Cover
Cover | 12 Months Ended |
Dec. 31, 2022 shares | |
Entity Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-36810 |
Entity Registrant Name | EURONAV NV |
Entity Incorporation, State or Country Code | C9 |
Entity Address, Address Line One | De Gerlachekaai 20 |
Entity Address, Postal Zip Code | 2000 |
Entity Address, City or Town | Antwerpen |
Entity Address, Country | BE |
Title of 12(b) Security | Ordinary Shares, no par value |
Trading Symbol | EURN |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding (in shares) | 220,024,713 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key (CIK) | 0001604481 |
Amendment flag | false |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Business Contact | |
Entity Information [Line Items] | |
Entity Address, Address Line One | De Gerlachekaai 20 |
Entity Address, Postal Zip Code | 2000 |
Entity Address, City or Town | Antwerpen |
Entity Address, Country | BE |
Contact Personnel Name | Hugo De Stoop |
City Area Code | +32 |
Local Phone Number | -3-247-44-11 |
Contact Personnel Email Address | management@euronav.com |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 1050 |
Auditor Location | Belgium |
Auditor Name | KPMG |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Non-current assets | ||
Vessels (Note 8) | $ 3,057,933 | $ 2,967,787 |
Assets under construction (Note 8) | 228,429 | 181,293 |
Right-of-use assets (Note 8) | 21,493 | 29,001 |
Other tangible assets (Note 8) | 762 | 1,218 |
Intangible assets (Note 9) | 15,746 | 186 |
Receivables (Note 11) | 34,825 | 55,639 |
Investments in equity accounted investees (Note 26) | 1,423 | 72,446 |
Deferred tax assets (Note 10) | 1,403 | 1,546 |
Total non-current assets | 3,362,014 | 3,309,116 |
Current assets | ||
Bunker inventory (Note 12) | 41,643 | 69,035 |
Non-current assets held for sale (Note 3) | 18,459 | 0 |
Trade and other receivables (Note 13) | 366,789 | 237,745 |
Current tax assets | 239 | 99 |
Cash and cash equivalents (Note 14) | 179,929 | 152,528 |
Total current assets | 607,059 | 459,407 |
TOTAL ASSETS | 3,969,073 | 3,768,523 |
Equity | ||
Share capital (Note 15) | 239,148 | 239,148 |
Share premium (Note 15) | 1,678,336 | 1,702,549 |
Translation reserve | (24) | 453 |
Hedging reserve (Note 15) | 33,053 | 2,396 |
Treasury shares (Note 15) | (163,024) | (164,104) |
Retained earnings | 385,976 | 180,140 |
Equity attributable to owners of the Company | 2,173,465 | 1,960,582 |
Non-current liabilities | ||
Bank loans (Note 17) | 1,264,243 | 1,175,835 |
Other notes (Note 17) | 197,556 | 196,895 |
Other borrowings (Note 17) | 71,011 | 86,198 |
Lease liabilities (Note 17) | 5,824 | 16,759 |
Other payables (Note 19) | 404 | 3,490 |
Employee benefits (Note 18) | 1,635 | 6,839 |
Provisions (Note 22) | 597 | 892 |
Total non-current liabilities | 1,541,270 | 1,486,908 |
Current liabilities | ||
Trade and other payables (Note 19) | 90,469 | 83,912 |
Current tax liabilities | 5,927 | 366 |
Bank loans (Note 17) | 68,941 | 29,313 |
Other notes (Note 17) | 0 | 67,025 |
Other borrowings (Note 17) | 65,851 | 117,863 |
Lease liabilities (Note 17) | 22,855 | 22,292 |
Provisions (Note 22) | 295 | 262 |
Total current liabilities | 254,338 | 321,033 |
TOTAL EQUITY and LIABILITIES | $ 3,969,073 | $ 3,768,523 |
Consolidated Statement of Profi
Consolidated Statement of Profit or Loss - USD ($) $ in Thousands | 12 Months Ended | |||||
Jan. 01, 2021 | Jan. 01, 2020 | Jan. 01, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Shipping income | ||||||
Revenue (Note 4) | $ 854,669 | $ 419,770 | $ 1,210,341 | |||
Gains on disposal of vessels/other tangible assets (Note 8) | 96,160 | 15,068 | 22,728 | |||
Other operating income (Note 4) | 15,141 | 10,255 | 10,112 | |||
Total shipping income | 965,970 | 445,093 | 1,243,181 | |||
Operating expenses | ||||||
Voyage expenses and commissions (Note 5) | (175,187) | (118,808) | (125,430) | |||
Vessel operating expenses (Note 5) | (216,094) | (220,706) | (218,390) | |||
Charter hire expenses (Note 5) | (5,769) | (9,750) | (7,954) | |||
Loss on disposal of vessels/other tangible assets (Note 8) | (347) | 0 | (1) | |||
Depreciation tangible assets (Note 8) | (221,576) | (344,904) | (319,652) | |||
Depreciation intangible assets (Note 9) | (1,021) | (90) | (99) | |||
General and administrative expenses (Note 5) | (51,702) | (32,408) | (37,333) | |||
Total operating expenses | (671,696) | (726,666) | (708,859) | |||
RESULT FROM OPERATING ACTIVITIES | 294,274 | (281,573) | 534,322 | |||
Finance income (Note 6) | 27,140 | 14,934 | 21,496 | |||
Finance expenses (Note 6) | (133,009) | (95,541) | (91,553) | |||
Net finance expenses | (105,869) | (80,607) | (70,057) | |||
Share of profit (loss) of equity accounted investees (net of income tax) (Note 26) | 17,650 | 22,976 | 10,917 | |||
PROFIT (LOSS) BEFORE INCOME TAX | 206,055 | (339,204) | 475,182 | |||
Income tax benefit (expense) (Note 7) | (2,804) | 427 | (1,944) | |||
PROFIT (LOSS) FOR THE PERIOD | 203,251 | (338,777) | 473,238 | |||
Attributable to: | ||||||
Owners of the company | $ 203,251 | $ (338,777) | $ 473,238 | |||
Basic earnings per share (in dollars per share) | $ 1.01 | $ (1.68) | $ 2.25 | |||
Diluted earnings per share (in dollars per share) | $ 1.01 | $ (1.68) | $ 2.25 | |||
Weighted average number of shares (basic) (in shares) | 201,677,981 | 201,677,981 | 215,078,497 | 201,747,963 | 201,677,981 | 210,193,707 |
Weighted average number of shares (diluted) (in shares) | 201,994,217 | 201,773,240 | 210,206,403 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
Profit/(loss) for the period | $ 203,251 | $ (338,777) | $ 473,238 |
Items that will never be reclassified to profit or loss: | |||
Remeasurements of the defined benefit liability (asset) (Note 18) | 942 | 1,453 | (97) |
Items that are or may be reclassified to profit or loss: | |||
Foreign currency translation differences (Note 6) | (477) | (482) | 636 |
Cash flow hedges - effective portion of changes in fair value (Note 15) | 30,657 | 9,852 | (2,873) |
Equity-accounted investees - share of other comprehensive income (Note 26) | 159 | 951 | (2) |
Other comprehensive income (expense), net of tax | 31,281 | 11,774 | (2,336) |
Total comprehensive income (expense) for the period | 234,532 | (327,003) | 470,902 |
Attributable to: | |||
Owners of the company | $ 234,532 | $ (327,003) | $ 470,902 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Thousands | Total | Share capital | Share premium | Translation reserve | Hedging reserve | Treasury shares | Retained earnings |
Beginning balance at Dec. 31, 2019 | $ 2,311,855 | $ 239,148 | $ 1,702,549 | $ 299 | $ (4,583) | $ (45,616) | $ 420,058 |
Profit (loss) for the period | 473,238 | 473,238 | |||||
Total other comprehensive income / (expense) | (2,336) | 636 | (2,873) | (99) | |||
Total comprehensive income (expense) for the period | 470,902 | 636 | (2,873) | 473,139 | |||
Transactions with owners of the company | |||||||
Dividends to equity holders | (352,483) | (352,483) | |||||
Treasury shares acquired (Note 15) | (118,488) | (118,488) | |||||
Total transactions with owners | (470,971) | (118,488) | (352,483) | ||||
Ending balance at Dec. 31, 2020 | 2,311,786 | 239,148 | 1,702,549 | 935 | (7,456) | (164,104) | 540,714 |
Profit (loss) for the period | (338,777) | (338,777) | |||||
Total other comprehensive income / (expense) | 11,774 | (482) | 9,852 | 2,404 | |||
Total comprehensive income (expense) for the period | (327,003) | (482) | 9,852 | (336,373) | |||
Transactions with owners of the company | |||||||
Dividends to equity holders | (24,201) | (24,201) | |||||
Total transactions with owners | (24,201) | (24,201) | |||||
Ending balance at Dec. 31, 2021 | 1,960,582 | 239,148 | 1,702,549 | 453 | 2,396 | (164,104) | 180,140 |
Profit (loss) for the period | 203,251 | 203,251 | |||||
Total other comprehensive income / (expense) | 31,281 | (477) | 30,657 | 1,101 | |||
Total comprehensive income (expense) for the period | 234,532 | (477) | 30,657 | 204,352 | |||
Transactions with owners of the company | |||||||
Dividends to equity holders | (24,213) | (24,213) | |||||
Treasury shares delivered in respect of share-based payment plans (Note 15) | 1,080 | 1,080 | |||||
Equity-settled share-based payment (Note 24) | 1,484 | 1,484 | |||||
Total transactions with owners | (21,649) | (24,213) | 1,080 | 1,484 | |||
Ending balance at Dec. 31, 2022 | $ 2,173,465 | $ 239,148 | $ 1,678,336 | $ (24) | $ 33,053 | $ (163,024) | $ 385,976 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Profit (loss) for the period | $ 203,251 | $ (338,777) | $ 473,238 |
Adjustments for: | 217,545 | 386,903 | 357,720 |
Depreciation of tangible assets (Note 8) | 221,576 | 344,904 | 319,652 |
Depreciation of intangible assets | 1,021 | 90 | 99 |
Provisions | (262) | (227) | (388) |
Income tax (benefits)/expenses (Note 7) | 2,804 | (427) | 1,944 |
Share of profit of equity-accounted investees, net of tax (Note 26) | (17,650) | (22,976) | (10,917) |
Net finance expenses (Note 6) | 105,869 | 80,607 | 70,057 |
(Gain)/loss on disposal of assets (Note 8) | (95,813) | (15,068) | (22,727) |
Changes in working capital requirements | (82,727) | (20,504) | 180,576 |
Change in cash guarantees (Note 11) | 570 | 8 | (12,339) |
Change in inventory (Note 12) | 27,391 | 6,745 | 107,602 |
Change in receivables from contracts with customers (Note 13) | (105,538) | (25,485) | 85,830 |
Change in accrued income (Note 13) | (2,941) | (331) | 12,667 |
Change in deferred charges and fulfillment costs (Note 13) | 1,263 | (1,285) | (263) |
Change in other receivables (Note 11 and 13) | (4,600) | 4,070 | (3,826) |
Change in trade payables (Note 19) | (1,316) | (1,215) | 4,490 |
Change in accrued payroll (Note 19) | (39) | (3,689) | 2,536 |
Change in accrued expenses (Note 19) | (2,808) | 2,698 | (10,675) |
Change in deferred income (Note 19) | 9,998 | (5,594) | (4,645) |
Change in other payables (Note 19) | (2,113) | 2,953 | (148) |
Change in provisions for employee benefits (Note 18) | (2,594) | 621 | (653) |
Income taxes paid during the period | 2,761 | 12 | 78 |
Interest paid (Note 6-20) | (99,744) | (60,999) | (56,084) |
Interest received (Note 6-13) | 11,446 | 3,425 | 6,723 |
Dividends received from equity-accounted investees (Note 26) | 3,021 | 4,635 | 7,534 |
Net cash from (used in) operating activities | 255,553 | (25,305) | 969,785 |
Net cash from (used in) investing activities | |||
Acquisition of vessels (Note 8) | (523,494) | (413,062) | (224,904) |
Proceeds from the sale of vessels (Note 8) | 356,730 | 55,844 | 78,075 |
Acquisition of other tangible assets and prepayments (Note 8) | (164) | (142) | (285) |
Acquisition of intangible assets (Note 9) | (16,582) | (115) | (221) |
Loans from (to) related parties (Note 26) | 32,844 | 2,242 | 26,443 |
Proceeds from sale (Purchase of) shares in equity-accounted investees (Note 26) | 0 | 0 | 2,000 |
Repayment of loans from related parties | (10,215) | 0 | 0 |
Lease payments received from finance leases | 2,036 | 1,987 | 1,786 |
Net cash from (used in) investing activities | (158,845) | (353,246) | (117,106) |
Net cash from (used in) financing activities | |||
(Purchase of) Proceeds from sale of treasury shares (Note 15) | 1,080 | 0 | (118,488) |
Proceeds from new borrowings (Note 17) | 1,270,295 | 1,509,580 | 893,827 |
Repayment of borrowings (Note 17) | (976,670) | (726,032) | (994,989) |
Repayment of commercial paper (Note 17) | (279,314) | (303,426) | (359,295) |
(Repayment of) Proceeds from sale and leaseback (Note 17) | (22,667) | (22,667) | (22,853) |
Repayment of lease liabilities (Note 17) | (25,527) | (54,928) | (37,779) |
Transaction costs related to issue of loans and borrowings (Note 17) | (5,871) | (4,422) | (8,083) |
Dividends paid (Note 15) | (24,221) | (24,212) | (352,041) |
Net cash from (used in) financing activities | (62,895) | 373,893 | (999,701) |
Net increase (decrease) in cash and cash equivalents | 33,813 | (4,658) | (147,022) |
Net cash and cash equivalents at the beginning of the period (Note 14) | 152,528 | 161,478 | 296,954 |
Effect of changes in exchange rates | (6,412) | (4,292) | 11,546 |
Net cash and cash equivalents at the end of the period (Note 14) | $ 179,929 | $ 152,528 | $ 161,478 |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
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 is a leading independent large crude tanker operator. 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) and as adopted by the European Union as of December 31, 2022. Changes in significant accounting policies are described in policy 7. All accounting policies have been consistently applied for all periods presented in the consolidated financial statements unless disclosed otherwise. The consolidated financial statements were authorized for issue by the Supervisory Board on April 12, 2023. 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 20 - Lease term: whether the Group is reasonably certain to exercise renewal, termination, purchase options. • Note 8 - Acquisition of the remaining 50% in TI Asia Ltd. and TI Africa Ltd. Euronav already had 50% in these 2 joint ventures and signed on June 7, 2022 a Share Sale and Purchase Agreement with the JV partner International Seaways, Inc. to take control over these 2 joint ventures by purchasing the remaining 50% of the shares. The acquisition of the remaining 50% in the 2 joint ventures has been treated as an asset acquisition as the asset concentration test was met under IFRS 3, given that substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset (i.e. the FSO and related lease component in the customer contract). Therefore, the consideration paid is allocated over the assets acquired (see Note 8, 9 and 26) and the transaction is not accounted for as a business combination. • Note 8 and Note 17 - Whether the Group is reasonably certain to exercise the re-purchase options under the sale and leaseback agreements. If not reasonably certain, the residual value is estimated as the amount that the Group could receive from disposal of the vessels at the reporting date if the vessels were already of the age and in the condition that they will be in at the end of the lease term, and the financial liability is estimated using the fair value at the end of the lease term. 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: • Accounting policy 11.5 - Depreciation policy: The Group reviewed the residual value of its vessels, an accounting estimate, in accordance with its accounting policy. The Group considered its continued focus on sustainability, recent trends of the steel industry and the direction of the industry moving forward. Specifically, Euronav considered the steel industry’s commitment to be carbon neutral in 2050 and the impact of this on scrap steel. Scrap steel is easily recoverable and infinitely recyclable and all scenarios leading to carbon neutrality in 2050 are likely to lead to an increased consumption of scrap steel. Further, the use of scrap steel to produce finished products instead of metal ore results in reduced greenhouse gas emissions. The recycling of steel scrap obtained from end-of-life vessels also helps reduce air and water pollution. Steel scrap from end-of-life products can be recycled back into new steel products with potentially a very low CO 2 footprint. This indicates that there will likely be a continuous need for scrap steel and, given the limited availability of scrap steel, this in turn should have a positive impact on the price of steel. The costs of recycling a vessel with due respect for the environment and the safety of the workers in specialized yards is challenging to forecast as regulations and good industry practice leading to self-regulation can dramatically change over time. As a result, the Group has applied a residual value estimate for its vessels equal to the lightweight tonnage of each vessel multiplied by a forecast scrap value per ton less supplemental costs such as repositioning the vessel, commissions and preparation fees, and after consideration of the impact of (changes in) worldwide recycling regulations (EU regulation versus other) and developments. The scrap value per ton is estimated by taking into consideration the historical four-year scrap market rate average, taking into account any significant impact of (changes in) worldwide recycling regulations (EU regulation versus other) and developments, which is updated annually. Management judgement also took into consideration the long term perspective for the sector, including peak oil and oil demand in the energy mix for the next 20 years using the IEA reports and forecasts. Based on the annual re-assessment of the residual value, there is no change in residual value as of December 31, 2022. • Note 8 - Impairment test: key assumptions underlying the recoverable amount and in particular forecasted TCE, discount rates and residual value; • 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. • Note 8 and 17 - Intention to re-purchase vessels under the sale and leaseback agreements: during its annual re-assessment performed at the end of 2022 of the reasonable certainty to exercise the re-purchase options of these vessels, the Group opted to change the subsequent accounting of the transaction as from the date of re-assessment as the Group intends to exercise the re-purchase options. Therefore, prospectively, the vessels will be depreciated to their residual values over their remaining useful lives. The financial liabilities have been remeasured at the re-assessment date at the end of 2022. The significant assumptions and accounting estimates used to support the reported amounts of assets and liabilities, income and expenses were regularly reviewed, and if needed updated, during 2022. The main judgements, estimates and assumptions are: • Note 8 – Impairment test: the carrying amount of the vessels is reviewed to determine whether an indication of impairment exists. No impairment is required as of December 31, 2022 as the recoverable amount of each CGU continues to be in excess of the carrying amounts. • Bunkers on the Oceania and the vessels are valued at lower of cost or net realizable value. Positive results were realized in 2022 for our fleet and the Group expects for 2023 the same based on the forecasted TCE rates. • Allowance for expected credit losses: in accordance with IFRS 9, the group recognizes expected credit losses on trade receivables following the simplified approach. Lifetime expected losses are recognized for the trade receivables, excluding recoverable VAT amounts. Based on customer’s payment behavior, no significant additional allowances for expected credit losses were to be recognized as per December 31, 2022. As the COVID-19 pandemic further evolves, potential changes in these views might occur in 2023. 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 20 - Financial instruments and • Note 24 - Share-based payment arrangements 6. Changes in accounting policies The accounting policies adopted in the preparation of the consolidated financial statements for the year ended December 31, 2022 are consistent with those applied in the preparation of the consolidated financial statements for the year ended December 31, 2021. A number of new standards are effective from January 1, 2022 but they do not have a material effect on the Group's financial statements. 7. Basis of Consolidation 7.1. Business Combinations The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and 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. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. 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 accounting policy 12 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. The financial liability related to the three VLCCs under the sale and leaseback agreement entered into on December 30, 2019 (see Note 17) is measured at amortized cost using the effective interest method. 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 fair value of the assets transferred at the end of the lease term or if the Group changes its assessment of whether it will exercise the purchase option. Any changes in the financial liabilities from remeasurement are recognized through 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 prof |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Segment reporting | Segment reporting The Group distinguishes two operating segments: the operation of crude oil tankers on the international markets (Tankers) on the one hand and the floating production, storage and offloading operations (FSO/FPSO) on the other. 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 8% (timecharter contract) of the Tankers segment total revenue in 2022 (2021: two clients which represented 11% (timecharter contract) and 10% respectively, in 2020 one client which represented 6% (timecharter contract)). All the other clients represent less than 6% 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, 2022 December 31, 2021 ASSETS Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Vessels 2,846,780 211,153 — 3,057,933 2,975,392 105,350 (112,955) 2,967,787 Assets under construction 228,429 — — 228,429 181,293 — — 181,293 Right-of-use assets 21,493 — — 21,493 29,001 — — 29,001 Other tangible assets 762 — — 762 1,218 — — 1,218 Intangible assets 89 15,657 — 15,746 186 — — 186 Receivables 33,297 1,092 436 34,825 46,251 — 9,388 55,639 Investments in equity accounted investees 2,249 — (826) 1,423 4,653 — 67,793 72,446 Deferred tax assets 1,403 — — 1,403 1,546 — — 1,546 Total non-current assets 3,134,502 227,902 (390) 3,362,014 3,239,540 105,350 (35,774) 3,309,116 Total current assets 591,130 16,311 (382) 607,059 459,864 10,478 (10,935) 459,407 TOTAL ASSETS 3,725,632 244,213 (772) 3,969,073 3,699,404 115,828 (46,709) 3,768,523 EQUITY and LIABILITIES Total equity 2,076,976 96,489 — 2,173,465 1,891,483 69,099 — 1,960,582 Bank and other loans 1,141,378 123,290 (425) 1,264,243 1,175,835 11,465 (11,465) 1,175,835 Other notes 197,556 — — 197,556 196,895 — — 196,895 Other borrowings 71,011 — — 71,011 86,198 — — 86,198 Lease liabilities 5,824 — — 5,824 16,759 — — 16,759 Other payables — 404 — 404 3,490 — — 3,490 Deferred tax liabilities — — — — — 10,535 (10,535) — Employee benefits 1,635 — — 1,635 6,839 — — 6,839 Provisions 597 — — 597 892 — — 892 Total non-current liabilities 1,418,001 123,694 (425) 1,541,270 1,486,908 22,000 (22,000) 1,486,908 Total current liabilities 230,655 24,030 (347) 254,338 321,013 24,729 (24,709) 321,033 TOTAL EQUITY and LIABILITIES 3,725,632 244,213 (772) 3,969,073 3,699,404 115,828 (46,709) 3,768,523 Consolidated statement of profit or loss (in thousands of USD) 2022 2021 2020 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Shipping income Revenue 810,122 66,297 (21,750) 854,669 422,649 50,132 (53,011) 419,770 1,220,843 49,949 (60,451) 1,210,341 Gains on disposal of vessels/other tangible assets 99,437 — (3,277) 96,160 15,068 — — 15,068 23,107 — (379) 22,728 Other operating income 12,208 3,752 (819) 15,141 10,111 2,356 (2,212) 10,255 9,907 2,577 (2,372) 10,112 Total shipping income 921,767 70,049 (25,846) 965,970 447,828 52,488 (55,223) 445,093 1,253,857 52,526 (63,202) 1,243,181 Operating expenses Voyage expenses and commissions (176,146) — 959 (175,187) (122,374) — 3,566 (118,808) (129,833) — 4,403 (125,430) Vessel operating expenses (202,765) (19,156) 5,827 (216,094) (222,087) (12,381) 13,762 (220,706) (221,245) (12,014) 14,869 (218,390) Charter hire expenses (5,259) — (510) (5,769) (6,775) — (2,975) (9,750) (5,410) — (2,544) (7,954) Losses on disposal of vessels/other tangible assets (347) — — (347) — — — — (1) — — (1) Depreciation tangible assets (212,624) (12,101) 3,149 (221,576) (347,338) (9,899) 12,333 (344,904) (323,216) (16,710) 20,274 (319,652) Depreciation intangible assets (108) (913) — (1,021) (90) — — (90) (99) — — (99) General and administrative expenses (51,323) (508) 129 (51,702) (32,441) (330) 363 (32,408) (37,441) (560) 668 (37,333) Total operating expenses (648,572) (32,678) 9,554 (671,696) (731,105) (22,610) 27,049 (726,666) (717,245) (29,284) 37,670 (708,859) RESULT FROM OPERATING ACTIVITIES 273,195 37,371 (16,292) 294,274 (283,277) 29,878 (28,174) (281,573) 536,612 23,242 (25,532) 534,322 Finance income 26,747 313 80 27,140 14,050 — 884 14,934 20,045 21 1,430 21,496 Finance expenses (128,695) (4,569) 255 (133,009) (95,626) (1,971) 2,056 (95,541) (91,645) (3,295) 3,387 (91,553) Net finance expenses (101,948) (4,256) 335 (105,869) (81,576) (1,971) 2,940 (80,607) (71,600) (3,274) 4,817 (70,057) Share of profit (loss) of equity accounted investees (net of income tax) 92 — 17,558 17,650 380 — 22,596 22,976 467 — 10,450 10,917 Profit (loss) before income tax 171,339 33,115 1,601 206,055 (364,473) 27,907 (2,638) (339,204) 465,479 19,968 (10,265) 475,182 Income tax expense (216) (987) (1,601) (2,804) 427 (2,638) 2,638 427 (1,944) (10,265) 10,265 (1,944) Profit (loss) for the period 171,123 32,128 — 203,251 (364,046) 25,269 — (338,777) 463,535 9,703 — 473,238 Attributable to: Owners of the company 171,123 32,128 — 203,251 (364,046) 25,269 — (338,777) 463,535 9,703 — 473,238 Summarized consolidated statement of cash flows (in thousands of USD) 2022 2021 2020 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 230,207 33,474 (8,128) 255,553 (32,132) 35,532 (28,705) (25,305) 958,798 36,328 (25,341) 969,785 Net cash from (used in) investing activities (132,942) (134,402) 108,499 (158,845) (351,767) — (1,479) (353,246) (110,314) — (6,792) (117,106) Net cash from (used in) financing activities (65,916) 101,582 (98,561) (62,895) (378,528) (35,259) 787,680 373,893 (995,151) (36,503) 31,953 (999,701) Capital expenditure (395,802) (144,438) — (540,240) (413,319) — — (413,319) (226,663) — 1,253 (225,410) On June 7, 2022, the Group announced that it has become the full owner of the FSO platform as previously held in its 50-50 joint venture with International Seaways, Inc. (“INSW”). The Group recognized the FSOs Asia and Africa fully due to the acquisition of the remaining 50% in TI Asia and TI Africa for an amount of $223.1 million. The price paid amounted to $129.9 million and can be retrieved under 'Acquisitions of vessels' in the cash flow statement. The transaction was booked as an asset acquisition as the asset concentration test was met under IFRS 3, given that substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset (i.e. the FSO and related lease component in the customer contract). The intangible asset related to the service component in the customer contract (see Note 9) has been separately recorded on the balance sheet as this could not be included in the single identifiable asset related to the FSO. The intangible asset was valued at $16.6 million which did not alter the "substantially all" criterium. |
Assets and liabilities held for
Assets and liabilities held for sale and discontinued operations | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 December 31, 2020 Vessels 18,459 — — Of which in Tankers segment 18,459 — — Of which in FSO segment — — — (in thousands of USD) (Estimated) Net sale price Book Value Asset Held For Sale Impairment Loss (Expected) Gain At January 1, 2021 — — — — — At December 31, 2021 — — — — — At January 1, 2022 — — — — — Assets transferred to assets held for sale Cap Charles 40,523 18,459 18,459 — 22,064 At December 31, 2022 — — 18,459 — 22,064 On December 14, 2022, the Company sold the Suezmax Cap Charles (2006 - 158,881 dwt), for $41.4 million. This vessel was accounted for as a non-current asset held for sale as at December 31, 2022, and had a carrying value of $18.5 million as of that date. The vessel was delivered to its new owner on February 16, 2022. Taking into account the sales commission, the net gain on this vessel amounts to $22.1 million and was recorded in the consolidated statement of profit or loss in the first quarter of 2023. As of December 31, 2021 the Group had no assets held for sale. Discontinued operations As of December 31, 2022 and December 31, 2021, the Group had no operations that meet the criteria of a discontinued operation. |
Revenue and other operating inc
Revenue and other operating income | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Revenue and other operating income | Revenue and other operating income (in thousands of USD) 2022 2021 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Pool Revenue 359,926 — (6) 359,920 136,160 — 11 136,171 Spot Voyages 377,900 — (540) 377,360 215,158 — (2,890) 212,268 Revenue from contracts with customers 737,826 — (546) 737,280 351,318 — (2,879) 348,439 Time Charters 72,296 66,297 (21,204) 117,389 71,331 50,132 (50,132) 71,331 Lease income 72,296 66,297 (21,204) 117,389 71,331 50,132 (50,132) 71,331 Total revenue 810,122 66,297 (21,750) 854,669 422,649 50,132 (53,011) 419,770 Other operating income — — — 15,141 — — — 10,255 For the accounting treatment of revenue, we refer to the accounting policies (see Note 1.17) - Revenue. The increase in revenue is mainly related to the increase in pool and spot voyage revenue which is driven by improved freight rates mainly in the last quarter of 2022 compared to 2021. Notwithstanding, in 2022, there were less onhire days compared to 2021 due to a decrease in the fleet size mainly resulting from a vessel sale program completed in 2022. The latter is illustrating our fleet rejuvenation strategy. The increase in revenue from time charters is also benefiting from these favorable market conditions triggering additional profit split earnings despite a lower number of vessels on time charter compared to 2021. Other operating income includes revenues related to the daily standard business operation of the fleet which are not directly attributable to an individual voyage. |
Expenses for shipping activitie
Expenses for shipping activities and other expenses from operating activities | 12 Months Ended |
Dec. 31, 2022 | |
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) 2022 2021 2020 Commissions paid (14,778) (8,014) (12,748) Bunkers (131,089) (84,614) (98,761) Other voyage related expenses (29,320) (26,180) (13,921) Total voyage expenses and commissions (175,187) (118,808) (125,430) The voyage expenses and commissions, which relate to the Suezmax fleet only, increased in 2022 compared to 2021 mainly due to a strong increase in bunker related expenses, whilst noting an increase for commissions paid and other voyage related expenses. The increase in bunker cost follows the increase in crude oil prices since the beginning of the year due to the war between Russia and Ukraine and the economic sanctions that have been imposed. The majority of the bunkers consumed by Euronav vessels are procured through the Company's IMO 2020 fuel compliance program (see Note 12). 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. IMO’s initial GHG strategy aims to reduce carbon emissions by 40% by 2030 (IMO 2030) from 2008’s levels and at least 50% of the shipping industry’s total greenhouse gas emissions by 2050 (IMO 2050). Based on the continuous renewal of the fleet and selling of the older vessels (> 15 years), Euronav is seeking to reach the 2030 target via its AER trajectory. 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. The increase in commissions paid is due to slightly more vessels on the spot as well as increased market rates compared to 2021. Vessel operating expenses (in thousands of USD) 2022 2021 2020 Operating expenses (199,286) (204,702) (204,433) Insurance (16,808) (16,004) (13,957) Total vessel operating expenses (216,094) (220,706) (218,390) The operating expenses relate mainly to the crewing expenses (including crew bonuses), technical and other costs (including shore staff working entirely on ship management) which are needed to operate tankers. In 2022, these expenses were slightly lower compared to 2021, resulting from a smaller fleet size on average in 2022 compared to 2021. Following the Ballast water Management convention, the installation of new ballast water treatment systems was mandatory. However, these costs are to be made by almost the entire industry and do not make vessels obsolete or significantly more expensive to operate or maintain. The IMO is looking to reduce the carbon intensity of shipping through implementation of further phases of the energy efficiency design index (EEDI) for new vessels. From January 1, 2023, all existing vessels must meet new energy efficiency standards. EEXI is the sister to EEDI, Energy Efficiency Design Index, which has been in force since 2013. These indexes measure the same in practice; however, EEDI is applied to new vessels while EEXI applies to existing vessels. EEXI regulation is one of the most significant measures by the IMO to promote more environmentally friendly technologies and reduce the shipping industry’s carbon footprint. The costs to comply with this new legislation are to be made by almost the entire industry and do not make vessels obsolete or significantly more expensive to operate or maintain. Carbon Intensity Indicator (“CII”) takes effect from January 1, 2023. The CII (Carbon Intensity Indicator) measures how efficiently a vessel above 5,000 GT transports goods or passengers and is calculated in grams of CO2 emitted per cargo-carrying capacity and nautical mile. The first annual reporting will be completed in 2023, with initial ratings given in 2024. Vessels will receive a rating of A (major superior), B (minor superior), C (moderate), D (minor inferior) or E (inferior performance level). The rating thresholds will become increasingly stringent towards 2030. A vessel rated D for three consecutive years or rated as E, will need to develop a plan of corrective actions. Euronav has projected the future CII rating for its current fleet based on the 2021 AER data and the Group expects CII ratings require no significant investments. Charter hire expenses (in thousands of USD) 2022 2021 2020 Charter hire (3,912) (8,473) (7,954) Bareboat hire (1,857) (1,277) — Total charter hire expenses (5,769) (9,750) (7,954) The charter-hire expenses in 2022 are entirely attributable to the internal short term time charter agreement with our joint venture Bari Shipholding Ltd. and the hire expenses for the barge (Cougar Satu) in relation to our fuel compliance program (see Note 12). The Group elected to apply the short-term lease exemption and accordingly, the lease payments were recognized as an expense and right-of-use assets and lease liabilities were not recognized. The decrease noted in 2022 compared to 2021 is due to the sale of Suezmax Bari (2005 - 159,186 dwt) on March 24, 2022. The bareboat hire is related to four bareboat contracts ended on December 15, 2021 with one vessel (VLCC Nautilus ) redelivered to the owners before December 31, 2021. The expenses for the bareboat hire days upon redelivery of the three remaining vessels (VLCCs Navarin , Neptun and Nucleus ) were recorded as bareboat hire instead of accounting for a lease modification. All vessels were redelivered during the first quarter of 2022. General and administrative expenses (in thousands of USD) 2022 2021 2020 Wages and salaries (8,272) (7,566) (10,641) Social security costs (1,242) (1,295) (1,360) Provision for employee benefits (Note 18) 205 687 (545) Cash-settled share-based payments (Note 24) 2,973 (548) 1,338 Equity-settled share-based payments (Note 24) (2,411) (761) (140) Other employee benefits (919) (1,000) (1,272) Employee benefits (9,666) (10,482) (12,620) Administrative expenses (37,955) (18,355) (21,652) Tonnage Tax (4,343) (3,346) (3,459) Claims — (452) 10 Provisions 262 227 388 Total general and administrative expenses (51,702) (32,408) (37,333) Average number of full time equivalents (shore staff) 192.81 189.05 185.66 The general and administrative expenses which include amongst others: shore staff wages excluding shore staff working entirely on ship management, director fees, office rental, consulting and audit fees and tonnage tax, increased in 2022 compared to 2021. This increase was mainly due to an increase in administrative expenses. The increase in administrative expenses is mainly due to legal and other fees incurred in relation to the potential merger discussions with Frontline Plc, following the Combination Agreement, as well as the vesting of variable stock option plans of the Management Board (TBIP 2019). The share-based payments are lower compared to 2021 mainly due to the reversal of the provision on cash-settled share-based payments as the TBIP 2019 was fully vested during 2022 and for which the payout is reflected in the administrative expenses. In 2022, the LTIP 2015, LTIP 2019, LTIP 2020 and LTIP 2021 were recognized in the equity-settled share-based payment expenses (see Note 15). The increase in tonnage tax for the year ended in 2022 is mainly driven by the unilateral decision of the Greek Authority to increase the Greek voluntary tax. |
Net finance expense
Net finance expense | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Net finance expense | Net finance expense Recognized in profit or loss (in thousands of USD) 2022 2021 2020 Interest income 7,063 1,896 3,687 Change in fair value of fuel derivatives recognized in P&L 6,132 1,668 2,800 Foreign exchange gains 13,945 11,370 15,009 Finance income 27,140 14,934 21,496 Interest expense on financial liabilities measured at amortized cost (85,418) (57,961) (60,627) Interest leasing (1,237) (2,378) (3,287) Change in fair value of fuel derivatives recognized in P&L (26,388) (8,966) (1,723) Fair value adjustment on interest rate swaps (507) (78) (108) Other financial charges (5,930) (14,265) (9,936) Foreign exchange losses (13,529) (11,893) (15,872) Finance expense (133,009) (95,541) (91,553) Net finance expense recognized in profit or loss (105,869) (80,607) (70,057) Finance income is higher during the year ended December 31, 2022 compared to December 31, 2021 which is mainly due to an increased interest income received on the interest swaps enhanced by an increase in change in fair value of fuel derivatives recognized through P&L. Finance expenses increased during the year ended December 31, 2022 compared to December 31, 2021. This is mainly due to an increase in interest expenses on financial liabilities enhanced by an increase in change in fair value of fuel derivatives recognized through P&L. The increased interest expenses on financial liabilities are mainly related to an increase in interest expenses on bank loans due to an increasing interest rate environment and a higher average outstanding debt compared to the period ended December 31, 2021. The increased expense in change in fair value of fuel derivatives is mainly due to the higher negative result on the fuel derivatives related to the hedging program of the bunker fuel on board of the Oceania. The decrease in other financial charges is mainly due to the correction above pari in relation with the bond renewal completed in 2021 as well as a decrease in commitment fees incurred during 2022 compared to 2021. Interest leasing is the interest on lease liabilities. The above finance income and expenses include the following in respect of assets (liabilities) not recognized at fair value through profit or loss: 2022 2021 2020 Total interest income on financial assets 7,063 1,896 3,687 Total interest expense on financial liabilities (85,418) (57,961) (60,627) Total interest leasing (1,237) (2,378) (3,287) Total other financial charges (5,930) (14,265) (9,936) Recognized directly in equity (in thousands of USD) 2022 2021 2020 Foreign currency translation differences for foreign operations (477) (482) 636 Cash flow hedges - effective portion of changes in fair value 30,657 9,852 (2,873) Net finance expense recognized directly in equity 30,180 9,370 (2,237) Attributable to: Owners of the Company 30,180 9,370 (2,237) Net finance expense recognized directly in equity 30,180 9,370 (2,237) Recognized in: Translation reserve (477) (482) 636 Hedging reserve 30,657 9,852 (2,873) |
Income tax benefit (expense)
Income tax benefit (expense) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Income tax benefit (expense) | Income tax benefit (expense) (in thousands of USD) 2022 2021 2020 Current tax Current period (1,736) (206) (575) Changes related to prior years 57 436 — Total current tax (1,680) 230 (575) Deferred tax Recognition of unused tax losses/(use of tax losses) (137) 201 (1,369) Other (987) (4) — Total deferred tax (1,124) 197 (1,369) Total tax benefit/(expense) (2,804) 427 (1,944) Reconciliation of effective tax 2022 2021 2020 Profit (loss) before tax 206,055 (339,204) 475,182 Tax at domestic rate (25.00) % (51,514) (25.00) % 84,801 (25.00) % (118,796) Effects on tax of : Tax exempt profit / loss 2,642 4,541 241 Tax adjustments for previous years 57 436 — Loss for which no DTA (*) has been recognized 4,481 27 (61) Non-deductible expenses (315) (188) (482) Use of previously unrecognized tax losses and tax credits 4,431 4,101 267 Effect of Tonnage Tax regime 40,670 (84,881) 115,174 Effect of share of profit of equity-accounted investees 4,389 5,649 2,613 Effects of tax regimes in foreign jurisdictions (7,645) (14,059) (900) Total taxes (1.36) % (2,804) (0.13) % 427 (0.41) % (1,944) * Deferred Tax Asset 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, 2022 was $4.3 million (2021: $3.3 million) (see Note 5). Subject to further detailed analysis for confirmation, but the Group expects no material impact due to the OECD global minimum tax initiatives because of international shipping carve out rules & mechanism. 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 23 — 23 Unused tax losses & tax credits 66,304 — 66,304 Unremitted earnings — (64,781) (64,781) 66,327 (64,781) 1,546 Offset (64,781) 64,781 Balance at December 31, 2021 1,546 — Employee benefits 25 — 25 Unused tax losses & tax credits 60,308 — 60,308 Unremitted earnings — (58,930) (58,930) 60,333 (58,930) 1,403 Offset (58,930) 58,930 Balance at December 31, 2022 1,403 — 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, 2022 December 31, 2021 ASSETS LIABILITIES ASSETS LIABILITIES Deductible temporary differences 261 — 291 — Taxable temporary differences — (12,162) — (12,162) Tax losses & tax credits 29,776 — 29,753 — 30,037 (12,162) 30,044 (12,162) Offset (12,162) 12,162 (12,162) 12,162 Total 17,875 — 17,882 — The unrecognized deferred tax assets in respect of tax losses and tax credits relates to tax losses carried forward, investment deduction allowances and excess dividend received deduction. Tax losses and tax credits have no expiration date. A deferred tax asset (DTA) is recognized for unused tax losses and tax credits carried forward, to the extent that it is probable that future taxable profits will be available. The Group considers future taxable profits as probable when it is more likely than not that taxable profits will be generated in the foreseeable future. When determining whether probable future taxable profits are available the probability threshold is applied to portions of the total amount of unused tax losses or tax credits, rather than the entire amount. Given the nature of the tonnage tax regime, the Group has a substantial amount of unused tax losses and tax credits for which no future taxable profits are probable and therefore no DTA has been recognized. No deferred tax liabilities have been recognized for temporary differences related to vessels for which the Group expects that the reversal of these differences will not have a tax effect. In December 2017, changes to the Belgian corporate income tax rate were enacted, lowering the rate to 29.58% as from 2018 and to 25% from 2020. These changes have been reflected in the calculation of the amounts of deferred tax assets and liabilities in respect of Belgian Group entities as at December 31, 2022 and December 31, 2021. Movement in deferred tax balances during the year (in thousands of USD) Balance at Jan 1, 2020 Recognized in income Recognized in equity Other movements Translation Differences Balance at Dec 31, 2020 Employee benefits 26 — — — 3 29 Unused tax losses & tax credits 2,689 (1,369) — — 8 1,328 Total 2,715 (1,369) — — 11 1,357 Balance at Jan 1, 2021 Recognized in income Recognized in equity Other movements Translation Differences Balance at Dec 31, 2021 Employee benefits 29 (4) — — (2) 23 Unused tax losses & tax credits 1,328 201 — — (6) 1,523 Total 1,357 197 — — (8) 1,546 Balance at Jan 1, 2022 Recognized in income Recognized in equity Other movements Translation Differences Balance at Dec 31, 2022 Employee benefits 23 4 — — (2) 25 Unused tax losses & tax credits 1,523 (137) — — (8) 1,378 Reclassification — (991) — 991 — — Total 1,546 (1,124) — 991 (10) 1,403 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2022 | |
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, 2020 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 Acquisitions 17,835 207,069 25,701 285 250,890 Disposals and cancellations (42,641) — — (2) (42,643) Depreciation charges (287,148) — (31,702) (802) (319,652) Translation differences — — 48 13 61 Balance at December 31, 2020 2,865,308 207,069 52,955 1,759 3,127,091 At January 1, 2021 Cost 4,608,326 207,069 113,859 5,189 4,934,443 Depreciation & impairment losses (1,743,018) — (60,904) (3,430) (1,807,352) Net carrying amount 2,865,308 207,069 52,955 1,759 3,127,091 Acquisitions 56,111 356,951 23,476 142 436,680 Disposals and cancellations (39,522) — — — (39,522) Depreciation charges (296,837) — (47,387) (680) (344,904) Transfers 382,727 (382,727) — — — Translation differences — — (43) (3) (46) Balance at December 31, 2021 2,967,787 181,293 29,001 1,218 3,179,299 At January 1, 2022 Cost 4,875,810 181,293 53,226 5,244 5,115,573 Depreciation & impairment losses (1,908,023) — (24,225) (4,026) (1,936,274) Net carrying amount 2,967,787 181,293 29,001 1,218 3,179,299 Acquisitions 448,850 165,246 14,060 164 628,320 Disposals and cancellations (258,899) — — — (258,899) Depreciation charges (199,457) — (21,509) (610) (221,576) Transfer to assets held for sale (Note 3) (18,459) — — — (18,459) Transfers 118,110 (118,110) — — — Translation differences — — (59) (10) (69) Balance at December 31, 2022 3,057,932 228,429 21,493 762 3,308,616 At December 31, 2022 Cost 5,014,747 228,429 66,785 5,159 5,315,120 Depreciation & impairment losses (1,956,815) — (45,292) (4,397) (2,006,504) Net carrying amount 3,057,932 228,429 21,493 762 3,308,616 On October 27, 2020 and November 6, 2020, the Company entered into a time charter agreement for two Suezmaxes, Marlin Sardinia and Marlin Somerset (see Note 21). In accordance with IFRS, the Group recognized a right-of-use asset of $24.9 million. In 2021, the Group completed an intensive dry dock program to take advantage of the current challenging freight rate background. The Aegean, Alboran, Alex, Alice, Andaman, Anne, Antigone, Aquitaine, Arafura, Aral, Ardeche, Cap Charles, Cap Guillaume, Cap Leon , Cap Philippe, Cap Victor, Desirade, Donoussa, Drenec, Heron, Hirado, Sandra, Sara, Selena and Stella have been dry-docked in 2021 (18 VLCCs and seven Suezmaxes). The cost of planned repairs is capitalized and included under the heading Acquisitions. During 2021, four newbuilding VLCCs were delivered from Daewoo Shipbuilding & Marine Engineering shipyard for an aggregate amount of $382.7 million. In January 2021, Euronav took delivery of the first two newbuildings, Delos (2021 - 300,200 dwt) and Diodorus (2021 - 300,200 dwt). In March 2021, Euronav took delivery of the third and fourth newbuilding, Doris (2021 - 300,200 dwt) and Dickens (2021 - 300,200 dwt). These four vessels were previously reported as vessels under construction as at December 31, 2020. In 2022, the Maria, Cap Pierre, Amundsen, Captain Michael, Sonia, Iris, Ingrid, Cap Lara, Alsace, Dalma, Daishan, Hatteras, Ilma, Sienna and Simone have been dry-docked. The VLCCs Iris, Ingrid, Alsace and Ilma have been equipped with scrubber installations during the dry-dock. The cost of planned repairs is capitalized and included under the heading Acquisitions. During 2022, two newbuilding Suezmaxes joined our fleet for an aggregate amount of $118.0 million. Cedar (2022 - 157,310 dwt) was delivered on January 7, 2022 and Cypress (2022 - 157,310 dwt) on January 20, 2022. Both were constructed at Daehan Shipbuilding (DHSC) in South Korea. These two vessels were previously reported as vessels under construction as at December 31, 2021. On April 29, 2022, Euronav announced the purchase of two eco-VLCCs, the Chelsea (2020 – 299,995 dwt) and the Ghillie (2019 – 297,750 dwt), for $179 million in total. They are sisters of our D-class vessels ( Delos , (2021 – 300,200 dwt), Diodorus (2021 – 300,200 dwt), Doris (2021 – 300,200 dwt) and Dickens (2021 – 299,550 dwt). These vessels were all built in Korea at Daewoo Shipbuilding & Marine Engineering, are fitted with scrubbers and are the latest generation of ecotype VLCC's. The vessels entered the fleet under their new names Dalis (previously Chelsea) and Derius (previously Ghillie ). As of June 7, 2022, the Group recognized the FSOs Asia and Africa fully in property, plant and equipment due to the acquisition of the remaining 50% in TI Asia and TI Africa for an amount of $223.1 million (see Note 2). On June 24, 2022, Euronav has declared the options to extend the time charter agreement for the two Suezmaxes Marlin Sardinia and Marlin Somerset with an additional 12 months. This resulted in the recognition of a right-of-use asset of $13.4 million. It is further noted that for the year ended at December 31, 2022, the depreciation charges decreased significantly compared to previous years. This is related to the re-assessment of the residual value at year end 2021 (see Note 1.5 B). The Group had eight vessels under construction at December 31, 2022 for an aggregate amount of $228.4 million (2021: eight vessels under construction). The amounts presented within "vessels under construction" relate to three Eco-type VLCCs and five Eco-Type Suezmaxes. Disposal of assets – Gains/losses (in thousands of USD) Sale price Book Value Gain Loss Finesse - Sale 21,003 12,705 8,298 — Cap Diamant - Sale 20,072 7,242 12,830 — TI Hellas - Sale 37,000 35,400 1,600 — At December 31, 2020 78,075 55,347 22,728 — Sale price Book Value Gain Loss Newton - Sale 35,370 32,953 1,163 — Filikon - Sale 15,974 6,570 9,404 — Other — — 4,500 — At December 31, 2021 51,344 39,523 15,068 — Sale price Book Value Gain Loss Sandra - Sale 47,520 47,299 221 — Sara - Sale 47,520 46,013 1,507 — Sonia - Sale 50,490 50,837 — (347) Simone - Sale 50,490 50,070 420 — Cap Leon - Sale 19,924 9,081 10,843 — Cap Pierre - Sale 19,058 11,537 7,521 — Cap Philippe - Sale 32,046 19,165 12,881 — Europe - Sale 40,013 5,300 34,713 — Cap Guillaume - Sale 34,153 19,597 14,556 — Other — — 13,500 — At December 31, 2022 341,214 258,899 96,161 (347) On January 26, 2022, Euronav announced that the Company booked a $18 million capital gain on disposal of assets upon the redelivery of 4 VLCCs, which occurred at the maturity of a five-year sale and leaseback agreement. The four VLCCs are: the Nautilus (2006 - 307,284 dwt), Navarin (2007 - 307,284 dwt), Neptun (2007 - 307,284 dwt) and the Nucleus (2007 - 307,284 dwt). As the first ship was redelivered on December 15, 2021, $4.5 million was booked in the fourth quarter of 2021, whereas the remaining $13.5 million was booked in the first quarter of 2022. On April 29, 2022, Euronav has sold four older S-class VLCCs for an en-bloc price of $198 million. The four vessels are the Sandra (2011 – 323,527 dwt), Sonia (2012 – 314,000 dwt), Sara (2011 – 322,000 dwt), and Simone (2012 – 315,988 dwt). The vessels were delivered to their new owners respectively on May 9, 17 and 20, 2022 and October 10, 2022. A net capital gain of $1.8 million was recorded on the sale of the four vessels of which $1.4 million in the second quarter and $0.4 million in the fourth quarter of 2022. On June 13, 2022, Euronav announced that it has sold its two eldest Suezmax vessels Cap Pierre (2004 - 159,048 dwt) and Cap Leon (2003 - 159,048 dwt). The combined net capital gains realised on these sales amount to $18.4 million upon delivery on April 28, 2022 and June 30, 2022 respectively to its new owners and were booked in the second quarter of 2022. On August 9, 2022, the Group sold the Suezmax Cap Philippe (2006 - 158,920 dwt) for a net sale price of $32 million. A capital gain on the sale of $12.8 million was recorded in the fourth quarter of 2022 upon delivery to its new owner on October 13, 2022. On September 23, 2022, Euronav sold the ULCC Europe (2002 - 441,561) for a net sale price of $40 million. The Company recorded a capital gain of $34.7 million in the fourth quarter of 2022 upon delivery to its new owner on October 26, 2022. On September 30, 2022, Euronav sold the Suezmax Cap Guillaume (2006 – 158,889 dwt) for a net sale price of $34.2 million. The Company recorded a capital gain of $14.6 million in the fourth quarter of 2022 upon delivery to its new owner on November 23, 2022. Impairment In previous years, Euronav carefully assessed through a detailed approach if the carrying amounts of the vessels would require an impairment. No impairment was booked so far. In 2021, the Group performed the annual impairment test due to two indicators which triggered the requirement for such test, being the further decline in market rates, and the net operating losses of the Group. In 2022, both for the CGUs under the tankers segment and the FSO segment (as defined in Note 2), the Group performed a review of the internal as well as external indicators of impairment to consider whether further testing was necessary. For the tankers segment, when analysing the potential impairment indicators set out in accounting policy 13.2 and taking into account the strong performance in 2022, the stronger share price, and the current elevated freight rates and market values for VLCCs and Suezmaxes, there is no potential indicator for impairment. The Group also reviews internal and external indicators, similar to the ones used for tankers, to assess whether the FSO’s might be impaired. The FSO Asia and FSO Africa are on a ten 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 21, 2032 and September 21, 2032 respectively. It is further noted that the contracts remain profitable until the end of the useful lives of both FSOs and therefore, no impairment indicators have been identified. The review of the indicators did not trigger the requirement to perform a more in-depth impairment analysis at December 31, 2022. Security All tankers financed with bank loans are subject to a mortgage to secure bank loans (see Note 17). Capital commitment As at December 31, 2022 the Group's total capital commitments amounts to $404.1 million (December 31, 2021: $414.3 million capital commitments). These capital commitments relate to five eco-type Suezmaxes and three eco-type VLCCs newbuilding contracts. The capital commitments can be detailed as follows: (in thousands of USD) Total 2023 2024 2024 Commitments in respect of VLCCs 167,880 167,880 — — Commitments in respect of Suezmaxes 236,185 99,589 136,596 — Commitments in respect of FSOs — — — — Total 404,065 267,469 136,596 — |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets other than goodwill [abstract] | |
Intangible Assets | Intangible Assets (in thousands of USD) Customer contracts Other intangible assets Total intangible assets At January 1, 2021 Cost — 1,123 1,123 Depreciation — (962) (962) Net carrying amount — 161 161 Acquisitions — 115 115 Depreciation charges — (90) (90) Balance at December 31, 2021 — 186 186 At January 1, 2022 Cost — 1,205 1,205 Depreciation — (1,019) (1,019) Net carrying amount — 186 186 Acquisitions 16,569 13 16,582 Depreciation charges (913) (108) (1,021) Translation differences — (1) (1) Balance at December 31, 2022 15,656 90 15,746 At December 31, 2022 Cost 16,569 1,212 17,781 Depreciation (913) (1,122) (2,035) Net carrying amount 15,656 90 15,746 In connection with the acquisition of the remaining 50% in TI Asia and TI Africa (see Note 25 and 26), a part of the price paid is related to an intangible asset (customer contracts with NOC for the service part, i.e. recharge of opex, maintenance and crew). Management estimated the fair value of the intangible asset related to the service component of the NOC contract, resulting in a value of $16.6 million at May 31, 2022. This amount will be depreciated till the end of the contractual service, or until July 21, 2032 and September 21, 2032 respectively. The other intangible assets are mainly related to software assets. |
Deferred tax assets and liabili
Deferred tax assets and liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Deferred tax expense (income) [abstract] | |
Deferred tax assets and liabilities | Income tax benefit (expense) (in thousands of USD) 2022 2021 2020 Current tax Current period (1,736) (206) (575) Changes related to prior years 57 436 — Total current tax (1,680) 230 (575) Deferred tax Recognition of unused tax losses/(use of tax losses) (137) 201 (1,369) Other (987) (4) — Total deferred tax (1,124) 197 (1,369) Total tax benefit/(expense) (2,804) 427 (1,944) Reconciliation of effective tax 2022 2021 2020 Profit (loss) before tax 206,055 (339,204) 475,182 Tax at domestic rate (25.00) % (51,514) (25.00) % 84,801 (25.00) % (118,796) Effects on tax of : Tax exempt profit / loss 2,642 4,541 241 Tax adjustments for previous years 57 436 — Loss for which no DTA (*) has been recognized 4,481 27 (61) Non-deductible expenses (315) (188) (482) Use of previously unrecognized tax losses and tax credits 4,431 4,101 267 Effect of Tonnage Tax regime 40,670 (84,881) 115,174 Effect of share of profit of equity-accounted investees 4,389 5,649 2,613 Effects of tax regimes in foreign jurisdictions (7,645) (14,059) (900) Total taxes (1.36) % (2,804) (0.13) % 427 (0.41) % (1,944) * Deferred Tax Asset 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, 2022 was $4.3 million (2021: $3.3 million) (see Note 5). Subject to further detailed analysis for confirmation, but the Group expects no material impact due to the OECD global minimum tax initiatives because of international shipping carve out rules & mechanism. 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 23 — 23 Unused tax losses & tax credits 66,304 — 66,304 Unremitted earnings — (64,781) (64,781) 66,327 (64,781) 1,546 Offset (64,781) 64,781 Balance at December 31, 2021 1,546 — Employee benefits 25 — 25 Unused tax losses & tax credits 60,308 — 60,308 Unremitted earnings — (58,930) (58,930) 60,333 (58,930) 1,403 Offset (58,930) 58,930 Balance at December 31, 2022 1,403 — 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, 2022 December 31, 2021 ASSETS LIABILITIES ASSETS LIABILITIES Deductible temporary differences 261 — 291 — Taxable temporary differences — (12,162) — (12,162) Tax losses & tax credits 29,776 — 29,753 — 30,037 (12,162) 30,044 (12,162) Offset (12,162) 12,162 (12,162) 12,162 Total 17,875 — 17,882 — The unrecognized deferred tax assets in respect of tax losses and tax credits relates to tax losses carried forward, investment deduction allowances and excess dividend received deduction. Tax losses and tax credits have no expiration date. A deferred tax asset (DTA) is recognized for unused tax losses and tax credits carried forward, to the extent that it is probable that future taxable profits will be available. The Group considers future taxable profits as probable when it is more likely than not that taxable profits will be generated in the foreseeable future. When determining whether probable future taxable profits are available the probability threshold is applied to portions of the total amount of unused tax losses or tax credits, rather than the entire amount. Given the nature of the tonnage tax regime, the Group has a substantial amount of unused tax losses and tax credits for which no future taxable profits are probable and therefore no DTA has been recognized. No deferred tax liabilities have been recognized for temporary differences related to vessels for which the Group expects that the reversal of these differences will not have a tax effect. In December 2017, changes to the Belgian corporate income tax rate were enacted, lowering the rate to 29.58% as from 2018 and to 25% from 2020. These changes have been reflected in the calculation of the amounts of deferred tax assets and liabilities in respect of Belgian Group entities as at December 31, 2022 and December 31, 2021. Movement in deferred tax balances during the year (in thousands of USD) Balance at Jan 1, 2020 Recognized in income Recognized in equity Other movements Translation Differences Balance at Dec 31, 2020 Employee benefits 26 — — — 3 29 Unused tax losses & tax credits 2,689 (1,369) — — 8 1,328 Total 2,715 (1,369) — — 11 1,357 Balance at Jan 1, 2021 Recognized in income Recognized in equity Other movements Translation Differences Balance at Dec 31, 2021 Employee benefits 29 (4) — — (2) 23 Unused tax losses & tax credits 1,328 201 — — (6) 1,523 Total 1,357 197 — — (8) 1,546 Balance at Jan 1, 2022 Recognized in income Recognized in equity Other movements Translation Differences Balance at Dec 31, 2022 Employee benefits 23 4 — — (2) 25 Unused tax losses & tax credits 1,523 (137) — — (8) 1,378 Reclassification — (991) — 991 — — Total 1,546 (1,124) — 991 (10) 1,403 |
Non-current receivables
Non-current receivables | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Non-current receivables | Non-current receivables (in thousands of USD) December 31, 2022 December 31, 2021 Shareholders loans to joint ventures 24 30,242 Derivatives 18,091 6,392 Other non-current receivables 13,855 14,426 Lease receivables 2,854 4,578 Investment 1 1 Total non-current receivables 34,825 55,639 The decrease in shareholders loans to joint ventures is related to the full repayment of the shareholders loan to TI Africa Ltd following the acquisition of the remaining 50% shares in TI Africa Ltd as well as the sale of Suezmax Bari in March 2022. In consequence of the sale, the shareholders loan to Bari Shipholding Ltd. was fully repaid. Please refer to Note 26 for more information on the shareholders loans to joint ventures. The derivatives as of December 31, 2022 relate to the fair market value of the Interest Rate Swaps in connection with the financing for the long term charter parties with Valero for four Suezmaxes ( Cap Quebec , Cap Pembroke , Cap Corpus Christi and Cap Port Arthur ), Interest Rate Swaps in connection with the $713.0 million sustainability linked loan, Interest Rate Swaps in connection with the 73.45 million facility ( Cedar and Cypress ) and Interest Rate Swaps in connection with the $150 million facility ( FSO Africa and FSO Asia ). The increase relates to the higher fair market value of the Interest Rate Swaps in connection with an increasing interest rate environment. The other non-current receivables mainly relate to the issuance of a bank guarantee for the amount of $12.3 million through a cash deposit in the context of the enforcement proceedings lodged by Unicredit on January 15, 2021 (see Note 22). 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, 2022 December 31, 2021 Receivable: Within two years 1,591 2,294 Between two and three years 16,101 20,368 Between three and four years — 9,157 Between four and five years 3,663 — More than five years 13,470 23,820 Total non-current receivables 34,825 55,639 (in thousands of USD) December 31, 2022 December 31, 2021 Receivable from contracts with customers 106,972 55,704 Receivable from contracts with customers - TI Pool 193,945 139,672 Accrued income 11,421 8,480 Accrued interest 2,329 580 Deferred charges 20,388 22,083 Deferred fulfillment costs 1,587 1,156 Other receivables 12,578 7,977 Lease receivables 1,699 2,091 Derivatives 15,870 2 Total trade and other receivables 366,789 237,745 The increase in receivables from contracts with customers mainly relates to an increase in market freight rates at year-end as well as the full consolidation of TI Asia Ltd and TI Africa Ltd. The increase in receivables from contracts with customers - TI Pool relates to income to be received by the Group from the Tankers International Pool. These amounts increased in 2022 mainly due to increased market freight rates compared to December 31, 2021 and an increase in working capital per vessel. Fulfillment costs represent primarily bunker costs incurred between the date on which the contract of a spot voyage charter was concluded and the next load port. These expenses are deferred according to IFRS 15 Revenue from Contracts with Customers and are amortized on a systematic basis consistent with the pattern of transfer of service. The increase in other receivables is mainly due an increase in VAT recoverable. 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.). The increase in derivatives as of December 31, 2022 relates to the higher fair market value of the Interest Rate Swaps allocated to the short term portion (see Note 11) . For currency and credit risk, we refer to Note 20. |
