342 60,342 Current trade and other payables * (Note 18) 79,442 79,442 79,442 — — 1,847,952 2,174,578 503,906 1,176,317 494,355 Derivative financial liabilities Interest rate swaps (Note 18) 1,049 2,627 461 1,628 538 Forward exchange contracts (Note 18) — — — — — 1,049 2,627 461 1,628 538 Contractual cash flows December 31, 2019 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 16) 1,422,022 1,697,327 110,720 905,302 681,305 Other borrowings (Note 16) 247,213 268,661 145,640 123,020.9 — Lease liabilities (Note 16) 75,624 79,873 35,525 42,667 1,681 Current trade and other payables * (Note 18) 76,589 76,589 76,589 — — 1,821,448 2,122,450 368,474 1,070,990 682,986 Derivative financial liabilities Interest rate swaps (Note 18) 3,593 3,300 758 2,432 110 Forward exchange contracts (Note 18) — — — — — 3,593 3,300 758 2,432 110 * Deferred income and VAT payables (included in other payables) (see Note 18), 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, 2018 (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 16) 1,708,168 2,034,794 364,122 1,176,317 494,355 Other borrowings (Note 16) 60,342 60,342 60,342 Current trade and other payables * (Note 18) 79,442 79,442 79,442 — — 1,847,952 2,174,578 503,906 1,176,317 494,355 Derivative financial liabilities Interest rate swaps (Note 18) 1,049 2,627 461 1,628 538 Forward exchange contracts (Note 18) — — — — — 1,049 2,627 461 1,628 538 Contractual cash flows December 31, 2019 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 16) 1,422,022 1,697,327 110,720 905,302 681,305 Other borrowings (Note 16) 247,213 268,661 145,640 123,020.9 — Lease liabilities (Note 16) 75,624 79,873 35,525 42,667 1,681 Current trade and other payables * (Note 18) 76,589 76,589 76,589 — — 1,821,448 2,122,450 368,474 1,070,990 682,986 Derivative financial liabilities Interest rate swaps (Note 18) 3,593 3,300 758 2,432 110 Forward exchange contracts (Note 18) — — — — — 3,593 3,300 758 2,432 110 * Deferred income and VAT payables (included in other payables) (see Note 18), which are not financial liabilities, are not included.
Schedule of sensitivity analysis	Every increase (decrease) of $ 1,000 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) 2019 2018 2017 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 22,601 (22,581 ) 19,332 (19,323 ) 13,420 (13,420 ) This analysis assumes that all other variables, in particular interest rates, remain constant. (in thousands of USD) 2019 2018 2017 Equity 437 491 211 Profit or loss (9,952 ) (7,888 ) (7,113 ) 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, 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 ) December 31, 2019 Variable rate instruments (6,195 ) 6,195 — — Interest rate swaps — — 1,553 (1,433 ) Cash Flow Sensitivity (Net) (6,195 ) 6,195 1,553 (1,433 )
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) 2019 2018 FIXED RATE INSTRUMENTS Financial assets 37,163 — Financial liabilities 398,620 148,166 435,783 148,166 VARIABLE RATE INSTRUMENTS Financial liabilities 1,346,239 1,620,344 1,346,239 1,620,344
Schedule of currency risk related to operating expenses	(in thousands of USD) December 31, 2019 December 31, 2018 December 31, 2017 EUR USD EUR USD EUR USD Trade payables (4,002 ) (18,735 ) (6,311 ) (9,955 ) (7,891 ) (11,383 ) Operating expenses (95,278 ) (666,469 ) (89,761 ) (608,754 ) (89,289 ) (452,113 ) Treasury Notes 122,788 — (60,342 ) — (50,010 ) —
Disclosure of detailed information about hedging instruments	The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows. 2019 During the period 2019 (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 506,603 5 3,593 Trade and other receivables, non-current and current other payables (1,205 ) (4,943 ) Finance expenses Forward cap options 200,000 52 — Trade and other receivables (680 ) — Finance expenses 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 The amounts at the reporting date relating to items designated as hedged items were as follows. December 31, 2019 December 31, 2018 (in thousands of USD) Change in value used for calculating hedge ineffectiveness Cash flow hedge reserve Change in value used for calculating hedge ineffectiveness Cash flow hedge reserve Interest rate risk Variable-rate instruments 1,205 (3,396 ) 2,191 (2,191 ) Cap option 680 (1,187 ) 507 (507 ) At December 31, 2019 , 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 (23,469 ) (23,261 ) (176,598 ) Average fixed interest rate 1.99 % 2.00 % 2.96 % 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 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, 2019 (2,698 ) Cash flow hedges Change in fair value interest rate risk (1,885 ) Balance at December 31, 2019 (4,583 ) Balance at January 1, 2018 — Cash flow hedges Change in fair value interest rate risk (2,698 ) Balance at December 31, 2018 (2,698 )

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2019
Disclosure Of Leases [Abstract]
Schedule of future lease payments for leaseback agreement	The future lease payments for these leaseback agreements are as follows: (in thousands of USD) December 31, 2019 Less than one year 22,853 Between one and five years 79,211 Total future lease payables 102,064 The future lease payments for these leaseback agreements are as follows: (in thousands of USD) December 31, 2019 Less than 1 year 32,903 Between 1 and 5 years 31,870 Total future lease payments 64,773
Schedule of right-of-use assets	Right-of-use assets (in thousands of USD) Bare boats Office rental Company cars Total Balance at January 1, 2019 83,698 3,711 189 87,598 Additions to right-of-use assets — — 653 653 Depreciation charge for the year (28,287 ) (900 ) (78 ) (29,265 ) Derecognition of right-of-use assets — (78 ) — (78 ) Balance at December 31, 2019 55,411 2,733 764 58,908
Operating lease expenses recognized in profit and loss	Amounts recognized in profit or loss (in thousands of USD) 2019 - Leases under IFRS 16 2019 Interest on lease liabilities (4,811 ) Depreciation right-of-use assets (29,265 ) Expenses relating to short-term leases (103 ) 2018 - Operating leases under IAS 17 2018 Lease expense (34,598 ) Sub-lease income presented in 'other operating income' 846
Amounts recognized in the statement of cash flows	Amounts recognized in statement of cash flows (in thousands of USD) 2019 Total cash outflow for leases (30,214 ) Total cash inflow for leases 1,251
Future minimum lease receivables for operating leases	The following table sets out a maturity analysis of the lease receivables related to the subleased office space, showing the undiscounted sublease payments to be received after the reporting date. (in thousands of USD) December 31, 2019 Less than 1 year 2,229 One to two years 2,304 Two to three years 2,335 Three to four years 1,890 Four to five years 1,689 More than 5 years 1,285 Total undiscounted lease receivables 11,776 The Group leases out some of its vessels under time charter agreements. The future undiscounted lease payments to be received are as follows: (in thousands of USD) December 31, 2019 Less than 1 year 184,157 Between 1 and 5 years 344,796 More than 5 years 27,362 Total future lease receivables 556,359

Provisions and contingencies (T

Provisions and contingencies (Tables)	12 Months Ended
Provisions and contingencies (Tables)	Dec. 31, 2019
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 25) 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 Balance at January 1, 2019 5,265 5,265 Adoption IFRS 16 (3,049 ) (3,049 ) Provisions used during the year (447 ) (447 ) Balance at December 31, 2019 1,769 1,769 Non-current 1,381 1,381 Current 388 388 Total 1,769 1,769

Related parties (Tables)

Related parties (Tables)	12 Months Ended
Related parties (Tables)	Dec. 31, 2019
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, 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 — As of end for the year ended December 31, 2019 (in thousands of USD) Trade receivables Trade payables Shareholders Loan Turnover Dividend Income TI Africa Ltd 227 — 23,215 390 — TI Asia Ltd 90 — — 390 12,600 Bari Shipholding Ltd 265 211 18,390 13 — Bastia Shipholding Ltd 301 96 18,773 25 — Tankers Agencies (UK) Ltd — 132 — — — Total 883 439 60,379 818 12,600 The total amount of the remuneration paid in local currency to all non-executive directors for their services as members of the board and committees (if applicable) is as follows: (in thousands of EUR) 2019 2018 2017 Total remuneration 1,101 1,035 1,015 The remuneration (excluding the CEO) consists of a fixed and a variable component and can be summarized as follows: (in thousands of EUR) 2019 2018 2017 Total fixed remuneration 1,579 1,231 1,176 of which Cost of pension 80 39 35 Other benefits 81 75 58 Total variable remuneration 2,424 1,153 1,331 of which Share-based payments 1,403 299 597 The remuneration of the CEO can be summarized as follows: (2019 in thousands of EUR, 2018 & 2017 in thousands of GBP) 2019 2018 2017 Total fixed remuneration 5,754 537 407 of which Cost of pension 7.4 — — Other benefits 26 40 13 Total variable remuneration 786 1,866 528 of which Share-based payments 786 118 233

Share-based payment arrangeme_2

Share-based payment arrangements (Tables)	12 Months Ended
Share-based payment arrangements (Tables)	Dec. 31, 2019
Share-Based Payment Arrangements [Abstract]
Disclosure of number and weighted average exercise prices of share options	The number and weighted-average exercise prices of options under the 2013 share option program and the 2015 LTIP are as follows: (figures in EUR) Number of options 2019 Weighted average exercise price 2019 Number of options 2018 Weighted average exercise price 2018 Outstanding at January 1 236,590 7.732 586,590 7.495 Forfeited during the year 0 0 0 0 Exercised during the year — — (350,000 ) 7.335 Granted during the year 0 0 0 0 Outstanding at December 31 236,590 7.732 236,590 7.732 Vested at December 31 236,590 0 236,590 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 value at grant date for the TBIP was as follows: TBIP Tranche 1 Tranche 2 Tranche 3 Tranche 4 Risk-free interest rate 0.0169 0.0169 0.0169 0.0169 Annual volatility 0.3343 0.3343 0.3343 0.3343 Expected vesting period (years) 3.05 3.38 3.69 3.98 The inputs used in measurement of the fair values at grant date for the equity-settled share option programs were as follows: LTIP 2015 (figures in EUR) Tranche 1 Tranche 2 Tranche 3 Fair value at grant date 1.853 1.853 1.853 Share price at grant date 10.050 10.050 10.050 Exercise price 10.0475 10.0475 10.0475 Expected volatility (weighted average) 39.63 % 39.63 % 39.63 % Expected life (days) (weighted average) 365 730 1,095 Expected dividends 8 % 8 % 8 % Risk-free interest rate 0.66 % 0.66 % 0.66 %

Group entities (Tables)

Group entities (Tables)	12 Months Ended
Group entities (Tables)	Dec. 31, 2019
Interests in Other Entities [Abstract]
Disclosure of interests in subsidiaries	Country of incorporation Consolidation method Ownership interest December 31, 2019 December 31, 2018 December 31, 2017 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Euronav NV, Antwerp, Geneva (branch office) 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 % 100.00 % Gener8 Maritime Subsidiary II Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary New IV Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Management LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary V Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary VIII Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary Inc. Marshall Islands full 100.00 % 100.00 % NA GMR Zeus LLC Marshall Islands full 100.00 % 100.00 % NA GMR Atlas LLC Marshall Islands full 100.00 % 100.00 % NA GMR Hercules LLC Marshall Islands full 100.00 % 100.00 % NA GMR Ulysses LLC Marshall Islands full 100.00 % 100.00 % NA GMR Posseidon LLC Marshall Islands full 100.00 % 100.00 % NA Victory Ltd. Bermuda full NA 100.00 % NA Vision Ltd. Marshall Islands full NA 100.00 % NA GMR Spartiate LLC Marshall Islands full 100.00 % 100.00 % NA GMR Maniate LLC Marshall Islands full 100.00 % 100.00 % NA GMR St Nikolas LLC Marshall Islands full 100.00 % 100.00 % NA GMR George T LLC Marshall Islands full 100.00 % 100.00 % NA GMR Kara G LLC Liberia full 100.00 % 100.00 % NA GMR Harriet G LLC Liberia full 100.00 % 100.00 % NA GMR Orion LLC Marshall Islands full 100.00 % 100.00 % NA GMR Argus LLC Marshall Islands full 100.00 % 100.00 % NA GMR Spyridon LLC Marshall Islands full NA 100.00 % NA GMR Horn LLC Marshall Islands full 100.00 % 100.00 % NA GMR Phoenix LLC Marshall Islands full 100.00 % 100.00 % NA GMR Strength LLC Liberia full NA 100.00 % NA GMR Daphne LLC Marshall Islands full NA 100.00 % NA GMR Defiance LLC Liberia full 100.00 % 100.00 % NA GMR Elektra LLC Marshall Islands full NA 100.00 % NA Companion Ltd. Bermuda full 100.00 % 100.00 % NA Compatriot Ltd. Bermuda full 100.00 % 100.00 % NA Consul Ltd. Bermuda full NA 100.00 % NA GMR Agamemnon LLC Liberia full NA 100.00 % NA Gener8 Neptune LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Athena LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Apollo LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Ares LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Hera LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Constantine LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Oceanus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Nestor LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Nautilus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Macedon LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Noble LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Ethos LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Perseus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Theseus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Hector LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Strength Inc. Marshall Islands full NA 100.00 % NA Gener8 Supreme Inc. Marshall Islands full NA 100.00 % NA Gener8 Andriotis Inc. Marshall Islands full NA 100.00 % NA Gener8 Militiades Inc. Marshall Islands full NA 100.00 % NA Gener8 Success Inc. Marshall Islands full NA 100.00 % NA Gener8 Chiotis Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 1 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 2 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 3 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 4 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 5 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 6 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 7 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 8 Inc. Marshall Islands full NA 100.00 % 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 Bari Shipholding Ltd Hong Kong equity 50.00 % NA NA Bastia Shipholding Ltd Hong Kong equity 50.00 % NA 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, 2019 December 31, 2018 December 31, 2017 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Euronav NV, Antwerp, Geneva (branch office) 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 % 100.00 % Gener8 Maritime Subsidiary II Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary New IV Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Management LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary V Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary VIII Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary Inc. Marshall Islands full 100.00 % 100.00 % NA GMR Zeus LLC Marshall Islands full 100.00 % 100.00 % NA GMR Atlas LLC Marshall Islands full 100.00 % 100.00 % NA GMR Hercules LLC Marshall Islands full 100.00 % 100.00 % NA GMR Ulysses LLC Marshall Islands full 100.00 % 100.00 % NA GMR Posseidon LLC Marshall Islands full 100.00 % 100.00 % NA Victory Ltd. Bermuda full NA 100.00 % NA Vision Ltd. Marshall Islands full NA 100.00 % NA GMR Spartiate LLC Marshall Islands full 100.00 % 100.00 % NA GMR Maniate LLC Marshall Islands full 100.00 % 100.00 % NA GMR St Nikolas LLC Marshall Islands full 100.00 % 100.00 % NA GMR George T LLC Marshall Islands full 100.00 % 100.00 % NA GMR Kara G LLC Liberia full 100.00 % 100.00 % NA GMR Harriet G LLC Liberia full 100.00 % 100.00 % NA GMR Orion LLC Marshall Islands full 100.00 % 100.00 % NA GMR Argus LLC Marshall Islands full 100.00 % 100.00 % NA GMR Spyridon LLC Marshall Islands full NA 100.00 % NA GMR Horn LLC Marshall Islands full 100.00 % 100.00 % NA GMR Phoenix LLC Marshall Islands full 100.00 % 100.00 % NA GMR Strength LLC Liberia full NA 100.00 % NA GMR Daphne LLC Marshall Islands full NA 100.00 % NA GMR Defiance LLC Liberia full 100.00 % 100.00 % NA GMR Elektra LLC Marshall Islands full NA 100.00 % NA Companion Ltd. Bermuda full 100.00 % 100.00 % NA Compatriot Ltd. Bermuda full 100.00 % 100.00 % NA Consul Ltd. Bermuda full NA 100.00 % NA GMR Agamemnon LLC Liberia full NA 100.00 % NA Gener8 Neptune LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Athena LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Apollo LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Ares LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Hera LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Constantine LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Oceanus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Nestor LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Nautilus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Macedon LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Noble LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Ethos LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Perseus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Theseus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Hector LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Strength Inc. Marshall Islands full NA 100.00 % NA Gener8 Supreme Inc. Marshall Islands full NA 100.00 % NA Gener8 Andriotis Inc. Marshall Islands full NA 100.00 % NA Gener8 Militiades Inc. Marshall Islands full NA 100.00 % NA Gener8 Success Inc. Marshall Islands full NA 100.00 % NA Gener8 Chiotis Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 1 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 2 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 3 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 4 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 5 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 6 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 7 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 8 Inc. Marshall Islands full NA 100.00 % 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 Bari Shipholding Ltd Hong Kong equity 50.00 % NA NA Bastia Shipholding Ltd Hong Kong equity 50.00 % NA NA Associates Tankers International LLC Marshall Islands equity NA NA 40.00 % The following table contains summarized financial information for all of the Group's joint ventures: Asset (in thousands of USD) Kingswood Co. Ltd Seven Seas Shipping Ltd TI Africa Ltd TI Asia Ltd Tankers Agencies (UK) Ltd (see Note 24) TI LLC (see Note 24) 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 24) TI LLC (see Note 24) 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 22,450 351,702 288 384,351 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 6 1 24,400 23,699 349,096 48 397,250 Of which bank loans — — 23,867 23,015 64,500 — 111,382 Net assets (100%) 516 269 9,205 72,542 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) Kingswood Co. Ltd Seven Seas Shipping Ltd TI Africa Ltd TI Asia Ltd Tankers Agencies (UK) Ltd (see Note 24) TI LLC (see Note 24) Bari Shipholding Ltd Bastia Shipholding Ltd Total At December 31, 2019 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets 530 — 137,426 128,722 944 — 21,833 21,628 311,083 of which Vessel — — 135,195 128,722 — — 21,833 21,628 307,377 Current Assets — 800 10,809 10,001 418,505 267 1,573 5,577 447,531 of which cash and cash equivalents — 800 1,701 917 3,246 — — 250 6,913 Non Current Liabilities — 525 97,514 49,026 490 — 18,390 18,773 184,718 Of which bank loans — — 45,567 43,927 — — — — 89,495 Current Liabilities 10 1 26,370 27,318 415,301 51 705 4,328 474,085 Of which bank loans — — 24,856 23,968 135,000 — — — 183,824 Net assets (100%) 520 274 24,351 62,379 3,658 216 4,310 4,104 99,811 Group's share of net assets 260 137 12,175 31,189 2,227 127 2,155 2,052 50,322 Shareholders loans to joint venture — — 23,215 — — — 18,390 18,773 60,379 Net Carrying amount of interest in joint venture 260 137 12,175 31,189 2,227 127 2,155 2,052 50,322 Remaining shareholders loan to joint venture — — 23,215 — — — 18,390 18,773 60,379 Revenue — 8 49,434 49,487 1,307,523 — 938 1,970 1,409,360 Depreciations and amortization — — (18,209 ) (17,933 ) (67 ) — (273 ) (507 ) (36,988 ) Interest expense — — (4,633 ) (4,482 ) (3,292 ) — (155 ) (202 ) (12,764 ) Income tax expense — — (1,588 ) (1,573 ) (243 ) — — — (3,405 ) Profit (loss) for the period (100%) (3 ) 6 15,881 15,743 746 (24 ) 310 104 32,763 Other comprehensive income (100%) — — (735 ) (706 ) — — — — (1,441 ) Group's share of profit (loss) for the period (1 ) 3 7,941 7,871 454 (14 ) 155 52 16,460 Group's share of other comprehensive income — — (367 ) (353 ) — — — — (720 ) (in thousands of USD) December 31, 2019 December 31, 2018 Assets Interest in joint ventures 50,322 43,182 Interest in associates — — TOTAL ASSETS 50,322 43,182 Liabilities Interest in joint ventures — — Interest in associates — — TOTAL LIABILITIES — — (in thousands of USD) 2019 2018 Cash and cash equivalents of the joint ventures 6,913 6,227 Group's share of cash and cash equivalents 3,814 3,385 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, 2019 December 31, 2018 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 34,163 34,163 33,948 45,671 45,671 45,283 TI Asia Ltd loan 54M* USD libor +2.0% 2022 34,163 34,163 33,948 45,671 45,671 45,283 TI Africa Ltd revolving loan 56M* USD libor +2.0% 2022 35,429 35,429 35,212 47,362 47,362 46,974 TI Africa Ltd loan 56M* USD libor +2.0% 2022 35,429 35,429 35,212 47,362 47,362 46,974 Total interest-bearing bank loans 139,183 139,183 138,319 186,067 186,067 184,513 * The mentioned secured bank loans are subject to loan covenants.
Disclosure of interests in associates	Country of incorporation Consolidation method Ownership interest December 31, 2019 December 31, 2018 December 31, 2017 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Euronav NV, Antwerp, Geneva (branch office) 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 % 100.00 % Gener8 Maritime Subsidiary II Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary New IV Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Management LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary V Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary VIII Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary Inc. Marshall Islands full 100.00 % 100.00 % NA GMR Zeus LLC Marshall Islands full 100.00 % 100.00 % NA GMR Atlas LLC Marshall Islands full 100.00 % 100.00 % NA GMR Hercules LLC Marshall Islands full 100.00 % 100.00 % NA GMR Ulysses LLC Marshall Islands full 100.00 % 100.00 % NA GMR Posseidon LLC Marshall Islands full 100.00 % 100.00 % NA Victory Ltd. Bermuda full NA 100.00 % NA Vision Ltd. Marshall Islands full NA 100.00 % NA GMR Spartiate LLC Marshall Islands full 100.00 % 100.00 % NA GMR Maniate LLC Marshall Islands full 100.00 % 100.00 % NA GMR St Nikolas LLC Marshall Islands full 100.00 % 100.00 % NA GMR George T LLC Marshall Islands full 100.00 % 100.00 % NA GMR Kara G LLC Liberia full 100.00 % 100.00 % NA GMR Harriet G LLC Liberia full 100.00 % 100.00 % NA GMR Orion LLC Marshall Islands full 100.00 % 100.00 % NA GMR Argus LLC Marshall Islands full 100.00 % 100.00 % NA GMR Spyridon LLC Marshall Islands full NA 100.00 % NA GMR Horn LLC Marshall Islands full 100.00 % 100.00 % NA GMR Phoenix LLC Marshall Islands full 100.00 % 100.00 % NA GMR Strength LLC Liberia full NA 100.00 % NA GMR Daphne LLC Marshall Islands full NA 100.00 % NA GMR Defiance LLC Liberia full 100.00 % 100.00 % NA GMR Elektra LLC Marshall Islands full NA 100.00 % NA Companion Ltd. Bermuda full 100.00 % 100.00 % NA Compatriot Ltd. Bermuda full 100.00 % 100.00 % NA Consul Ltd. Bermuda full NA 100.00 % NA GMR Agamemnon LLC Liberia full NA 100.00 % NA Gener8 Neptune LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Athena LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Apollo LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Ares LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Hera LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Constantine LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Oceanus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Nestor LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Nautilus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Macedon LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Noble LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Ethos LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Perseus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Theseus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Hector LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Strength Inc. Marshall Islands full NA 100.00 % NA Gener8 Supreme Inc. Marshall Islands full NA 100.00 % NA Gener8 Andriotis Inc. Marshall Islands full NA 100.00 % NA Gener8 Militiades Inc. Marshall Islands full NA 100.00 % NA Gener8 Success Inc. Marshall Islands full NA 100.00 % NA Gener8 Chiotis Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 1 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 2 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 3 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 4 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 5 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 6 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 7 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 8 Inc. Marshall Islands full NA 100.00 % 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 Bari Shipholding Ltd Hong Kong equity 50.00 % NA NA Bastia Shipholding Ltd Hong Kong equity 50.00 % NA NA Associates Tankers International LLC Marshall Islands equity NA NA 40.00 % (in thousands of USD) December 31, 2019 December 31, 2018 Assets Interest in joint ventures 50,322 43,182 Interest in associates — — TOTAL ASSETS 50,322 43,182 Liabilities Interest in joint ventures — — Interest in associates — — TOTAL LIABILITIES — —
Schedule of entities dissolved	In 2019 the following subsidiaries were dissolved: GMR Strength LLC Gener8 Tankers 8 Inc. GMR Daphne LLC Gener8 Strength Inc. GMR Elektra LLC Gener8 Supreme Inc. GMR Agamemnon LLC Gener8 Andriotis Inc. Gener8 Tankers 1 Inc. Gener8 Miltiades Inc. Gener8 Tankers 2 Inc. Gener8 Success Inc. Gener8 Tankers 3 Inc. Gener8 Chiotis Inc. Gener8 Tankers 4 Inc. Vision Ltd. Gener8 Tankers 5 Inc. Consul Ltd. Gener8 Tankers 6 Inc. Victory Ltd. Gener8 Tankers 7 Inc. GMR Spyridon LLC

