Cover
Cover | 12 Months Ended |
Dec. 31, 2023 shares | |
Entity Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
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 Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key (CIK) | 0001604481 |
Amendment flag | false |
Document Fiscal Year Focus | 2023 |
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 | Ludovic Saverys |
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, 2023 | |
Auditor Information [Abstract] | |
Auditor Location | Belgium |
Auditor Name | BDO |
Auditor Firm ID | 1432 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non-current assets | ||
Vessels (Note 8) | $ 1,629,570 | $ 3,057,933 |
Assets under construction (Note 8) | 106,513 | 228,429 |
Right-of-use assets (Note 8) | 32,936 | 21,493 |
Other tangible assets (Note 8) | 644 | 762 |
Intangible assets (Note 9) | 14,194 | 15,746 |
Receivables (Note 11) | 2,888 | 34,825 |
Investments in equity accounted investees (Note 26) | 518 | 1,423 |
Deferred tax assets (Note 10) | 280 | 1,403 |
Total non-current assets | 1,787,543 | 3,362,014 |
Current assets | ||
Bunker inventory (Note 12) | 22,511 | 41,643 |
Trade and other receivables (Note 13) | 307,111 | 366,789 |
Current tax assets | 869 | 239 |
Cash and cash equivalents (Note 14) | 429,370 | 179,929 |
Current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners | 759,861 | 588,600 |
Non-current assets held for sale (Note 3) | 871,876 | 18,459 |
Total current assets | 1,631,737 | 607,059 |
TOTAL ASSETS | 3,419,280 | 3,969,073 |
Equity | ||
Share capital (Note 15) | 239,148 | 239,148 |
Share premium (Note 15) | 1,466,529 | 1,678,336 |
Translation reserve | 235 | (24) |
Hedging reserve (Note 15) | 1,140 | 33,053 |
Treasury shares (Note 15) | (157,595) | (163,024) |
Retained earnings | 807,916 | 385,976 |
Equity attributable to owners of the Company | 2,357,373 | 2,173,465 |
Non-current liabilities | ||
Bank loans (Note 17) | 362,235 | 1,264,243 |
Other notes (Note 17) | 198,219 | 197,556 |
Other borrowings (Note 17) | 71,248 | 71,011 |
Lease liabilities (Note 17) | 3,363 | 5,824 |
Other payables (Note 19) | 146 | 404 |
Employee benefits (Note 18) | 1,669 | 1,635 |
Provisions (Note 22) | 274 | 597 |
Total non-current liabilities | 637,154 | 1,541,270 |
Current liabilities | ||
Trade and other payables (Note 19) | 124,013 | 90,469 |
Current tax liabilities | 4,768 | 5,927 |
Bank loans (Note 17) | 166,124 | 68,941 |
Other notes (Note 17) | 3,733 | 0 |
Other borrowings (Note 17) | 92,298 | 65,851 |
Lease liabilities (Note 17) | 33,493 | 22,855 |
Provisions (Note 22) | 324 | 295 |
Total current liabilities | 424,753 | 254,338 |
TOTAL EQUITY and LIABILITIES | $ 3,419,280 | $ 3,969,073 |
Consolidated Statement of Profi
Consolidated Statement of Profit or Loss - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 01, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Shipping income | |||||
Revenue (Note 4) | $ 1,235,127 | $ 854,669 | $ 419,770 | ||
Gains on disposal of vessels/other tangible assets (Note 8) | 372,444 | 96,160 | 15,068 | ||
Other operating income (Note 4) | 23,316 | 15,141 | 10,255 | ||
Total shipping income | 1,630,887 | 965,970 | 445,093 | ||
Operating expenses | |||||
Voyage expenses and commissions (Note 5) | (142,090) | (175,187) | (118,808) | ||
Vessel operating expenses (Note 5) | (231,033) | (216,094) | (220,706) | ||
Charter hire expenses (Note 5) | (4,500) | (5,769) | (9,750) | ||
Loss on disposal of vessels/other tangible assets (Note 8) | 0 | (347) | 0 | ||
Depreciation tangible assets (Note 8) | (219,428) | (221,576) | (344,904) | ||
Depreciation intangible assets (Note 9) | (1,612) | (1,021) | (90) | ||
General and administrative expenses (Note 5) | (62,532) | (51,702) | (32,408) | ||
Total operating expenses | (661,195) | (671,696) | (726,666) | ||
RESULT FROM OPERATING ACTIVITIES | 969,692 | 294,274 | (281,573) | ||
Finance income (Note 6) | 67,168 | 27,140 | 14,934 | ||
Finance expenses (Note 6) | (171,897) | (133,009) | (95,541) | ||
Net finance expenses | (104,729) | (105,869) | (80,607) | ||
Share of profit (loss) of equity accounted investees (net of income tax) (Note 26) | (927) | 17,650 | 22,976 | ||
PROFIT (LOSS) BEFORE INCOME TAX | 864,036 | 206,055 | (339,204) | ||
Income tax benefit (expense) (Note 7) | (6,009) | (2,804) | 427 | ||
PROFIT (LOSS) FOR THE PERIOD | 858,027 | 203,251 | (338,777) | ||
Attributable to: | |||||
Owners of the company | $ 858,027 | $ 203,251 | $ (338,777) | ||
Basic earnings per share (in dollars per share) | $ 4.25 | $ 1.01 | $ (1.68) | ||
Diluted earnings per share (in dollars per share) | $ 4.25 | $ 1.01 | $ (1.68) | ||
Weighted average number of shares (basic) (in shares) | 201,783,532 | 201,901,743 | 201,747,963 | 201,677,981 | 201,677,981 |
Weighted average number of shares (diluted) (in shares) | 201,901,743 | 201,994,217 | 201,773,240 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of comprehensive income [abstract] | |||