Bunker inventory
Bunker inventory | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of inventories [Abstract] | |
Bunker inventory | Bunker inventory In addition to bunker fuel stored on board of the Euronav vessels, the Group purchases and stores compliant fuel on board of a Euronav vessel, the ULCC Oceania , so that there is a safe, high quality inventory available for the use of its own fleet. The Group has set up a Bunker Fuel Management Group to manage this fuel oil exposure relating to the IMO 2020 requirements, which require the vessels to operate with low sulfur fuel oil (LSFO), unless equipped with scrubbers. The bunker inventory is accounted for at the lower of cost or 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 change in fair value of the derivatives (see Note 15). The change in fair value of commodity derivatives in connection with the bunker fuel management are measured at fair value with fair value changes recognized in the consolidated statement of profit or loss. In the course of 2022, the Company purchased an additional 208,877 metric tonnes (2021: 269,677 metric ton) of compliant fuel for an amount of $158.8 million (2021: $140.1 million) (all costs included). As of December 31, 2022 the carrying amount of the total bunker inventory amounted to $41.6 million (2021: $69.0 million) of which $19.6 million (2021: $45.0 million) was the carrying amount of the bunker inventory related to the purchase and storage of compliant fuel oil inventory on board of the Oceania . The compliant fuel has already been partially transferred to our fleet and will continue to be transferred and used in the course of 2022. $8.1 million (2021: $17.4 million) has been recognized as bunker expense in the consolidated statement of profit or loss during 2022 which is included under voyage expenses and commissions (as discussed in Note 5). As of December 31, 2022 the carrying amount of the bunker inventory on board of our vessels amounted to $22.0 million (2021: $24.0 million). Bunkers delivered to vessels operating in the TI Pool, are sold to the TI Pool at market price and bunkers on board of these pooled vessels are no longer shown as bunker inventory but as trade and other receivables. In compliance with the accounting policy no write-down had to be considered at the end of December 31, 2022, the net realizable value remained positive as a positive result was realized in 2022 for our fleet. |
Trade and other receivables - c
Trade and other receivables - current | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other receivables - current | Non-current receivables (in thousands of USD) December 31, 2022 December 31, 2021 Shareholders loans to joint ventures 24 30,242 Derivatives 18,091 6,392 Other non-current receivables 13,855 14,426 Lease receivables 2,854 4,578 Investment 1 1 Total non-current receivables 34,825 55,639 The decrease in shareholders loans to joint ventures is related to the full repayment of the shareholders loan to TI Africa Ltd following the acquisition of the remaining 50% shares in TI Africa Ltd as well as the sale of Suezmax Bari in March 2022. In consequence of the sale, the shareholders loan to Bari Shipholding Ltd. was fully repaid. Please refer to Note 26 for more information on the shareholders loans to joint ventures. The derivatives as of December 31, 2022 relate to the fair market value of the Interest Rate Swaps in connection with the financing for the long term charter parties with Valero for four Suezmaxes ( Cap Quebec , Cap Pembroke , Cap Corpus Christi and Cap Port Arthur ), Interest Rate Swaps in connection with the $713.0 million sustainability linked loan, Interest Rate Swaps in connection with the 73.45 million facility ( Cedar and Cypress ) and Interest Rate Swaps in connection with the $150 million facility ( FSO Africa and FSO Asia ). The increase relates to the higher fair market value of the Interest Rate Swaps in connection with an increasing interest rate environment. The other non-current receivables mainly relate to the issuance of a bank guarantee for the amount of $12.3 million through a cash deposit in the context of the enforcement proceedings lodged by Unicredit on January 15, 2021 (see Note 22). 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, 2022 December 31, 2021 Receivable: Within two years 1,591 2,294 Between two and three years 16,101 20,368 Between three and four years — 9,157 Between four and five years 3,663 — More than five years 13,470 23,820 Total non-current receivables 34,825 55,639 (in thousands of USD) December 31, 2022 December 31, 2021 Receivable from contracts with customers 106,972 55,704 Receivable from contracts with customers - TI Pool 193,945 139,672 Accrued income 11,421 8,480 Accrued interest 2,329 580 Deferred charges 20,388 22,083 Deferred fulfillment costs 1,587 1,156 Other receivables 12,578 7,977 Lease receivables 1,699 2,091 Derivatives 15,870 2 Total trade and other receivables 366,789 237,745 The increase in receivables from contracts with customers mainly relates to an increase in market freight rates at year-end as well as the full consolidation of TI Asia Ltd and TI Africa Ltd. The increase in receivables from contracts with customers - TI Pool relates to income to be received by the Group from the Tankers International Pool. These amounts increased in 2022 mainly due to increased market freight rates compared to December 31, 2021 and an increase in working capital per vessel. Fulfillment costs represent primarily bunker costs incurred between the date on which the contract of a spot voyage charter was concluded and the next load port. These expenses are deferred according to IFRS 15 Revenue from Contracts with Customers and are amortized on a systematic basis consistent with the pattern of transfer of service. The increase in other receivables is mainly due an increase in VAT recoverable. 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.). The increase in derivatives as of December 31, 2022 relates to the higher fair market value of the Interest Rate Swaps allocated to the short term portion (see Note 11) . For currency and credit risk, we refer to Note 20. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash and cash equivalents | Cash and cash equivalents (in thousands of USD) December 31, 2022 December 31, 2021 Bank deposits — — Cash at bank and in hand 179,929 152,528 TOTAL 179,929 152,528 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Equity | Equity Number of shares issued (in shares) December 31, 2022 December 31, 2021 December 31, 2020 On issue at January 1 220,024,713 220,024,713 220,024,713 On issue at December 31 - fully paid 220,024,713 220,024,713 220,024,713 As at December 31, 2022, the share capital is represented by 220,024,713 shares. The shares have no nominal value. As at December 31, 2022, the authorized share capital not issued amounts to $83,898,616 (2021 and 2020: $83,898,616) or the equivalent of 77,189,888 shares (2021 and 2020: 77,189,888 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 hedging instruments were as follows: 2022 (in thousands of USD) Notional Value Fair Value - Assets Fair Value - Liabilities Change recognized in OCI Interest rate swaps $173.6 million facility - Cap Quebec and Cap Pembroke 56,838 1,791 — 4,757 $173.6 million facility - Cap Corpus Christi and Cap Port Arthur 60,164 5,202 — 3,830 $713.0 million facility 223,667 17,819 — 12,859 $73.45 million facility 71,155 5,465 — 5,465 $150.0 million facility 106,310 2,249 — 2,249 Forward cap contracts Cap options — — — 466 Fx swaps Fx Euro hedge 18,398 1,032 — 1,032 The Group, through two of its JV companies in connection to the $220.0 million facility raised in March 2018, 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 were used to hedge the risk related to the fluctuation of the LIBOR rate and qualified 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. On June 28, 2022 these hedges have been unwound and have been recognized in profit or loss. 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. The notional value of these instruments at December 31, 2022 amounted to $56.8 million. The fair value of these instruments at December 31, 2022 amounted to $1.8 million (see Note 11) and $4.8 million has been recognized in OCI in 2022. 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. On October 3, 2022 these CAPs have been unwound and have been recognized in OCI. As part of the fuel hedging program, the Group entered during 2022 and 2021 into several commodity swaps and futures in connection with its low sulfur fuel oil project for a combined notional value of $157.8 million and $140.1 million, respectively. These swaps are 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 do not qualify as hedging instruments in a cash flow hedge relationship under IFRS9. The changes in fair value are directly recognized in profit or loss. The Group, through the long term charter parties with Valero for two Suezmaxes ( Cap Corpus Christi and Cap Port Arthur ), entered on October 26, 2020 in two IRSs for a combined notional value of $70.1 million with effective date in 2021. 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 September 28, 2025. The notional value of these instruments at December 31, 2022 amounted to $60.2 million. The fair value of these instruments at December 31, 2022 amounted to $5.2 million (see Note 11) and $3.8 million has been recognized in OCI in 2022. The Group entered in the second half of 2020 in six Interest Rate Swaps (IRSs) for a combined notional value of $237.2 million with effective date in 2021. These IRSs are used to hedge the risk related to the fluctuation of the LIBOR rate in connection with the new $713.0 million sustainability linked loan 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 mature on March 11, 2025. The notional value of these instruments at December 31, 2022 amounted to $223.7 million. The fair value of these instruments at December 31, 2022 amounted to $17.8 million (see Note 11) and $12.9 million has been recognized in OCI in 2022. The Group entered on January 26, 2022 into an interest rate swap agreement, in relation to the $73.45 million term loan which had been concluded for the acquisition of the Suezmaxes Cedar and Cypress for a notional value of $73.45 million. This IRS is used to hedge the risk related to the fluctuation of the LIBOR rate and qualifies as hedging instrument in a cash flow hedge relationship under IFRS 9. This instrument has been measured at fair value; effective changes in fair value have been recognized in OCI and the ineffective portion has been recognized in profit or loss. This IRS is matching the repayment profile of the underlying $73.45 million facility and matures on January 20, 2027. The notional value of these instruments at December 31, 2022 amounted to $71.15 million. The fair value of these instruments at December 31, 2022 amounted to $5.5 million (see Note 11) and $5.5 million has been recognized in OCI in 2022. The Group, in connection to the $150.0 million facility raised on June 21, 2022, entered into several Interest Rate Swaps (IRSs) for a combined notional value of $109.4 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 are matching the repayment profile of the facility and mature on March 29, 2030. The notional value of these instruments at December 31, 2022 amounted to $106.3 million. The fair value of these instruments at December 31, 2022 amounted to $2.2 million (see Note 11) and $2.2 million has been recognized in OCI in 2022. The Group entered on August 22, 2022 into four Fx Swaps to hedge 20% of the short position for 2023 at parity for a notional amount of 18 million Euro in total. These Fx Swaps are used to hedge the risk related to the fluctuation of EUR/USD 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. The notional value of these instruments at December 31, 2022 amounted to $18.4 million. The fair value of these instruments at December 31, 2022 amounted to $1.0 million (see Note 13) and $1.0 million has been recognized in OCI in 2022. Treasury shares As of December 31, 2022 Euronav owned 18,241,181 of its own shares, compared to 18,346,732 of shares owned on December 31, 2021. In the twelve months period ended December 31, 2022, Euronav transferred 105,551 shares to members of the Management Board in accordance with the Long Term Incentive Plan 2019. Distributions On May 19, 2022, the Annual Shareholders' meeting approved a full year dividend for 2021 of $0.09 per share and a distribution of $0.03 per share via the issue premium reserve. Taking into account the interim dividends paid based on the Group’s policy to target a return of 80% of the net income to shareholders, no closing dividend was paid for 2021. Following the decision of the shareholders meeting of November 2021 to make the issue premium reserve account available for distribution, the fixed distribution of $3 cents related to the fourth quarter of 2021, the first quarter of 2022, the second quarter of 2022 and for the third quarter of 2022 was paid via a repayment from that issue premium reserve. The distributions to shareholders in the amount of $0.06 which was related to the fourth quarter of 2021 and the first quarter of 2022 was payable as from June 8, 2022. The distribution to shareholders in the amount of $0.03 related to the second quarter of 2022 was payable as from September 9, 2022. The distribution to shareholders in the amount of $0.03 related to the third quarter of 2022 was payable as from November 29, 2022. The dividend to shareholders in the amount of $0.03 related to the fourth quarter of 2022 was payable as from March 2, 2023. The distribution to shareholders was paid in EUR at the USD/EUR exchange rate of the respective record date. On March 31, 2023, the Supervisory Board proposed the Annual Shareholders' meeting be held on May 17, 2023, to approve a full year dividend for 2022 of $1.10 per share to all shareholders. This pay out will be a combination of a dividend of $0.051 per share and a share premium of $1.049. This proposal adds up to the shareholders distribution already paid for the first quarter of 2022, the second quarter of 2022 and the third quarter of 2022 of $0.03 each for a total of $0.09 out of the available issue premium reserve account, next to the interim dividend paid for the fourth quarter of 2022 of $0.03. This proposal would bring the total return to shareholders to $1.22 for the full year 2022. The total amount of dividends paid in 2022 was $24.2 million ($24.2 million in 2021). Long term incentive plan 2015 The Group's Board of Directors (as of February 2020 Supervisory Board) 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 (RSUs), with cliff vesting on the third anniversary. In total 236,590 options and 65,433 RSUs were granted on February 12, 2015. Long term incentive plan 2016 The Group's Board of Directors (as of February 2020 Supervisory Board) implemented in 2016 an additional long term incentive plan for key management personnel. Under the terms of this LTIP, key management personnel are eligible to receive phantom stock unit grants. Each phantom stock unit grants the holder a conditional right to receive an amount of cash equal to the fair market value of one share of the company on the settlement date. The phantom stock units will mature one-third each year on the second, third and fourth anniversary of the award. In total a number of 54,616 phantom stocks were granted on February 2, 2016. Long term incentive plan 2017 The Group's Board of Directors (as of February 2020 Supervisory Board) 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. Long term incentive plan 2018 The Group's Board of Directors (as of February 2020 Supervisory Board) 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. Transaction Based Incentive Plan 2019 The Group’s Board of Directors (as of February 2020 Supervisory Board) has implemented in 2019 a transaction-based incentive plan for key management personnel. Under the terms of this TBIP, 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 (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. Long term incentive plan 2019 The Group’s Board of Directors (as of February 2020 Supervisory Board) implemented in 2019 an additional long term incentive plan (LTIP) for key management personnel. Under the terms of this LTIP, key management personnel will obtain 100% of their respective LTIP in the form of Euronav restricted stock units (RSUs). The RSUs vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2019) and will be settled in shares. In total 152,346 RSUs were granted on April 1, 2019. Long term incentive plan 2020 The Group’s Supervisory Board implemented in 2020 an additional long term incentive plan (LTIP) for key management personnel. Under the terms of this LTIP, key management personnel will obtain 100% of their respective LTIP in the form of Euronav restricted stock units (RSUs). The RSUs vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2020) and will be settled in shares. In total 144,392 RSUs were granted on April 1, 2020. Long term incentive plan 2021 The Group’s Supervisory Board implemented in 2021 an additional long term incentive plan (LTIP) for key management personnel. Under the terms of this LTIP, key management personnel will obtain 100% of their respective LTIP in the form of Euronav RSUs. The RSUs vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2021) and will be settled in shares. In total 193,387 RSUs were granted on April 1, 2021. Long term incentive plan 2022 |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 2020 Result for the period (in USD) 203,251,347 (338,777,184) 473,237,286 Weighted average number of ordinary shares 201,747,963 201,677,981 210,193,707 Basic earnings per share (in USD) 1.01 (1.68) 2.25 Weighted average number of ordinary shares (in shares) Shares issued Treasury shares Shares outstanding Weighted number of shares On issue at January 1, 2020 220,024,713 4,946,216 215,078,497 215,078,497 Issuance of shares — — — — Purchases of treasury shares — 13,400,516 (13,400,516) (4,884,790) Withdrawal of treasury shares — — — — Transfer of treasury shares — — — — On issue at December 31, 2020 220,024,713 18,346,732 201,677,981 210,193,707 On issue at January 1, 2021 220,024,713 18,346,732 201,677,981 201,677,981 Issuance of shares — — — — Purchases of treasury shares — — — — Withdrawal of treasury shares — — — — Transfer of treasury shares — — — — On issue at December 31, 2021 220,024,713 18,346,732 201,677,981 201,677,981 On issue at January 1, 2022 220,024,713 18,346,732 201,677,981 201,677,981 Issuance of shares — — — — Purchases of treasury shares — — — — Withdrawal of treasury shares — — — — Transfer of treasury shares — (105,551) 105,551 69,982 On issue at December 31, 2022 220,024,713 18,241,181 201,783,532 201,747,963 Diluted earnings per share For the twelve months ended December 31, 2022, the diluted earnings per share (in USD) amount to 1.01 (2021: (1.68) and 2020: 2.25). At December 31, 2021 and December 31, 2020, 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. At December 31, 2022, these 236,590 options were not outstanding anymore (see Note 24). At December 31, 2022, the 105,626 vested RSUs under the LTIP 2019, 76,166 vested RSUs under the LTIP 2020 and 64,462 vested RSUs under the LTIP 2021 have been considered as dilutive, as these are only subject to the passage of time and therefore no longer contingent. 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) 2022 2021 2020 Weighted average of ordinary shares outstanding (basic) 201,747,963 201,677,981 210,193,707 Effect of Share-based Payment arrangements 246,254 95,259 12,696 Weighted average number of ordinary shares (diluted) 201,994,217 201,773,240 210,206,403 There are no more remaining outstanding instruments at December 31, 2022, December 31, 2021 and December 31, 2020 which can give rise to dilution, except for the RSUs of the LTIP 2019, LTIP 2020 and LTIP 2021. |
Interest-bearing loans and borr
Interest-bearing loans and borrowings | 12 Months Ended |
Dec. 31, 2022 | |
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 631,044 — — — 631,044 Between 1 and 5 years 205,274 198,279 21,172 100,056 524,781 More than 1 year 836,318 198,279 21,172 100,056 1,155,825 Less than 1 year 20,542 — 45,749 51,297 117,588 At January 1, 2021 856,860 198,279 66,921 151,353 1,273,413 New loans 937,825 200,000 24,729 371,755 1,534,309 Scheduled repayments (27,232) — (52,550) (316,069) (395,851) Early repayments (567,000) (131,800) — — (698,800) Other changes 4,695 (2,559) — — 2,136 Translation differences — — (49) (2,978) (3,027) Balance at December 31, 2021 1,205,148 263,920 39,051 204,061 1,712,180 More than 5 years 102,419 — 74 — 102,493 Between 1 and 5 years 1,073,416 196,895 16,685 86,198 1,373,194 More than 1 year 1,175,835 196,895 16,759 86,198 1,475,687 Less than 1 year 29,313 67,025 22,292 117,863 236,493 Balance at December 31, 2021 1,205,148 263,920 39,051 204,061 1,712,180 Bank loans Other notes Lease liabilities Other borrowings Total More than 5 years 102,419 — 74 — 102,493 Between 1 and 5 years 1,073,416 196,895 16,685 86,198 1,373,194 More than 1 year 1,175,835 196,895 16,759 86,198 1,475,687 Less than 1 year 29,313 67,025 22,292 117,863 236,493 At January 1, 2022 1,205,148 263,920 39,051 204,061 1,712,180 New loans 1,038,450 — 14,060 231,845 1,284,355 Scheduled repayments (44,470) (67,200) (24,290) (293,171) (429,131) Early repayments (865,000) — — (865,000) Other changes (945) 836 — — (109) Translation differences — — (142) (5,873) (6,015) Balance at December 31, 2022 1,333,183 197,556 28,679 136,862 1,696,280 More than 5 years 221,304 — 41 — 221,345 Between 1 and 5 years 1,042,938 197,556 5,783 71,011 1,317,288 More than 1 year 1,264,242 197,556 5,824 71,011 1,538,633 Less than 1 year 68,941 — 22,855 65,851 157,647 Balance at December 31, 2022 1,333,183 197,556 28,679 136,862 1,696,280 The amounts shown under "New Loans" and "Early Repayments" related to bank loans include drawdowns and repayments under revolving credit facilities during the year. The amounts shown under "New Loans" related to lease liabilities is mainly attributable to the extension of the time charter agreement for the two Suezmaxes Marlin Sardinia and Marlin Somerset with an additional 12 months. In accordance with IFRS, the Group recognized a lease liability of $13.4 million. For more details, see Note 8. Bank Loans 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. As of December 31, 2021, the outstanding balance under this facility was $0.0 million. The credit has been repaid on June 30, 2022 and carried a rate of LIBOR plus a margin of 195 bps. 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, this facility was reduced by $56.9 million. Following the sale of the VLCC Newton in February 2021, the total revolving credit facility was reduced by $16.3 million. Following the sale of VLCC Sara , Sandra , Sonia in the second quarter of 2022 and Simone in the fourth quarter of 2022, the commitment was reduced by $68.6 million. As of December 31, 2021, the outstanding balance on this facility was $65.0 million. The credit has been repaid and cancelled on September 30, 2022 and the vessels remaining in the facility VLCC Iris , Ingrid and Ilma were refinanced with the new $377.0 million facility. 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 . 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 (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 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 24th 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, 2022 and December 31, 2021, the outstanding balance on this facility was $117.0 million and $130.3 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. 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 nine 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, 2022 and December 31, 2021, the outstanding balance on this facility was $90.0 million and $55.0 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 IMO legislation starting in January 1, 2020, was due to mature on December 31, 2021 and carried a rate of LIBOR plus a margin of 2.10%. On June 30, 2021, the Group terminated the facility. As of December 31, 2020, the outstanding balance on this facility was $0.0 million and was not used any longer during the first half year of 2021. 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. This revolving credit facility is reduced in 12 installments of consecutive six-month interval and a final repayment of $407.0 million is due at maturity in 2026. 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, 2022 and December 31, 2021, the outstanding balance on this facility was $470.0 million and $370.0 million, respectively. On September 11, 2020, the Group entered into a $713.0 million sustainability-linked loan with specific targets to emission reduction. This facility is secured by 16 of our wholly-owned vessels, 13 VLCCs and three Suezmaxes. The credit facility will mature on March 31, 2026 and carries a rate of LIBOR plus a margin of 2.35% with margin adjustment of plus or minus 0.05%. The facility consist of (i) a revolver of $469.0 million to refinance the $340.0 million senior secured credit facility and part of the $750.0 million senior secured credit facility and (ii) a term loan of $244.0 million to finance the acquisition of four newbuilding VLCCs which were delivered in the first quarter of 2021. The revolver commitment includes terms with specific targets to reduce our GHG emissions with compliance being rewarded with a reduced interest coupon by five basis points. As of December 31, 2022 and December 31, 2021, the outstanding balance on this facility was $350.8 million and $524.1 million, respectively. On April 7, 2021, the Group entered into an €80 million ($100 million) unsecured revolving credit facility. This new facility has been concluded with a range of commercial banks and the support of Gigarant, with sustainability and emission reductions as a component of the margin pricing. A range of measurable sustainability features such as year-on-year reduction in carbon emissions starting from 2021 will be supported by compliance with the Poseidon principles. The facility will have a duration of minimum three years, with two one-year extension options. As of December 31, 2022 and December 31, 2021, the outstanding balance on this facility was $0.0 million and $0.0 million, respectively. On December 2, 2021, the Group entered into a secured $73.45 million sustainability-linked loan at LIBOR to finance two newbuilding Suezmaxes which have been delivered in the first quarter of 2022. The loan has been concluded with DNB and includes terms with clear targets to reduce our GHG emissions on the basis of the Poseidon Principles with compliance being rewarded with a reduced interest coupon of five basis points. The conclusion of this funding brings facilities with an integrated sustainability component to 41% of Euronav’s commercial bank financing. The facility will have a duration of six years. As of December 31, 2022 and December 31, 2021, the outstanding balance on this facility was $71.2 million and $0.0 million, respectively. On June 21, 2022, the Group entered into a $150 million senior secured amortizing term loan facility to finance the acquisition of the 50% ownership in the FSO joint ventures. The new facility has been concluded with ING and ABN Amro who were also the supporting banks in the existing facility. At the same time the existing facilities for the FSO JV companies which were maturing in July 2022 and September 2022 have also been repaid (see Note 26). The new facility carries a rate of daily compounded SOFR plus a margin of 2.15% with margin adjustment of plus or minus 10 bps. The new facility is linked to the sustainability performance of the Company. The commercial terms include a reduction of the interest rate when the Company achieves its targets in relation to two sustainability KPI's. The facility has a duration of 7.75 years with maturity on March 30, 2030. As of December 31, 2022, the outstanding balance on this facility was $141.7 million. On December 6, 2022, the Group entered into a $377.0 million senior secured amortizing facility comprising a revolving credit facility of up to $307.0 million and a newbuild term loan facility of up to $70.0 million and an upsize term loan facility of, initially, $0 which may be increased to up to $70 million and has been concluded with a syndicate of banks and Nordea Bank Norge SA acting as Agent and Security Trustee. The facility was concluded to refinance the $750.0 million senior secured amortizing revolving credit facility dated August 19, 2015 and the $409.5 million senior secured amortizing revolving credit facility dated December 16, 2016. Additionally the facility was used to finance the purchase of two second hand eco scrubber fitted VLCC’s in purchases in the second quarter of 2023 and to finance one newbuilding VLCC with the option of a second one. The new facility will mature on January 10, 2028 and is based on Term SOFR plus a margin of 1.90% with a margin adjustment possibility of 0.10% based on 3 sustainability KPI’s. As of December 31, 2022, the outstanding balance on this facility was $40.0 million. The credit facility is currently secured by 8 of our wholly-owned vessels. Undrawn borrowing facilities At December 31, 2022, Euronav and its fully-owned subsidiaries have undrawn credit line facilities amounting to $671.3 million (2021: $595.3 million), of which $152.2 million will mature within 12 months. Terms and debt repayment schedule The terms and conditions of outstanding loans were as follows: (in thousands of USD) December 31, 2022 December 31, 2021 Curr Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value Secured vessels Revolving loan 750M* USD LIBOR + 1.95% 2022 — — — 8,474 — (231) Secured vessels Revolving loan 409.5M* USD LIBOR + 2.25% 2023 — — — 125,880 65,000 64,544 Secured vessels loan 27.1M USD LIBOR + 1.95% 2029 24,650 24,650 24,650 25,102 25,102 25,102 Secured vessels loan 81.4M USD LIBOR + 1.50% 2029 44,098 44,098 42,960 50,883 50,883 49,454 Secured vessels loan 69.4M USD LIBOR + 2.0% 2030 49,751 49,751 49,751 54,379 54,379 54,379 Secured vessels loan 104.2M USD LIBOR + 2.0% 2030 67,251 67,251 66,562 75,928 75,928 75,071 Secured vessels Revolving loan 200.0M* USD LIBOR + 2.0% 2025 97,376 90,000 89,554 123,032 55,000 54,245 Secured vessels Revolving loan 700.0M* USD LIBOR + 1.95% 2026 553,480 470,000 466,211 602,320 370,000 364,987 Secured vessels Revolving loan 713.0M* USD LIBOR + 2.30% 2026 582,876 350,756 346,866 649,695 524,135 518,568 Secured vessels loan 73.45M USD LIBOR + 1.80% 2028 71,155 71,155 70,730 — — (508) Unsecured Revolving loan 80M EUR LIBOR + 1.50% 2026 100,000 — (265) 100,000 — (463) Secured FSO loan 150M USD SOFR + 2.15% 2030 141,747 141,747 140,227 — — — Secured vessels Revolving loan 377.0M* USD SOFR + 1.90% 2028 288,276 40,000 35,938 — — — Total interest-bearing bank loans 2,020,659 1,349,408 1,333,183 1,815,693 1,220,428 1,205,148 * The total amount available under the revolving loan Facilities depends on the total value of the fleet of tankers securing the facility. 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. For further information, we refer to Note 20. Other notes (in thousands of USD) December 31, 2022 December 31, 2021 Curr Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value Unsecured notes USD 7.50% 2022 — — — 67,200 67,200 67,025 Unsecured notes USD 6.25% 2026 200,000 200,000 197,556 200,000 200,000 196,895 Total other notes 200,000 200,000 197,556 267,200 267,200 263,920 On September 2, 2021, the Group announced a successful placement of a new $200 million senior unsecured bonds. The bonds mature in September 2026 and carry a coupon of 6.25%. An application has been made for the bonds to be listed on Oslo Stock Exchange. The related transaction costs of $3.3 million are amortized over the lifetime of the instrument using the effective interest rate method. The net proceeds from the bond issue will be used for general corporate purposes and/or refinancing of the old $200 million bond (ISIN: NO0010793888). As part of this transaction Euronav bought back $132 million of the $200 million senior bonds issued in 2017 in the course of 2021. DNB Markets, Nordea, SEB and Arctic Securities AS acted as joint bookrunners in connection with the placement of the bond issue. In line with the successful placement of the new $200 million senior unsecured bond, the old bond has been fully repaid during the second quarter of 2022. On March 18, 2022, the Financial Supervisory Authority of Norway approved the listing on the Oslo Stock Exchange of Euronav Luxembourg S.A.’s $200 million senior unsecured bonds due September 2026. Other borrowings On June 6, 2017, the Group signed an agreement with BNP Paribas Fortis SA/NV to act as dealer for a Treasury Notes Program with a maximum outstanding amount of €50 million. 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 to €150 million. As of December 31, 2022, the outstanding amount was $50.7 million or €47.5 million (December 31, 2021: $104.0 million or €91.8 million). 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, 2022, the fair value of these forward contracts amounted to $0.3 million (December 31, 2021: $(2.9) 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. As of December 31, 2022, the outstanding amount was $86.2 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. As explained in Note 1.5.B., the Group changed its estimation and concluded that during its annual re-assessment that it is reasonably certain to exercise the re-purchase options. Hence, the financial liability was remeasured. The future lease payments for these leaseback agreements are as follows: (in thousands of USD) December 31, 2022 December 31, 2021 Less than one year 22,667 22,667 Between one and five years 11,212 33,878 Total future lease payables 33,878 56,545 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 2022, the Group recognized $5.8 million of amortization of financing costs. The Group recognized $1.7 million of directly attributable transaction costs as a deduction from the fair value of the $150.0 million secured amortizing term loan facility entered into June 21, 2022 and $4.1 million of directly attributable transaction costs as a deduction from the fair value of the $377.0 million secured amortizing facility comprising a revolving credit facility of up to $307.0 million and a newbuild term loan facility of up to $70.0 million and an upsize term loan facility of, initially, $0 which may be increased to up to $70 million entered into December 6, 2022. Interest expense on financial liabilities measured at amortized cost increased during the year ended December 31, 2022, compared to 2021 (2022: $(-85.4) million, 2021: $(-58.0) million). Other financial charges decreased in 2022 compared to 2021 (2022: $(-4.8) million, 2021: $(-14.3) million) which was mainly due to the correction above pari in relation with the bond renewal completed in 2021 as well as a decrease in commitment fees incurred during 2022 compared to 2021. Interest on lease liabilities (2022: $(-1.2) million, 2021: $(-2.4) million) were recognized due to the adoption of IFRS 16 on January 1, 2019 (see Note 1.20). Reconciliation of movements of liabilities to cash flows arising from financing activities Liabilities Equity Loans and borrowings Other Notes Other borrowings Lease liabilities Share capital / premium Reserves Treasury shares Retained earnings Total Balance at January 1, 2021 856,860 198,279 151,353 66,921 1,941,697 (6,521) (164,104) 540,714 3,585,199 Changes from financing cash flows Proceeds from loans and borrowings (Note 17) 937,825 200,000 — — — — — — 1,137,825 Proceeds from issue of other borrowings (Note 17) — — 371,755 — — — — — 371,755 Repayment of sale and leaseback agreement (Note 17) — — (22,667) — — — — — (22,667) Transaction costs related to loans and borrowings (Note 17) (1,122) (3,300) — — — — — — (4,422) Repayment of borrowings (Note 17) (594,232) (131,800) — — — — — — (726,032) Repayment of commercial paper (Note 17) — — (303,426) — — — — — (303,426) Repayment of lease liabilities (Note 17) — — — (54,928) — — — — (54,928) Dividend paid — — — — — — — (24,212) (24,212) Total changes from financing cash flows 342,471 64,900 45,662 (54,928) — — — (24,212) 373,893 Other changes Liability-related Amortization of transaction costs (Note 17) 5,817 887 — — — — — — 6,704 Amortization of above par issuance (Note 17) — (174) — — — — — — (174) Amortization of below par issuance (Note 17) — 28 — — — — — — 28 New leases (Note 17) — — — 24,729 — — — — 24,729 Interest expense (Note 6) — — 10,024 2,378 — — — — 12,402 Translation differences (Note 17) — — (2,978) (49) — — — — (3,027) Total liability-related other changes 5,817 741 7,046 27,058 — — — — 40,662 Total equity-related other changes (Note 15) — — — — — 9,370 — (336,362) (326,992) Balance at December 31, 2021 1,205,148 263,920 204,061 39,051 1,941,697 2,849 (164,104) 180,140 3,672,762 Liabilities Equity Loans and borrowings Other Notes Other borrowings Lease liabilities Share capital / premium Reserves Treasury shares Retained earnings Total Balance at January 1, 2022 1,205,148 263,920 204,061 39,051 1,941,697 2,849 (164,104) 180,140 3,672,762 Changes from financing cash flows Proceeds from loans and borrowings (Note 17) 1,038,450 — — — — — — — 1,038,450 Proceeds from issue of other borrowings (Note 17) — — 231,845 — — — — — 231,845 Proceeds from transfer of treasury shares (Note 15) — — — — — — 1,080 — 1,080 Repayment of sale and leaseback liability (Note 17) — — (22,667) — — — — — (22,667) Transaction costs related to loans and borrowings (Note 17) (5,871) — — — — — — — (5,871) Repayment of borrowings (Note 17) (909,470) (67,200) — — — — — — (976,670) Repayment of commercial paper (Note 17) — — (279,314) — — — — — (279,314) Repayment of lease liabilities (Note 17) — — — (25,527) — — — — (25,527) Dividend paid — — — — (24,221) — — (24,221) Total changes from financing cash flows 123,109 (67,200) (70,136) (25,527) (24,221) — 1,080 — (62,895) Other changes Liability-related Amortization of transaction costs (Note 17) 4,926 865 — — — — — — 5,791 Amortization of above par issuance (Note 17) — (57) — — — — — — (57) Amortization of below par issuance (Note 17) — 28 — — — — — — 28 New leases (Note 17) — — — 14,060 — — — — 14,060 Interest expense (Note 6) — — 8,809 1,237 — — — — 10,046 Translation differences (Note 17) — — (5,873) (142) — — — — (6,015) Total liability-related other changes 4,926 836 2,936 15,155 — — — — 23,853 Total equity-related other changes (Note 15) — — — — — 30,180 — 205,836 236,016 Balance at December 31, 2022 1,333,183 197,556 136,861 28,679 1,917,476 33,029 (163,024) 385,976 3,869,736 |
Employee benefits
Employee benefits | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefits [Abstract] | |
Employee benefits | Employee benefits The amounts recognized in the balance sheet are as follows: (in thousands of USD) December 31, 2022 December 31, 2021 December 31, 2020 NET LIABILITY AT BEGINNING OF PERIOD (6,839) (7,987) (8,094) Recognized in profit or loss 2,594 (621) 653 Recognized in other comprehensive income 942 1,453 (97) Foreign currency translation differences 184 316 (449) Reclassification equity-settled LTIPs 1,484 — — NET LIABILITY AT END OF PERIOD (1,635) (6,839) (7,987) Present value of funded obligation (4,595) (4,865) (5,074) Fair value of plan assets 4,434 4,224 3,940 (161) (641) (1,134) Present value of unfunded obligations (1,474) (6,198) (6,853) NET LIABILITY (1,635) (6,839) (7,987) Amounts in the balance sheet: Liabilities (1,635) (6,839) (7,987) Assets — — — NET LIABILITY (1,635) (6,839) (7,987) 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 at December 31, 2021 and December 31, 2020 also include provisions in respect of LTIP 2017, LTIP 2018, TBIP 2019, LTIP 2019 and LTIP 2020 (see Note 24). At December 31, 2022, the unfunded obligations related to LTIP 2020 and LTIP 2021 were reclassified to equity because these obligations are equity-settled incentive plans (see Note 24). The Group expects to contribute the following amount to its defined benefit pension plans in 2023: $50,186. 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 2023: $348,383. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other payables | Trade and other payables (in thousands of USD) December 31, 2022 December 31, 2021 Advances received on contracts in progress, between 1 and 5 years — 503 Derivatives 404 2,987 Total non-current other payables 404 3,490 Trade payables 24,696 26,012 Accrued expenses 35,212 38,020 Accrued payroll 2,121 2,160 Dividends payable 547 555 Accrued interest 8,910 6,570 Deferred income 17,542 7,545 Other payables 1,441 3,050 Total current trade and other payables 90,469 83,912 The decrease in advances received on contracts in progress relates to the lease contract of office space of Euronav UK which expires within 1 year. The non-current derivatives relate to the interest rate swap derivatives used to hedge the risk related to the fluctuation of the LIBOR rate ( see Note 15) . The decrease is due to a positive mark-to-market on these IRSs at December 31, 2022. The increase in accrued interest is related to a higher market interest rate at December 31, 2022 compared to 2021. The increase in deferred income is due to more deferred freight spot voyage revenue and a higher amount of deferred income from vessels on time charter due to improved freight rates as of December 31, 2022 compared to December 31, 2021. |
Financial instruments - Fair va
Financial instruments - Fair values and risk management | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about 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 (in thousands of USD) Fair value - Hedging instruments Financial assets at amortized cost Other financial liabilities Total Level 1 Level 2 Level 3 Total December 31, 2021 Financial assets measured at fair value Interest rate swaps (Note 11) 6,392 — — 6,392 — 6,392 — 6,392 Cap contracts (Note 13) 2 — — 2 — 2 — 2 6,394 — — 6,394 Financial assets not measured at fair value Non-current receivables (Note 11) — 44,669 — 44,669 — — 42,150 42,150 Lease receivables (Note 11) — 4,578 — 4,578 — 3,816 — 3,816 Trade and other receivables * (Note 13) — 213,641 — 213,641 — — — — Cash and cash equivalents (Note 14) — 152,528 — 152,528 — — — — — 415,416 — 415,416 Financial liabilities measured at fair value Forward exchange contracts (Note 17) 2,927 — 0 — 2,927 — 2,927 — 2,927 Interest rate swaps (Note 19) 2,987 — — 2,987 — 2,987 — 2,987 5,914 — — 5,914 Financial liabilities not measured at fair value Secured bank loans (Note 17) — — 1,205,148 1,205,148 — 1,234,739 — 1,234,739 Unsecured other notes (Note 17) — — 263,920 263,920 68,722 194,586 — 263,308 Other borrowings (Note 17) — — 204,061 204,061 — 204,061 — 204,061 Lease liabilities (Note 17) — — 39,051 39,051 — 36,913 — 36,913 Trade and other payables * (Note 19) — — 76,319 76,319 — — — — Advances received on contracts (Note 19) — — 503 503 — — — — — 1,789,002 1,789,002 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, 2022 Financial assets measured at fair value Forward exchange contracts (Note 11 and 17) 1,309 — — 1,309 — 1,309 — 1,309 Interest rate swaps (Note 11 and 17) 32,652 — — 32,652 — 32,652 — 32,652 33,961 — — 33,961 Financial assets not measured at fair value Non-current receivables (Note 11) — 13,880 — 13,880 — — 13,789 13,789 Lease receivables (Note 11) — 2,854 — 2,854 — 2,268 — 2,268 Trade and other receivables * (Note 13) — 325,592 — 325,592 — — — — Cash and cash equivalents (Note 14) — 179,929 — 179,929 — — — — — 522,255 — 522,255 Financial liabilities measured at fair value Forward exchange contracts (Note 17) — — — — — — — — Interest rate swaps (Note 19) 404 — — 404 — 404 — 404 404 — — 404 Financial liabilities not measured at fair value Secured bank loans (Note 17) — — 1,333,184 1,333,184 — 1,356,270 — 1,356,270 Unsecured other notes (Note 17) — — 197,556 197,556 194,480 — — 194,480 Other borrowings (Note 17) — — 136,862 136,862 — 136,862 — 136,862 Lease liabilities (Note 17) — — 28,679 28,679 — 26,778 — 26,778 Trade and other payables * (Note 19) — — 72,878 72,878 — — — — Advances received on contracts (Note 19) — — — — — — — — — — 1,769,159 1,769,159 * Deferred charges, deferred fulfillment costs and VAT receivables (included in other receivables) (see Note 13), deferred income and VAT payables (included in other payables) (see Note 19), 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 2026, and the trading price on December 31, 2022. 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 are determined based on the net present value of the expected cash flows using LIBOR rate curves, futures and basis spreads. Not applicable Commodity derivatives Fair value is determined based on the present value of the quoted forward price. Not applicable Financial instruments not measured at fair value Type Valuation Techniques Significant unobservable inputs Non-current receivables (consisting primarily of shareholders' loans) Discounted cash flow Discount rate and forecasted cash flows Lease receivables Discounted cash flow Discount rate Other financial liabilities (consisting of secured and unsecured bank loans and other notes 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 2021 and 2022. 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, currency risk and commodity risk) The Company's Supervisory Board has overall responsibility for the establishment and oversight of the Group's risk management framework. The Supervisory Board 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 Supervisory Board 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. Based on past experience, and considering any forward-looking factors, there was only a small impact on doubtful amounts at year-end. Based on individual analyses, provisions for doubtful debtors were in line with 2021. In particular, the client representing 8% of the Tankers segment's total revenue in 2022 (see Note 2) only represented 1.17% of the total trade and other receivables at December 31, 2022 (2021: two clients representing 1.21% and 0.02%). 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) 2022 2021 Not past due 320,823 205,737 Past due 0-30 days 16,560 12,980 Past due 31-365 days 26,820 16,518 More than one year 2,585 2,510 Total trade and other receivables 366,789 237,745 Past due amounts are not credit impaired as collection is considered to be likely and management is confident the outstanding amounts can be recovered. As at December 31, 2022 52.88% (2021: 58.75%) of the total current trade and other receivables relate to TI Pool. TI Pool is paid after completion of the voyages and 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 as at December 31, 2022 mainly consist of derivatives which relate to the fair market value of Interest Rate Swaps (see Note 11). Non-current receivables as at December 31, 2021 mainly related to shareholder's loans to joint ventures (see Note 11). These receivables were not credit impaired as there was no credit risk exposure for the Group. Cash and cash equivalents The Group held cash and cash equivalents of $179.9 million at December 31, 2022 (2021: $152.5 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 14) and spread over different banks. 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 30, 2019, the Group issued a guarantee to the buyer of the three VLCCs in relation to the sale and leaseback transaction (see Note 17) whereby the VLCCs were leased back in a subsidiary under a 54-months bareboat contract. At December 31, 2022, the guarantees towards TI Africa and TI Asia (for the full 100% due to the acquisition of the remaining 50%) were still outstanding but have not been called upon. 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, 2021 (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 17) 1,469,068 1,667,567 145,175 1,413,221 109,172 Other borrowings (Note 17) 204,061 223,550 126,672 96,878 — Lease liabilities (Note 17) 39,051 41,125 23,464 17,585 77 Current trade and other payables * (Note 19) 76,319 76,319 76,319 — — 1,788,499 2,008,562 371,629 1,527,684 109,249 Derivative financial liabilities Interest rate swaps (Note 19) 2,987 6,505 2,397 4,108 — 2,987 6,505 2,397 4,108 — Contractual cash flows December 31, 2022 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 17) 1,530,739 1,819,230 278,311 1,349,384 191,534 Other borrowings (Note 17) 136,862 154,292 73,330 80,962 — Lease liabilities (Note 17) 28,679 29,745 23,624 6,080 41 Current trade and other payables * (Note 19) 72,878 72,878 72,878 — — 1,769,158 2,076,144 448,144 1,436,426 191,575 Derivative financial liabilities Interest rate swaps (Note 19) 404 9 (1,359) 1,152 216 404 9 (1,359) 1,152 216 * Deferred income and VAT payables (included in other payables) (see Note 19), 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 Managing interest rate benchmark reform and associated risks Overview A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank offered rates (IBORs) with alternative nearly risk-free rates (RFR) (referred to as ‘IBOR reform’). The Group has exposures to IBORs on its financial instruments that will be replaced or reformed as part of these market-wide initiatives. As at December 31, 2022 new financial instruments concluded during 2022 have an alternative reference rate for US dollar LIBOR which is the Secured Overnight Financing Rate (SOFR). In 2022, the Group did not undertake amendments to its existing financial instruments as at December 31, 2021 with contractual terms indexed to IBORs. As announced by the Financial Conduct Authority (FCA) in early 2022, the panel bank submissions for US dollar LIBOR will cease in mid-2023. The Group anticipates that IBOR reform will impact its risk management and hedge accounting. The Audit and Risk Committee monitors the Group’s transition to alternative rates. Derivatives The Group holds interest rate swaps for risk management purposes which are designated in cash flow hedging relationships. The interest rate swaps have floating legs that are indexed to USD LIBOR. New interest rate swaps concluded in 2022 have floating legs that are indexed to SOFR. The Group's derivative instruments are governed by contracts based on the International Swaps and Derivatives Association (ISDA)'s master agreements. Hedge Accounting As from 2022 onwards new transactions were based on the RFR approach. The Group evaluated the extent to which its legacy cash flow hedging relationships are subject to uncertainty driven by the IBOR reform as at December 31, 2022. The Group’s hedged items and hedging instruments continue to be indexed to USD LIBOR. These benchmark rates are quoted each day and the IBOR cash flows are exchanged with counterparties as usual still until June 2023 latest. The Group applies the amendments to IFRS 9 issued in September 2019 to those hedging relationships directly affected by the IBOR reform. Hedging relationships impacted by the IBOR reform may experience ineffectiveness attributable to market participants’ expectations of when the shift from the existing IBOR benchmark rate to an alternative benchmark interest rate will occur. This transition may occur at different times for the hedged item and hedging instrument, which may lead to hedge ineffectiveness. The Group has measured its hedging instruments indexed to USD LIBOR using available quoted market rates for LIBOR-based instruments of the same tenor and similar maturity and has measured the cumulative change in the present value of hedged cash flows attributable to changes in USD LIBOR on a similar basis. However as time is passing, the Company believes that for its LIBOR portfolio principle of economic equivalence between RFR and LIBOR items, a Credit Adjustment Spread (CAS) will be required to compensate for the economic difference between RFR and LIBOR. Moreover the selection of the CAS follows ISDA guidance. The Group's exposure to USD LIBOR designated in hedging relationships is $411.8 million nominal amount at December 31, 2022 (see Note 15), representing the nominal amount of the interest rate swaps maturing in 2025 and 2027. Total amounts of unreformed contracts, including those with an appropriate fallback clause The Group monitors the progress of transition from IBORs to new benchmark rates by reviewing the total amounts of contracts that have yet to transition to an alternative benchmark rate and the amounts of such contracts that include an appropriate fallback clause. The Group considers that a contract is not yet transitioned to an alternative benchmark rate when interest under the contract is indexed to a benchmark rate that is still subject to the IBOR reform, even if it includes a fallback clause that deals with the cessation of the existing IBOR (referred to as an 'unreformed contract'). As at December 31, 2022, all existing financial instruments as from January 1, 2022 were still indexed to USD LIBOR. Tanker market risk The spot tanker freight market is a highly volatile global market and the Group cannot predict what the market will be without 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 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) 2022 2021 2020 Profit or loss Profit or loss Profit or loss $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 Increase Decrease Increase Decrease Increase Decrease 21,348 (21,348) 21,270 (21,270) 19,638 (19,638) Interest rate risk Euronav interest rate management general policy is to borrow at floating interest rates based on LIBOR/SOFR 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 Supervisory Board 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, 2022 and December 31, 2021, the Group had such instruments in place and approximately 46% of the floating interest rates have been hedged. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dates and maturities and the notional or par amounts. If a hedging relationship is directly affected by uncertainty arising from the IBOR reform, then the Group assumes for this purpose that the benchmark interest rate is not altered as a result of interest rate benchmark reform. Hedging relationships that are impacted by the IBOR reform may experience ineffectiveness because of timing mismatch between the hedged item and the hedging instrument regarding the IBOR transition. For further details, see 'Managing interest rate benchmark reform and associated risks' above. At the reporting date the interest rate profile of the Group's interest-bearing financial instruments was: (in thousands of USD) 2022 2021 FIXED RATE INSTRUMENTS Financial assets 850 20,228 Financial liabilities 312,434 403,026 313,284 423,255 VARIABLE RATE INSTRUMENTS Financial liabilities 1,383,847 1,309,154 1,383,847 1,309,154 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, 2020 Variable rate instruments (3,819) 2,484 — — Interest rate swaps — — 5,542 (5,343) Cash Flow Sensitivity (Net) (3,819) 2,484 5,542 (5,343) December 31, 2021 Variable rate instruments (6,606) 2,133 — — Interest rate swaps — — 4,594 (4,222) Cash Flow Sensitivity (Net) (6,606) 2,133 4,594 (4,222) December 31, 2022 Variable rate instruments (7,784) 6,466 — — Interest rate swaps — — 4,710 (6,839) Cash Flow Sensitivity (Net) (7,784) 6,466 4,710 (6,839) 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 2022 about 15.4% (2021: 13.9% and 2020: 14.4% ) 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 17). (in thousands of USD) December 31, 2022 December 31, 2021 December 31, 2020 EUR USD EUR USD EUR USD Trade payables (6,653) (18,043) (5,680) (20,332) (5,662) (21,564) Operating expenses (103,339) (568,357) (101,039) (625,627) (97,082) (611,777) Treasury Notes (50,664) — (104,006) — (38,654) — 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) 2022 2021 2020 Equity 648 683 735 Profit or loss (10,994) (9,573) (10,412) 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, 2022, 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 (41,048) (38,879) (167,966) Average fixed interest rate 1.42 % 1.41 % 1.40 % At December 31, 2021, 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 (15,704) (15,982) (93,737) Average fixed interest rate 0.80 % 0.80 % 0.78 % At December 31, 2021, the Group had 2 interest cap options with a notional amount of $200.0 million starting on October 1, 2020. These CAPs matured at October 3, 2022. The Group entered on August 22, 2022 into four Fx Swaps to hedge 20% of the short position for 2023 at parity for a notional amount of 18 million Euro in total. These Fx Swaps are used to hedge the risk related to the fluctuation of EUR/USD. The amounts at the reporting date relating to items designated as hedged items were as follows: December 31, 2022 December 31, 2021 (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 (29,159) 32,021 (9,247) 2,862 Cap option (466) — (605) (466) Fx rate risk Fx swaps (1,032) 1,032 — — The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows: 2022 During the period 2022 (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 518,133 32,929 404 Non-current receivables, Trade and other current receivables, Non-current other payables 29,159 (507) Finance expenses Cap options — — — — 466 — Finance expenses Fx rate risk Fx swaps 18,398 1,032 — Trade and other current receivables 1,032 — Finance expenses 2021 During the period 2021 (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 367,530 6,392 2,987 Non-current receivables, Trade and other current receivables, Trade and other current payables 9,247 (78) Finance expenses Cap options 200,000 2 — Trade and other receivables 605 — Finance expenses During 2022 and 2021, no amounts were reclassified from hedging reserve to profit or loss. The following table provides a reconciliation by risk category of components of equity and analysis of OCI items, net of tax, resulting from cash flow hedge accounting: (in thousands of USD) Hedging reserve Balance at January 1, 2022 2,396 Cash flow hedges Change in fair value interest rate risk 29,625 Change in fair value fx risk 1,032 Balance at December 31, 2022 33,053 Balance at January 1, 2021 (7,456) Cash flow hedges Change in fair value interest rate risk 9,852 Balance at December 31, 2021 2,396 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 seeking to optimize 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% In connection to the senior secured FSO loan of $150 million, the facility contains a specific covenant whereby each borrower need to ensure that its financial position shall at all times during the Security Period be such that the Debt Service Cover Ratio in respect of it shall be equal or higher than 1.1x. 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. All existing financing arrangements, including the bonds, contain a change of control clause (COC), which is triggered if a shareholder would acquire 50%+1 of the shares or voting rights in Euronav. In certain existing financing arrangements (e.g., the $713,000,000 facility agreement or the €80,000,000 facility agreement) the threshold would be 30%+1 of the shares or voting rights in Euronav. Under the existing facility agreements, the occurrence of a CoC would, trigger a mandatory prepayment and cancellation event. Except for the €80,000,000 facility agreement, the existing facility agreements do not contain the option or right of lenders not to ask for prepayment. Under the bonds, the occurrence of a CoC would trigger a put option event, allowing each bondholder to require that Euronav Luxembourg SA (Euronav Luxembourg) purchases all or some of the bonds held by that bondholder at a price equal to 101 per cent of the nominal amount (i.e., at a premium of 1%). Under most of the existing financing arrangements, including the bonds, Euronav undertook not to consolidate, amalgamate or merge with any other entity which may, in the reasonable opinion of the majority lenders, have a material adverse effect under the respective arrangement. The conclusion on whether the contemplated merger would have a material adverse effect, ultimately depends on the factual interpretation of the transaction by the majority lenders. The $173,550,300 facility agreement does not contain a material adverse effect qualifier, prohibiting any merger, irrespective of its (material adverse) effects. A breach of the "no merger undertaking" would trigger an event of default under the existing financing arrangements. Under the facility agreements, Euronav could, in theory, request a waiver of the "no merger undertaking" together with a suspension of other relevant undertakings (e.g., "maintenance of status"), in order to execute the contemplated merger. The consent of all lenders would be required for the waiver to be effective, with the exemption of the €80,000,000 facility agreement, for which a consent from the majority lenders would suffice. 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; 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 o |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Leases [Abstract] | |
Leases | Leases Leases as lessee For the four bareboat 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 was depreciated over the remaining lease term till December 15, 2021. Under these leaseback agreements there was a seller's credit of $4.5 million of the sale price that became 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 became 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). As the first vessel ( Nautilus ) was redelivered on December 15, 2021, $4.5 million was recognized in the fourth quarter of 2021 in profit or loss, whereas the remaining $13.5 million for the other three vessels were recognized in the first quarter of 2022 at the moment of redelivery. 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 a vessel was 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). This residual guarantee and profit split were not applicable at the moment of redelivery of the vessels. On October 27, 2020 and November 6, 2020, the Company entered into a time charter agreement for two Suezmaxes. The two Suezmaxes are the Marlin Sardinia (2019 - 156,607) and the Marlin Somerset (2019 - 156,620). The time charter contracts have a duration of 24-months with an option for an additional 12 months, which should be declared no later than 20 months after delivery, at a rate of $25,000 per day per vessel for the firm 24-months period and $26,500 per day per vessel for the optional 12-months period. Owners have a right to sell the vessel during the firm and optional period of the charter and transfer the remaining charter to the new owners by way of novation agreement. In accordance with IFRS, the Group recognized a right-of-use asset and lease liability. On June 24, 2022, Euronav has declared the options to extend the time charter agreement for the two Suezmaxes with an additional 12 months. This resulted in the recognition of an additional right-of-use asset and lease liability (see Note 8 and 17). On February 23, 2021, the Company entered into a sale and leaseback agreement for the VLCC Newton (2009 – 307,284) with Taiping & Sinopec Financial Leasing Ltd Co. The vessel was sold for a net sale price of $35.4 million. The Company has leased back the vessel under a 36-months bareboat contract at an average rate of $22,500 per day. At the end of the bareboat contract, the vessel will be redelivered to its owners. In accordance with IFRS, the Group recognized a right-of-use asset and lease liability (see Note 8 and Note 17). The future lease payments for these leaseback agreements are as follows: (in thousands of USD) December 31, 2022 December 31, 2021 Less than 1 year 25,955 24,828 Between 1 and 5 years 1,170 8,708 Total future lease payments 27,125 33,535 For the office leases in Belgium, France, Greece, Hong Kong, Singapore, UK and US, which have an average lease term till April 2025, 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. Information about leases for which the Group is a lessee is presented below. Right-of-use assets (in thousands of USD) Bareboats Time charters Office rental Company cars Total Balance at January 1, 2021 27,047 22,795 2,438 675 52,955 Additions to right-of-use assets 22,379 — 986 111 23,476 Depreciation charge for the year (33,634) (12,437) (1,086) (230) (47,387) Translation differences — — (32) (11) (43) Balance at December 31, 2021 15,792 10,358 2,306 545 29,001 (in thousands of USD) Bareboats Time charters Office rental Company cars Total Balance at January 1, 2022 15,792 10,358 2,306 545 29,001 Additions to right-of-use assets — 13,597 408 55 14,060 Depreciation charge for the year (7,371) (12,874) (1,022) (242) (21,509) Translation differences — — (52) (7) (59) Balance at December 31, 2022 8,421 11,081 1,640 351 21,493 Amounts recognized in profit or loss (in thousands of USD) 2022 2021 Interest on lease liabilities (1,237) (2,378) Depreciation right-of-use assets (21,509) (47,387) Low-value leases (173) (171) Amounts recognized in statement of cash flows (in thousands of USD) 2022 2021 Total cash outflow for leases (25,527) (54,928) Total cash inflow for leases 2,036 1,987 Extension options On June 24, 2022, Euronav declared the options to extend the time charter agreement for the two Suezmaxes Marlin Sardinia and Marlin Somerset with an additional 12 months. At December 31, 2022, there were no material extension options in the property leases which could be exercised by the Group. Leases as lessor As a lessor the Group leases out some of its vessels under long-term time charter agreements. 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 future undiscounted lease payments to be received for these lease agreements are as follows: (in thousands of USD) December 31, 2022 December 31, 2021 Less than one year 121,978 100,524 Between one and five years 326,228 240,463 More than five years 306,505 185,441 Total future lease receivables 754,710 526,428 The amounts shown at December 31, 2021 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. Vessels employed by the TI Pool do not meet the definition of a lease under IFRS 16 and accordingly revenue generated in the Pool is accounted for under IFRS 15 Revenue from Contracts with Customers. 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. 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, 2022 December 31, 2021 Less than 1 year 1,869 2,350 One to two years 1,689 1,895 Two to three years 1,285 1,689 Three to four years — 1,285 Four to five years — — Total undiscounted lease receivables 4,843 7,219 |