Business combinations (Tables)

Business combinations (Tables)	12 Months Ended
Business combinations (Tables)	Dec. 31, 2019
Business Combinations1 [Abstract]
Disclosure of detailed information about business combinations	(in USD) Total Business combinations Gener8 shares outstanding 83,267,426 RSU 362,613 Total Gener8 shares 83,630,039 Ratio 0.7272 Issued Euronav shares 60,815,764 Closing price Euronav on June 11, 2018 9.1 Total consideration transferred 553,423,452 The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the acquisition date. (in thousands of USD) Total Gener8 Subsidiaries INSW Subsidiaries Vessels (Note 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 16) (1,312,446) (1,001,478) (310,968) Provision onerous contracts (Note 21) (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

Equity-accounted investees (Tab

Equity-accounted investees (Tables)	12 Months Ended
Equity-accounted investees (Tables)	Dec. 31, 2019
Interests in Other Entities [Abstract]
Disclosure of interests in associates	Country of incorporation Consolidation method Ownership interest December 31, 2019 December 31, 2018 December 31, 2017 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Euronav NV, Antwerp, Geneva (branch office) 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 % 100.00 % Gener8 Maritime Subsidiary II Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary New IV Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Management LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary V Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary VIII Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary Inc. Marshall Islands full 100.00 % 100.00 % NA GMR Zeus LLC Marshall Islands full 100.00 % 100.00 % NA GMR Atlas LLC Marshall Islands full 100.00 % 100.00 % NA GMR Hercules LLC Marshall Islands full 100.00 % 100.00 % NA GMR Ulysses LLC Marshall Islands full 100.00 % 100.00 % NA GMR Posseidon LLC Marshall Islands full 100.00 % 100.00 % NA Victory Ltd. Bermuda full NA 100.00 % NA Vision Ltd. Marshall Islands full NA 100.00 % NA GMR Spartiate LLC Marshall Islands full 100.00 % 100.00 % NA GMR Maniate LLC Marshall Islands full 100.00 % 100.00 % NA GMR St Nikolas LLC Marshall Islands full 100.00 % 100.00 % NA GMR George T LLC Marshall Islands full 100.00 % 100.00 % NA GMR Kara G LLC Liberia full 100.00 % 100.00 % NA GMR Harriet G LLC Liberia full 100.00 % 100.00 % NA GMR Orion LLC Marshall Islands full 100.00 % 100.00 % NA GMR Argus LLC Marshall Islands full 100.00 % 100.00 % NA GMR Spyridon LLC Marshall Islands full NA 100.00 % NA GMR Horn LLC Marshall Islands full 100.00 % 100.00 % NA GMR Phoenix LLC Marshall Islands full 100.00 % 100.00 % NA GMR Strength LLC Liberia full NA 100.00 % NA GMR Daphne LLC Marshall Islands full NA 100.00 % NA GMR Defiance LLC Liberia full 100.00 % 100.00 % NA GMR Elektra LLC Marshall Islands full NA 100.00 % NA Companion Ltd. Bermuda full 100.00 % 100.00 % NA Compatriot Ltd. Bermuda full 100.00 % 100.00 % NA Consul Ltd. Bermuda full NA 100.00 % NA GMR Agamemnon LLC Liberia full NA 100.00 % NA Gener8 Neptune LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Athena LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Apollo LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Ares LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Hera LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Constantine LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Oceanus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Nestor LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Nautilus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Macedon LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Noble LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Ethos LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Perseus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Theseus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Hector LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Strength Inc. Marshall Islands full NA 100.00 % NA Gener8 Supreme Inc. Marshall Islands full NA 100.00 % NA Gener8 Andriotis Inc. Marshall Islands full NA 100.00 % NA Gener8 Militiades Inc. Marshall Islands full NA 100.00 % NA Gener8 Success Inc. Marshall Islands full NA 100.00 % NA Gener8 Chiotis Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 1 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 2 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 3 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 4 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 5 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 6 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 7 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 8 Inc. Marshall Islands full NA 100.00 % 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 Bari Shipholding Ltd Hong Kong equity 50.00 % NA NA Bastia Shipholding Ltd Hong Kong equity 50.00 % NA NA Associates Tankers International LLC Marshall Islands equity NA NA 40.00 % (in thousands of USD) December 31, 2019 December 31, 2018 Assets Interest in joint ventures 50,322 43,182 Interest in associates — — TOTAL ASSETS 50,322 43,182 Liabilities Interest in joint ventures — — Interest in associates — — TOTAL LIABILITIES — —
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 (in thousands of USD) Investments in equity accounted investees Shareholders loans Gross balance (3,298 ) 203,512 Offset investment with shareholders loan 20,165 (20,165 ) Balance at January 1, 2017 16,867 183,348 Group's share of profit (loss) for the period 29,933 — Group's share of other comprehensive income 483 — Dividends received from joint ventures (1,250 ) — Dividend in kind (shares TUKA) received from associate (Note 23) 1,559 — Reclassification of associate to joint venture 136 — Movement shareholders loans to joint ventures — (40,750 ) Gross balance 27,565 162,763 Offset investment with shareholders loan 3,030 (3,030 ) Balance at December 31, 2017 30,595 159,733 Group's share of profit (loss) for the period 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 ASSET (in thousands of USD) Investments in equity accounted investees Shareholders loans Group's share of profit (loss) for the period 16,460 — Group's share of other comprehensive income (720 ) — Dividends received from joint ventures (12,600 ) — Movement shareholders loans to joint ventures — 31,713 Initial capital provided to joint ventures 4,000 — Gross balance 50,322 60,379 Offset investment with shareholders loan — — Balance at December 31, 2019 50,322 60,379
Disclosure of joint ventures	Joint venture Segment Description Kingswood Co. Ltd Tankers Holding company; parent of Seven Seas Shipping Ltd. and to be liquidated in 2020 Seven Seas Shipping Ltd Tankers Formerly owner of 1 VLCC bought in 2016 by Euronav. Wholly owned subsidiary of Kingswood Co. Ltd. and to be liquidated in 2020 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 Bari Shipholding Ltd Tankers Single ship company, owner of 1 Suezmax Bastia Shipholding Ltd Tankers Single ship company, owner of 1 Suezmax 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, 2019 December 31, 2018 December 31, 2017 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Euronav NV, Antwerp, Geneva (branch office) 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 % 100.00 % Gener8 Maritime Subsidiary II Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary New IV Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Management LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary V Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary VIII Inc. Marshall Islands full 100.00 % 100.00 % NA Gener8 Maritime Subsidiary Inc. Marshall Islands full 100.00 % 100.00 % NA GMR Zeus LLC Marshall Islands full 100.00 % 100.00 % NA GMR Atlas LLC Marshall Islands full 100.00 % 100.00 % NA GMR Hercules LLC Marshall Islands full 100.00 % 100.00 % NA GMR Ulysses LLC Marshall Islands full 100.00 % 100.00 % NA GMR Posseidon LLC Marshall Islands full 100.00 % 100.00 % NA Victory Ltd. Bermuda full NA 100.00 % NA Vision Ltd. Marshall Islands full NA 100.00 % NA GMR Spartiate LLC Marshall Islands full 100.00 % 100.00 % NA GMR Maniate LLC Marshall Islands full 100.00 % 100.00 % NA GMR St Nikolas LLC Marshall Islands full 100.00 % 100.00 % NA GMR George T LLC Marshall Islands full 100.00 % 100.00 % NA GMR Kara G LLC Liberia full 100.00 % 100.00 % NA GMR Harriet G LLC Liberia full 100.00 % 100.00 % NA GMR Orion LLC Marshall Islands full 100.00 % 100.00 % NA GMR Argus LLC Marshall Islands full 100.00 % 100.00 % NA GMR Spyridon LLC Marshall Islands full NA 100.00 % NA GMR Horn LLC Marshall Islands full 100.00 % 100.00 % NA GMR Phoenix LLC Marshall Islands full 100.00 % 100.00 % NA GMR Strength LLC Liberia full NA 100.00 % NA GMR Daphne LLC Marshall Islands full NA 100.00 % NA GMR Defiance LLC Liberia full 100.00 % 100.00 % NA GMR Elektra LLC Marshall Islands full NA 100.00 % NA Companion Ltd. Bermuda full 100.00 % 100.00 % NA Compatriot Ltd. Bermuda full 100.00 % 100.00 % NA Consul Ltd. Bermuda full NA 100.00 % NA GMR Agamemnon LLC Liberia full NA 100.00 % NA Gener8 Neptune LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Athena LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Apollo LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Ares LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Hera LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Constantine LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Oceanus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Nestor LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Nautilus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Macedon LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Noble LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Ethos LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Perseus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Theseus LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Hector LLC Marshall Islands full 100.00 % 100.00 % NA Gener8 Strength Inc. Marshall Islands full NA 100.00 % NA Gener8 Supreme Inc. Marshall Islands full NA 100.00 % NA Gener8 Andriotis Inc. Marshall Islands full NA 100.00 % NA Gener8 Militiades Inc. Marshall Islands full NA 100.00 % NA Gener8 Success Inc. Marshall Islands full NA 100.00 % NA Gener8 Chiotis Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 1 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 2 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 3 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 4 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 5 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 6 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 7 Inc. Marshall Islands full NA 100.00 % NA Gener8 Tankers 8 Inc. Marshall Islands full NA 100.00 % 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 Bari Shipholding Ltd Hong Kong equity 50.00 % NA NA Bastia Shipholding Ltd Hong Kong equity 50.00 % NA NA Associates Tankers International LLC Marshall Islands equity NA NA 40.00 % The following table contains summarized financial information for all of the Group's joint ventures: Asset (in thousands of USD) Kingswood Co. Ltd Seven Seas Shipping Ltd TI Africa Ltd TI Asia Ltd Tankers Agencies (UK) Ltd (see Note 24) TI LLC (see Note 24) 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 24) TI LLC (see Note 24) 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 22,450 351,702 288 384,351 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 6 1 24,400 23,699 349,096 48 397,250 Of which bank loans — — 23,867 23,015 64,500 — 111,382 Net assets (100%) 516 269 9,205 72,542 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) Kingswood Co. Ltd Seven Seas Shipping Ltd TI Africa Ltd TI Asia Ltd Tankers Agencies (UK) Ltd (see Note 24) TI LLC (see Note 24) Bari Shipholding Ltd Bastia Shipholding Ltd Total At December 31, 2019 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets 530 — 137,426 128,722 944 — 21,833 21,628 311,083 of which Vessel — — 135,195 128,722 — — 21,833 21,628 307,377 Current Assets — 800 10,809 10,001 418,505 267 1,573 5,577 447,531 of which cash and cash equivalents — 800 1,701 917 3,246 — — 250 6,913 Non Current Liabilities — 525 97,514 49,026 490 — 18,390 18,773 184,718 Of which bank loans — — 45,567 43,927 — — — — 89,495 Current Liabilities 10 1 26,370 27,318 415,301 51 705 4,328 474,085 Of which bank loans — — 24,856 23,968 135,000 — — — 183,824 Net assets (100%) 520 274 24,351 62,379 3,658 216 4,310 4,104 99,811 Group's share of net assets 260 137 12,175 31,189 2,227 127 2,155 2,052 50,322 Shareholders loans to joint venture — — 23,215 — — — 18,390 18,773 60,379 Net Carrying amount of interest in joint venture 260 137 12,175 31,189 2,227 127 2,155 2,052 50,322 Remaining shareholders loan to joint venture — — 23,215 — — — 18,390 18,773 60,379 Revenue — 8 49,434 49,487 1,307,523 — 938 1,970 1,409,360 Depreciations and amortization — — (18,209 ) (17,933 ) (67 ) — (273 ) (507 ) (36,988 ) Interest expense — — (4,633 ) (4,482 ) (3,292 ) — (155 ) (202 ) (12,764 ) Income tax expense — — (1,588 ) (1,573 ) (243 ) — — — (3,405 ) Profit (loss) for the period (100%) (3 ) 6 15,881 15,743 746 (24 ) 310 104 32,763 Other comprehensive income (100%) — — (735 ) (706 ) — — — — (1,441 ) Group's share of profit (loss) for the period (1 ) 3 7,941 7,871 454 (14 ) 155 52 16,460 Group's share of other comprehensive income — — (367 ) (353 ) — — — — (720 ) (in thousands of USD) December 31, 2019 December 31, 2018 Assets Interest in joint ventures 50,322 43,182 Interest in associates — — TOTAL ASSETS 50,322 43,182 Liabilities Interest in joint ventures — — Interest in associates — — TOTAL LIABILITIES — — (in thousands of USD) 2019 2018 Cash and cash equivalents of the joint ventures 6,913 6,227 Group's share of cash and cash equivalents 3,814 3,385 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, 2019 December 31, 2018 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 34,163 34,163 33,948 45,671 45,671 45,283 TI Asia Ltd loan 54M* USD libor +2.0% 2022 34,163 34,163 33,948 45,671 45,671 45,283 TI Africa Ltd revolving loan 56M* USD libor +2.0% 2022 35,429 35,429 35,212 47,362 47,362 46,974 TI Africa Ltd loan 56M* USD libor +2.0% 2022 35,429 35,429 35,212 47,362 47,362 46,974 Total interest-bearing bank loans 139,183 139,183 138,319 186,067 186,067 184,513 * The mentioned secured bank loans are subject to loan covenants.

Major exchange rates (Tables)

Major exchange rates (Tables)	12 Months Ended
Major exchange rates (Tables)	Dec. 31, 2019
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, 2019 December 31, 2018 December 31, 2017 2019 2018 2017 EUR 1.1234 1.1450 1.1993 1.1213 1.1838 1.1249 GBP 1.3204 1.2800 1.3517 1.2755 1.3374 1.2880

Significant accounting polici_4

Significant accounting policies - Reporting entity (Details)	12 Months Ended
	Dec. 31, 2019tankerstorage_unit
Disclosure of detailed information about property, plant and equipment [line items]
Number of tankers in operating fleet, more than \| tanker	70
FSOs \| Maersk Oil
Disclosure of detailed information about property, plant and equipment [line items]
Number of floating storage units under service contracts \| storage_unit	2

Significant accounting polici_5

Significant accounting policies - Summary of impact of adoption of IFRS 16 (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017	Jan. 01, 2019
Disclosure of finance lease and operating lease by lessee [line items]
Retained earnings	$ 420,058,000	$ 335,764,000	[1]
Right-of-use assets (Note 8)	58,908,000	0	[1]		$ 87,598,000
Lease receivables					11,400,000
Lease liabilities	75,600,000				$ 105,268,000
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16					6.00%
Operating lease commitments at 31 December 2018 as disclosed under IAS 17					$ 120,304,000
- Recognition exemption for leases with less than 12 months of lease term at transition					(40,000)
- Separation of non-lease component					(761,000)
Lease liabilities, not discounted					119,503,000
Discount effect					(14,235,000)
Lease liabilities recognized at January 1, 2019	75,600,000				105,268,000
Depreciation, right-of-use assets	29,265,000
Interest expense on lease liabilities	$ 4,811,000	$ 0		$ 0
IFRS 16
Disclosure of finance lease and operating lease by lessee [line items]
Retained earnings					0
Right-of-use assets (Note 8)					87,600,000
Lease receivables					11,400,000
Lease liabilities					105,300,000
Reduction of right-of-use assets for lease receivable					11,400,000
Reduction of right-of-use assets for deferred gain					3,000,000
Reduction of right-of-use assets for onerous lease contracts					3,200,000
Lease liabilities recognized at January 1, 2019					$ 105,300,000

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

Significant accounting polici_6

Significant accounting policies - Goodwill and intangible assets (Details) - Software	12 Months Ended
	Dec. 31, 2019
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 polici_7

Significant accounting policies - Vessels, property, plant and equipment (Details)	12 Months Ended
	Dec. 31, 2019USD ($)
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

Significant accounting polici_8

Significant accounting policies - Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	[1]
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Right-of-use assets (Note 8)	$ 58,908	$ 87,598	$ 0
Lease liabilities	$ 75,600	105,268
Lease receivables		11,400
Vessels \| Adoption Of New Accounting Standard \| IFRS 16
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Lease liabilities		86,700
Office Lease \| Adoption Of New Accounting Standard \| IFRS 16
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Lease liabilities		$ 18,400

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

Significant accounting polici_9

Significant accounting policies - Segment reporting (Details)	12 Months Ended
	Dec. 31, 2019segment
Corporate Information And Statement Of IFRS Compliance [Abstract]
Number of operating segments	2

Segment reporting - Additional

Segment reporting - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)		Dec. 31, 2017	Jan. 01, 2019USD ($)
Disclosure of operating segments [line items]
Right-of-use assets (Note 8)	$ 58,908	$ 0	[1]		$ 87,598
Number of operating segments \| segment	2
Lease liabilities	$ 75,600				$ 105,268
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%	7.00%		10.00%

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

Segment reporting - Consolidate

Segment reporting - Consolidated Statement of Financial Position (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018		Dec. 31, 2017
ASSETS
Vessels	$ 3,177,262		$ 3,520,067	[1]
Right-of-use assets	(58,908)	$ (87,598)	0	[1]
Other tangible assets	2,265		1,943	[1]
Intangible assets	39		105	[1]
Receivables	71,083		38,658	[1]
Investments in equity accounted investees (Note 26)	50,322		43,182	[1]
Deferred tax assets	2,715		2,255	[1]
Total non-current assets	3,362,594		3,606,210	[1]
Total current assets	802,249		521,141	[1]
TOTAL ASSETS	4,164,843		4,127,351	[1]
EQUITY and LIABILITIES
Total equity	2,311,855		2,260,523
Bank and other loans	1,173,944		1,421,465
Other notes	198,571		148,166	[1]
Other borrowings	(107,978)		0	[1]
Lease liabilities	(43,161)		0	[1]
Other payables	3,809		1,451	[1]
Deferred tax liabilities	0		0
Employee benefits	8,094		4,336	[1]	$ 3,984
Provisions	1,381		4,288	[1]
Total non-current liabilities	1,536,938		1,579,706	[1]
Total current liabilities	316,050		287,122	[1]
TOTAL EQUITY and LIABILITIES	4,164,843		4,127,351	[1]
Operating segments \| Tankers
ASSETS
Vessels	3,198,993		3,520,067
Right-of-use assets	(58,908)		0
Other tangible assets	2,265		1,943
Intangible assets	39		105
Receivables	52,502		38,658
Investments in equity accounted investees (Note 26)	2,355		1,915
Deferred tax assets	2,715		2,255
Total non-current assets	3,317,777		3,564,943
Total current assets	805,613		521,536
TOTAL ASSETS	4,123,390		4,086,479
EQUITY and LIABILITIES
Total equity	2,268,490		2,219,648
Bank and other loans	1,173,944		1,421,465
Other notes	198,571		148,166
Other borrowings	(107,978)		0
Lease liabilities	(43,161)		0
Other payables	3,809		1,451
Deferred tax liabilities	0		0
Employee benefits	8,094		4,336
Provisions	1,381		4,288
Total non-current liabilities	1,536,938		1,579,706
Total current liabilities	317,962		287,125
TOTAL EQUITY and LIABILITIES	4,123,390		4,086,479
Operating segments \| FSO
ASSETS
Vessels	131,958		150,029
Right-of-use assets	0		0
Other tangible assets	0		0
Intangible assets	0		0
Receivables	0		0
Investments in equity accounted investees (Note 26)	0		0
Deferred tax assets	1,116		1,229
Total non-current assets	133,074		151,258
Total current assets	10,405		15,784
TOTAL ASSETS	143,479		167,042
EQUITY and LIABILITIES
Total equity	43,365		40,874
Bank and other loans	67,962		97,480
Other notes	0		0
Other borrowings	0		0
Lease liabilities	0		0
Other payables	539		355
Deferred tax liabilities	4,769		4,283
Employee benefits	0		0
Provisions	0		0
Total non-current liabilities	73,270		102,118
Total current liabilities	26,844		24,050
TOTAL EQUITY and LIABILITIES	143,479		167,042
Less: Equity-accounted investees
ASSETS
Vessels	153,689		150,029
Right-of-use assets	0		0
Other tangible assets	0		0
Intangible assets	0		0
Receivables	(18,581)		0
Investments in equity accounted investees (Note 26)	(47,967)		(41,267)
Deferred tax assets	1,116		1,229
Total non-current assets	88,257		109,991
Total current assets	13,769		16,179
TOTAL ASSETS	102,026		126,170
EQUITY and LIABILITIES
Total equity	0		(1)
Bank and other loans	67,962		97,480
Other notes	0		0
Other borrowings	0		0
Lease liabilities	0		0
Other payables	539		355
Deferred tax liabilities	4,769		4,283
Employee benefits	0		0
Provisions	0		0
Total non-current liabilities	73,270		102,118
Total current liabilities	28,756		24,053
TOTAL EQUITY and LIABILITIES	$ 102,026		$ 126,170