Profit/(loss) for the period | $ 858,027 | $ 203,251 | $ (338,777) |
Items that will never be reclassified to profit or loss: | |||
Remeasurements of the defined benefit liability (asset) (Note 18) | (116) | 942 | 1,453 |
Items that are or may be reclassified to profit or loss: | |||
Foreign currency translation differences (Note 6) | 259 | (477) | (482) |
Cash flow hedges - effective portion of changes in fair value (Note 15) | (6,164) | 30,657 | 9,852 |
Cash flow hedges - recycling into P&L (Note 15) | (25,749) | 0 | 0 |
Equity-accounted investees - share of other comprehensive income (Note 26) | 0 | 159 | 951 |
Other comprehensive income (expense), net of tax | (31,770) | 31,281 | 11,774 |
Total comprehensive income (expense) for the period | 826,257 | 234,532 | (327,003) |
Attributable to: | |||
Owners of the company | $ 826,257 | $ 234,532 | $ (327,003) |
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, 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 recognised as distributions to owners | (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 recognised as distributions to owners | (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 |
Profit (loss) for the period | 858,027 | 858,027 | |||||
Total other comprehensive income / (expense) | (31,770) | 259 | (31,913) | (116) | |||
Total comprehensive income (expense) for the period | 826,257 | 259 | (31,913) | 857,911 | |||
Transactions with owners of the company | |||||||
Dividends recognised as distributions to owners | (646,294) | (211,807) | (434,487) | ||||
Treasury shares delivered in respect of share-based payment plans (Note 15) | 5,429 | 5,429 | |||||
Equity-settled share-based payment (Note 24) | (1,484) | (1,484) | |||||
Total transactions with owners | (642,349) | (211,807) | 5,429 | (435,971) | |||
Ending balance at Dec. 31, 2023 | $ 2,357,373 | $ 239,148 | $ 1,466,529 | $ 235 | $ 1,140 | $ (157,595) | $ 807,916 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Profit (loss) for the period | $ 858,027 | $ 203,251 | $ (338,777) |
Adjustments for: | (40,034) | 217,545 | 386,903 |
Depreciation of tangible assets (Note 8) | 219,428 | 221,576 | 344,904 |
Depreciation of intangible assets | 1,612 | 1,021 | 90 |
Provisions | (295) | (262) | (227) |
Income tax (benefits)/expenses (Note 7) | 6,009 | 2,804 | (427) |
Share of profit of equity-accounted investees, net of tax (Note 26) | 927 | (17,650) | (22,976) |
Net finance expenses (Note 6) | 104,729 | 105,869 | 80,607 |
(Gain)/loss on disposal of assets (Note 8) | (372,444) | (95,813) | (15,068) |
Changes in working capital requirements | 105,881 | (82,727) | (20,504) |
Change in cash guarantees (Note 11) | 12,234 | 570 | 8 |
Change in inventory (Note 12) | 19,132 | 27,391 | 6,745 |
Change in receivables from contracts with customers (Note 13) | 43,036 | (105,538) | (25,485) |
Change in accrued income (Note 13) | (2,286) | (2,941) | (331) |
Change in deferred charges and fulfillment costs (Note 13) | 2,096 | 1,263 | (1,285) |
Change in other receivables (Note 11 and 13) | 1,163 | (4,600) | 4,070 |
Change in trade payables (Note 19) | 17,336 | (1,316) | (1,215) |
Change in accrued payroll (Note 19) | 603 | (39) | (3,689) |
Change in accrued expenses (Note 19) | 8,686 | (2,808) | 2,698 |
Change in deferred income (Note 19) | (187) | 9,998 | (5,594) |
Change in other payables (Note 19) | 263 | (2,113) | 2,953 |
Change in provisions for employee benefits (Note 18) | 3,805 | (2,594) | 621 |
Income taxes paid during the period | (6,675) | 2,761 | 12 |
Interest paid (Note 6-20) | (130,375) | (99,744) | (60,999) |
Interest received (Note 6-13) | 50,556 | 11,446 | 3,425 |
Dividends received from equity-accounted investees (Note 26) | 0 | 3,021 | 4,635 |
Net cash from (used in) operating activities | 837,380 | 255,553 | (25,305) |
Net cash from (used in) investing activities | |||
Acquisition of vessels (Note 8) | (337,195) | (523,494) | (413,062) |
Proceeds from the sale of vessels (Note 8) | 1,206,636 | 356,730 | 55,844 |
Acquisition of other tangible assets and prepayments (Note 8) | (1,407) | (164) | (142) |
Acquisition of intangible assets (Note 9) | (60) | (16,582) | (115) |
Loans from (to) related parties (Note 26) | 0 | 32,844 | 2,242 |
Repayment of loans from related parties | 0 | (10,215) | 0 |
Lease payments received from finance leases | 1,706 | 2,036 | 1,987 |
Net cash from (used in) investing activities | 869,680 | (158,845) | (353,246) |
Net cash from (used in) financing activities | |||
(Purchase of) Proceeds from sale of treasury shares (Note 15) | 0 | 1,080 | 0 |
Proceeds from new borrowings (Note 17) | 2,694,127 | 1,270,295 | 1,509,580 |
Repayment of borrowings (Note 17) | (2,933,724) | (976,670) | (726,032) |
Repayment of commercial paper (Note 17) | (458,272) | (279,314) | (303,426) |
(Repayment of) Proceeds from sale and leaseback (Note 17) | (96,006) | (22,667) | (22,667) |