Provisions and contingencies
Provisions and contingencies | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021 1,381 1,381 Provisions used during the year (227) (227) Balance at December 31, 2021 1,154 1,154 Non-current 892 892 Current 262 262 Total 1,154 1,154 Balance at January 1, 2022 1,154 1,154 Provisions used during the year (261) (261) Balance at December 31, 2022 892 892 Non-current 597 597 Current 295 295 Total 892 892 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 five 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. The Group is currently involved in a litigation. Provisions related to legal and arbitration proceedings are recorded in accordance with the accounting policy as described in Note 1.16. The claim has been submitted on January 15, 2021 by Unicredit Bank in London with the High Court of Justice of England and Wales. The claim relates to an alleged misdelivery of 101,809 metric tons of low sulfur fuel oil that was transported by the Suezmax vessel, Sienna. The charterer, Gulf Petrochem FZC, a company of GP Global, instructed the vessel to discharge the cargo at Sohar without presentation of the bill of lading but against a letter of indemnification issued by the charterer as is customary practice in the crude oil shipping industry. Unicredit bank, who had financed the cargo for an amount of $26,367,200 and allegedly had become the holder of the bill of lading, was not repaid in accordance with the financing arrangements agreed with Gulf Petrochem FZC. As alleged holder of the bill of lading, Unicredit Bank is now claiming that amount of $26,367,200 together with interest from Euronav NV. The case went to Trial in London in March 2022 and judgement was handed down in April 2022. Euronav were successful in defending the claims which were dismissed with costs awarded to Euronav. Unicredit however filed an application and received permission to appeal the decision of the Commercial Court judge, Mrs Justice Moulder. The Court of Appeal hearing took place on March 28 and 29, 2023. Management believes that it has followed well established standard working practices and that it has valid defense arguments. Based on an external legal advice, management believes that it has strong arguments that the risk of an outflow is less than probable and therefore no provision is recognized. The Group is currently involved in a litigation. RMK Maritime (RMK) has commenced legal proceedings in the London High Court against Euronav seeking $12,993,720 in damages in relation to unpaid advisory services provided by RMK to Euronav concerning its merger with Gener8 in 2016 and 2017. RMK are trying to argue that they are entitled to additional compensation beyond the sums they agreed to accept in a written Advisory Agreement. RMK issued the legal proceedings on September 30, 2022, Euronav’s defense was served on December 29, 2022 and on May 5, 2023, a case management conference hearing is scheduled. Management believes that RMK faces a heavy burden to persuade a Court that they should be entitled to additional remuneration in view of the clear terms of the written Advisory Agreement. Based on an external legal advice, management believes that it has strong arguments that the risk of an outflow is less than probable and therefore no provision is recognized. 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 |
Dec. 31, 2022 | |
Related party transactions [abstract] | |
Related parties | Related parties Identity of related parties The Group has a related party relationship with its shareholders, subsidiaries (see Note 25) and equity-accounted investees (see Note 26) and with its directors and executive officers (see Note 24). Shareholders The shareholders in Euronav changed during the year 2022. At December 31, 2022, Euronav can identify two major shareholders CMB and Famatown/Frontline, owning each 22.9% of the equity with respectively 25.0% and 24.9% voting rights. Both parties are considered as related. The Audit and Risk Committee has reviewed the transactions with both related parties and confirmed that all transactions were executed at arm’s length: a. For CMB we refer to: i. Fuel swap: Euronav has obtained a ruling to include bunker fuel stored by the company (Note 12) under the tonnage tax regime. This ruling also allows the execution of physical swaps, currently executed with CMB since 2019. The swap agreement was extended to CMB NV, Bocimar International NV and Bocimar Hong Kong Ltd. In the course of 2022, a total of 23,537 metric tons (2021: 44,451 metric tons and 2020: 51,000 metric tons) of compliant bunker fuel oil was swapped with these parties. ii. 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 $419,526 in 2022 (2021: $356,729 and 2020: $335,033). This lease expires on August 31, 2024. b. For Famatown / Hemen / Frontline: Euronav has entered into a time charter agreement for two Suezmaxes in the fourth quarter of 2020 (see Note 21). The charter party is Trafigura whereas vessels have been bought in the meanwhile by the Fredriksen Group. Contract has been concluded at arm’s length and are continuing with the original charter party Trafigura. 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) 2022 2021 2020 Total remuneration 977 977 1,048 The Nomination and Remuneration Committee annually reviews the remuneration of the members of the Management Board. The remuneration (excluding the CEO) consists of a fixed and a variable component and can be summarized as follows: (in thousands of EUR) 2022 2021 2020 Total fixed remuneration 2,724 2,068 2,165 of which Cost of pension 28 28 18 Other benefits 810 — 143 Total variable remuneration 7,320 1,606 1,029 of which Share-based payments 5,757 911 69 All amounts mentioned refer to the Management Board in its official composition throughout 2022. The remuneration of the CEO can be summarized as follows: (in thousands of EUR) 2022 2021 2020 Total fixed remuneration 624 624 624 of which Cost of pension — — — Other benefits — — — Total variable remuneration 3,628 903 424 of which Share-based payments 2,966 568 54 On February 12, 2015, the Board of Directors (as of February 2020 Supervisory Board) 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, 2022, all stock options and all RSUs were exercised (see Note 15 and 24). On February 2, 2016, the Board of Directors (as of February 2020 Supervisory Board) 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, one-third was vested on the third anniversary and one-third was vested on the fourth anniversary (see Note 15 and 24). On February 9, 2017, the Board of Directors (as of February 2020 Supervisory Board) 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, one-third was vested on the third anniversary and one-third was vested on the fourth anniversary (see Note 15 and 24). On February 16, 2018, the Board of Directors (as of February 2020 Supervisory Board) 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. One-third was vested on the second anniversary, one-third was vested on the third anniversary and one-third was vested on the fourth anniversary (see Note 15 and 24). On January 8, 2019, the Board of Directors (as of February 2020 Supervisory Board) 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 first tranche of 12% was vested in the first quarter of 2020. The second tranche of 19% was vested in the second quarter of 2022, the third and fourth tranche of 25% and 44% were vested in the third quarter of 2022. The contractual term of the TBIP offer is 5 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 USD 12 (decreased with the amount of dividend paid since grant, if any). A second tranche (16%) vests on the date the FMV reaches USD 14 (decreased with the amount of dividend paid since grant, if any), a third tranche (25%) vests on the date the FMV reaches USD 16 (decreased with the amount of dividend paid since grant, if any) and the final tranche (44%) vests on the date the FMV reaches USD 18 (decreased with the amount of dividend paid since grant, if any) (see Note 15 and 24). 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. On April 1, 2019, the Board of Directors (as of February 2020 Supervisory Board) granted 152,346 restricted stock units within the framework of a long term incentive plan. The RSUs vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2019) and will be settled in shares. As of December 31, 2022, 105,626 RSUs were vested which have been transferred to the beneficiaries out of treasury shares. On April 1, 2020, the Supervisory Board granted 144,392 restricted stock units within the framework of a long term incentive plan. The RSUs vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2020) and will be settled in shares. As of December 31, 2022, 76,166 RSUs were vested however vested RSUs will not be delivered in shares until the first business day after April 1, 2023. On April 1, 2021, the Supervisory Board granted 193,387 RSUs within the framework of a long term incentive plan. The RSUs vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2021) and will be settled in shares. As of December 31, 2022, 64,462 RSUs were vested however vested RSUs will not be delivered in shares until the first business day after April 1, 2024. On April 1, 2022, the Supervisory Board granted 163,022 RSUs within the framework of a long term incentive plan. The RSUs vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2022) and will be settled in shares. As of December 31, 2022, no RSUs were vested Properties The Company subleases office space in its London, United Kingdom office, through its subsidiary Euronav (UK) Agencies Limited, pursuant to a sublease agreement, dated September 25, 2014, with Tankers (UK) Agencies Limited, a 50-50 joint venture with International Seaways. Under this sublease, the Company received in 2022 a rent of $216,040 (2021: $235,205 and 2020: $218,074). This sublease expires on April 27, 2023. 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. On September 15, 2020, the Suezmax Bastia was sold for $20.5 million. A capital gain on the sale of $0.4 million (Euronav's share) was recorded in the joint venture company. The vessel has been delivered to her new owners. Following this sale, the shareholders loan to Bastia Shipholding Ltd. was fully repaid. On March 24, 2022, the Suezmax Bari was sold for $21.5 million. A capital gain on the sale of $3.3 million (Euronav's share) was recorded in the joint venture company. The vessel was delivered to her new owners during the second quarter. Following this sale, the shareholders loan to Bari Shipholding Ltd. was repaid and the remaining amount was written-off. 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 and for the year ended December 31, 2021 (in thousands of USD) Trade receivables Trade payables Shareholders Loan Turnover Dividend Income TI Africa Ltd 567 61 11,465 397 — TI Asia Ltd 482 — — 397 4,635 Bari Shipholding Ltd 2,114 1,804 22,229 — — Bastia Shipholding Ltd 7 1 — — — Tankers Agencies (UK) Ltd — 134 — — — Total 3,170 2,000 33,694 794 4,635 As of and for the year ended December 31, 2022 (in thousands of USD) Trade receivables Trade payables Shareholders Loan Turnover Dividend Income TI Africa Ltd — 58 — 162 — TI Asia Ltd — — — 162 1,000 Bari Shipholding Ltd 14 — 850 — — Bastia Shipholding Ltd — — — — 150 Tankers Agencies (UK) Ltd — 125 — — 1,871 Total 14 183 850 324 3,021 Guarantees |
Share-based payment arrangement
Share-based payment arrangements | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangements [Abstract] | |
Share-based payment arrangements | Share-based payment arrangements Description of share-based payment arrangements: At December 31, 2022, the Group had the following share-based payment arrangements: Long term incentive plan 2015 (Equity-settled) The Group's Board of Directors (as of February 2020 Supervisory Board) 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 (RSUs) which will be paid out in cash, with cliff vesting on the third anniversary. In total 236,590 options and 65,433 RSUs 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 €10.0475 and are equity-settled. As of December 31, 2022, all stock options were settled in 2022, all RSUs were exercised in 2018. The total employee benefit expense recognized in the consolidated statement of profit or loss during 2022 with respect to the LTIP 2015 was $1.8 million (2021: $0 thousand and 2020: $0 thousand). Long term incentive plan 2016 (Cash-settled) The Group's Board of Directors (as of February 2020 Supervisory Board) 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 and one-third was vested on the second anniversary, one-third on the third anniversary and one-third on the fourth anniversary. Following the resignation of our former CEO Paddy Rodgers, his phantom stocks were waived. As of December 31, 2022, no 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 2022 was $0 thousand (2021: $0 thousand and 2020: income of $0.3 million). Long term incentive plan 2017 (Cash-settled) The Group's Board of Directors (as of February 2020 Supervisory Board) 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 and one-third was vested on the second anniversary and one-third on the third anniversary and one-third on the fourth anniversary. Following the resignation of our former CEO Paddy Rodgers, his phantom stocks were waived. As of December 31, 2022, no 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 income recognized in the consolidated statement of profit or loss during 2022 was $0 thousand (2021: income of $0.2 million and 2020: income of $0.3 million). Long term incentive plan 2018 (Cash-settled) The Group's Board of Directors (as of February 2020 Supervisory Board) 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 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, 2022, no 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 income recognized in the consolidated statement of profit or loss during 2022 was $0.6 million (2021: income of $0.2 million and 2020: income of $0.4 million). Transaction Based Incentive Plan 2019 (Cash-settled) The Group's Board of Directors (as of February 2020 Supervisory Board) 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. The first tranche of 12% was vested in the first quarter of 2020. Following the resignation of our former CEO Paddy Rodgers, his phantom stocks were waived. The second tranche of 19% was vested in the second quarter of 2022, the third and fourth tranche of 25% and 44% were vested in the third quarter of 2022. As of December 31, 2022, no 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 binominal 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 2022 was $7.4 million (2021: expense of $1.0 million and 2020: income of $0.4 million). Long term incentive plan 2019 (Equity-settled) The Group's Board of Directors (as of February 2020 Supervisory Board) has implemented in 2019 an additional long term incentive plan (LTIP) for key management personnel. Under the terms of this LTIP, key management personnel will obtain 100% of their respective LTIP in the form of Euronav restricted stock units (RSUs). The RSUs vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2019) and will be settled in shares. In total 152,346 RSUs were granted on April 1, 2019. As of December 31, 2022, 105,626 RSUs were vested which have been transferred to the beneficiaries out of treasury shares. The compensation income recognized in the consolidated statement of profit or loss during 2022 was $0.6 million (2021: expense of $0.4 million and 2020: expense of $0.1 million). Long term incentive plan 2020 (Equity-settled) The Group’s Supervisory Board has implemented in 2020 an additional long term incentive plan (LTIP) for key management personnel. Under the terms of this LTIP, key management personnel will obtain 100% of their respective LTIP in the form of Euronav restricted stock units (RSUs). The RSUs vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2020) and will be settled in shares. In total 144,392 RSUs were granted on April 1, 2020. As of December 31, 2022, 76,166 RSUs were vested, however vested RSUs will not be delivered in shares until the first business day after April 1, 2023. The compensation expense recognized in the consolidated statement of profit or loss during 2022 was $0.4 million (2021: expense of $0.3 million). Long term incentive plan 2021 (Equity-settled) The Group’s Supervisory Board has implemented in 2021 an additional long term incentive plan (LTIP) for key management personnel. Under the terms of this LTIP, key management personnel will obtain 100% of their respective LTIP in the form of Euronav restricted stock units (RSUs). The RSUs vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2021) and will be settled in shares. In total 193,387 RSUs were granted on April 1, 2021. As of December 31, 2022, 64,462 RSUs were vested, however vested RSUs will not be delivered in shares until the first business day after April 1, 2024. The compensation expense recognized in the consolidated statement of profit or loss during 2022 was $0.7 million. Long term incentive plan 2022 (Equity-settled) The Group’s Supervisory Board has implemented in 2022 an additional long term incentive plan (LTIP) for key management personnel. Under the terms of this LTIP, key management personnel will obtain 100% of their respective LTIP in the form of Euronav restricted stock units (RSUs). The RSUs vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2022) and will be settled in shares. In total 163,022 RSUs were granted on April 1, 2022. 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 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 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 16, 2018 was vested on the second anniversary, one-third on the third anniversary and one-third on the fourth anniversary. As of December 31, 2022, no phantom stocks remained outstanding. The Company’s share price was EUR 7.237 at the grant date of the LTIP 2018 and EUR 15.69 as at December 31, 2022. 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 and the first tranche of 12% was vested in the first quarter of 2020. Following the resignation of our former CEO Paddy Rodgers, his phantom stocks were waived. As of December 31, 2022, no 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 1.69 % 1.69 % 1.69 % 1.69 % Annual volatility 33.43 % 33.43 % 33.43 % 33.43 % Expected vesting period (years) 3.05 3.38 3.69 3.98 The liability in respect of its obligations under the LTIP 2019, LTIP 2020 and LTIP 2021 is subject for 75% to a relative TSR (Total Shareholder Return) compared to a peer group over a three years period. Each yearly measurement to be worth 1/3rd of 75% of the award. And subject for 25% to an absolute TSR of the Company’s shares measured each year for 1/3 of 25% of the award. In total 152,346 RSUs were granted on April 1, 2019 in relation to the LTIP 2019, 144,392 RSUs were granted on April 1, 2020 in relation to the LTIP 2020 and 193,387 RSUs were granted on April 1, 2021 in relation to the LTIP 2021. As of December 31, 2022, 105,626 RSUs were vested in relation to the LTIP 2019, 76,166 RSUs were vested in relation to the LTIP 2020 and 64,462 RSUs were vested in relation to the LTIP 2021. However vested RSUs will not be delivered in shares until the first business day after April 1, 2023 related to LTIP 2020 and April 1, 2024 related to LTIP 2021. Expenses recognized in profit or loss For details on related employee benefits expense, see Note 5 and Note 18. The expenses related to the LTIP 2015, LTIP 2018, TBIP 2019, LTIP 2019, LTIP 2020 and LTIP 2021 (2022: expense of $9.2 million, 2021: expense of $1.3 million and 2020: income of $1.2 million) are included in employee benefits and administrative expenses. Reconciliation of outstanding share options The number and weighted-average exercise prices of options under the 2015 LTIP were as follows: (figures in EUR) Number of options 2022 Weighted average exercise price 2022 Number of options 2021 Weighted average exercise price 2021 Outstanding at January 1 236,590 7.732 236,590 7.732 Forfeited during the year — — — — Settled during the year (236,590) 6.843 — — Granted during the year — — — — Outstanding at December 31 — — 236,590 7.732 Vested at December 31 — — 236,590 — |
Group entities
Group entities | 12 Months Ended |
Dec. 31, 2022 | |
Interests in Other Entities [Abstract] | |
Group entities | Group entities Country of incorporation Consolidation method Ownership interest December 31, 2022 December 31, 2021 December 31, 2020 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Euronav NV, Antwerp, Geneva (branch office) Euronav NV, London (branch office) Subsidiaries Euronav Tankers NV Belgium full NA NA 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 % 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 % 100.00 % Gener8 Maritime Subsidiary New IV Inc. Marshall Islands full 100.00 % 100.00 % 100.00 % Gener8 Maritime Management LLC Marshall Islands full 100.00 % 100.00 % 100.00 % TI Africa Ltd Hong Kong full 100.00 % NA NA TI Asia Ltd Hong Kong full 100.00 % NA NA Joint ventures Kingswood Co. Ltd Marshall Islands equity NA NA NA TI Africa Ltd Hong Kong equity NA 50.00 % 50.00 % TI Asia Ltd Hong Kong equity NA 50.00 % 50.00 % Tankers Agencies (UK) Ltd UK equity 50.00 % 50.00 % 50.00 % Tankers International LLC Marshall Islands equity 50.00 % 50.00 % 50.00 % Bari Shipholding Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % Bastia Shipholding Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % At December 31, 2022, 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, 2022, 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. Due to the merger with Gener8 Maritime Inc. on June 12, 2018, 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 liquidated a majority of those subsidiaries in 2019 and 2020. In 2020 one joint venture, Kingswood Co. Ltd, was dissolved. In 2020, Euronav NV, London (branch office), was established and incorporated in the third quarter of 2020. On July 1, 2021, Euronav Shipping NV merged with Euronav Tankers NV which lead to the derecognition of Euronav Tankers NV as a subsidiary. Euronav has acquired in 2022 the remaining 50% in TI Asia Ltd. and TI Africa Ltd. Euronav already had 50% in these 2 joint ventures which were then recorded as equity investees, and signed on June 7, 2022 a Share Sale and Purchase Agreement with the JV partner International Seaways, Inc. to take control over these 2 joint ventures by purchasing the remaining 50% of the shares. The 2 entities are fully consolidated as of June 7, 2022. The Group holds 100% of the voting rights in all of its subsidiaries. |
Equity-accounted investees
Equity-accounted investees | 12 Months Ended |
Dec. 31, 2022 | |
Interests in Other Entities [Abstract] | |
Equity-accounted investees | Equity-accounted investees (in thousands of USD) December 31, 2022 December 31, 2021 Assets Interest in joint ventures 1,423 72,446 Interest in associates — — TOTAL ASSETS 1,423 72,446 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 50,322 60,379 Offset investment with shareholders loan — — Balance at January 1, 2020 50,322 60,379 Group's share of profit (loss) for the period 10,917 — Group's share of other comprehensive income (2) — Dividends received from joint ventures (7,534) — Movement shareholders loans to joint ventures — (26,443) Repayment capital provided to joint ventures (2,000) — Gross balance 51,703 33,936 Offset investment with shareholders loan — — Balance at December 31, 2020 51,703 33,936 Group's share of profit (loss) for the period 22,976 — Group's share of other comprehensive income 951 — Dividends received from joint ventures (4,635) — Movement shareholders loans to joint ventures — (2,242) Gross balance 70,995 31,693 Offset investment with shareholders loan 1,451 (1,451) Balance at December 31, 2021 72,446 30,242 ASSET (in thousands of USD) Investments in equity accounted investees Shareholders loans Reversal prior year offset investment with shareholders loan (1,451) 1,451 Group's share of profit (loss) for the period 17,650 — Group's share of other comprehensive income 159 — Dividends received from joint ventures (3,021) — Movement equity to shareholders loans (2,000) 2,000 Movement shareholders loans to joint ventures — (32,844) FSO transaction (83,186) — Gross balance 597 850 Offset investment with shareholders loan 826 (826) Balance at December 31, 2022 1,423 24 The decrease in the balance of the shareholders' loan to joint ventures in 2020 is attributable to the repayment of the shareholders loans to TI Africa, Bari Shipholding Ltd. and Bastia Shipholding Ltd., the latter following the sale of the vessel in September 2020. The increase in investments in equity accounted investees at December 31, 2021 is mainly due to a decrease in the depreciation and amortization cost for TI Asia and TI Africa and a decrease in income tax expenses for the two joint ventures compared to the period ended December 31, 2020. The decrease in shareholders loans to joint ventures at December 31, 2022 is related to the full repayment of the shareholders loan to TI Africa Ltd following the acquisition of the remaining 50% shares in TI Africa Ltd as well as the sale of Suezmax Bari in March 2022. In consequence of the sale, the shareholders loan to Bari Shipholding Ltd. was repaid and the remaining amount was written-off. As a consequence of the acquisition in 2022 of the remaining 50% shares in TI Africa Ltd and TI Asia Ltd, the investments in equity accounted investees decreased. Joint venture Segment Description Kingswood Co. Ltd Tankers Holding company; parent of Seven Seas Shipping Ltd. and 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 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 Formerly owner of 1 Suezmax, dormant company Bastia Shipholding Ltd Tankers Formerly owner of 1 Suezmax, dormant company TI Africa Ltd FSO Operator and owner of a single floating storage and offloading facility (FSO Africa), as from June 7, 2022 100% subsidiary * TI Asia Ltd FSO Operator and owner of a single floating storage and offloading facility (FSO Asia), as from June 7, 2022 100% subsidiary * * 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 2032. 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 25) TI LLC (see Note 25) Bari Shipholding Ltd Bastia Shipholding Ltd Total At December 31, 2020 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets — — 118,337 112,160 720 — 20,079 — 251,296 of which vessel — — 118,337 112,160 — — 20,079 — 250,576 Current Assets — — 10,187 10,176 232,865 243 2,609 514 256,595 of which cash and cash equivalents — — 1,138 1,109 3,124 — 1,573 193 7,137 Non-Current Liabilities — — 65,355 30,652 276 — 17,271 — 113,554 of which bank loans — — 19,929 19,215 — — — — 39,144 Current Liabilities — 29,277 30,547 228,851 61 2,856 345 291,937 of which bank loans — — 25,886 24,961 37,500 — — — 88,347 Net assets (100%) — — 33,893 61,136 4,458 182 2,562 170 102,401 Group's share of net assets — — 16,946 30,568 2,715 107 1,281 85 51,701 Shareholders loans to joint venture — — 16,665 — — — 17,271 — 33,936 Net Carrying amount of interest in joint venture — — 16,946 30,568 2,715 107 1,281 85 51,701 Remaining shareholders loan to joint venture — — 16,665 — — — 17,271 — 33,936 Revenue — — 49,922 49,976 1,478,909 — 12,288 14,131 1,605,227 Depreciations and amortization — — (16,858) (16,562) (56) — (4,257) (2,871) (40,604) Interest Expense — — (3,358) (3,233) (1,651) — (1,834) (1,251) (11,327) Income tax expense — — (10,397) (10,135) (232) — — — (20,764) Profit (loss) for the period (100%) (1) (1) 9,549 9,855 800 (34) (1,748) 3,246 21,666 Other comprehensive income (100%) — — (1) (3) — — — — (4) Group's share of profit (loss) for the period — (1) 4,775 4,927 487 (20) (874) 1,623 10,917 Group's share of other comprehensive income — — — (1) — — — — (2) Asset (in thousands of USD) TI Africa Ltd TI Asia Ltd Tankers Agencies (UK) Ltd (see Note 25) TI LLC (see Note 25) Bari Shipholding Ltd Bastia Shipholding Ltd Total At December 31, 2021 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets 108,245 102,454 503 — 15,210 — 226,413 of which vessel 108,245 102,454 — — 15,210 — 225,910 Current Assets 10,883 10,073 295,289 231 6,582 403 323,461 of which cash and cash equivalents 1,799 984 4,059 — 17 320 7,179 Non-Current Liabilities 33,755 10,245 66 — 20,228 — 64,295 of which bank loans — — — — — — — Current Liabilities 25,153 24,305 290,626 68 4,466 112 344,731 of which bank loans 20,075 19,361 51,500 — — — 90,937 Net assets (100%) 60,221 77,977 5,100 163 (2,903) 290 140,848 Group's share of net assets 30,110 38,988 3,106 96 (1,451) 145 70,995 Shareholders loans to joint venture 11,465 — — — 20,228 — 31,694 Net Carrying amount of interest in joint venture 30,110 38,988 3,106 96 — 145 72,446 Remaining shareholders loan to joint venture 11,465 — — — 18,777 — 30,242 Revenue 50,105 50,160 649,665 — 11,872 — 761,801 Depreciations and amortization (10,092) (9,706) (39) — (4,869) — (24,706) Interest expense (2,005) (1,943) (1,054) — (1,932) (1) (6,934) Income tax expense (2,646) (2,626) (141) — — — (5,413) Profit (loss) for the period (100%) 25,357 25,180 642 (19) (5,464) 121 45,816 Other comprehensive income (100%) 971 930 — — — — 1,902 Group's share of profit (loss) for the period 12,678 12,590 391 (11) (2,732) 60 22,976 Group's share of other comprehensive income 486 465 — — — — 951 Asset (in thousands of USD) TI Africa Ltd TI Asia Ltd Tankers Agencies (UK) Ltd (see Note 25) TI LLC (see Note 25) Bari Shipholding Ltd Bastia Shipholding Ltd Total At December 31, 2022 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets — — 153 — — — 153 of which vessel — — — — — — — Current Assets — — 504,397 206 131 — 504,734 of which cash and cash equivalents — — 2,453 — 101 — 2,554 Non Current Liabilities — — 30 — 1,700 — 1,730 of which bank loans — — — — — — — Current Liabilities — — 502,547 63 83 — 502,693 of which bank loans — — 75,500 — — — 75,500 Net assets (100%) — — 1,973 143 (1,652) — 464 Group's share of net assets — — 1,202 84 (826) — 460 Shareholders loans to joint venture — — — — 850 — 850 Net Carrying amount of interest in joint venture — — 1,202 84 — — 1,286 Remaining shareholders loan to joint venture — — — — 24 — 24 Revenue 20,729 20,729 1,172,698 2,139 — 1,216,295 Depreciations and amortization (2,998) (2,811) (39) (479) — (6,327) Interest expense (428) (413) (954) 171 — (1,625) Income tax expense 1,599 1,600 (117) — — 3,082 Profit (loss) for the period (100%) 14,997 14,858 185 (36) 5,250 10 35,265 Other comprehensive income (100%) 170 149 — — — — 319 Group's share of profit (loss) for the period 7,499 7,429 113 (21) 2,625 5 17,650 Group's share of other comprehensive income 85 74 — — — — 159 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 2032, 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. In June, 2022 the Group acquired the remaining 50% of TI Africa Ltd. and TI Asia Ltd. In consequence of this transaction, the Company entered into a $150 million senior secured amortizing term loan facility (see Note 17). At the same time, the $220.0 million senior secured credit facility which were maturing in July 2022 and September 2022 have been repaid. All bank loans in the joint ventures were 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, 2022 December 31, 2021 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 — — — 9,699 9,699 9,681 TI Asia Ltd loan 54M* USD libor + 2.0% 2022 — — — 9,699 9,699 9,681 TI Africa Ltd revolving loan 56M* USD libor + 2.0% 2022 — — — 10,058 10,058 10,038 TI Africa Ltd loan 56M* USD libor + 2.0% 2022 — — — 10,058 10,058 10,038 Total interest-bearing bank loans — — — 39,513 39,513 39,437 * The mentioned secured bank loans are subject to loan covenants. Loan covenant As of December 31, 2021, 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 been fully unwound upon the acquisition of the remaining 50% of TI Africa Ltd. and TI Asia Ltd. and repayment of the $220.0 million senior secured credit facility. 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. The vessel Bastia was sold on September 15, 2020 for a net sale price of $20.1 million. The Company recorded a capital gain of $0.8 million in the third quarter of 2020 upon delivery to its new owner on September 30, 2020. The vessel Bari was sold on March 24, 2022 for a net sale price of $21.3 million. A capital gain of $6.6 million was recorded in the second quarter of 2022. There were no capital commitments as of December 31, 2022, December 31, 2021 and December 31, 2020. Cash and cash equivalents (in thousands of USD) 2022 2021 Cash and cash equivalents of the joint ventures 2,554 7,179 Group's share of cash and cash equivalents 1,547 4,036 Services The Group entered into an agreement with its joint venture to manage commercially both vessels (Bari and Bastia) from the Group's chartering desk. Furthermore, the Group also entered into an agreement to render accounting, assistance and administrative services to these JVs. In 2022 the Group invoiced a total amount of $177,586 (2021: $285,476). Furthermore, the joint venture entered into an agreement with the Group to invoice us management fees to do the supervision of the external shipmanagement. In 2022, the joint-venture Bari Shipholding Ltd. invoiced the Group $121,800 ( 2021: $163,000). |
Major exchange rates
Major exchange rates | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 December 31, 2020 2022 2021 2020 EUR 1.0666 1.1326 1.2271 1.0555 1.1894 1.1384 GBP 1.2026 1.3479 1.3649 1.2415 1.3778 1.2860 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent events | Subsequent events On December 14, 2022, the Company sold the Suezmax Cap Charles (2006 - 158,881 DWT) for $40.5 million. This vessel was accounted for as a non-current asset held for sale as at December 31, 2022. The vessel was delivered to her new owner on February 16, 2023. A capital gain of $22.1 million has been recognized in the consolidated statement of profit or loss in the first quarter of 2023. On January 11, 2023, Euronav took delivery of the VLCC newbuilding Cassius (2023 – 299,158 dwt) and on February 28, 2023 of the VLCC newbuilding Camus (2023 – 299,158 dwt), which have been purchased in April 2021. The war between Russia and Ukraine has and will continue to impact our business in the following areas: Freight rates – Structural ton mile enhancement from Russian dislocation has positively impacted the freight rates . The Company has suspended its operations with Russian customers which represented in the past an insignificant portion of the Company’s turnover. Bunker Fuel Cost – due to the risk within the market, and the self-sanctioning of Russian oil flows, the price of marine fuels has increased and will continue to be high for the foreseeable future. This is due to Russia supplying bunker markets with 20% of the global fuel demand in HSFO, VLSFO and MGO markets. These price increases will negatively impact the cost structure of the vessels making it more expensive to ship freight on long haul voyages. The spread between HSFO and VLSFO was at a high level prior to Russia's invasion of Ukraine but has begun to decrease as the removal of Russian origin HSFO from the market has begun to tighten up supplies in Europe and in the Mediterranean. The Company acknowledges that Cybersecurity risks have increased by taking appropriate mitigating actions. Crew issues – the impact to our officers and crew that are from Russia and Ukraine remain limited. On July 11, 2022, Euronav announced that Euronav and Frontline entered into a definitive agreement for a stock-for-stock combination based on an exchange ratio of 1.45 Frontline shares for every Euronav share (the “Combination Agreement”), which was unanimously approved by all the members of Frontline's Board of Directors and by all members of Euronav's Supervisory Board. On January 9, 2023, Frontline announced that it had unilaterally decided to terminate the Combination Agreement. Euronav determined that unilateral action pursuing the termination of the Combination Agreement has no basis under the terms of the Combination Agreement and that Frontline failed to provide a satisfactory reason for its decision to pursue termination. On January 18, 2023, Euronav announced that it had filed an application request for urgent interim and conservatory measures in relation to Frontline’s unilateral action in pursuing the termination of the Combination Agreement. Euronav requested to suspend such termination pending a determination on the merits pursuing primarily the specific performance of the Combination Agreement. On January 30, 2023 Euronav announced that it had filed an application request for arbitration on the merits in relation to Frontline’s unilateral action in pursuing the termination of the Combination Agreement. On February 7, 2023, the Company received an arbitration decision in the context of its application request for urgent interim and conservatory measures in relation to Frontline’s unilateral action in pursuing the termination of the Combination Agreement. The emergency arbitrator dismissed Euronav’s request for provisional and interim measures on the basis of the specific and procedural rules applicable to the emergency proceedings and in particular a lack of urgency for Euronav in obtaining the requested interim and provisional measures. Famatown Finance Limited (Famatown), a related-party to Frontline’s largest shareholder, has continued to accumulate shares of Euronav. The total of these transactions means that Famatown (together with Frontline), hold 50,426,748 shares in Euronav, or 24.99% of the shares outstanding (excluding treasury shares). The Supervisory Board of Euronav has reached out pro-actively to Famatown to understand its intentions and intends to maintain a constructive dialogue, as it pursues with all Euronav shareholders and stakeholders. CMB and affiliates CMB NV and its affiliates (“CMB”) jointly own 25% of the voting shares of Euronav (excluding treasury shares). On January 16, 2023, Euronav received a letter from CMB requesting that the Supervisory Board convenes a general meeting of Euronav to replace the entire current Supervisory Board. A Special General meeting (‘SGM’) of shareholders shall be convened in accordance with the Belgian Code of Companies and Associations. Euronav notes that the agenda items are intended to replace the entire current Supervisory Board, composed solely of independent members, with members nominated by CMB. Considering the significant impact such change may have on Euronav, its business and all its shareholders and stakeholders, the Supervisory Board of Euronav has shared a proposal with its shareholders, endorsing a fair representation of both minority shareholders by CMB and Frontline / Famatown by proposing two additional dependent Supervisory Board members each. On March 23, 2023, Euronav held a Special Meeting of Shareholders to vote on resolutions submitted by Famatown Finance Ltd. and CMB NV. Shareholders voted to maintain independent directors Grace Reksten Skaugen, Anita Odedra and Carl Trowell. They approved a resolution proposed by CMB to terminate the mandates of the other independent Board members Anne-Hélène Monsellato and Steven Smith. In line with the Supervisory Board’s recommendations, shareholders also approved the appointments of four new directors: John Fredriksen and Cato H. Stonex, representing Famatown; and Marc Saverys and Patrick De Brabandere, representing CMB. On March 10, 2023, Euronav announced it signed an agreement with the United Nations (UN) to sell the Nautica , a VLCC, as part of a wider salvage operation for the FSO Safer located in Yemen. The vessel will replace the FSO Safer (1976 – 406,639 dwt) and will stay there. Euronav will help operate the vessel including after the transfer of the oil for several months afterwards. On April 1, 2023, Euronav lifted the purchase option of the Nautica , and since then the vessel is again part of its owned fleet. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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) and as adopted by the European Union as of December 31, 2022. Changes in significant accounting policies are described in policy 7. All accounting policies have been consistently applied for all periods presented in the consolidated financial statements unless disclosed otherwise. The consolidated financial statements were authorized for issue by the Supervisory Board on April 12, 2023. |
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 currencyThe 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 20 - Lease term: whether the Group is reasonably certain to exercise renewal, termination, purchase options. • Note 8 - Acquisition of the remaining 50% in TI Asia Ltd. and TI Africa Ltd. Euronav already had 50% in these 2 joint ventures and signed on June 7, 2022 a Share Sale and Purchase Agreement with the JV partner International Seaways, Inc. to take control over these 2 joint ventures by purchasing the remaining 50% of the shares. The acquisition of the remaining 50% in the 2 joint ventures has been treated as an asset acquisition as the asset concentration test was met under IFRS 3, given that substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset (i.e. the FSO and related lease component in the customer contract). Therefore, the consideration paid is allocated over the assets acquired (see Note 8, 9 and 26) and the transaction is not accounted for as a business combination. • Note 8 and Note 17 - Whether the Group is reasonably certain to exercise the re-purchase options under the sale and leaseback agreements. If not reasonably certain, the residual value is estimated as the amount that the Group could receive from disposal of the vessels at the reporting date if the vessels were already of the age and in the condition that they will be in at the end of the lease term, and the financial liability is estimated using the fair value at the end of the lease term. 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: • Accounting policy 11.5 - Depreciation policy: The Group reviewed the residual value of its vessels, an accounting estimate, in accordance with its accounting policy. The Group considered its continued focus on sustainability, recent trends of the steel industry and the direction of the industry moving forward. Specifically, Euronav considered the steel industry’s commitment to be carbon neutral in 2050 and the impact of this on scrap steel. Scrap steel is easily recoverable and infinitely recyclable and all scenarios leading to carbon neutrality in 2050 are likely to lead to an increased consumption of scrap steel. Further, the use of scrap steel to produce finished products instead of metal ore results in reduced greenhouse gas emissions. The recycling of steel scrap obtained from end-of-life vessels also helps reduce air and water pollution. Steel scrap from end-of-life products can be recycled back into new steel products with potentially a very low CO 2 footprint. This indicates that there will likely be a continuous need for scrap steel and, given the limited availability of scrap steel, this in turn should have a positive impact on the price of steel. The costs of recycling a vessel with due respect for the environment and the safety of the workers in specialized yards is challenging to forecast as regulations and good industry practice leading to self-regulation can dramatically change over time. As a result, the Group has applied a residual value estimate for its vessels equal to the lightweight tonnage of each vessel multiplied by a forecast scrap value per ton less supplemental costs such as repositioning the vessel, commissions and preparation fees, and after consideration of the impact of (changes in) worldwide recycling regulations (EU regulation versus other) and developments. The scrap value per ton is estimated by taking into consideration the historical four-year scrap market rate average, taking into account any significant impact of (changes in) worldwide recycling regulations (EU regulation versus other) and developments, which is updated annually. Management judgement also took into consideration the long term perspective for the sector, including peak oil and oil demand in the energy mix for the next 20 years using the IEA reports and forecasts. Based on the annual re-assessment of the residual value, there is no change in residual value as of December 31, 2022. • Note 8 - Impairment test: key assumptions underlying the recoverable amount and in particular forecasted TCE, discount rates and residual value; • 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. • Note 8 and 17 - Intention to re-purchase vessels under the sale and leaseback agreements: during its annual re-assessment performed at the end of 2022 of the reasonable certainty to exercise the re-purchase options of these vessels, the Group opted to change the subsequent accounting of the transaction as from the date of re-assessment as the Group intends to exercise the re-purchase options. Therefore, prospectively, the vessels will be depreciated to their residual values over their remaining useful lives. The financial liabilities have been remeasured at the re-assessment date at the end of 2022. The significant assumptions and accounting estimates used to support the reported amounts of assets and liabilities, income and expenses were regularly reviewed, and if needed updated, during 2022. The main judgements, estimates and assumptions are: • Note 8 – Impairment test: the carrying amount of the vessels is reviewed to determine whether an indication of impairment exists. No impairment is required as of December 31, 2022 as the recoverable amount of each CGU continues to be in excess of the carrying amounts. • Bunkers on the Oceania and the vessels are valued at lower of cost or net realizable value. Positive results were realized in 2022 for our fleet and the Group expects for 2023 the same based on the forecasted TCE rates. • Allowance for expected credit losses: in accordance with IFRS 9, the group recognizes expected credit losses on trade receivables following the simplified approach. Lifetime expected losses are recognized for the trade receivables, excluding recoverable VAT amounts. Based on customer’s payment behavior, no significant additional allowances for expected credit losses were to be recognized as per December 31, 2022. As the COVID-19 pandemic further evolves, potential changes in these views might occur in 2023. |
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 20 - Financial instruments and • Note 24 - Share-based payment arrangements |
Changes in accounting policies | Changes in accounting policiesThe accounting policies adopted in the preparation of the consolidated financial statements for the year ended December 31, 2022 are consistent with those applied in the preparation of the consolidated financial statements for the year ended December 31, 2021. A number of new standards are effective from January 1, 2022 but they do not have a material effect on the Group's financial statements.New standards and interpretations not yet adopted A number of new standards, amendments to standards and interpretations are not yet effective for the year ended December 31, 2022, and have not been applied in preparing these consolidated financial statements. The amendments are not expected to have a material impact on the Group’s consolidated financial statements. Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies, issued on February 12, 2021, include narrow-scope amendments to improve accounting policy disclosures so that they provide more useful information to investors and other primary users of the financial statements. The amendments to IAS 1 require companies to disclose their material accounting policy information rather than their significant accounting policies. The amendments to IFRS Practice Statement 2 provide guidance on how to apply the concept of materiality to accounting policy disclosures. The amendments are effective for annual periods beginning on or after January 1, 2023 with early application permitted. These amendments have been endorsed by the EU. Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates , issued on February 12, 2021, clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. The distinction is important because changes in accounting estimates are applied prospectively only to future transactions and other future events, but changes in accounting policies are generally also applied retrospectively to past transactions and other past events. The amendments are effective for annual periods beginning on or after January 1, 2023 with early application permitted. These amendments have been endorsed by the EU. Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction , issued on May 7, 2021, clarifies how companies should account for deferred tax on transactions such as leases and decommissioning obligations. IAS 12 Income Taxes specifies how a company accounts for income tax, including deferred tax, which represents tax payable or recoverable in the future. In specified circumstances, companies are exempt from recognizing deferred tax when they recognize assets or liabilities for the first time. Previously, there had been some uncertainty about whether the exemption applied to transactions such as leases and decommissioning obligations—transactions for which companies recognize both an asset and a liability. The amendments clarify that the exemption does not apply and that companies are required to recognize deferred tax on such transactions. The aim of the amendments is to reduce diversity in the reporting of deferred tax on leases and decommissioning obligations. The amendments are effective for annual periods beginning on or after January 1, 2023 with early application permitted. These amendments have been endorsed by the EU. Amendments to IAS 1 Presentation of Financial statements: • Classification of Liabilities as Current or Non-current (issued on January 23, 2020); • Classification of Liabilities as Current or Non-current - Deferral of Effective Date (issued on July 15, 2020); and • Non-current Liabilities with Covenants (issued on October 31, 2022) Amendments to IAS 1 Presentation of Financial statements: Classification of Liabilities as Current or Non-current , issued on January 23, 2020, clarify a criterion in IAS 1 for classifying a liability as non-current: the requirement for an entity to have the right to defer settlement of the liability for at least 12 months after the reporting period. The amendments: a. specify that an entity’s right to defer settlement must exist at the end of the reporting period; b. clarify that classification is unaffected by management’s intentions or expectations about whether the entity will exercise its right to defer settlement; c. clarify how lending conditions affect classification; and d. clarify requirements for classifying liabilities an entity will or may settle by issuing its own equity instruments. On July 15, 2020, the IASB issued Classification of Liabilities as Current or Non-current — Deferral of Effective Date (Amendment to IAS 1) deferring the effective date of the January 2020 amendments. On October 31, 2022, the IASB issued Non-current liabilities with Covenants , which amends IAS 1 and specifies that covenants (i.e. conditions specified in a loan arrangement) to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. Instead, the amendments require a company to disclose information about these covenants in the notes to the financial statements. All of the amendments are effective for annual reporting periods beginning on or after January 1, 2024 with early adoption permitted. The amendments have not yet been endorsed by the EU. Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback , issued on September 22, 2022, introduce a new accounting model which will impact how a seller-lessee accounts for variable lease payments in a sale-and-leaseback transaction. Under this new accounting model for variable payments, a seller-lessee will: a. include estimated variable lease payments when it initially measures a lease liability arising from a sale-and-leaseback transaction; and b. after initial recognition, apply the general requirements for subsequent accounting of the lease liability such that it recognizes no gain or loss relating to the right of use it retains. These amendments will not change the accounting for leases other than those arising in a sale and leaseback transaction. The amendments apply retrospectively for annual periods beginning on or after January 1, 2024 with early application permitted. These amendments have not yet been endorsed by the EU. |
Basis of Consolidation | Basis of Consolidation 7.1. Business Combinations The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and 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. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. 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 |
Business Combinations | Business CombinationsThe Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and 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. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. 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 controlOn 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. |
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 accounting policy 12 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. The financial liability related to the three VLCCs under the sale and leaseback agreement entered into on December 30, 2019 (see Note 17) is measured at amortized cost using the effective interest method. 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 fair value of the assets transferred at the end of the lease term or if the Group changes its assessment of whether it will exercise the purchase option. Any changes in the financial liabilities from remeasurement are recognized through 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. Derivatives 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 entered into interest rate swaps and forward CAP contracts to hedge this risk (see Note 15). 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. The Group entered into several commodity swaps and futures in connection with its low sulfur fuel oil project. These instruments qualified as hedging instruments. 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 during 2020. As from 2021, all changes were recognized in profit or loss (see Note 15). Hedges directly affected by the interest rate benchmark reform The Group has adopted the Phase 2 amendments and retrospectively applied them from January 1, 2021. When the basis for determining the contractual cash flows of the hedged item or hedging instrument changes as a result of the IBOR reform and therefore there is no longer uncertainty arising about the cash flows of the hedged item or the hedging instrument, the Group amends the hedge documentation of that hedging relationships to reflect the change(s) required by the IBOR reform. For this purpose, the hedge designation is amended only to make one or more of the following changes: • designating an alternative benchmark rate as the hedged risk; • updating the description of the hedged item, including the description of the designated portion of the cash flows or fair value being hedged; or • updating the description of the hedging instrument. The Group amends the description of the hedging instrument only if the following conditions are met: • it makes a change required by the IBOR reform by using an approach other than changing the basis for determining the contractual cash flows of the hedging instrument or using another approach that is economically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrument; and • the original hedging instrument is not derecognized. The Group amends the formal hedge documentation by the end of the reporting period during which a change required by the IBOR reform is made to the hedged risk, hedged item or hedging instrument. These amendments in the formal hedge documentation do not constitute the discontinuation of the hedging relationship or the designation of a new hedging relationship. If changes are made in addition to these changes required by the IBOR reform described above, then the Group first considers whether those additional changes result in the discontinuation of the hedge accounting relationship. If the additional changes do not result in the discontinuation of the hedge accounting relationship, then the Group amends the formal hedge documentation as mentioned above. When the interest rate benchmark on which the hedged future cash flows had been used is changed as required by the IBOR reform, for the purpose of determining whether the hedged future cash flows are expected to occur, the Group deems that the hedging reserve recognized in OCI for that hedging relationship is based on the alternative benchmark rate on which the hedged future cash flows will be based. See Note 20 for related disclosures. 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. |
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 accounting policy 12 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. |
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. The financial liability related to the three VLCCs under the sale and leaseback agreement entered into on December 30, 2019 (see Note 17) is measured at amortized cost using the effective interest method. 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 fair value of the assets transferred at the end of the lease term or if the Group changes its assessment of whether it will exercise the purchase option. Any changes in the financial liabilities from remeasurement are recognized through 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. Derivatives 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 entered into interest rate swaps and forward CAP contracts to hedge this risk (see Note 15). 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. The Group entered into several commodity swaps and futures in connection with its low sulfur fuel oil project. These instruments qualified as hedging instruments. 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 during 2020. As from 2021, all changes were recognized in profit or loss (see Note 15). Hedges directly affected by the interest rate benchmark reform The Group has adopted the Phase 2 amendments and retrospectively applied them from January 1, 2021. When the basis for determining the contractual cash flows of the hedged item or hedging instrument changes as a result of the IBOR reform and therefore there is no longer uncertainty arising about the cash flows of the hedged item or the hedging instrument, the Group amends the hedge documentation of that hedging relationships to reflect the change(s) required by the IBOR reform. For this purpose, the hedge designation is amended only to make one or more of the following changes: • designating an alternative benchmark rate as the hedged risk; • updating the description of the hedged item, including the description of the designated portion of the cash flows or fair value being hedged; or • updating the description of the hedging instrument. The Group amends the description of the hedging instrument only if the following conditions are met: • it makes a change required by the IBOR reform by using an approach other than changing the basis for determining the contractual cash flows of the hedging instrument or using another approach that is economically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrument; and • the original hedging instrument is not derecognized. The Group amends the formal hedge documentation by the end of the reporting period during which a change required by the IBOR reform is made to the hedged risk, hedged item or hedging instrument. These amendments in the formal hedge documentation do not constitute the discontinuation of the hedging relationship or the designation of a new hedging relationship. If changes are made in addition to these changes required by the IBOR reform described above, then the Group first considers whether those additional changes result in the discontinuation of the hedge accounting relationship. If the additional changes do not result in the discontinuation of the hedge accounting relationship, then the Group amends the formal hedge documentation as mentioned above. When the interest rate benchmark on which the hedged future cash flows had been used is changed as required by the IBOR reform, for the purpose of determining whether the hedged future cash flows are expected to occur, the Group deems that the hedging reserve recognized in OCI for that hedging relationship is based on the alternative benchmark rate on which the hedged future cash flows will be based. See Note 20 for related disclosures. 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. |
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 7.1. After initial recognition goodwill is measured at cost less accumulated impairment losses, refer to accounting policy 12. 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. Subsequent expenditure Subsequent expenditure on intangible assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates and its cost can be measured reliably. All other expenditure is expensed as incurred. 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 • Customer contracts (service component of the NOC contract): ten 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 assets Vessels and items of property, plant and equipment are stated at cost or deemed cost less accumulated depreciation (see below) and impairment losses, refer to accounting policy 12. 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 19). 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 30 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 The useful life of the FSOs have been assessed as 30 years due to the extension for ten years of the timecharter contract in direct continuation of their current contractual service, or until July 21, 2032 and September 21, 2032 respectively. The end of the useful economic life of the FSO vessels was set equal to the contract end date or approximately 30 years since build date. As explained in policy 5.B., management re-assesses on a yearly basis the residual value of its fleet. During 2022, each vessel’s residual value is equal to the product of its lightweight tonnage and an estimated net scrap rate of $390/LDT. This rate was not applied during 2022 for the three VLCCs under the sale and leaseback agreement entered into on December 30, 2019 (see Note 17). 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. During the annual re-assessment at the end of 2022, the Company concluded it is now reasonably certain that the Group will exercise the re-purchase options due to the increase in second-hand prices for 15+ VLCCs. During 2022, the three vessels were depreciated over the period until the end of the lease term, using a residual value of $21 million, which was the estimation from the prior year re-assessment of the amount that the Group could receive from disposal of the vessels at the reporting date if the vessels were already of the age and in the condition that they will be in at the end of the lease term. As a result of the annual re-assessment at the end of 2022, the three vessels will prospectively be depreciated from that date to the end of their useful lives using the same residual value as other vessels in the fleet (i.e. $390/LDT). Depreciation methods, useful lives and residual values are reviewed at year-end 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 | Impairment 12.1. Non-derivative financial assets Financial instruments and contract 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 in accordance with 12-months ECLs model: • 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 outstanding, 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 A to AA+, based on rating agency S&P. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between cash flows due to the entity in accordance with the contract and cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Credit-impaired financial assets At each reporting date, the Group assesses whether financial assets carried at amortized cost and debt securities at FVOCI are credit-impaired. A financial asset is 'credit-impaired' when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Presentation of 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. |