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

Segment reporting - Consolida_2

Segment reporting - Consolidated Statement of Profit or Loss By Operating Segment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017
Shipping income
Revenue	$ 932,377,000	$ 600,024,000	[1]	$ 513,368,000	[1]
Gains on disposal of vessels/other tangible assets (Note 8)	14,879,000	19,138,000	[1]	36,538,000	[1]
Other operating income	10,094,000	4,775,000	[1]	4,902,000	[1]
Total shipping income	957,350,000	623,937,000	[1]	554,808,000	[1]
Operating expenses
Voyage expenses and commissions	(144,681,000)	(141,416,000)	[1]	(62,035,000)	[1]
Vessel operating expenses	(211,795,000)	(185,792,000)	[1]	(150,427,000)	[1]
Charter hire expenses	(604,000)	(31,114,000)	[1]	(31,173,000)	[1]
Losses on disposal of vessels/other tangible assets	(75,000)	(273,000)	[1]	(21,027,000)	[1]
Impairment on non-current assets held for sale	0	2,995,000	[1]	0	[1]
Depreciation tangible assets	(337,646,000)	(270,582,000)	[1]	(229,777,000)	[1]
Depreciation intangible assets	(56,000)	(111,000)	[1]	(95,000)	[1]
General and administrative expenses	(66,890,000)	(66,232,000)	[1]	(46,868,000)	[1]
Total operating expenses	(761,747,000)	(698,515,000)	[1]	(541,402,000)	[1]
RESULT FROM OPERATING ACTIVITIES	195,603,000	(74,578,000)	[1]	13,406,000	[1]
Finance income	20,572,000	15,023,000	[1]	7,266,000	[1]
Finance expenses	(119,803,000)	(89,412,000)	[1]	(50,729,000)	[1]
Net finance expenses	(99,231,000)	(74,389,000)	[1]	(43,463,000)	[1]
Gain on bargain purchase	0	23,059,000	[1],[2]	0	[1],[2]
Share of profit (loss) of equity accounted investees (net of income tax)	16,460,000	16,076,000	[1]	30,082,000	[1]
PROFIT (LOSS) BEFORE INCOME TAX	112,832,000	(109,832,000)	[1]	25,000	[1]
Income tax expense	(602,000)	(238,000)	[1]	1,358,000	[1]
PROFIT (LOSS) FOR THE PERIOD	112,230,000	(110,070,000)	[1],[2],[3]	1,383,000	[1],[2],[3]
Attributable to:
Owners of the company	112,230,267	(110,069,928)	[1]	1,382,530	[1]
Operating segments \| Tankers
Shipping income
Revenue	933,823,000	600,024,000		513,399,000
Gains on disposal of vessels/other tangible assets (Note 8)	14,879,000	19,138,000		36,538,000
Other operating income	10,075,000	4,775,000		4,902,000
Total shipping income	958,777,000	623,937,000		554,839,000
Operating expenses
Voyage expenses and commissions	(145,047,000)	(141,416,000)		(62,035,000)
Vessel operating expenses	(212,010,000)	(185,792,000)		(150,391,000)
Charter hire expenses	(604,000)	(31,114,000)		(31,173,000)
Losses on disposal of vessels/other tangible assets	(75,000)	(273,000)		(21,027,000)
Impairment on non-current assets held for sale	0	2,995,000		0
Depreciation tangible assets	(338,036,000)	(270,582,000)		(229,777,000)
Depreciation intangible assets	(56,000)	(111,000)		(95,000)
General and administrative expenses	(66,958,000)	(66,235,000)		(46,871,000)
Total operating expenses	(762,786,000)	(698,518,000)		(541,369,000)
RESULT FROM OPERATING ACTIVITIES	195,991,000	(74,581,000)		13,470,000
Finance income	20,399,000	15,023,000		7,267,000
Finance expenses	(119,809,000)	(89,412,000)		(50,730,000)
Net finance expenses	(99,410,000)	(74,389,000)		(43,463,000)
Gain on bargain purchase	0	23,059,000		0
Share of profit (loss) of equity accounted investees (net of income tax)	440,000	220,000		150,000
PROFIT (LOSS) BEFORE INCOME TAX	97,021,000	(125,691,000)		(29,843,000)
Income tax expense	(602,000)	(238,000)		1,358,000
PROFIT (LOSS) FOR THE PERIOD	96,418,000	(125,929,000)		(28,485,000)
Attributable to:
Owners of the company	96,418,000	(125,929,000)		(28,485,000)
Operating segments \| FSO
Shipping income
Revenue	49,461,000	49,155,000		59,513,000
Gains on disposal of vessels/other tangible assets (Note 8)	0	0		0
Other operating income	3,351,000	72,000		234,000
Total shipping income	52,812,000	49,227,000		59,747,000
Operating expenses
Voyage expenses and commissions	2,000	(1,000)		(304,000)
Vessel operating expenses	(12,657,000)	(9,637,000)		(9,157,000)
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
Depreciation tangible assets	(18,071,000)	(18,071,000)		(18,071,000)
Depreciation intangible assets	0	0		0
General and administrative expenses	(283,000)	(425,000)		(30,000)
Total operating expenses	(31,009,000)	(28,134,000)		(27,562,000)
RESULT FROM OPERATING ACTIVITIES	21,803,000	21,093,000		32,185,000
Finance income	147,000	160,000		197,000
Finance expenses	(4,558,000)	(3,795,000)		(1,026,000)
Net finance expenses	(4,411,000)	(3,635,000)		(829,000)
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	17,392,000	17,458,000		31,356,000
Income tax expense	(1,581,000)	(1,599,000)		(1,488,000)
PROFIT (LOSS) FOR THE PERIOD	15,812,000	15,859,000		29,868,000
Attributable to:
Owners of the company	15,812,000	15,859,000		29,868,000
Less: Equity-accounted investees
Shipping income
Revenue	50,907,000	49,155,000		59,544,000
Gains on disposal of vessels/other tangible assets (Note 8)	0	0		0
Other operating income	3,332,000	72,000		234,000
Total shipping income	54,239,000	49,227,000		59,778,000
Operating expenses
Voyage expenses and commissions	(364,000)	(1,000)		(304,000)
Vessel operating expenses	(12,872,000)	(9,637,000)		(9,121,000)
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
Depreciation tangible assets	(18,461,000)	(18,071,000)		(18,071,000)
Depreciation intangible assets	0	0		0
General and administrative expenses	(351,000)	(428,000)		(33,000)
Total operating expenses	(32,048,000)	(28,137,000)		(27,529,000)
RESULT FROM OPERATING ACTIVITIES	22,191,000	21,090,000		32,249,000
Finance income	(26,000)	160,000		198,000
Finance expenses	(4,564,000)	(3,795,000)		(1,027,000)
Net finance expenses	(4,590,000)	(3,635,000)		(829,000)
Gain on bargain purchase	0	0		0
Share of profit (loss) of equity accounted investees (net of income tax)	(16,020,000)	(15,856,000)		(29,932,000)
PROFIT (LOSS) BEFORE INCOME TAX	1,581,000	1,599,000		1,488,000
Income tax expense	(1,581,000)	(1,599,000)		(1,488,000)
PROFIT (LOSS) FOR THE PERIOD	0	0		0
Attributable to:
Owners of the company	$ 0	$ 0		$ 0

[1]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. 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]	.
[3]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, 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, 2019	Dec. 31, 2018		Dec. 31, 2017
Disclosure of operating segments [line items]
Net cash from (used in) operating activities	$ 271,991	$ 841	[1]	$ 211,295	[1]
Net cash from (used in) investing activities	43,750	190,042	[1]	(40,242)	[1]
Net cash from (used in) financing activities	(191,187)	(160,165)	[1]	(234,976)	[1]
Capital expenditure	(8,053)	(238,065)		(177,901)
Operating segments \| Tankers
Disclosure of operating segments [line items]
Net cash from (used in) operating activities	259,109	843		211,310
Net cash from (used in) investing activities	44,211	190,042		(40,243)
Net cash from (used in) financing activities	(178,587)	(160,165)		(234,921)
Capital expenditure	(30,173)	(238,065)		(177,901)
Operating segments \| FSO
Disclosure of operating segments [line items]
Net cash from (used in) operating activities	41,278	40,672		49,684
Net cash from (used in) investing activities	0	0		0
Net cash from (used in) financing activities	(41,491)	(42,164)		(78,421)
Capital expenditure	0	0		0
Less: Equity-accounted investees
Disclosure of operating segments [line items]
Net cash from (used in) operating activities	28,396	(40,674)		(49,698)
Net cash from (used in) investing activities	461	0		1
Net cash from (used in) financing activities	(28,891)	42,164		78,367
Capital expenditure	$ (22,120)	$ 0		$ 0

[1]	.

Assets and liabilities held f_3

Assets and liabilities held for sale and discontinued operations - Assets Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale	$ 12,705	$ 42,000	[1]
Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale	12,705	42,000		$ 0
Vessels \| Tankers
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale	12,705	42,000		0
Vessels \| FSO
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale	$ 0	$ 0		$ 0

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

Assets and liabilities held f_4

Assets and liabilities held for sale and discontinued operations - Schedule of Assets Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Asset Held For Sale	$ 12,705	$ 42,000	[1]
Assets sold from assets held for sale		(12,705)		$ (44,995)
Asset Held For Sale		12,705		42,000	[1]
(Expected) Gain		0		(2,995)	[2]	$ 0	[2]
Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
(Estimated) sale price, beginning balance	0	0		0
Asset Held For Sale	12,705	42,000		0
Assets sold from assets held for sale		(12,705)		(44,995)
(Estimated) Sale price, ending balance		0		0		0
Asset Held For Sale		12,705		42,000		0
Impairment Loss		0		(2,995)		0
(Expected) Gain		8,298		0		0
Book Value \| Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Asset Held For Sale	0	0		0
Asset Held For Sale		0		0		$ 0
Felicity \| Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Impairment Loss	(8,300)
Felicity \| Book Value \| Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Asset Held For Sale	$ 12,700
Asset Held For Sale		12,700
Assets Sold From Assets Held For Sale \| Felicity \| Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets sold from assets held for sale, estimated sales price		42,000		42,000
Assets sold from assets held for sale		(42,000)		(42,000)
Impairment Loss		0		(2,995)
(Expected) Gain		0		0
Assets Sold From Assets Held For Sale \| Felicity \| Book Value \| Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets sold from assets held for sale		(42,000)		$ (44,995)
Assets Sold From Assets Held For Sale \| Finesse \| Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets sold from assets held for sale, estimated sales price		21,003
Assets sold from assets held for sale		(12,705)
Impairment Loss		0
(Expected) Gain		(8,298)
Assets Sold From Assets Held For Sale \| Finesse \| Book Value \| Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets sold from assets held for sale		$ (12,705)

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.
[2]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. 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) $ in Thousands	Jan. 23, 2020USD ($)T	Jul. 12, 2019T	Oct. 31, 2018USD ($)T	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)operation	Dec. 31, 2018USD ($)operation		Dec. 31, 2017USD ($)
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale					$ 12,705	$ 42,000	[1]
Number of discontinued operations \| operation					0	0
Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale					$ 12,705	$ 42,000		$ 0
Gain (loss) from sale of vessel					0	2,995		0
Vessels \| Felicity
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
VLCC weight (in deadweight tons) \| T	149,994		157,667
Gain (loss) from sale of vessel				$ 8,300
Vessels \| V.K Eddie
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
VLCC weight (in deadweight tons) \| T		305,261
Proceeds from sales of vessels previously held for sale	$ 21,800
Sales commission percentage	3.50%
Fair value, net of cost of disposal	$ 21,000
Cost \| Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale					0	$ 0		$ 0
Cost \| Vessels \| Felicity
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale			$ 45,000		$ 12,700

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

Revenue and other operating i_3

Revenue and other operating income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017
Disclosure Of Revenue Sources [Line Items]
Revenue	$ (932,377)	$ (600,024)	[1]	$ (513,368)	[1]
Other operating income	10,094	4,775	[1]	4,902	[1]
Pool Revenue
Disclosure Of Revenue Sources [Line Items]
Revenue	(524,847)	(277,394)		(249,303)
Spot Voyages
Disclosure Of Revenue Sources [Line Items]
Revenue	(317,221)	(247,392)		(145,360)
Time Charters
Disclosure Of Revenue Sources [Line Items]
Revenue	(90,309)	(75,238)		(118,705)
Less: Equity-accounted investees
Disclosure Of Revenue Sources [Line Items]
Revenue	(50,907)	(49,155)		(59,544)
Other operating income	3,332	72		234
Less: Equity-accounted investees \| Pool Revenue
Disclosure Of Revenue Sources [Line Items]
Revenue	7	0		(31)
Less: Equity-accounted investees \| Spot Voyages
Disclosure Of Revenue Sources [Line Items]
Revenue	(1,453)	0		0
Less: Equity-accounted investees \| Time Charters
Disclosure Of Revenue Sources [Line Items]
Revenue	(49,461)	(49,155)		(59,513)
Tankers \| Operating segments
Disclosure Of Revenue Sources [Line Items]
Revenue	(933,823)	(600,024)		(513,399)
Other operating income	10,075	4,775		4,902
Tankers \| Operating segments \| Pool Revenue
Disclosure Of Revenue Sources [Line Items]
Revenue	(524,840)	(277,394)		(249,334)
Tankers \| Operating segments \| Spot Voyages
Disclosure Of Revenue Sources [Line Items]
Revenue	(318,674)	(247,392)		(145,360)
Tankers \| Operating segments \| Time Charters
Disclosure Of Revenue Sources [Line Items]
Revenue	(90,309)	(75,238)		(118,705)
FSO \| Operating segments
Disclosure Of Revenue Sources [Line Items]
Revenue	(49,461)	(49,155)		(59,513)
Other operating income	3,351	72		234
FSO \| Operating segments \| Pool Revenue
Disclosure Of Revenue Sources [Line Items]
Revenue	0	0		0
FSO \| Operating segments \| Spot Voyages
Disclosure Of Revenue Sources [Line Items]
Revenue	0	0		0
FSO \| Operating segments \| Time Charters
Disclosure Of Revenue Sources [Line Items]
Revenue	$ (49,461)	$ (49,155)		$ (59,513)

[1]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. 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, 2019	Dec. 31, 2018		Dec. 31, 2017
Analysis of income and expense [abstract]
Commissions paid	$ (10,130)	$ (8,193)		$ (4,895)
Bunkers	(101,947)	(103,920)		(45,249)
Other voyage related expenses	(32,604)	(29,303)		(11,891)
Total voyage expenses and commissions	$ (144,681)	$ (141,416)	[1]	$ (62,035)	[1]

[1]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. 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, 2019	Dec. 31, 2018		Dec. 31, 2017
Analysis of income and expense [abstract]
Operating expenses	$ (196,739)	$ (172,589)		$ (139,832)
Insurance	(15,056)	(13,203)		(10,595)
Total vessel operating expenses	$ (211,795)	$ (185,792)	[1]	$ (150,427)	[1]

[1]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. 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, 2019	Dec. 31, 2018		Dec. 31, 2017
Disclosure of operating segments [line items]
Total charter hire expenses	$ (604)	$ (31,114)	[1]	$ (31,173)	[1]
Charter hire
Disclosure of operating segments [line items]
Total charter hire expenses	(604)	6		(62)
Bare boat hire
Disclosure of operating segments [line items]
Total charter hire expenses	$ 0	$ (31,120)		$ (31,111)

[1]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. 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, 2019USD ($)	Dec. 31, 2018USD ($)
Gener8 Maritime, Inc.
Disclosure of detailed information about property, plant and equipment [line items]
Transaction fees			$ 5
Charter hire
Disclosure of detailed information about property, plant and equipment [line items]
Contract duration		2 months 15 days
Sale and leaseback agreement \| Vessels
Disclosure of detailed information about property, plant and equipment [line items]
Number of VLCCs delivered \| vessel	4
Duration of sale and leaseback agreement on vessels	5 years
Transaction Based Incentive Plan
Disclosure of detailed information about property, plant and equipment [line items]
Employee benefits expense		$ 1.8

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, 2019USD ($)employee	Dec. 31, 2018USD ($)employee		Dec. 31, 2017USD ($)employee
Analysis of income and expense [abstract]
Wages and salaries	$ (25,050)	$ (16,247)		$ (12,853)
Social security costs	(3,430)	(3,746)		(2,511)
Provision for employee benefits (Note 17)	(2,589)	(616)		(827)
Equity-settled share-based payments (Note 23)	0	(37)		(313)
Other employee benefits	(3,713)	(7,607)		(3,148)
Employee benefits	(34,782)	(28,253)		(19,652)
Administrative expenses	(31,226)	(33,485)		(22,579)
Tonnage Tax	(1,313)	(4,436)		(4,772)
Claims	(17)	(100)		(25)
Provisions	448	42		160
Total general and administrative expenses	$ (66,890)	$ (66,232)	[1]	$ (46,868)	[1]
Average number of full time equivalents (shore staff) \| employee	184.90	161.77		150.49

[1]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. 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, 2019	Dec. 31, 2018		Dec. 31, 2017
Financial Instruments [Abstract]
Interest income	$ 6,529	$ 4,106		$ 655
Foreign exchange gains	14,043	10,917		6,611
Finance income	20,572	15,023	[1]	7,266	[1]
Interest expense on financial liabilities measured at amortized cost	(84,378)	(67,956)		(38,391)
Interest leasing	(4,811)	0		0
Fair value adjustment on interest rate swaps	(8,533)	(2,790)		0
Other financial charges	(7,474)	(6,802)		(5,819)
Foreign exchange losses	(14,607)	(11,864)		(6,519)
Finance expense	(119,803)	(89,412)	[1]	(50,729)	[1]
Net finance expenses	$ (99,231)	$ (74,389)	[1]	$ (43,463)	[1]

[1]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. 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) $ in Millions	12 Months Ended
Net finance expense - Narrative (Details) $ in Millions	Dec. 31, 2019USD ($)contract
Financial Instruments [Abstract]
Number of interest rate swaps settled	2
Number of interest rate swaps outstanding	1
De-designation of hedging instruments \| $	$ 4.9

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, 2019	Dec. 31, 2018	Dec. 31, 2017
Financial Instruments [Abstract]
Total interest income on financial assets	$ 6,529	$ 4,106	$ 655
Total interest expense on financial liabilities	(84,378)	(67,956)	(38,391)
Interest leasing	(4,811)	0	0
Total other financial charges	$ (7,474)	$ (6,802)	$ (5,819)

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, 2019	Dec. 31, 2018		Dec. 31, 2017
Foreign currency translation differences for foreign operations	$ (112)	$ (157)	[1]	$ 448	[1]
Other comprehensive income, net of tax, cash flow hedges	(1,885)	(2,698)	[1]	0	[1]
Other comprehensive income (expense), net of tax	(3,940)	(3,194)	[1]	995	[1]
Translation Reserve and Hedging Reserve
Other comprehensive income (expense), net of tax	(1,997)	(2,855)		448
Translation reserve
Other comprehensive income (expense), net of tax	(112)	(157)		448
Hedging reserve
Other comprehensive income (expense), net of tax	$ (1,885)	$ (2,698)		$ 0

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, 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, 2019	Dec. 31, 2018		Dec. 31, 2017
Current tax
Current period	$ (1,066)	$ (37)		$ (85)
Total current tax	(1,066)	(37)		(85)
Deferred tax
Recognition of unused tax losses/(use of tax losses)	474	(195)		1,473
Other	(10)	(6)		(30)
Total deferred tax	464	(201)		1,443
Total tax benefit/(expense)	$ (602)	$ (238)	[1]	$ 1,358	[1]

[1]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. 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, 2019	Dec. 31, 2018		Dec. 31, 2017
Reconciliation of accounting profit multiplied by applicable tax rates [abstract]
Profit (loss) before tax	$ 112,832	$ (109,832)		$ 25
Tax at domestic rate	(33,376)	32,488		(8)
Tax exempt profit / loss	317	(50)		499
Tax adjustments for previous years	34	9		10
Loss for which no DTA has been recognized	(26)	(1,037)		0
Use of previously unrecognized tax losses and tax cedits	4,066	0		7,146
Non-deductible expenses	(538)	(962)		(710)
Tonnage Tax regime	24,534	(33,602)		(13,918)
Effect of share of profit of equity-accounted investees	2,482	4,690		10,175
Effects of tax regimes in foreign jurisdictions	1,905	(1,774)		(1,836)
Total tax benefit/(expense)	$ (602)	$ (238)	[1]	$ 1,358	[1]
Reconciliation of average effective tax rate and applicable tax rate [abstract]
Tax at domestic rate (as a percent)	(29.58%)	(29.58%)		(33.99%)
Total taxes (as a percent)	(0.53%)	0.22%		5430.01%
Tonnage tax expense	$ 1,313	$ 4,436		$ 4,772