Repayment of lease liabilities (Note 17) | (21,942) | (25,527) | (54,928) |
Transaction costs related to issue of loans and borrowings (Note 17) | (14,530) | (5,871) | (4,422) |
Dividends paid (Note 15) | (630,540) | (24,221) | (24,212) |
Net cash from (used in) financing activities | (1,460,887) | (62,895) | 373,893 |
Net increase (decrease) in cash and cash equivalents | 246,173 | 33,813 | (4,658) |
Net cash and cash equivalents at the beginning of the period (Note 14) | 179,929 | 152,528 | 161,478 |
Effect of changes in exchange rates | 3,268 | (6,412) | (4,292) |
Net cash and cash equivalents at the end of the period (Note 14) | $ 429,370 | $ 179,929 | $ 152,528 |
Material accounting policies
Material accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Material accounting policies | Material 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. On October 9, 2023, the Company announced that its two reference shareholders CMB NV and Frontline plc/Famatown Finance Ltd. reached an agreement. The agreement comprised that CMB acquired Frontline's 26.12% stake in the Company, Frontline acquired 24 VLCC tankers from the Euronav fleet and the Company's pending arbitration action against Frontline and affiliates was settled. At the end of 2023, Euronav NV and CMB NV entered into a share purchase agreement for the acquisition of 100% shares in CMB.TECH NV. CMB.TECH is a diversified cleantech maritime group. CMB.TECH builds, owns, operates and designs large marine and industrial applications that run on dual-fuel diesel-hydrogen and diesel-ammonia engines and monofuel hydrogen engines. 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, 2023. Changes in accounting policies are described in policy 6. 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 10, 2024. 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 17 - Sale and leaseback: accounted for as a sale or a financing transaction • Note 21 - Lease term: whether the Group is reasonably certain to exercise renewal, termination, purchase options. B. Assumptions and estimation uncertainties Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amounts in the next financial years is included in the following notes: • 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 CO2 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, 2023. • Note 8 - Impairment test: key assumptions underlying the recoverable amount and in particular forecasted TCE, discount rates and residual value; • Note 10 - Measurement of deferred tax assets: availability of future taxable profit against which deductible temporary differences and tax losses carried forward can be utilized. • Note 21 - Leases: key assumptions underlying the lease liability and right-of-use asset, e.g. lease term, lease payments and estimate on residual value guarantee. 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 2023. 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. The review of the indicators did not trigger the requirement to perform a more in-depth impairment analysis at December 31, 2023. • Bunkers on the vessels are valued at lower of cost or net realizable value. Positive results were realized in 2023 and the Group expects for 2024 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, 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. 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 material accounting policies The accounting policies adopted in the preparation of the consolidated financial statements for the year ended December 31, 2023 are consistent with those applied in the preparation of the consolidated financial statements for the year ended December 31, 2022. During the current financial period, the Group has adopted all the new and revised Standards and Interpretations issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) of the IASB as adopted by the European Union and effective for the accounting year starting on January 1, 2023. The Group has not applied any new IFRS requirements that are not yet effective as per December 31, 2023. The following new Standards, Interpretations and Amendments issued by the IASB and the IFRIC as adopted by the European Union are effective for the financial period: IAS 8 Accounting policies, Changes in Accounting Estimates and Errors - Amendments regarding the definition of accounting estimates (February 2021). The adoption of this amendment has not led to major changes in the Group's accounting policies. IAS 12 Income Taxes - Amendments regarding deferred tax related to assets and liabilities arising from a single transaction (May 2021). The adoption of this amendment has not led to major changes in the Group's accounting policies. Global minimum top-up tax The Group has adopted International Tax Reform - Pillar Two Model Rules (Amendments to IAS 12) upon their release on May 23, 2023. The amendments