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 cash generating units (CGUs). Goodwill acquired in a business combination is allocated to groups of CGUs 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 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 significantly below net asset value for a prolonged period of time; • a significant and unexpected decline in market value of vessels; • significant adverse effects in the technological, market, economic, legal and regulatory environment, including but not limited to, vessel and crude oil supply and demand trends; • increases in market interest rates. Euronav defines its CGU for tankers 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 CGU. 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. For 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, management considers it is appropriate to use as a residual value of the vessels an amount equal to the lightweight tonnage of the vessel, multiplied by the market price of scrap per ton, less disposal costs such as repositioning the vessel, commissions and preparation fees, and after consideration of the impact of (changes in) worldwide recycling regulations (EU regulation versus other) and developments. The market scrap value per ton is estimated by taking into consideration the historical four-year scrap market rate average, taking into account any significant impact of (changes in) worldwide recycling regulations (EU regulation versus other) and developments, which is updated annually at year-end. 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. Long term charter rates are used in the calculation in case available. Management judgement also took into consideration the long term perspective for the sector, including peak oil and oil demand in the energy mix for the next 20 years using the IEA reports and forecasts. 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 (30 years) and a residual value. After careful consideration of the trends in the shipping industry, the Group elected to use as a residual value for its vessels an amount equal to the lightweight tonnage of the vessel, multiplied by the market price of scrap per ton, less disposal costs such as repositioning the vessel, commissions and preparation fees, and after consideration of the impact of (changes in) worldwide recycling regulations (EU regulation versus other) and developments. 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 the fixed daily contract rates. The FSO Asia and the FSO Africa were 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. In November 2020, the two joint ventures (TI Asia Ltd and TI Africa Ltd.) signed an extension for ten years in direct continuation of their current contractual service, or until July 21, 2032 and September 21, 2032 respectively. Following this extension of the contract with North Oil Company until 2032, the end of the useful economic life was set equal to the contract end date or approximately 30 years since build date. |
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 or net realizable value with cost being determined on a weighted average basis. No write down is needed as long as the freight market remains robust offsetting potential higher weighted average consumption costs of the bunker oil consumed from that inventory. 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 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, which is determined based on the incremental costs of |
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 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. TI administration fees are subtracted from the net pool revenues. 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 19.2). IFRS 16 requires the Group to separate lease and non-lease components, with the lease component qualifying as operating lease under IFRS 16 and the service components accounted for under IFRS 15. 17.3. Spot voyages As from January 1, 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 vesselsIn 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 as from January 1, 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. 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 11.5. 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. |
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. |
Segment reporting | Segment reportingAn 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 operationsA 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. |
New standards and interpretations not yet adopted | Changes in accounting policiesThe accounting policies adopted in the preparation of the consolidated financial statements for the year ended December 31, 2022 are consistent with those applied in the preparation of the consolidated financial statements for the year ended December 31, 2021. A number of new standards are effective from January 1, 2022 but they do not have a material effect on the Group's financial statements.New standards and interpretations not yet adopted A number of new standards, amendments to standards and interpretations are not yet effective for the year ended December 31, 2022, and have not been applied in preparing these consolidated financial statements. The amendments are not expected to have a material impact on the Group’s consolidated financial statements. Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies, issued on February 12, 2021, include narrow-scope amendments to improve accounting policy disclosures so that they provide more useful information to investors and other primary users of the financial statements. The amendments to IAS 1 require companies to disclose their material accounting policy information rather than their significant accounting policies. The amendments to IFRS Practice Statement 2 provide guidance on how to apply the concept of materiality to accounting policy disclosures. The amendments are effective for annual periods beginning on or after January 1, 2023 with early application permitted. These amendments have been endorsed by the EU. Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates , issued on February 12, 2021, clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. The distinction is important because changes in accounting estimates are applied prospectively only to future transactions and other future events, but changes in accounting policies are generally also applied retrospectively to past transactions and other past events. The amendments are effective for annual periods beginning on or after January 1, 2023 with early application permitted. These amendments have been endorsed by the EU. Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction , issued on May 7, 2021, clarifies how companies should account for deferred tax on transactions such as leases and decommissioning obligations. IAS 12 Income Taxes specifies how a company accounts for income tax, including deferred tax, which represents tax payable or recoverable in the future. In specified circumstances, companies are exempt from recognizing deferred tax when they recognize assets or liabilities for the first time. Previously, there had been some uncertainty about whether the exemption applied to transactions such as leases and decommissioning obligations—transactions for which companies recognize both an asset and a liability. The amendments clarify that the exemption does not apply and that companies are required to recognize deferred tax on such transactions. The aim of the amendments is to reduce diversity in the reporting of deferred tax on leases and decommissioning obligations. The amendments are effective for annual periods beginning on or after January 1, 2023 with early application permitted. These amendments have been endorsed by the EU. Amendments to IAS 1 Presentation of Financial statements: • Classification of Liabilities as Current or Non-current (issued on January 23, 2020); • Classification of Liabilities as Current or Non-current - Deferral of Effective Date (issued on July 15, 2020); and • Non-current Liabilities with Covenants (issued on October 31, 2022) Amendments to IAS 1 Presentation of Financial statements: Classification of Liabilities as Current or Non-current , issued on January 23, 2020, clarify a criterion in IAS 1 for classifying a liability as non-current: the requirement for an entity to have the right to defer settlement of the liability for at least 12 months after the reporting period. The amendments: a. specify that an entity’s right to defer settlement must exist at the end of the reporting period; b. clarify that classification is unaffected by management’s intentions or expectations about whether the entity will exercise its right to defer settlement; c. clarify how lending conditions affect classification; and d. clarify requirements for classifying liabilities an entity will or may settle by issuing its own equity instruments. On July 15, 2020, the IASB issued Classification of Liabilities as Current or Non-current — Deferral of Effective Date (Amendment to IAS 1) deferring the effective date of the January 2020 amendments. On October 31, 2022, the IASB issued Non-current liabilities with Covenants , which amends IAS 1 and specifies that covenants (i.e. conditions specified in a loan arrangement) to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. Instead, the amendments require a company to disclose information about these covenants in the notes to the financial statements. All of the amendments are effective for annual reporting periods beginning on or after January 1, 2024 with early adoption permitted. The amendments have not yet been endorsed by the EU. Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback , issued on September 22, 2022, introduce a new accounting model which will impact how a seller-lessee accounts for variable lease payments in a sale-and-leaseback transaction. Under this new accounting model for variable payments, a seller-lessee will: a. include estimated variable lease payments when it initially measures a lease liability arising from a sale-and-leaseback transaction; and b. after initial recognition, apply the general requirements for subsequent accounting of the lease liability such that it recognizes no gain or loss relating to the right of use it retains. These amendments will not change the accounting for leases other than those arising in a sale and leaseback transaction. The amendments apply retrospectively for annual periods beginning on or after January 1, 2024 with early application permitted. These amendments have not yet been endorsed by the EU. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
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 accounting policy 12 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 30 years - plant and equipment 5 - 20 years - fixtures and fittings 5 - 10 years - other tangible assets 3 - 20 years - dry-docking 2.5 - 5 years (in thousands of USD) Vessels Vessels under construction Right-of-use assets Other tangible assets Total PPE At January 1, 2020 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 Acquisitions 17,835 207,069 25,701 285 250,890 Disposals and cancellations (42,641) — — (2) (42,643) Depreciation charges (287,148) — (31,702) (802) (319,652) Translation differences — — 48 13 61 Balance at December 31, 2020 2,865,308 207,069 52,955 1,759 3,127,091 At January 1, 2021 Cost 4,608,326 207,069 113,859 5,189 4,934,443 Depreciation & impairment losses (1,743,018) — (60,904) (3,430) (1,807,352) Net carrying amount 2,865,308 207,069 52,955 1,759 3,127,091 Acquisitions 56,111 356,951 23,476 142 436,680 Disposals and cancellations (39,522) — — — (39,522) Depreciation charges (296,837) — (47,387) (680) (344,904) Transfers 382,727 (382,727) — — — Translation differences — — (43) (3) (46) Balance at December 31, 2021 2,967,787 181,293 29,001 1,218 3,179,299 At January 1, 2022 Cost 4,875,810 181,293 53,226 5,244 5,115,573 Depreciation & impairment losses (1,908,023) — (24,225) (4,026) (1,936,274) Net carrying amount 2,967,787 181,293 29,001 1,218 3,179,299 Acquisitions 448,850 165,246 14,060 164 628,320 Disposals and cancellations (258,899) — — — (258,899) Depreciation charges (199,457) — (21,509) (610) (221,576) Transfer to assets held for sale (Note 3) (18,459) — — — (18,459) Transfers 118,110 (118,110) — — — Translation differences — — (59) (10) (69) Balance at December 31, 2022 3,057,932 228,429 21,493 762 3,308,616 At December 31, 2022 Cost 5,014,747 228,429 66,785 5,159 5,315,120 Depreciation & impairment losses (1,956,815) — (45,292) (4,397) (2,006,504) Net carrying amount 3,057,932 228,429 21,493 762 3,308,616 Disposal of assets – Gains/losses (in thousands of USD) Sale price Book Value Gain Loss Finesse - Sale 21,003 12,705 8,298 — Cap Diamant - Sale 20,072 7,242 12,830 — TI Hellas - Sale 37,000 35,400 1,600 — At December 31, 2020 78,075 55,347 22,728 — Sale price Book Value Gain Loss Newton - Sale 35,370 32,953 1,163 — Filikon - Sale 15,974 6,570 9,404 — Other — — 4,500 — At December 31, 2021 51,344 39,523 15,068 — Sale price Book Value Gain Loss Sandra - Sale 47,520 47,299 221 — Sara - Sale 47,520 46,013 1,507 — Sonia - Sale 50,490 50,837 — (347) Simone - Sale 50,490 50,070 420 — Cap Leon - Sale 19,924 9,081 10,843 — Cap Pierre - Sale 19,058 11,537 7,521 — Cap Philippe - Sale 32,046 19,165 12,881 — Europe - Sale 40,013 5,300 34,713 — Cap Guillaume - Sale 34,153 19,597 14,556 — Other — — 13,500 — At December 31, 2022 341,214 258,899 96,161 (347) |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Schedule of operating segments | Consolidated statement of financial position (in thousands of USD) December 31, 2022 December 31, 2021 ASSETS Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Vessels 2,846,780 211,153 — 3,057,933 2,975,392 105,350 (112,955) 2,967,787 Assets under construction 228,429 — — 228,429 181,293 — — 181,293 Right-of-use assets 21,493 — — 21,493 29,001 — — 29,001 Other tangible assets 762 — — 762 1,218 — — 1,218 Intangible assets 89 15,657 — 15,746 186 — — 186 Receivables 33,297 1,092 436 34,825 46,251 — 9,388 55,639 Investments in equity accounted investees 2,249 — (826) 1,423 4,653 — 67,793 72,446 Deferred tax assets 1,403 — — 1,403 1,546 — — 1,546 Total non-current assets 3,134,502 227,902 (390) 3,362,014 3,239,540 105,350 (35,774) 3,309,116 Total current assets 591,130 16,311 (382) 607,059 459,864 10,478 (10,935) 459,407 TOTAL ASSETS 3,725,632 244,213 (772) 3,969,073 3,699,404 115,828 (46,709) 3,768,523 EQUITY and LIABILITIES Total equity 2,076,976 96,489 — 2,173,465 1,891,483 69,099 — 1,960,582 Bank and other loans 1,141,378 123,290 (425) 1,264,243 1,175,835 11,465 (11,465) 1,175,835 Other notes 197,556 — — 197,556 196,895 — — 196,895 Other borrowings 71,011 — — 71,011 86,198 — — 86,198 Lease liabilities 5,824 — — 5,824 16,759 — — 16,759 Other payables — 404 — 404 3,490 — — 3,490 Deferred tax liabilities — — — — — 10,535 (10,535) — Employee benefits 1,635 — — 1,635 6,839 — — 6,839 Provisions 597 — — 597 892 — — 892 Total non-current liabilities 1,418,001 123,694 (425) 1,541,270 1,486,908 22,000 (22,000) 1,486,908 Total current liabilities 230,655 24,030 (347) 254,338 321,013 24,729 (24,709) 321,033 TOTAL EQUITY and LIABILITIES 3,725,632 244,213 (772) 3,969,073 3,699,404 115,828 (46,709) 3,768,523 Consolidated statement of profit or loss (in thousands of USD) 2022 2021 2020 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Shipping income Revenue 810,122 66,297 (21,750) 854,669 422,649 50,132 (53,011) 419,770 1,220,843 49,949 (60,451) 1,210,341 Gains on disposal of vessels/other tangible assets 99,437 — (3,277) 96,160 15,068 — — 15,068 23,107 — (379) 22,728 Other operating income 12,208 3,752 (819) 15,141 10,111 2,356 (2,212) 10,255 9,907 2,577 (2,372) 10,112 Total shipping income 921,767 70,049 (25,846) 965,970 447,828 52,488 (55,223) 445,093 1,253,857 52,526 (63,202) 1,243,181 Operating expenses Voyage expenses and commissions (176,146) — 959 (175,187) (122,374) — 3,566 (118,808) (129,833) — 4,403 (125,430) Vessel operating expenses (202,765) (19,156) 5,827 (216,094) (222,087) (12,381) 13,762 (220,706) (221,245) (12,014) 14,869 (218,390) Charter hire expenses (5,259) — (510) (5,769) (6,775) — (2,975) (9,750) (5,410) — (2,544) (7,954) Losses on disposal of vessels/other tangible assets (347) — — (347) — — — — (1) — — (1) Depreciation tangible assets (212,624) (12,101) 3,149 (221,576) (347,338) (9,899) 12,333 (344,904) (323,216) (16,710) 20,274 (319,652) Depreciation intangible assets (108) (913) — (1,021) (90) — — (90) (99) — — (99) General and administrative expenses (51,323) (508) 129 (51,702) (32,441) (330) 363 (32,408) (37,441) (560) 668 (37,333) Total operating expenses (648,572) (32,678) 9,554 (671,696) (731,105) (22,610) 27,049 (726,666) (717,245) (29,284) 37,670 (708,859) RESULT FROM OPERATING ACTIVITIES 273,195 37,371 (16,292) 294,274 (283,277) 29,878 (28,174) (281,573) 536,612 23,242 (25,532) 534,322 Finance income 26,747 313 80 27,140 14,050 — 884 14,934 20,045 21 1,430 21,496 Finance expenses (128,695) (4,569) 255 (133,009) (95,626) (1,971) 2,056 (95,541) (91,645) (3,295) 3,387 (91,553) Net finance expenses (101,948) (4,256) 335 (105,869) (81,576) (1,971) 2,940 (80,607) (71,600) (3,274) 4,817 (70,057) Share of profit (loss) of equity accounted investees (net of income tax) 92 — 17,558 17,650 380 — 22,596 22,976 467 — 10,450 10,917 Profit (loss) before income tax 171,339 33,115 1,601 206,055 (364,473) 27,907 (2,638) (339,204) 465,479 19,968 (10,265) 475,182 Income tax expense (216) (987) (1,601) (2,804) 427 (2,638) 2,638 427 (1,944) (10,265) 10,265 (1,944) Profit (loss) for the period 171,123 32,128 — 203,251 (364,046) 25,269 — (338,777) 463,535 9,703 — 473,238 Attributable to: Owners of the company 171,123 32,128 — 203,251 (364,046) 25,269 — (338,777) 463,535 9,703 — 473,238 Summarized consolidated statement of cash flows (in thousands of USD) 2022 2021 2020 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 230,207 33,474 (8,128) 255,553 (32,132) 35,532 (28,705) (25,305) 958,798 36,328 (25,341) 969,785 Net cash from (used in) investing activities (132,942) (134,402) 108,499 (158,845) (351,767) — (1,479) (353,246) (110,314) — (6,792) (117,106) Net cash from (used in) financing activities (65,916) 101,582 (98,561) (62,895) (378,528) (35,259) 787,680 373,893 (995,151) (36,503) 31,953 (999,701) Capital expenditure (395,802) (144,438) — (540,240) (413,319) — — (413,319) (226,663) — 1,253 (225,410) |
Assets and liabilities held f_2
Assets and liabilities held for sale and discontinued operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 December 31, 2020 Vessels 18,459 — — Of which in Tankers segment 18,459 — — Of which in FSO segment — — — (in thousands of USD) (Estimated) Net sale price Book Value Asset Held For Sale Impairment Loss (Expected) Gain At January 1, 2021 — — — — — At December 31, 2021 — — — — — At January 1, 2022 — — — — — Assets transferred to assets held for sale Cap Charles 40,523 18,459 18,459 — 22,064 At December 31, 2022 — — 18,459 — 22,064 |
Revenue and other operating i_2
Revenue and other operating income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Schedule of revenue sources | (in thousands of USD) 2022 2021 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Pool Revenue 359,926 — (6) 359,920 136,160 — 11 136,171 Spot Voyages 377,900 — (540) 377,360 215,158 — (2,890) 212,268 Revenue from contracts with customers 737,826 — (546) 737,280 351,318 — (2,879) 348,439 Time Charters 72,296 66,297 (21,204) 117,389 71,331 50,132 (50,132) 71,331 Lease income 72,296 66,297 (21,204) 117,389 71,331 50,132 (50,132) 71,331 Total revenue 810,122 66,297 (21,750) 854,669 422,649 50,132 (53,011) 419,770 Other operating income — — — 15,141 — — — 10,255 |
Expenses for shipping activit_2
Expenses for shipping activities and other expenses from operating activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Schedule of voyage expenses and commissions | Voyage expenses and commissions (in thousands of USD) 2022 2021 2020 Commissions paid (14,778) (8,014) (12,748) Bunkers (131,089) (84,614) (98,761) Other voyage related expenses (29,320) (26,180) (13,921) Total voyage expenses and commissions (175,187) (118,808) (125,430) |
Schedule of vessel operating expenses | Vessel operating expenses (in thousands of USD) 2022 2021 2020 Operating expenses (199,286) (204,702) (204,433) Insurance (16,808) (16,004) (13,957) Total vessel operating expenses (216,094) (220,706) (218,390) |
Schedule of charter hire expenses | Charter hire expenses (in thousands of USD) 2022 2021 2020 Charter hire (3,912) (8,473) (7,954) Bareboat hire (1,857) (1,277) — Total charter hire expenses (5,769) (9,750) (7,954) |
Schedule of general and administrative expenses | General and administrative expenses (in thousands of USD) 2022 2021 2020 Wages and salaries (8,272) (7,566) (10,641) Social security costs (1,242) (1,295) (1,360) Provision for employee benefits (Note 18) 205 687 (545) Cash-settled share-based payments (Note 24) 2,973 (548) 1,338 Equity-settled share-based payments (Note 24) (2,411) (761) (140) Other employee benefits (919) (1,000) (1,272) Employee benefits (9,666) (10,482) (12,620) Administrative expenses (37,955) (18,355) (21,652) Tonnage Tax (4,343) (3,346) (3,459) Claims — (452) 10 Provisions 262 227 388 Total general and administrative expenses (51,702) (32,408) (37,333) Average number of full time equivalents (shore staff) 192.81 189.05 185.66 |
Net finance expense (Tables)
Net finance expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Disclosure of net finance expense recognized in profit or loss | (in thousands of USD) 2022 2021 2020 Interest income 7,063 1,896 3,687 Change in fair value of fuel derivatives recognized in P&L 6,132 1,668 2,800 Foreign exchange gains 13,945 11,370 15,009 Finance income 27,140 14,934 21,496 Interest expense on financial liabilities measured at amortized cost (85,418) (57,961) (60,627) Interest leasing (1,237) (2,378) (3,287) Change in fair value of fuel derivatives recognized in P&L (26,388) (8,966) (1,723) Fair value adjustment on interest rate swaps (507) (78) (108) Other financial charges (5,930) (14,265) (9,936) Foreign exchange losses (13,529) (11,893) (15,872) Finance expense (133,009) (95,541) (91,553) Net finance expense recognized in profit or loss (105,869) (80,607) (70,057) |
Disclosure of finance income and expenses not at fair value through profit or loss | 2022 2021 2020 Total interest income on financial assets 7,063 1,896 3,687 Total interest expense on financial liabilities (85,418) (57,961) (60,627) Total interest leasing (1,237) (2,378) (3,287) Total other financial charges (5,930) (14,265) (9,936) |
Disclosure finance expense recognized directly in equity | (in thousands of USD) 2022 2021 2020 Foreign currency translation differences for foreign operations (477) (482) 636 Cash flow hedges - effective portion of changes in fair value 30,657 9,852 (2,873) Net finance expense recognized directly in equity 30,180 9,370 (2,237) Attributable to: Owners of the Company 30,180 9,370 (2,237) Net finance expense recognized directly in equity 30,180 9,370 (2,237) Recognized in: Translation reserve (477) (482) 636 Hedging reserve 30,657 9,852 (2,873) |
Income tax benefit (expense) (T
Income tax benefit (expense) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Disclosure of tax benefit (expense) | (in thousands of USD) 2022 2021 2020 Current tax Current period (1,736) (206) (575) Changes related to prior years 57 436 — Total current tax (1,680) 230 (575) Deferred tax Recognition of unused tax losses/(use of tax losses) (137) 201 (1,369) Other (987) (4) — Total deferred tax (1,124) 197 (1,369) Total tax benefit/(expense) (2,804) 427 (1,944) |
Disclosure of reconciliation of effective tax | Reconciliation of effective tax 2022 2021 2020 Profit (loss) before tax 206,055 (339,204) 475,182 Tax at domestic rate (25.00) % (51,514) (25.00) % 84,801 (25.00) % (118,796) Effects on tax of : Tax exempt profit / loss 2,642 4,541 241 Tax adjustments for previous years 57 436 — Loss for which no DTA (*) has been recognized 4,481 27 (61) Non-deductible expenses (315) (188) (482) Use of previously unrecognized tax losses and tax credits 4,431 4,101 267 Effect of Tonnage Tax regime 40,670 (84,881) 115,174 Effect of share of profit of equity-accounted investees 4,389 5,649 2,613 Effects of tax regimes in foreign jurisdictions (7,645) (14,059) (900) Total taxes (1.36) % (2,804) (0.13) % 427 (0.41) % (1,944) * Deferred Tax Asset |
Property, plant and equipment P
Property, plant and equipment Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 30 years - plant and equipment 5 - 20 years - fixtures and fittings 5 - 10 years - other tangible assets 3 - 20 years - dry-docking 2.5 - 5 years (in thousands of USD) Vessels Vessels under construction Right-of-use assets Other tangible assets Total PPE At January 1, 2020 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 Acquisitions 17,835 207,069 25,701 285 250,890 Disposals and cancellations (42,641) — — (2) (42,643) Depreciation charges (287,148) — (31,702) (802) (319,652) Translation differences — — 48 13 61 Balance at December 31, 2020 2,865,308 207,069 52,955 1,759 3,127,091 At January 1, 2021 Cost 4,608,326 207,069 113,859 5,189 4,934,443 Depreciation & impairment losses (1,743,018) — (60,904) (3,430) (1,807,352) Net carrying amount 2,865,308 207,069 52,955 1,759 3,127,091 Acquisitions 56,111 356,951 23,476 142 436,680 Disposals and cancellations (39,522) — — — (39,522) Depreciation charges (296,837) — (47,387) (680) (344,904) Transfers 382,727 (382,727) — — — Translation differences — — (43) (3) (46) Balance at December 31, 2021 2,967,787 181,293 29,001 1,218 3,179,299 At January 1, 2022 Cost 4,875,810 181,293 53,226 5,244 5,115,573 Depreciation & impairment losses (1,908,023) — (24,225) (4,026) (1,936,274) Net carrying amount 2,967,787 181,293 29,001 1,218 3,179,299 Acquisitions 448,850 165,246 14,060 164 628,320 Disposals and cancellations (258,899) — — — (258,899) Depreciation charges (199,457) — (21,509) (610) (221,576) Transfer to assets held for sale (Note 3) (18,459) — — — (18,459) Transfers 118,110 (118,110) — — — Translation differences — — (59) (10) (69) Balance at December 31, 2022 3,057,932 228,429 21,493 762 3,308,616 At December 31, 2022 Cost 5,014,747 228,429 66,785 5,159 5,315,120 Depreciation & impairment losses (1,956,815) — (45,292) (4,397) (2,006,504) Net carrying amount 3,057,932 228,429 21,493 762 3,308,616 Disposal of assets – Gains/losses (in thousands of USD) Sale price Book Value Gain Loss Finesse - Sale 21,003 12,705 8,298 — Cap Diamant - Sale 20,072 7,242 12,830 — TI Hellas - Sale 37,000 35,400 1,600 — At December 31, 2020 78,075 55,347 22,728 — Sale price Book Value Gain Loss Newton - Sale 35,370 32,953 1,163 — Filikon - Sale 15,974 6,570 9,404 — Other — — 4,500 — At December 31, 2021 51,344 39,523 15,068 — Sale price Book Value Gain Loss Sandra - Sale 47,520 47,299 221 — Sara - Sale 47,520 46,013 1,507 — Sonia - Sale 50,490 50,837 — (347) Simone - Sale 50,490 50,070 420 — Cap Leon - Sale 19,924 9,081 10,843 — Cap Pierre - Sale 19,058 11,537 7,521 — Cap Philippe - Sale 32,046 19,165 12,881 — Europe - Sale 40,013 5,300 34,713 — Cap Guillaume - Sale 34,153 19,597 14,556 — Other — — 13,500 — At December 31, 2022 341,214 258,899 96,161 (347) |
Schedule of capital commitments | These capital commitments relate to five eco-type Suezmaxes and three eco-type VLCCs newbuilding contracts. The capital commitments can be detailed as follows: (in thousands of USD) Total 2023 2024 2024 Commitments in respect of VLCCs 167,880 167,880 — — Commitments in respect of Suezmaxes 236,185 99,589 136,596 — Commitments in respect of FSOs — — — — Total 404,065 267,469 136,596 — |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets other than goodwill [abstract] | |
Schedule of reconciliation of intangible assets | (in thousands of USD) Customer contracts Other intangible assets Total intangible assets At January 1, 2021 Cost — 1,123 1,123 Depreciation — (962) (962) Net carrying amount — 161 161 Acquisitions — 115 115 Depreciation charges — (90) (90) Balance at December 31, 2021 — 186 186 At January 1, 2022 Cost — 1,205 1,205 Depreciation — (1,019) (1,019) Net carrying amount — 186 186 Acquisitions 16,569 13 16,582 Depreciation charges (913) (108) (1,021) Translation differences — (1) (1) Balance at December 31, 2022 15,656 90 15,746 At December 31, 2022 Cost 16,569 1,212 17,781 Depreciation (913) (1,122) (2,035) Net carrying amount 15,656 90 15,746 |
Deferred tax assets and liabi_2
Deferred tax assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred tax expense (income) [abstract] | |
Schedule of deferred tax assets and liabilities | Deferred tax assets and liabilities are attributable to the following: (in thousands of USD) ASSETS LIABILITIES NET Employee benefits 23 — 23 Unused tax losses & tax credits 66,304 — 66,304 Unremitted earnings — (64,781) (64,781) 66,327 (64,781) 1,546 Offset (64,781) 64,781 Balance at December 31, 2021 1,546 — Employee benefits 25 — 25 Unused tax losses & tax credits 60,308 — 60,308 Unremitted earnings — (58,930) (58,930) 60,333 (58,930) 1,403 Offset (58,930) 58,930 Balance at December 31, 2022 1,403 — Deferred tax assets and liabilities have not been recognized in respect of the following items: (in thousands of USD) December 31, 2022 December 31, 2021 ASSETS LIABILITIES ASSETS LIABILITIES Deductible temporary differences 261 — 291 — Taxable temporary differences — (12,162) — (12,162) Tax losses & tax credits 29,776 — 29,753 — 30,037 (12,162) 30,044 (12,162) Offset (12,162) 12,162 (12,162) 12,162 Total 17,875 — 17,882 — (in thousands of USD) Balance at Jan 1, 2020 Recognized in income Recognized in equity Other movements Translation Differences Balance at Dec 31, 2020 Employee benefits 26 — — — 3 29 Unused tax losses & tax credits 2,689 (1,369) — — 8 1,328 Total 2,715 (1,369) — — 11 1,357 Balance at Jan 1, 2021 Recognized in income Recognized in equity Other movements Translation Differences Balance at Dec 31, 2021 Employee benefits 29 (4) — — (2) 23 Unused tax losses & tax credits 1,328 201 — — (6) 1,523 Total 1,357 197 — — (8) 1,546 Balance at Jan 1, 2022 Recognized in income Recognized in equity Other movements Translation Differences Balance at Dec 31, 2022 Employee benefits 23 4 — — (2) 25 Unused tax losses & tax credits 1,523 (137) — — (8) 1,378 Reclassification — (991) — 991 — — Total 1,546 (1,124) — 991 (10) 1,403 |
Non-current receivables (Tables
Non-current receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of non-current receivables | (in thousands of USD) December 31, 2022 December 31, 2021 Shareholders loans to joint ventures 24 30,242 Derivatives 18,091 6,392 Other non-current receivables 13,855 14,426 Lease receivables 2,854 4,578 Investment 1 1 Total non-current receivables 34,825 55,639 |
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, 2022 December 31, 2021 Receivable: Within two years 1,591 2,294 Between two and three years 16,101 20,368 Between three and four years — 9,157 Between four and five years 3,663 — More than five years 13,470 23,820 Total non-current receivables 34,825 55,639 |
Trade and other receivables -_2
Trade and other receivables - current (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of trade and other current receivables | (in thousands of USD) December 31, 2022 December 31, 2021 Receivable from contracts with customers 106,972 55,704 Receivable from contracts with customers - TI Pool 193,945 139,672 Accrued income 11,421 8,480 Accrued interest 2,329 580 Deferred charges 20,388 22,083 Deferred fulfillment costs 1,587 1,156 Other receivables 12,578 7,977 Lease receivables 1,699 2,091 Derivatives 15,870 2 Total trade and other receivables 366,789 237,745 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of cash and cash equivalents | (in thousands of USD) December 31, 2022 December 31, 2021 Bank deposits — — Cash at bank and in hand 179,929 152,528 TOTAL 179,929 152,528 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Disclosure of number of shares issued | (in shares) December 31, 2022 December 31, 2021 December 31, 2020 On issue at January 1 220,024,713 220,024,713 220,024,713 On issue at December 31 - fully paid 220,024,713 220,024,713 220,024,713 |
Hedging reserve | The hedging instruments were as follows: 2022 (in thousands of USD) Notional Value Fair Value - Assets Fair Value - Liabilities Change recognized in OCI Interest rate swaps $173.6 million facility - Cap Quebec and Cap Pembroke 56,838 1,791 — 4,757 $173.6 million facility - Cap Corpus Christi and Cap Port Arthur 60,164 5,202 — 3,830 $713.0 million facility 223,667 17,819 — 12,859 $73.45 million facility 71,155 5,465 — 5,465 $150.0 million facility 106,310 2,249 — 2,249 Forward cap contracts Cap options — — — 466 Fx swaps Fx Euro hedge 18,398 1,032 — 1,032 At December 31, 2022, 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 (41,048) (38,879) (167,966) Average fixed interest rate 1.42 % 1.41 % 1.40 % At December 31, 2021, 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 (15,704) (15,982) (93,737) Average fixed interest rate 0.80 % 0.80 % 0.78 % December 31, 2022 December 31, 2021 (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 (29,159) 32,021 (9,247) 2,862 Cap option (466) — (605) (466) Fx rate risk Fx swaps (1,032) 1,032 — — The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows: 2022 During the period 2022 (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 518,133 32,929 404 Non-current receivables, Trade and other current receivables, Non-current other payables 29,159 (507) Finance expenses Cap options — — — — 466 — Finance expenses Fx rate risk Fx swaps 18,398 1,032 — Trade and other current receivables 1,032 — Finance expenses 2021 During the period 2021 (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 367,530 6,392 2,987 Non-current receivables, Trade and other current receivables, Trade and other current payables 9,247 (78) Finance expenses Cap options 200,000 2 — Trade and other receivables 605 — Finance expenses 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, 2022 2,396 Cash flow hedges Change in fair value interest rate risk 29,625 Change in fair value fx risk 1,032 Balance at December 31, 2022 33,053 Balance at January 1, 2021 (7,456) Cash flow hedges Change in fair value interest rate risk 9,852 Balance at December 31, 2021 2,396 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Schedule of earnings per share | 2022 2021 2020 Result for the period (in USD) 203,251,347 (338,777,184) 473,237,286 Weighted average number of ordinary shares 201,747,963 201,677,981 210,193,707 Basic earnings per share (in USD) 1.01 (1.68) 2.25 (in shares) Shares issued Treasury shares Shares outstanding Weighted number of shares On issue at January 1, 2020 220,024,713 4,946,216 215,078,497 215,078,497 Issuance of shares — — — — Purchases of treasury shares — 13,400,516 (13,400,516) (4,884,790) Withdrawal of treasury shares — — — — Transfer of treasury shares — — — — On issue at December 31, 2020 220,024,713 18,346,732 201,677,981 210,193,707 On issue at January 1, 2021 220,024,713 18,346,732 201,677,981 201,677,981 Issuance of shares — — — — Purchases of treasury shares — — — — Withdrawal of treasury shares — — — — Transfer of treasury shares — — — — On issue at December 31, 2021 220,024,713 18,346,732 201,677,981 201,677,981 On issue at January 1, 2022 220,024,713 18,346,732 201,677,981 201,677,981 Issuance of shares — — — — Purchases of treasury shares — — — — Withdrawal of treasury shares — — — — Transfer of treasury shares — (105,551) 105,551 69,982 On issue at December 31, 2022 220,024,713 18,241,181 201,783,532 201,747,963 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) 2022 2021 2020 Weighted average of ordinary shares outstanding (basic) 201,747,963 201,677,981 210,193,707 Effect of Share-based Payment arrangements 246,254 95,259 12,696 Weighted average number of ordinary shares (diluted) 201,994,217 201,773,240 210,206,403 |
Interest-bearing loans and bo_2
Interest-bearing loans and borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 631,044 — — — 631,044 Between 1 and 5 years 205,274 198,279 21,172 100,056 524,781 More than 1 year 836,318 198,279 21,172 100,056 1,155,825 Less than 1 year 20,542 — 45,749 51,297 117,588 At January 1, 2021 856,860 198,279 66,921 151,353 1,273,413 New loans 937,825 200,000 24,729 371,755 1,534,309 Scheduled repayments (27,232) — (52,550) (316,069) (395,851) Early repayments (567,000) (131,800) — — (698,800) Other changes 4,695 (2,559) — — 2,136 Translation differences — — (49) (2,978) (3,027) Balance at December 31, 2021 1,205,148 263,920 39,051 204,061 1,712,180 More than 5 years 102,419 — 74 — 102,493 Between 1 and 5 years 1,073,416 196,895 16,685 86,198 1,373,194 More than 1 year 1,175,835 196,895 16,759 86,198 1,475,687 Less than 1 year 29,313 67,025 22,292 117,863 236,493 Balance at December 31, 2021 1,205,148 263,920 39,051 204,061 1,712,180 Bank loans Other notes Lease liabilities Other borrowings Total More than 5 years 102,419 — 74 — 102,493 Between 1 and 5 years 1,073,416 196,895 16,685 86,198 1,373,194 More than 1 year 1,175,835 196,895 16,759 86,198 1,475,687 Less than 1 year 29,313 67,025 22,292 117,863 236,493 At January 1, 2022 1,205,148 263,920 39,051 204,061 1,712,180 New loans 1,038,450 — 14,060 231,845 1,284,355 Scheduled repayments (44,470) (67,200) (24,290) (293,171) (429,131) Early repayments (865,000) — — (865,000) Other changes (945) 836 — — (109) Translation differences — — (142) (5,873) (6,015) Balance at December 31, 2022 1,333,183 197,556 28,679 136,862 1,696,280 More than 5 years 221,304 — 41 — 221,345 Between 1 and 5 years 1,042,938 197,556 5,783 71,011 1,317,288 More than 1 year 1,264,242 197,556 5,824 71,011 1,538,633 Less than 1 year 68,941 — 22,855 65,851 157,647 Balance at December 31, 2022 1,333,183 197,556 28,679 136,862 1,696,280 The following are the remaining contractual maturities of financial liabilities: Contractual cash flows December 31, 2021 (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 17) 1,469,068 1,667,567 145,175 1,413,221 109,172 Other borrowings (Note 17) 204,061 223,550 126,672 96,878 — Lease liabilities (Note 17) 39,051 41,125 23,464 17,585 77 Current trade and other payables * (Note 19) 76,319 76,319 76,319 — — 1,788,499 2,008,562 371,629 1,527,684 109,249 Derivative financial liabilities Interest rate swaps (Note 19) 2,987 6,505 2,397 4,108 — 2,987 6,505 2,397 4,108 — Contractual cash flows December 31, 2022 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 17) 1,530,739 1,819,230 278,311 1,349,384 191,534 Other borrowings (Note 17) 136,862 154,292 73,330 80,962 — Lease liabilities (Note 17) 28,679 29,745 23,624 6,080 41 Current trade and other payables * (Note 19) 72,878 72,878 72,878 — — 1,769,158 2,076,144 448,144 1,436,426 191,575 Derivative financial liabilities Interest rate swaps (Note 19) 404 9 (1,359) 1,152 216 404 9 (1,359) 1,152 216 * Deferred income and VAT payables (included in other payables) (see Note 19), which are not financial liabilities, are not included. |
Schedule of interest-bearing loans and borrowings | The terms and conditions of outstanding loans were as follows: (in thousands of USD) December 31, 2022 December 31, 2021 Curr Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value Secured vessels Revolving loan 750M* USD LIBOR + 1.95% 2022 — — — 8,474 — (231) Secured vessels Revolving loan 409.5M* USD LIBOR + 2.25% 2023 — — — 125,880 65,000 64,544 Secured vessels loan 27.1M USD LIBOR + 1.95% 2029 24,650 24,650 24,650 25,102 25,102 25,102 Secured vessels loan 81.4M USD LIBOR + 1.50% 2029 44,098 44,098 42,960 50,883 50,883 49,454 Secured vessels loan 69.4M USD LIBOR + 2.0% 2030 49,751 49,751 49,751 54,379 54,379 54,379 Secured vessels loan 104.2M USD LIBOR + 2.0% 2030 67,251 67,251 66,562 75,928 75,928 75,071 Secured vessels Revolving loan 200.0M* USD LIBOR + 2.0% 2025 97,376 90,000 89,554 123,032 55,000 54,245 Secured vessels Revolving loan 700.0M* USD LIBOR + 1.95% 2026 553,480 470,000 466,211 602,320 370,000 364,987 Secured vessels Revolving loan 713.0M* USD LIBOR + 2.30% 2026 582,876 350,756 346,866 649,695 524,135 518,568 Secured vessels loan 73.45M USD LIBOR + 1.80% 2028 71,155 71,155 70,730 — — (508) Unsecured Revolving loan 80M EUR LIBOR + 1.50% 2026 100,000 — (265) 100,000 — (463) Secured FSO loan 150M USD SOFR + 2.15% 2030 141,747 141,747 140,227 — — — Secured vessels Revolving loan 377.0M* USD SOFR + 1.90% 2028 288,276 40,000 35,938 — — — Total interest-bearing bank loans 2,020,659 1,349,408 1,333,183 1,815,693 1,220,428 1,205,148 * The total amount available under the revolving loan Facilities depends on the total value of the fleet of tankers securing the facility. (in thousands of USD) December 31, 2022 December 31, 2021 Curr Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value Unsecured notes USD 7.50% 2022 — — — 67,200 67,200 67,025 Unsecured notes USD 6.25% 2026 200,000 200,000 197,556 200,000 200,000 196,895 Total other notes 200,000 200,000 197,556 267,200 267,200 263,920 |
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, 2022 December 31, 2021 Less than one year 22,667 22,667 Between one and five years 11,212 33,878 Total future lease payables 33,878 56,545 The future lease payments for these leaseback agreements are as follows: (in thousands of USD) December 31, 2022 December 31, 2021 Less than 1 year 25,955 24,828 Between 1 and 5 years 1,170 8,708 Total future lease payments 27,125 33,535 |
Schedule of reconciliation of liabilities and equity to cash flows arising from financing activities | Reconciliation of movements of liabilities to cash flows arising from financing activities Liabilities Equity Loans and borrowings Other Notes Other borrowings Lease liabilities Share capital / premium Reserves Treasury shares Retained earnings Total Balance at January 1, 2021 856,860 198,279 151,353 66,921 1,941,697 (6,521) (164,104) 540,714 3,585,199 Changes from financing cash flows Proceeds from loans and borrowings (Note 17) 937,825 200,000 — — — — — — 1,137,825 Proceeds from issue of other borrowings (Note 17) — — 371,755 — — — — — 371,755 Repayment of sale and leaseback agreement (Note 17) — — (22,667) — — — — — (22,667) Transaction costs related to loans and borrowings (Note 17) (1,122) (3,300) — — — — — — (4,422) Repayment of borrowings (Note 17) (594,232) (131,800) — — — — — — (726,032) Repayment of commercial paper (Note 17) — — (303,426) — — — — — (303,426) Repayment of lease liabilities (Note 17) — — — (54,928) — — — — (54,928) Dividend paid — — — — — — — (24,212) (24,212) Total changes from financing cash flows 342,471 64,900 45,662 (54,928) — — — (24,212) 373,893 Other changes Liability-related Amortization of transaction costs (Note 17) 5,817 887 — — — — — — 6,704 Amortization of above par issuance (Note 17) — (174) — — — — — — (174) Amortization of below par issuance (Note 17) — 28 — — — — — — 28 New leases (Note 17) — — — 24,729 — — — — 24,729 Interest expense (Note 6) — — 10,024 2,378 — — — — 12,402 Translation differences (Note 17) — — (2,978) (49) — — — — (3,027) Total liability-related other changes 5,817 741 7,046 27,058 — — — — 40,662 Total equity-related other changes (Note 15) — — — — — 9,370 — (336,362) (326,992) Balance at December 31, 2021 1,205,148 263,920 204,061 39,051 1,941,697 2,849 (164,104) 180,140 3,672,762 Liabilities Equity Loans and borrowings Other Notes Other borrowings Lease liabilities Share capital / premium Reserves Treasury shares Retained earnings Total Balance at January 1, 2022 1,205,148 263,920 204,061 39,051 1,941,697 2,849 (164,104) 180,140 3,672,762 Changes from financing cash flows Proceeds from loans and borrowings (Note 17) 1,038,450 — — — — — — — 1,038,450 Proceeds from issue of other borrowings (Note 17) — — 231,845 — — — — — 231,845 Proceeds from transfer of treasury shares (Note 15) — — — — — — 1,080 — 1,080 Repayment of sale and leaseback liability (Note 17) — — (22,667) — — — — — (22,667) Transaction costs related to loans and borrowings (Note 17) (5,871) — — — — — — — (5,871) Repayment of borrowings (Note 17) (909,470) (67,200) — — — — — — (976,670) Repayment of commercial paper (Note 17) — — (279,314) — — — — — (279,314) Repayment of lease liabilities (Note 17) — — — (25,527) — — — — (25,527) Dividend paid — — — — (24,221) — — (24,221) Total changes from financing cash flows 123,109 (67,200) (70,136) (25,527) (24,221) — 1,080 — (62,895) Other changes Liability-related Amortization of transaction costs (Note 17) 4,926 865 — — — — — — 5,791 Amortization of above par issuance (Note 17) — (57) — — — — — — (57) Amortization of below par issuance (Note 17) — 28 — — — — — — 28 New leases (Note 17) — — — 14,060 — — — — 14,060 Interest expense (Note 6) — — 8,809 1,237 — — — — 10,046 Translation differences (Note 17) — — (5,873) (142) — — — — (6,015) Total liability-related other changes 4,926 836 2,936 15,155 — — — — 23,853 Total equity-related other changes (Note 15) — — — — — 30,180 — 205,836 236,016 Balance at December 31, 2022 1,333,183 197,556 136,861 28,679 1,917,476 33,029 (163,024) 385,976 3,869,736 |
Employee benefits (Tables)
Employee benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 December 31, 2020 NET LIABILITY AT BEGINNING OF PERIOD (6,839) (7,987) (8,094) Recognized in profit or loss 2,594 (621) 653 Recognized in other comprehensive income 942 1,453 (97) Foreign currency translation differences 184 316 (449) Reclassification equity-settled LTIPs 1,484 — — NET LIABILITY AT END OF PERIOD (1,635) (6,839) (7,987) Present value of funded obligation (4,595) (4,865) (5,074) Fair value of plan assets 4,434 4,224 3,940 (161) (641) (1,134) Present value of unfunded obligations (1,474) (6,198) (6,853) NET LIABILITY (1,635) (6,839) (7,987) Amounts in the balance sheet: Liabilities (1,635) (6,839) (7,987) Assets — — — NET LIABILITY (1,635) (6,839) (7,987) |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of trade and other payables | (in thousands of USD) December 31, 2022 December 31, 2021 Advances received on contracts in progress, between 1 and 5 years — 503 Derivatives 404 2,987 Total non-current other payables 404 3,490 Trade payables 24,696 26,012 Accrued expenses 35,212 38,020 Accrued payroll 2,121 2,160 Dividends payable 547 555 Accrued interest 8,910 6,570 Deferred income 17,542 7,545 Other payables 1,441 3,050 Total current trade and other payables 90,469 83,912 |
Financial instruments - Fair _2
Financial instruments - Fair values and risk management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about 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 (in thousands of USD) Fair value - Hedging instruments Financial assets at amortized cost Other financial liabilities Total Level 1 Level 2 Level 3 Total December 31, 2021 Financial assets measured at fair value Interest rate swaps (Note 11) 6,392 — — 6,392 — 6,392 — 6,392 Cap contracts (Note 13) 2 — — 2 — 2 — 2 6,394 — — 6,394 Financial assets not measured at fair value Non-current receivables (Note 11) — 44,669 — 44,669 — — 42,150 42,150 Lease receivables (Note 11) — 4,578 — 4,578 — 3,816 — 3,816 Trade and other receivables * (Note 13) — 213,641 — 213,641 — — — — Cash and cash equivalents (Note 14) — 152,528 — 152,528 — — — — — 415,416 — 415,416 Financial liabilities measured at fair value Forward exchange contracts (Note 17) 2,927 — 0 — 2,927 — 2,927 — 2,927 Interest rate swaps (Note 19) 2,987 — — 2,987 — 2,987 — 2,987 5,914 — — 5,914 Financial liabilities not measured at fair value Secured bank loans (Note 17) — — 1,205,148 1,205,148 — 1,234,739 — 1,234,739 Unsecured other notes (Note 17) — — 263,920 263,920 68,722 194,586 — 263,308 Other borrowings (Note 17) — — 204,061 204,061 — 204,061 — 204,061 Lease liabilities (Note 17) — — 39,051 39,051 — 36,913 — 36,913 Trade and other payables * (Note 19) — — 76,319 76,319 — — — — Advances received on contracts (Note 19) — — 503 503 — — — — — 1,789,002 1,789,002 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, 2022 Financial assets measured at fair value Forward exchange contracts (Note 11 and 17) 1,309 — — 1,309 — 1,309 — 1,309 Interest rate swaps (Note 11 and 17) 32,652 — — 32,652 — 32,652 — 32,652 33,961 — — 33,961 Financial assets not measured at fair value Non-current receivables (Note 11) — 13,880 — 13,880 — — 13,789 13,789 Lease receivables (Note 11) — 2,854 — 2,854 — 2,268 — 2,268 Trade and other receivables * (Note 13) — 325,592 — 325,592 — — — — Cash and cash equivalents (Note 14) — 179,929 — 179,929 — — — — — 522,255 — 522,255 Financial liabilities measured at fair value Forward exchange contracts (Note 17) — — — — — — — — Interest rate swaps (Note 19) 404 — — 404 — 404 — 404 404 — — 404 Financial liabilities not measured at fair value Secured bank loans (Note 17) — — 1,333,184 1,333,184 — 1,356,270 — 1,356,270 Unsecured other notes (Note 17) — — 197,556 197,556 194,480 — — 194,480 Other borrowings (Note 17) — — 136,862 136,862 — 136,862 — 136,862 Lease liabilities (Note 17) — — 28,679 28,679 — 26,778 — 26,778 Trade and other payables * (Note 19) — — 72,878 72,878 — — — — Advances received on contracts (Note 19) — — — — — — — — — — 1,769,159 1,769,159 * Deferred charges, deferred fulfillment costs and VAT receivables (included in other receivables) (see Note 13), deferred income and VAT payables (included in other payables) (see Note 19), 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 (in thousands of USD) Fair value - Hedging instruments Financial assets at amortized cost Other financial liabilities Total Level 1 Level 2 Level 3 Total December 31, 2021 Financial assets measured at fair value Interest rate swaps (Note 11) 6,392 — — 6,392 — 6,392 — 6,392 Cap contracts (Note 13) 2 — — 2 — 2 — 2 6,394 — — 6,394 Financial assets not measured at fair value Non-current receivables (Note 11) — 44,669 — 44,669 — — 42,150 42,150 Lease receivables (Note 11) — 4,578 — 4,578 — 3,816 — 3,816 Trade and other receivables * (Note 13) — 213,641 — 213,641 — — — — Cash and cash equivalents (Note 14) — 152,528 — 152,528 — — — — — 415,416 — 415,416 Financial liabilities measured at fair value Forward exchange contracts (Note 17) 2,927 — 0 — 2,927 — 2,927 — 2,927 Interest rate swaps (Note 19) 2,987 — — 2,987 — 2,987 — 2,987 5,914 — — 5,914 Financial liabilities not measured at fair value Secured bank loans (Note 17) — — 1,205,148 1,205,148 — 1,234,739 — 1,234,739 Unsecured other notes (Note 17) — — 263,920 263,920 68,722 194,586 — 263,308 Other borrowings (Note 17) — — 204,061 204,061 — 204,061 — 204,061 Lease liabilities (Note 17) — — 39,051 39,051 — 36,913 — 36,913 Trade and other payables * (Note 19) — — 76,319 76,319 — — — — Advances received on contracts (Note 19) — — 503 503 — — — — — 1,789,002 1,789,002 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, 2022 Financial assets measured at fair value Forward exchange contracts (Note 11 and 17) 1,309 — — 1,309 — 1,309 — 1,309 Interest rate swaps (Note 11 and 17) 32,652 — — 32,652 — 32,652 — 32,652 33,961 — — 33,961 Financial assets not measured at fair value Non-current receivables (Note 11) — 13,880 — 13,880 — — 13,789 13,789 Lease receivables (Note 11) — 2,854 — 2,854 — 2,268 — 2,268 Trade and other receivables * (Note 13) — 325,592 — 325,592 — — — — Cash and cash equivalents (Note 14) — 179,929 — 179,929 — — — — — 522,255 — 522,255 Financial liabilities measured at fair value Forward exchange contracts (Note 17) — — — — — — — — Interest rate swaps (Note 19) 404 — — 404 — 404 — 404 404 — — 404 Financial liabilities not measured at fair value Secured bank loans (Note 17) — — 1,333,184 1,333,184 — 1,356,270 — 1,356,270 Unsecured other notes (Note 17) — — 197,556 197,556 194,480 — — 194,480 Other borrowings (Note 17) — — 136,862 136,862 — 136,862 — 136,862 Lease liabilities (Note 17) — — 28,679 28,679 — 26,778 — 26,778 Trade and other payables * (Note 19) — — 72,878 72,878 — — — — Advances received on contracts (Note 19) — — — — — — — — — — 1,769,159 1,769,159 * Deferred charges, deferred fulfillment costs and VAT receivables (included in other receivables) (see Note 13), deferred income and VAT payables (included in other payables) (see Note 19), 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 are determined based on the net present value of the expected cash flows using LIBOR rate curves, futures and basis spreads. Not applicable Commodity derivatives Fair value is determined based on the present value of the quoted forward price. Not applicable Financial instruments not measured at fair value Type Valuation Techniques Significant unobservable inputs Non-current receivables (consisting primarily of shareholders' loans) Discounted cash flow Discount rate and forecasted cash flows Lease receivables Discounted cash flow Discount rate Other financial liabilities (consisting of secured and unsecured bank loans and other notes 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) 2022 2021 Not past due 320,823 205,737 Past due 0-30 days 16,560 12,980 Past due 31-365 days 26,820 16,518 More than one year 2,585 2,510 Total trade and other receivables 366,789 237,745 |
Schedule and maturity of non-derivative liabilities | (in thousands of USD) Bank loans Other notes Lease liabilities Other borrowings Total More than 5 years 631,044 — — — 631,044 Between 1 and 5 years 205,274 198,279 21,172 100,056 524,781 More than 1 year 836,318 198,279 21,172 100,056 1,155,825 Less than 1 year 20,542 — 45,749 51,297 117,588 At January 1, 2021 856,860 198,279 66,921 151,353 1,273,413 New loans 937,825 200,000 24,729 371,755 1,534,309 Scheduled repayments (27,232) — (52,550) (316,069) (395,851) Early repayments (567,000) (131,800) — — (698,800) Other changes 4,695 (2,559) — — 2,136 Translation differences — — (49) (2,978) (3,027) Balance at December 31, 2021 1,205,148 263,920 39,051 204,061 1,712,180 More than 5 years 102,419 — 74 — 102,493 Between 1 and 5 years 1,073,416 196,895 16,685 86,198 1,373,194 More than 1 year 1,175,835 196,895 16,759 86,198 1,475,687 Less than 1 year 29,313 67,025 22,292 117,863 236,493 Balance at December 31, 2021 1,205,148 263,920 39,051 204,061 1,712,180 Bank loans Other notes Lease liabilities Other borrowings Total More than 5 years 102,419 — 74 — 102,493 Between 1 and 5 years 1,073,416 196,895 16,685 86,198 1,373,194 More than 1 year 1,175,835 196,895 16,759 86,198 1,475,687 Less than 1 year 29,313 67,025 22,292 117,863 236,493 At January 1, 2022 1,205,148 263,920 39,051 204,061 1,712,180 New loans 1,038,450 — 14,060 231,845 1,284,355 Scheduled repayments (44,470) (67,200) (24,290) (293,171) (429,131) Early repayments (865,000) — — (865,000) Other changes (945) 836 — — (109) Translation differences — — (142) (5,873) (6,015) Balance at December 31, 2022 1,333,183 197,556 28,679 136,862 1,696,280 More than 5 years 221,304 — 41 — 221,345 Between 1 and 5 years 1,042,938 197,556 5,783 71,011 1,317,288 More than 1 year 1,264,242 197,556 5,824 71,011 1,538,633 Less than 1 year 68,941 — 22,855 65,851 157,647 Balance at December 31, 2022 1,333,183 197,556 28,679 136,862 1,696,280 The following are the remaining contractual maturities of financial liabilities: Contractual cash flows December 31, 2021 (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 17) 1,469,068 1,667,567 145,175 1,413,221 109,172 Other borrowings (Note 17) 204,061 223,550 126,672 96,878 — Lease liabilities (Note 17) 39,051 41,125 23,464 17,585 77 Current trade and other payables * (Note 19) 76,319 76,319 76,319 — — 1,788,499 2,008,562 371,629 1,527,684 109,249 Derivative financial liabilities Interest rate swaps (Note 19) 2,987 6,505 2,397 4,108 — 2,987 6,505 2,397 4,108 — Contractual cash flows December 31, 2022 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 17) 1,530,739 1,819,230 278,311 1,349,384 191,534 Other borrowings (Note 17) 136,862 154,292 73,330 80,962 — Lease liabilities (Note 17) 28,679 29,745 23,624 6,080 41 Current trade and other payables * (Note 19) 72,878 72,878 72,878 — — 1,769,158 2,076,144 448,144 1,436,426 191,575 Derivative financial liabilities Interest rate swaps (Note 19) 404 9 (1,359) 1,152 216 404 9 (1,359) 1,152 216 * Deferred income and VAT payables (included in other payables) (see Note 19), 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, 2021 (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 17) 1,469,068 1,667,567 145,175 1,413,221 109,172 Other borrowings (Note 17) 204,061 223,550 126,672 96,878 — Lease liabilities (Note 17) 39,051 41,125 23,464 17,585 77 Current trade and other payables * (Note 19) 76,319 76,319 76,319 — — 1,788,499 2,008,562 371,629 1,527,684 109,249 Derivative financial liabilities Interest rate swaps (Note 19) 2,987 6,505 2,397 4,108 — 2,987 6,505 2,397 4,108 — Contractual cash flows December 31, 2022 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 17) 1,530,739 1,819,230 278,311 1,349,384 191,534 Other borrowings (Note 17) 136,862 154,292 73,330 80,962 — Lease liabilities (Note 17) 28,679 29,745 23,624 6,080 41 Current trade and other payables * (Note 19) 72,878 72,878 72,878 — — 1,769,158 2,076,144 448,144 1,436,426 191,575 Derivative financial liabilities Interest rate swaps (Note 19) 404 9 (1,359) 1,152 216 404 9 (1,359) 1,152 216 * Deferred income and VAT payables (included in other payables) (see Note 19), 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) 2022 2021 2020 Profit or loss Profit or loss Profit or loss $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 Increase Decrease Increase Decrease Increase Decrease 21,348 (21,348) 21,270 (21,270) 19,638 (19,638) Profit or Loss Equity 50 BP 50 BP 50 BP 50 BP (effect in thousands of USD) Increase Decrease Increase Decrease December 31, 2020 Variable rate instruments (3,819) 2,484 — — Interest rate swaps — — 5,542 (5,343) Cash Flow Sensitivity (Net) (3,819) 2,484 5,542 (5,343) December 31, 2021 Variable rate instruments (6,606) 2,133 — — Interest rate swaps — — 4,594 (4,222) Cash Flow Sensitivity (Net) (6,606) 2,133 4,594 (4,222) December 31, 2022 Variable rate instruments (7,784) 6,466 — — Interest rate swaps — — 4,710 (6,839) Cash Flow Sensitivity (Net) (7,784) 6,466 4,710 (6,839) (in thousands of USD) 2022 2021 2020 Equity 648 683 735 Profit or loss (10,994) (9,573) (10,412) |
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) 2022 2021 FIXED RATE INSTRUMENTS Financial assets 850 20,228 Financial liabilities 312,434 403,026 313,284 423,255 VARIABLE RATE INSTRUMENTS Financial liabilities 1,383,847 1,309,154 1,383,847 1,309,154 |
Schedule of currency risk related to operating expenses | The Group’s exposure to currency risk is related to its operating expenses expressed in Euros and to Treasury Notes denominated in Euros. In 2022 about 15.4% (2021: 13.9% and 2020: 14.4% ) 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 17). (in thousands of USD) December 31, 2022 December 31, 2021 December 31, 2020 EUR USD EUR USD EUR USD Trade payables (6,653) (18,043) (5,680) (20,332) (5,662) (21,564) Operating expenses (103,339) (568,357) (101,039) (625,627) (97,082) (611,777) Treasury Notes (50,664) — (104,006) — (38,654) — |
Disclosure of detailed information about hedging instruments | The hedging instruments were as follows: 2022 (in thousands of USD) Notional Value Fair Value - Assets Fair Value - Liabilities Change recognized in OCI Interest rate swaps $173.6 million facility - Cap Quebec and Cap Pembroke 56,838 1,791 — 4,757 $173.6 million facility - Cap Corpus Christi and Cap Port Arthur 60,164 5,202 — 3,830 $713.0 million facility 223,667 17,819 — 12,859 $73.45 million facility 71,155 5,465 — 5,465 $150.0 million facility 106,310 2,249 — 2,249 Forward cap contracts Cap options — — — 466 Fx swaps Fx Euro hedge 18,398 1,032 — 1,032 At December 31, 2022, 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 (41,048) (38,879) (167,966) Average fixed interest rate 1.42 % 1.41 % 1.40 % At December 31, 2021, 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 (15,704) (15,982) (93,737) Average fixed interest rate 0.80 % 0.80 % 0.78 % December 31, 2022 December 31, 2021 (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 (29,159) 32,021 (9,247) 2,862 Cap option (466) — (605) (466) Fx rate risk Fx swaps (1,032) 1,032 — — The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows: 2022 During the period 2022 (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 518,133 32,929 404 Non-current receivables, Trade and other current receivables, Non-current other payables 29,159 (507) Finance expenses Cap options — — — — 466 — Finance expenses Fx rate risk Fx swaps 18,398 1,032 — Trade and other current receivables 1,032 — Finance expenses 2021 During the period 2021 (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 367,530 6,392 2,987 Non-current receivables, Trade and other current receivables, Trade and other current payables 9,247 (78) Finance expenses Cap options 200,000 2 — Trade and other receivables 605 — Finance expenses 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, 2022 2,396 Cash flow hedges Change in fair value interest rate risk 29,625 Change in fair value fx risk 1,032 Balance at December 31, 2022 33,053 Balance at January 1, 2021 (7,456) Cash flow hedges Change in fair value interest rate risk 9,852 Balance at December 31, 2021 2,396 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 Less than one year 22,667 22,667 Between one and five years 11,212 33,878 Total future lease payables 33,878 56,545 The future lease payments for these leaseback agreements are as follows: (in thousands of USD) December 31, 2022 December 31, 2021 Less than 1 year 25,955 24,828 Between 1 and 5 years 1,170 8,708 Total future lease payments 27,125 33,535 |
Schedule of right-of-use assets | Right-of-use assets (in thousands of USD) Bareboats Time charters Office rental Company cars Total Balance at January 1, 2021 27,047 22,795 2,438 675 52,955 Additions to right-of-use assets 22,379 — 986 111 23,476 Depreciation charge for the year (33,634) (12,437) (1,086) (230) (47,387) Translation differences — — (32) (11) (43) Balance at December 31, 2021 15,792 10,358 2,306 545 29,001 (in thousands of USD) Bareboats Time charters Office rental Company cars Total Balance at January 1, 2022 15,792 10,358 2,306 545 29,001 Additions to right-of-use assets — 13,597 408 55 14,060 Depreciation charge for the year (7,371) (12,874) (1,022) (242) (21,509) Translation differences — — (52) (7) (59) Balance at December 31, 2022 8,421 11,081 1,640 351 21,493 |
Operating lease expenses recognized in profit and loss | Amounts recognized in profit or loss (in thousands of USD) 2022 2021 Interest on lease liabilities (1,237) (2,378) Depreciation right-of-use assets (21,509) (47,387) Low-value leases (173) (171) |
Amounts recognized in the statement of cash flows | Amounts recognized in statement of cash flows (in thousands of USD) 2022 2021 Total cash outflow for leases (25,527) (54,928) Total cash inflow for leases 2,036 1,987 |
Disclosure of maturity analysis of operating lease payments | The future undiscounted lease payments to be received for these lease agreements are as follows: (in thousands of USD) December 31, 2022 December 31, 2021 Less than one year 121,978 100,524 Between one and five years 326,228 240,463 More than five years 306,505 185,441 Total future lease receivables 754,710 526,428 |
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, 2022 December 31, 2021 Less than 1 year 1,869 2,350 One to two years 1,689 1,895 Two to three years 1,285 1,689 Three to four years — 1,285 Four to five years — — Total undiscounted lease receivables 4,843 7,219 |