[1]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. 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, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	$ 3,522,010	$ 2,336,831	$ 2,470,076
Acquisitions	8,585	238,064	177,890
Acquisitions through business combinations (Note 25)	87,598	1,704,595
Disposals and cancellations	(29,438)	(7,889)	(81,398)
Disposals and cancellations through business combinations		(434,000)
Depreciation charges	(337,646)	(270,582)	(229,777)
Transfer to assets held for sale	(12,705)	(44,995)
Transfers		0	0
Translation differences	31	(14)	40
Property, plant and equipment, ending balance	3,238,435	3,522,010	2,336,831
Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	4,931,598	3,662,905	3,836,644
Property, plant and equipment, ending balance	4,909,134	4,931,598	3,662,905
Depreciation & impairment losses
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	(1,409,588)	(1,326,074)	(1,366,568)
Property, plant and equipment, ending balance	(1,670,699)	(1,409,588)	(1,326,074)
Vessels
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	3,520,067	2,271,500	2,383,163
Acquisitions	7,024	45,750	125,486
Acquisitions through business combinations (Note 25)	0	1,704,250
Disposals and cancellations	(29,386)	(7,814)	(81,389)
Disposals and cancellations through business combinations		(434,000)
Depreciation charges	(307,738)	(270,018)	(229,429)
Transfer to assets held for sale	(12,705)	(44,995)
Transfers		255,394	73,669
Translation differences	0	0	0
Property, plant and equipment, ending balance	3,177,262	3,520,067	2,271,500
Vessels \| Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	4,927,324	3,595,692	3,748,135
Property, plant and equipment, ending balance	4,815,910	4,927,324	3,595,692
Vessels \| Depreciation & impairment losses
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	(1,407,257)	(1,324,192)	(1,364,972)
Property, plant and equipment, ending balance	(1,638,648)	(1,407,257)	(1,324,192)
Vessels under construction
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	0	63,668	86,136
Acquisitions	0	191,726	51,201
Acquisitions through business combinations (Note 25)	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	0
Transfers		(255,394)	(73,669)
Translation differences	0	0	0
Property, plant and equipment, ending balance	0	0	63,668
Vessels under construction \| Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	0	63,668	86,136
Property, plant and equipment, ending balance	0	0	63,668
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
Right-of-use assets
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	0	0
Acquisitions	549	0
Acquisitions through business combinations (Note 25)	87,598	0
Disposals and cancellations	0	0	0
Depreciation charges	(29,265)	0	0
Transfer to assets held for sale	0	0
Transfers		0	0
Translation differences	26	0	0
Property, plant and equipment, ending balance	58,908	0	0
Right-of-use assets \| Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	0	0
Property, plant and equipment, ending balance	88,182	0	0
Right-of-use assets \| Depreciation & impairment losses
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	0
Property, plant and equipment, ending balance	(29,274)	0
Other tangible assets
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	1,943	1,663	777
Acquisitions	1,012	588	1,203
Acquisitions through business combinations (Note 25)	0	345
Disposals and cancellations	(52)	(75)	(9)
Disposals and cancellations through business combinations		0
Depreciation charges	(643)	(564)	(348)
Transfer to assets held for sale	0	0
Transfers		0	0
Translation differences	5	(14)	40
Property, plant and equipment, ending balance	2,265	1,943	1,663
Other tangible assets \| Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	4,274	3,545	2,373
Property, plant and equipment, ending balance	5,042	4,274	3,545
Other tangible assets \| Depreciation & impairment losses
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	(2,331)	(1,882)	(1,596)
Property, plant and equipment, ending balance	$ (2,777)	$ (2,331)	$ (1,882)

Property, plant and equipment_2

Property, plant and equipment - Narrative (Details)	Jan. 23, 2020T	Jul. 12, 2019USD ($)T	Feb. 11, 2019USD ($)T	Oct. 31, 2018USD ($)T	Dec. 31, 2019USD ($)vessel	Dec. 31, 2018USD ($)vessel		Dec. 31, 2017USD ($)		Jan. 01, 2019USD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Right-of-use assets (Note 8)					$ 58,908,000	$ 0	[1]			$ 87,598,000
Non-current assets held for sale (Note 3)					12,705,000	42,000,000	[1]
Losses on disposals of property, plant and equipment					75,000	273,000	[2]	$ 21,027,000	[2]
Agreement to purchase property, plant and equipment					0	0
Vessels
Disclosure of detailed information about property, plant and equipment [line items]
Non-current assets held for sale (Note 3)					$ 12,705,000	$ 42,000,000		0
Number of vessels under construction \| vessel					0	0
Vessels \| Suezmax Felicity
Disclosure of detailed information about property, plant and equipment [line items]
VLCC weight (in deadweight tons) \| T	149,994			157,667
Proceeds from sales of vessel				$ 42,000,000
Losses on disposals of property, plant and equipment						$ 3,000,000
Vessels \| Genmar Compatriot
Disclosure of detailed information about property, plant and equipment [line items]
VLCC weight (in deadweight tons) \| T			72,768
Proceeds from sales of vessel			$ 6,600,000
Gains on sale of vessel			$ 400,000
Vessels \| V.K Eddie
Disclosure of detailed information about property, plant and equipment [line items]
VLCC weight (in deadweight tons) \| T		305,261
Proceeds from sales of vessel		$ 37,600,000
Gains on sale of vessel		$ 14,400,000
Carrying value \| Vessels
Disclosure of detailed information about property, plant and equipment [line items]
Non-current assets held for sale (Note 3)					$ 0	$ 0		$ 0
Carrying value \| Vessels \| Suezmax Felicity
Disclosure of detailed information about property, plant and equipment [line items]
Non-current assets held for sale (Note 3)				$ 45,000,000	$ 12,700,000

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.
[2]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

Property, plant and equipment_3

Property, plant and equipment - Schedule of Disposal of Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Disclosure of detailed information about property, plant and equipment [line items]
Book Value	$ 3,238,435,000	$ 3,522,010,000		$ 2,336,831,000		$ 2,470,076,000
Loss	(75,000)	(273,000)	[1]	(21,027,000)	[1]
Vessels
Disclosure of detailed information about property, plant and equipment [line items]
Sale price	86,264,000	26,762,000		96,909,000
Gain	14,879,000	19,138,000		36,538,300
Loss	(75,000)	(273,000)		(21,027,000)
TI Topaz
Disclosure of detailed information about property, plant and equipment [line items]
Sale price		10,175,000		20,790,000
Gain		10,175,000		0
Loss		0		(21,027,000)
Flandre
Disclosure of detailed information about property, plant and equipment [line items]
Sale price		10,282,000		45,000,000
Gain		8,963,000		20,306,700
Loss		0		0
Navarin
Disclosure of detailed information about property, plant and equipment [line items]
Sale price				9,310,000
Gain				8,508,600
Loss				0
Neptun
Disclosure of detailed information about property, plant and equipment [line items]
Sale price				21,780,000
Gain				7,703,000
Loss				0
Other
Disclosure of detailed information about property, plant and equipment [line items]
Sale price	29,000			29,000
Gain	29,000			20,000
Loss	(75,000)			0
Cap Georges
Disclosure of detailed information about property, plant and equipment [line items]
Sale price		6,305,000
Gain		0
Loss		(190,000)
Artois
Disclosure of detailed information about property, plant and equipment [line items]
Sale price		0
Gain		0
Loss		(83,000)
Cap Jean
Disclosure of detailed information about property, plant and equipment [line items]
Sale price	6,615,000
Gain	442,000
Loss	0
Suezmax Cap Romuald
Disclosure of detailed information about property, plant and equipment [line items]
Sale price	37,620,000
Gain	14,408,000
Loss	0
Book Value
Disclosure of detailed information about property, plant and equipment [line items]
Book Value	4,909,134,000	4,931,598,000		3,662,905,000		$ 3,836,644,000
Book Value \| Vessels
Disclosure of detailed information about property, plant and equipment [line items]
Book Value	71,385,000	7,814,000		81,397,700
Book Value \| TI Topaz
Disclosure of detailed information about property, plant and equipment [line items]
Book Value		0		41,817,000
Book Value \| Flandre
Disclosure of detailed information about property, plant and equipment [line items]
Book Value		1,319,000		24,693,300
Book Value \| Navarin
Disclosure of detailed information about property, plant and equipment [line items]
Book Value				801,400
Book Value \| Neptun
Disclosure of detailed information about property, plant and equipment [line items]
Book Value				14,077,000
Book Value \| Other
Disclosure of detailed information about property, plant and equipment [line items]
Book Value	0			$ 9,000
Book Value \| Cap Georges
Disclosure of detailed information about property, plant and equipment [line items]
Book Value		6,495,000
Book Value \| Artois
Disclosure of detailed information about property, plant and equipment [line items]
Book Value		$ 0
Book Value \| Cap Jean
Disclosure of detailed information about property, plant and equipment [line items]
Book Value	6,173,000
Book Value \| Suezmax Cap Romuald
Disclosure of detailed information about property, plant and equipment [line items]
Book Value	$ 23,212,000

[1]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. 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, 2019	Dec. 31, 2018
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, 2019	Dec. 31, 2018		Dec. 31, 2017	Dec. 31, 2016
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	$ (2,715)	$ (2,255)	[1]
Deferred tax liabilities	0	0
NET	2,715	2,255		$ 2,487	$ 964
Employee benefits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	(26)	(37)
Deferred tax liabilities	0	0
NET	26	37		$ 44	$ 37
Unused tax losses & tax credits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	(23,790)	(2,218)
Deferred tax liabilities	0	0
NET	23,790	2,218
Unremitted earnings
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	0
Deferred tax liabilities	21,101
NET	(21,101)
Before Offset Amount
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	(23,816)	(2,255)
Deferred tax liabilities	21,101	0
NET	2,715	2,255
Offset
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	(21,101)	0
Deferred tax liabilities	$ 21,101	$ 0

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

Deferred tax assets and liabi_4

Deferred tax assets and liabilities - Unrecognized deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	$ (47,900)	$ (74,688)
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	(290)	(274)
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	0	(8)
Unrecognized deferred tax liabilities	(12,162)	(12,162)
Unused tax losses & tax credits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	(59,772)	(86,568)
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	(60,062)	(86,850)
Unrecognized deferred tax liabilities	(12,162)	(12,162)
Offset
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	(12,162)	(12,162)
Unrecognized deferred tax liabilities	$ (12,162)	$ (12,162)

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, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	$ 2,255	$ 2,487	$ 964
Recognized in income	464	(201)	1,443
Recognized in equity	0	0	0
Translation differences	(4)	(31)	80
Ending balance	2,715	2,255	2,487
Provisions
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	0	1	31
Recognized in income	0	(1)	(32)
Recognized in equity	0	0	0
Translation differences	0	0	2
Ending balance	0	0	1
Employee benefits
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	37	44	37
Recognized in income	(10)	(5)	2
Recognized in equity	0	0	0
Translation differences	(1)	(2)	5
Ending balance	26	37	44
Unused tax losses & tax credits
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	2,218	2,442	896
Recognized in income	474	(195)	1,473
Recognized in equity	0	0	0
Translation differences	(3)	(29)	73
Ending balance	$ 2,689	$ 2,218	$ 2,442

Non-current receivables - Sched

Non-current receivables - Schedule of Non-Current Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Shareholders loans to joint ventures	$ 60,379	$ 28,665
Derivatives	0	7,930
Other non-current receivables	2,094	2,062
Lease receivables	8,609	0
Investment	1	1
Total non-current receivables	$ 71,083	$ 38,658	[1]

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

Non-current receivables - Narra

Non-current receivables - Narrative (Details) - forward_cap_contract	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Shareholder loan receivable interest rate	8.00%
Number of derivative instruments held		2
Shareholder loan maturity classification	5 years

Non-current receivables - Sch_2

Non-current receivables - Schedule of Non-Current Receivables by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Receivables	$ 71,083	$ 38,658	[1]
Within two years
Disclosure of detailed information about financial instruments [line items]
Receivables	1,959	7,206
Between two and three years
Disclosure of detailed information about financial instruments [line items]
Receivables	2,076	0
Between three and four years
Disclosure of detailed information about financial instruments [line items]
Receivables	2,278	725
Between four and five years
Disclosure of detailed information about financial instruments [line items]
Receivables	38,754	541
More than five years
Disclosure of detailed information about financial instruments [line items]
Receivables	$ 26,016	$ 30,186

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

Bunker inventory (Details)

Bunker inventory (Details) metric_tons_of_fuel in Thousands	12 Months Ended
Bunker inventory (Details) metric_tons_of_fuel in Thousands	Dec. 31, 2019USD ($)metric_tons_of_fuel	Jun. 27, 2019USD ($)	Dec. 31, 2018USD ($)	[1]
Disclosure of detailed information about borrowings [line items]
Fuel inventory purchased (in metric tons) \| metric_tons_of_fuel	420
Payment for purchase of inventory	$ 202,300,000
Bunker inventory (Note 11)	183,382,000		$ 22,261,000
Secured Loan Due 2021 With Margin Rate At 2.1%
Disclosure of detailed information about borrowings [line items]
Notional amount	$ 100,000,000	$ 100,000,000

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

Trade and other receivables -_3

Trade and other receivables - current (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Receivable from contracts with customers	$ 105,925	$ 64,923
Receivable from contracts with customers - TI Pool	146,613	161,737
Accrued income	20,815	17,765
Accrued interest	678	750
Deferred charges	19,134	17,473
Deferred fulfillment costs	2,556	2,140
Other receivables	11,407	18,677
Lease receivables	1,802	0
Derivatives	57	0
Total trade and other receivables	$ 308,987	$ 283,465	[1]

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

Cash and cash equivalents - Sch

Cash and cash equivalents - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017	[1]	Dec. 31, 2016	[1]
Subclassifications of assets, liabilities and equities [abstract]
Bank deposits	$ 215,000	$ 62,500
Cash at bank and in hand	81,954	110,633
TOTAL	296,954	173,133
Of which restricted cash	0	79	[1]	$ 115
Cash and cash equivalents (Note 13)	$ 296,954	$ 173,133	[1],[2]	$ 143,648		$ 206,689

[1]	.
[2]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

Cash and cash equivalents - Add

Cash and cash equivalents - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Maturity of bank deposits	8 days	6 days

Equity - Number of shares issue

Equity - Number of shares issued (Details) - shares	12 Months Ended
Equity - Number of shares issued (Details) - shares	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of number of shares outstanding [abstract]
Beginning of period (in shares)	218,786,812	158,166,534	158,166,534
End of period (in shares)	215,078,497	218,786,812	158,166,534
Share capital
Reconciliation of number of shares outstanding [abstract]
Beginning of period (in shares)	220,024,713	159,208,949	159,208,949
Issued in business combination	0	60,815,764	0
End of period (in shares)	220,024,713	220,024,713	159,208,949

Equity - Narrative (Details)

Mar. 24, 2020$ / shares

Jun. 30, 2019shares

Jan. 31, 2019shares

Jan. 08, 2019shares

Dec. 07, 2018USD ($)

Oct. 08, 2018$ / shares

Aug. 08, 2018$ / shares

Jun. 29, 2018USD ($)

Jun. 12, 2018USD ($)$ / sharesshares

Jun. 11, 2018$ / sharesshares

May 09, 2018$ / shares

Feb. 16, 2018shares

Feb. 09, 2017shares

Feb. 02, 2016shares

Feb. 12, 2015EUR (€)shares

Aug. 31, 2017$ / shares

Jun. 30, 2019$ / shares

Dec. 31, 2019USD ($)sharescontractvote_per_share$ / shares

Dec. 31, 2018USD ($)shares

Dec. 31, 2017USD ($)shares

Dec. 31, 2015

Sep. 17, 2018USD ($)

Sep. 07, 2018USD ($)

Apr. 20, 2018USD ($)

Mar. 31, 2018USD ($)

Mar. 29, 2018USD ($)

Dec. 31, 2016shares

Disclosure of classes of share capital [line items]

Number of shares outstanding (in shares) | shares

215,078,497

218,786,812

158,166,534

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

Number of interest rate swaps settled | contract

Purchase of treasury shares (in shares) | shares

3,708,315

545,486

Purchase of treasury shares

$ 30,965,000

$ 3,955,000

Treasury share activity

2,294,000

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

$ 0.06

$ 0.12

$ 0.06

$ 0.29

Percentage of net income paid to shareholders through dividends

80.00%

Dividends paid, ordinary shares

$ 26,000,000

$ 22,600,000

Number of options exercised (in shares) | shares

350,000

Vesting period

5 years

Number of options granted (in shares) | shares

Expense from share-based payment transactions with employees

$ 0

$ 37,000

$ 313,000

Share capital

Disclosure of classes of share capital [line items]

Number of shares outstanding (in shares) | shares

220,024,713

159,208,949

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

$ 66,102,000

Purchase of treasury shares (in shares) | shares

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

4,946,216

1,237,901

1,042,415

Purchase of treasury shares (in shares) | shares

(3,708,315)

(545,486)

Purchase of treasury shares

$ 30,965,000

$ 3,955,000

Treasury share activity

5,406,000

Retained earnings

Disclosure of classes of share capital [line items]

Treasury share activity

$ (3,112,000)

Long term incentive plan 2015

Disclosure of classes of share capital [line items]

Number of options granted (in shares) | shares

236,590

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

€ 10.0475

Expense from share-based payment transactions with employees

$ 0

Long term incentive plan 2015 | Stock Option

Disclosure of classes of share capital [line items]

Annual vesting percentage

40.00%

Vesting period

3 years

Share based payment award expiration period

13 years

Long term incentive plan 2015 | Restricted stock units

Disclosure of classes of share capital [line items]

Annual vesting percentage

60.00%

Equity instruments granted (in shares) | shares

65,433

Long term incentive plan 2016 | Phantom Stock Units

Disclosure of classes of share capital [line items]

Equity instruments granted (in shares) | shares

54,616

12,500

Expense from share-based payment transactions with employees

$ 100,000

Long Term Incentive Plan 2017 | Phantom Stock Units

Disclosure of classes of share capital [line items]

Equity instruments granted (in shares) | shares

66,449

32,420

Expense from share-based payment transactions with employees

$ 0

Long Term Incentive Plan 2018 | Phantom Stock Units

Disclosure of classes of share capital [line items]

Equity instruments granted (in shares) | shares

154,432

107,780

Expense from share-based payment transactions with employees

$ 700,000

Long Term Incentive Plan 2019 [Member] | Phantom Stock Units

Disclosure of classes of share capital [line items]

Equity instruments granted (in shares) | shares

800,000

1,200,000

800,000

Expense from share-based payment transactions with employees

$ 1,800,000

Senior Secured Loans

Disclosure of classes of share capital [line items]

Notional amount

$ 200,000,000

$ 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

$ 0.35

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%

Second anniversary | Long Term Incentive Plan 2019 [Member] | Phantom Stock Units

Disclosure of classes of share capital [line items]

Annual vesting percentage

12.00%

Target share price (in USD per share) | $ / shares

$ 12

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%

Third anniversary | Long Term Incentive Plan 2019 [Member] | Phantom Stock Units

Disclosure of classes of share capital [line items]

Annual vesting percentage

19.00%

Target share price (in USD per share) | $ / shares

$ 14

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%

Fourth anniversary | Long Term Incentive Plan 2019 [Member] | Phantom Stock Units

Disclosure of classes of share capital [line items]

Annual vesting percentage

25.00%

Target share price (in USD per share) | $ / shares

$ 16

Tranche Four | Long Term Incentive Plan 2019 [Member] | Phantom Stock Units

Disclosure of classes of share capital [line items]

Annual vesting percentage

44.00%

Target share price (in USD per share) | $ / shares

$ 18

Gener8 Maritime, Inc.

Disclosure of classes of share capital [line items]

Shares issued through acquisition (in shares) | shares

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

$ 76,800,000

$ 86,800,000

Gains (losses) on cash flow hedges, before tax

3,400,000

Interest rate swap contract | Gener8 Maritime, Inc.

Disclosure of classes of share capital [line items]

Notional amount

$ 668,000,000

382,400,000

Financial instruments designated as hedging instruments, at fair value

(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

Percent ownership in derivative

50.00%

Financial instruments designated as hedging instruments, at fair value

$ (2,400,000)

Gains (losses) on cash flow hedges, before tax

(1,500,000)

Forward cap contracts (Note 10)

Disclosure of classes of share capital [line items]

Notional amount

$ 200,000,000

200,000,000

Financial instruments designated as hedging instruments, at fair value

(100,000)

Gains (losses) on cash flow hedges, before tax

700,000

Strike rate

3.25%

Commodity Swap

Disclosure of classes of share capital [line items]

Notional amount

$ 133,600,000

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

Earnings per share - Result att

Earnings per share - Result attributable to ordinary shares (Details) - USD ($)	Jan. 01, 2019	Jan. 01, 2018	Jan. 01, 2017	Dec. 31, 2019	Dec. 31, 2018	[1]	Dec. 31, 2017	[1]
Earnings per share [abstract]
Result for the period (in USD)				$ 112,230,267	$ (110,069,928)		$ 1,382,530
Weighted average number of ordinary shares (in shares)	218,786,812	158,166,534	158,166,534	216,029,170.7	191,994,398.17		158,166,534
Basic earnings per share (in dollars per share)				$ 0.52	$ (0.57)		$ 0.01

[1]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. 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 - Narrative

Earnings per share - Narrative (Details) - $ / shares	12 Months Ended
Earnings per share - Narrative (Details) - $ / shares	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017
Earnings per share [line items]
Diluted earnings per share (in dollars per share)	$ 0.52	$ (0.57)	[1]	$ 0.01	[1]
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		236,590

[1]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

Earnings per share - Weighted a

Earnings per share - Weighted average number of ordinary share (Details) - shares	Jan. 01, 2019	Jan. 01, 2018	Jan. 01, 2017	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017
Earnings per share [line items]
Beginning of period (in shares)	218,786,812	158,166,534	158,166,534	218,786,812	158,166,534		158,166,534
Issuance of shares (in shares)				0	60,815,764		0
Purchase of treasury shares (in shares)				(3,708,315)	(545,486)		0
Withdrawal of treasury shares (in shares)				0	0		0
Sale of treasury shares (in shares)				0	350,000		0
End of period (in shares)				215,078,497	218,786,812		158,166,534
Reconciliation Of Changes In Weighted Average Shares Outstanding [Roll Forward]
Weighted average number of ordinary shares (in shares)	218,786,812	158,166,534	158,166,534	216,029,170.7	191,994,398.17	[1]	158,166,534	[1]
Issuance of shares (in shares)				0	33,823,562		0
Purchase of treasury shares (in shares)				(2,757,641.3)	(13,916.83)		0
Withdrawal of treasury shares (in shares)				0	0		0
Sale of treasury shares (in shares)				0	18,219		0
Shares issued
Earnings per share [line items]
Beginning of period (in shares)	220,024,713	159,208,949	159,208,949	220,024,713	159,208,949		159,208,949
Issuance of shares (in shares)				0	60,815,764		0
Purchase of treasury shares (in shares)				0	0		0
Withdrawal of treasury shares (in shares)				0	0		0
Sale of treasury shares (in shares)				0	0		0
End of period (in shares)				220,024,713	220,024,713		159,208,949
Treasury shares
Earnings per share [line items]
Beginning of period (in shares)	1,237,901	1,042,415	1,042,415	1,237,901	1,042,415		1,042,415
Issuance of shares (in shares)				0	0		0
Purchase of treasury shares (in shares)				3,708,315	545,486		0
Withdrawal of treasury shares (in shares)				0	0		0
Sale of treasury shares (in shares)				0	(350,000)		0
End of period (in shares)				4,946,216	1,237,901		1,042,415

[1]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

Earnings per share - Weighted_2

Earnings per share - Weighted average number of ordinary shares (diluted) (Details) - shares	Jan. 01, 2019	Jan. 01, 2018	Jan. 01, 2017	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017
Earnings per share [abstract]
Weighted average number of ordinary shares (in shares)	218,786,812	158,166,534	158,166,534	216,029,170.7	191,994,398.17	[1]	158,166,534	[1]
Effect of Share-based Payment arrangements (in shares)				0	0		130,523
Weighted average number of ordinary shares (diluted) (in shares)				216,029,171	191,994,398	[1]	158,297,057	[1]