Provisions and contingencies (T
Provisions and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Schedule of provisions | (in thousands of USD) Onerous contract Total Balance at January 1, 2021 1,381 1,381 Provisions used during the year (227) (227) Balance at December 31, 2021 1,154 1,154 Non-current 892 892 Current 262 262 Total 1,154 1,154 Balance at January 1, 2022 1,154 1,154 Provisions used during the year (261) (261) Balance at December 31, 2022 892 892 Non-current 597 597 Current 295 295 Total 892 892 |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions [abstract] | |
Disclosure of transactions between related parties | 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) 2022 2021 2020 Total remuneration 977 977 1,048 (in thousands of EUR) 2022 2021 2020 Total fixed remuneration 2,724 2,068 2,165 of which Cost of pension 28 28 18 Other benefits 810 — 143 Total variable remuneration 7,320 1,606 1,029 of which Share-based payments 5,757 911 69 (in thousands of EUR) 2022 2021 2020 Total fixed remuneration 624 624 624 of which Cost of pension — — — Other benefits — — — Total variable remuneration 3,628 903 424 of which Share-based payments 2,966 568 54 As of and for the year ended December 31, 2021 (in thousands of USD) Trade receivables Trade payables Shareholders Loan Turnover Dividend Income TI Africa Ltd 567 61 11,465 397 — TI Asia Ltd 482 — — 397 4,635 Bari Shipholding Ltd 2,114 1,804 22,229 — — Bastia Shipholding Ltd 7 1 — — — Tankers Agencies (UK) Ltd — 134 — — — Total 3,170 2,000 33,694 794 4,635 As of and for the year ended December 31, 2022 (in thousands of USD) Trade receivables Trade payables Shareholders Loan Turnover Dividend Income TI Africa Ltd — 58 — 162 — TI Asia Ltd — — — 162 1,000 Bari Shipholding Ltd 14 — 850 — — Bastia Shipholding Ltd — — — — 150 Tankers Agencies (UK) Ltd — 125 — — 1,871 Total 14 183 850 324 3,021 |
Share-based payment arrangeme_2
Share-based payment arrangements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangements [Abstract] | |
Inputs used in measurement of the fair values at grant date for the equity-settled share option programs | The inputs used in measurement of the fair values at grant date for the equity-settled share option programs were as follows: 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 % 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 1.69 % 1.69 % 1.69 % 1.69 % Annual volatility 33.43 % 33.43 % 33.43 % 33.43 % Expected vesting period (years) 3.05 3.38 3.69 3.98 |
Disclosure of number and weighted average exercise prices of share options | The number and weighted-average exercise prices of options under the 2015 LTIP were as follows: (figures in EUR) Number of options 2022 Weighted average exercise price 2022 Number of options 2021 Weighted average exercise price 2021 Outstanding at January 1 236,590 7.732 236,590 7.732 Forfeited during the year — — — — Settled during the year (236,590) 6.843 — — Granted during the year — — — — Outstanding at December 31 — — 236,590 7.732 Vested at December 31 — — 236,590 — |
Group entities (Tables)
Group entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Interests in Other Entities [Abstract] | |
Disclosure of interests in subsidiaries | Country of incorporation Consolidation method Ownership interest December 31, 2022 December 31, 2021 December 31, 2020 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Euronav NV, Antwerp, Geneva (branch office) Euronav NV, London (branch office) Subsidiaries Euronav Tankers NV Belgium full NA NA 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 % 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 % 100.00 % Gener8 Maritime Subsidiary New IV Inc. Marshall Islands full 100.00 % 100.00 % 100.00 % Gener8 Maritime Management LLC Marshall Islands full 100.00 % 100.00 % 100.00 % TI Africa Ltd Hong Kong full 100.00 % NA NA TI Asia Ltd Hong Kong full 100.00 % NA NA Joint ventures Kingswood Co. Ltd Marshall Islands equity NA NA NA TI Africa Ltd Hong Kong equity NA 50.00 % 50.00 % TI Asia Ltd Hong Kong equity NA 50.00 % 50.00 % Tankers Agencies (UK) Ltd UK equity 50.00 % 50.00 % 50.00 % Tankers International LLC Marshall Islands equity 50.00 % 50.00 % 50.00 % Bari Shipholding Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % Bastia Shipholding Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % |
Disclosure of interests in joint ventures | Country of incorporation Consolidation method Ownership interest December 31, 2022 December 31, 2021 December 31, 2020 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Euronav NV, Antwerp, Geneva (branch office) Euronav NV, London (branch office) Subsidiaries Euronav Tankers NV Belgium full NA NA 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 % 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 % 100.00 % Gener8 Maritime Subsidiary New IV Inc. Marshall Islands full 100.00 % 100.00 % 100.00 % Gener8 Maritime Management LLC Marshall Islands full 100.00 % 100.00 % 100.00 % TI Africa Ltd Hong Kong full 100.00 % NA NA TI Asia Ltd Hong Kong full 100.00 % NA NA Joint ventures Kingswood Co. Ltd Marshall Islands equity NA NA NA TI Africa Ltd Hong Kong equity NA 50.00 % 50.00 % TI Asia Ltd Hong Kong equity NA 50.00 % 50.00 % Tankers Agencies (UK) Ltd UK equity 50.00 % 50.00 % 50.00 % Tankers International LLC Marshall Islands equity 50.00 % 50.00 % 50.00 % Bari Shipholding Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % Bastia Shipholding Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % (in thousands of USD) December 31, 2022 December 31, 2021 Assets Interest in joint ventures 1,423 72,446 Interest in associates — — TOTAL ASSETS 1,423 72,446 Liabilities Interest in joint ventures — — Interest in associates — — TOTAL LIABILITIES — — 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 25) TI LLC (see Note 25) Bari Shipholding Ltd Bastia Shipholding Ltd Total At December 31, 2020 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets — — 118,337 112,160 720 — 20,079 — 251,296 of which vessel — — 118,337 112,160 — — 20,079 — 250,576 Current Assets — — 10,187 10,176 232,865 243 2,609 514 256,595 of which cash and cash equivalents — — 1,138 1,109 3,124 — 1,573 193 7,137 Non-Current Liabilities — — 65,355 30,652 276 — 17,271 — 113,554 of which bank loans — — 19,929 19,215 — — — — 39,144 Current Liabilities — 29,277 30,547 228,851 61 2,856 345 291,937 of which bank loans — — 25,886 24,961 37,500 — — — 88,347 Net assets (100%) — — 33,893 61,136 4,458 182 2,562 170 102,401 Group's share of net assets — — 16,946 30,568 2,715 107 1,281 85 51,701 Shareholders loans to joint venture — — 16,665 — — — 17,271 — 33,936 Net Carrying amount of interest in joint venture — — 16,946 30,568 2,715 107 1,281 85 51,701 Remaining shareholders loan to joint venture — — 16,665 — — — 17,271 — 33,936 Revenue — — 49,922 49,976 1,478,909 — 12,288 14,131 1,605,227 Depreciations and amortization — — (16,858) (16,562) (56) — (4,257) (2,871) (40,604) Interest Expense — — (3,358) (3,233) (1,651) — (1,834) (1,251) (11,327) Income tax expense — — (10,397) (10,135) (232) — — — (20,764) Profit (loss) for the period (100%) (1) (1) 9,549 9,855 800 (34) (1,748) 3,246 21,666 Other comprehensive income (100%) — — (1) (3) — — — — (4) Group's share of profit (loss) for the period — (1) 4,775 4,927 487 (20) (874) 1,623 10,917 Group's share of other comprehensive income — — — (1) — — — — (2) Asset (in thousands of USD) TI Africa Ltd TI Asia Ltd Tankers Agencies (UK) Ltd (see Note 25) TI LLC (see Note 25) Bari Shipholding Ltd Bastia Shipholding Ltd Total At December 31, 2021 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets 108,245 102,454 503 — 15,210 — 226,413 of which vessel 108,245 102,454 — — 15,210 — 225,910 Current Assets 10,883 10,073 295,289 231 6,582 403 323,461 of which cash and cash equivalents 1,799 984 4,059 — 17 320 7,179 Non-Current Liabilities 33,755 10,245 66 — 20,228 — 64,295 of which bank loans — — — — — — — Current Liabilities 25,153 24,305 290,626 68 4,466 112 344,731 of which bank loans 20,075 19,361 51,500 — — — 90,937 Net assets (100%) 60,221 77,977 5,100 163 (2,903) 290 140,848 Group's share of net assets 30,110 38,988 3,106 96 (1,451) 145 70,995 Shareholders loans to joint venture 11,465 — — — 20,228 — 31,694 Net Carrying amount of interest in joint venture 30,110 38,988 3,106 96 — 145 72,446 Remaining shareholders loan to joint venture 11,465 — — — 18,777 — 30,242 Revenue 50,105 50,160 649,665 — 11,872 — 761,801 Depreciations and amortization (10,092) (9,706) (39) — (4,869) — (24,706) Interest expense (2,005) (1,943) (1,054) — (1,932) (1) (6,934) Income tax expense (2,646) (2,626) (141) — — — (5,413) Profit (loss) for the period (100%) 25,357 25,180 642 (19) (5,464) 121 45,816 Other comprehensive income (100%) 971 930 — — — — 1,902 Group's share of profit (loss) for the period 12,678 12,590 391 (11) (2,732) 60 22,976 Group's share of other comprehensive income 486 465 — — — — 951 Asset (in thousands of USD) TI Africa Ltd TI Asia Ltd Tankers Agencies (UK) Ltd (see Note 25) TI LLC (see Note 25) Bari Shipholding Ltd Bastia Shipholding Ltd Total At December 31, 2022 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets — — 153 — — — 153 of which vessel — — — — — — — Current Assets — — 504,397 206 131 — 504,734 of which cash and cash equivalents — — 2,453 — 101 — 2,554 Non Current Liabilities — — 30 — 1,700 — 1,730 of which bank loans — — — — — — — Current Liabilities — — 502,547 63 83 — 502,693 of which bank loans — — 75,500 — — — 75,500 Net assets (100%) — — 1,973 143 (1,652) — 464 Group's share of net assets — — 1,202 84 (826) — 460 Shareholders loans to joint venture — — — — 850 — 850 Net Carrying amount of interest in joint venture — — 1,202 84 — — 1,286 Remaining shareholders loan to joint venture — — — — 24 — 24 Revenue 20,729 20,729 1,172,698 2,139 — 1,216,295 Depreciations and amortization (2,998) (2,811) (39) (479) — (6,327) Interest expense (428) (413) (954) 171 — (1,625) Income tax expense 1,599 1,600 (117) — — 3,082 Profit (loss) for the period (100%) 14,997 14,858 185 (36) 5,250 10 35,265 Other comprehensive income (100%) 170 149 — — — — 319 Group's share of profit (loss) for the period 7,499 7,429 113 (21) 2,625 5 17,650 Group's share of other comprehensive income 85 74 — — — — 159 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, 2022 December 31, 2021 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 — — — 9,699 9,699 9,681 TI Asia Ltd loan 54M* USD libor + 2.0% 2022 — — — 9,699 9,699 9,681 TI Africa Ltd revolving loan 56M* USD libor + 2.0% 2022 — — — 10,058 10,058 10,038 TI Africa Ltd loan 56M* USD libor + 2.0% 2022 — — — 10,058 10,058 10,038 Total interest-bearing bank loans — — — 39,513 39,513 39,437 * The mentioned secured bank loans are subject to loan covenants. (in thousands of USD) 2022 2021 Cash and cash equivalents of the joint ventures 2,554 7,179 Group's share of cash and cash equivalents 1,547 4,036 |
Equity-accounted investees (Tab
Equity-accounted investees (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Interests in Other Entities [Abstract] | |
Disclosure of interests in associates | (in thousands of USD) December 31, 2022 December 31, 2021 Assets Interest in joint ventures 1,423 72,446 Interest in associates — — TOTAL ASSETS 1,423 72,446 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 50,322 60,379 Offset investment with shareholders loan — — Balance at January 1, 2020 50,322 60,379 Group's share of profit (loss) for the period 10,917 — Group's share of other comprehensive income (2) — Dividends received from joint ventures (7,534) — Movement shareholders loans to joint ventures — (26,443) Repayment capital provided to joint ventures (2,000) — Gross balance 51,703 33,936 Offset investment with shareholders loan — — Balance at December 31, 2020 51,703 33,936 Group's share of profit (loss) for the period 22,976 — Group's share of other comprehensive income 951 — Dividends received from joint ventures (4,635) — Movement shareholders loans to joint ventures — (2,242) Gross balance 70,995 31,693 Offset investment with shareholders loan 1,451 (1,451) Balance at December 31, 2021 72,446 30,242 ASSET (in thousands of USD) Investments in equity accounted investees Shareholders loans Reversal prior year offset investment with shareholders loan (1,451) 1,451 Group's share of profit (loss) for the period 17,650 — Group's share of other comprehensive income 159 — Dividends received from joint ventures (3,021) — Movement equity to shareholders loans (2,000) 2,000 Movement shareholders loans to joint ventures — (32,844) FSO transaction (83,186) — Gross balance 597 850 Offset investment with shareholders loan 826 (826) Balance at December 31, 2022 1,423 24 |
Disclosure of joint ventures | Joint venture Segment Description Kingswood Co. Ltd Tankers Holding company; parent of Seven Seas Shipping Ltd. and 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 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 Formerly owner of 1 Suezmax, dormant company Bastia Shipholding Ltd Tankers Formerly owner of 1 Suezmax, dormant company TI Africa Ltd FSO Operator and owner of a single floating storage and offloading facility (FSO Africa), as from June 7, 2022 100% subsidiary * TI Asia Ltd FSO Operator and owner of a single floating storage and offloading facility (FSO Asia), as from June 7, 2022 100% subsidiary * * 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 2032. |
Disclosure of interests in joint ventures | Country of incorporation Consolidation method Ownership interest December 31, 2022 December 31, 2021 December 31, 2020 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Euronav NV, Antwerp, Geneva (branch office) Euronav NV, London (branch office) Subsidiaries Euronav Tankers NV Belgium full NA NA 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 % 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 % 100.00 % Gener8 Maritime Subsidiary New IV Inc. Marshall Islands full 100.00 % 100.00 % 100.00 % Gener8 Maritime Management LLC Marshall Islands full 100.00 % 100.00 % 100.00 % TI Africa Ltd Hong Kong full 100.00 % NA NA TI Asia Ltd Hong Kong full 100.00 % NA NA Joint ventures Kingswood Co. Ltd Marshall Islands equity NA NA NA TI Africa Ltd Hong Kong equity NA 50.00 % 50.00 % TI Asia Ltd Hong Kong equity NA 50.00 % 50.00 % Tankers Agencies (UK) Ltd UK equity 50.00 % 50.00 % 50.00 % Tankers International LLC Marshall Islands equity 50.00 % 50.00 % 50.00 % Bari Shipholding Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % Bastia Shipholding Ltd Hong Kong equity 50.00 % 50.00 % 50.00 % (in thousands of USD) December 31, 2022 December 31, 2021 Assets Interest in joint ventures 1,423 72,446 Interest in associates — — TOTAL ASSETS 1,423 72,446 Liabilities Interest in joint ventures — — Interest in associates — — TOTAL LIABILITIES — — 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 25) TI LLC (see Note 25) Bari Shipholding Ltd Bastia Shipholding Ltd Total At December 31, 2020 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets — — 118,337 112,160 720 — 20,079 — 251,296 of which vessel — — 118,337 112,160 — — 20,079 — 250,576 Current Assets — — 10,187 10,176 232,865 243 2,609 514 256,595 of which cash and cash equivalents — — 1,138 1,109 3,124 — 1,573 193 7,137 Non-Current Liabilities — — 65,355 30,652 276 — 17,271 — 113,554 of which bank loans — — 19,929 19,215 — — — — 39,144 Current Liabilities — 29,277 30,547 228,851 61 2,856 345 291,937 of which bank loans — — 25,886 24,961 37,500 — — — 88,347 Net assets (100%) — — 33,893 61,136 4,458 182 2,562 170 102,401 Group's share of net assets — — 16,946 30,568 2,715 107 1,281 85 51,701 Shareholders loans to joint venture — — 16,665 — — — 17,271 — 33,936 Net Carrying amount of interest in joint venture — — 16,946 30,568 2,715 107 1,281 85 51,701 Remaining shareholders loan to joint venture — — 16,665 — — — 17,271 — 33,936 Revenue — — 49,922 49,976 1,478,909 — 12,288 14,131 1,605,227 Depreciations and amortization — — (16,858) (16,562) (56) — (4,257) (2,871) (40,604) Interest Expense — — (3,358) (3,233) (1,651) — (1,834) (1,251) (11,327) Income tax expense — — (10,397) (10,135) (232) — — — (20,764) Profit (loss) for the period (100%) (1) (1) 9,549 9,855 800 (34) (1,748) 3,246 21,666 Other comprehensive income (100%) — — (1) (3) — — — — (4) Group's share of profit (loss) for the period — (1) 4,775 4,927 487 (20) (874) 1,623 10,917 Group's share of other comprehensive income — — — (1) — — — — (2) Asset (in thousands of USD) TI Africa Ltd TI Asia Ltd Tankers Agencies (UK) Ltd (see Note 25) TI LLC (see Note 25) Bari Shipholding Ltd Bastia Shipholding Ltd Total At December 31, 2021 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets 108,245 102,454 503 — 15,210 — 226,413 of which vessel 108,245 102,454 — — 15,210 — 225,910 Current Assets 10,883 10,073 295,289 231 6,582 403 323,461 of which cash and cash equivalents 1,799 984 4,059 — 17 320 7,179 Non-Current Liabilities 33,755 10,245 66 — 20,228 — 64,295 of which bank loans — — — — — — — Current Liabilities 25,153 24,305 290,626 68 4,466 112 344,731 of which bank loans 20,075 19,361 51,500 — — — 90,937 Net assets (100%) 60,221 77,977 5,100 163 (2,903) 290 140,848 Group's share of net assets 30,110 38,988 3,106 96 (1,451) 145 70,995 Shareholders loans to joint venture 11,465 — — — 20,228 — 31,694 Net Carrying amount of interest in joint venture 30,110 38,988 3,106 96 — 145 72,446 Remaining shareholders loan to joint venture 11,465 — — — 18,777 — 30,242 Revenue 50,105 50,160 649,665 — 11,872 — 761,801 Depreciations and amortization (10,092) (9,706) (39) — (4,869) — (24,706) Interest expense (2,005) (1,943) (1,054) — (1,932) (1) (6,934) Income tax expense (2,646) (2,626) (141) — — — (5,413) Profit (loss) for the period (100%) 25,357 25,180 642 (19) (5,464) 121 45,816 Other comprehensive income (100%) 971 930 — — — — 1,902 Group's share of profit (loss) for the period 12,678 12,590 391 (11) (2,732) 60 22,976 Group's share of other comprehensive income 486 465 — — — — 951 Asset (in thousands of USD) TI Africa Ltd TI Asia Ltd Tankers Agencies (UK) Ltd (see Note 25) TI LLC (see Note 25) Bari Shipholding Ltd Bastia Shipholding Ltd Total At December 31, 2022 Percentage ownership interest 50 % 50 % 50 % 50 % 50 % 50 % Non-Current assets — — 153 — — — 153 of which vessel — — — — — — — Current Assets — — 504,397 206 131 — 504,734 of which cash and cash equivalents — — 2,453 — 101 — 2,554 Non Current Liabilities — — 30 — 1,700 — 1,730 of which bank loans — — — — — — — Current Liabilities — — 502,547 63 83 — 502,693 of which bank loans — — 75,500 — — — 75,500 Net assets (100%) — — 1,973 143 (1,652) — 464 Group's share of net assets — — 1,202 84 (826) — 460 Shareholders loans to joint venture — — — — 850 — 850 Net Carrying amount of interest in joint venture — — 1,202 84 — — 1,286 Remaining shareholders loan to joint venture — — — — 24 — 24 Revenue 20,729 20,729 1,172,698 2,139 — 1,216,295 Depreciations and amortization (2,998) (2,811) (39) (479) — (6,327) Interest expense (428) (413) (954) 171 — (1,625) Income tax expense 1,599 1,600 (117) — — 3,082 Profit (loss) for the period (100%) 14,997 14,858 185 (36) 5,250 10 35,265 Other comprehensive income (100%) 170 149 — — — — 319 Group's share of profit (loss) for the period 7,499 7,429 113 (21) 2,625 5 17,650 Group's share of other comprehensive income 85 74 — — — — 159 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, 2022 December 31, 2021 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 — — — 9,699 9,699 9,681 TI Asia Ltd loan 54M* USD libor + 2.0% 2022 — — — 9,699 9,699 9,681 TI Africa Ltd revolving loan 56M* USD libor + 2.0% 2022 — — — 10,058 10,058 10,038 TI Africa Ltd loan 56M* USD libor + 2.0% 2022 — — — 10,058 10,058 10,038 Total interest-bearing bank loans — — — 39,513 39,513 39,437 * The mentioned secured bank loans are subject to loan covenants. (in thousands of USD) 2022 2021 Cash and cash equivalents of the joint ventures 2,554 7,179 Group's share of cash and cash equivalents 1,547 4,036 |
Major exchange rates (Tables)
Major exchange rates (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 December 31, 2020 2022 2021 2020 EUR 1.0666 1.1326 1.2271 1.0555 1.1894 1.1384 GBP 1.2026 1.3479 1.3649 1.2415 1.3778 1.2860 |
Significant accounting polici_4
Significant accounting policies - Reporting Entity (Details) | 12 Months Ended |
Dec. 31, 2022 storage_unit | |
FSOs | North Oil Company | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of floating storage units under service contracts | 2 |
Significant accounting polici_5
Significant accounting policies - Judgements (Details) | 5 Months Ended | 12 Months Ended | |||
Jun. 07, 2022 | Jun. 06, 2022 joint_venture | Dec. 31, 2022 | Dec. 31, 2021 tons | Dec. 31, 2020 | |
Disclosure of joint ventures [line items] | |||||
Number of joint venture companies | tons | 2 | ||||
TI Africa Ltd | |||||
Disclosure of joint ventures [line items] | |||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | 50% | |
TI Asia Ltd | |||||
Disclosure of joint ventures [line items] | |||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | 50% | |
TI Asia Ltd and TI Africa Ltd | |||||
Disclosure of joint ventures [line items] | |||||
Proportion of ownership interest in joint venture | 50% | ||||
Number of joint venture companies | joint_venture | 2 | ||||
TI Asia Ltd | |||||
Disclosure of joint ventures [line items] | |||||
Percentage of voting equity interests acquired | 50% | ||||
TI Africa Ltd | |||||
Disclosure of joint ventures [line items] | |||||
Percentage of voting equity interests acquired | 50% |
Significant accounting polici_6
Significant accounting policies - Assumptions and estimation uncertainties (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Scrap value estimate, historical average period used | 4 years |
tankers | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 20 years |
tankers | Forecast | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 20 years |
Significant accounting polici_7
Significant accounting policies - Financial liabilities (Details) - vessel | 12 Months Ended | |
Dec. 30, 2019 | Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [line items] | ||
Number of bareboat-in vessels | 3 | |
Sale and leaseback agreement | ||
Disclosure of detailed information about borrowings [line items] | ||
Number of bareboat-in vessels | 3 |
Significant accounting polici_8
Significant accounting policies - Goodwill and intangible assets (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Software | Minimum | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful life | 3 years |
Software | Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful life | 5 years |
Customer contracts | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful life | 10 years |
Significant accounting polici_9
Significant accounting policies - Vessels, property, plant and equipment (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |
Dec. 30, 2019 vessel | Nov. 30, 2020 | Dec. 31, 2022 USD ($) $ / t vessel | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Extension term of contract | 10 years | ||
Estimated scrap value per LDT (in USD per Tonne) | $ / t | 390 | ||
Number of bareboat-in vessels | 3 | ||
Sale and leaseback agreement | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Number of bareboat-in vessels | 3 | ||
Residual value | $ | $ 21 | ||
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 | 30 years | ||
FSOs | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful life | 30 years | ||
Extension term of contract | 10 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 |
Significant accounting polic_10
Significant accounting policies - Impairment (Details) - joint_venture | 1 Months Ended | 12 Months Ended |
Nov. 30, 2020 | Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Impairment loss, historical period used in calculation | 10 years | |
Extension term of contract | 10 years | |
TI Asia Ltd and TI Africa Ltd | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of joint ventures that signed term extension | 2 | |
tankers | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful life | 20 years | |
tankers | Forecast | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful life | 20 years | |
FSOs | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful life | 30 years | |
Extension term of contract | 10 years | |
FSOs | Asia and Africa | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful life | 5 years |
Significant accounting polic_11
Significant accounting policies - Segment reporting (Details) | 12 Months Ended |
Dec. 31, 2022 segment | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Number of operating segments | 2 |
Segment reporting - Narrative (
Segment reporting - Narrative (Details) $ in Thousands | 12 Months Ended | ||||||
Jun. 07, 2022 USD ($) | Mar. 24, 2022 USD ($) | Sep. 15, 2020 USD ($) | Dec. 31, 2022 USD ($) segment clients | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jun. 21, 2022 | |
Disclosure of operating segments [line items] | |||||||
Number of operating segments | segment | 2 | ||||||
Acquisitions | $ 628,320 | $ 436,680 | $ 250,890 | ||||
Consideration paid (received) | $ (21,500) | $ (20,500) | |||||
Intangible assets (Note 9) | 15,746 | 186 | 161 | ||||
TI Asia Ltd and TI Africa Ltd | |||||||
Disclosure of operating segments [line items] | |||||||
Percentage of voting equity interests acquired | 50% | 50% | |||||
Consideration paid (received) | $ 129,900 | ||||||
TI Africa Ltd | |||||||
Disclosure of operating segments [line items] | |||||||
Percentage of voting equity interests acquired | 50% | ||||||
TI Asia Ltd | |||||||
Disclosure of operating segments [line items] | |||||||
Percentage of voting equity interests acquired | 50% | ||||||
Vessels | |||||||
Disclosure of operating segments [line items] | |||||||
Acquisitions | $ 448,850 | $ 56,111 | $ 17,835 | ||||
Vessels | FSO Asia and Africa | |||||||
Disclosure of operating segments [line items] | |||||||
Acquisitions | $ 223,100 | ||||||
Intangible assets (Note 9) | $ 16,600 | ||||||
Tankers | |||||||
Disclosure of operating segments [line items] | |||||||
Contract duration of project (less than) | 2 years | ||||||
FSO | |||||||
Disclosure of operating segments [line items] | |||||||
Number of clients | clients | 1 | ||||||
Customer one | Tankers | |||||||
Disclosure of operating segments [line items] | |||||||
Percentage of entity's revenue | 8% | 11% | 6% | ||||
Customer two | Tankers | |||||||
Disclosure of operating segments [line items] | |||||||
Percentage of entity's revenue | 10% |
Segment reporting - Consolidate
Segment reporting - Consolidated Statement of Financial Position By Operating Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | |||
Vessels | $ 3,057,933 | $ 2,967,787 | |
Assets under construction | 228,429 | 181,293 | |
Right-of-use assets | 21,493 | 29,001 | $ 52,955 |
Other tangible assets | 762 | 1,218 | |
Intangible assets | 15,746 | 186 | 161 |
Receivables | 34,825 | 55,639 | |
Investments in equity accounted investees (Note 26) | 1,423 | 72,446 | |
Deferred tax assets | 1,403 | 1,546 | |
Total non-current assets | 3,362,014 | 3,309,116 | |
Total current assets | 607,059 | 459,407 | |
TOTAL ASSETS | 3,969,073 | 3,768,523 | |
EQUITY and LIABILITIES | |||
Total equity | 2,173,465 | 1,960,582 | |
Bank and other loans | 1,264,243 | 1,175,835 | |
Other notes | 197,556 | 196,895 | |
Other borrowings | 71,011 | 86,198 | |
Lease liabilities | 5,824 | 16,759 | |
Other payables | 404 | 3,490 | |
Deferred tax liabilities | 0 | 0 | |
Employee benefits | 1,635 | 6,839 | $ 7,987 |
Provisions | 597 | 892 | |
Total non-current liabilities | 1,541,270 | 1,486,908 | |
Total current liabilities | 254,338 | 321,033 | |
TOTAL EQUITY and LIABILITIES | 3,969,073 | 3,768,523 | |
Operating segments | Tankers | |||
ASSETS | |||
Vessels | 2,846,780 | 2,975,392 | |
Assets under construction | 228,429 | 181,293 | |
Right-of-use assets | 21,493 | 29,001 | |
Other tangible assets | 762 | 1,218 | |
Intangible assets | 89 | 186 | |
Receivables | 33,297 | 46,251 | |
Investments in equity accounted investees (Note 26) | 2,249 | 4,653 | |
Deferred tax assets | 1,403 | 1,546 | |
Total non-current assets | 3,134,502 | 3,239,540 | |
Total current assets | 591,130 | 459,864 | |
TOTAL ASSETS | 3,725,632 | 3,699,404 | |
EQUITY and LIABILITIES | |||
Total equity | 2,076,976 | 1,891,483 | |
Bank and other loans | 1,141,378 | 1,175,835 | |
Other notes | 197,556 | 196,895 | |
Other borrowings | 71,011 | 86,198 | |
Lease liabilities | 5,824 | 16,759 | |
Other payables | 0 | 3,490 | |
Deferred tax liabilities | 0 | 0 | |
Employee benefits | 1,635 | 6,839 | |
Provisions | 597 | 892 | |
Total non-current liabilities | 1,418,001 | 1,486,908 | |
Total current liabilities | 230,655 | 321,013 | |
TOTAL EQUITY and LIABILITIES | 3,725,632 | 3,699,404 | |
Operating segments | FSO | |||
ASSETS | |||
Vessels | 211,153 | 105,350 | |
Assets under construction | 0 | 0 | |
Right-of-use assets | 0 | 0 | |
Other tangible assets | 0 | 0 | |
Intangible assets | 15,657 | 0 | |
Receivables | 1,092 | 0 | |
Investments in equity accounted investees (Note 26) | 0 | 0 | |
Deferred tax assets | 0 | 0 | |
Total non-current assets | 227,902 | 105,350 | |
Total current assets | 16,311 | 10,478 | |
TOTAL ASSETS | 244,213 | 115,828 | |
EQUITY and LIABILITIES | |||
Total equity | 96,489 | 69,099 | |
Bank and other loans | 123,290 | 11,465 | |
Other notes | 0 | 0 | |
Other borrowings | 0 | 0 | |
Lease liabilities | 0 | 0 | |
Other payables | 404 | 0 | |
Deferred tax liabilities | 0 | 10,535 | |
Employee benefits | 0 | 0 | |
Provisions | 0 | 0 | |
Total non-current liabilities | 123,694 | 22,000 | |
Total current liabilities | 24,030 | 24,729 | |
TOTAL EQUITY and LIABILITIES | 244,213 | 115,828 | |
Equity-accounted investees | |||
ASSETS | |||
Vessels | 0 | 112,955 | |
Assets under construction | 0 | 0 | |
Right-of-use assets | 0 | 0 | |
Other tangible assets | 0 | 0 | |
Intangible assets | 0 | 0 | |
Receivables | (436) | (9,388) | |
Investments in equity accounted investees (Note 26) | 826 | (67,793) | |
Deferred tax assets | 0 | 0 | |
Total non-current assets | 390 | 35,774 | |
Total current assets | 382 | 10,935 | |
TOTAL ASSETS | 772 | 46,709 | |
EQUITY and LIABILITIES | |||
Total equity | 0 | 0 | |
Bank and other loans | 425 | 11,465 | |
Other notes | 0 | 0 | |
Other borrowings | 0 | 0 | |
Lease liabilities | 0 | 0 | |
Other payables | 0 | 0 | |
Deferred tax liabilities | 0 | 10,535 | |
Employee benefits | 0 | 0 | |
Provisions | 0 | 0 | |
Total non-current liabilities | 425 | 22,000 | |
Total current liabilities | 347 | 24,709 | |
TOTAL EQUITY and LIABILITIES | $ 772 | $ 46,709 |
Segment reporting - Consolida_2
Segment reporting - Consolidated Statement of Profit or Loss By Operating Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Shipping income | |||
Revenue | $ 854,669 | $ 419,770 | $ 1,210,341 |
Gains on disposal of vessels/other tangible assets | 96,160 | 15,068 | 22,728 |
Other operating income | 15,141 | 10,255 | 10,112 |
Total shipping income | 965,970 | 445,093 | 1,243,181 |
Operating expenses | |||
Voyage expenses and commissions | (175,187) | (118,808) | (125,430) |
Vessel operating expenses | (216,094) | (220,706) | (218,390) |
Charter hire expenses | (5,769) | (9,750) | (7,954) |
Losses on disposal of vessels/other tangible assets | (347) | 0 | (1) |
Depreciation tangible assets | (221,576) | (344,904) | (319,652) |
Depreciation intangible assets (Note 9) | (1,021) | (90) | (99) |
General and administrative expenses | (51,702) | (32,408) | (37,333) |
Total operating expenses | (671,696) | (726,666) | (708,859) |
RESULT FROM OPERATING ACTIVITIES | 294,274 | (281,573) | 534,322 |
Finance income | 27,140 | 14,934 | 21,496 |
Finance expenses | (133,009) | (95,541) | (91,553) |
Net finance expenses | (105,869) | (80,607) | (70,057) |
Share of profit (loss) of equity accounted investees (net of income tax) | 17,650 | 22,976 | 10,917 |
PROFIT (LOSS) BEFORE INCOME TAX | 206,055 | (339,204) | 475,182 |
Income tax expense | (2,804) | 427 | (1,944) |
PROFIT (LOSS) FOR THE PERIOD | 203,251 | (338,777) | 473,238 |
Attributable to: | |||
Owners of the company | 203,251 | (338,777) | 473,238 |
Operating segments | Tankers | |||
Shipping income | |||
Revenue | 810,122 | 422,649 | 1,220,843 |
Gains on disposal of vessels/other tangible assets | 99,437 | 15,068 | 23,107 |
Other operating income | 12,208 | 10,111 | 9,907 |
Total shipping income | 921,767 | 447,828 | 1,253,857 |
Operating expenses | |||
Voyage expenses and commissions | (176,146) | (122,374) | (129,833) |
Vessel operating expenses | (202,765) | (222,087) | (221,245) |
Charter hire expenses | (5,259) | (6,775) | (5,410) |
Losses on disposal of vessels/other tangible assets | (347) | 0 | (1) |
Depreciation tangible assets | (212,624) | (347,338) | (323,216) |
Depreciation intangible assets (Note 9) | (108) | (90) | (99) |
General and administrative expenses | (51,323) | (32,441) | (37,441) |
Total operating expenses | (648,572) | (731,105) | (717,245) |
RESULT FROM OPERATING ACTIVITIES | 273,195 | (283,277) | 536,612 |
Finance income | 26,747 | 14,050 | 20,045 |
Finance expenses | (128,695) | (95,626) | (91,645) |
Net finance expenses | (101,948) | (81,576) | (71,600) |
Share of profit (loss) of equity accounted investees (net of income tax) | 92 | 380 | 467 |
PROFIT (LOSS) BEFORE INCOME TAX | 171,339 | (364,473) | 465,479 |
Income tax expense | (216) | 427 | (1,944) |
PROFIT (LOSS) FOR THE PERIOD | 171,123 | (364,046) | 463,535 |
Attributable to: | |||
Owners of the company | 171,123 | (364,046) | 463,535 |
Operating segments | FSO | |||
Shipping income | |||
Revenue | 66,297 | 50,132 | 49,949 |
Gains on disposal of vessels/other tangible assets | 0 | 0 | 0 |
Other operating income | 3,752 | 2,356 | 2,577 |
Total shipping income | 70,049 | 52,488 | 52,526 |
Operating expenses | |||
Voyage expenses and commissions | 0 | 0 | 0 |
Vessel operating expenses | (19,156) | (12,381) | (12,014) |
Charter hire expenses | 0 | 0 | 0 |
Losses on disposal of vessels/other tangible assets | 0 | 0 | 0 |
Depreciation tangible assets | (12,101) | (9,899) | (16,710) |
Depreciation intangible assets (Note 9) | (913) | 0 | 0 |
General and administrative expenses | (508) | (330) | (560) |
Total operating expenses | (32,678) | (22,610) | (29,284) |
RESULT FROM OPERATING ACTIVITIES | 37,371 | 29,878 | 23,242 |
Finance income | 313 | 0 | 21 |
Finance expenses | (4,569) | (1,971) | (3,295) |
Net finance expenses | (4,256) | (1,971) | (3,274) |
Share of profit (loss) of equity accounted investees (net of income tax) | 0 | 0 | 0 |
PROFIT (LOSS) BEFORE INCOME TAX | 33,115 | 27,907 | 19,968 |
Income tax expense | (987) | (2,638) | (10,265) |
PROFIT (LOSS) FOR THE PERIOD | 32,128 | 25,269 | 9,703 |
Attributable to: | |||
Owners of the company | 32,128 | 25,269 | 9,703 |
Equity-accounted investees | |||
Shipping income | |||
Revenue | 21,750 | 53,011 | 60,451 |
Gains on disposal of vessels/other tangible assets | 3,277 | 0 | 379 |
Other operating income | 819 | 2,212 | 2,372 |
Total shipping income | 25,846 | 55,223 | 63,202 |
Operating expenses | |||
Voyage expenses and commissions | (959) | (3,566) | (4,403) |
Vessel operating expenses | (5,827) | (13,762) | (14,869) |
Charter hire expenses | 510 | 2,975 | 2,544 |
Losses on disposal of vessels/other tangible assets | 0 | 0 | 0 |
Depreciation tangible assets | (3,149) | (12,333) | (20,274) |
Depreciation intangible assets (Note 9) | 0 | 0 | 0 |
General and administrative expenses | (129) | (363) | (668) |
Total operating expenses | (9,554) | (27,049) | (37,670) |
RESULT FROM OPERATING ACTIVITIES | 16,292 | 28,174 | 25,532 |
Finance income | (80) | (884) | (1,430) |
Finance expenses | (255) | (2,056) | (3,387) |
Net finance expenses | (335) | (2,940) | (4,817) |
Share of profit (loss) of equity accounted investees (net of income tax) | (17,558) | (22,596) | (10,450) |
PROFIT (LOSS) BEFORE INCOME TAX | (1,601) | 2,638 | 10,265 |
Income tax expense | 1,601 | (2,638) | (10,265) |
PROFIT (LOSS) FOR THE PERIOD | 0 | 0 | 0 |
Attributable to: | |||
Owners of the company | $ 0 | $ 0 | $ 0 |
Segment reporting - Summarized
Segment reporting - Summarized Consolidated Statement of Cash Flows By Operating Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | |||
Net cash from (used in) operating activities | $ 255,553 | $ (25,305) | $ 969,785 |
Net cash from (used in) investing activities | (158,845) | (353,246) | (117,106) |
Net cash from (used in) financing activities | (62,895) | 373,893 | (999,701) |
Capital expenditure | (540,240) | (413,319) | (225,410) |
Right-of-use assets | 21,493 | 29,001 | 52,955 |
Operating segments | Tankers | |||
Disclosure of operating segments [line items] | |||
Net cash from (used in) operating activities | 230,207 | (32,132) | 958,798 |
Net cash from (used in) investing activities | (132,942) | (351,767) | (110,314) |
Net cash from (used in) financing activities | (65,916) | (378,528) | (995,151) |
Capital expenditure | (395,802) | (413,319) | (226,663) |
Right-of-use assets | 21,493 | 29,001 | |
Operating segments | FSO | |||
Disclosure of operating segments [line items] | |||
Net cash from (used in) operating activities | 33,474 | 35,532 | 36,328 |
Net cash from (used in) investing activities | (134,402) | 0 | 0 |
Net cash from (used in) financing activities | 101,582 | (35,259) | (36,503) |
Capital expenditure | (144,438) | 0 | 0 |
Right-of-use assets | 0 | 0 | |
Equity-accounted investees | |||
Disclosure of operating segments [line items] | |||
Net cash from (used in) operating activities | 8,128 | 28,705 | 25,341 |
Net cash from (used in) investing activities | (108,499) | 1,479 | 6,792 |
Net cash from (used in) financing activities | 98,561 | (787,680) | (31,953) |
Capital expenditure | 0 | 0 | $ (1,253) |
Right-of-use assets | $ 0 | $ 0 |
Assets and liabilities held f_3
Assets and liabilities held for sale and discontinued operations - Schedule of assets held for sale (Details) - USD ($) | 12 Months Ended | ||||
Mar. 24, 2022 | Sep. 15, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Assets held for sale beginning balance | $ 0 | ||||
Assets sold from assets held for sale | 18,459,000 | ||||
Assets held for sale ending balance | 18,459,000 | $ 0 | |||
(Expected) Gain | $ 3,300,000 | $ 400,000 | |||
Vessels | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
(Estimated) Net sale price, beginning balance | 0 | 0 | |||
Assets held for sale beginning balance | 0 | 0 | |||
Assets sold from assets held for sale | 18,459,000 | ||||
(Estimated) Net sale price, ending balance | 0 | 0 | $ 0 | ||
Assets held for sale ending balance | 18,459,000 | 0 | 0 | ||
Impairment Loss | 0 | 0 | 0 | ||
(Expected) Gain | 22,064,000 | 0 | 0 | ||
Vessels | Book Value | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Assets held for sale beginning balance | 0 | 0 | |||
Assets held for sale ending balance | 0 | 0 | 0 | ||
Vessels | Suezmax Cap Charles | Non-current assets held for sale | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Assets sold from assets held for sale | 40,523,000 | ||||
Assets sold from assets held for sale | 18,459,000 | ||||
Impairment Loss | 0 | ||||
(Expected) Gain | 22,064,000 | ||||
Vessels | Suezmax Cap Charles | Book Value | Non-current assets held for sale | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Assets sold from assets held for sale | 18,459,000 | ||||
Vessels | tankers | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Assets held for sale beginning balance | 0 | 0 | |||
Assets held for sale ending balance | 18,459,000 | 0 | 0 | ||
Vessels | FSO | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Assets held for sale beginning balance | 0 | 0 | |||
Assets held for sale ending balance | $ 0 | $ 0 | $ 0 |
Assets and liabilities held f_4
Assets and liabilities held for sale and discontinued operations - Narrative (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 14, 2022 USD ($) T | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) operation | Dec. 31, 2021 USD ($) operation | Dec. 31, 2020 USD ($) | |
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Proceeds from the sale of vessels | $ 356,730,000 | $ 55,844,000 | $ 78,075,000 | ||
Assets held for sale | $ 18,459,000 | $ 0 | |||
Number of discontinued operations | operation | 0 | 0 | |||
Suezmax Cap Charles | Assets and liabilities classified as held for sale | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Property plant and equipment, boat carrying capacity | T | 158,881 | ||||
Proceeds from the sale of vessels | $ 41,400,000 | ||||
Assets held for sale | $ 18,500,000 | ||||
Suezmax Cap Charles | Assets and liabilities classified as held for sale | Other disposals of assets | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Gains on sale of vessel | $ 22,100,000 | ||||
Vessels | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Assets held for sale | $ 18,459,000 | $ 0 | $ 0 | ||
Vessels | Suezmax Cap Charles | |||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||||
Property plant and equipment, boat carrying capacity | T | 158,881 |
Revenue and other operating i_3
Revenue and other operating income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | $ 737,280 | $ 348,439 | |
Operating lease income | 117,389 | 71,331 | |
Total revenue | 854,669 | 419,770 | $ 1,210,341 |
Other operating income | 15,141 | 10,255 | 10,112 |
Pool Revenue | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | 359,920 | 136,171 | |
Spot Voyages | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | 377,360 | 212,268 | |
Time Charters | |||
Disclosure Of Revenue Sources [Line Items] | |||
Operating lease income | 117,389 | 71,331 | |
Equity-accounted investees | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | 546 | 2,879 | |
Operating lease income | 21,204 | 50,132 | |
Total revenue | 21,750 | 53,011 | 60,451 |
Other operating income | 819 | 2,212 | 2,372 |
Equity-accounted investees | Pool Revenue | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | 6 | (11) | |
Equity-accounted investees | Spot Voyages | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | 540 | 2,890 | |
Equity-accounted investees | Time Charters | |||
Disclosure Of Revenue Sources [Line Items] | |||
Operating lease income | 21,204 | 50,132 | |
Tankers | Operating segments | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | 737,826 | 351,318 | |
Operating lease income | 72,296 | 71,331 | |
Total revenue | 810,122 | 422,649 | 1,220,843 |
Other operating income | 12,208 | 10,111 | 9,907 |
Tankers | Operating segments | Pool Revenue | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | 359,926 | 136,160 | |
Tankers | Operating segments | Spot Voyages | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | 377,900 | 215,158 | |
Tankers | Operating segments | Time Charters | |||
Disclosure Of Revenue Sources [Line Items] | |||
Operating lease income | 72,296 | 71,331 | |
FSO | Operating segments | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
Operating lease income | 66,297 | 50,132 | |
Total revenue | 66,297 | 50,132 | 49,949 |
Other operating income | 3,752 | 2,356 | $ 2,577 |
FSO | Operating segments | Pool Revenue | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
FSO | Operating segments | Spot Voyages | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
FSO | Operating segments | Time Charters | |||
Disclosure Of Revenue Sources [Line Items] | |||
Operating lease income | $ 66,297 | $ 50,132 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |||
Commissions paid | $ (14,778) | $ (8,014) | $ (12,748) |
Bunkers | (131,089) | (84,614) | (98,761) |
Other voyage related expenses | (29,320) | (26,180) | (13,921) |
Total voyage expenses and commissions | $ (175,187) | $ (118,808) | $ (125,430) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |||
Operating expenses | $ (199,286) | $ (204,702) | $ (204,433) |
Insurance | (16,808) | (16,004) | (13,957) |
Total vessel operating expenses | $ (216,094) | $ (220,706) | $ (218,390) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | |||
Total charter hire expenses | $ (5,769) | $ (9,750) | $ (7,954) |
Charter hire | |||
Disclosure of operating segments [line items] | |||
Total charter hire expenses | (3,912) | (8,473) | (7,954) |
Bareboat hire | |||
Disclosure of operating segments [line items] | |||
Total charter hire expenses | $ (1,857) | $ (1,277) | $ 0 |
Expenses for shipping activit_6
Expenses for shipping activities and other expenses from operating activities - Narrative (Details) - Vessels | Mar. 31, 2022 vessel | Mar. 24, 2022 T | Dec. 15, 2021 vessel | Jan. 01, 2019 vessel |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Number of vessels under lease | 4 | 4 | ||
Suezmax Bari | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property plant and equipment, boat carrying capacity | T | 159,186 | |||
Nautilus | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Number of boras redelivered | 1 | |||
VLLC Navarin, Neptun, and Nucleus | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Number of boras redelivered | 3 |
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, 2022 USD ($) employee | Dec. 31, 2021 USD ($) employee | Dec. 31, 2020 USD ($) employee | |
Analysis of income and expense [abstract] | |||
Wages and salaries | $ (8,272) | $ (7,566) | $ (10,641) |
Social security costs | (1,242) | (1,295) | (1,360) |
Provision for employee benefits (Note 18) | 205 | 687 | (545) |
Cash-settled share-based payments (Note 24) | 2,973 | (548) | 1,338 |
Equity-settled share-based payments (Note 24) | (2,411) | (761) | (140) |
Other employee benefits | (919) | (1,000) | (1,272) |
Employee benefits | (9,666) | (10,482) | (12,620) |
Administrative expenses | (37,955) | (18,355) | (21,652) |
Tonnage Tax | (4,343) | (3,346) | (3,459) |
Claims | 0 | (452) | 10 |
Provisions | 262 | 227 | 388 |
Total general and administrative expenses | $ (51,702) | $ (32,408) | $ (37,333) |
Average number of full time equivalents (shore staff) | employee | 192.81 | 189.05 | 185.66 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial Instruments [Abstract] | |||
Interest income | $ 7,063 | $ 1,896 | $ 3,687 |
Change in fair value of fuel derivatives recognized in P&L | 6,132 | 1,668 | 2,800 |
Foreign exchange gains | 13,945 | 11,370 | 15,009 |
Finance income | 27,140 | 14,934 | 21,496 |
Interest expense on financial liabilities measured at amortized cost | (85,418) | (57,961) | (60,627) |
Interest leasing | (1,237) | (2,378) | (3,287) |
Change in fair value of fuel derivatives recognized in P&L | (26,388) | (8,966) | (1,723) |
Fair value adjustment on interest rate swaps | (507) | (78) | (108) |
Other financial charges | (5,930) | (14,265) | (9,936) |
Foreign exchange losses | (13,529) | (11,893) | (15,872) |
Finance expense | (133,009) | (95,541) | (91,553) |
Net finance expenses | $ (105,869) | $ (80,607) | $ (70,057) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial Instruments [Abstract] | |||
Total interest income on financial assets | $ 7,063 | $ 1,896 | $ 3,687 |
Total interest expense on financial liabilities | (85,418) | (57,961) | (60,627) |
Interest leasing | (1,237) | (2,378) | (3,287) |
Other financial charges | $ (5,930) | $ (14,265) | $ (9,936) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Foreign currency translation differences for foreign operations | $ (477) | $ (482) | $ 636 |
Cash flow hedges - effective portion of changes in fair value | 30,657 | 9,852 | (2,873) |
Other comprehensive income (expense), net of tax | 31,281 | 11,774 | (2,336) |
Translation Reserve and Hedging Reserve | |||
Other comprehensive income (expense), net of tax | 30,180 | 9,370 | (2,237) |
Translation reserve | |||
Other comprehensive income (expense), net of tax | (477) | (482) | 636 |
Hedging reserve | |||
Other comprehensive income (expense), net of tax | $ 30,657 | $ 9,852 | $ (2,873) |
Income tax benefit (expense) -
Income tax benefit (expense) - Income tax benefit (expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current tax | |||
Current period | $ (1,736) | $ (206) | $ (575) |
Changes related to prior years | 57 | 436 | 0 |
Total current tax | (1,680) | 230 | (575) |
Deferred tax | |||
Recognition of unused tax losses/(use of tax losses) | (137) | 201 | (1,369) |
Other | (987) | (4) | 0 |
Total deferred tax | (1,124) | 197 | (1,369) |
Total tax benefit/(expense) | $ (2,804) | $ 427 | $ (1,944) |
Income tax benefit (expense) _2
Income tax benefit (expense) - Effective income tax rate reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Profit (loss) before tax | $ 206,055 | $ (339,204) | $ 475,182 |
Tax at domestic rate | (51,514) | 84,801 | (118,796) |
Tax exempt profit / loss | 2,642 | 4,541 | 241 |
Tax adjustments for previous years | 57 | 436 | 0 |
Loss for which no DTA has been recognized | 4,481 | 27 | (61) |
Non-deductible expenses | (315) | (188) | (482) |
Use of previously unrecognized tax losses and tax credits | 4,431 | 4,101 | 267 |
Effect of Tonnage Tax regime | 40,670 | (84,881) | 115,174 |
Effect of share of profit of equity-accounted investees | 4,389 | 5,649 | 2,613 |
Effects of tax regimes in foreign jurisdictions | (7,645) | (14,059) | (900) |
Total tax benefit/(expense) | $ (2,804) | $ 427 | $ (1,944) |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | |||
Tax at domestic rate (as a percent) | (25.00%) | (25.00%) | (25.00%) |
Total taxes (as a percent) | (1.36%) | (0.13%) | (0.41%) |
Income tax benefit (expense) _3
Income tax benefit (expense) - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | |||
Tonnage tax expense | $ 4,343 | $ 3,346 | $ 3,459 |
Property, plant and equipment -
Property, plant and equipment - Schedule of property, plant and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | $ 3,179,299 | $ 3,127,091 | $ 3,238,435 |
Acquisitions | 628,320 | 436,680 | 250,890 |
Disposals and cancellations | (258,899) | (39,522) | (42,643) |
Depreciation charges | (221,576) | (344,904) | (319,652) |
Transfer to assets held for sale (Note 3) | (18,459) | ||
Transfers | 0 | 0 | |
Translation differences | (69) | (46) | 61 |
Property, plant and equipment, ending balance | 3,308,616 | 3,179,299 | 3,127,091 |
Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 5,115,573 | 4,934,443 | 4,909,134 |
Property, plant and equipment, ending balance | 5,315,120 | 5,115,573 | 4,934,443 |
Depreciation & impairment losses | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | (1,936,274) | (1,807,352) | (1,670,699) |
Property, plant and equipment, ending balance | (2,006,504) | (1,936,274) | (1,807,352) |
Vessels | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 2,967,787 | 2,865,308 | 3,177,262 |
Acquisitions | 448,850 | 56,111 | 17,835 |
Disposals and cancellations | (258,899) | (39,522) | (42,641) |
Depreciation charges | (199,457) | (296,837) | (287,148) |
Transfer to assets held for sale (Note 3) | (18,459) | ||
Transfers | 118,110 | 382,727 | |
Translation differences | 0 | 0 | 0 |
Property, plant and equipment, ending balance | 3,057,932 | 2,967,787 | 2,865,308 |
Vessels | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 4,875,810 | 4,608,326 | 4,815,910 |
Property, plant and equipment, ending balance | 5,014,747 | 4,875,810 | 4,608,326 |
Vessels | Depreciation & impairment losses | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | (1,908,023) | (1,743,018) | (1,638,648) |
Property, plant and equipment, ending balance | (1,956,815) | (1,908,023) | (1,743,018) |
Vessels under construction | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 181,293 | 207,069 | 0 |
Acquisitions | 165,246 | 356,951 | 207,069 |
Disposals and cancellations | 0 | 0 | 0 |
Depreciation charges | 0 | 0 | 0 |
Transfer to assets held for sale (Note 3) | 0 | ||
Transfers | (118,110) | (382,727) | |
Translation differences | 0 | 0 | 0 |
Property, plant and equipment, ending balance | 228,429 | 181,293 | 207,069 |
Vessels under construction | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 181,293 | 207,069 | 0 |
Property, plant and equipment, ending balance | 228,429 | 181,293 | 207,069 |
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 | 29,001 | 52,955 | 58,908 |
Acquisitions | 14,060 | 23,476 | 25,701 |
Disposals and cancellations | 0 | 0 | 0 |
Depreciation charges | (21,509) | (47,387) | (31,702) |
Transfer to assets held for sale (Note 3) | 0 | ||
Transfers | 0 | 0 | |
Translation differences | (59) | (43) | 48 |
Property, plant and equipment, ending balance | 21,493 | 29,001 | 52,955 |
Right-of-use assets | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 53,226 | 113,859 | 88,182 |
Property, plant and equipment, ending balance | 66,785 | 53,226 | 113,859 |
Right-of-use assets | Depreciation & impairment losses | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | (24,225) | (60,904) | (29,274) |
Property, plant and equipment, ending balance | (45,292) | (24,225) | (60,904) |
Other tangible assets | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 1,218 | 1,759 | 2,265 |
Acquisitions | 164 | 142 | 285 |
Disposals and cancellations | 0 | 0 | (2) |
Depreciation charges | (610) | (680) | (802) |
Transfer to assets held for sale (Note 3) | 0 | ||
Transfers | 0 | 0 | |
Translation differences | (10) | (3) | 13 |
Property, plant and equipment, ending balance | 762 | 1,218 | 1,759 |
Other tangible assets | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 5,244 | 5,189 | 5,042 |
Property, plant and equipment, ending balance | 5,159 | 5,244 | 5,189 |
Other tangible assets | Depreciation & impairment losses | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | (4,026) | (3,430) | (2,777) |
Property, plant and equipment, ending balance | $ (4,397) | $ (4,026) | $ (3,430) |
Property, plant and equipment_2
Property, plant and equipment - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2022 USD ($) T | Sep. 23, 2022 USD ($) T | Aug. 09, 2022 USD ($) T | Jun. 24, 2022 USD ($) vessel | Jun. 13, 2022 USD ($) vessel T | Jun. 07, 2022 USD ($) | Apr. 29, 2022 USD ($) vessel T | Jan. 26, 2022 USD ($) vessel T | Dec. 31, 2021 USD ($) vessel ship T | Nov. 06, 2020 USD ($) | Nov. 06, 2020 vessel | Nov. 06, 2020 agreement | Jan. 31, 2021 vessel | Dec. 31, 2022 USD ($) vessel impairment_indicator T | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) vessel T | Dec. 31, 2022 USD ($) impairment_indicator vessel T | Dec. 31, 2021 USD ($) ship vessel T | Dec. 31, 2020 USD ($) vessel | Mar. 31, 2021 T | Dec. 31, 2019 USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Number of time charter agreements entered into | 2 | 2 | ||||||||||||||||||||
Additions to right-of-use assets | $ 14,060 | $ 23,476 | ||||||||||||||||||||
Number VLCCs | ship | 3 | 18 | ||||||||||||||||||||
Number of suezmaxes | ship | 5 | 7 | ||||||||||||||||||||
Transfers | 0 | $ 0 | ||||||||||||||||||||
Purchase of property, plant and equipment | 523,494 | 413,062 | $ 224,904 | |||||||||||||||||||
Acquisitions | 628,320 | 436,680 | 250,890 | |||||||||||||||||||
Right-of-use assets (Note 8) | $ 29,001 | $ 21,493 | $ 29,001 | 21,493 | 29,001 | 52,955 | ||||||||||||||||
Vessels, aggregate amount under construction | 3,179,299 | $ 3,308,616 | 3,179,299 | 3,308,616 | 3,179,299 | 3,127,091 | $ 3,238,435 | |||||||||||||||
Proceeds from the sale of vessels (Note 8) | 356,730 | 55,844 | 78,075 | |||||||||||||||||||
Gains on disposal of vessels/other tangible assets | $ 96,160 | 15,068 | $ 22,728 | |||||||||||||||||||
Number of impairment indicators | impairment_indicator | 2 | 2 | ||||||||||||||||||||
Capital commitments | $ 414,300 | $ 404,065 | $ 414,300 | $ 404,065 | $ 414,300 | |||||||||||||||||
TI Africa Ltd | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Percentage of voting equity interests acquired | 50% | |||||||||||||||||||||
TI Asia Ltd | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Percentage of voting equity interests acquired | 50% | |||||||||||||||||||||
Cap Philippe | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Sale price | 32,046 | |||||||||||||||||||||
Europe | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Sale price | 40,013 | |||||||||||||||||||||
Cap Guillaume | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Sale price | 34,153 | |||||||||||||||||||||
Time Charters | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Additions to right-of-use assets | $ 24,900 | |||||||||||||||||||||
Vessels | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Number of properties transferred from construction in progress | vessel | 4 | |||||||||||||||||||||
Transfers | $ 118,110 | $ 382,727 | ||||||||||||||||||||
Number of VLCCs delivered | vessel | 2 | |||||||||||||||||||||
Number of vessels under construction | vessel | 8 | 8 | 8 | 8 | 8 | 4 | ||||||||||||||||
Acquisitions | $ 448,850 | $ 56,111 | $ 17,835 | |||||||||||||||||||
Vessels, aggregate amount under construction | $ 2,967,787 | $ 3,057,932 | $ 2,967,787 | $ 3,057,932 | $ 2,967,787 | 2,865,308 | 3,177,262 | |||||||||||||||
Vessels | Delos | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 300,200 | 300,200 | 300,200 | |||||||||||||||||||
Vessels | Diodorus | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 300,200 | 300,200 | 300,200 | |||||||||||||||||||
Vessels | Doris | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 300,200 | |||||||||||||||||||||
Vessels | Dickens | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 300,200 | |||||||||||||||||||||
Vessels | Suezmaxes Cedar and Cypress | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Number of properties transferred from construction in progress | vessel | 2 | |||||||||||||||||||||
Transfers | $ 118,000 | |||||||||||||||||||||
Number of vessels under construction | vessel | 2 | 2 | 2 | |||||||||||||||||||
Vessels | Suezmax Cedar | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 157,310 | 157,310 | ||||||||||||||||||||
Vessels | Suedmax Cypress | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 157,310 | 157,310 | ||||||||||||||||||||
Vessels | Eco-Type VLCC | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Number of vessels acquired | vessel | 2 | |||||||||||||||||||||
Purchase of property, plant and equipment | $ 179,000 | |||||||||||||||||||||
Gains (losses) arising from sale and leaseback transactions | $ 18,000 | |||||||||||||||||||||
Number of boras redelivered | vessel | 4 | |||||||||||||||||||||
Term of sale and leaseback agreement | 5 years | |||||||||||||||||||||
Vessels | Eco-Type VLCC Chelsea | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 299,995 | |||||||||||||||||||||
Vessels | Eco-Type VLCC Ghillie | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 297,750 | |||||||||||||||||||||
Vessels | D-Class Delos | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 300,200 | 300,200 | ||||||||||||||||||||
Vessels | D-Class Diodorus | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 300,200 | 300,200 | ||||||||||||||||||||
Vessels | D-Class Doris | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 300,200 | 300,200 | ||||||||||||||||||||
Vessels | D-Class Dickens | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 299,550 | 299,550 | ||||||||||||||||||||
Vessels | FSO Asia and Africa | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Acquisitions | $ 223,100 | |||||||||||||||||||||
Estimated useful life | 10 years | |||||||||||||||||||||
Vessels | Suezmaxes Marlin Sardinia and Marlin Somerset | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Number of vessels with extended time charter agreements | vessel | 2 | |||||||||||||||||||||
Time charter agreements, extended period | 12 months | |||||||||||||||||||||
Right-of-use assets (Note 8) | $ 13,400 | |||||||||||||||||||||
Vessels | VLCC Nautilus | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 307,284 | |||||||||||||||||||||
Gains (losses) arising from sale and leaseback transactions | $ 4,500 | |||||||||||||||||||||
Vessels | VLCC Navarin | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 307,284 | |||||||||||||||||||||
Vessels | VLCC Neptun | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 307,284 | |||||||||||||||||||||
Vessels | VLCC Nucleus | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 307,284 | |||||||||||||||||||||
Vessels | VLCC Navarin, Neptun And Nucleus | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Gains (losses) arising from sale and leaseback transactions | $ 13,500 | |||||||||||||||||||||
Vessels | S-class VLCCs | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Number of assets sold | vessel | 4 | |||||||||||||||||||||
Proceeds from the sale of vessels (Note 8) | $ 198,000 | |||||||||||||||||||||
Vessels | VLCC Sandra | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 323,527 | |||||||||||||||||||||
Vessels | VLCC Sonia | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 314,000 | |||||||||||||||||||||
Vessels | VLCC Sara | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 322,000 | |||||||||||||||||||||
Vessels | VLCC Simone | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 315,988 | |||||||||||||||||||||
Vessels | VLCC Sandra, Sara And Sonia | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Number of assets sold | vessel | 4 | |||||||||||||||||||||
Gains on disposal of vessels/other tangible assets | $ 400 | $ 1,400 | $ 1,800 | |||||||||||||||||||
Vessels | Suezmax Cap Pierre and Leon | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Number of assets sold | vessel | 2 | |||||||||||||||||||||
Gains on disposal of vessels/other tangible assets | $ 18,400 | |||||||||||||||||||||
Vessels | Suezmax Cap Pierre | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 159,048 | |||||||||||||||||||||
Vessels | Suezmax Cap Leon | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 159,048 | |||||||||||||||||||||
Vessels | Cap Philippe | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 158,920 | |||||||||||||||||||||
Gains on disposal of vessels/other tangible assets | 12,800 | |||||||||||||||||||||
Sale price | $ 32,000 | |||||||||||||||||||||
Vessels | Europe | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 441,561 | |||||||||||||||||||||
Gains on disposal of vessels/other tangible assets | 34,700 | |||||||||||||||||||||
Sale price | $ 40,000 | |||||||||||||||||||||
Vessels | Cap Guillaume | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 158,889 | |||||||||||||||||||||
Gains on disposal of vessels/other tangible assets | 14,600 | |||||||||||||||||||||
Sale price | $ 34,200 | |||||||||||||||||||||
Vessels under construction | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Transfers | (118,110) | $ (382,727) | ||||||||||||||||||||
Acquisitions | 165,246 | 356,951 | 207,069 | |||||||||||||||||||
Vessels, aggregate amount under construction | $ 181,293 | $ 228,429 | $ 181,293 | $ 228,429 | $ 181,293 | $ 207,069 | $ 0 | |||||||||||||||
Vessels under construction | Eco-Type VLCC | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Number of vessels under construction | vessel | 3 | 3 | ||||||||||||||||||||
Vessels under construction | Eco-Type Suezmaxes | ||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||||
Number of vessels under construction | vessel | 5 | 5 |
Property, plant and equipment_3
Property, plant and equipment - Schedule of disposal of assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | $ 3,308,616 | $ 3,179,299 | $ 3,127,091 | $ 3,238,435 |
Loss | (347) | 0 | (1) | |
Vessels | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 341,214 | 51,344 | 78,075 | |
Gain | 96,161 | 15,068 | 22,728 | |
Loss | (347) | 0 | 0 | |
Finesse | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 21,003 | |||
Gain | 8,298 | |||
Loss | 0 | |||
Cap Diamant | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 20,072 | |||
Gain | 12,830 | |||
Loss | 0 | |||
TI Hellas | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 37,000 | |||
Gain | 1,600 | |||
Loss | 0 | |||
VLCC Newton | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 35,370 | |||
Gain | 1,163 | |||
Loss | 0 | |||
Filikon | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 15,974 | |||
Gain | 9,404 | |||
Loss | 0 | |||
Sandra | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 47,520 | |||
Gain | 221 | |||
Loss | 0 | |||
Sara | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 47,520 | |||
Gain | 1,507 | |||
Loss | 0 | |||
Sonia | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 50,490 | |||
Gain | 0 | |||
Loss | (347) | |||
Simone | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 50,490 | |||
Gain | 420 | |||
Loss | 0 | |||
Cap Leone | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 19,924 | |||
Gain | 10,843 | |||
Loss | 0 | |||
Cap Pierre | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 19,058 | |||
Gain | 7,521 | |||
Loss | 0 | |||
Cap Philippe | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 32,046 | |||
Gain | 12,881 | |||
Loss | 0 | |||