[1]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

Interest-bearing loans and bo_3

Interest-bearing loans and borrowings - Schedule and maturity of borrowings (Details) - USD ($) $ in Thousands	Jun. 12, 2018	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2019
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		$ 1,768,510	$ 1,768,510	$ 898,720
New loans			1,933,898	1,421,360
Adoption IFRS 16					$ 105,238
Scheduled repayments			(831,000)	(519,706)
Early repayments (Note 25)			(1,225,747)	(1,031,401)
Acquisitions through business combinations (Note 25)				1,312,446
Other changes (Note 25)			(5,003)	(310,644)
Translation differences			(1,037)	(2,265)
Carrying amount of liability at the end of the period			1,744,859	1,768,510
More than 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		433,662	433,662	157,180
Carrying amount of liability at the end of the period			630,363	433,662
Between 1 and 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		1,135,969	1,135,969	644,169
Carrying amount of liability at the end of the period			893,291	1,135,969
More than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		1,569,631	1,569,631	801,349
Carrying amount of liability at the end of the period			1,523,654	1,569,631
Less than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		198,879	198,879	97,371
Carrying amount of liability at the end of the period			221,205	198,879
Bank loans
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		1,560,002	1,560,002	701,091
New loans			986,755	973,550
Adoption IFRS 16					0
Scheduled repayments			(92,651)	(84,493)
Early repayments (Note 25)		(7,300)	(1,225,747)	(825,691)
Acquisitions through business combinations (Note 25)				1,106,736
Other changes (Note 25)			(4,908)	(311,191)
Translation differences			0	0
Carrying amount of liability at the end of the period			1,223,451	1,560,002
Bank loans \| More than 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		433,662	433,662	157,180
Carrying amount of liability at the end of the period			628,711	433,662
Bank loans \| Between 1 and 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		987,803	987,803	496,550
Carrying amount of liability at the end of the period			545,233	987,803
Bank loans \| More than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		1,421,465	1,421,465	653,730
Carrying amount of liability at the end of the period			1,173,944	1,421,465
Bank loans \| Less than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		138,537	138,537	47,361
Carrying amount of liability at the end of the period			49,507	138,537
Other notes
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		148,166	148,166	147,619
New loans			50,500	0
Adoption IFRS 16					0
Scheduled repayments			0	0
Early repayments (Note 25)	$ (205,700)		0	(205,710)
Acquisitions through business combinations (Note 25)				205,710
Other changes (Note 25)			(95)	547
Translation differences			0	0
Carrying amount of liability at the end of the period			198,571	148,166
Other notes \| More than 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0	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		148,166	148,166	147,619
Carrying amount of liability at the end of the period			198,571	148,166
Other notes \| More than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		148,166	148,166	147,619
Carrying amount of liability at the end of the period			198,571	148,166
Other notes \| Less than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0	0	0
Carrying amount of liability at the end of the period			0	0
Lease liabilities
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0	0	0
New loans			498	0
Adoption IFRS 16					105,238
Scheduled repayments			(30,214)	0
Early repayments (Note 25)			0	0
Acquisitions through business combinations (Note 25)				0
Other changes (Note 25)			0	0
Translation differences			102	0
Carrying amount of liability at the end of the period			75,624	0
Lease liabilities \| More than 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0	0	0
Carrying amount of liability at the end of the period			1,652	0
Lease liabilities \| Between 1 and 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0	0	0
Carrying amount of liability at the end of the period			41,509	0
Lease liabilities \| More than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0	0	0
Carrying amount of liability at the end of the period			43,161	0
Lease liabilities \| Less than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0	0	0
Carrying amount of liability at the end of the period			32,463	0
Other borrowings
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		60,342	60,342	50,010
New loans			896,145	447,810
Adoption IFRS 16					$ 0
Scheduled repayments			(708,135)	(435,213)
Early repayments (Note 25)			0	0
Acquisitions through business combinations (Note 25)				0
Other changes (Note 25)			0	0
Translation differences			(1,139)	(2,265)
Carrying amount of liability at the end of the period			247,213	60,342
Other borrowings \| More than 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0	0	0
Carrying amount of liability at the end of the period			0	0
Other borrowings \| Between 1 and 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0	0	0
Carrying amount of liability at the end of the period			107,978	0
Other borrowings \| More than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0	0	0
Carrying amount of liability at the end of the period			107,978	0
Other borrowings \| Less than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		$ 60,342	60,342	50,010
Carrying amount of liability at the end of the period			$ 139,235	$ 60,342

Interest-bearing loans and bo_4

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

Sep. 26, 2019USD ($)

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

Jun. 30, 2019USD ($)

May 13, 2016ship

Dec. 31, 2019USD ($)vessel

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Aug. 28, 2019USD ($)

Jun. 27, 2019USD ($)

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

$ 1,318,398,000

$ 1,115,894,000

[1]

$ 710,993,000

[1]

New loans

1,099,701,000

983,882,000

[1]

526,024,000

[1]

Early repayments

1,225,747,000

1,031,401,000

Other borrowings (Note 16)

1,744,859,000

1,768,510,000

898,720,000

Periodic payment

831,000,000

519,706,000

VLCC

Disclosure of detailed information about borrowings [line items]

Number of vessels acquired | ship

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]

Other borrowings (Note 16)

43,400,000

184,800,000

Senior secured credit facility due 2021 | Vessels

Disclosure of detailed information about borrowings [line items]

Number of vessels used as collateral | ship

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

Other borrowings (Note 16)

105,000,000

Facility size

133,962,000

147,559,000

Non-amortizing revolving credit facility due 2021 | Carrying value

Disclosure of detailed information about borrowings [line items]

Other borrowings (Note 16)

$ 0

105,000,000

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

Other borrowings (Note 16)

43,447,000

79,762,000

Facility size

43,447,000

79,762,000

Secured term loan facility due 2021 | Carrying value

Disclosure of detailed information about borrowings [line items]

Other borrowings (Note 16)

$ 42,859,000

78,746,000

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

Reduction Of Notional Amount Of Debt

$ 13,600,000

Early repayments

$ 7,300,000

1,225,747,000

825,691,000

Other borrowings (Note 16)

1,223,451,000

1,560,002,000

$ 701,091,000

Periodic payment

92,651,000

84,493,000

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

Other borrowings (Note 16)

90,500,000

97,700,000

Number of installment payments | installment

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%

Other borrowings (Note 16)

26,007,000

26,459,000

Facility size

26,007,000

26,459,000

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

Disclosure of detailed information about borrowings [line items]

Other borrowings (Note 16)

$ 25,389,000

24,711,000

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

Margin rate

1.50%

Other borrowings (Note 16)

64,452,000

71,236,000

Facility size

64,452,000

71,236,000

Insured Tranche Due 2029 With Margin Rate 1.50 | Carrying value

Disclosure of detailed information about borrowings [line items]

Other borrowings (Note 16)

$ 62,970,000

70,507,000

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

Number of vessels used as collateral | ship

Other borrowings (Note 16)

130,000,000

165,000,000

Facility size

322,340,000

395,289,000

Senior secured amortizing revolving credit facility | Carrying value

Disclosure of detailed information about borrowings [line items]

Other borrowings (Note 16)

$ 128,205,000

162,002,000

Senior secured amortizing revolving credit facility | Vessels

Disclosure of detailed information about borrowings [line items]

Number of vessels refinanced | ship

Senior secured amortizing revolving credit facility | VLCC

Disclosure of detailed information about borrowings [line items]

Number of vessels refinanced | ship

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

Margin rate

2.25%

Other borrowings (Note 16)

Facility size

60,000,000

Unsecured revolving credit facility due 2020 | Carrying value

Disclosure of detailed information about borrowings [line items]

Other borrowings (Note 16)

$ 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

Number of vessels used as collateral | vessel

Reduction Of Notional Amount Of Debt

$ 56,900,000

Other borrowings (Note 16)

90,000,000

150,000,000

Facility size

212,459,000

316,060,000

Senior secured amortizing revolving credit facility due 2023 | Carrying value

Disclosure of detailed information about borrowings [line items]

Other borrowings (Note 16)

$ 88,328,000

147,541,000

Senior secured amortizing revolving credit facility due 2023 | Vessels

Disclosure of detailed information about borrowings [line items]

Number of vessels refinanced | ship

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

Number of vessels used as collateral | ship

Other borrowings (Note 16)

$ 100,000,000

200,000,000

Number of installment payments | installment

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

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

Periodic payment

$ 1,100,000

Senior Secured Credit Facility - ECA Tranche | LIBOR

Disclosure of detailed information about borrowings [line items]

Margin rate

2.00%

Secured Loan Due 2021 With Margin Rate At 2.1%

Disclosure of detailed information about borrowings [line items]

Face amount

100,000,000

$ 100,000,000

Other borrowings (Note 16)

70,000,000

Facility size

100,000,000

Secured Loan Due 2021 With Margin Rate At 2.1% | Carrying value

Disclosure of detailed information about borrowings [line items]

Other borrowings (Note 16)

$ 69,043,000

Secured Loan Due 2021 With Margin Rate At 2.1% | LIBOR

Disclosure of detailed information about borrowings [line items]

Margin rate

2.10%

Senior Secured Loan Facility

Disclosure of detailed information about borrowings [line items]

Face amount

$ 633,500,000

$ 581,000,000

Senior secured Loan Due 2026 With Margin Rate At 1.95%

Disclosure of detailed information about borrowings [line items]

Face amount

700,000,000

$ 700,000,000

Other borrowings (Note 16)

560,000,000

Facility size

700,000,000

Senior secured Loan Due 2026 With Margin Rate At 1.95% | Carrying value

Disclosure of detailed information about borrowings [line items]

Other borrowings (Note 16)

$ 552,542,000

Senior secured Loan Due 2026 With Margin Rate At 1.95% | LIBOR

Disclosure of detailed information about borrowings [line items]

Margin rate

1.95%

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

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

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

Disclosure of detailed information about borrowings [line items]

Margin rate

1.95%

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

$ 633,500,000

Repayments of borrowings, classified as financing activities

$ 561,600,000

Number of vessels used as collateral | ship

Other borrowings (Note 16)

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

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

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

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

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

Number of installment payments | installment

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

Ice Class Suezmax Vessels | Senior Secured Loans

Disclosure of detailed information about borrowings [line items]

Other borrowings (Note 16)

$ 156,900,000

$ 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]

Interest-bearing loans and bo_5

Interest-bearing loans and borrowings - Undrawn borrowing facilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Financial Instruments [Abstract]
Undrawn credit line facilities	$ 753.1	$ 498.9

Interest-bearing loans and bo_6

Interest-bearing loans and borrowings - Terms and conditions of outstanding loans (Details) - USD ($)	Dec. 31, 2019	Aug. 28, 2019	Jun. 30, 2019	Jun. 27, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017	Apr. 25, 2017	Dec. 16, 2016	Nov. 09, 2015	Aug. 19, 2015	Oct. 13, 2014
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)	$ 1,744,859,000				$ 1,768,510,000		$ 898,720,000
Secured vessels loan due 2021
Disclosure of detailed information about borrowings [line items]
Face amount	192,000,000											$ 192,000,000
Facility size	43,447,000				79,762,000
Other borrowings (Note 16)	$ 43,447,000				79,762,000
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]
Other borrowings (Note 16)	$ 42,859,000				78,746,000
Secured vessels revolving loan due 2021
Disclosure of detailed information about borrowings [line items]
Face amount	148,000,000											$ 148,000,000
Facility size	133,962,000				147,559,000
Other borrowings (Note 16)	$ 0				105,000,000
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]
Other borrowings (Note 16)	$ 0				105,000,000
Secured vessels revolving loan due 2022
Disclosure of detailed information about borrowings [line items]
Face amount	750,000,000										$ 750,000,000
Facility size	322,340,000				395,289,000
Other borrowings (Note 16)	$ 130,000,000				165,000,000
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]
Other borrowings (Note 16)	$ 128,205,000				162,002,000
Secured vessels revolving loan due 2023
Disclosure of detailed information about borrowings [line items]
Face amount	409,500,000								$ 409,500,000
Facility size	212,459,000				316,060,000
Other borrowings (Note 16)	$ 90,000,000				150,000,000
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]
Other borrowings (Note 16)	$ 88,328,000				147,541,000
Secured vessels loan due 2020
Disclosure of detailed information about borrowings [line items]
Face amount	$ 76,000,000					$ 76,000,000
Secured vessels loan due 2020 \| LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	1.95%
Secured vessels loan due 2020
Disclosure of detailed information about borrowings [line items]
Face amount	$ 67,500,000					$ 67,500,000
Secured vessels loan due 2020 \| LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	1.50%
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	26,007,000				26,459,000
Other borrowings (Note 16)	$ 26,007,000				26,459,000
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]
Other borrowings (Note 16)	$ 25,389,000				24,711,000
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	64,452,000				71,236,000
Other borrowings (Note 16)	$ 64,452,000				71,236,000
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]
Other borrowings (Note 16)	$ 62,970,000				70,507,000
Secured vessels loan due 2030
Disclosure of detailed information about borrowings [line items]
Face amount	69,400,000
Facility size	63,635,000				68,263,000
Other borrowings (Note 16)	$ 63,635,000				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]
Other borrowings (Note 16)	$ 63,635,000				68,263,000
Secured vessels loan due 2030
Disclosure of detailed information about borrowings [line items]
Face amount	104,200,000
Facility size	93,283,000				101,961,000
Other borrowings (Note 16)	$ 93,283,000				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]
Other borrowings (Note 16)	$ 92,035,000				100,490,000
Secured vessels loan due 2029
Disclosure of detailed information about borrowings [line items]
Face amount	89,700,000
Facility size	0				85,295,000
Other borrowings (Note 16)	$ 0				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]
Other borrowings (Note 16)	$ 0				85,295,000
Secured vessels loan due 2029
Disclosure of detailed information about borrowings [line items]
Face amount	221,400,000
Facility size	0				210,459,000
Other borrowings (Note 16)	$ 0				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]
Other borrowings (Note 16)	$ 0				210,459,000
Secured vessels loan due 2029
Disclosure of detailed information about borrowings [line items]
Face amount	126,800,000
Facility size	0				120,553,000
Other borrowings (Note 16)	$ 0				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]
Other borrowings (Note 16)	$ 0				120,553,000
Secured vessels loan due 2022
Disclosure of detailed information about borrowings [line items]
Face amount	195,700,000
Facility size	0				188,481,000
Other borrowings (Note 16)	$ 0				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]
Other borrowings (Note 16)	$ 0				188,481,000
Secured vessels revolving loan due 2025
Disclosure of detailed information about borrowings [line items]
Face amount	200,000,000
Facility size	174,344,000				200,000,000
Other borrowings (Note 16)	$ 100,000,000				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]
Other borrowings (Note 16)	$ 98,445,000				197,955,000
Secured Loan Due 2021 With Margin Rate At 2.1%
Disclosure of detailed information about borrowings [line items]
Face amount	100,000,000			$ 100,000,000
Facility size	100,000,000				0
Other borrowings (Note 16)	$ 70,000,000				0
Secured Loan Due 2021 With Margin Rate At 2.1% \| LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	2.10%		2.10%
Secured Loan Due 2021 With Margin Rate At 2.1% \| Carrying value
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)	$ 69,043,000				0
Senior secured Loan Due 2026 With Margin Rate At 1.95%
Disclosure of detailed information about borrowings [line items]
Face amount	700,000,000	$ 700,000,000
Facility size	700,000,000				0
Other borrowings (Note 16)	$ 560,000,000				0
Senior secured Loan Due 2026 With Margin Rate At 1.95% \| LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	1.95%
Senior secured Loan Due 2026 With Margin Rate At 1.95% \| Carrying value
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)	$ 552,542,000				0
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
Other borrowings (Note 16)	$ 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]
Other borrowings (Note 16)	$ 0				0
Borrowings Excluding Non-Bank Loans
Disclosure of detailed information about borrowings [line items]
Facility size	1,993,929,000				2,071,375,000
Other borrowings (Note 16)	1,240,824,000				1,572,467,000
Borrowings Excluding Non-Bank Loans \| Carrying value
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)	$ 1,223,451,000				$ 1,560,002,000

Interest-bearing loans and bo_7

Interest-bearing loans and borrowings - Other notes (Details) - USD ($)	Jun. 14, 2019	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017	[2]
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)		$ 107,978,000	$ 0	[1]
Payments for debt issue costs		9,721,000	3,849,000	[2]	$ 5,874,000
Unsecured Note Due 2022 With Fixed Coupon Rate 7.50%
Disclosure of detailed information about borrowings [line items]
Face amount	$ 50,000,000	200,000,000	150,000,000
Other borrowings (Note 16)		$ 200,000,000	150,000,000
Premium, percentage of volume weighted average price of ordinary shares	101.00%
Payments for debt issue costs	$ 675,000
Debt instrument, above par issuance amount	$ 500,000
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 borrowings (Note 16)		$ 198,571,000	148,166,000
Other borrowings
Disclosure of detailed information about borrowings [line items]
Face amount		200,000,000	150,000,000
Other borrowings (Note 16)		200,000,000	150,000,000
Other borrowings \| Carrying value
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)		$ 198,571,000	$ 148,166,000

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.
[2]	.

Interest-bearing loans and bo_8

Interest-bearing loans and borrowings - Other borrowings (Details) € in Millions	Dec. 30, 2019USD ($)vesselT	Jun. 06, 2017EUR (€)	Dec. 31, 2019USD ($)vessel	Dec. 31, 2018USD ($)	Dec. 31, 2018EUR (€)	Oct. 01, 2018EUR (€)	Sep. 30, 2018EUR (€)	Dec. 31, 2017USD ($)	Dec. 31, 2017EUR (€)
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)			$ 1,744,859,000	$ 1,768,510,000				$ 898,720,000
Number of bareboat-in vessels \| vessel			3
Bareboat leaseback contract duration			54 months
Sale and leaseback agreement
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)			$ 102,064,000
Number of bareboat-in vessels \| vessel	3
Bareboat leaseback contract duration	54 months
Bareboat Contract Average Daily Rate Per Vessel			20,681
Seller credit payable upon sale	$ 124,400,000
Treasury Notes
Disclosure of detailed information about borrowings [line items]
Face amount \| €		€ 50				€ 150	€ 50
Other borrowings (Note 16)				122,800,000	€ 109.3			60,300,000	€ 52.7
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				1,300,000
Vessels \| Nautica \| Sale and leaseback agreement
Disclosure of detailed information about borrowings [line items]
VLCC weight (in deadweight tons) \| T	307,284
Vessels \| Nectar \| Sale and leaseback agreement
Disclosure of detailed information about borrowings [line items]
VLCC weight (in deadweight tons) \| T	307,284
Vessels \| Noble \| Sale and leaseback agreement
Disclosure of detailed information about borrowings [line items]
VLCC weight (in deadweight tons) \| T	307,284
Less than 1 year
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)			221,205,000	198,879,000				97,371,000
Less than 1 year \| Sale and leaseback agreement
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)			22,853,000
Between 1 and 5 years
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)			893,291,000	$ 1,135,969,000				$ 644,169,000
Between 1 and 5 years \| Sale and leaseback agreement
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)			$ 79,211,000

Interest-bearing loans and bo_9

Interest-bearing loans and borrowings - Transaction and other financial costs (Details) - USD ($)

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Aug. 28, 2019

Jun. 27, 2019

Jun. 14, 2019

Sep. 17, 2018

Mar. 31, 2018

Mar. 29, 2018

Jan. 30, 2017

Disclosure of detailed information about borrowings [line items]

Amortization of financing costs

$ 4,700,000

Finance costs

$ 119,803,000

89,412,000

[1]

$ 50,729,000

[1]

Other financial charges

7,500,000

$ 6,800,000

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

Unsecured Note Due 2022 With Fixed Coupon Rate 7.50%

Disclosure of detailed information about borrowings [line items]

Face amount

200,000,000

150,000,000

$ 50,000,000

Unsecured Note Due 2022 With Fixed Coupon Rate 7.50% | Unamortized financing costs

Disclosure of detailed information about borrowings [line items]

Finance costs

700,000

Secured Loan Due 2021 With Margin Rate At 2.1%

Disclosure of detailed information about borrowings [line items]

Facility size

100,000,000

Face amount

100,000,000

$ 100,000,000

Secured Loan Due 2021 With Margin Rate At 2.1% | Unamortized financing costs

Disclosure of detailed information about borrowings [line items]

Finance costs

1,200,000

Senior secured Loan Due 2026 With Margin Rate At 1.95%

Disclosure of detailed information about borrowings [line items]

Facility size

700,000,000

Face amount

700,000,000

$ 700,000,000

Senior secured Loan Due 2026 With Margin Rate At 1.95% | Unamortized financing costs

Disclosure of detailed information about borrowings [line items]

Finance costs

7,800,000

Other Financial Liabilities

Disclosure of detailed information about borrowings [line items]

Interest expense

84,400,000

$ 68,000,000

Lease liabilities

Disclosure of detailed information about borrowings [line items]

Interest expense

$ 4,800,000

[1]