Europe | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 40,013 | |||
Gain | 34,713 | |||
Loss | 0 | |||
Cap Guillaume | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 34,153 | |||
Gain | 14,556 | |||
Loss | 0 | |||
Other | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 0 | 0 | ||
Gain | 13,500 | 4,500 | ||
Loss | 0 | 0 | ||
Book Value | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 5,315,120 | 5,115,573 | 4,934,443 | $ 4,909,134 |
Book Value | Vessels | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 258,899 | 39,523 | 55,347 | |
Book Value | Finesse | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 12,705 | |||
Book Value | Cap Diamant | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 7,242 | |||
Book Value | TI Hellas | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | $ 35,400 | |||
Book Value | VLCC Newton | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 32,953 | |||
Book Value | Filikon | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 6,570 | |||
Book Value | Sandra | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 47,299 | |||
Book Value | Sara | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 46,013 | |||
Book Value | Sonia | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 50,837 | |||
Book Value | Simone | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 50,070 | |||
Book Value | Cap Leone | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 9,081 | |||
Book Value | Cap Pierre | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 11,537 | |||
Book Value | Cap Philippe | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 19,165 | |||
Book Value | Europe | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 5,300 | |||
Book Value | Cap Guillaume | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 19,597 | |||
Book Value | Other | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | $ 0 | $ 0 |
Property, plant and equipment_4
Property, plant and equipment - Capital commitments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 USD ($) ship | Dec. 31, 2021 USD ($) ship | Dec. 31, 2022 USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Number of suezmaxes | ship | 5 | 7 | |
Number VLCCs | ship | 3 | 18 | |
Capital commitments | $ 414,300 | $ 414,300 | $ 404,065 |
VLCCs | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | 167,880 | ||
Suezmaxes | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | 236,185 | ||
FSOs | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | 0 | ||
2023 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | 267,469 | ||
2023 | VLCCs | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | 167,880 | ||
2023 | Suezmaxes | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | 99,589 | ||
2023 | FSOs | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | 0 | ||
2024 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | 136,596 | ||
2024 | VLCCs | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | 0 | ||
2024 | Suezmaxes | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | 136,596 | ||
2024 | FSOs | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | 0 | ||
2025 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | 0 | ||
2025 | VLCCs | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | 0 | ||
2025 | Suezmaxes | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | 0 | ||
2025 | FSOs | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | $ 0 |
Intangible assets - Schedule of
Intangible assets - Schedule of reconciliation of intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill period start | $ 15,746 | $ 186 |
Acquisitions | 115 | |
Acquisitions | 16,582 | |
Depreciation charges | (1,021) | (90) |
Translation differences | (1) | |
Intangible assets other than goodwill period end | 186 | 161 |
Customer contracts | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill period start | 15,656 | 0 |
Acquisitions | 0 | |
Acquisitions | 16,569 | |
Depreciation charges | (913) | 0 |
Translation differences | 0 | |
Intangible assets other than goodwill period end | 0 | 0 |
Other intangible assets | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill period start | 90 | 186 |
Acquisitions | 115 | |
Acquisitions | 13 | |
Depreciation charges | (108) | (90) |
Translation differences | (1) | |
Intangible assets other than goodwill period end | 186 | 161 |
Cost | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill period start | 17,781 | 1,205 |
Intangible assets other than goodwill period end | 1,205 | 1,123 |
Cost | Customer contracts | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill period start | 16,569 | 0 |
Intangible assets other than goodwill period end | 0 | 0 |
Cost | Other intangible assets | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill period start | 1,212 | 1,205 |
Intangible assets other than goodwill period end | 1,205 | 1,123 |
Depreciation | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill period start | (2,035) | (1,019) |
Intangible assets other than goodwill period end | (1,019) | (962) |
Depreciation | Customer contracts | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill period start | (913) | 0 |
Intangible assets other than goodwill period end | 0 | 0 |
Depreciation | Other intangible assets | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill period start | (1,122) | (1,019) |
Intangible assets other than goodwill period end | $ (1,019) | $ (962) |
Intangible assets - Narrative (
Intangible assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 07, 2022 | Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [line items] | ||
Acquisitions through business combinations | $ 16,582 | |
FSO Asia and Africa | Customer contracts | ||
Disclosure of detailed information about intangible assets [line items] | ||
Acquisitions through business combinations | $ 16,600 | |
TI Asia Ltd | ||
Disclosure of detailed information about intangible assets [line items] | ||
Percentage of voting equity interests acquired | 50% | |
TI Africa Ltd | ||
Disclosure of detailed information about intangible assets [line items] | ||
Percentage of voting equity interests acquired | 50% |
Deferred tax assets and liabi_3
Deferred tax assets and liabilities - Components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | $ 1,403 | $ 1,546 | ||
Deferred tax liabilities | 0 | 0 | ||
NET | 1,403 | 1,546 | $ 1,357 | $ 2,715 |
Employee benefits | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 25 | 23 | ||
Deferred tax liabilities | 0 | 0 | ||
NET | 25 | 23 | $ 29 | $ 26 |
Unused tax losses & tax credits | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 60,308 | 66,304 | ||
Deferred tax liabilities | 0 | 0 | ||
NET | 60,308 | 66,304 | ||
Unremitted earnings | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 0 | 0 | ||
Deferred tax liabilities | (58,930) | (64,781) | ||
NET | (58,930) | (64,781) | ||
Before offset amount | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 60,333 | 66,327 | ||
Deferred tax liabilities | (58,930) | (64,781) | ||
NET | 1,403 | 1,546 | ||
Offset | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 58,930 | 64,781 | ||
Deferred tax liabilities | $ (58,930) | $ (64,781) |
Deferred tax assets and liabi_4
Deferred tax assets and liabilities - Unrecognized deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 17,875 | $ 17,882 |
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 | 261 | 291 |
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 | 0 |
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 | 29,776 | 29,753 |
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 | 30,037 | 30,044 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | $ 1,546 | $ 1,357 | $ 2,715 |
Recognized in income | (1,124) | 197 | (1,369) |
Recognized in equity | 0 | 0 | 0 |
Other movements | 991 | 0 | 0 |
Translation Differences | (10) | (8) | 11 |
Ending balance | 1,403 | 1,546 | 1,357 |
Employee benefits | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | 23 | 29 | 26 |
Recognized in income | 4 | (4) | 0 |
Recognized in equity | 0 | 0 | 0 |
Other movements | 0 | 0 | 0 |
Translation Differences | (2) | (2) | 3 |
Ending balance | 25 | 23 | 29 |
Unused tax losses & tax credits | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | 1,523 | 1,328 | 2,689 |
Recognized in income | (137) | 201 | (1,369) |
Recognized in equity | 0 | 0 | 0 |
Other movements | 0 | 0 | 0 |
Translation Differences | (8) | (6) | 8 |
Ending balance | 1,378 | 1,523 | $ 1,328 |
Reclassification | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | 0 | ||
Recognized in income | (991) | ||
Recognized in equity | 0 | ||
Other movements | 991 | ||
Translation Differences | 0 | ||
Ending balance | $ 0 | $ 0 |
Non-current receivables - Sched
Non-current receivables - Schedule of non-current receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Shareholders loans to joint ventures | $ 24 | $ 30,242 |
Derivatives | 18,091 | 6,392 |
Other non-current receivables | 13,855 | 14,426 |
Lease receivables | 2,854 | 4,578 |
Investment | 1 | 1 |
Total non-current receivables | $ 34,825 | $ 55,639 |
Non-current receivables - Narra
Non-current receivables - Narrative (Details) | 12 Months Ended | ||||||||
Dec. 31, 2022 USD ($) suezmax_tanker_vessel_type | Jun. 21, 2022 USD ($) | Jun. 07, 2022 | Jan. 26, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 02, 2021 USD ($) | Jan. 15, 2021 USD ($) | Dec. 31, 2020 USD ($) | Sep. 11, 2020 USD ($) | |
Disclosure of financial assets [line items] | |||||||||
Number of vessels financed for long term charter parties | suezmax_tanker_vessel_type | 4 | ||||||||
Other non-current receivables | $ 13,855,000 | $ 14,426,000 | |||||||
Interest rate swaps | Suezmaxes Cedar and Cypress | |||||||||
Disclosure of financial assets [line items] | |||||||||
Notional amount | 71,150,000 | ||||||||
TI Africa Ltd | |||||||||
Disclosure of financial assets [line items] | |||||||||
Percentage of voting equity interests acquired | 50% | ||||||||
Financial guarantee contracts | |||||||||
Disclosure of financial assets [line items] | |||||||||
Other non-current receivables | $ 12,300,000 | ||||||||
Secured vessels Revolving loan due 2026 | |||||||||
Disclosure of financial assets [line items] | |||||||||
Notional amount | 713,000,000 | $ 713,000,000 | $ 713,000,000 | ||||||
Secured vessels Revolving loan due 2026 | Interest rate swaps | |||||||||
Disclosure of financial assets [line items] | |||||||||
Notional amount | 223,667,000 | $ 713,000,000 | |||||||
Secured vessels loan due 2028 | |||||||||
Disclosure of financial assets [line items] | |||||||||
Notional amount | 73,450,000 | $ 73,450,000 | |||||||
Secured vessels loan due 2028 | Interest rate swaps | |||||||||
Disclosure of financial assets [line items] | |||||||||
Notional amount | 71,155,000 | $ 73,450,000 | |||||||
Secured vessels loan due 2028 | Interest rate swaps | Suezmaxes Cedar and Cypress | |||||||||
Disclosure of financial assets [line items] | |||||||||
Notional amount | $ 73,450,000 | $ 73,450,000 | |||||||
Secured FSO loan due 2030 | |||||||||
Disclosure of financial assets [line items] | |||||||||
Notional amount | $ 150,000,000 | $ 150,000,000 | |||||||
Secured FSO loan due 2030 | Interest rate swaps | FSO Asia and Africa | |||||||||
Disclosure of financial assets [line items] | |||||||||
Notional amount | $ 150,000,000 |
Non-current receivables - Sch_2
Non-current receivables - Schedule of non-current receivables by contractual maturity date (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | $ 34,825 | $ 55,639 |
Within two years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | 1,591 | 2,294 |
Between two and three years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | 16,101 | 20,368 |
Between three and four years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | 0 | 9,157 |
Between four and five years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | 3,663 | 0 |
More than five years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | $ 13,470 | $ 23,820 |
Bunker inventory (Details)
Bunker inventory (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) tons | Dec. 31, 2021 USD ($) tons | |
Disclosure of detailed information about borrowings [line items] | ||
Fuel inventory purchased (in metric tons) | tons | 208,877 | 269,677 |
Payment for purchase of inventory | $ 158,800 | $ 140,100 |
Bunker inventory | 41,643 | 69,035 |
Bunker expenses | 8,100 | 17,400 |
Compliant fuel oil inventory on board vessel | ||
Disclosure of detailed information about borrowings [line items] | ||
Bunker inventory | 19,600 | 45,000 |
Bunker inventory on board vessel | ||
Disclosure of detailed information about borrowings [line items] | ||
Bunker inventory | $ 22,000 | $ 24,000 |
Trade and other receivables -_3
Trade and other receivables - current (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Receivable from contracts with customers | $ 106,972 | $ 55,704 |
Receivable from contracts with customers - TI Pool | 193,945 | 139,672 |
Accrued income | 11,421 | 8,480 |
Accrued interest | 2,329 | 580 |
Deferred charges | 20,388 | 22,083 |
Deferred fulfillment costs | 1,587 | 1,156 |
Other receivables | 12,578 | 7,977 |
Lease receivables | 1,699 | 2,091 |
Derivatives | 15,870 | 2 |
Total trade and other receivables | $ 366,789 | $ 237,745 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Bank deposits | $ 0 | $ 0 |
Cash at bank and in hand | 179,929 | 152,528 |
TOTAL | $ 179,929 | $ 152,528 |
Equity - Number of shares issue
Equity - Number of shares issued (Details) - shares | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Reconciliation of number of shares outstanding [abstract] | |||
Beginning of period (in shares) | 201,677,981 | 201,677,981 | 215,078,497 |
End of period (in shares) | 201,783,532 | 201,677,981 | 201,677,981 |
Share capital | |||
Reconciliation of number of shares outstanding [abstract] | |||
Beginning of period (in shares) | 220,024,713 | 220,024,713 | 220,024,713 |
End of period (in shares) | 220,024,713 | 220,024,713 | 220,024,713 |
Equity - Narrative (Details)
Equity - Narrative (Details) | 1 Months Ended | 3 Months Ended | 5 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2023 $ / shares | Mar. 02, 2023 $ / shares | Nov. 29, 2022 $ / shares | Sep. 09, 2022 $ / shares | Aug. 22, 2022 EUR (€) contract | Jun. 08, 2022 $ / shares | May 19, 2022 $ / shares | Apr. 01, 2022 shares installment | Nov. 04, 2021 $ / shares | Apr. 01, 2021 shares installment | Oct. 26, 2020 USD ($) contract vessel | Apr. 01, 2020 shares installment | Apr. 01, 2019 shares installment | Jan. 08, 2019 shares | Dec. 07, 2018 USD ($) contract | Jun. 29, 2018 USD ($) | Feb. 16, 2018 shares | Feb. 09, 2017 shares | Feb. 02, 2016 shares | Feb. 12, 2015 shares | Apr. 20, 2018 USD ($) contract vessel | Mar. 31, 2020 | Jun. 06, 2022 joint_venture | Dec. 31, 2020 USD ($) contract installment shares | Dec. 31, 2022 USD ($) shares installment vote_per_share $ / shares | Dec. 31, 2021 USD ($) shares installment tons | Dec. 31, 2020 USD ($) installment shares | Dec. 31, 2019 shares | Dec. 31, 2018 USD ($) | Jun. 21, 2022 USD ($) | Jan. 26, 2022 USD ($) | Dec. 02, 2021 USD ($) | Sep. 11, 2020 USD ($) | Mar. 31, 2019 USD ($) | Sep. 07, 2018 USD ($) | Mar. 29, 2018 USD ($) | Mar. 22, 2018 USD ($) | |
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Number of shares outstanding (in shares) | shares | 201,677,981 | 201,783,532 | 201,677,981 | 201,677,981 | 215,078,497 | ||||||||||||||||||||||||||||||||
Authorised shares not yet issued, amount | $ 83,898,616 | $ 83,898,616 | $ 83,898,616 | $ 83,898,616 | |||||||||||||||||||||||||||||||||
Number of shares authorised (in shares) | shares | 77,189,888 | 77,189,888 | 77,189,888 | 77,189,888 | |||||||||||||||||||||||||||||||||
Vote per ordinary share | vote_per_share | 1 | ||||||||||||||||||||||||||||||||||||
Number of joint venture companies | tons | 2 | ||||||||||||||||||||||||||||||||||||
Transfer of treasury shares (in shares) | shares | 105,551 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Dividend payables (in usd per share) | $ / shares | $ 0.09 | ||||||||||||||||||||||||||||||||||||
Percentage of net income paid to shareholders through dividends | 80% | ||||||||||||||||||||||||||||||||||||
Closing dividends paid | $ 0 | ||||||||||||||||||||||||||||||||||||
Dividends paid, ordinary shares | $ 24,200,000 | $ 24,200,000 | |||||||||||||||||||||||||||||||||||
Dividend payable (in usd per share) | $ / shares | $ 1.22 | ||||||||||||||||||||||||||||||||||||
Vesting period | 5 years | ||||||||||||||||||||||||||||||||||||
Number of options granted (in shares) | shares | 0 | 0 | |||||||||||||||||||||||||||||||||||
Number of installments | installment | 3 | ||||||||||||||||||||||||||||||||||||
Restricted stock units | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Vesting period | 3 years | 3 years | 3 years | ||||||||||||||||||||||||||||||||||
Number of installments | installment | 3 | 3 | |||||||||||||||||||||||||||||||||||
Long term incentive plan 2015 | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Number of options granted (in shares) | shares | 236,590 | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2015 | Stock option | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Annual vesting percentage | 40% | ||||||||||||||||||||||||||||||||||||
Vesting period | 3 years | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2015 | Phantom stock units | Tranche one | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2015 | Phantom stock units | Tranche two | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2015 | Phantom stock units | Tranche three | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2015 | Restricted stock units | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Annual vesting percentage | 60% | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2016 | Phantom stock units | Tranche one | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||||||||||||||||||||||
Vesting period | 2 years | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2016 | Phantom stock units | Tranche two | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||||||||||||||||||||||
Vesting period | 3 years | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2016 | Phantom stock units | Tranche three | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||||||||||||||||||||||
Vesting period | 4 years | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2017 | Phantom stock units | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Equity instruments granted (in shares) | shares | 66,449 | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2017 | Phantom stock units | Tranche one | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2017 | Phantom stock units | Tranche two | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2017 | Phantom stock units | Tranche three | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2018 | Phantom stock units | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Equity instruments granted (in shares) | shares | 154,432 | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2018 | Phantom stock units | Tranche one | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2018 | Phantom stock units | Tranche two | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2018 | Phantom stock units | Tranche three | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2019 | Phantom stock units | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Equity instruments granted (in shares) | shares | 1,200,000 | 0 | |||||||||||||||||||||||||||||||||||
Long term incentive plan 2019 | Phantom stock units | Tranche one | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Annual vesting percentage | 12% | 12% | |||||||||||||||||||||||||||||||||||
Long term incentive plan 2019 | Phantom stock units | Tranche two | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Annual vesting percentage | 19% | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2019 | Phantom stock units | Tranche three | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Annual vesting percentage | 25% | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2019 | Restricted stock units | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Annual vesting percentage | 100% | ||||||||||||||||||||||||||||||||||||
Vesting period | 3 years | 3 years | |||||||||||||||||||||||||||||||||||
Number of options granted (in shares) | shares | 152,346 | ||||||||||||||||||||||||||||||||||||
Equity instruments granted (in shares) | shares | 152,346 | ||||||||||||||||||||||||||||||||||||
Number of installments | installment | 3 | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2020 | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Number of installments | installment | 3 | 3 | |||||||||||||||||||||||||||||||||||
Long term incentive plan 2020 | Restricted stock units | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Annual vesting percentage | 100% | ||||||||||||||||||||||||||||||||||||
Vesting period | 3 years | 3 years | |||||||||||||||||||||||||||||||||||
Equity instruments granted (in shares) | shares | 144,392 | ||||||||||||||||||||||||||||||||||||
Number of installments | installment | 3 | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2021 | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Number of installments | installment | 3 | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2021 | Restricted stock units | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Annual vesting percentage | 100% | ||||||||||||||||||||||||||||||||||||
Vesting period | 3 years | 3 years | |||||||||||||||||||||||||||||||||||
Equity instruments granted (in shares) | shares | 193,387 | ||||||||||||||||||||||||||||||||||||
Number of installments | installment | 3 | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2022 | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Number of installments | installment | 3 | ||||||||||||||||||||||||||||||||||||
Long term incentive plan 2022 | Restricted stock units | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Annual vesting percentage | 100% | ||||||||||||||||||||||||||||||||||||
Vesting period | 3 years | ||||||||||||||||||||||||||||||||||||
Equity instruments granted (in shares) | shares | 163,022 | ||||||||||||||||||||||||||||||||||||
Number of installments | installment | 3 | ||||||||||||||||||||||||||||||||||||
Potential ordinary share transactions | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Dividends paid, ordinary shares per share | $ / shares | $ 0.03 | ||||||||||||||||||||||||||||||||||||
Total dividend proposed per share (in usd per share) | $ / shares | $ 1.10 | ||||||||||||||||||||||||||||||||||||
Dividend proposed per share, dividend part (in usd per share) | $ / shares | 0.051 | ||||||||||||||||||||||||||||||||||||
$$173.6 million facility - Cap Quebec and Cap Pembroke | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Number of vessels in time charter | vessel | 2 | ||||||||||||||||||||||||||||||||||||
$$173.6 million facility - Cap Corpus Christi and Cap Port Arthur | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Number of vessels in time charter | vessel | 2 | ||||||||||||||||||||||||||||||||||||
Interest rate swap contract | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Derivative notional amount | $ 411,800,000 | ||||||||||||||||||||||||||||||||||||
Interest rate swap contract | $$173.6 million facility - Cap Quebec and Cap Pembroke | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Notional amount | $ 86,800,000 | 56,800,000 | |||||||||||||||||||||||||||||||||||
Number of interest rate swaps entered into | contract | 2 | ||||||||||||||||||||||||||||||||||||
Financial instruments designated as hedging instruments, at fair value | 1,800,000 | ||||||||||||||||||||||||||||||||||||
Change recognized in OCI | 4,800,000 | ||||||||||||||||||||||||||||||||||||
Interest rate swap contract | $$173.6 million facility - Cap Corpus Christi and Cap Port Arthur | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Notional amount | $ 70,100,000 | 60,200,000 | |||||||||||||||||||||||||||||||||||
Number of interest rate swaps entered into | contract | 2 | ||||||||||||||||||||||||||||||||||||
Financial instruments designated as hedging instruments, at fair value | 5,200,000 | ||||||||||||||||||||||||||||||||||||
Change recognized in OCI | 3,800,000 | ||||||||||||||||||||||||||||||||||||
Interest rate swap contract | Long term charter parties, various cap 2020 | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Notional amount | $ 237,200,000 | 223,700,000 | $ 237,200,000 | ||||||||||||||||||||||||||||||||||
Number of interest rate swaps entered into | contract | 6 | ||||||||||||||||||||||||||||||||||||
Financial instruments designated as hedging instruments, at fair value | 17,800,000 | ||||||||||||||||||||||||||||||||||||
Change recognized in OCI | 12,900,000 | ||||||||||||||||||||||||||||||||||||
Interest rate swap contract | Suezmaxes Cedar and Cypress | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Notional amount | 71,150,000 | ||||||||||||||||||||||||||||||||||||
Financial instruments designated as hedging instruments, at fair value | 5,500,000 | ||||||||||||||||||||||||||||||||||||
Change recognized in OCI | 5,500,000 | ||||||||||||||||||||||||||||||||||||
Interest rate swap contract | Long term charter parties, various cap 2022 | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Notional amount | 106,300,000 | $ 109,400,000 | |||||||||||||||||||||||||||||||||||
Financial instruments designated as hedging instruments, at fair value | 2,200,000 | ||||||||||||||||||||||||||||||||||||
Change recognized in OCI | 2,200,000 | ||||||||||||||||||||||||||||||||||||
Cap options | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Notional amount | $ 200,000,000 | ||||||||||||||||||||||||||||||||||||
Change recognized in OCI | 466,000 | ||||||||||||||||||||||||||||||||||||
Number of forward cap contracts entered into | contract | 2 | ||||||||||||||||||||||||||||||||||||
Strike rate | 3.25% | ||||||||||||||||||||||||||||||||||||
Commodity swap | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Notional amount | 157,800,000 | $ 140,100,000 | |||||||||||||||||||||||||||||||||||
Fx Euro hedge | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Notional amount | € 18,000,000 | 18,398,000 | |||||||||||||||||||||||||||||||||||
Number of interest rate swaps entered into | contract | 4 | ||||||||||||||||||||||||||||||||||||
Financial instruments designated as hedging instruments, at fair value | 1,000,000 | ||||||||||||||||||||||||||||||||||||
Change recognized in OCI | 1,032,000 | ||||||||||||||||||||||||||||||||||||
Short position, hedging percentage | 20% | ||||||||||||||||||||||||||||||||||||
Senior Secured Loans | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Notional amount | $ 220,000,000 | $ 200,000,000 | |||||||||||||||||||||||||||||||||||
$$173.6 million facility - Cap Quebec and Cap Pembroke | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Notional amount | $ 173,550,300 | ||||||||||||||||||||||||||||||||||||
$$173.6 million facility - Cap Quebec and Cap Pembroke | Interest rate swap contract | $$173.6 million facility - Cap Quebec and Cap Pembroke | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Notional amount | $ 173,600,000 | 56,838,000 | |||||||||||||||||||||||||||||||||||
Change recognized in OCI | 4,757,000 | ||||||||||||||||||||||||||||||||||||
$$173.6 million facility - Cap Corpus Christi and Cap Port Arthur | Interest rate swap contract | $$173.6 million facility - Cap Corpus Christi and Cap Port Arthur | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Notional amount | $ 173,600,000 | 60,164,000 | |||||||||||||||||||||||||||||||||||
Change recognized in OCI | 3,830,000 | ||||||||||||||||||||||||||||||||||||
Secured vessels Revolving loan due 2026 | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Notional amount | $ 713,000,000 | 713,000,000 | 713,000,000 | $ 713,000,000 | |||||||||||||||||||||||||||||||||
Secured vessels Revolving loan due 2026 | Interest rate swap contract | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Notional amount | $ 713,000,000 | 223,667,000 | $ 713,000,000 | ||||||||||||||||||||||||||||||||||
Change recognized in OCI | 12,859,000 | ||||||||||||||||||||||||||||||||||||
Secured vessels loan due 2028 | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Notional amount | 73,450,000 | $ 73,450,000 | |||||||||||||||||||||||||||||||||||
Secured vessels loan due 2028 | Interest rate swap contract | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Notional amount | 71,155,000 | $ 73,450,000 | |||||||||||||||||||||||||||||||||||
Change recognized in OCI | 5,465,000 | ||||||||||||||||||||||||||||||||||||
Secured vessels loan due 2028 | Interest rate swap contract | Suezmaxes Cedar and Cypress | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Notional amount | $ 73,450,000 | $ 73,450,000 | |||||||||||||||||||||||||||||||||||
$150.0 million facility | Interest rate swap contract | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Notional amount | 106,310,000 | $ 150,000,000 | |||||||||||||||||||||||||||||||||||
Change recognized in OCI | $ 2,249,000 | ||||||||||||||||||||||||||||||||||||
Share capital | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Number of shares outstanding (in shares) | shares | 220,024,713 | 220,024,713 | 220,024,713 | 220,024,713 | 220,024,713 | ||||||||||||||||||||||||||||||||
Transfer of treasury shares (in shares) | shares | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Treasury shares | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Number of shares outstanding (in shares) | shares | 18,346,732 | 18,241,181 | 18,346,732 | 18,346,732 | 4,946,216 | ||||||||||||||||||||||||||||||||
Transfer of treasury shares (in shares) | shares | (105,551) | 0 | 0 | ||||||||||||||||||||||||||||||||||
Share premium | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Dividend payables (in usd per share) | $ / shares | $ 0.03 | $ 0.03 | |||||||||||||||||||||||||||||||||||
Dividends paid, ordinary shares per share | $ / shares | $ 0.03 | $ 0.03 | $ 0.06 | $ 0.09 | |||||||||||||||||||||||||||||||||
Share premium | Potential ordinary share transactions | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Total dividend proposed per share (in usd per share) | $ / shares | $ 1.049 | ||||||||||||||||||||||||||||||||||||
TI Asia Ltd and TI Africa Ltd | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Number of joint venture companies | joint_venture | 2 | ||||||||||||||||||||||||||||||||||||
TI Asia Ltd and TI Africa Ltd | Interest rate swap contract | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Notional amount | $ 220,000,000 | ||||||||||||||||||||||||||||||||||||
TI Asia Ltd and TI Africa Ltd | Senior Secured Loans | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Notional amount | $ 220,000,000 | ||||||||||||||||||||||||||||||||||||
Joint ventures | Interest rate swap contract | |||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||||||||||
Derivative notional amount | $ 208,800,000 | $ 208,800,000 | |||||||||||||||||||||||||||||||||||
Percent ownership in derivative | 50% | 50% |
Equity - Hedging Reserve Schedu
Equity - Hedging Reserve Schedule (Details) | 12 Months Ended | ||||||||||
Dec. 31, 2022 USD ($) | Aug. 22, 2022 EUR (€) | Jun. 21, 2022 USD ($) | Jan. 26, 2022 USD ($) | Dec. 02, 2021 USD ($) | Dec. 31, 2020 USD ($) | Oct. 26, 2020 USD ($) | Sep. 11, 2020 USD ($) | Dec. 07, 2018 USD ($) | Apr. 20, 2018 USD ($) | Mar. 22, 2018 USD ($) | |
Cap options | |||||||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||||||||||
Notional Value | $ 200,000,000 | ||||||||||
Change recognized in OCI | $ 466,000 | ||||||||||
Fx Euro hedge | |||||||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||||||||||
Notional Value | 18,398,000 | € 18,000,000 | |||||||||
Fair Value - Assets | 1,032,000 | ||||||||||
Change recognized in OCI | 1,032,000 | ||||||||||
$$173.6 million facility - Cap Quebec and Cap Pembroke | Interest rate swaps | |||||||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||||||||||
Notional Value | 56,800,000 | $ 86,800,000 | |||||||||
Change recognized in OCI | 4,800,000 | ||||||||||
$$173.6 million facility - Cap Corpus Christi and Cap Port Arthur | Interest rate swaps | |||||||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||||||||||
Notional Value | 60,200,000 | $ 70,100,000 | |||||||||
Change recognized in OCI | 3,800,000 | ||||||||||
$$173.6 million facility - Cap Quebec and Cap Pembroke | |||||||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||||||||||
Notional Value | $ 173,550,300 | ||||||||||
$$173.6 million facility - Cap Quebec and Cap Pembroke | $$173.6 million facility - Cap Quebec and Cap Pembroke | Interest rate swaps | |||||||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||||||||||
Notional Value | 56,838,000 | $ 173,600,000 | |||||||||
Fair Value - Assets | 1,791,000 | ||||||||||
Change recognized in OCI | 4,757,000 | ||||||||||
$$173.6 million facility - Cap Corpus Christi and Cap Port Arthur | $$173.6 million facility - Cap Corpus Christi and Cap Port Arthur | Interest rate swaps | |||||||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||||||||||
Notional Value | 60,164,000 | $ 173,600,000 | |||||||||
Fair Value - Assets | 5,202,000 | ||||||||||
Change recognized in OCI | 3,830,000 | ||||||||||
Secured vessels Revolving loan due 2026 | |||||||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||||||||||
Notional Value | 713,000,000 | $ 713,000,000 | $ 713,000,000 | ||||||||
Secured vessels Revolving loan due 2026 | Interest rate swaps | |||||||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||||||||||
Notional Value | 223,667,000 | $ 713,000,000 | |||||||||
Fair Value - Assets | 17,819,000 | ||||||||||
Change recognized in OCI | 12,859,000 | ||||||||||
Secured vessels loan due 2028 | |||||||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||||||||||
Notional Value | 73,450,000 | $ 73,450,000 | |||||||||
Secured vessels loan due 2028 | Interest rate swaps | |||||||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||||||||||
Notional Value | 71,155,000 | $ 73,450,000 | |||||||||
Fair Value - Assets | 5,465,000 | ||||||||||
Change recognized in OCI | 5,465,000 | ||||||||||
$150.0 million facility | Interest rate swaps | |||||||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||||||||||
Notional Value | 106,310,000 | $ 150,000,000 | |||||||||
Fair Value - Assets | 2,249,000 | ||||||||||
Change recognized in OCI | $ 2,249,000 |
Earnings per share - Result att
Earnings per share - Result attributable to ordinary shares (Details) - USD ($) | 12 Months Ended | |||||
Jan. 01, 2021 | Jan. 01, 2020 | Jan. 01, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | ||||||
Result for the period (in USD) | $ 203,251,347 | $ (338,777,184) | $ 473,237,286 | |||
Weighted average number of ordinary shares (in shares) | 201,677,981 | 201,677,981 | 215,078,497 | 201,747,963 | 201,677,981 | 210,193,707 |
Basic earnings per share (in dollars per share) | $ 1.01 | $ (1.68) | $ 2.25 |
Earnings per share - Weighted a
Earnings per share - Weighted average number of ordinary share (Details) - shares | 12 Months Ended | |||||
Jan. 01, 2021 | Jan. 01, 2020 | Jan. 01, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [line items] | ||||||
Beginning of period (in shares) | 201,677,981 | 215,078,497 | 201,677,981 | 201,677,981 | 215,078,497 | |
Issuance of shares (in shares) | 0 | 0 | 0 | |||
Purchase of treasury shares (in shares) | 0 | 0 | 13,400,516 | |||
Withdrawal of treasury shares (in shares) | 0 | 0 | 0 | |||
Transfer of treasury shares (in shares) | 105,551 | 0 | 0 | |||
End of period (in shares) | 201,783,532 | 201,677,981 | 201,677,981 | |||
Weighted number of shares | ||||||
Weighted average number of ordinary shares (in shares) | 201,677,981 | 201,677,981 | 215,078,497 | 201,747,963 | 201,677,981 | 210,193,707 |
Issuance of shares (in shares) | 0 | 0 | 0 | |||
Weighted Average Number Of Ordinary Shares Purchased | 0 | 0 | (4,884,790) | |||
Withdrawal of treasury shares (in shares) | 0 | 0 | 0 | |||
Transfer of treasury shares (in shares) | 69,982 | 0 | 0 | |||
Shares issued | ||||||
Earnings per share [line items] | ||||||
Beginning of period (in shares) | 220,024,713 | 220,024,713 | 220,024,713 | 220,024,713 | 220,024,713 | |
Issuance of shares (in shares) | 0 | 0 | 0 | |||
Purchase of treasury shares (in shares) | 0 | 0 | 0 | |||
Withdrawal of treasury shares (in shares) | 0 | 0 | 0 | |||
Transfer of treasury shares (in shares) | 0 | 0 | 0 | |||
End of period (in shares) | 220,024,713 | 220,024,713 | 220,024,713 | |||
Treasury shares | ||||||
Earnings per share [line items] | ||||||
Beginning of period (in shares) | 18,346,732 | 4,946,216 | 18,346,732 | 18,346,732 | 4,946,216 | |
Issuance of shares (in shares) | 0 | 0 | 0 | |||
Purchase of treasury shares (in shares) | 0 | 0 | 13,400,516 | |||
Withdrawal of treasury shares (in shares) | 0 | 0 | 0 | |||
Transfer of treasury shares (in shares) | (105,551) | 0 | 0 | |||
End of period (in shares) | 18,241,181 | 18,346,732 | 18,346,732 |
Earnings per share - Narrative
Earnings per share - Narrative (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [line items] | ||||
Diluted earnings per share (in dollars per share) | $ 1.01 | $ (1.68) | $ 2.25 | |
Long term incentive plan 2015 | ||||
Earnings per share [line items] | ||||
Anti-dilutive securities excluded (in shares) | 236,590 | 236,590 | ||
Long term incentive plan 2019 | ||||
Earnings per share [line items] | ||||
Dilutive effect of share options on number of ordinary shares (in shares) | 105,626 | |||
Long term incentive plan 2020 | ||||
Earnings per share [line items] | ||||
Dilutive effect of share options on number of ordinary shares (in shares) | 76,166 | |||
Long term incentive plan 2021 | ||||
Earnings per share [line items] | ||||
Dilutive effect of share options on number of ordinary shares (in shares) | 64,462 |
Earnings per share - Weighted_2
Earnings per share - Weighted average number of ordinary shares (diluted) (Details) - shares | 12 Months Ended | |||||
Jan. 01, 2021 | Jan. 01, 2020 | Jan. 01, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | ||||||
Weighted average of ordinary shares outstanding (basic) (in shares) | 201,677,981 | 201,677,981 | 215,078,497 | 201,747,963 | 201,677,981 | 210,193,707 |
Effect of Share-based Payment arrangements (in shares) | 246,254 | 95,259 | 12,696 | |||
Weighted average number of ordinary shares (diluted) (in shares) | 201,994,217 | 201,773,240 | 210,206,403 |
Interest-bearing loans and bo_3
Interest-bearing loans and borrowings - Schedule and maturity of borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | $ 1,712,180 | $ 1,273,413 |
New loans | 1,284,355 | 1,534,309 |
Scheduled repayments | (429,131) | (395,851) |
Early repayments | (865,000) | (698,800) |
Other changes | (109) | 2,136 |
Translation differences | (6,015) | (3,027) |
Carrying amount of liability at the end of the period | 1,696,280 | 1,712,180 |
More than 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 102,493 | 631,044 |
Carrying amount of liability at the end of the period | 221,345 | 102,493 |
Between 1 and 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 1,373,194 | 524,781 |
Carrying amount of liability at the end of the period | 1,317,288 | 1,373,194 |
More than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 1,475,687 | 1,155,825 |
Carrying amount of liability at the end of the period | 1,538,633 | 1,475,687 |
Less than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 236,493 | 117,588 |
Carrying amount of liability at the end of the period | 157,647 | 236,493 |
Bank loans | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 1,205,148 | 856,860 |
New loans | 1,038,450 | 937,825 |
Scheduled repayments | (44,470) | (27,232) |
Early repayments | (865,000) | (567,000) |
Other changes | (945) | 4,695 |
Translation differences | 0 | 0 |
Carrying amount of liability at the end of the period | 1,333,183 | 1,205,148 |
Bank loans | More than 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 102,419 | 631,044 |
Carrying amount of liability at the end of the period | 221,304 | 102,419 |
Bank loans | Between 1 and 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 1,073,416 | 205,274 |
Carrying amount of liability at the end of the period | 1,042,938 | 1,073,416 |
Bank loans | More than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 1,175,835 | 836,318 |
Carrying amount of liability at the end of the period | 1,264,242 | 1,175,835 |
Bank loans | Less than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 29,313 | 20,542 |
Carrying amount of liability at the end of the period | 68,941 | 29,313 |
Other notes | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 263,920 | 198,279 |
New loans | 0 | 200,000 |
Scheduled repayments | (67,200) | 0 |
Early repayments | 0 | (131,800) |
Other changes | 836 | (2,559) |
Translation differences | 0 | 0 |
Carrying amount of liability at the end of the period | 197,556 | 263,920 |
Other notes | More than 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 0 | 0 |
Carrying amount of liability at the end of the period | 0 | 0 |
Other notes | Between 1 and 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 196,895 | 198,279 |
Carrying amount of liability at the end of the period | 197,556 | 196,895 |
Other notes | More than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 196,895 | 198,279 |
Carrying amount of liability at the end of the period | 197,556 | 196,895 |
Other notes | Less than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 67,025 | 0 |
Carrying amount of liability at the end of the period | 0 | 67,025 |
Lease liabilities | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 39,051 | 66,921 |
New loans | 14,060 | 24,729 |
Scheduled repayments | (24,290) | (52,550) |
Early repayments | 0 | |
Other changes | 0 | 0 |
Translation differences | (142) | (49) |
Carrying amount of liability at the end of the period | 28,679 | 39,051 |
Lease liabilities | More than 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 74 | 0 |
Carrying amount of liability at the end of the period | 41 | 74 |
Lease liabilities | Between 1 and 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 16,685 | 21,172 |
Carrying amount of liability at the end of the period | 5,783 | 16,685 |
Lease liabilities | More than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 16,759 | 21,172 |
Carrying amount of liability at the end of the period | 5,824 | 16,759 |
Lease liabilities | Less than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 22,292 | 45,749 |
Carrying amount of liability at the end of the period | 22,855 | 22,292 |
Other borrowings | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 204,061 | 151,353 |
New loans | 231,845 | 371,755 |
Scheduled repayments | (293,171) | (316,069) |
Early repayments | 0 | 0 |
Other changes | 0 | 0 |
Translation differences | (5,873) | (2,978) |
Carrying amount of liability at the end of the period | 136,862 | 204,061 |
Other borrowings | More than 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 0 | 0 |
Carrying amount of liability at the end of the period | 0 | 0 |
Other borrowings | Between 1 and 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 86,198 | 100,056 |
Carrying amount of liability at the end of the period | 71,011 | 86,198 |
Other borrowings | More than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 86,198 | 100,056 |
Carrying amount of liability at the end of the period | 71,011 | 86,198 |
Other borrowings | Less than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 117,863 | 51,297 |
Carrying amount of liability at the end of the period | $ 65,851 | $ 117,863 |
Interest-bearing loans and bo_4
Interest-bearing loans and borrowings - Narrative (Details) - Vessels - Suezmaxes Marlin Sardinia and Marlin Somerset $ in Millions | Jun. 24, 2022 USD ($) vessel |
Disclosure of detailed information about borrowings [line items] | |
Number of vessels with extended time charter agreements | vessel | 2 |
Time charter agreements, extended period | 12 months |
Lease liabilities | $ | $ 13.4 |
Interest-bearing loans and bo_5
Interest-bearing loans and borrowings - Bank loans (Details) € in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 06, 2022 USD ($) kPI vessel | Jun. 21, 2022 USD ($) kPI | Dec. 02, 2021 USD ($) ship | Apr. 07, 2021 USD ($) extension_option | Sep. 11, 2020 USD ($) | Aug. 28, 2019 USD ($) ship installment | Sep. 07, 2018 USD ($) ship installment | Mar. 22, 2018 USD ($) installment vessel | Apr. 25, 2017 USD ($) installment | Feb. 28, 2021 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2022 USD ($) vessel | Dec. 31, 2022 USD ($) vessel | Dec. 31, 2021 USD ($) | Jun. 07, 2022 | Apr. 07, 2021 EUR (€) | Dec. 31, 2020 USD ($) | Sep. 11, 2020 | Sep. 11, 2020 vessel | Sep. 11, 2020 very_large_crude_carrier | Sep. 11, 2020 suezmax_tanker_vessel_type | Jun. 27, 2019 USD ($) | Mar. 31, 2019 USD ($) | Jan. 30, 2017 USD ($) | Dec. 16, 2016 USD ($) ship | Aug. 19, 2015 USD ($) ship | Oct. 13, 2014 USD ($) | Mar. 25, 2014 USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Borrowings | $ 1,696,280,000 | $ 1,696,280,000 | $ 1,712,180,000 | $ 1,273,413,000 | ||||||||||||||||||||||||
Periodic payment | 429,131,000 | 395,851,000 | ||||||||||||||||||||||||||
Ice Class Suezmax Vessels | Maximum | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Finance portion of aggregate contract price, percent | 70% | |||||||||||||||||||||||||||
Ice Class Suezmax Vessels | Vessels | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Contractual commitments for acquisition of property, plant and equipment, additional option to purchase | vessel | 4 | |||||||||||||||||||||||||||
TI Asia Ltd and TI Africa Ltd | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 50% | 50% | ||||||||||||||||||||||||||
Senior secured amortizing revolving credit facility | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | 750,000,000 | 750,000,000 | $ 750,000,000 | |||||||||||||||||||||||||
Borrowings | 0 | 0 | 0 | |||||||||||||||||||||||||
Facility size | $ 0 | $ 0 | 8,474,000 | |||||||||||||||||||||||||
Senior secured amortizing revolving credit facility | LIBOR | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Margin rate | 1.95% | 1.95% | 1.95% | |||||||||||||||||||||||||
Senior secured amortizing revolving credit facility | Vessels | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Number of vessels refinanced | ship | 21 | |||||||||||||||||||||||||||
Senior secured amortizing revolving credit facility | VLCC | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Number of vessels refinanced | ship | 4 | |||||||||||||||||||||||||||
Senior secured amortizing revolving credit facility due 2023 | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 409,500,000 | $ 409,500,000 | $ 409,500,000 | |||||||||||||||||||||||||
Borrowings | 0 | 0 | 65,000,000 | |||||||||||||||||||||||||
Reduction of notional amount of debt | $ 16,300,000 | $ 56,900,000 | 68,600,000 | |||||||||||||||||||||||||
Facility size | $ 0 | $ 0 | 125,880,000 | |||||||||||||||||||||||||
Senior secured amortizing revolving credit facility due 2023 | LIBOR | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Margin rate | 2.25% | 2.25% | ||||||||||||||||||||||||||
Senior secured amortizing revolving credit facility due 2023 | Vessels | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Number of vessels refinanced | ship | 11 | |||||||||||||||||||||||||||
Senior secured credit facility due 2023 | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 500,000,000 | |||||||||||||||||||||||||||
Senior secured credit facility due 2023 | LIBOR | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Margin rate | 2.25% | |||||||||||||||||||||||||||
Secured vessels Revolving loan due 2028 | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 377,000,000 | $ 377,000,000 | $ 377,000,000 | $ 377,000,000 | ||||||||||||||||||||||||
Borrowings | 40,000,000 | 40,000,000 | 0 | |||||||||||||||||||||||||
Margin rate | 0.10% | |||||||||||||||||||||||||||
Facility size | $ 288,276,000 | $ 288,276,000 | 0 | |||||||||||||||||||||||||
Number of vessels used as collateral | vessel | 8 | 8 | ||||||||||||||||||||||||||
Number of new items financed | vessel | 2 | |||||||||||||||||||||||||||
Number of sustainability KPIs | kPI | 3 | |||||||||||||||||||||||||||
Secured vessels Revolving loan due 2028 | SOFR | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Margin rate | 1.90% | 1.90% | 1.90% | |||||||||||||||||||||||||
Senior Secured Amortizing Loan Facility | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 110,000,000 | |||||||||||||||||||||||||||
Korean Export Credit Facility | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 108,500,000 | |||||||||||||||||||||||||||
Borrowings | $ 68,700,000 | $ 68,700,000 | 76,000,000 | |||||||||||||||||||||||||
Borrowings term | 12 years | |||||||||||||||||||||||||||
Number of installment payments | installment | 24 | |||||||||||||||||||||||||||
Frequency of installment payments | 6 months | |||||||||||||||||||||||||||
Periodic payment | $ 3,600,000 | |||||||||||||||||||||||||||
Balloon installment to be paid | 21,700,000 | |||||||||||||||||||||||||||
Borrowing costs capitalised | $ 3,200,000 | |||||||||||||||||||||||||||
Repayment notification term | 180 days | |||||||||||||||||||||||||||
Commercial Tranche Due 2029 With Margin Rate1.95 | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 27,100,000 | 27,100,000 | 27,100,000 | |||||||||||||||||||||||||
Borrowings | 24,650,000 | 24,650,000 | 25,102,000 | |||||||||||||||||||||||||
Margin rate | 1.95% | |||||||||||||||||||||||||||
Facility size | $ 24,650,000 | $ 24,650,000 | 25,102,000 | |||||||||||||||||||||||||
Commercial Tranche Due 2029 With Margin Rate1.95 | LIBOR | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Margin rate | 1.95% | 1.95% | ||||||||||||||||||||||||||
Insured Tranche Due 2029 With Margin Rate 1.50 | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 81,400,000 | $ 81,400,000 | $ 81,400,000 | |||||||||||||||||||||||||
Borrowings | 44,098,000 | 44,098,000 | 50,883,000 | |||||||||||||||||||||||||
Margin rate | 1.50% | |||||||||||||||||||||||||||
Facility size | $ 44,098,000 | $ 44,098,000 | 50,883,000 | |||||||||||||||||||||||||
Insured Tranche Due 2029 With Margin Rate 1.50 | LIBOR | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Margin rate | 1.50% | 1.50% | ||||||||||||||||||||||||||
Senior Secured Loans | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 200,000,000 | $ 220,000,000 | ||||||||||||||||||||||||||
Number of installment payments | installment | 12 | |||||||||||||||||||||||||||
Frequency of installment payments | 6 months | |||||||||||||||||||||||||||
Borrowing costs capitalised | $ 1,600,000 | |||||||||||||||||||||||||||
Repayment notification term | 13 months | |||||||||||||||||||||||||||
Number of vessels used as collateral | ship | 9 | |||||||||||||||||||||||||||
Debt instrument, expected future payment | $ 55,000,000 | |||||||||||||||||||||||||||
Senior Secured Loans | LIBOR | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Margin rate | 2% | |||||||||||||||||||||||||||
Senior Secured Loans | Ice Class Suezmax Vessels | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Borrowings | $ 117,000,000 | $ 117,000,000 | 130,300,000 | |||||||||||||||||||||||||
Facility size | $ 173,600,000 | |||||||||||||||||||||||||||
Senior Secured Credit Facility - Commercial Tranche | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 69,400,000 | |||||||||||||||||||||||||||
Number of installment payments | installment | 24 | |||||||||||||||||||||||||||
Periodic payment | $ 600,000 | |||||||||||||||||||||||||||
Balloon installment to be paid | $ 3,500,000 | |||||||||||||||||||||||||||
Senior Secured Credit Facility - Commercial Tranche | LIBOR | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Margin rate | 2% | |||||||||||||||||||||||||||
Senior Secured Credit Facility - ECA Tranche | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 104,200,000 | |||||||||||||||||||||||||||
Number of installment payments | installment | 24 | |||||||||||||||||||||||||||
Periodic payment | $ 1,100,000 | |||||||||||||||||||||||||||
Senior Secured Credit Facility - ECA Tranche | LIBOR | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Margin rate | 2% | |||||||||||||||||||||||||||
Senior Secured Loan Facility | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 633,500,000 | $ 581,000,000 | ||||||||||||||||||||||||||
Secured loan due 2020 | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | 67,500,000 | |||||||||||||||||||||||||||
Secured loan due 2020 | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 76,000,000 | |||||||||||||||||||||||||||
Secured vessels Revolving loan due 2025 | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | 200,000,000 | 200,000,000 | ||||||||||||||||||||||||||
Borrowings | 90,000,000 | 90,000,000 | 55,000,000 | |||||||||||||||||||||||||
Facility size | $ 97,376,000 | $ 97,376,000 | 123,032,000 | |||||||||||||||||||||||||
Secured vessels Revolving loan due 2025 | LIBOR | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Margin rate | 2% | 2% | ||||||||||||||||||||||||||
Secured vessels Revolving loan due 2021 | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 150,000,000 | $ 100,000,000 | ||||||||||||||||||||||||||
Borrowings | 0 | |||||||||||||||||||||||||||
Secured vessels Revolving loan due 2021 | LIBOR | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Margin rate | 2.10% | |||||||||||||||||||||||||||
Secured vessels Revolving loan due 2026 | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 700,000,000 | $ 700,000,000 | $ 700,000,000 | |||||||||||||||||||||||||
Borrowings | 470,000,000 | 470,000,000 | 370,000,000 | |||||||||||||||||||||||||
Facility size | $ 553,480,000 | $ 553,480,000 | 602,320,000 | |||||||||||||||||||||||||
Secured vessels Revolving loan due 2026 | LIBOR | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Margin rate | 1.95% | 1.95% | 1.95% | |||||||||||||||||||||||||
Secured vessels Revolving loan due 2026 | Gener8 Maritime, Inc. | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Number of installment payments | installment | 12 | |||||||||||||||||||||||||||
Number of vessels used as collateral | ship | 13 | |||||||||||||||||||||||||||
Debt instrument, final repayment | $ 407,000,000 | |||||||||||||||||||||||||||
Secured vessels Revolving loan due 2026 | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 713,000,000 | $ 713,000,000 | $ 713,000,000 | $ 713,000,000 | ||||||||||||||||||||||||
Borrowings | 350,756,000 | 350,756,000 | 524,135,000 | |||||||||||||||||||||||||
Margin rate | 0.05% | |||||||||||||||||||||||||||
Facility size | $ 582,876,000 | $ 582,876,000 | 649,695,000 | |||||||||||||||||||||||||
Number of vessels used as collateral | 16 | 13 | 3 | |||||||||||||||||||||||||
Number of vessels used as collateral, under construction | very_large_crude_carrier | 4 | |||||||||||||||||||||||||||
Secured vessels Revolving loan due 2026 | LIBOR | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Margin rate | 2.30% | 2.30% | 2.35% | |||||||||||||||||||||||||
Revolving credit facility due 2026 | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 469,000,000 | |||||||||||||||||||||||||||
Reduced interest coupon | 0.05% | |||||||||||||||||||||||||||
Senior secured credit facility due 2021 | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 340,000,000 | |||||||||||||||||||||||||||
Term loan facility due 2026 | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 244,000,000 | |||||||||||||||||||||||||||
Unsecured Revolving loan due 2026 | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 100,000,000 | € 80 | ||||||||||||||||||||||||||
Borrowings | $ 0 | $ 0 | 0 | |||||||||||||||||||||||||
Borrowings term | 3 years | |||||||||||||||||||||||||||
Number of extension options | extension_option | 2 | |||||||||||||||||||||||||||
Extension period | 1 year | |||||||||||||||||||||||||||
Secured vessels loan due 2028 | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 73,450,000 | 73,450,000 | 73,450,000 | |||||||||||||||||||||||||
Borrowings | 71,155,000 | 71,155,000 | 0 | |||||||||||||||||||||||||
Borrowings term | 6 years | |||||||||||||||||||||||||||
Facility size | $ 71,155,000 | $ 71,155,000 | 0 | |||||||||||||||||||||||||
Reduced interest coupon | 0.05% | |||||||||||||||||||||||||||
Number of new items financed | ship | 2 | |||||||||||||||||||||||||||
Integrated sustainability component, percent | 41% | |||||||||||||||||||||||||||
Secured vessels loan due 2028 | LIBOR | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Margin rate | 1.80% | 1.80% | ||||||||||||||||||||||||||
Secured FSO loan due 2030 | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | |||||||||||||||||||||||||
Borrowings | 141,747,000 | 141,747,000 | 0 | |||||||||||||||||||||||||
Margin rate | 2.15% | |||||||||||||||||||||||||||
Facility size | $ 141,747,000 | $ 141,747,000 | $ 0 | |||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis, margin | 0.10% | |||||||||||||||||||||||||||
Number of sustainability KPIs | kPI | 2 | |||||||||||||||||||||||||||
Borrowings, maturity | 7.75 | |||||||||||||||||||||||||||
Secured FSO loan due 2030 | SOFR | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Margin rate | 2.15% | 2.15% | ||||||||||||||||||||||||||
$307 million revolving credit facility | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 307,000,000 | |||||||||||||||||||||||||||
$70.0 million term loan facility | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | 70,000,000 | |||||||||||||||||||||||||||
Upsize term loan facility | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | 0 | |||||||||||||||||||||||||||
Upsize term loan facility | Maximum | ||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||
Notional amount | $ 70,000,000 |
Interest-bearing loans and bo_6
Interest-bearing loans and borrowings - Undrawn borrowing facilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [line items] | ||
Undrawn credit line facilities | $ 671.3 | $ 595.3 |
Less than 1 year | ||
Disclosure of detailed information about borrowings [line items] | ||
Undrawn credit line facilities | $ 152.2 |
Interest-bearing loans and bo_7
Interest-bearing loans and borrowings - Terms and conditions of outstanding loans (Details) - USD ($) | Dec. 31, 2022 | Dec. 06, 2022 | Jun. 21, 2022 | Dec. 31, 2021 | Dec. 02, 2021 | Dec. 31, 2020 | Sep. 11, 2020 | Aug. 28, 2019 | Apr. 25, 2017 | Dec. 16, 2016 | Aug. 19, 2015 |
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | $ 1,696,280,000 | $ 1,712,180,000 | $ 1,273,413,000 | ||||||||
Borrowings Excluding Non-Bank Loans | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Facility size | 2,020,659,000 | 1,815,693,000 | |||||||||
Borrowings | 1,349,408,000 | 1,220,428,000 | |||||||||
Borrowings Excluding Non-Bank Loans | Cost | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | 1,333,183,000 | 1,205,148,000 | |||||||||
Secured vessels Revolving loan due 2022 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notional amount | 750,000,000 | $ 750,000,000 | |||||||||
Facility size | 0 | 8,474,000 | |||||||||
Borrowings | $ 0 | 0 | |||||||||
Secured vessels Revolving loan due 2022 | LIBOR | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Margin rate | 1.95% | 1.95% | |||||||||
Secured vessels Revolving loan due 2022 | Cost | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | $ 0 | (231,000) | |||||||||
Secured vessels Revolving loan due 2023 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notional amount | 409,500,000 | $ 409,500,000 | |||||||||
Facility size | 0 | 125,880,000 | |||||||||
Borrowings | $ 0 | 65,000,000 | |||||||||
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 | Cost | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | $ 0 | 64,544,000 | |||||||||
Secured vessels loan due 2029 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notional amount | 27,100,000 | $ 27,100,000 | |||||||||
Margin rate | 1.95% | ||||||||||
Facility size | 24,650,000 | 25,102,000 | |||||||||
Borrowings | $ 24,650,000 | 25,102,000 | |||||||||
Secured vessels loan due 2029 | LIBOR | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Margin rate | 1.95% | ||||||||||
Secured vessels loan due 2029 | Cost | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | $ 24,650,000 | 25,102,000 | |||||||||
Secured vessels loan due 2029 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notional amount | 81,400,000 | $ 81,400,000 | |||||||||
Margin rate | 1.50% | ||||||||||
Facility size | 44,098,000 | 50,883,000 | |||||||||
Borrowings | $ 44,098,000 | 50,883,000 | |||||||||
Secured vessels loan due 2029 | LIBOR | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Margin rate | 1.50% | ||||||||||
Secured vessels loan due 2029 | Cost | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | $ 42,960,000 | 49,454,000 | |||||||||
Secured vessels loan due 2030 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notional amount | 69,400,000 | ||||||||||
Facility size | 49,751,000 | 54,379,000 | |||||||||
Borrowings | $ 49,751,000 | 54,379,000 | |||||||||
Secured vessels loan due 2030 | LIBOR | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Margin rate | 2% | ||||||||||
Secured vessels loan due 2030 | Cost | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | $ 49,751,000 | 54,379,000 | |||||||||
Secured vessels loan due 2030 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notional amount | 104,200,000 | ||||||||||
Facility size | 67,251,000 | 75,928,000 | |||||||||
Borrowings | $ 67,251,000 | 75,928,000 | |||||||||
Secured vessels loan due 2030 | LIBOR | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Margin rate | 2% | ||||||||||
Secured vessels loan due 2030 | Cost | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | $ 66,562,000 | 75,071,000 | |||||||||
Secured vessels Revolving loan due 2025 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notional amount | 200,000,000 | ||||||||||
Facility size | 97,376,000 | 123,032,000 | |||||||||
Borrowings | $ 90,000,000 | 55,000,000 | |||||||||
Secured vessels Revolving loan due 2025 | LIBOR | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Margin rate | 2% | ||||||||||
Secured vessels Revolving loan due 2025 | Cost | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | $ 89,554,000 | 54,245,000 | |||||||||
Secured vessels Revolving loan due 2026 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notional amount | 700,000,000 | $ 700,000,000 | |||||||||
Facility size | 553,480,000 | 602,320,000 | |||||||||
Borrowings | $ 470,000,000 | 370,000,000 | |||||||||
Secured vessels Revolving loan due 2026 | LIBOR | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Margin rate | 1.95% | 1.95% | |||||||||
Secured vessels Revolving loan due 2026 | Cost | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | $ 466,211,000 | 364,987,000 | |||||||||
Secured vessels Revolving loan due 2026 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notional amount | 713,000,000 | $ 713,000,000 | $ 713,000,000 | ||||||||
Margin rate | 0.05% | ||||||||||
Facility size | 582,876,000 | 649,695,000 | |||||||||
Borrowings | $ 350,756,000 | 524,135,000 | |||||||||
Secured vessels Revolving loan due 2026 | LIBOR | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Margin rate | 2.30% | 2.35% | |||||||||
Secured vessels Revolving loan due 2026 | Cost | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | $ 346,866,000 | 518,568,000 | |||||||||
Secured vessels loan due 2028 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notional amount | 73,450,000 | $ 73,450,000 | |||||||||
Facility size | 71,155,000 | 0 | |||||||||
Borrowings | $ 71,155,000 | 0 | |||||||||
Secured vessels loan due 2028 | LIBOR | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Margin rate | 1.80% | ||||||||||
Secured vessels loan due 2028 | Cost | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | $ 70,730,000 | (508,000) | |||||||||
Unsecured Revolving loan due 2026 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notional amount | 80,000,000 | ||||||||||
Facility size | 100,000,000 | 100,000,000 | |||||||||
Borrowings | $ 0 | 0 | |||||||||
Unsecured Revolving loan due 2026 | LIBOR | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Margin rate | 1.50% | ||||||||||
Unsecured Revolving loan due 2026 | Cost | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | $ (265,000) | (463,000) | |||||||||
Secured FSO loan due 2030 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notional amount | 150,000,000 | $ 150,000,000 | |||||||||
Margin rate | 2.15% | ||||||||||
Facility size | 141,747,000 | 0 | |||||||||
Borrowings | $ 141,747,000 | 0 | |||||||||
Secured FSO loan due 2030 | SOFR | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Margin rate | 2.15% | ||||||||||