The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. 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, 2019	Dec. 31, 2018	Jan. 01, 2018
Liabilities
Total liability-related other changes	$ 4,820	$ 1,005,651
Equity
Total equity-related other changes (Note 14)	108,313	440,211
Total
Liabilities and equity beginning balance	4,029,033	2,743,336
Restated balance			$ 4,134,769
Proceeds from loans and borrowings (Note 16)		973,550
Proceeds from issue of other borrowings (Note 16)	1,037,255	10,332
Proceeds from sale of treasury shares (Note 14)	62,446	2,294
Proceeds from sale of treasury shares (Note 14)	0
Purchase treasury shares (Note 14)	(30,965)	(3,955)
Proceeds from sale and leaseback agreement (Note 16)	124,425
Transaction costs related to loans and borrowings (Note 16)	(9,721)	(3,849)
Repayment of borrowings (Note 16)	(1,318,398)	(1,115,894)
Repayment of lease liabilities (Note 16)	(30,214)
Dividend paid	(26,015)	(22,643)
Total changes from financing cash flows	(191,187)	(160,165)
Acquisitions through business combinations (Note 24)		1,312,446
Sale of loans through disposal of subsidiaries (Note 24)		(310,968)
Amortization of transaction costs (Note 16)	4,812	4,173
Amortization of above par issuance (Note 16)	(94)
Translation differences (Note 16)	102
Total equity-related other changes (Note 14)	108,313	440,211
Liabilities and equity ending balance	4,056,715	4,029,033
Loans and borrowings
Liabilities
Liabilities beginning balance	1,560,002	701,091
Restated balance			1,560,002
Proceeds from loans and borrowings (Note 16)		973,550
Proceeds from issue of other borrowings (Note 16)	986,755	0
Proceeds from sale of treasury shares (Note 14)	0	0
Proceeds from sale of treasury shares (Note 14)	0
Purchase treasury shares (Note 14)	0	0
Proceeds from sale and leaseback agreement (Note 16)	0
Transaction costs related to loans and borrowings (Note 16)	(9,046)	(3,849)
Repayment of borrowings (Note 16)	(1,318,398)	(910,184)
Repayment of lease liabilities (Note 16)	0
Dividend paid	0	0
Total changes from financing cash flows, liabilities	(340,689)	59,517
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 16)	4,138	3,626
Amortization of above par issuance (Note 16)	0
Translation differences (Note 16)	0
Total liability-related other changes	4,138	799,394
Liabilities ending balance	1,223,451	1,560,002
Other Notes
Liabilities
Liabilities beginning balance	148,166	147,619
Restated balance			148,166
Proceeds from loans and borrowings (Note 16)		0
Proceeds from issue of other borrowings (Note 16)	50,500	0
Proceeds from sale of treasury shares (Note 14)	0	0
Proceeds from sale of treasury shares (Note 14)	0
Purchase treasury shares (Note 14)	0	0
Proceeds from sale and leaseback agreement (Note 16)	0
Transaction costs related to loans and borrowings (Note 16)	(675)	0
Repayment of borrowings (Note 16)	0	(205,710)
Repayment of lease liabilities (Note 16)	0
Dividend paid	0	0
Total changes from financing cash flows, liabilities	49,825	(205,710)
Acquisitions through business combinations (Note 24)		205,710
Sale of loans through disposal of subsidiaries (Note 24)		0
Amortization of transaction costs (Note 16)	674	547
Amortization of above par issuance (Note 16)	(94)
Translation differences (Note 16)	0
Total liability-related other changes	580	206,257
Liabilities ending balance	198,571	148,166
Other borrowings
Liabilities
Liabilities beginning balance	60,342	50,010
Restated balance			60,342
Proceeds from loans and borrowings (Note 16)		0
Proceeds from issue of other borrowings (Note 16)	0	10,332
Proceeds from sale of treasury shares (Note 14)	62,446	0
Proceeds from sale of treasury shares (Note 14)	0
Purchase treasury shares (Note 14)	0	0
Proceeds from sale and leaseback agreement (Note 16)	124,425
Transaction costs related to loans and borrowings (Note 16)	0	0
Repayment of borrowings (Note 16)	0	0
Repayment of lease liabilities (Note 16)	0
Dividend paid	0	0
Total changes from financing cash flows, liabilities	186,871	10,332
Acquisitions through business combinations (Note 24)		0
Sale of loans through disposal of subsidiaries (Note 24)		0
Amortization of transaction costs (Note 16)	0	0
Amortization of above par issuance (Note 16)	0
Translation differences (Note 16)	0
Total liability-related other changes	0	0
Liabilities ending balance	247,213	60,342
Lease liabilities
Liabilities
Restated balance			105,736
Proceeds from issue of other borrowings (Note 16)	0
Proceeds from sale of treasury shares (Note 14)	0
Proceeds from sale of treasury shares (Note 14)	0
Purchase treasury shares (Note 14)	0
Proceeds from sale and leaseback agreement (Note 16)	0
Transaction costs related to loans and borrowings (Note 16)	0
Repayment of borrowings (Note 16)	0
Repayment of lease liabilities (Note 16)	(30,214)
Dividend paid	0
Total changes from financing cash flows, liabilities	(30,214)
Amortization of transaction costs (Note 16)	0
Amortization of above par issuance (Note 16)	0
Translation differences (Note 16)	102
Total liability-related other changes	102
Liabilities ending balance	75,624
Share capital / premium
Equity
Equity beginning balance	1,941,697	1,388,273
Restated balance			1,941,697
Proceeds from loans and borrowings (Note 16)		0
Proceeds from issue of other borrowings (Note 16)	0	0
Proceeds from sale of treasury shares (Note 14)	0	0
Proceeds from sale of treasury shares (Note 14)	0
Purchase treasury shares (Note 14)	0	0
Proceeds from sale and leaseback agreement (Note 16)	0
Transaction costs related to loans and borrowings (Note 16)	0	0
Repayment of borrowings (Note 16)	0	0
Repayment of lease liabilities (Note 16)	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 16)	0	0
Amortization of above par issuance (Note 16)	0
Translation differences (Note 16)	0
Total equity-related other changes (Note 14)	0	553,424
Equity ending balance	1,941,697	1,941,697
Total
Total equity-related other changes (Note 14)	0	553,424
Reserves
Equity
Equity beginning balance	(2,287)	568
Restated balance			(2,287)
Proceeds from loans and borrowings (Note 16)		0
Proceeds from issue of other borrowings (Note 16)	0	0
Proceeds from sale of treasury shares (Note 14)	0	0
Proceeds from sale of treasury shares (Note 14)	0
Purchase treasury shares (Note 14)	0	0
Proceeds from sale and leaseback agreement (Note 16)	0
Transaction costs related to loans and borrowings (Note 16)	0	0
Repayment of borrowings (Note 16)	0	0
Repayment of lease liabilities (Note 16)	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 16)	0	0
Amortization of above par issuance (Note 16)	0
Translation differences (Note 16)	0
Total equity-related other changes (Note 14)	(1,996)	(2,855)
Equity ending balance	(4,283)	(2,287)
Total
Total equity-related other changes (Note 14)	(1,996)	(2,855)
Treasury shares
Equity
Equity beginning balance	(14,651)	(16,102)
Restated balance			(14,651)
Proceeds from loans and borrowings (Note 16)		0
Proceeds from issue of other borrowings (Note 16)	0	0
Proceeds from sale of treasury shares (Note 14)	0	5,406
Proceeds from sale of treasury shares (Note 14)	0
Purchase treasury shares (Note 14)	(30,965)	(3,955)
Proceeds from sale and leaseback agreement (Note 16)	0
Transaction costs related to loans and borrowings (Note 16)	0	0
Repayment of borrowings (Note 16)	0	0
Repayment of lease liabilities (Note 16)	0
Dividend paid	0	0
Total changes from financing cash flows, equity	(30,965)	1,451
Acquisitions through business combinations (Note 24)		0
Sale of loans through disposal of subsidiaries (Note 24)		0
Amortization of transaction costs (Note 16)	0	0
Amortization of above par issuance (Note 16)	0
Translation differences (Note 16)	0
Total equity-related other changes (Note 14)	0	0
Equity ending balance	(45,616)	(14,651)
Total
Total equity-related other changes (Note 14)	0	0
Retained earnings
Equity
Equity beginning balance	335,764	471,877
Restated balance			$ 335,764
Proceeds from loans and borrowings (Note 16)		0
Proceeds from issue of other borrowings (Note 16)	0	0
Proceeds from sale of treasury shares (Note 14)	0	(3,112)
Proceeds from sale of treasury shares (Note 14)	0
Purchase treasury shares (Note 14)	0	0
Proceeds from sale and leaseback agreement (Note 16)	0
Transaction costs related to loans and borrowings (Note 16)	0	0
Repayment of borrowings (Note 16)	0	0
Repayment of lease liabilities (Note 16)	0
Dividend paid	(26,015)	(22,643)
Total changes from financing cash flows, equity	(26,015)	(25,755)
Acquisitions through business combinations (Note 24)		0
Sale of loans through disposal of subsidiaries (Note 24)		0
Amortization of transaction costs (Note 16)	0	0
Amortization of above par issuance (Note 16)	0
Translation differences (Note 16)	0
Total equity-related other changes (Note 14)	110,309	(110,358)
Equity ending balance	420,058	335,764
Total
Total equity-related other changes (Note 14)	$ 110,309	$ (110,358)

Employee benefits - Amounts re

Employee benefits - Amounts recognized in the balance sheet (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017
Disclosure of net defined benefit liability (asset) [line items]
Net liability - beginning of period	$ (4,336)	$ (3,984)	$ (2,846)
Recognized in profit or loss	(2,589)	(616)	(827)
Recognized in other comprehensive income	(1,223)	120	64
Foreign currency translation differences	54	144	(375)
Net liability - end of period	(8,094)	(4,336)	(3,984)
Liabilities				$ (8,094)	$ (4,336)	[1]	$ (3,984)
Assets				0	0		0
NET LIABILITY	$ (8,094)	$ (4,336)	$ (3,984)	(8,094)	(4,336)		(3,984)
Present value of funded obligation
Disclosure of net defined benefit liability (asset) [line items]
Present value of funded obligation				(4,298)	(3,538)		(3,537)
Fair value of plan assets				3,241	2,970		2,760
Surplus (deficit) in plan				(1,057)	(568)		(777)
Present value of unfunded obligations
Disclosure of net defined benefit liability (asset) [line items]
Present value of funded obligation				$ (7,037)	$ (3,768)		$ (3,207)

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

Employee benefits - Narrative

Employee benefits - Narrative (Details)	12 Months Ended
Employee benefits - Narrative (Details)	Dec. 31, 2019USD ($)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 \| $	$ 49,596

Trade and other payables - Sche

Trade and other payables - Schedule of Trade and Other Payables (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Advances received on contracts in progress, between 1 and 5 years	$ 414	$ 402
Derivatives	3,395	1,049
Total non-current other payables	3,809	1,451	[1]
Trade payables	22,737	16,266
Accrued expenses	45,997	42,524
Accrued payroll	3,313	5,595
Dividends payable	123	146
Accrued interest	3,924	10,833
Deferred income	17,783	7,754
Other payables	333	4,107
Derivatives	198	0
Total current trade and other payables	$ 94,408	$ 87,225	[1]

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

Trade and other payables - Narr

Trade and other payables - Narrative (Details) - USD ($)	Dec. 31, 2019	Sep. 17, 2018	Jun. 30, 2018	Mar. 31, 2018	Mar. 29, 2018	Mar. 22, 2018
Senior Secured Loans
Disclosure of detailed information about arrangements involving legal form of lease [line items]
Notional amount		$ 200,000,000		$ 220,000,000	$ 220,000,000
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					$ 173,600,000
Senior Secured Loan Facility
Disclosure of detailed information about arrangements involving legal form of lease [line items]
Notional amount	$ 633,500,000		$ 581,000,000

Financial instruments - Fair _3

Financial instruments - Fair values and risk management - Carrying amounts and fair values (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Hedging instruments \| Forward exchange contracts (Note 16)
Disclosure of financial assets and liabilities [Line Items]
Financial assets		$ 1,300
Measured At Fair Value
Disclosure of financial assets and liabilities [Line Items]
Financial assets	$ 1,363	8,414
Measured At Fair Value \| Interest rate swaps
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	3,593	1,049
Financial liabilities, at fair value	3,593	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	0
Measured At Fair Value \| Interest rate swaps \| Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	3,593	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	0
Measured At Fair Value \| Forward exchange contracts (Note 16)
Disclosure of financial assets and liabilities [Line Items]
Financial assets	1,306	484
Financial assets, at fair value	1,306	484
Measured At Fair Value \| Forward exchange contracts (Note 16) \| 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 16) \| Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	1,306	484
Measured At Fair Value \| Forward exchange contracts (Note 16) \| 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	5	7,205
Financial assets, at fair value	5	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	0
Measured At Fair Value \| Interest rate swaps \| Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	5	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	0
Measured At Fair Value \| Forward cap contracts (Note 10)
Disclosure of financial assets and liabilities [Line Items]
Financial assets	52	725
Financial assets, at fair value	52	725
Measured At Fair Value \| Forward cap contracts (Note 10) \| Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Measured At Fair Value \| Forward cap contracts (Note 10) \| Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	52	725
Measured At Fair Value \| Forward cap contracts (Note 10) \| Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Measured At Fair Value \| Hedging instruments \| Interest rate swaps
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	3,593	1,049
Measured At Fair Value \| Hedging instruments
Disclosure of financial assets and liabilities [Line Items]
Financial assets	1,363	8,414
Measured At Fair Value \| Hedging instruments \| Forward exchange contracts (Note 16)
Disclosure of financial assets and liabilities [Line Items]
Financial assets	1,306	484
Measured At Fair Value \| Hedging instruments \| Interest rate swaps
Disclosure of financial assets and liabilities [Line Items]
Financial assets	5	7,205
Measured At Fair Value \| Hedging instruments \| Forward cap contracts (Note 10)
Disclosure of financial assets and liabilities [Line Items]
Financial assets	52	725
Measured At Fair Value \| Financial assets at amortised cost
Disclosure of financial assets and liabilities [Line Items]
Financial assets	0
Not Measured At Fair Value
Disclosure of financial assets and liabilities [Line Items]
Financial assets	654,484	467,047
Financial liabilities	1,821,664	1,848,354
Not Measured At Fair Value \| Secured bank loans
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	1,223,451	1,560,002
Financial liabilities, at fair value	1,235,770	1,575,196
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	1,235,770	1,575,196
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	198,571	148,166
Financial liabilities, at fair value	206,700	144,156
Not Measured At Fair Value \| Unsecured notes \| Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	206,700	144,156
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	0
Not Measured At Fair Value \| Unsecured other borrowings
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	247,213	60,342
Financial liabilities, at fair value	247,213	60,342
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	247,213	60,342
Not Measured At Fair Value \| Unsecured other borrowings \| Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value \| Lease liabilities
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	75,624
Financial liabilities, at fair value	70,074
Not Measured At Fair Value \| Lease liabilities \| Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0
Not Measured At Fair Value \| Lease liabilities \| Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	70,074
Not Measured At Fair Value \| Lease liabilities \| 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	76,391	79,442
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	414	402
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	62,474	30,728
Financial assets, at fair value	52,591	26,047
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	52,591	26,047
Not Measured At Fair Value \| Lease receivables (Note 10)
Disclosure of financial assets and liabilities [Line Items]
Financial assets	8,609
Financial assets, at fair value	9,961
Not Measured At Fair Value \| Lease receivables (Note 10) \| Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0
Not Measured At Fair Value \| Lease receivables (Note 10) \| Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	9,961
Not Measured At Fair Value \| Lease receivables (Note 10) \| Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0
Not Measured At Fair Value \| Trade and other receivables
Disclosure of financial assets and liabilities [Line Items]
Financial assets	286,447	263,186
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	296,954	173,133
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	1,821,664	1,848,354
Not Measured At Fair Value \| Other financial liabilities \| Secured bank loans
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	1,223,451	1,560,002
Not Measured At Fair Value \| Other financial liabilities \| Unsecured notes
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	198,571	148,166
Not Measured At Fair Value \| Other financial liabilities \| Unsecured other borrowings
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	247,213	60,342
Not Measured At Fair Value \| Other financial liabilities \| Lease liabilities
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	75,624
Not Measured At Fair Value \| Other financial liabilities \| Trade and other payables
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	76,391	79,442
Not Measured At Fair Value \| Other financial liabilities \| Advances received on contracts
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	414	402
Not Measured At Fair Value \| Financial assets at amortised cost
Disclosure of financial assets and liabilities [Line Items]
Financial assets	654,484	467,047
Not Measured At Fair Value \| Financial assets at amortised cost \| Non-current receivables
Disclosure of financial assets and liabilities [Line Items]
Financial assets	62,474	30,728
Not Measured At Fair Value \| Financial assets at amortised cost \| Lease receivables (Note 10)
Disclosure of financial assets and liabilities [Line Items]
Financial assets	8,609
Not Measured At Fair Value \| Financial assets at amortised cost \| Trade and other receivables
Disclosure of financial assets and liabilities [Line Items]
Financial assets	286,447	263,186
Not Measured At Fair Value \| Financial assets at amortised cost \| Cash and cash equivalents
Disclosure of financial assets and liabilities [Line Items]
Financial assets	$ 296,954	$ 173,133

Financial instruments - Fair _4

Financial instruments - Fair values and risk management - Additional information (Details)	12 Months Ended
	Dec. 31, 2019USD ($)vesselderivative	Dec. 31, 2018USD ($)forward_cap_contractderivative		Dec. 31, 2017USD ($)		Dec. 31, 2016USD ($)	[2]
Disclosure of detailed information about financial instruments [line items]
Cash and cash equivalents	$ 296,954,000	$ 173,133,000	[1],[2]	$ 143,648,000	[2]	$ 206,689,000
Number of bareboat-in vessels \| vessel	3
Bareboat leaseback contract duration	54 months
Number of derivative instruments held \| forward_cap_contract		2
Percent of floating interest rates hedged	50.00%
Loss before income tax	$ (112,230,000)	$ 110,070,000	[2],[3],[4]	$ (1,383,000)	[2],[3],[4]
Amount reclassified from hedging reserve	4,900,000	0
Credit risk
Disclosure of detailed information about financial instruments [line items]
Cash and cash equivalents	297,000,000	173,100,000
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 \| Variable interest rate
Disclosure of detailed information about financial instruments [line items]
Credit exposure	$ 1,346,239,000	$ 1,620,344,000
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	12.50%	12.90%		16.50%
Sensitivity analysis, reasonably possible change in risk variable, percent	10.00%
One client \| Tankers
Disclosure of detailed information about financial instruments [line items]
Percentage of entity's revenue	7.00%	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	3.82%	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	47.45%	52.24%
Joint ventures
Disclosure of detailed information about financial instruments [line items]
Guaranteed portion of related party debt	$ 69,600,000
Cash flow hedges \| Forward cap contracts (Note 10)
Disclosure of detailed information about financial instruments [line items]
Number of derivative instruments held \| derivative	2	2
Derivative notional amount	$ 200,000,000	$ 200,000,000

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.
[2]	.
[3]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.
[4]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. 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, 2019	Dec. 31, 2018
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	$ 308,987	$ 283,465
Not past due
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	246,422	240,534
Past due 0-30 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	35,036	19,463
Past due 31-365 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	21,020	20,169
More than 1 year
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	$ 6,509	$ 3,299

Financial instruments - Fair _6

Financial instruments - Fair values and risk management - Remaining contractual maturities of financial liabilities (Details) - Liquidity risk - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	$ 2,122,450,000	$ 2,174,578,000
Derivative financial liabilities, undiscounted cash flows	3,300,000	2,627,000
Bank loans and other notes
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	1,697,327,000	2,034,794,000
Other borrowings
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	268,661,000	60,342,000
Lease liabilities
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	79,873,000
Current trade and other payables
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	76,589,000	79,442,000
Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	3,300,000	2,627,000
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	1,821,448,000	1,847,952,000
Derivative financial liabilities	3,593,000	1,049,000
Other Financial Liabilities \| Bank loans and other notes
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,422,022,000	1,708,168,000
Other Financial Liabilities \| Other borrowings
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	247,213,000	60,342,000
Other Financial Liabilities \| Lease liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	75,624,000
Other Financial Liabilities \| Current trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	76,589,000	79,442,000
Other Financial Liabilities \| Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities	3,593,000	1,049,000
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	368,474,000	503,906,000
Derivative financial liabilities, undiscounted cash flows	758,000	461,000
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	110,720,000	364,122,000
Less than 1 year \| Other borrowings
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	145,640,000	60,342,000
Less than 1 year \| Lease liabilities
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	35,525,000
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	76,589,000	79,442,000
Less than 1 year \| Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	758,000	461,000
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	1,070,990,000	1,176,317,000
Derivative financial liabilities, undiscounted cash flows	2,432,000	1,628,000
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	905,302,000	1,176,317,000
Between 1 and 5 years \| Other borrowings
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	123,020,900
Between 1 and 5 years \| Lease liabilities
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	42,667,000
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 \| Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	2,432,000	1,628,000
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	682,986,000	494,355,000
Derivative financial liabilities, undiscounted cash flows	110,000	538,000
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	681,305,000	494,355,000
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 \| Lease liabilities
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	1,681,000
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 \| Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	110,000	538,000
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, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about financial instruments [line items]
Profit or loss	$ 22,601	$ 19,332	$ 13,420
Decrease in risk variable, impact on profit (loss)	$ (22,581)	$ (19,323)	$ (13,420)

Financial instruments - Fair _8

Financial instruments - Fair values and risk management - Interest rate risk (Details) - Interest rate risk - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fixed interest rate
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ 435,783	$ 148,166
Variable interest rate
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	1,346,239	1,620,344
Financial assets \| Fixed interest rate
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	37,163	0
Financial liabilities \| Fixed interest rate
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	398,620	148,166
Financial liabilities \| Variable interest rate
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ 1,346,239	$ 1,620,344

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, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about financial instruments [line items]
Profit or loss	$ (6,195)	$ (4,238)	$ (4,685)
Decrease in risk variable, impact on profit (loss)	6,195	4,238	4,685
Equity	1,553	6,201	0
Decrease in risk variable, impact on equity	(1,433)	(6,116)	0
Variable rate instruments
Disclosure of detailed information about financial instruments [line items]
Profit or loss	(6,195)	(4,238)	(4,685)
Decrease in risk variable, impact on profit (loss)	6,195	4,238	4,685
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	1,553	6,201	0
Decrease in risk variable, impact on equity	$ (1,433)	$ (6,116)	$ 0

Financial instruments - Fair_10

Financial instruments - Fair values and risk management - Currency risk related to operating (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017
Disclosure of detailed information about financial instruments [line items]
Operating expense	$ (761,747)	$ (698,515)	[1]	$ (541,402)	[1]
EUR \| Currency risk
Disclosure of detailed information about financial instruments [line items]
Trade payables	(4,002)	(6,311)		(7,891)
Operating expense	(95,278)	(89,761)		(89,289)
USD \| Currency risk
Disclosure of detailed information about financial instruments [line items]
Trade payables	(18,735)	(9,955)		(11,383)
Operating expense	(666,469)	(608,754)		(452,113)
Treasury Notes \| EUR \| Currency risk
Disclosure of detailed information about financial instruments [line items]
Treasury Notes	122,788	(60,342)		(50,010)
Treasury Notes \| USD \| Currency risk
Disclosure of detailed information about financial instruments [line items]
Treasury Notes	$ 0	$ 0		$ 0

[1]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. 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, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about financial instruments [line items]
Equity	$ 437	$ 491	$ 211
Profit or loss	$ (9,952)	$ (7,888)	$ (7,113)

Financial instruments - Fair_12

Financial instruments - Fair values and risk management - Schedule of cash flow hedges (Details) - Cash flow hedges - Interest rate risk - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about financial instruments [line items]
Cash flow hedge reserve	$ 4,583	$ 2,698	$ 0
Changes in the value of the hedging instrument recognized in OCI	(1,885)	(2,698)
1-6 months
Disclosure of detailed information about financial instruments [line items]
Net exposure	$ (23,469)	$ (23,895)
Average fixed interest rate	1.99%	1.95%
6-12 months
Disclosure of detailed information about financial instruments [line items]
Net exposure	$ (23,261)	$ (23,921)
Average fixed interest rate	2.00%	1.95%
More than 1 year
Disclosure of detailed information about financial instruments [line items]
Net exposure	$ (176,598)	$ (199,565)
Average fixed interest rate	2.96%	1.95%
Variable-rate instruments
Disclosure of detailed information about financial instruments [line items]
Change in value used for calculating hedge ineffectiveness	$ 1,205	$ 2,191
Cash flow hedge reserve	(3,396)	(2,191)
Forward cap option
Disclosure of detailed information about financial instruments [line items]
Change in value used for calculating hedge ineffectiveness	680	507
Cash flow hedge reserve	(1,187)	(507)
Nominal amount	200,000	200,000
Carrying amount - Assets	52	725
Carrying amount - Liabilities	0	0
Changes in the value of the hedging instrument recognized in OCI	(680)	(507)
Hedge ineffectiveness recognized in profit or loss	0	(7)
Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Nominal amount	506,603	707,871
Carrying amount - Assets	5	7,205
Carrying amount - Liabilities	3,593	1,049
Changes in the value of the hedging instrument recognized in OCI	(1,205)	(2,191)
Hedge ineffectiveness recognized in profit or loss	$ (4,943)	$ (2,783)

Financial instruments - Fair_13

Financial instruments - Fair values and risk management - Capital management (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017	[2]	Dec. 31, 2016	[2]
Disclosure of detailed information about financial instruments [line items]
Facility size	$ 693,100,000
Current assets less current liabilities	1,179,300,000
Aggregate cash	1,050,100,000
Cash and cash equivalents	$ 296,954,000	$ 173,133,000	[1],[2]	$ 143,648,000		$ 206,689,000
Ratio of stockholders' equity to total assets	55.50%
Percentage of net income paid to shareholders through dividends	80.00%
Dividends, fixed amount per share (in USD per share)	$ 0.03
Minimum yearly fixed dividend (in USD per share)	$ 0.12
Shares repurchased held in treasury (in shares)		3,708,315
Treasury stock (in shares)		4,946,216
Treasury shares as percent of shares outstanding		2.25%
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%

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.
[2]	.