Secured FSO loan due 2030 | Cost | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | $ 140,227,000 | 0 | |||||||||
Secured vessels Revolving loan due 2028 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notional amount | 377,000,000 | $ 377,000,000 | $ 377,000,000 | ||||||||
Margin rate | 0.10% | ||||||||||
Facility size | 288,276,000 | 0 | |||||||||
Borrowings | $ 40,000,000 | 0 | |||||||||
Secured vessels Revolving loan due 2028 | SOFR | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Margin rate | 1.90% | 1.90% | |||||||||
Secured vessels Revolving loan due 2028 | Cost | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | $ 35,938,000 | $ 0 |
Interest-bearing loans and bo_8
Interest-bearing loans and borrowings - Terms and conditions of other notes (Details) - USD ($) | Dec. 31, 2022 | Mar. 18, 2022 | Dec. 31, 2021 | Sep. 02, 2021 | Sep. 01, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings | $ 1,696,280,000 | $ 1,712,180,000 | $ 1,273,413,000 | |||
Other Notes | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | 200,000,000 | 267,200,000 | ||||
Borrowings | 200,000,000 | 267,200,000 | ||||
Other Notes | Cost | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings | 197,556,000 | 263,920,000 | ||||
Unsecured notes due 2022 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | 0 | 67,200,000 | $ 200,000,000 | |||
Borrowings | $ 0 | 67,200,000 | ||||
Unsecured notes due 2022 | Fixed interest rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings, interest rate | 7.50% | |||||
Unsecured notes due 2022 | Cost | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings | $ 0 | 67,025,000 | ||||
Unsecured notes due 2026 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | 200,000,000 | $ 200,000,000 | 200,000,000 | $ 200,000,000 | ||
Borrowings | $ 200,000,000 | 200,000,000 | ||||
Unsecured notes due 2026 | Fixed interest rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings, interest rate | 6.25% | 6.25% | ||||
Unsecured notes due 2026 | Cost | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings | $ 197,556,000 | $ 196,895,000 |
Interest-bearing loans and bo_9
Interest-bearing loans and borrowings - Other notes (Details) - USD ($) | 12 Months Ended | |||||
Sep. 02, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 18, 2022 | Sep. 01, 2021 | |
Disclosure of detailed information about borrowings [line items] | ||||||
Payments for debt issue costs | $ 5,871,000 | $ 4,422,000 | $ 8,083,000 | |||
Repayments of borrowings | 976,670,000 | 726,032,000 | $ 994,989,000 | |||
Unsecured notes due 2022 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | $ 0 | 67,200,000 | $ 200,000,000 | |||
Repayments of borrowings | $ 132,000,000 | |||||
Unsecured notes due 2022 | Fixed interest rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Nominal interest rate | 7.50% | |||||
Unsecured notes due 2026 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | 200,000,000 | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | ||
Payments for debt issue costs | $ 3,300,000 | |||||
Unsecured notes due 2026 | Fixed interest rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Nominal interest rate | 6.25% | 6.25% |
Interest-bearing loans and b_10
Interest-bearing loans and borrowings - Other borrowings (Details) € in Millions | 12 Months Ended | ||||||||
Dec. 30, 2019 USD ($) vessel T | Jun. 06, 2017 EUR (€) | Dec. 31, 2022 USD ($) vessel | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 USD ($) | Sep. 30, 2019 EUR (€) | Oct. 01, 2018 EUR (€) | |
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings | $ 1,696,280,000 | $ 1,712,180,000 | $ 1,273,413,000 | ||||||
Number of bareboat-in vessels | vessel | 3 | ||||||||
Bareboat leaseback contract duration | 54 months | ||||||||
Treasury Notes | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Notional amount | € | € 50 | € 50 | € 150 | ||||||
Borrowings | $ 50,700,000 | € 47.5 | 104,000,000 | € 91.8 | |||||
Borrowings term | 1 year | ||||||||
Sale and leaseback agreement | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings | 86,200,000 | ||||||||
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 | ||||||||
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 | $ 300,000 | $ 2,900,000 | |||||||
Vessels | Sale and leaseback agreement | Nautica | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Property plant and equipment, boat carrying capacity | T | 307,284 | ||||||||
Vessels | Sale and leaseback agreement | Nectar | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Property plant and equipment, boat carrying capacity | T | 307,284 | ||||||||
Vessels | Sale and leaseback agreement | Noble | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Property plant and equipment, boat carrying capacity | T | 307,284 |
Interest-bearing loans and b_11
Interest-bearing loans and borrowings - Disclosure of future lease payments for these leaseback agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [line items] | |||
Other borrowings (Note 16) | $ 1,696,280 | $ 1,712,180 | $ 1,273,413 |
Less than 1 year | |||
Disclosure of detailed information about borrowings [line items] | |||
Other borrowings (Note 16) | 157,647 | 236,493 | 117,588 |
Between 1 and 5 years | |||
Disclosure of detailed information about borrowings [line items] | |||
Other borrowings (Note 16) | 1,317,288 | 1,373,194 | $ 524,781 |
Sale and leaseback agreement - lease payments | |||
Disclosure of detailed information about borrowings [line items] | |||
Other borrowings (Note 16) | 33,878 | 56,545 | |
Sale and leaseback agreement - lease payments | Less than 1 year | |||
Disclosure of detailed information about borrowings [line items] | |||
Other borrowings (Note 16) | 22,667 | 22,667 | |
Sale and leaseback agreement - lease payments | Between 1 and 5 years | |||
Disclosure of detailed information about borrowings [line items] | |||
Other borrowings (Note 16) | $ 11,212 | $ 33,878 |
Interest-bearing loans and b_12
Interest-bearing loans and borrowings - Transaction and other financial costs (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 02, 2021 | Apr. 07, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 06, 2022 | Jun. 27, 2019 | Dec. 16, 2016 | |
Disclosure of detailed information about borrowings [line items] | |||||||
Amortization of financing costs | $ 5,800,000 | ||||||
Other financial charges | 4,800,000 | $ 14,300,000 | |||||
Secured loan due 2021 with margin rate at 2.1% | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Amortization of financing costs | $ 1,700,000 | ||||||
Notional amount | $ 150,000,000 | $ 100,000,000 | |||||
Secured vessels Revolving loan due 2028 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Amortization of financing costs | $ 4,100,000 | ||||||
Notional amount | 377,000,000 | $ 377,000,000 | $ 377,000,000 | ||||
$307 million revolving credit facility | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Notional amount | 307,000,000 | ||||||
$70.0 million term loan facility | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Notional amount | 70,000,000 | ||||||
Upsize term loan facility | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Notional amount | 0 | ||||||
Upsize term loan facility | Maximum | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Notional amount | $ 70,000,000 | ||||||
Other financial liabilities | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest expense | 85,400,000 | 58,000,000 | |||||
Lease liabilities | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest expense | $ 1,200,000 | $ 2,400,000 |
Interest-bearing loans and b_13
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, 2022 | Dec. 31, 2021 | |
Liabilities | ||
Total liability-related other changes | $ 23,853 | $ 40,662 |
Equity | ||
Total equity-related other changes (Note 15) | 236,016 | (326,992) |
Total | ||
Liabilities and equity beginning balance | 3,672,762 | 3,585,199 |
Proceeds from loans and borrowings (Note 17) | 1,038,450 | 1,137,825 |
Proceeds from issue of other borrowings (Note 17) | 231,845 | 371,755 |
Proceeds from transfer of treasury shares (Note 15) | 1,080 | |
Repayment of sale and leaseback agreement (Note 17) | (22,667) | (22,667) |
Transaction costs related to loans and borrowings (Note 17) | (5,871) | (4,422) |
Repayment of borrowings (Note 17) | (976,670) | (726,032) |
Repayment of commercial paper (Note 17) | (279,314) | (303,426) |
Repayment of lease liabilities (Note 17) | (25,527) | (54,928) |
Dividend paid | (24,221) | (24,212) |
Total changes from financing cash flows | (62,895) | 373,893 |
Amortization of transaction costs (Note 17) | 5,791 | 6,704 |
Amortization of above par issuance (Note 17) | (57) | (174) |
Amortization of below par issuance (Note 17) | 28 | 28 |
New leases (Note 17) | 14,060 | 24,729 |
Interest expense (Note 6) | 10,046 | 12,402 |
Translation differences (Note 17) | (6,015) | (3,027) |
Total equity-related other changes (Note 15) | 236,016 | (326,992) |
Liabilities and equity ending balance | 3,869,736 | 3,672,762 |
Share capital / premium | ||
Equity | ||
Equity beginning balance | 1,941,697 | 1,941,697 |
Proceeds from loans and borrowings (Note 17) | 0 | 0 |
Proceeds from issue of other borrowings (Note 17) | 0 | 0 |
Proceeds from transfer of treasury shares (Note 15) | 0 | |
Repayment of sale and leaseback liability (Note 17) | 0 | 0 |
Transaction costs related to loans and borrowings (Note 17) | 0 | 0 |
Repayment of borrowings (Note 17) | 0 | 0 |
Repayment of commercial paper (Note 17) | 0 | 0 |
Repayment of lease liabilities (Note 17) | 0 | 0 |
Dividend paid | (24,221) | 0 |
Total changes from financing cash flows, equity | (24,221) | 0 |
Total equity-related other changes (Note 15) | 0 | 0 |
Equity ending balance | 1,917,476 | 1,941,697 |
Total | ||
Total equity-related other changes (Note 15) | 0 | 0 |
Reserves | ||
Equity | ||
Equity beginning balance | 2,849 | (6,521) |
Proceeds from loans and borrowings (Note 17) | 0 | 0 |
Proceeds from issue of other borrowings (Note 17) | 0 | 0 |
Proceeds from transfer of treasury shares (Note 15) | 0 | |
Repayment of sale and leaseback liability (Note 17) | 0 | 0 |
Transaction costs related to loans and borrowings (Note 17) | 0 | 0 |
Repayment of borrowings (Note 17) | 0 | 0 |
Repayment of commercial paper (Note 17) | 0 | 0 |
Repayment of lease liabilities (Note 17) | 0 | 0 |
Dividend paid | 0 | 0 |
Total changes from financing cash flows, equity | 0 | 0 |
Total equity-related other changes (Note 15) | 30,180 | 9,370 |
Equity ending balance | 33,029 | 2,849 |
Total | ||
Total equity-related other changes (Note 15) | 30,180 | 9,370 |
Treasury shares | ||
Equity | ||
Equity beginning balance | (164,104) | (164,104) |
Proceeds from loans and borrowings (Note 17) | 0 | 0 |
Proceeds from issue of other borrowings (Note 17) | 0 | 0 |
Proceeds from transfer of treasury shares (Note 15) | 1,080 | |
Repayment of sale and leaseback liability (Note 17) | 0 | 0 |
Transaction costs related to loans and borrowings (Note 17) | 0 | 0 |
Repayment of borrowings (Note 17) | 0 | 0 |
Repayment of commercial paper (Note 17) | 0 | 0 |
Repayment of lease liabilities (Note 17) | 0 | 0 |
Dividend paid | 0 | 0 |
Total changes from financing cash flows, equity | 1,080 | 0 |
Total equity-related other changes (Note 15) | 0 | 0 |
Equity ending balance | (163,024) | (164,104) |
Total | ||
Total equity-related other changes (Note 15) | 0 | 0 |
Retained earnings | ||
Equity | ||
Equity beginning balance | 180,140 | 540,714 |
Proceeds from loans and borrowings (Note 17) | 0 | 0 |
Proceeds from issue of other borrowings (Note 17) | 0 | 0 |
Proceeds from transfer of treasury shares (Note 15) | 0 | |
Repayment of sale and leaseback liability (Note 17) | 0 | 0 |
Transaction costs related to loans and borrowings (Note 17) | 0 | 0 |
Repayment of borrowings (Note 17) | 0 | 0 |
Repayment of commercial paper (Note 17) | 0 | 0 |
Repayment of lease liabilities (Note 17) | 0 | 0 |
Dividend paid | (24,212) | |
Total changes from financing cash flows, equity | 0 | (24,212) |
Total equity-related other changes (Note 15) | 205,836 | (336,362) |
Equity ending balance | 385,976 | 180,140 |
Total | ||
Total equity-related other changes (Note 15) | 205,836 | (336,362) |
Loans and borrowings | ||
Liabilities | ||
Liabilities beginning balance | 1,205,148 | 856,860 |
Proceeds from loans and borrowings (Note 17) | 1,038,450 | 937,825 |
Proceeds from issue of other borrowings (Note 17) | 0 | 0 |
Proceeds from transfer of treasury shares (Note 15) | 0 | |
Repayment of sale and leaseback agreement (Note 17) | 0 | 0 |
Transaction costs related to loans and borrowings (Note 17) | (5,871) | (1,122) |
Repayment of borrowings (Note 17) | (909,470) | (594,232) |
Repayment of commercial paper (Note 17) | 0 | 0 |
Repayment of lease liabilities (Note 17) | 0 | 0 |
Dividend paid | 0 | 0 |
Total changes from financing cash flows, liabilities | 123,109 | 342,471 |
Amortization of transaction costs (Note 17) | 4,926 | 5,817 |
Amortization of above par issuance (Note 17) | 0 | 0 |
Amortization of below par issuance (Note 17) | 0 | 0 |
New leases (Note 17) | 0 | 0 |
Interest expense (Note 6) | 0 | 0 |
Translation differences (Note 17) | 0 | 0 |
Total liability-related other changes | 4,926 | 5,817 |
Liabilities ending balance | 1,333,183 | 1,205,148 |
Other Notes | ||
Liabilities | ||
Liabilities beginning balance | 263,920 | 198,279 |
Proceeds from loans and borrowings (Note 17) | 0 | 200,000 |
Proceeds from issue of other borrowings (Note 17) | 0 | 0 |
Proceeds from transfer of treasury shares (Note 15) | 0 | |
Repayment of sale and leaseback agreement (Note 17) | 0 | 0 |
Transaction costs related to loans and borrowings (Note 17) | 0 | (3,300) |
Repayment of borrowings (Note 17) | (67,200) | (131,800) |
Repayment of commercial paper (Note 17) | 0 | 0 |
Repayment of lease liabilities (Note 17) | 0 | 0 |
Dividend paid | 0 | 0 |
Total changes from financing cash flows, liabilities | (67,200) | 64,900 |
Amortization of transaction costs (Note 17) | 865 | 887 |
Amortization of above par issuance (Note 17) | (57) | (174) |
Amortization of below par issuance (Note 17) | 28 | 28 |
New leases (Note 17) | 0 | 0 |
Interest expense (Note 6) | 0 | 0 |
Translation differences (Note 17) | 0 | 0 |
Total liability-related other changes | 836 | 741 |
Liabilities ending balance | 197,556 | 263,920 |
Other borrowings | ||
Liabilities | ||
Liabilities beginning balance | 204,061 | 151,353 |
Proceeds from loans and borrowings (Note 17) | 0 | 0 |
Proceeds from issue of other borrowings (Note 17) | 231,845 | 371,755 |
Proceeds from transfer of treasury shares (Note 15) | 0 | |
Repayment of sale and leaseback agreement (Note 17) | (22,667) | (22,667) |
Transaction costs related to loans and borrowings (Note 17) | 0 | 0 |
Repayment of borrowings (Note 17) | 0 | 0 |
Repayment of commercial paper (Note 17) | (279,314) | (303,426) |
Repayment of lease liabilities (Note 17) | 0 | 0 |
Dividend paid | 0 | 0 |
Total changes from financing cash flows, liabilities | (70,136) | 45,662 |
Amortization of transaction costs (Note 17) | 0 | 0 |
Amortization of above par issuance (Note 17) | 0 | 0 |
Amortization of below par issuance (Note 17) | 0 | 0 |
New leases (Note 17) | 0 | 0 |
Interest expense (Note 6) | 8,809 | 10,024 |
Translation differences (Note 17) | (5,873) | (2,978) |
Total liability-related other changes | 2,936 | 7,046 |
Liabilities ending balance | 136,861 | 204,061 |
Lease liabilities | ||
Liabilities | ||
Liabilities beginning balance | 39,051 | 66,921 |
Proceeds from loans and borrowings (Note 17) | 0 | 0 |
Proceeds from issue of other borrowings (Note 17) | 0 | 0 |
Proceeds from transfer of treasury shares (Note 15) | 0 | |
Repayment of sale and leaseback agreement (Note 17) | 0 | 0 |
Transaction costs related to loans and borrowings (Note 17) | 0 | 0 |
Repayment of borrowings (Note 17) | 0 | 0 |
Repayment of commercial paper (Note 17) | 0 | 0 |
Repayment of lease liabilities (Note 17) | (25,527) | (54,928) |
Dividend paid | 0 | 0 |
Total changes from financing cash flows, liabilities | (25,527) | (54,928) |
Amortization of transaction costs (Note 17) | 0 | 0 |
Amortization of above par issuance (Note 17) | 0 | 0 |
Amortization of below par issuance (Note 17) | 0 | 0 |
New leases (Note 17) | 14,060 | 24,729 |
Interest expense (Note 6) | 1,237 | 2,378 |
Translation differences (Note 17) | (142) | (49) |
Total liability-related other changes | 15,155 | 27,058 |
Liabilities ending balance | $ 28,679 | $ 39,051 |
Employee benefits - Amounts rec
Employee benefits - Amounts recognized in the balance sheet (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Net liability - beginning of period | $ (6,839) | $ (7,987) | $ (8,094) |
Recognized in profit or loss | 2,594 | (621) | 653 |
Recognized in other comprehensive income | 942 | 1,453 | (97) |
Foreign currency translation differences | 184 | 316 | (449) |
Reclassification equity-settled LTIPs | 1,484 | 0 | 0 |
Net liability - end of period | (1,635) | (6,839) | (7,987) |
Liabilities | (1,635) | (6,839) | (7,987) |
Assets | 0 | 0 | 0 |
NET LIABILITY | (1,635) | (6,839) | (7,987) |
Present value of funded obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Present value of funded obligation | (4,595) | (4,865) | (5,074) |
Fair value of plan assets | 4,434 | 4,224 | 3,940 |
Surplus (deficit) in plan | (161) | (641) | (1,134) |
Present value of unfunded obligations | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Present value of funded obligation | $ (1,474) | $ (6,198) | $ (6,853) |
Employee benefits - Narrative (
Employee benefits - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) benefit_plan | |
Employee Benefits [Abstract] | |
Number of defined benefit plans | benefit_plan | 3 |
Number of defined benefit plans that are fully insured | benefit_plan | 1 |
Estimate of contributions expected to be paid to plan for next annual reporting period, defined benefit pension | $ | $ 50,186 |
Estimate of contributions expected to be paid to plan, defined contribution pension | $ | $ 348,383 |
Trade and other payables - Sche
Trade and other payables - Schedule of trade and other payables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Advances received on contracts in progress, between 1 and 5 years | $ 0 | $ 503 |
Derivatives | 404 | 2,987 |
Total non-current other payables | 404 | 3,490 |
Trade payables | 24,696 | 26,012 |
Accrued expenses | 35,212 | 38,020 |
Accrued payroll | 2,121 | 2,160 |
Dividends payable | 547 | 555 |
Accrued interest | 8,910 | 6,570 |
Deferred income | 17,542 | 7,545 |
Other payables | 1,441 | 3,050 |
Total current trade and other payables | $ 90,469 | $ 83,912 |
Trade and other payables - Narr
Trade and other payables - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Lease contract, remaining period | 1 year |
Financial instruments - Fair _3
Financial instruments - Fair values and risk management - Carrying amounts and fair values (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Hedging instruments | Forward exchange contracts used for hedging | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | $ 300 | $ 2,900 |
Measured at fair value | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 33,961 | 6,394 |
Financial liabilities | 404 | 5,914 |
Measured at fair value | Forward exchange contracts used for hedging | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 2,927 |
Financial liabilities, at fair value | 0 | 2,927 |
Measured at fair value | Forward exchange contracts used for hedging | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Measured at fair value | Forward exchange contracts used for hedging | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 2,927 |
Measured at fair value | Forward exchange contracts used for hedging | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Measured at fair value | Interest rate swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 404 | 2,987 |
Financial liabilities, at fair value | 404 | 2,987 |
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 | 404 | 2,987 |
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 used for hedging | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 1,309 | |
Financial assets, at fair value | 1,309 | |
Measured at fair value | Forward exchange contracts used for hedging | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | |
Measured at fair value | Forward exchange contracts used for hedging | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 1,309 | |
Measured at fair value | Forward exchange contracts used for hedging | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | |
Measured at fair value | Interest rate swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 32,652 | 6,392 |
Financial assets, at fair value | 32,652 | 6,392 |
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 | 32,652 | 6,392 |
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 | Cap options | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 2 | |
Financial assets, at fair value | 2 | |
Measured at fair value | Cap options | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | |
Measured at fair value | Cap options | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 2 | |
Measured at fair value | Cap options | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | |
Measured at fair value | Hedging instruments | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 404 | 5,914 |
Measured at fair value | Hedging instruments | Forward exchange contracts used for hedging | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 2,927 |
Measured at fair value | Hedging instruments | Interest rate swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 404 | 2,987 |
Measured at fair value | Hedging instruments | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 33,961 | 6,394 |
Measured at fair value | Hedging instruments | Forward exchange contracts used for hedging | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 1,309 | |
Measured at fair value | Hedging instruments | Interest rate swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 32,652 | 6,392 |
Measured at fair value | Hedging instruments | Cap options | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 2 | |
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 | 522,255 | 415,416 |
Financial liabilities | 1,769,159 | 1,789,002 |
Not measured at fair value | Secured bank loans | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 1,333,184 | 1,205,148 |
Financial liabilities, at fair value | 1,356,270 | 1,234,739 |
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 | 1,356,270 | 1,234,739 |
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 other notes | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 197,556 | 263,920 |
Financial liabilities, at fair value | 194,480 | 263,308 |
Not measured at fair value | Unsecured other notes | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 194,480 | 68,722 |
Not measured at fair value | Unsecured other notes | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 194,586 |
Not measured at fair value | Unsecured other notes | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Not measured at fair value | Other borrowings | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 136,862 | 204,061 |
Financial liabilities, at fair value | 136,862 | 204,061 |
Not measured at fair value | Other borrowings | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Not measured at fair value | Other borrowings | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 136,862 | 204,061 |
Not measured at fair value | 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 | 28,679 | 39,051 |
Financial liabilities, at fair value | 26,778 | 36,913 |
Not measured at fair value | Lease liabilities | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Not measured at fair value | Lease liabilities | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 26,778 | 36,913 |
Not measured at fair value | Lease liabilities | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Not measured at fair value | Trade and other payables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 72,878 | 76,319 |
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 | 0 | 503 |
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 | 13,880 | 44,669 |
Financial assets, at fair value | 13,789 | 42,150 |
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 | 13,789 | 42,150 |
Not measured at fair value | Lease receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 2,854 | 4,578 |
Financial assets, at fair value | 2,268 | 3,816 |
Not measured at fair value | Lease receivables | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Not measured at fair value | Lease receivables | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 2,268 | 3,816 |
Not measured at fair value | Lease receivables | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Not measured at fair value | Trade and other receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 325,592 | 213,641 |
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 | 179,929 | 152,528 |
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 | 1,769,159 | 1,789,002 |
Not measured at fair value | Other financial liabilities | Secured bank loans | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 1,333,184 | 1,205,148 |
Not measured at fair value | Other financial liabilities | Unsecured other notes | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 197,556 | 263,920 |
Not measured at fair value | Other financial liabilities | Other borrowings | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 136,862 | 204,061 |
Not measured at fair value | Other financial liabilities | Lease liabilities | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 28,679 | 39,051 |
Not measured at fair value | Other financial liabilities | Trade and other payables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 72,878 | 76,319 |
Not measured at fair value | Other financial liabilities | Advances received on contracts | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 503 |
Not measured at fair value | Financial assets at amortised cost | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 522,255 | 415,416 |
Not measured at fair value | Financial assets at amortised cost | Non-current receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 13,880 | 44,669 |
Not measured at fair value | Financial assets at amortised cost | Lease receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 2,854 | 4,578 |
Not measured at fair value | Financial assets at amortised cost | Trade and other receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 325,592 | 213,641 |
Not measured at fair value | Financial assets at amortised cost | Cash and cash equivalents | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | $ 179,929 | $ 152,528 |
Financial instruments - Fair _4
Financial instruments - Fair values and risk management - Additional information (Details) | 12 Months Ended | ||||||||
Dec. 31, 2022 USD ($) derivative | Aug. 22, 2022 EUR (€) contract | Dec. 31, 2022 USD ($) derivative vessel | Dec. 31, 2021 USD ($) derivative | Dec. 31, 2020 USD ($) | Jun. 21, 2022 | Jun. 07, 2022 | Dec. 31, 2019 USD ($) | Dec. 07, 2018 USD ($) | |
Disclosure of detailed information about financial instruments [line items] | |||||||||
Cash and cash equivalents | $ 179,929,000 | $ 179,929,000 | $ 152,528,000 | $ 161,478,000 | $ 296,954,000 | ||||
Number of bareboat-in vessels | vessel | 3 | ||||||||
Bareboat leaseback contract duration | 54 months | ||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||
Percent of floating interest rates hedged | 46% | 46% | |||||||
Amount reclassified from hedging reserve | $ 0 | $ 0 | |||||||
TI Asia Ltd and TI Africa Ltd | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||
Percentage of voting equity interests acquired | 50% | 50% | |||||||
Cap options | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Notional amount | $ 200,000,000 | ||||||||
Cap options | Cash flow hedges | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative notional amount | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | ||||||
Number of derivative instruments held | derivative | 2 | 2 | 2 | ||||||
Fx Euro hedge | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Number of interest rate swaps entered into | contract | 4 | ||||||||
Short position, hedging percentage | 20% | ||||||||
Notional amount | $ 18,398,000 | € 18,000,000 | $ 18,398,000 | ||||||
Credit risk | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Cash and cash equivalents | $ 179,900,000 | 179,900,000 | $ 152,500,000 | ||||||
Market risk | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Sensitivity analysis, reasonably possible change in risk variable, amount | $ 1,000 | $ 1,000 | $ 1,000 | ||||||
Interest rate risk | VARIABLE RATE INSTRUMENTS | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Sensitivity analysis, reasonably possible change in risk variable, percent | 0.50% | ||||||||
Fx rate risk | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Concentration risk percentage | 15.40% | 15.40% | 13.90% | 14.40% | |||||
Sensitivity analysis, reasonably possible change in risk variable, percent | 10% | ||||||||
Fx rate risk | Fx Euro hedge | Cash flow hedges | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative notional amount | $ 18,398,000 | $ 18,398,000 | |||||||
Customer one | Customer concentration risk | Trade and other receivables | Credit risk | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Concentration risk percentage | 1.17% | 1.17% | 1.21% | ||||||
Customer one | Tankers | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Percentage of entity's revenue | 8% | 11% | 6% | ||||||
Customer two | Customer concentration risk | Trade and other receivables | Credit risk | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Concentration risk percentage | 0.02% | ||||||||
Customer two | Tankers | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Percentage of entity's revenue | 10% | ||||||||
TI Pool | Customer concentration risk | Trade and other receivables | Credit risk | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Concentration risk percentage | 52.88% | 52.88% | 58.75% |
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, 2022 | Dec. 31, 2021 |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | $ 366,789 | $ 237,745 |
Not past due | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 320,823 | 205,737 |
Past due 0-30 days | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 16,560 | 12,980 |
Past due 31-365 days | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 26,820 | 16,518 |
More than one year | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | $ 2,585 | $ 2,510 |
Financial instruments - Fair _6
Financial instruments - Fair values and risk management - Remaining contractual maturities of financial liabilities (Details) - Liquidity risk - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | $ 2,076,144 | $ 2,008,562 |
Derivative financial liabilities, undiscounted cash flows | 9 | 6,505 |
Bank loans and other notes | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 1,819,230 | 1,667,567 |
Other borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 154,292 | 223,550 |
Lease liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 29,745 | 41,125 |
Current trade and other payables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 72,878 | 76,319 |
Interest rate swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities, undiscounted cash flows | 9 | 6,505 |
Less than 1 year | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 448,144 | 371,629 |
Derivative financial liabilities, undiscounted cash flows | (1,359) | 2,397 |
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 | 278,311 | 145,175 |
Less than 1 year | Other borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 73,330 | 126,672 |
Less than 1 year | Lease liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 23,624 | 23,464 |
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 | 72,878 | 76,319 |
Less than 1 year | Interest rate swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities, undiscounted cash flows | (1,359) | 2,397 |
Between 1 and 5 years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 1,436,426 | 1,527,684 |
Derivative financial liabilities, undiscounted cash flows | 1,152 | 4,108 |
Between 1 and 5 years | Bank loans and other notes | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 1,349,384 | 1,413,221 |
Between 1 and 5 years | Other borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 80,962 | 96,878 |
Between 1 and 5 years | Lease liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 6,080 | 17,585 |
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 | 1,152 | 4,108 |
More than five years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 191,575 | 109,249 |
Derivative financial liabilities, undiscounted cash flows | 216 | 0 |
More than five years | Bank loans and other notes | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 191,534 | 109,172 |
More than five years | Other borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
More than five years | Lease liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 41 | 77 |
More than five 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 five years | Interest rate swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities, undiscounted cash flows | 216 | 0 |
Other financial liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 1,769,158 | 1,788,499 |
Derivative financial liabilities | 404 | 2,987 |
Other financial liabilities | Bank loans and other notes | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 1,530,739 | 1,469,068 |
Other financial liabilities | Other borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 136,862 | 204,061 |
Other financial liabilities | Lease liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 28,679 | 39,051 |
Other financial liabilities | Current trade and other payables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 72,878 | 76,319 |
Other financial liabilities | Interest rate swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities | $ 404 | $ 2,987 |
Financial instruments - Fair _7
Financial instruments - Fair values and risk management - Tanker market risk scenario (Details) - Market risk - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |||
Sensitivity analysis, reasonably possible change in risk variable, amount | $ 1,000 | $ 1,000 | $ 1,000 |
Increase in risk variable, impact on profit (loss) | 21,348,000 | 21,270,000 | 19,638,000 |
Decrease in risk variable, impact on profit (loss) | $ (21,348,000) | $ (21,270,000) | $ (19,638,000) |
Financial instruments - Fair _8
Financial instruments - Fair values and risk management - Interest rate risk (Details) - Interest rate risk - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
FIXED RATE INSTRUMENTS | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | $ 313,284 | $ 423,255 |
VARIABLE RATE INSTRUMENTS | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 1,383,847 | 1,309,154 |
Financial liabilities | FIXED RATE INSTRUMENTS | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 312,434 | 403,026 |
Financial liabilities | VARIABLE RATE INSTRUMENTS | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 1,383,847 | 1,309,154 |
Financial assets | FIXED RATE INSTRUMENTS | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | $ 850 | $ 20,228 |
Financial instruments - Fair _9
Financial instruments - Fair values and risk management - Cash flow sensitivity analysis for variable rate instruments (Details) - VARIABLE RATE INSTRUMENTS - Interest rate risk - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |||
Increase in risk variable, impact on profit (loss) | $ (7,784) | $ (6,606) | $ (3,819) |
Decrease in risk variable, impact on profit (loss) | 6,466 | 2,133 | 2,484 |
Increase in risk variable, impact on equity | 4,710 | 4,594 | 5,542 |
Decrease in risk variable, impact on equity | (6,839) | (4,222) | (5,343) |
Variable rate instruments | |||
Disclosure of detailed information about financial instruments [line items] | |||
Increase in risk variable, impact on profit (loss) | (7,784) | (6,606) | (3,819) |
Decrease in risk variable, impact on profit (loss) | 6,466 | 2,133 | 2,484 |
Increase in risk variable, impact on equity | 0 | 0 | 0 |
Decrease in risk variable, impact on equity | 0 | 0 | 0 |
Interest rate swaps | |||
Disclosure of detailed information about financial instruments [line items] | |||
Increase in risk variable, impact on profit (loss) | 0 | 0 | 0 |
Decrease in risk variable, impact on profit (loss) | 0 | 0 | 0 |
Increase in risk variable, impact on equity | 4,710 | 4,594 | 5,542 |
Decrease in risk variable, impact on equity | $ (6,839) | $ (4,222) | $ (5,343) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |||
Operating expense | $ (671,696) | $ (726,666) | $ (708,859) |
EUR | Fx rate risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade payables | (6,653) | (5,680) | (5,662) |
Operating expense | (103,339) | (101,039) | (97,082) |
USD | Fx rate risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade payables | (18,043) | (20,332) | (21,564) |
Operating expense | (568,357) | (625,627) | (611,777) |
Treasury Notes | EUR | Fx rate risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Treasury Notes | (50,664) | (104,006) | (38,654) |
Treasury Notes | USD | Fx rate risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Treasury Notes | $ 0 | $ 0 | $ 0 |
Financial instruments - Fair_11
Financial instruments - Fair values and risk management - Sensitivity analysis for types of currency risk (Details) - EUR - Fx rate risk - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |||
Equity | $ 648 | $ 683 | $ 735 |
Profit or loss | $ (10,994) | $ (9,573) | $ (10,412) |
Financial instruments - Fair_12
Financial instruments - Fair values and risk management - Schedule of cash flow hedges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest rate swaps | |||
Disclosure of detailed information about financial instruments [line items] | |||
Nominal amount | $ 411,800 | ||
Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Cash flow hedge reserve | (33,053) | $ (2,396) | $ 7,456 |
Cash flow hedges | Interest rate risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Changes in the value of the hedging instrument recognized in OCI | 29,625 | 9,852 | |
Cash flow hedges | Interest rate risk | Variable-rate instruments | |||
Disclosure of detailed information about financial instruments [line items] | |||
Change in value used for calculating hedge ineffectiveness | (29,159) | (9,247) | |
Cash flow hedge reserve | 32,021 | 2,862 | |
Cash flow hedges | Interest rate risk | Cap option | |||
Disclosure of detailed information about financial instruments [line items] | |||
Change in value used for calculating hedge ineffectiveness | (466) | (605) | |
Cash flow hedge reserve | 0 | (466) | |
Nominal amount | 0 | 200,000 | |
Carrying amount - Assets | 0 | 2 | |
Carrying amount - Liabilities | 0 | 0 | |
Changes in the value of the hedging instrument recognized in OCI | 466 | 605 | |
Hedge ineffectiveness recognized in profit or loss | 0 | 0 | |
Cash flow hedges | Interest rate risk | Interest rate swaps | |||
Disclosure of detailed information about financial instruments [line items] | |||
Nominal amount | 518,133 | 367,530 | |
Carrying amount - Assets | 32,929 | 6,392 | |
Carrying amount - Liabilities | 404 | 2,987 | |
Changes in the value of the hedging instrument recognized in OCI | 29,159 | 9,247 | |
Hedge ineffectiveness recognized in profit or loss | (507) | (78) | |
Cash flow hedges | Interest rate risk | 1-6 months | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net exposure | $ (41,048) | $ (15,704) | |
Average fixed interest rate | 1.42% | 0.80% | |
Cash flow hedges | Interest rate risk | 6-12 months | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net exposure | $ (38,879) | $ (15,982) | |
Average fixed interest rate | 1.41% | 0.80% | |
Cash flow hedges | Interest rate risk | More than 1 year | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net exposure | $ (167,966) | $ (93,737) | |
Average fixed interest rate | 1.40% | 0.78% | |
Cash flow hedges | Fx rate risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Changes in the value of the hedging instrument recognized in OCI | $ 1,032 | ||
Cash flow hedges | Fx rate risk | Fx Euro hedge | |||
Disclosure of detailed information about financial instruments [line items] | |||
Change in value used for calculating hedge ineffectiveness | (1,032) | $ 0 | |
Cash flow hedge reserve | 1,032 | $ 0 | |
Nominal amount | 18,398 | ||
Carrying amount - Assets | 1,032 | ||
Carrying amount - Liabilities | 0 | ||
Changes in the value of the hedging instrument recognized in OCI | 1,032 | ||
Hedge ineffectiveness recognized in profit or loss | $ 0 |
Financial instruments - Fair_13
Financial instruments - Fair values and risk management - Capital management (Details) $ / shares in Units, € in Millions | 12 Months Ended | ||||||||||
Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | Jun. 21, 2022 USD ($) | Apr. 07, 2021 USD ($) | Apr. 07, 2021 EUR (€) | Sep. 11, 2020 USD ($) | Dec. 31, 2019 USD ($) shares | Mar. 31, 2019 USD ($) | Sep. 07, 2018 USD ($) | Mar. 22, 2018 USD ($) | |
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Facility size | $ 671,300,000 | ||||||||||
Current assets less current liabilities | 1,024,000,000 | ||||||||||
Aggregate cash | 851,100,000 | ||||||||||
Cash and cash equivalents | $ 179,929,000 | $ 152,528,000 | $ 161,478,000 | $ 296,954,000 | |||||||
Ratio of stockholders' equity to total assets | 54.80% | ||||||||||
Percentage of net income paid to shareholders through dividends | 80% | ||||||||||
Dividends, fixed amount per share (in USD per share) | $ / shares | $ 0.03 | ||||||||||
Minimum yearly fixed dividend (in USD per share) | $ / shares | $ 0.12 | ||||||||||
Transfer of treasury shares (in shares) | shares | 105,551 | 0 | 0 | ||||||||
Number of shares outstanding (in shares) | shares | 201,783,532 | 201,677,981 | 201,677,981 | 215,078,497 | |||||||
Treasury shares as percent of shares outstanding | 8.29% | ||||||||||
Treasury shares | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Transfer of treasury shares (in shares) | shares | (105,551) | 0 | 0 | ||||||||
Number of shares outstanding (in shares) | shares | 18,241,181 | 18,346,732 | 18,346,732 | 4,946,216 | |||||||
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% | ||||||||||
Minimum cash requirement | $ 30,000,000 | ||||||||||
Ratio of stockholders' equity to total assets, minimum | 30% | ||||||||||
Notional amount | $ 220,000,000 | $ 200,000,000 | |||||||||
Change of control, minimum shares acquired | 50% | ||||||||||
Change of control, put option percentage | 101% | ||||||||||
Change of control, premium | 1% | ||||||||||
Secured FSO loan due 2030 | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Notional amount | $ 150,000,000 | $ 150,000,000 | |||||||||
Covenant, minimum debt service ratio | 1.1 | ||||||||||
Secured vessels Revolving loan due 2026 | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Notional amount | $ 713,000,000 | $ 713,000,000 | $ 713,000,000 | ||||||||
Change of control, minimum shares acquired | 30% | ||||||||||
Unsecured Revolving loan due 2026 | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Notional amount | $ 100,000,000 | € 80 | |||||||||
Change of control, minimum shares acquired | 30% | ||||||||||
$$173.6 million facility - Cap Quebec and Cap Pembroke | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Notional amount | $ 173,550,300 | ||||||||||
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% |
Leases - Additional information
Leases - Additional information (Details) | 1 Months Ended | 3 Months Ended | ||||||||||
Jun. 24, 2022 | Dec. 15, 2021 USD ($) vessel | Feb. 23, 2021 USD ($) T | Nov. 06, 2020 T | Nov. 06, 2020 vessel T | Nov. 06, 2020 agreement T | Nov. 06, 2020 USD ($) T | Jan. 31, 2021 vessel | Mar. 31, 2022 USD ($) vessel | Dec. 31, 2021 USD ($) | Oct. 27, 2020 T | Jan. 01, 2019 USD ($) vessel | |
Disclosure of quantitative information about leases for lessee [line items] | ||||||||||||
Number of time charter agreements entered into | 2 | 2 | ||||||||||
Finance lease receivables | $ 11,400,000 | |||||||||||
Vessels | ||||||||||||
Disclosure of quantitative information about leases for lessee [line items] | ||||||||||||
Number of vessels under lease | vessel | 4 | 4 | ||||||||||
Number of VLCCs delivered | vessel | 2 | |||||||||||
Time charter agreement, contract term | 24 months | |||||||||||
Charter agreement, extension term | 12 months | 12 months | ||||||||||
Charter agreement, period to declare contract extension (no later than) | 20 months | |||||||||||
Charter agreement, price per day, initial term | $ 25,000 | |||||||||||
Charter agreement, price per day, extension period | $ 26,500 | |||||||||||
Vessels | Nautilus | ||||||||||||
Disclosure of quantitative information about leases for lessee [line items] | ||||||||||||
Number of boras redelivered | vessel | 1 | |||||||||||
Vessels | VLLC Navarin, Neptun, and Nucleus | ||||||||||||
Disclosure of quantitative information about leases for lessee [line items] | ||||||||||||
Number of boras redelivered | vessel | 3 | |||||||||||
Vessels | Marlin Sardinia | ||||||||||||
Disclosure of quantitative information about leases for lessee [line items] | ||||||||||||
Property plant and equipment, boat carrying capacity | T | 156,607 | |||||||||||
Vessels | Marlin Somerset | ||||||||||||
Disclosure of quantitative information about leases for lessee [line items] | ||||||||||||
Property plant and equipment, boat carrying capacity | T | 156,620 | 156,620 | 156,620 | 156,620 | ||||||||
Vessels | Entering into significant commitments or contingent liabilities | VLLC Navarin, Neptun, and Nucleus | ||||||||||||
Disclosure of quantitative information about leases for lessee [line items] | ||||||||||||
Number of boras redelivered | vessel | 3 | |||||||||||
Sale and leaseback agreement | Vessels | ||||||||||||
Disclosure of quantitative information about leases for lessee [line items] | ||||||||||||
Seller credit payable upon sale | $ 4,500,000 | |||||||||||
Seller credit percent of fair value threshold | 50% | |||||||||||
Seller credit payable threshold, oldest vessel | $ 17,500,000 | |||||||||||
Seller credit payable threshold, other vessels | $ 19,500,000 | |||||||||||
Number of VLCCs delivered | vessel | 4 | |||||||||||
Owner percent of profit | 75% | |||||||||||
Charter percent of profit | 25% | |||||||||||
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 | |||||||||||
Sale and leaseback agreement | Vessels | Maximum | ||||||||||||
Disclosure of quantitative information about leases for lessee [line items] | ||||||||||||
Leaseback agreement residual guarantee (up to) | $ 20,000,000 | |||||||||||
Sale and leaseback agreement | Vessels | Nautilus | ||||||||||||
Disclosure of quantitative information about leases for lessee [line items] | ||||||||||||
Gains (losses) arising from sale and leaseback transactions | $ 4,500,000 | |||||||||||
Sale and leaseback agreement | Vessels | VLCC Newton | ||||||||||||
Disclosure of quantitative information about leases for lessee [line items] | ||||||||||||
Property plant and equipment, boat carrying capacity | T | 307,284 | |||||||||||
Time charter agreement, contract term | 36 months | |||||||||||
Charter agreement, price per day, initial term | $ 22,500 | |||||||||||
Net sale price | $ 35,400,000 | |||||||||||
Sale and leaseback agreement | Vessels | Sale lease back transaction | Nucleus, Neptun, and Navarin | ||||||||||||
Disclosure of quantitative information about leases for lessee [line items] | ||||||||||||
Gains (losses) arising from sale and leaseback transactions | $ 13,500,000 |
Leases - Schedule of sale lease
Leases - Schedule of sale leaseback payments due (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of finance lease and operating lease by lessee [line items] | |||
Borrowings | $ 1,696,280 | $ 1,712,180 | $ 1,273,413 |
Less than 1 year | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Borrowings | 157,647 | 236,493 | 117,588 |
Between 1 and 5 years | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Borrowings | 1,317,288 | 1,373,194 | $ 524,781 |
Sale and leaseback agreement | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Borrowings | 27,125 | 33,535 | |
Sale and leaseback agreement | Less than 1 year | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Borrowings | 25,955 | 24,828 | |
Sale and leaseback agreement | Between 1 and 5 years | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Borrowings | $ 1,170 | $ 8,708 |
Leases - Schedule of right-of-u
Leases - Schedule of right-of-use assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Opening balance | $ 29,001 | $ 52,955 |
Additions to right-of-use assets | 14,060 | 23,476 |
Depreciation charge for the year | (21,509) | (47,387) |
Translation differences | (59) | (43) |
Closing balance | 21,493 | 29,001 |
Bareboats | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Opening balance | 15,792 | 27,047 |
Additions to right-of-use assets | 0 | 22,379 |
Depreciation charge for the year | (7,371) | (33,634) |
Translation differences | 0 | 0 |
Closing balance | 8,421 | 15,792 |
Time charters | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Opening balance | 10,358 | 22,795 |
Additions to right-of-use assets | 13,597 | 0 |
Depreciation charge for the year | (12,874) | (12,437) |
Translation differences | 0 | 0 |
Closing balance | 11,081 | 10,358 |
Office rental | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Opening balance | 2,306 | 2,438 |
Additions to right-of-use assets | 408 | 986 |
Depreciation charge for the year | (1,022) | (1,086) |
Translation differences | (52) | (32) |
Closing balance | 1,640 | 2,306 |
Company cars | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Opening balance | 545 | 675 |
Additions to right-of-use assets | 55 | 111 |
Depreciation charge for the year | (242) | (230) |
Translation differences | (7) | (11) |
Closing balance | $ 351 | $ 545 |
Leases - Schedule of operating
Leases - Schedule of operating leases recognized in profit and loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Leases [Abstract] | |||
Interest on lease liabilities | $ (1,237) | $ (2,378) | $ (3,287) |
Depreciation charge for the year | (21,509) | (47,387) | |
Low-value leases | $ (173) | $ (171) |
Leases - Schedule of amounts re
Leases - Schedule of amounts recognized in statement of cash flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Leases [Abstract] | ||
Total cash outflow for leases | $ (25,527) | $ (54,928) |
Total cash inflow for leases | $ 2,036 | $ 1,987 |
Leases - Schedule of future min
Leases - Schedule of future minimum lease receivables for operating leases (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Vessels | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Undiscounted lease receivables | $ 754,710 | $ 526,428 |
Vessels | Less than 1 year | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Undiscounted lease receivables | 121,978 | 100,524 |
Vessels | Between 1 and 5 years | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Undiscounted lease receivables | 326,228 | 240,463 |
Vessels | More than five years | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Undiscounted lease receivables | 306,505 | 185,441 |
Office lease | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Undiscounted lease receivables | 4,843 | 7,219 |
Office lease | Less than 1 year | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Undiscounted lease receivables | 1,869 | 2,350 |
Office lease | Within two years | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Undiscounted lease receivables | 1,689 | 1,895 |
Office lease | Between two and three years | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Undiscounted lease receivables | 1,285 | 1,689 |
Office lease | Between three and four years | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Undiscounted lease receivables | 0 | 1,285 |
Office lease | Between four and five years | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Undiscounted lease receivables | $ 0 | $ 0 |
Provisions and contingencies -
Provisions and contingencies - Schedule of provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of other provisions [line items] | ||
Beginning balance | $ 1,154 | $ 1,381 |
Provisions used during the year | (261) | (227) |
Non-current | 597 | 892 |
Current | 295 | 262 |
Ending balance | 892 | 1,154 |
Onerous contract | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 1,154 | 1,381 |
Provisions used during the year | (261) | (227) |
Non-current | 597 | 892 |
Current | 295 | 262 |
Ending balance | $ 892 | $ 1,154 |
Provisions and contingencies _2
Provisions and contingencies - Narrative (Details) | 12 Months Ended | ||||
Jan. 15, 2021 USD ($) tons | Jul. 14, 2015 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure of other provisions [line items] | |||||
Extension of acquired lease term | 5 years | ||||
Other provisions | $ 892,000 | $ 1,154,000 | $ 1,381,000 | ||
Unicredit Bank in London | |||||
Disclosure of other provisions [line items] | |||||
Misdelivery of fuel | tons | 101,809 | ||||
Amount paid for cargo finance | $ 26,367,200 | ||||
Other provisions | 0 | ||||
RMK | |||||
Disclosure of other provisions [line items] | |||||
Other provisions | 0 | ||||
Claim amount related to unpaid advisory services | $ 12,993,720 |
Related parties - Additional in
Related parties - Additional information (Details) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2022 USD ($) shareholder installment | Apr. 01, 2022 shares installment | Mar. 24, 2022 USD ($) | Dec. 31, 2021 USD ($) shares installment | Apr. 01, 2021 shares installment | Sep. 15, 2020 USD ($) | Apr. 01, 2020 shares installment | Nov. 19, 2019 USD ($) | Apr. 01, 2019 shares installment | Jan. 08, 2019 shares | Feb. 16, 2018 shares | Feb. 09, 2017 shares | Feb. 02, 2016 shares | Feb. 12, 2015 shares | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2020 | Dec. 31, 2022 USD ($) shares shareholder installment tons | Dec. 31, 2021 USD ($) shares tons installment $ / shares | Dec. 31, 2020 USD ($) tons installment | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Number of major shareholders | shareholder | 2 | 2 | |||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||
Number of options granted (in shares) | 0 | 0 | |||||||||||||||||||
Vesting period | 5 years | ||||||||||||||||||||
Number of share options forfeited in share-based payment arrangement | 0 | 0 | |||||||||||||||||||
Number of installments | installment | 3 | ||||||||||||||||||||
Fuel oil swapped | tons | 23,537 | 44,451 | 51,000 | ||||||||||||||||||
Consideration paid (received) | $ | $ 21,500,000 | $ 20,500,000 | |||||||||||||||||||
Gain (loss) recognised on measurement to fair value less costs to sell or on disposal of assets or disposal groups constituting discontinued operation | $ | $ 3,300,000 | $ 400,000 | |||||||||||||||||||
Borrowings | $ | $ 1,696,280,000 | $ 1,712,180,000 | $ 1,696,280,000 | $ 1,712,180,000 | $ 1,273,413,000 | ||||||||||||||||
CMB | Euronav NV | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Proportion of ownership interest in subsidiary | 22.90% | ||||||||||||||||||||
Percentage of voting equity interests acquired | 25% | ||||||||||||||||||||
Famatown and Frontline | Euronav NV | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Proportion of ownership interest in subsidiary | 22.90% | ||||||||||||||||||||
Percentage of voting equity interests acquired | 24.90% | ||||||||||||||||||||
TI Asia Ltd | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||
TI Africa Ltd | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||
Joint ventures where entity is venturer | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
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 | $ | $ 419,526 | 356,729 | 335,033 | ||||||||||||||||||
Joint ventures | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Proportion of ownership interest in joint venture | 50% | ||||||||||||||||||||
Guaranteed portion of related party debt | $ | 19,800,000 | ||||||||||||||||||||
Joint ventures | Tankers (UK) Agencies Limited | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Proportion of ownership interest in joint venture | 50% | ||||||||||||||||||||
Subsidiaries | Tankers International LLC | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Leases as lessor, related party transactions | $ | $ 216,040 | 235,205 | $ 218,074 | ||||||||||||||||||
Stock option | Executive Committee | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Number of options granted (in shares) | 236,590 | ||||||||||||||||||||
Stock option | Executive Committee (Excluding Chief Executive Officer) | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Vesting period | 13 years | ||||||||||||||||||||
Restricted stock units | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Vesting period | 3 years | 3 years | 3 years | ||||||||||||||||||
Number of installments | installment | 3 | 3 | |||||||||||||||||||
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 | ||||||||||||||||||||
Restricted stock units | Key management personnel of entity or parent | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Number of options granted (in shares) | 163,022 | 144,392 | 152,346 | ||||||||||||||||||
Number of options vested (in shares) | 105,626 | ||||||||||||||||||||
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 | 54,616 | |||||||||||||||||||
Joint Venture Credit Facility | Joint ventures | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Borrowings | $ | $ 0 | $ 39,500,000 | $ 0 | $ 39,500,000 | |||||||||||||||||
Long term incentive plan 2017 | Phantom stock units | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Equity instruments granted (in shares) | 66,449 | ||||||||||||||||||||
Long term incentive plan 2017 | Phantom stock units | Key management personnel of entity or parent | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Equity instruments granted (in shares) | 66,449 | ||||||||||||||||||||
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] | |||||||||||||||||||||
Equity instruments granted (in shares) | 1,200,000 | ||||||||||||||||||||
Number of share options forfeited in share-based payment arrangement | 400,000 | ||||||||||||||||||||
Long term incentive plan 2020 | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Number of installments | installment | 3 | ||||||||||||||||||||
Long term incentive plan 2020 | Restricted stock units | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Vesting period | 3 years | 3 years | |||||||||||||||||||
Equity instruments granted (in shares) | 144,392 | ||||||||||||||||||||
Annual vesting percentage | 100% | ||||||||||||||||||||
Number of installments | installment | 3 | ||||||||||||||||||||
Long term incentive plan 2020 | Restricted stock units | Key management personnel of entity or parent | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Vesting period | 3 years | ||||||||||||||||||||
Equity instruments granted (in shares) | 144,392 | ||||||||||||||||||||
Annual vesting percentage | 100% | ||||||||||||||||||||
Number of options vested (in shares) | 76,166 | ||||||||||||||||||||
Long term incentive plan 2021 | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Number of installments | installment | 3 | 3 | |||||||||||||||||||
Long term incentive plan 2021 | Restricted stock units | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Vesting period | 3 years | 3 years | |||||||||||||||||||
Equity instruments granted (in shares) | 193,387 | ||||||||||||||||||||
Annual vesting percentage | 100% | ||||||||||||||||||||
Number of installments | installment | 3 | ||||||||||||||||||||
Long term incentive plan 2021 | Restricted stock units | Key management personnel of entity or parent | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Number of options granted (in shares) | 193,387 | ||||||||||||||||||||
Vesting period | 3 years | ||||||||||||||||||||
Equity instruments granted (in shares) | 193,387 | ||||||||||||||||||||
Annual vesting percentage | 100% | ||||||||||||||||||||
Number of options vested (in shares) | 64,462 | ||||||||||||||||||||
Long term incentive plan 2022 | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Number of installments | installment | 3 | 3 | |||||||||||||||||||
Long term incentive plan 2022 | Restricted stock units | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Vesting period | 3 years | ||||||||||||||||||||
Equity instruments granted (in shares) | 163,022 | ||||||||||||||||||||
Annual vesting percentage | 100% | ||||||||||||||||||||
Number of installments | installment | 3 | ||||||||||||||||||||
Long term incentive plan 2022 | Restricted stock units | Key management personnel of entity or parent | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Number of options granted (in shares) | 163,022 | ||||||||||||||||||||
Vesting period | 3 years | ||||||||||||||||||||
Annual vesting percentage | 100% | ||||||||||||||||||||
Number of options vested (in shares) | 0 | ||||||||||||||||||||
Tranche one | Phantom stock units | Executive Committee | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Annual vesting percentage | 33.30% | ||||||||||||||||||||
Tranche one | Phantom stock units | Key management personnel of entity or parent | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Annual vesting percentage | 33.30% | ||||||||||||||||||||
Tranche one | Long term incentive plan 2017 | Phantom stock units | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||||||
Tranche one | Long term incentive plan 2017 | Phantom stock units | Key management personnel of entity or parent | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Vesting period | 2 years | ||||||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||||||
Tranche one | Transaction based incentive plan | Phantom stock units | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Annual vesting percentage | 12% | 12% | |||||||||||||||||||
Target share price (in USD per share) | $ / shares | $ 12 | ||||||||||||||||||||
Tranche two | Phantom stock units | Executive Committee | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Annual vesting percentage | 33.30% | ||||||||||||||||||||
Tranche two | Phantom stock units | Key management personnel of entity or parent | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Annual vesting percentage | 33.30% | ||||||||||||||||||||
Tranche two | Long term incentive plan 2017 | Phantom stock units | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||||||
Tranche two | Long term incentive plan 2017 | Phantom stock units | Key management personnel of entity or parent | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Vesting period | 3 years | ||||||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||||||
Tranche two | Transaction based incentive plan | Phantom stock units | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Annual vesting percentage | 19% | 16% | |||||||||||||||||||
Target share price (in USD per share) | $ / shares | $ 14 | ||||||||||||||||||||
Tranche three | Phantom stock units | Executive Committee | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Annual vesting percentage | 33.30% | ||||||||||||||||||||
Tranche three | Phantom stock units | Key management personnel of entity or parent | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Annual vesting percentage | 33.30% | ||||||||||||||||||||
Tranche three | Long term incentive plan 2017 | Phantom stock units | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||||||
Tranche three | Long term incentive plan 2017 | Phantom stock units | Key management personnel of entity or parent | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Vesting period | 4 years | ||||||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||||||
Tranche three | Transaction based incentive plan | Phantom stock units | |||||||||||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||||||||||
Annual vesting percentage | 25% | 25% | |||||||||||||||||||
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% | 44% | |||||||||||||||||||
Target share price (in USD per share) | $ / shares | $ 18 |
Related parties - Transactions
Related parties - Transactions with key management personnel (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Non-executive directors | |||
Disclosure of transactions between related parties [line items] | |||
Total remuneration | € 977 | € 977 | € 1,048 |
Related parties - Fixed and var
Related parties - Fixed and variable components of remuneration (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fixed Remuneration, Excluding CEO | |||