Leases - Narrative (Details)

Leases - Narrative (Details)	Dec. 16, 2016USD ($)vessel	Jan. 01, 2019USD ($)
Disclosure of finance lease and operating lease by lessee [line items]
Lease receivables		$ 11,400,000
Sale and leaseback agreement \| Vessels
Disclosure of finance lease and operating lease by lessee [line items]
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
Number of VLCCs delivered \| vessel	4
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

Leases - Schedule of Sale Lease

Leases - Schedule of Sale Leaseback Payments Due (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of finance lease and operating lease by lessee [line items]
Other borrowings (Note 16)	$ 1,744,859	$ 1,768,510	$ 898,720
Less than 1 year
Disclosure of finance lease and operating lease by lessee [line items]
Other borrowings (Note 16)	221,205	198,879	97,371
Between 1 and 5 years
Disclosure of finance lease and operating lease by lessee [line items]
Other borrowings (Note 16)	893,291	1,135,969	644,169
More than 5 years
Disclosure of finance lease and operating lease by lessee [line items]
Other borrowings (Note 16)	630,363	$ 433,662	$ 157,180
Sale and leaseback agreement
Disclosure of finance lease and operating lease by lessee [line items]
Other borrowings (Note 16)	64,773
Sale and leaseback agreement \| Less than 1 year
Disclosure of finance lease and operating lease by lessee [line items]
Other borrowings (Note 16)	32,903
Sale and leaseback agreement \| Between 1 and 5 years
Disclosure of finance lease and operating lease by lessee [line items]
Other borrowings (Note 16)	$ 31,870

Leases - Schedule of Right-Of-U

Leases - Schedule of Right-Of-Use Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	[1]
Disclosure of finance lease and operating lease by lessee [line items]
Balance	$ 58,908	$ 87,598	$ 0
Additions to right-of-use assets	653
Depreciation charge for the year	(29,265)
Derecognition of right-of-use assets	(78)
Bare boats
Disclosure of finance lease and operating lease by lessee [line items]
Balance	55,411	83,698
Additions to right-of-use assets	0
Depreciation charge for the year	(28,287)
Derecognition of right-of-use assets	0
Office rental
Disclosure of finance lease and operating lease by lessee [line items]
Balance	2,733	3,711
Additions to right-of-use assets	0
Depreciation charge for the year	(900)
Derecognition of right-of-use assets	(78)
Company cars
Disclosure of finance lease and operating lease by lessee [line items]
Balance	764	$ 189
Additions to right-of-use assets	653
Depreciation charge for the year	(78)
Derecognition of right-of-use assets	$ 0

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

Leases - Schedule of Operating

Leases - Schedule of Operating Leases Recognized in Profit and Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Leases [Abstract]
Interest leasing	$ (4,811)	$ 0	$ 0
Depreciation charge for the year	(29,265)
Expenses relating to short-term leases	$ (103)
Lease expense		(34,598)
Sub-lease income presented in 'other operating income'		$ 846

Leases - Schedule of Amounts Re

Leases - Schedule of Amounts Recognized in Statement of Cash Flows (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Disclosure Of Leases [Abstract]
Total cash outflow for leases	$ (30,214)
Total cash inflow for leases	$ 1,251

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Receivables for Operating Leases (Details) - Office Lease $ in Thousands	Dec. 31, 2019USD ($)
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under non-cancellable operating lease	$ 11,776
Less than 1 year
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under non-cancellable operating lease	2,229
Within two years
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under non-cancellable operating lease	2,304
Between two and three years
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under non-cancellable operating lease	2,335
Between three and four years
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under non-cancellable operating lease	1,890
Between four and five years
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under non-cancellable operating lease	1,689
More than 5 years
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under non-cancellable operating lease	$ 1,285

Leases - Schedule of Non-cancel

Leases - Schedule of Non-cancellable Operating Lease Rentals as Lessor (Details) - Vessels $ in Thousands	Dec. 31, 2019USD ($)
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under non-cancellable operating lease	$ 556,359
Less than 1 year
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under non-cancellable operating lease	184,157
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	344,796
More than 5 years
Disclosure of finance lease and operating lease by lessor [line items]
Minimum lease payments receivable under non-cancellable operating lease	$ 27,362

Provisions and contingencies (D

Provisions and contingencies (Details) - USD ($) $ in Thousands	Jul. 14, 2015	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Disclosure of other provisions [line items]
Beginning balance		$ 5,265	$ 0
Assumed in a business combination			5,303
Adoption IFRS 16		3,049
Provisions used during the year		(447)	(38)
Ending balance		1,769	5,265
Other provisions		1,769	5,265	$ 1,769	$ 5,265
Provisions				1,381	4,288	[1]
Current				388	977
Extension of acquired lease term	5 years
Onerous contract
Disclosure of other provisions [line items]
Beginning balance		5,265	0
Assumed in a business combination			5,303
Adoption IFRS 16		3,049
Provisions used during the year		(447)	(38)
Ending balance		1,769	5,265
Other provisions		$ 1,769	$ 5,265	1,769	5,265
Provisions				1,381	4,288
Current				$ 388	$ 977

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

Related parties - Transactions

Related parties - Transactions with key management personnel (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Non-executive directors
Disclosure of transactions between related parties [line items]
Total remuneration	€ 1,101	€ 1,035	€ 1,015

Related parties - Fixed and var

Related parties - Fixed and variable components of remuneration (Details) £ in Thousands	12 Months Ended
	Dec. 31, 2019EUR (€)	Dec. 31, 2018EUR (€)	Dec. 31, 2018GBP (£)	Dec. 31, 2017EUR (€)	Dec. 31, 2017GBP (£)
Fixed Remuneration, Excluding CEO
Disclosure of transactions between related parties [line items]
Total remuneration	€ 1,579,000	€ 1,231,000		€ 1,176,000
Cost of pension	80,000	39,000		35,000
Other benefits	81,000	75,000		58,000
Variable Remuneration, Excluding CEO
Disclosure of transactions between related parties [line items]
Total remuneration	2,424,000	1,153,000		1,331,000
Share-based payments	1,403,000	€ 299,000		€ 597,000
CEO Fixed Remuneration
Disclosure of transactions between related parties [line items]
Total remuneration	5,754,000		£ 537		£ 407
Cost of pension	7,400		0		0
Other benefits	26,000		40		13
CEO Variable Remuneration
Disclosure of transactions between related parties [line items]
Total remuneration	786,000		1,866		528
Share-based payments	€ 786,000		£ 118		£ 233

Related parties - Narrative (De

Related parties - Narrative (Details)	Nov. 19, 2019USD ($)	Jan. 08, 2019shares	Feb. 16, 2018shares	Feb. 09, 2017shares	Feb. 02, 2016shares	Feb. 12, 2015shares	Dec. 31, 2019USD ($)sharesmetric_tons_of_fuelright$ / shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares
Disclosure of transactions between related parties [line items]
Number of share options forfeited in share-based payment arrangement							0	0
Number of options granted (in shares)							0	0
Purchase of treasury shares (in shares)							(3,708,315)	(545,486)	0
Number of options exercised (in shares)							0	350,000
Vesting period							5 years
Investment contract volume \| metric_tons_of_fuel							1,361
Rights exercised under registration rights agreement (in shares) \| right							0
Other borrowings (Note 16) \| $							$ 1,744,859,000	$ 1,768,510,000	$ 898,720,000
Executive Committee
Disclosure of transactions between related parties [line items]
Number of options granted (in shares)						236,590
Other related parties \| Compagnie Maritime Belge
Disclosure of transactions between related parties [line items]
Purchases of goods, related party transactions \| $							1,336	1,151	34,928
Subsidiaries \| Tankers International LLC
Disclosure of transactions between related parties [line items]
Leases as lessor, related party transactions \| $							216,750	227,089	218,894
Joint ventures where entity is venturer
Disclosure of transactions between related parties [line items]
Proportion of ownership interest in joint venture	50.00%
Related Party Secured Term Loan \| $	$ 36,700,000
Related Party Revolving Credit Agreement \| $	$ 3,000,000
Joint ventures where entity is venturer \| Reslea N.V.
Disclosure of transactions between related parties [line items]
Leases as lessee, related party transactions \| $							290,858	$ 185,326	$ 179,079
Joint ventures
Disclosure of transactions between related parties [line items]
Guaranteed portion of related party debt \| $							$ 69,600,000
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 \| 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)							3,708,315	545,486	0
Joint Venture Credit Facility \| Joint ventures
Disclosure of transactions between related parties [line items]
Other borrowings (Note 16) \| $							$ 139,200,000
Transaction Based Incentive Plan
Disclosure of transactions between related parties [line items]
Vesting period							5 years
Transaction Based Incentive Plan \| Phantom Stock Units
Disclosure of transactions between related parties [line items]
Number of share options forfeited in share-based payment arrangement							400,000
Equity instruments granted (in shares)		1,200,000
Second anniversary \| Transaction Based Incentive Plan \| Phantom Stock Units
Disclosure of transactions between related parties [line items]
Annual vesting percentage							12.00%
Target share price (in USD per share) \| $ / shares							$ 12
Third anniversary \| Transaction Based Incentive Plan \| Phantom Stock Units
Disclosure of transactions between related parties [line items]
Annual vesting percentage							16.00%
Target share price (in USD per share) \| $ / shares							$ 14
Fourth anniversary \| Transaction Based Incentive Plan \| Phantom Stock Units
Disclosure of transactions between related parties [line items]
Annual vesting percentage							25.00%
Target share price (in USD per share) \| $ / shares							$ 16
Tranche Four \| Transaction Based Incentive Plan \| Phantom Stock Units
Disclosure of transactions between related parties [line items]
Annual vesting percentage							44.00%
Target share price (in USD per share) \| $ / shares							$ 18

Related parties - Outstanding R

Related parties - Outstanding Related Party Transactions (Details) - Joint ventures where entity is venturer - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Disclosure of transactions between related parties [line items]
Trade receivables	$ 883	$ 191
Trade payables	439	95
Shareholders Loan	60,379	28,665
Turnover	818	762
Dividend Income	12,600	0
TI Africa Ltd
Disclosure of transactions between related parties [line items]
Trade receivables	227	66
Trade payables	0	25
Shareholders Loan	23,215	28,665
Turnover	390	381
Dividend Income	0	0
TI Asia Ltd
Disclosure of transactions between related parties [line items]
Trade receivables	90	79
Trade payables	0	0
Shareholders Loan	0	0
Turnover	390	381
Dividend Income	12,600	0
Tankers Agencies (UK) Ltd
Disclosure of transactions between related parties [line items]
Trade receivables	0	0
Trade payables	132	70
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
Bari Shipholding Ltd
Disclosure of transactions between related parties [line items]
Trade receivables	265
Trade payables	211
Shareholders Loan	18,390
Turnover	13
Dividend Income	0
Bastia Shipholding Ltd
Disclosure of transactions between related parties [line items]
Trade receivables	301
Trade payables	96
Shareholders Loan	18,773
Turnover	25
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, 2019EUR (€)
Tranche 1
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting Conditions (in eur per share)	€ 7.5
Tranche 2
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting Conditions (in eur per share)	8.66
Tranche 3
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting Conditions (in eur per share)	€ 11.54
Percent of options exercised	67.00%

Share-based payment arrangeme_4

Share-based payment arrangements - Long term incentive plan 2015 (Equity-settled) (Details) - shares	Feb. 12, 2015	Dec. 31, 2019	Dec. 31, 2015
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period		5 years
Long term incentive plan 2015 \| Restricted stock units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			60.00%
Equity instruments granted (in shares)	65,433
Long term incentive plan 2015 \| Key management personnel of entity or parent
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			40.00%
Vesting period			3 years
Equity instruments granted (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]
Annual vesting percentage			60.00%
Equity instruments granted (in shares)	65,433

Share-based payment arrangeme_5

Share-based payment arrangements - Long-term incentive plan 2016 (Cash-settled) (Details) - shares	Feb. 09, 2017	Feb. 02, 2016	Dec. 31, 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period			5 years
Long term incentive plan 2016 \| Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of phantom stocks granted (in shares)		54,616	12,500
Executive Committee \| Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage	33.30%	33.30%
Second anniversary \| Long term incentive plan 2016 \| Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Vesting period			2 years
Third anniversary \| Long term incentive plan 2016 \| Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Vesting period			3 years
Fourth anniversary \| Long term incentive plan 2016 \| Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Vesting period			4 years

Share-based payment arrangeme_6

Share-based payment arrangements - Long term incentive plan 2017 (Cash-settled) (Details) - shares	Feb. 09, 2017	Feb. 02, 2016	Dec. 31, 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period			5 years
Executive Committee \| Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage	33.30%	33.30%
Long Term Incentive Plan 2017 \| Executive Committee \| Phantom Share Units (PSUs)
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 \| Phantom Share Units (PSUs)
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 \| Phantom Share Units (PSUs)
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 \| Phantom Share Units (PSUs)
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 \| Phantom Share Units (PSUs)
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 \| Phantom Share Units (PSUs)
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 \| Phantom Share Units (PSUs)
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) - shares	Feb. 09, 2017	Feb. 02, 2016	Dec. 31, 2019	Feb. 16, 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period			5 years
Executive Committee \| Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage	33.30%	33.30%
Long Term Incentive Plan 2018 \| Executive Committee \| Phantom Share Units (PSUs)
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 \| Phantom Share Units (PSUs)
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 \| Phantom Share Units (PSUs)
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 \| Phantom Share Units (PSUs)
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 \| Phantom Share Units (PSUs)
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 \| Phantom Share Units (PSUs)
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 \| Phantom Share Units (PSUs)
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 - Transaction based incentive plan 2019 (Cash-settled) (Details)	Jun. 30, 2019shares	Jan. 31, 2019shares	Jan. 08, 2019shares	Jun. 30, 2019$ / shares	Dec. 31, 2019sharestranche$ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of vesting tranches \| tranche					4
Long Term Incentive Plan 2019 [Member] \| Phantom Stock Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Equity instruments granted (in shares) \| shares	800,000	1,200,000	1,200,000		800,000
Long Term Incentive Plan 2019 [Member] \| Second anniversary \| Phantom Stock Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage				12.00%	12.00%
Target share price (in USD per share)				$ 12	$ 12
Long Term Incentive Plan 2019 [Member] \| Third anniversary \| Phantom Stock Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage				19.00%	19.00%
Target share price (in USD per share)				$ 14	$ 14
Long Term Incentive Plan 2019 [Member] \| Fourth anniversary \| Phantom Stock Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage				25.00%	25.00%
Target share price (in USD per share)				$ 16	$ 16
Long Term Incentive Plan 2019 [Member] \| Tranche Four \| Phantom Stock Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage				44.00%	44.00%
Target share price (in USD per share)				$ 18	$ 18

Share-based payment arrangeme_9

Share-based payment arrangements - Measurement of fair value (Details)	Jun. 30, 2019shares	Jan. 31, 2019shares	Jan. 08, 2019shares	Jun. 30, 2019$ / shares	Dec. 31, 2019EUR (€)$ / shares	Dec. 31, 2019EUR (€)sharesday	Dec. 31, 2018EUR (€)	Feb. 16, 2018EUR (€)	Dec. 31, 2017EUR (€)	Feb. 09, 2017EUR (€)	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	€ 7.732	€ 7.732		€ 7.495
Vesting period						5 years
Transaction Based Incentive Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period						5 years
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)					10.98	€ 10.98		€ 7.237		€ 7.268	€ 10.613
Phantom Share Units (PSUs) \| Transaction Based Incentive Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Equity instruments granted (in shares) \| shares			1,200,000
Phantom Share Units (PSUs) \| Long Term Incentive Plan 2019 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Equity instruments granted (in shares) \| shares	800,000	1,200,000	1,200,000			800,000
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	€ 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 \| Transaction Based Incentive Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility (weighted average)						33.43%
Risk-free interest rate						1.69%
Expected vesting period (years)						3 years 18 days
Tranche 1 \| Phantom Share Units (PSUs) \| Transaction Based Incentive Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage						12.00%
Target share price (in USD per share) \| $ / shares					€ 12
Tranche 1 \| Phantom Share Units (PSUs) \| Long Term Incentive Plan 2019 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage				12.00%		12.00%
Target share price (in USD per share) \| $ / shares				$ 12	€ 12
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	€ 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 \| Transaction Based Incentive Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility (weighted average)						33.43%
Risk-free interest rate						1.69%
Expected vesting period (years)						3 years 4 months 17 days
Tranche 2 \| Phantom Share Units (PSUs) \| Transaction Based Incentive Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage						16.00%
Target share price (in USD per share) \| $ / shares					€ 14
Tranche 2 \| Phantom Share Units (PSUs) \| Long Term Incentive Plan 2019 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage				19.00%		19.00%
Target share price (in USD per share) \| $ / shares				$ 14	€ 14
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	€ 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 \| Transaction Based Incentive Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility (weighted average)						33.43%
Risk-free interest rate						1.69%
Expected vesting period (years)						3 years 8 months 9 days
Tranche 3 \| Phantom Share Units (PSUs) \| Transaction Based Incentive Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage						25.00%
Target share price (in USD per share) \| $ / shares					€ 16
Tranche 3 \| Phantom Share Units (PSUs) \| Long Term Incentive Plan 2019 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage				25.00%		25.00%
Target share price (in USD per share) \| $ / shares				$ 16	16
Tranche 4 \| Transaction Based Incentive Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility (weighted average)						33.43%
Risk-free interest rate						1.69%
Expected vesting period (years)						3 years 11 months 23 days
Tranche 4 \| Phantom Share Units (PSUs) \| Transaction Based Incentive Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage						44.00%
Target share price (in USD per share) \| $ / shares					18
Tranche 4 \| Phantom Share Units (PSUs) \| Long Term Incentive Plan 2019 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage				44.00%		44.00%
Target share price (in USD per share) \| $ / shares				$ 18	€ 18

Share-based payment arrangem_10

Share-based payment arrangements - Expenses recognized in profit or loss (Details) $ in Millions	Dec. 31, 2019USD ($)
Long Term Incentive Plan 2016, 2017 and 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Provisions for employee benefits	$ 2.6

Share-based payment arrangem_11

Share-based payment arrangements - Reconciliation of outstanding share options (Details)	12 Months Ended
	Dec. 31, 2019EUR (€)shares€ / shares	Dec. 31, 2018EUR (€)shares€ / shares
Number of options
Number of options outstanding, January 1 (in shares)	236,590	586,590
Number of options forfeited (in shares)	0	0
Number of options exercised (in shares)	0	(350,000)
Number of options granted (in shares)	0	0
Number of options vested (in shares)	236,590	236,590
Number of options outstanding, December 31 (in shares)	236,590	236,590
Weighted average exercise price
Weighted average exercise price of options outstanding, January 1 (in eur per share) \| €	€ 7.732	€ 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) \| €	0	7.335
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	€ 7.732
Weighted average exercise price of options vested \| € / shares	€ 0	€ 0

Share-based payment arrangem_12

Share-based payment arrangements - Reconciliation of outstanding share options, narrative (Details)	12 Months Ended
	Dec. 31, 2019shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Treasury stock (in shares)		4,946,216
Number of options exercised (in shares)	0	350,000
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 (Details) - subsidiary	3 Months Ended	12 Months Ended
Group entities Group entities (Details) - subsidiary	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Interests In Other Entities [Line Items]
Number Of Joint Venture Companies	2
Proportion of ownership interest		100.00%	100.00%	100.00%
Proportion of ownership interest in subsidiary		100.00%
Number Of Subsidiaries Dissolved			2
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]
Proportion of ownership interest in joint venture		50.00%	50.00%	50.00%
TI Africa Ltd
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in joint venture		50.00%	50.00%	50.00%
TI Asia Ltd
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in joint venture		50.00%	50.00%	50.00%
Tankers Agencies (UK) Ltd
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in joint venture		50.00%	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]
Proportion of ownership interest in joint venture		50.00%	50.00%	50.00%
Portion of outstanding shares owned in joint venture			59.00%
Bari Shipholding Ltd
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in joint venture		50.00%
Bastia Shipholding Ltd
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in joint venture		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%
Larvotto Shipholding Ltd
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			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%
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 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 Defiance 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%
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%

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

Dec. 31, 2018USD ($)

Dec. 31, 2019USD ($)ship

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)

[1],[2]

Dec. 31, 2019USD ($)ship

Disclosure of detailed information about business combination [line items]

Proportion of ownership interest in subsidiary

100.00%

Number of very large crude carriers sold | ship

Identifiable assets acquired (liabilities assumed)

$ 576,482,000

Target leverage percentage

50.00%

Early repayments

$ 1,225,747,000

1,031,401,000

Gain on bargain purchase

23,059,000

[1],[2]

$ 0

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

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

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

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

$ 0

$ 205,710,000

Gener8 Maritime, Inc.

Disclosure of detailed information about business combination [line items]

Number of credit facilities | credit_facility

Tankers | Gener8 Maritime, Inc.

Disclosure of detailed information about business combination [line items]

Number of vessels acquired | ship

VLCC weight (in deadweight tons) | 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 acquired | ship

Suezmax Vessels | Gener8 Maritime, Inc.

Disclosure of detailed information about business combination [line items]

Number of vessels acquired | ship

Panamax Vessels | Gener8 Maritime, Inc.

Disclosure of detailed information about business combination [line items]

Number of vessels acquired | ship

Eco VLCC | Gener8 Maritime, Inc.

Disclosure of detailed information about business combination [line items]

Number of vessels acquired | ship

Very Large Crude Carrier And Suezmax

Disclosure of detailed information about business combination [line items]

Number Of Ships | ship

Floating Storage And Offloading

Disclosure of detailed information about business combination [line items]

Number Of Ships | ship

Gener8 Miltiades | Vessels

Disclosure of detailed information about business combination [line items]

VLCC weight (in deadweight tons) | T

301,038

Gener8 Chiotis | Vessels

Disclosure of detailed information about business combination [line items]

VLCC weight (in deadweight tons) | T

300,973

Gener8 Success | Vessels

Disclosure of detailed information about business combination [line items]

VLCC weight (in deadweight tons) | T

300,932

Gener8 Andriotis | Vessels

Disclosure of detailed information about business combination [line items]

VLCC weight (in deadweight tons) | T

301,014

Gener8 Strength | Vessels

Disclosure of detailed information about business combination [line items]

VLCC weight (in deadweight tons) | T

300,960

Gener8 Supreme | Vessels

Disclosure of detailed information about business combination [line items]

VLCC weight (in deadweight tons) | T

300,933

[1]

[2]

Business combinations - Consid

Business combinations - Consideration transferred (Details)	Jun. 12, 2018$ / sharesshares	Jun. 11, 2018USD ($)shares$ / shares	Dec. 31, 2019shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017shares	Dec. 31, 2016shares
Disclosure of detailed information about business combination [line items]
Number of shares outstanding (in shares)			215,078,497	218,786,812	158,166,534	158,166,534
Total consideration transferred \| $				$ 553,423,000
Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Ratio	0.7272	0.7272
Issued Euronav shares (in 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)		83,267,426
RSU (in shares)		362,613
Total shares (in shares)		83,630,039

Business combinations - Identi

Business combinations - Identifiable assets acquired and liabilities assumed (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017	[1],[2]	Jun. 15, 2018	Jun. 11, 2018
Disclosure of detailed information about business combination [line items]
Vessels		$ 1,704,250,000
Other tangible assets		345,000
Intangible assets		152,000
Receivables		16,750,000
Current assets		79,459,000
Cash and cash equivalents		126,288,000
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	$ 0	$ 23,059,000	[1],[2]	$ 0
Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Vessels							$ 1,270,250,000
Other tangible assets							345,000
Intangible assets							152,000
Receivables							9,599,000
Current assets							64,829,000
Cash and cash equivalents							126,288,000
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]
Vessels						$ 434,000,000
Other tangible assets						0
Intangible assets						0
Receivables						7,151,000
Current assets						14,629,000
Cash and cash equivalents						0
Loans and borrowings						(310,968,000)
Onerous contracts provision						0
Current liabilities						(3,852,000)
Total identifiable net assets acquired						$ 140,960,000

[1]	.
[2]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

Equity-accounted investees - In

Equity-accounted investees - Interests in Total Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017
Disclosure of Associates and Joint Ventures [Line Items]
TOTAL ASSETS	$ 50,322	$ 43,182	[1]
Joint ventures
Disclosure of Associates and Joint Ventures [Line Items]
TOTAL ASSETS	50,322	43,182		$ 30,595
TOTAL LIABILITIES	0	0
Associates
Disclosure of Associates and Joint Ventures [Line Items]
TOTAL ASSETS	0	0
TOTAL LIABILITIES	0	0
Associates \| Joint ventures
Disclosure of Associates and Joint Ventures [Line Items]
TOTAL ASSETS	50,322	43,182
TOTAL LIABILITIES	$ 0	$ 0

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

Equity-accounted investees - Re

Equity-accounted investees - Reconciliation of Changes in Interests in Joint Ventures (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017	Dec. 31, 2016
Disclosure of joint ventures [line items]
Carrying amount of interest at the beginning of the period	[1]	$ 43,182
Carrying amount of interest at the end of the period		50,322	$ 43,182	[1]
Joint ventures
Disclosure of joint ventures [line items]
Carrying amount of interest at the beginning of the period		43,182	30,595
Group's share of profit (loss) for the period		16,460	16,076		$ 29,932
Group's share of other comprehensive income		(720)	(459)		483
Carrying amount of interest at the end of the period		50,322	43,182		30,595
Investments in equity accounted investees \| Joint ventures
Disclosure of joint ventures [line items]
Gross balance		50,322	43,182		27,565	$ (3,298)
Offset investment with shareholders loan		0	0		3,030	20,165
Carrying amount of interest at the beginning of the period		43,182	30,595		16,867
Group's share of profit (loss) for the period		16,460	16,076		29,933
Group's share of other comprehensive income		(720)	(459)		483
Dividends received from joint ventures		(12,600)			(1,250)
Dividend in kind (shares TUKA) distributed by associate					1,559
Reclassification of associate to joint venture (Note 23)					136
Movement shareholders loans to joint ventures		0	0		0
Initial capital provided to joint ventures		4,000
Carrying amount of interest at the end of the period		50,322	43,182		30,595
Shareholders loans \| Joint ventures
Disclosure of joint ventures [line items]
Gross balance		60,379	28,666		162,763	203,512
Offset investment with shareholders loan		0	0		(3,030)	$ (20,165)
Carrying amount of interest at the beginning of the period		28,666	159,733		183,348
Group's share of profit (loss) for the period		0	0		0
Group's share of other comprehensive income		0	0		0
Dividends received from joint ventures		0			0
Dividend in kind (shares TUKA) distributed by associate					0
Reclassification of associate to joint venture (Note 23)					0
Movement shareholders loans to joint ventures		31,713	(134,097)		(40,750)
Initial capital provided to joint ventures		0
Carrying amount of interest at the end of the period		$ 60,379	$ 28,666		$ 159,733

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

Equity-accounted investees - Na

Equity-accounted investees - Narrative (Details)	Nov. 19, 2019vessel	Jun. 29, 2018USD ($)	Mar. 29, 2018USD ($)	Dec. 31, 2019USD ($)vessel	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 17, 2018USD ($)	Apr. 20, 2018USD ($)	Mar. 31, 2018USD ($)
Disclosure of joint ventures [line items]
Other borrowings (Note 16)				$ 1,744,859,000	$ 1,768,510,000	$ 898,720,000
Payments to acquire vessel				40,600,000
Commitments in relation to joint ventures				$ 0	$ 0	$ 0
Seven Seas Shipping Ltd.
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture				50.00%	50.00%	50.00%
Joint ventures
Disclosure of joint ventures [line items]
Other borrowings (Note 16)				$ 138,319,000	$ 184,513,000
Related party income, administrative services				18,222
Related party expenses, management fees				$ 40,050
Ridgebury Tankers And Clients Of Tufton Oceanic
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture				50.00%
Number of vessels acquired \| vessel	1			2
Senior Secured Loans
Disclosure of joint ventures [line items]
Notional amount			$ 220,000,000				$ 200,000,000		$ 220,000,000
Other borrowings (Note 16)				$ 100,000,000	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
Other borrowings (Note 16)					$ 139,200,000
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				76,800,000				$ 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%		50.00%
Minimum \| Interest rate swaps \| Joint ventures
Disclosure of joint ventures [line items]
Remaining maturity				3 years

Equity-accounted investees - Su

Equity-accounted investees - Summarized Financial Information of Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Disclosure of joint ventures [line items]
Non-Current assets	$ 3,362,594	$ 3,606,210	[1]
Non-Current assets of which Vessel	3,238,435	3,522,010		$ 2,336,831		$ 2,470,076
Current Assets	802,249	521,141	[1]
Cash and cash equivalents	296,954	173,133	[1],[2]	143,648	[2]	$ 206,689	[2]
Non-current liabilities	1,536,938	1,579,706	[1]
Non-Current Liabilities Of which bank loans	1,173,944	1,421,465
Current liabilities	316,050	287,122	[1]
Net Carrying amount of interest in joint venture	50,322	43,182	[1]
Revenue	932,377	600,024	[3]	513,368	[3]
Income tax benefit (expense) (Note 7)	(602)	(238)	[3]	1,358	[3]
Profit/(loss) for the period	112,230	(110,070)	[2],[3],[4]	1,383	[2],[3],[4]
Other comprehensive income (100%)	(3,940)	(3,194)	[4]	995	[4]
Joint ventures
Disclosure of joint ventures [line items]
Non-Current assets	311,083	303,343		359,214
Non-Current assets of which Vessel	307,377	300,058		336,199
Current Assets	447,531	384,351		174,912
Cash and cash equivalents	6,913	6,227		8,608
Non-current liabilities	184,718	204,760		329,514
Non-Current Liabilities Of which bank loans	89,495	137,630		0
Current liabilities	474,085	397,250		150,083
Current Liabilities Of which bank loans	183,824	111,382		43,000
Net assets (100%)	99,811	85,685		54,530
Group's share of net assets	50,322	43,182		27,565
Shareholders loans to joint ventures	60,379	28,665		162,762
Net Carrying amount of interest in joint venture	50,322	43,182		30,595
Remaining shareholders loan to joint venture	60,379	28,665		159,732
Revenue	1,409,360	847,540		119,087
Depreciations and amortization	(36,988)	(36,213)		(36,142)
Interest expense	(12,764)	(10,161)		(2,052)
Income tax benefit (expense) (Note 7)	(3,405)	(3,412)		(2,976)
Profit/(loss) for the period	32,763	32,074		59,865
Other comprehensive income (100%)	(1,441)	(918)		966
Group's share of profit (loss) for the period	16,460	16,076		29,932
Group's share of other comprehensive income	$ (720)	$ (459)		$ 483
Kingswood Co. Ltd
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	50.00%	50.00%		50.00%
Non-Current assets	$ 530	$ 522		$ 629
Non-Current assets of which Vessel	0	0		0
Current Assets	0	0		0
Cash and cash equivalents	0	0		0
Non-current liabilities	0	0		0
Non-Current Liabilities Of which bank loans	0	0		0
Current liabilities	10	6		111
Current Liabilities Of which bank loans	0	0		0
Net assets (100%)	520	516		518
Group's share of net assets	260	258		259
Shareholders loans to joint ventures	0	0		0
Net Carrying amount of interest in joint venture	260	258		259
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 benefit (expense) (Note 7)	0	0		0
Profit/(loss) for the period	(3)	(2)		(2)
Other comprehensive income (100%)	0	0		0
Group's share of profit (loss) for the period	(1)	(1)		(1)
Group's share of other comprehensive income	$ 0	$ 0		$ 0
Seven Seas Shipping Ltd.
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	50.00%	50.00%		50.00%
Non-Current assets	$ 0	$ 0		$ 0
Non-Current assets of which Vessel	0	0		0
Current Assets	800	792		993
Cash and cash equivalents	800	696		689
Non-current liabilities	525	522		629
Non-Current Liabilities Of which bank loans	0	0		0
Current liabilities	1	1		91
Current Liabilities Of which bank loans	0	0		0
Net assets (100%)	274	269		273
Group's share of net assets	137	134		137
Shareholders loans to joint ventures	0	0		0
Net Carrying amount of interest in joint venture	137	134		137
Remaining shareholders loan to joint venture	0	0		0
Revenue	8	1		61
Depreciations and amortization	0	0		0
Interest expense	0	0		0
Income tax benefit (expense) (Note 7)	0	0		0
Profit/(loss) for the period	6	(5)		130
Other comprehensive income (100%)	0	0		0
Group's share of profit (loss) for the period	3	(2)		65
Group's share of other comprehensive income	$ 0	$ 0		$ 0
TI Africa Ltd
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	50.00%	50.00%		50.00%
Non-Current assets	$ 137,426	$ 154,553		$ 182,298
Non-Current assets of which Vessel	135,195	153,404		171,612
Current Assets	10,809	9,119		12,639
Cash and cash equivalents	1,701	484		4,062
Non-current liabilities	97,514	130,068		200,231
Non-Current Liabilities Of which bank loans	45,567	70,080		0
Current liabilities	26,370	24,400		766
Current Liabilities Of which bank loans	24,856	23,867		0
Net assets (100%)	24,351	9,205		(6,060)
Group's share of net assets	12,175	4,603		(3,030)
Shareholders loans to joint ventures	23,215	28,665		100,115
Net Carrying amount of interest in joint venture	12,175	4,603		0
Remaining shareholders loan to joint venture	23,215	28,665		97,085
Revenue	49,434	49,129		61,015
Depreciations and amortization	(18,209)	(18,209)		(18,209)
Interest expense	(4,633)	(3,857)		(90)
Income tax benefit (expense) (Note 7)	(1,588)	(1,585)		383
Profit/(loss) for the period	15,881	15,742		34,269
Other comprehensive income (100%)	(735)	(477)		0
Group's share of profit (loss) for the period	7,941	7,871		17,135
Group's share of other comprehensive income	$ (367)	$ (239)		$ 0
TI Asia Ltd
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	50.00%	50.00%		50.00%
Non-Current assets	$ 128,722	$ 147,962		$ 175,826
Non-Current assets of which Vessel	128,722	146,654		164,587
Current Assets	10,001	22,450		10,521
Cash and cash equivalents	917	2,561		1,968
Non-current liabilities	49,026	74,171		128,653
Non-Current Liabilities Of which bank loans	43,927	67,551		0
Current liabilities	27,318	23,699		687
Current Liabilities Of which bank loans	23,968	23,015		0
Net assets (100%)	62,379	72,542		57,007
Group's share of net assets	31,189	36,271		28,503
Shareholders loans to joint ventures	0	0		62,647
Net Carrying amount of interest in joint venture	31,189	36,271		28,503
Remaining shareholders loan to joint venture	0	0		62,647
Revenue	49,487	49,180		58,011
Depreciations and amortization	(17,933)	(17,933)		(17,933)
Interest expense	(4,482)	(3,733)		(1,961)
Income tax benefit (expense) (Note 7)	(1,573)	(1,611)		(3,359)
Profit/(loss) for the period	15,743	15,977		25,467
Other comprehensive income (100%)	(706)	(441)		966
Group's share of profit (loss) for the period	7,871	7,989		12,734
Group's share of other comprehensive income	$ (353)	$ (220)		$ 483
Tankers Agencies (UK) Ltd
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	50.00%	50.00%		50.00%
Non-Current assets	$ 944	$ 306		$ 363
Non-Current assets of which Vessel	0	0		0
Current Assets	418,505	351,702		149,650
Cash and cash equivalents	3,246	2,487		1,889
Non-current liabilities	490	0		0
Non-Current Liabilities Of which bank loans	0	0		0
Current liabilities	415,301	349,096		147,453
Current Liabilities Of which bank loans	135,000	64,500		43,000
Net assets (100%)	3,658	2,912		2,560
Group's share of net assets	2,227	1,774		1,559
Shareholders loans to joint ventures	0	0		0
Net Carrying amount of interest in joint venture	2,227	1,774		1,559
Remaining shareholders loan to joint venture	0	0		0
Revenue	1,307,523	749,229		0
Depreciations and amortization	(67)	(71)		0
Interest expense	(3,292)	(2,571)		0
Income tax benefit (expense) (Note 7)	(243)	(216)		0
Profit/(loss) for the period	746	352		0
Other comprehensive income (100%)	0	0		0
Group's share of profit (loss) for the period	454	214		0
Group's share of other comprehensive income	$ 0	$ 0		$ 0
Tankers International LLC
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	50.00%	50.00%		50.00%
Non-Current assets	$ 0	$ 0		$ 98
Non-Current assets of which Vessel	0	0		0
Current Assets	267	288		1,108
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	51	48		975
Current Liabilities Of which bank loans	0	0		0
Net assets (100%)	216	240		232
Group's share of net assets	127	141		136
Shareholders loans to joint ventures	0	0		0
Net Carrying amount of interest in joint venture	127	141		136
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 benefit (expense) (Note 7)	0	0		0
Profit/(loss) for the period	(24)	10		0
Other comprehensive income (100%)	0	0		0
Group's share of profit (loss) for the period	(14)	6		0
Group's share of other comprehensive income	$ 0	$ 0		$ 0
Bari Shipholding Ltd
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	50.00%
Non-Current assets	$ 21,833
Non-Current assets of which Vessel	21,833
Current Assets	1,573
Cash and cash equivalents	0
Non-current liabilities	18,390
Non-Current Liabilities Of which bank loans	0
Current liabilities	705
Current Liabilities Of which bank loans	0
Net assets (100%)	4,310
Group's share of net assets	2,155
Shareholders loans to joint ventures	18,390
Net Carrying amount of interest in joint venture	2,155
Remaining shareholders loan to joint venture	18,390
Revenue	938
Depreciations and amortization	(273)
Interest expense	(155)
Income tax benefit (expense) (Note 7)	0
Profit/(loss) for the period	310
Other comprehensive income (100%)	0
Group's share of profit (loss) for the period	155
Group's share of other comprehensive income	$ 0
Bastia Shipholding Ltd
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	50.00%
Non-Current assets	$ 21,628
Non-Current assets of which Vessel	21,628
Current Assets	5,577
Cash and cash equivalents	250
Non-current liabilities	18,773
Non-Current Liabilities Of which bank loans	0
Current liabilities	4,328
Current Liabilities Of which bank loans	0
Net assets (100%)	4,104
Group's share of net assets	2,052
Shareholders loans to joint ventures	18,773
Net Carrying amount of interest in joint venture	2,052
Remaining shareholders loan to joint venture	18,773
Revenue	1,970
Depreciations and amortization	(507)
Interest expense	(202)
Income tax benefit (expense) (Note 7)	0
Profit/(loss) for the period	104
Other comprehensive income (100%)	0
Group's share of profit (loss) for the period	52
Group's share of other comprehensive income	$ 0

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.
[2]	.
[3]	The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. 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 initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

Equity-accounted investees - Sh

Equity-accounted investees - Shareholder Loans (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of joint ventures [line items]
Other borrowings (Note 16)	$ 1,744,859,000	$ 1,768,510,000	$ 898,720,000
Joint ventures
Disclosure of joint ventures [line items]
Facility size	139,183,000	186,067,000
Other borrowings (Note 16)	138,319,000	184,513,000
Carrying value \| Joint ventures
Disclosure of joint ventures [line items]
Other borrowings (Note 16)	139,183,000	186,067,000
TI Asia Ltd Revolving Loan \| TI Asia Ltd
Disclosure of joint ventures [line items]
Notional amount	54,000,000
Facility size	34,163,000	45,671,000
Other borrowings (Note 16)	33,948,000	45,283,000
TI Asia Ltd Revolving Loan \| Carrying value \| TI Asia Ltd
Disclosure of joint ventures [line items]
Other borrowings (Note 16)	$ 34,163,000	45,671,000
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	34,163,000	45,671,000
Other borrowings (Note 16)	33,948,000	45,283,000
TI Asia Ltd Loan \| Carrying value \| TI Asia Ltd
Disclosure of joint ventures [line items]
Other borrowings (Note 16)	$ 34,163,000	45,671,000
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	35,429,000	47,362,000
Other borrowings (Note 16)	35,212,000	46,974,000
TI Africa Ltd Revolving Loan \| Carrying value \| TI Africa Ltd
Disclosure of joint ventures [line items]
Other borrowings (Note 16)	$ 35,429,000	47,362,000
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	35,429,000	47,362,000
Other borrowings (Note 16)	35,212,000	46,974,000
TI Africa Ltd Loan \| Carrying value \| TI Africa Ltd
Disclosure of joint ventures [line items]
Other borrowings (Note 16)	$ 35,429,000	$ 47,362,000
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, 2019	Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016	[2]
Disclosure of joint ventures [line items]
Cash and cash equivalents	$ 296,954	$ 173,133	[1],[2]	$ 143,648	[2]	$ 206,689
Joint ventures
Disclosure of joint ventures [line items]
Cash and cash equivalents	6,913	6,227		$ 8,608
Group's share of cash and cash equivalents	3,814	3,385
Group's share of restricted cash	$ 0	$ 0

[1]	* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.
[2]	.

Major exchange rates (Details)

Major exchange rates (Details)	12 Months Ended
Major exchange rates (Details)	Dec. 31, 2019€ / $	Dec. 31, 2019€ / $£ / $	Dec. 31, 2018€ / $	Dec. 31, 2018€ / $£ / $	Dec. 31, 2017€ / $	Dec. 31, 2017€ / $£ / $	Dec. 31, 2019£ / $	Dec. 31, 2018£ / $	Dec. 31, 2017£ / $
Effects Of Changes In Foreign Exchange Rates [Abstract]
closing rates	1.1234	1.1234	1.1450	1.1450	1.1993	1.1993	1.3204	1.2800	1.3517
average rates	1.1213	1.2755	1.1838	1.3374	1.1249	1.2880

Subsequent events (Details)

Subsequent events (Details) $ in Millions	Mar. 20, 2020USD ($)T	Mar. 06, 2020USD ($)newbuilding_vessel	Feb. 12, 2020USD ($)newbuilding_vessel	Jan. 23, 2020USD ($)T	Dec. 31, 2019USD ($)
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Number of newbuild contracts entered into \| newbuilding_vessel		1	3
Newbuild contract purchase price, total			$ 280.5
Newbuild contract purchase price, price per vessel		$ 93	$ 93.5
Available liquid assets					$ 1,000
Vessels \| Finesse
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
VLCC weight (in deadweight tons) \| T				149,994
Fair value, net of cost of disposal				$ 21
Vessels \| Cap Diamant
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
VLCC weight (in deadweight tons) \| T	160,044
Fair value, net of cost of disposal	$ 20.8
Gains on sale of vessel	$ 13

Uncategorized Items - eurn-2019

Label	Element	Value
Increase (Decrease) Due To Application Of IFRS 9 [Member]
Equity	ifrs-full_Equity	$ (16,000)
Increase (decrease) due to application of IFRS 15 [member]
Equity	ifrs-full_Equity	(1,729,000)
Reserve of exchange differences on translation [member]
Equity	ifrs-full_Equity	568,000	[1]
Issued capital [member]
Equity	ifrs-full_Equity	173,046,000	[1]
Treasury shares [member]
Equity	ifrs-full_Equity	(16,102,000)	[1]
Reserve of cash flow hedges [member]
Equity	ifrs-full_Equity	0	[1]
Retained earnings [member]
Equity	ifrs-full_Equity	471,877,000	[1]
Share premium [member]
Equity	ifrs-full_Equity	$ 1,215,227,000	[1]

[1]	The Group 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 was adjusted following the application of IFRS 15 on Revenue Recognition and IFRS 9 on Financial Instruments.