Disclosure of transactions between related parties [line items] | |||
Total remuneration | € 2,724 | € 2,068 | € 2,165 |
Cost of pension | 28 | 28 | 18 |
Other benefits | 810 | 0 | 143 |
Variable Remuneration, Excluding CEO | |||
Disclosure of transactions between related parties [line items] | |||
Total remuneration | 7,320 | 1,606 | 1,029 |
Share-based payments | 5,757 | 911 | 69 |
CEO Fixed Remuneration | |||
Disclosure of transactions between related parties [line items] | |||
Total remuneration | 624 | 624 | 624 |
Cost of pension | 0 | 0 | 0 |
Other benefits | 0 | 0 | 0 |
CEO Variable Remuneration | |||
Disclosure of transactions between related parties [line items] | |||
Total remuneration | 3,628 | 903 | 424 |
Share-based payments | € 2,966 | € 568 | € 54 |
Related parties - Outstanding r
Related parties - Outstanding related party transactions (Details) - Joint ventures where entity is venturer - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of transactions between related parties [line items] | ||
Trade receivables | $ 14 | $ 3,170 |
Trade payables | 183 | 2,000 |
Shareholders Loan | 850 | 33,694 |
Turnover | 324 | 794 |
Dividend Income | 3,021 | 4,635 |
TI Africa Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 0 | 567 |
Trade payables | 58 | 61 |
Shareholders Loan | 0 | 11,465 |
Turnover | 162 | 397 |
Dividend Income | 0 | 0 |
TI Asia Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 0 | 482 |
Trade payables | 0 | 0 |
Shareholders Loan | 0 | 0 |
Turnover | 162 | 397 |
Dividend Income | 1,000 | 4,635 |
Bari Shipholding Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 14 | 2,114 |
Trade payables | 0 | 1,804 |
Shareholders Loan | 850 | 22,229 |
Turnover | 0 | 0 |
Dividend Income | 0 | 0 |
Bastia Shipholding Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 0 | 7 |
Trade payables | 0 | 1 |
Shareholders Loan | 0 | 0 |
Turnover | 0 | 0 |
Dividend Income | 150 | 0 |
Tankers Agencies (UK) Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 0 | 0 |
Trade payables | 125 | 134 |
Shareholders Loan | 0 | 0 |
Turnover | 0 | 0 |
Dividend Income | $ 1,871 | $ 0 |
Share-based payment arrangeme_3
Share-based payment arrangements - Long term incentive plan 2015 (Equity-settled) (Details) $ in Thousands | 12 Months Ended | |||||||
Apr. 01, 2021 | Apr. 01, 2020 | Apr. 01, 2019 | Feb. 12, 2015 shares € / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2016 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Vesting period | 5 years | |||||||
Expense from share-based payment transactions with employees | $ | $ 2,411 | $ 761 | $ 140 | |||||
Restricted stock units | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Vesting period | 3 years | 3 years | 3 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% | |||||||
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% | |||||||
Vesting period | 13 years | 3 years | ||||||
Equity instruments granted (in shares) | 236,590 | |||||||
Exercise price, share options granted (in euro per share) | € / shares | € 10.0475 | |||||||
Expense from share-based payment transactions with employees | $ | $ 1,800 | $ 0 | $ 0 | |||||
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% | |||||||
Equity instruments granted (in shares) | 65,433 |
Share-based payment arrangeme_4
Share-based payment arrangements - Long-term incentive plan 2016 (Cash-settled) (Details) $ in Thousands | 12 Months Ended | |||
Feb. 02, 2016 shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 5 years | |||
Expense from share-based payment transactions with employees | $ | $ 2,411 | $ 761 | $ 140 | |
Long term incentive plan 2016 | Phantom Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Equity instruments granted (in shares) | 54,616 | |||
Key management personnel of entity or parent | Long term incentive plan 2016 | Phantom Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Equity instruments granted (in shares) | 54,616 | |||
Number of phantom stocks outstanding (in shares) | 0 | |||
Expense from share-based payment transactions with employees | $ | $ 0 | $ 0 | $ 300 | |
Tranche one | Long term incentive plan 2016 | Phantom Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 2 years | |||
Annual vesting percentage | 33.33% | |||
Tranche one | Key management personnel of entity or parent | Phantom Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Annual vesting percentage | 33.30% | |||
Tranche two | Long term incentive plan 2016 | Phantom Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 3 years | |||
Annual vesting percentage | 33.33% | |||
Tranche two | Key management personnel of entity or parent | Phantom Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Annual vesting percentage | 33.30% | |||
Tranche three | Long term incentive plan 2016 | Phantom Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 4 years | |||
Annual vesting percentage | 33.33% | |||
Tranche three | Key management personnel of entity or parent | Phantom Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Annual vesting percentage | 33.30% |
Share-based payment arrangeme_5
Share-based payment arrangements - Long term incentive plan 2017 (Cash-settled) (Details) $ in Thousands | 12 Months Ended | |||
Feb. 09, 2017 shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 5 years | |||
Expense from share-based payment transactions with employees | $ | $ 2,411 | $ 761 | $ 140 | |
Long term incentive plan 2017 | Phantom Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Equity instruments granted (in shares) | 66,449 | |||
Number of phantom stocks outstanding (in shares) | 0 | |||
Expense from share-based payment transactions with employees | $ | $ 0 | $ 200 | $ 300 | |
Long term incentive plan 2017 | Key management personnel of entity or parent | Phantom Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Equity instruments granted (in shares) | 66,449 | |||
Tranche one | Key management personnel of entity or parent | Phantom Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Annual vesting percentage | 33.30% | |||
Tranche one | 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% | |||
Tranche one | Long term incentive plan 2017 | Key management personnel of entity or parent | 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 | |||
Tranche two | Key management personnel of entity or parent | Phantom Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Annual vesting percentage | 33.30% | |||
Tranche two | 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% | |||
Tranche two | Long term incentive plan 2017 | Key management personnel of entity or parent | 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 | |||
Tranche three | Key management personnel of entity or parent | Phantom Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Annual vesting percentage | 33.30% | |||
Tranche three | 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% | |||
Tranche three | Long term incentive plan 2017 | Key management personnel of entity or parent | 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 2018 (Cash-settled) (Details) $ in Thousands | 12 Months Ended | |||
Feb. 16, 2018 shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 5 years | |||
Expense from share-based payment transactions with employees | $ | $ 2,411 | $ 761 | $ 140 | |
Long term incentive plan 2018 | Phantom Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Equity instruments granted (in shares) | 154,432 | |||
Number of phantom stocks outstanding (in shares) | 0 | |||
Long term incentive plan 2018 | Key management personnel of entity or parent | Phantom Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Equity instruments granted (in shares) | 154,432 | |||
Number of phantom stocks outstanding (in shares) | 0 | |||
Expense from share-based payment transactions with employees | $ | $ 600 | $ 200 | $ 400 | |
Tranche one | Key management personnel of entity or parent | Phantom Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Annual vesting percentage | 33.30% | |||
Tranche one | 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% | |||
Tranche one | Long term incentive plan 2018 | Key management personnel of entity or parent | Phantom Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 2 years | |||
Annual vesting percentage | 33.33% | |||
Tranche two | Key management personnel of entity or parent | Phantom Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Annual vesting percentage | 33.30% | |||
Tranche two | 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% | |||
Tranche two | Long term incentive plan 2018 | Key management personnel of entity or parent | Phantom Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 3 years | |||
Annual vesting percentage | 33.33% | |||
Tranche three | Key management personnel of entity or parent | Phantom Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Annual vesting percentage | 33.30% | |||
Tranche three | 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% | |||
Tranche three | Long term incentive plan 2018 | Key management personnel of entity or parent | Phantom Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 4 years | |||
Annual vesting percentage | 33.33% |
Share-based payment arrangeme_7
Share-based payment arrangements - Transaction based incentive plan 2019 (Cash-settled) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Jan. 08, 2019 shares | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2020 | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) tranche $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Vesting period | 5 years | ||||||
Number of vesting tranches | tranche | 4 | ||||||
Expense from share-based payment transactions with employees | $ | $ 2,411 | $ 761 | $ 140 | ||||
Transaction based incentive plan 2019 | Phantom stock units | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Vesting period | 5 years | ||||||
Equity instruments granted (in shares) | shares | 1,200,000 | ||||||
Number of phantom stocks outstanding (in shares) | shares | 0 | ||||||
Expense from share-based payment transactions with employees | $ | $ 7,400 | $ 1,000 | $ 400 | ||||
Transaction based incentive plan 2019 | Tranche one | Phantom stock units | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Annual vesting percentage | 12% | 12% | |||||
Target share price (in USD per share) | $ 12 | ||||||
Transaction based incentive plan 2019 | Tranche two | Phantom stock units | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Annual vesting percentage | 19% | 19% | |||||
Target share price (in USD per share) | $ 14 | ||||||
Transaction based incentive plan 2019 | Tranche three | Phantom stock units | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Annual vesting percentage | 25% | 25% | |||||
Target share price (in USD per share) | $ 16 | ||||||
Transaction based incentive plan 2019 | Tranche Four | Phantom stock units | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Annual vesting percentage | 44% | 44% | |||||
Target share price (in USD per share) | $ 18 |
Share-based payment arrangeme_8
Share-based payment arrangements - Long term incentive plan 2019 (Equity-settled) (Details) $ in Thousands | 12 Months Ended | ||||||||
Apr. 01, 2022 shares installment | Dec. 31, 2021 shares | Apr. 01, 2021 | Apr. 01, 2020 shares installment | Apr. 01, 2019 shares installment | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) installment | Dec. 31, 2019 installment | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Vesting period | 5 years | ||||||||
Number of installments | installment | 3 | ||||||||
Number of options granted (in shares) | 0 | 0 | |||||||
Expense from share-based payment transactions with employees | $ | $ 2,411 | $ 761 | $ 140 | ||||||
Restricted stock units | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Vesting period | 3 years | 3 years | 3 years | ||||||
Number of installments | installment | 3 | 3 | |||||||
Key management personnel of entity or parent | Restricted stock units | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of options granted (in shares) | 163,022 | 144,392 | 152,346 | ||||||
Number of options vested (in shares) | 105,626 | ||||||||
Long term incentive plan 2019 (equity settled) | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of installments | installment | 3 | ||||||||
Expense from share-based payment transactions with employees | $ | $ 600 | 400 | $ 100 | ||||||
Long term incentive plan 2019 (equity settled) | 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 | 100% | ||||||||
Vesting period | 3 years | ||||||||
Number of options granted (in shares) | 152,346 | ||||||||
Number of options vested (in shares) | 105,626 | ||||||||
Long term incentive plan 2020 | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of installments | installment | 3 | ||||||||
Expense from share-based payment transactions with employees | $ | $ 400 | $ 300 | |||||||
Long term incentive plan 2020 | Restricted stock units | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Annual vesting percentage | 100% | ||||||||
Vesting period | 3 years | 3 years | |||||||
Number of installments | installment | 3 | ||||||||
Long term incentive plan 2020 | 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 | 100% | ||||||||
Vesting period | 3 years | ||||||||
Number of options vested (in shares) | 76,166 |
Share-based payment arrangeme_9
Share-based payment arrangements - Long term incentive plan 2020 (Equity-settled) (Details) $ in Thousands | 12 Months Ended | ||||||
Apr. 01, 2022 shares installment | Apr. 01, 2021 | Apr. 01, 2020 shares installment | Apr. 01, 2019 shares installment | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) installment | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Vesting period | 5 years | ||||||
Number of installments | 3 | ||||||
Number of options granted (in shares) | shares | 0 | 0 | |||||
Expense from share-based payment transactions with employees | $ | $ 2,411 | $ 761 | $ 140 | ||||
Restricted stock units | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Vesting period | 3 years | 3 years | 3 years | ||||
Number of installments | 3 | 3 | |||||
Key management personnel of entity or parent | Restricted stock units | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of options granted (in shares) | shares | 163,022 | 144,392 | 152,346 | ||||
Long term incentive plan 2020 | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of installments | 3 | ||||||
Expense from share-based payment transactions with employees | $ | $ 400 | $ 300 | |||||
Long term incentive plan 2020 | Restricted stock units | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Annual vesting percentage | 100% | ||||||
Vesting period | 3 years | 3 years | |||||
Number of installments | 3 | ||||||
Long term incentive plan 2020 | 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 | 100% | ||||||
Vesting period | 3 years |
Share-based payment arrangem_10
Share-based payment arrangements - Long term incentive plan 2021 (Details) $ in Thousands | 12 Months Ended | |||||||
Apr. 01, 2022 shares installment | Dec. 31, 2021 shares installment | Apr. 01, 2021 shares installment | Apr. 01, 2020 shares installment | Apr. 01, 2019 shares installment | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares installment | Dec. 31, 2020 USD ($) installment | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Vesting period | 5 years | |||||||
Number of installments | installment | 3 | |||||||
Number of options granted (in shares) | shares | 0 | 0 | ||||||
Expense from share-based payment transactions with employees | $ | $ 2,411 | $ 761 | $ 140 | |||||
Restricted stock units | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Vesting period | 3 years | 3 years | 3 years | |||||
Number of installments | installment | 3 | 3 | ||||||
Restricted stock units | Key management personnel of entity or parent | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Number of options granted (in shares) | shares | 163,022 | 144,392 | 152,346 | |||||
Number of options vested (in shares) | shares | 105,626 | |||||||
Long term incentive plan 2021 | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Number of installments | installment | 3 | 3 | ||||||
Expense from share-based payment transactions with employees | $ | $ 700 | |||||||
Long term incentive plan 2021 | Restricted stock units | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Annual vesting percentage | 100% | |||||||
Vesting period | 3 years | 3 years | ||||||
Number of installments | installment | 3 | |||||||
Long term incentive plan 2021 | Restricted stock units | Key management personnel of entity or parent | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Annual vesting percentage | 100% | |||||||
Vesting period | 3 years | |||||||
Number of options granted (in shares) | shares | 193,387 | |||||||
Number of options vested (in shares) | shares | 64,462 | |||||||
Long term incentive plan 2020 | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Number of installments | installment | 3 | |||||||
Expense from share-based payment transactions with employees | $ | $ 400 | $ 300 | ||||||
Long term incentive plan 2020 | Restricted stock units | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Annual vesting percentage | 100% | |||||||
Vesting period | 3 years | 3 years | ||||||
Number of installments | installment | 3 | |||||||
Long term incentive plan 2020 | Restricted stock units | Key management personnel of entity or parent | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Annual vesting percentage | 100% | |||||||
Vesting period | 3 years | |||||||
Number of options vested (in shares) | shares | 76,166 |
Share-based payment arrangem_11
Share-based payment arrangements - Long term incentive plan 2022 (Details) | 12 Months Ended | |||||
Apr. 01, 2022 shares installment | Apr. 01, 2021 | Apr. 01, 2020 shares installment | Apr. 01, 2019 shares installment | Dec. 31, 2022 shares installment | Dec. 31, 2021 shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Vesting period | 5 years | |||||
Number of installments | 3 | |||||
Number of options granted (in shares) | shares | 0 | 0 | ||||
Restricted stock units | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Vesting period | 3 years | 3 years | 3 years | |||
Number of installments | 3 | 3 | ||||
Key management personnel of entity or parent | Restricted stock units | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of options granted (in shares) | shares | 163,022 | 144,392 | 152,346 | |||
Long term incentive plan 2022 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of installments | 3 | |||||
Long term incentive plan 2022 | Restricted stock units | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Annual vesting percentage | 100% | |||||
Vesting period | 3 years | |||||
Number of installments | 3 | |||||
Long term incentive plan 2022 | 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 | 100% | |||||
Vesting period | 3 years | |||||
Number of options granted (in shares) | shares | 163,022 |
Share-based payment arrangem_12
Share-based payment arrangements - Measurement of fair value (Details) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Apr. 01, 2022 shares | Apr. 01, 2021 shares | Apr. 01, 2020 shares | Apr. 01, 2019 shares | Jan. 08, 2019 shares | Feb. 16, 2018 shares | Feb. 09, 2017 shares | Feb. 02, 2016 shares | Feb. 12, 2015 shares | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2020 | Dec. 31, 2022 EUR (€) shares day € / shares | Dec. 31, 2021 shares $ / shares € / shares | Dec. 31, 2021 shares € / shares | Dec. 31, 2020 € / shares | Dec. 31, 2019 $ / shares € / shares | Dec. 31, 2016 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Share price at grant date (in eur per share) | € / shares | € 0 | € 0 | ||||||||||||||||
Share price at grant date (in eur per share) | € / shares | € 0 | € 7.732 | € 7.732 | € 7.732 | ||||||||||||||
Vesting period | 5 years | 5 years | ||||||||||||||||
Number of options granted (in shares) | 0 | 0 | 0 | |||||||||||||||
Long term incentive plan 2015 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Number of options granted (in shares) | 236,590 | |||||||||||||||||
Long term incentive plan 2015 | Key management personnel of entity or parent | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Vesting period | 13 years | 3 years | ||||||||||||||||
Annual vesting percentage | 40% | |||||||||||||||||
Equity instruments granted (in shares) | 236,590 | |||||||||||||||||
Long term incentive plan 2019 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Percentage of awards subject to relative total shareholder return | 75% | |||||||||||||||||
Percentage of awards subject to absolute total shareholder return | 25% | |||||||||||||||||
Transaction based incentive plan | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Vesting period | 5 years | |||||||||||||||||
Long term incentive plan 2020 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Percentage of awards subject to relative total shareholder return | 75% | |||||||||||||||||
Percentage of awards subject to absolute total shareholder return | 25% | |||||||||||||||||
Long term incentive plan 2021 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Percentage of awards subject to relative total shareholder return | 75% | |||||||||||||||||
Percentage of awards subject to absolute total shareholder return | 25% | |||||||||||||||||
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) | € / shares | € 15.69 | |||||||||||||||||
Phantom Share Units (PSUs) | Long term incentive plan 2016 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Equity instruments granted (in shares) | 54,616 | |||||||||||||||||
Phantom Share Units (PSUs) | Long term incentive plan 2016 | Key management personnel of entity or parent | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Number of phantom stocks outstanding (in shares) | 0 | |||||||||||||||||
Equity instruments granted (in shares) | 54,616 | |||||||||||||||||
Phantom Share Units (PSUs) | Long term incentive plan 2017 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Number of phantom stocks outstanding (in shares) | 0 | |||||||||||||||||
Equity instruments granted (in shares) | 66,449 | |||||||||||||||||
Phantom Share Units (PSUs) | Long term incentive plan 2017 | Key management personnel of entity or parent | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Equity instruments granted (in shares) | 66,449 | |||||||||||||||||
Phantom Share Units (PSUs) | Long term incentive plan 2018 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Number of phantom stocks outstanding (in shares) | 0 | |||||||||||||||||
Share price at grant date (in eur per share) | € / shares | € 7.237 | |||||||||||||||||
Equity instruments granted (in shares) | 154,432 | |||||||||||||||||
Phantom Share Units (PSUs) | Long term incentive plan 2018 | Key management personnel of entity or parent | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Number of phantom stocks outstanding (in shares) | 0 | |||||||||||||||||
Equity instruments granted (in shares) | 154,432 | |||||||||||||||||
Phantom Share Units (PSUs) | Long term incentive plan 2019 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Equity instruments granted (in shares) | 1,200,000 | 0 | ||||||||||||||||
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) | 1,200,000 | |||||||||||||||||
Restricted stock units | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Vesting period | 3 years | 3 years | 3 years | |||||||||||||||
Restricted stock units | Key management personnel of entity or parent | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Number of options granted (in shares) | 163,022 | 144,392 | 152,346 | |||||||||||||||
Restricted stock units | Long term incentive plan 2015 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Annual vesting percentage | 60% | |||||||||||||||||
Equity instruments granted (in shares) | 65,433 | |||||||||||||||||
Restricted stock units | 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 | 60% | |||||||||||||||||
Equity instruments granted (in shares) | 65,433 | |||||||||||||||||
Restricted stock units | Long term incentive plan 2019 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Vesting period | 3 years | 3 years | ||||||||||||||||
Annual vesting percentage | 100% | |||||||||||||||||
Equity instruments granted (in shares) | 152,346 | |||||||||||||||||
Number of options granted (in shares) | 152,346 | |||||||||||||||||
Vested awards (in shares) | 105,626 | |||||||||||||||||
Restricted stock units | Long term incentive plan 2020 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Vesting period | 3 years | 3 years | ||||||||||||||||
Annual vesting percentage | 100% | |||||||||||||||||
Equity instruments granted (in shares) | 144,392 | |||||||||||||||||
Vested awards (in shares) | 76,166 | |||||||||||||||||
Restricted stock units | Long term incentive plan 2020 | Key management personnel of entity or parent | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Vesting period | 3 years | |||||||||||||||||
Annual vesting percentage | 100% | |||||||||||||||||
Equity instruments granted (in shares) | 144,392 | |||||||||||||||||
Restricted stock units | Long term incentive plan 2021 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Vesting period | 3 years | 3 years | ||||||||||||||||
Annual vesting percentage | 100% | |||||||||||||||||
Equity instruments granted (in shares) | 193,387 | |||||||||||||||||
Vested awards (in shares) | 64,462 | |||||||||||||||||
Restricted stock units | Long term incentive plan 2021 | Key management personnel of entity or parent | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Vesting period | 3 years | 3 years | ||||||||||||||||
Annual vesting percentage | 100% | 100% | ||||||||||||||||
Equity instruments granted (in shares) | 193,387 | |||||||||||||||||
Number of options granted (in shares) | 193,387 | |||||||||||||||||
Tranche 1 | Long term incentive plan 2015 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Fair value at grant date | € | € 1.853 | |||||||||||||||||
Share price at grant date (in eur per share) | € / shares | € 10.050 | |||||||||||||||||
Exercise price (in eur per share) | € / shares | € 10.0475 | |||||||||||||||||
Expected volatility (weighted average) | 39.63% | |||||||||||||||||
Expected life (days) (weighted average) | day | 365 | |||||||||||||||||
Expected dividends | 8% | |||||||||||||||||
Risk-free interest rate | 0.66% | |||||||||||||||||
Tranche 1 | Long term incentive plan 2019 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Percentage of awards subject to relative total shareholder return | 25% | |||||||||||||||||
Percentage of awards subject to absolute total shareholder return | 8.33% | |||||||||||||||||
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) | Key management personnel of entity or parent | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Annual vesting percentage | 33.30% | |||||||||||||||||
Tranche 1 | Phantom Share Units (PSUs) | Long term incentive plan 2015 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||
Tranche 1 | Phantom Share Units (PSUs) | Long term incentive plan 2016 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Vesting period | 2 years | |||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||
Tranche 1 | Phantom Share Units (PSUs) | Long term incentive plan 2017 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||
Tranche 1 | Phantom Share Units (PSUs) | Long term incentive plan 2017 | Key management personnel of entity or parent | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Vesting period | 2 years | |||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||
Tranche 1 | Phantom Share Units (PSUs) | Long term incentive plan 2018 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||
Tranche 1 | Phantom Share Units (PSUs) | Long term incentive plan 2018 | Key management personnel of entity or parent | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Vesting period | 2 years | |||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||
Tranche 1 | Phantom Share Units (PSUs) | Long term incentive plan 2019 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Annual vesting percentage | 12% | 12% | ||||||||||||||||
Target share price (in USD per share) | $ / shares | € 12 | |||||||||||||||||
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% | 12% | 12% | |||||||||||||||
Target share price (in USD per share) | $ / shares | € 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 | |||||||||||||||||
Share price at grant date (in eur per share) | € / shares | € 10.050 | |||||||||||||||||
Exercise price (in eur per share) | € / shares | € 10.0475 | |||||||||||||||||
Expected volatility (weighted average) | 39.63% | |||||||||||||||||
Expected life (days) (weighted average) | day | 730 | |||||||||||||||||
Expected dividends | 8% | |||||||||||||||||
Risk-free interest rate | 0.66% | |||||||||||||||||
Tranche 2 | Long term incentive plan 2019 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Percentage of awards subject to relative total shareholder return | 25% | |||||||||||||||||
Percentage of awards subject to absolute total shareholder return | 8.33% | |||||||||||||||||
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) | Key management personnel of entity or parent | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Annual vesting percentage | 33.30% | |||||||||||||||||
Tranche 2 | Phantom Share Units (PSUs) | Long term incentive plan 2015 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||
Tranche 2 | Phantom Share Units (PSUs) | Long term incentive plan 2016 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Vesting period | 3 years | |||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||
Tranche 2 | Phantom Share Units (PSUs) | Long term incentive plan 2017 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||
Tranche 2 | Phantom Share Units (PSUs) | Long term incentive plan 2017 | Key management personnel of entity or parent | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Vesting period | 3 years | |||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||
Tranche 2 | Phantom Share Units (PSUs) | Long term incentive plan 2018 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||
Tranche 2 | Phantom Share Units (PSUs) | Long term incentive plan 2018 | Key management personnel of entity or parent | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Vesting period | 3 years | |||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||
Tranche 2 | Phantom Share Units (PSUs) | Long term incentive plan 2019 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Annual vesting percentage | 19% | |||||||||||||||||
Target share price (in USD per share) | $ / shares | € 14 | |||||||||||||||||
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 | 19% | 16% | 16% | |||||||||||||||
Target share price (in USD per share) | $ / shares | € 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 | |||||||||||||||||
Share price at grant date (in eur per share) | € / shares | € 10.050 | |||||||||||||||||
Exercise price (in eur per share) | € / shares | € 10.0475 | |||||||||||||||||
Expected volatility (weighted average) | 39.63% | |||||||||||||||||
Expected life (days) (weighted average) | day | 1,095 | |||||||||||||||||
Expected dividends | 8% | |||||||||||||||||
Risk-free interest rate | 0.66% | |||||||||||||||||
Tranche 3 | Long term incentive plan 2019 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Percentage of awards subject to relative total shareholder return | 25% | |||||||||||||||||
Percentage of awards subject to absolute total shareholder return | 8.33% | |||||||||||||||||
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 8 days | |||||||||||||||||
Tranche 3 | Phantom Share Units (PSUs) | Key management personnel of entity or parent | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Annual vesting percentage | 33.30% | |||||||||||||||||
Tranche 3 | Phantom Share Units (PSUs) | Long term incentive plan 2015 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||
Tranche 3 | Phantom Share Units (PSUs) | Long term incentive plan 2016 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Vesting period | 4 years | |||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||
Tranche 3 | Phantom Share Units (PSUs) | Long term incentive plan 2017 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||
Tranche 3 | Phantom Share Units (PSUs) | Long term incentive plan 2017 | Key management personnel of entity or parent | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Vesting period | 4 years | |||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||
Tranche 3 | Phantom Share Units (PSUs) | Long term incentive plan 2018 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||
Tranche 3 | Phantom Share Units (PSUs) | Long term incentive plan 2018 | Key management personnel of entity or parent | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Vesting period | 4 years | |||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||
Tranche 3 | Phantom Share Units (PSUs) | Long term incentive plan 2019 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Annual vesting percentage | 25% | |||||||||||||||||
Target share price (in USD per share) | $ / shares | € 16 | |||||||||||||||||
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% | 25% | 25% | |||||||||||||||
Target share price (in USD per share) | $ / shares | € 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) | Long term incentive plan 2019 | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Annual vesting percentage | 44% | |||||||||||||||||
Target share price (in USD per share) | $ / shares | € 18 | |||||||||||||||||
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% | 44% | 44% | |||||||||||||||
Target share price (in USD per share) | $ / shares | € 18 |
Share-based payment arrangem_13
Share-based payment arrangements - Expenses recognized in profit or loss (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Long term incentive plan 2016, 2017, 2018, 2019, 2020 And transaction based incentive plan 2019 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Provisions (benefit) for employee benefits | $ 9.2 | $ 1.3 | $ (1.2) |
Share-based payment arrangem_14
Share-based payment arrangements - Reconciliation of outstanding share options (Details) | 12 Months Ended | |
Dec. 31, 2022 shares € / shares | Dec. 31, 2021 shares € / shares | |
Number of options | ||
Number of options outstanding, January 1 (in shares) | shares | 236,590 | 236,590 |
Number of options forfeited (in shares) | shares | 0 | 0 |
Number of options exercised (in shares) | shares | (236,590) | 0 |
Number of options granted (in shares) | shares | 0 | 0 |
Number of options vested (in shares) | shares | 0 | 236,590 |
Number of options outstanding, December 31 (in shares) | shares | 0 | 236,590 |
Weighted average exercise price | ||
Beginning (in eur per share) | € / shares | € 7.732 | € 7.732 |
Forfeited during the year (in eur per share) | € / shares | 0 | 0 |
Exercised during the year (in eur per share) | € / shares | 6.843 | 0 |
Granted during the year (in eur per share) | € / shares | 0 | 0 |
Ending (in eur per share) | € / shares | 0 | 7.732 |
Vested (in eur per share) | € / shares | € 0 | € 0 |
Group entities - Disclosure of
Group entities - Disclosure of Group entities (Details) | 5 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 | Jun. 06, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest | 100% | 100% | 100% | ||
Proportion of ownership interest in subsidiary | 100% | ||||
TI Africa Ltd | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | 50% | |
TI Asia Ltd | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | 50% | |
Tankers Agencies (UK) Ltd | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | ||
Tankers International LLC | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | ||
Bari Shipholding Ltd | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | ||
Bastia Shipholding Ltd | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | ||
Euronav Tankers NV | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in subsidiary | 100% | ||||
Euronav Shipping NV | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||
Euronav (UK) Agencies Limited | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||
Euronav Luxembourg SA | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||
Euronav sas | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||
Euronav Ship Management sas | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||
Euronav Ship Management Ltd | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||
Euronav Hong Kong | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||
Euro-Ocean Ship Management (Cyprus) Ltd | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||
Euronav Singapore | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||
Euronav MI II Inc | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||
Gener8 Maritime Subsidiary II Inc. | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||
Gener8 Maritime Subsidiary New IV Inc. | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||
Gener8 Maritime Management LLC | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | ||
TI Africa Ltd | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in subsidiary | 100% | ||||
TI Asia Ltd | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in subsidiary | 100% | ||||
TI Asia Ltd and TI Africa Ltd | |||||
Disclosure Of Interests In Other Entities [Line Items] | |||||
Proportion of ownership interest in subsidiary | 100% |
Group entities - Narrative (Det
Group entities - Narrative (Details) | 5 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 | Jun. 07, 2022 tons | Jun. 06, 2022 joint_venture | Dec. 31, 2022 | Dec. 31, 2021 tons | Dec. 31, 2020 joint_venture | Jun. 21, 2022 | |
Disclosure Of Interests In Other Entities [Line Items] | |||||||
Number of joint ventures dissolved in period | joint_venture | 1 | ||||||
Number of joint venture companies | tons | 2 | ||||||
Proportion of ownership interest in subsidiary | 100% | ||||||
TI Asia Ltd and TI Africa Ltd | |||||||
Disclosure Of Interests In Other Entities [Line Items] | |||||||
Percentage of voting equity interests acquired | 50% | 50% | |||||
Number of subsidiaries | tons | 2 | ||||||
Proportion of ownership interest in subsidiary | 100% | ||||||
Tankers Agencies (UK) Ltd | |||||||
Disclosure Of Interests In Other Entities [Line Items] | |||||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | ||||
Portion of outstanding shares owned in joint venture | 61% | ||||||
Tankers International LLC | |||||||
Disclosure Of Interests In Other Entities [Line Items] | |||||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | ||||
Portion of outstanding shares owned in joint venture | 59% | ||||||
TI Asia Ltd and TI Africa Ltd | |||||||
Disclosure Of Interests In Other Entities [Line Items] | |||||||
Proportion of ownership interest in joint venture | 50% | ||||||
Number of joint venture companies | joint_venture | 2 | ||||||
TI Asia Ltd | |||||||
Disclosure Of Interests In Other Entities [Line Items] | |||||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | 50% | |||
TI Africa Ltd | |||||||
Disclosure Of Interests In Other Entities [Line Items] | |||||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | 50% |
Equity-accounted investees - In
Equity-accounted investees - Interests in total assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Associates and Joint Ventures [Line Items] | ||
TOTAL ASSETS | $ 1,423 | $ 72,446 |
Associates | ||
Disclosure of Associates and Joint Ventures [Line Items] | ||
TOTAL ASSETS | 0 | 0 |
TOTAL LIABILITIES | 0 | 0 |
Joint ventures | ||
Disclosure of Associates and Joint Ventures [Line Items] | ||
TOTAL ASSETS | 1,423 | 72,446 |
TOTAL LIABILITIES | 0 | 0 |
Joint ventures | Associates | ||
Disclosure of Associates and Joint Ventures [Line Items] | ||
TOTAL ASSETS | 1,423 | 72,446 |
TOTAL LIABILITIES | $ 0 | $ 0 |
Equity-accounted investees - Re
Equity-accounted investees - Reconciliation of changes in interests in joint ventures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of joint ventures [line items] | |||
Carrying amount of interest at the beginning of the period | $ 72,446 | ||
Carrying amount of interest at the end of the period | 1,423 | $ 72,446 | |
Joint ventures | |||
Disclosure of joint ventures [line items] | |||
Carrying amount of interest at the beginning of the period | 72,446 | ||
Group's share of profit (loss) for the period | 17,650 | 22,976 | $ 10,917 |
Group's share of other comprehensive income | 159 | 951 | (2) |
Carrying amount of interest at the end of the period | 1,423 | 72,446 | |
Investments in equity accounted investees | Joint ventures | |||
Disclosure of joint ventures [line items] | |||
Gross balance, at beginning of period | 70,995 | 51,703 | 50,322 |
Offset investment with shareholders loan, at beginning of period | 1,451 | 0 | 0 |
Carrying amount of interest at the beginning of the period | 72,446 | 51,703 | 50,322 |
Reversal prior year offset investment with shareholders loan | (1,451) | ||
Group's share of profit (loss) for the period | 17,650 | 22,976 | 10,917 |
Group's share of other comprehensive income | 159 | 951 | (2) |
Dividends received from joint ventures | (3,021) | (4,635) | (7,534) |
Movement equity to shareholders loans | (2,000) | ||
Movement shareholders loans to joint ventures | 0 | 0 | 0 |
Repayment capital provided to joint ventures | (2,000) | ||
FSO transaction | (83,186) | ||
Gross balance, at end of period | 597 | 70,995 | 51,703 |
Offset investment with shareholders loan, at end of period | 826 | 1,451 | 0 |
Carrying amount of interest at the end of the period | 1,423 | 72,446 | 51,703 |
Shareholders loans | Joint ventures | |||
Disclosure of joint ventures [line items] | |||
Gross balance, at beginning of period | 31,693 | 33,936 | 60,379 |
Offset investment with shareholders loan, at beginning of period | (1,451) | 0 | 0 |
Carrying amount of interest at the beginning of the period | 30,242 | 33,936 | 60,379 |
Reversal prior year offset investment with shareholders loan | 1,451 | ||
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 | 0 |
Movement equity to shareholders loans | 2,000 | ||
Movement shareholders loans to joint ventures | (32,844) | (2,242) | (26,443) |
Repayment capital provided to joint ventures | 0 | ||
FSO transaction | 0 | ||
Gross balance, at end of period | 850 | 31,693 | 33,936 |
Offset investment with shareholders loan, at end of period | (826) | (1,451) | 0 |
Carrying amount of interest at the end of the period | $ 24 | $ 30,242 | $ 33,936 |
Equity-accounted investees - Ad
Equity-accounted investees - Additional information (Details) € in Millions | 3 Months Ended | 5 Months Ended | 12 Months Ended | |||||||||||||||||||||
Jun. 07, 2022 | Mar. 24, 2022 USD ($) | Sep. 15, 2020 USD ($) | Nov. 19, 2019 USD ($) | Nov. 19, 2019 | Nov. 19, 2019 vessel | Nov. 19, 2019 suezmax_tanker_vessel_type | Jun. 29, 2018 USD ($) | Mar. 29, 2018 USD ($) vessel | Jun. 30, 2022 USD ($) | Sep. 30, 2020 USD ($) | Jun. 06, 2022 joint_venture | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) tons | Dec. 31, 2020 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2022 EUR (€) | Jun. 21, 2022 | Dec. 31, 2021 EUR (€) | Sep. 30, 2019 EUR (€) | Mar. 31, 2019 USD ($) | Oct. 01, 2018 EUR (€) | Sep. 07, 2018 USD ($) | Jun. 06, 2017 EUR (€) | |
Disclosure of joint ventures [line items] | ||||||||||||||||||||||||
Number of joint venture companies | tons | 2 | |||||||||||||||||||||||
Borrowings | $ 1,696,280,000 | $ 1,712,180,000 | $ 1,273,413,000 | |||||||||||||||||||||
Payments to acquire vessel | $ 40,600,000 | |||||||||||||||||||||||
Gains on disposal of vessels/other tangible assets | 96,160,000 | 15,068,000 | 22,728,000 | |||||||||||||||||||||
Commitments in relation to joint ventures | 0 | 0 | 0 | |||||||||||||||||||||
Proceeds from the sale of vessels (Note 8) | 356,730,000 | 55,844,000 | $ 78,075,000 | |||||||||||||||||||||
TI Africa Ltd | ||||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||||
Percentage of voting equity interests acquired | 50% | |||||||||||||||||||||||
TI Asia Ltd and TI Africa Ltd | ||||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||||
Percentage of voting equity interests acquired | 50% | 50% | ||||||||||||||||||||||
Bastia Shipholding Ltd | ||||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||||
Sale price | $ 20,100,000 | |||||||||||||||||||||||
Gains on disposal of vessels/other tangible assets | $ 800,000 | |||||||||||||||||||||||
Vessels | Suezmax Bari | ||||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||||
Sale price | $ 21,300,000 | |||||||||||||||||||||||
Gains on sale of vessel | $ 6,600,000 | |||||||||||||||||||||||
TI Asia Ltd and TI Africa Ltd | ||||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||||
Number of joint venture companies | joint_venture | 2 | |||||||||||||||||||||||
Proportion of ownership interest in joint venture | 50% | |||||||||||||||||||||||
Joint ventures | ||||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||||
Borrowings | $ 0 | $ 39,437,000 | ||||||||||||||||||||||
Ridgebury Tankers and clients of Tufton Oceanic | ||||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||||
Proportion of ownership interest in joint venture | 50% | |||||||||||||||||||||||
Number of vessels acquired | 1 | 2 | ||||||||||||||||||||||
Bari Shipholding Ltd | ||||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | |||||||||||||||||||||
Related party expenses, management fees | $ 121,800 | $ 163,000 | ||||||||||||||||||||||
Bari and Bastia chartering desk | ||||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||||
Related party income, administrative services | $ 177,586 | $ 285,476 | ||||||||||||||||||||||
TI Asia Ltd | ||||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | 50% | ||||||||||||||||||||
Senior Secured Loans | ||||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||||
Notional Value | $ 220,000,000 | $ 200,000,000 | ||||||||||||||||||||||
Senior Secured Loans | TI Asia Ltd and TI Africa Ltd | ||||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||||
Notional Value | $ 220,000,000 | |||||||||||||||||||||||
Number of vessels refinanced | vessel | 2 | |||||||||||||||||||||||
Borrowing costs recognised as expense | $ 2,200,000 | |||||||||||||||||||||||
Term Loan | TI Asia Ltd and TI Africa Ltd | ||||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||||
Notional Value | 110,000,000 | |||||||||||||||||||||||
Revolving Loan | TI Asia Ltd and TI Africa Ltd | ||||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||||
Notional Value | 110,000,000 | |||||||||||||||||||||||
Treasury Notes | ||||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||||
Notional Value | € | € 50 | € 150 | € 50 | |||||||||||||||||||||
Borrowings | $ 50,700,000 | $ 104,000,000 | € 47.5 | € 91.8 | ||||||||||||||||||||
Interest rate swaps | ||||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||||
Derivative notional amount | $ 411,800,000 | |||||||||||||||||||||||
Interest rate swaps | TI Asia Ltd and TI Africa Ltd | ||||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||||
Notional Value | $ 220,000,000 | |||||||||||||||||||||||
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% | 50% |
Equity-accounted investees - Su
Equity-accounted investees - Summarized financial information of joint ventures (Details) - USD ($) $ in Thousands | 5 Months Ended | 12 Months Ended | |||
Jun. 06, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of joint ventures [line items] | |||||
Non-Current assets | $ 3,362,014 | $ 3,309,116 | |||
Vessels, aggregate amount under construction | 3,308,616 | 3,179,299 | $ 3,127,091 | $ 3,238,435 | |
Current Assets | 607,059 | 459,407 | |||
Cash and cash equivalents | 179,929 | 152,528 | 161,478 | $ 296,954 | |
Non-Current Liabilities | 1,541,270 | 1,486,908 | |||
Bank Loans, Non-Current | 1,264,243 | 1,175,835 | |||
Current Liabilities | 254,338 | 321,033 | |||
Revenue | 854,669 | 419,770 | 1,210,341 | ||
Tax expense (income) | (2,804) | 427 | (1,944) | ||
Profit (loss) for the period | 203,251 | (338,777) | 473,238 | ||
Other comprehensive income (100%) | 31,281 | 11,774 | (2,336) | ||
Joint ventures | |||||
Disclosure of joint ventures [line items] | |||||
Non-Current assets | 153 | 226,413 | 251,296 | ||
Vessels, aggregate amount under construction | 0 | 225,910 | 250,576 | ||
Current Assets | 504,734 | 323,461 | 256,595 | ||
Cash and cash equivalents | 2,554 | 7,179 | 7,137 | ||
Non-Current Liabilities | 1,730 | 64,295 | 113,554 | ||
Bank Loans, Non-Current | 0 | 0 | 39,144 | ||
Current Liabilities | 502,693 | 344,731 | 291,937 | ||
Bank Loans, Current | 75,500 | 90,937 | 88,347 | ||
Net assets (100%) | 464 | 140,848 | 102,401 | ||
Group's share of net assets | 460 | 70,995 | 51,701 | ||
Shareholders loans to joint ventures | 850 | 31,694 | 33,936 | ||
Net Carrying amount of interest in joint venture | 1,286 | 72,446 | 51,701 | ||
Remaining shareholders loan to joint venture | 24 | 30,242 | 33,936 | ||
Revenue | 1,216,295 | 761,801 | 1,605,227 | ||
Depreciations and amortization | (6,327) | (24,706) | (40,604) | ||
Interest Expense | (1,625) | 6,934 | (11,327) | ||
Tax expense (income) | 3,082 | (5,413) | (20,764) | ||
Profit (loss) for the period | 35,265 | 45,816 | 21,666 | ||
Other comprehensive income (100%) | 319 | 1,902 | (4) | ||
Group's share of profit (loss) for the period | 17,650 | 22,976 | 10,917 | ||
Group's share of other comprehensive income | $ 159 | $ 951 | $ (2) | ||
Kingswood Co. Ltd | |||||
Disclosure of joint ventures [line items] | |||||
Proportion of ownership interest in joint venture | 50% | ||||
Non-Current assets | $ 0 | ||||
Vessels, aggregate amount under construction | 0 | ||||
Current Assets | 0 | ||||
Cash and cash equivalents | 0 | ||||
Non-Current Liabilities | 0 | ||||
Bank Loans, Non-Current | 0 | ||||
Current Liabilities | 0 | ||||
Bank Loans, Current | 0 | ||||
Net assets (100%) | 0 | ||||
Group's share of net assets | 0 | ||||
Shareholders loans to joint ventures | 0 | ||||
Net Carrying amount of interest in joint venture | 0 | ||||
Remaining shareholders loan to joint venture | 0 | ||||
Revenue | 0 | ||||
Depreciations and amortization | 0 | ||||
Interest Expense | 0 | ||||
Tax expense (income) | 0 | ||||
Profit (loss) for the period | (1) | ||||
Other comprehensive income (100%) | 0 | ||||
Group's share of profit (loss) for the period | 0 | ||||
Group's share of other comprehensive income | $ 0 | ||||
Seven Seas Shipping Ltd | |||||
Disclosure of joint ventures [line items] | |||||
Proportion of ownership interest in joint venture | 50% | ||||
Non-Current assets | $ 0 | ||||
Vessels, aggregate amount under construction | 0 | ||||
Current Assets | 0 | ||||
Cash and cash equivalents | 0 | ||||
Non-Current Liabilities | 0 | ||||
Bank Loans, Non-Current | 0 | ||||
Current Liabilities | |||||
Bank Loans, Current | 0 | ||||
Net assets (100%) | 0 | ||||
Group's share of net assets | 0 | ||||
Shareholders loans to joint ventures | 0 | ||||
Net Carrying amount of interest in joint venture | 0 | ||||
Remaining shareholders loan to joint venture | 0 | ||||
Revenue | 0 | ||||
Depreciations and amortization | 0 | ||||
Interest Expense | 0 | ||||
Tax expense (income) | 0 | ||||
Profit (loss) for the period | (1) | ||||
Other comprehensive income (100%) | 0 | ||||
Group's share of profit (loss) for the period | (1) | ||||
Group's share of other comprehensive income | $ 0 | ||||
TI Africa Ltd | |||||
Disclosure of joint ventures [line items] | |||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | 50% | |
Non-Current assets | $ 0 | $ 108,245 | $ 118,337 | ||
Vessels, aggregate amount under construction | 0 | 108,245 | 118,337 | ||
Current Assets | 0 | 10,883 | 10,187 | ||
Cash and cash equivalents | 0 | 1,799 | 1,138 | ||
Non-Current Liabilities | 0 | 33,755 | 65,355 | ||
Bank Loans, Non-Current | 0 | 0 | 19,929 | ||
Current Liabilities | 0 | 25,153 | 29,277 | ||
Bank Loans, Current | 0 | 20,075 | 25,886 | ||
Net assets (100%) | 0 | 60,221 | 33,893 | ||
Group's share of net assets | 0 | 30,110 | 16,946 | ||
Shareholders loans to joint ventures | 0 | 11,465 | 16,665 | ||
Net Carrying amount of interest in joint venture | 0 | 30,110 | 16,946 | ||
Remaining shareholders loan to joint venture | 0 | 11,465 | 16,665 | ||
Revenue | 20,729 | 50,105 | 49,922 | ||
Depreciations and amortization | (2,998) | (10,092) | (16,858) | ||
Interest Expense | (428) | 2,005 | (3,358) | ||
Tax expense (income) | 1,599 | (2,646) | (10,397) | ||
Profit (loss) for the period | 14,997 | 25,357 | 9,549 | ||
Other comprehensive income (100%) | 170 | 971 | (1) | ||
Group's share of profit (loss) for the period | 7,499 | 12,678 | 4,775 | ||
Group's share of other comprehensive income | $ 85 | $ 486 | $ 0 | ||
TI Asia Ltd | |||||
Disclosure of joint ventures [line items] | |||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | 50% | |
Non-Current assets | $ 0 | $ 102,454 | $ 112,160 | ||
Vessels, aggregate amount under construction | 0 | 102,454 | 112,160 | ||
Current Assets | 0 | 10,073 | 10,176 | ||
Cash and cash equivalents | 0 | 984 | 1,109 | ||
Non-Current Liabilities | 0 | 10,245 | 30,652 | ||
Bank Loans, Non-Current | 0 | 0 | 19,215 | ||
Current Liabilities | 0 | 24,305 | 30,547 | ||
Bank Loans, Current | 0 | 19,361 | 24,961 | ||
Net assets (100%) | 0 | 77,977 | 61,136 | ||
Group's share of net assets | 0 | 38,988 | 30,568 | ||
Shareholders loans to joint ventures | 0 | 0 | 0 | ||
Net Carrying amount of interest in joint venture | 0 | 38,988 | 30,568 | ||
Remaining shareholders loan to joint venture | 0 | 0 | 0 | ||
Revenue | 20,729 | 50,160 | 49,976 | ||
Depreciations and amortization | (2,811) | (9,706) | (16,562) | ||
Interest Expense | (413) | 1,943 | (3,233) | ||
Tax expense (income) | 1,600 | (2,626) | (10,135) | ||
Profit (loss) for the period | 14,858 | 25,180 | 9,855 | ||
Other comprehensive income (100%) | 149 | 930 | (3) | ||
Group's share of profit (loss) for the period | 7,429 | 12,590 | 4,927 | ||
Group's share of other comprehensive income | $ 74 | $ 465 | $ (1) | ||
Tankers Agencies (UK) Ltd | |||||
Disclosure of joint ventures [line items] | |||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | ||
Non-Current assets | $ 153 | $ 503 | $ 720 | ||
Vessels, aggregate amount under construction | 0 | 0 | 0 | ||
Current Assets | 504,397 | 295,289 | 232,865 | ||
Cash and cash equivalents | 2,453 | 4,059 | 3,124 | ||
Non-Current Liabilities | 30 | 66 | 276 | ||
Bank Loans, Non-Current | 0 | 0 | 0 | ||
Current Liabilities | 502,547 | 290,626 | 228,851 | ||
Bank Loans, Current | 75,500 | 51,500 | 37,500 | ||
Net assets (100%) | 1,973 | 5,100 | 4,458 | ||
Group's share of net assets | 1,202 | 3,106 | 2,715 | ||
Shareholders loans to joint ventures | 0 | 0 | 0 | ||
Net Carrying amount of interest in joint venture | 1,202 | 3,106 | 2,715 | ||
Remaining shareholders loan to joint venture | 0 | 0 | 0 | ||
Revenue | 1,172,698 | 649,665 | 1,478,909 | ||
Depreciations and amortization | (39) | (39) | (56) | ||
Interest Expense | (954) | 1,054 | (1,651) | ||
Tax expense (income) | (117) | (141) | (232) | ||
Profit (loss) for the period | 185 | 642 | 800 | ||
Other comprehensive income (100%) | 0 | 0 | 0 | ||
Group's share of profit (loss) for the period | 113 | 391 | 487 | ||
Group's share of other comprehensive income | $ 0 | $ 0 | $ 0 | ||
TI LLC | |||||
Disclosure of joint ventures [line items] | |||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | ||
Non-Current assets | $ 0 | $ 0 | $ 0 | ||
Vessels, aggregate amount under construction | 0 | 0 | 0 | ||
Current Assets | 206 | 231 | 243 | ||
Cash and cash equivalents | 0 | 0 | 0 | ||
Non-Current Liabilities | 0 | 0 | 0 | ||
Bank Loans, Non-Current | 0 | 0 | 0 | ||
Current Liabilities | 63 | 68 | 61 | ||
Bank Loans, Current | 0 | 0 | 0 | ||
Net assets (100%) | 143 | 163 | 182 | ||
Group's share of net assets | 84 | 96 | 107 | ||
Shareholders loans to joint ventures | 0 | 0 | 0 | ||
Net Carrying amount of interest in joint venture | 84 | 96 | 107 | ||
Remaining shareholders loan to joint venture | 0 | 0 | 0 | ||
Revenue | 0 | 0 | |||
Depreciations and amortization | 0 | 0 | |||
Interest Expense | 0 | 0 | |||
Tax expense (income) | 0 | 0 | |||
Profit (loss) for the period | (36) | (19) | (34) | ||
Other comprehensive income (100%) | 0 | 0 | 0 | ||
Group's share of profit (loss) for the period | (21) | (11) | (20) | ||
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% | 50% | 50% | ||
Non-Current assets | $ 0 | $ 15,210 | $ 20,079 | ||
Vessels, aggregate amount under construction | 0 | 15,210 | 20,079 | ||
Current Assets | 131 | 6,582 | 2,609 | ||
Cash and cash equivalents | 101 | 17 | 1,573 | ||
Non-Current Liabilities | 1,700 | 20,228 | 17,271 | ||
Bank Loans, Non-Current | 0 | 0 | 0 | ||
Current Liabilities | 83 | 4,466 | 2,856 | ||
Bank Loans, Current | 0 | 0 | 0 | ||
Net assets (100%) | (1,652) | (2,903) | 2,562 | ||
Group's share of net assets | (826) | (1,451) | 1,281 | ||
Shareholders loans to joint ventures | 850 | 20,228 | 17,271 | ||
Net Carrying amount of interest in joint venture | 0 | 0 | 1,281 | ||
Remaining shareholders loan to joint venture | 24 | 18,777 | 17,271 | ||
Revenue | 2,139 | 11,872 | 12,288 | ||
Depreciations and amortization | (479) | (4,869) | (4,257) | ||
Interest Expense | 171 | 1,932 | (1,834) | ||
Tax expense (income) | 0 | 0 | 0 | ||
Profit (loss) for the period | 5,250 | (5,464) | (1,748) | ||
Other comprehensive income (100%) | 0 | 0 | 0 | ||
Group's share of profit (loss) for the period | 2,625 | (2,732) | (874) | ||
Group's share of other comprehensive income | $ 0 | $ 0 | $ 0 | ||
Bastia Shipholding Ltd | |||||
Disclosure of joint ventures [line items] | |||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | ||
Non-Current assets | $ 0 | $ 0 | $ 0 | ||
Vessels, aggregate amount under construction | 0 | 0 | 0 | ||
Current Assets | 0 | 403 | 514 | ||
Cash and cash equivalents | 0 | 320 | 193 | ||
Non-Current Liabilities | 0 | 0 | 0 | ||
Bank Loans, Non-Current | 0 | 0 | 0 | ||
Current Liabilities | 0 | 112 | 345 | ||
Bank Loans, Current | 0 | 0 | 0 | ||
Net assets (100%) | 0 | 290 | 170 | ||
Group's share of net assets | 0 | 145 | 85 | ||
Shareholders loans to joint ventures | 0 | 0 | 0 | ||
Net Carrying amount of interest in joint venture | 0 | 145 | 85 | ||
Remaining shareholders loan to joint venture | 0 | 0 | 0 | ||
Revenue | 0 | 0 | 14,131 | ||
Depreciations and amortization | 0 | 0 | (2,871) | ||
Interest Expense | 0 | 1 | (1,251) | ||
Tax expense (income) | 0 | 0 | 0 | ||
Profit (loss) for the period | 10 | 121 | 3,246 | ||
Other comprehensive income (100%) | 0 | 0 | 0 | ||
Group's share of profit (loss) for the period | 5 | 60 | 1,623 | ||
Group's share of other comprehensive income | $ 0 | $ 0 | $ 0 |
Equity-accounted investees - Sh
Equity-accounted investees - Shareholder loans (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of joint ventures [line items] | |||
Borrowings | $ 1,696,280,000 | $ 1,712,180,000 | $ 1,273,413,000 |
Joint ventures | |||
Disclosure of joint ventures [line items] | |||
Facility size | 0 | 39,513,000 | |
Borrowings | 0 | 39,437,000 | |
Cost | Joint ventures | |||
Disclosure of joint ventures [line items] | |||
Borrowings | 0 | 39,513,000 | |
TI Asia Ltd revolving loan | TI Asia Ltd | |||
Disclosure of joint ventures [line items] | |||
Notional Value | 54,000,000 | ||
Facility size | 0 | 9,699,000 | |
Borrowings | 0 | 9,681,000 | |
TI Asia Ltd revolving loan | Cost | TI Asia Ltd | |||
Disclosure of joint ventures [line items] | |||
Borrowings | $ 0 | 9,699,000 | |
TI Asia Ltd revolving loan | LIBOR | TI Asia Ltd | |||
Disclosure of joint ventures [line items] | |||
Borrowings, adjustment to interest rate basis | 2% | ||
TI Asia Ltd loan | TI Asia Ltd | |||
Disclosure of joint ventures [line items] | |||
Notional Value | $ 54,000,000 | ||
Facility size | 0 | 9,699,000 | |
Borrowings | 0 | 9,681,000 | |
TI Asia Ltd loan | Cost | TI Asia Ltd | |||
Disclosure of joint ventures [line items] | |||
Borrowings | $ 0 | 9,699,000 | |
TI Asia Ltd loan | LIBOR | TI Asia Ltd | |||
Disclosure of joint ventures [line items] | |||
Borrowings, adjustment to interest rate basis | 2% | ||
TI Africa Ltd revolving loan | TI Africa Ltd | |||
Disclosure of joint ventures [line items] | |||
Notional Value | $ 56,000,000 | ||
Facility size | 0 | 10,058,000 | |
Borrowings | 0 | 10,038,000 | |
TI Africa Ltd revolving loan | Cost | TI Africa Ltd | |||
Disclosure of joint ventures [line items] | |||
Borrowings | $ 0 | 10,058,000 | |
TI Africa Ltd revolving loan | LIBOR | TI Africa Ltd | |||
Disclosure of joint ventures [line items] | |||
Borrowings, adjustment to interest rate basis | 2% | ||
TI Africa Ltd loan | TI Africa Ltd | |||
Disclosure of joint ventures [line items] | |||
Notional Value | $ 56,000,000 | ||
Facility size | 0 | 10,058,000 | |
Borrowings | 0 | 10,038,000 | |
TI Africa Ltd loan | Cost | TI Africa Ltd | |||
Disclosure of joint ventures [line items] | |||
Borrowings | $ 0 | $ 10,058,000 | |
TI Africa Ltd loan | LIBOR | TI Africa Ltd | |||
Disclosure of joint ventures [line items] | |||
Borrowings, adjustment to interest rate basis | 2% |
Equity-accounted investees - Ca
Equity-accounted investees - Cash and cash equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of joint ventures [line items] | ||||
Cash and cash equivalents | $ 179,929 | $ 152,528 | $ 161,478 | $ 296,954 |
Joint ventures | ||||
Disclosure of joint ventures [line items] | ||||
Cash and cash equivalents | 2,554 | 7,179 | $ 7,137 | |
Group's share of cash and cash equivalents | $ 1,547 | $ 4,036 |
Major exchange rates (Details)
Major exchange rates (Details) | 12 Months Ended | ||||||||
Dec. 31, 2022 € / $ | Dec. 31, 2022 £ / $ € / $ | Dec. 31, 2021 € / $ | Dec. 31, 2021 £ / $ € / $ | Dec. 31, 2020 € / $ | Dec. 31, 2020 £ / $ € / $ | Dec. 31, 2022 £ / $ | Dec. 31, 2021 £ / $ | Dec. 31, 2020 £ / $ | |
Effects Of Changes In Foreign Exchange Rates [Abstract] | |||||||||
Closing rates (in Euro per USD/ Pound per USD) | 1.0666 | 1.0666 | 1.1326 | 1.1326 | 1.2271 | 1.2271 | 1.2026 | 1.3479 | 1.3649 |
Average rates (in Euro per USD/ Pound per USD) | 1.0555 | 1.2415 | 1.1894 | 1.3778 | 1.1384 | 1.2860 |
Subsequent events (Details)
Subsequent events (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Feb. 07, 2023 shares | Dec. 31, 2022 | Dec. 14, 2022 USD ($) T | Jul. 11, 2022 | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Mar. 23, 2023 director | Mar. 10, 2023 T | Feb. 28, 2023 T | Jan. 16, 2023 board_member | Jan. 11, 2023 T | |
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Gains on disposal of vessels/other tangible assets | $ | $ 96,160 | $ 15,068 | $ 22,728 | ||||||||||
Famatown and Frontline | Euronav NV | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Percentage of voting equity interests acquired | 24.90% | ||||||||||||
CMB | Euronav NV | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Percentage of voting equity interests acquired | 25% | ||||||||||||
Euronav and Frontline Merger | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Stock-for-stock combination, number of Frontline shares for every Euronav share | 1.45 | ||||||||||||
Major business combination | Euronav and Frontline Merger | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Number of additional Supervisory Board members proposed | board_member | 2 | ||||||||||||
Number of new Directors appointed | director | 4 | ||||||||||||
Major business combination | Euronav and Frontline Merger | Famatown and Frontline | Euronav NV | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Number of shares in entity held by entity or by its subsidiaries or associates | shares | 50,426,748 | ||||||||||||
Percentage of voting equity interests acquired | 24.99% | ||||||||||||
Major business combination | Euronav and Frontline Merger | CMB | Euronav NV | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Percentage of voting equity interests acquired | 25% | ||||||||||||
Vessels | Suezmax Cap Charles | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Property plant and equipment, boat carrying capacity | 158,881 | ||||||||||||
Sale price | $ | $ 40,500 | ||||||||||||
Vessels | Suezmax Cap Charles | Other disposals of assets | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Gains on disposal of vessels/other tangible assets | $ | $ 22,100 | ||||||||||||
Vessels | Cassius | Major delivery of assets | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Property plant and equipment, boat carrying capacity | 299,158 | ||||||||||||
Vessels | Camus | Major delivery of assets | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Property plant and equipment, boat carrying capacity | 299,158 | ||||||||||||
Vessels | FSO Safer | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Property plant and equipment, boat carrying capacity | 406,639 |