provide a temporary mandatory exception from deferred tax accounting for the top-up tax, which is effective immediately, and require new disclosures about the Pillar Two exposure (see Note 7). The mandatory exception applies retrospectively. However, because no new legislation to implement the top-up tax was enacted or substantively enacted at December 31, 2022 in any jurisdiction in which the Group operates and no related deferred tax was recognised at that date, the retrospective application has no impact on the Group's consolidated financial statements. Material accounting policy information The Group also adopted Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) from January 1, 2023. Although the amendments did not result in any changes to the accounting policies themselves, they impacted the accounting policy information disclosed in the financial statements. The amendments require the disclosure of 'material', rather than 'significant', accounting policies. The amendments also provide guidance on the application of materiality to disclosure of accounting policies, assisting entities to provide useful, entity-specific accounting policy information that users need to understand other information in the financial statements. Management reviewed the accounting policies and made updates to the information disclosed below in certain instances in line with the amendments. 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. 7.2. Interests in equity-accounted investees Interests in 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 joint ventures include any long-term interests that, in substance, form part of the Group's investment in those 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 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 joint ventures' operations or has made payments on their behalf. 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 9.1. Non-derivative 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. 9.2. Non-derivative 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 and to the Suezmax under the sale and leaseback agreement entered into on December 4, 2023 (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. Related to the share sale and the fleet sale which was approved on a Special General Meeting, the remaining Euronav fleet was refinanced in a Global Refinancing $1,290 million facility on November 7, 2023. The Company has fully repaid the outstanding liabilities for some loans in the fourth quarter of 2023 (see Note 17). 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 exchange 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. As of the fourth quarter of 2023, the Group did no longer enter into commodity swaps due to the sale of the ULCC Oceania (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. In connection to the $150.0 million facility (see Note 15), the Company has decided to consolidate 12 Interest Rate Swaps (IRSs) into 4 IRSs with effect as from December 29, 2023. The consolidated IRSs will have the average fixed rates of the former IRSs and the consolidated amounts are in line with the sum of the former IRSs. Because there is no change in the future cash flows, the consolidation is not treated as a modification because it does not change the economic relationship between the hedged item (the $150.0 million facility) and the hedging instrument (the IRSs). 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. In relation to the refinancing and the repayment of the existing loan facilities in the fourth quarter of 2023, the IRSs have been unwound and have been recognized in the profit or loss (see Note 6 and 15). 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. 10. 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. 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 |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2023 | |
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 6% (timecharter contract) of the Tankers segment total revenue in 2023 (2022: one client which represented 8% (timecharter contract), in 2021 two clients which represented 11% and 10% respectively (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, 2023 December 31, 2022 ASSETS Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Vessels 1,434,095 195,475 — 1,629,570 2,846,780 211,153 — 3,057,933 Assets under construction 106,513 — — 106,513 228,429 — — 228,429 Right-of-use assets 32,936 — — 32,936 21,493 — — 21,493 Other tangible assets 644 — — 644 762 — — 762 Intangible assets 94 14,100 — 14,194 89 15,657 — 15,746 Receivables 2,463 — 425 2,888 33,297 1,092 436 34,825 Investments in equity accounted investees 1,366 — (848) 518 2,249 — (826) 1,423 Deferred tax assets 280 — — 280 1,403 — — 1,403 Total non-current assets 1,578,391 209,575 (423) 1,787,543 3,134,502 227,902 (390) 3,362,014 Total current assets 1,617,572 15,528 (1,363) 1,631,737 591,130 16,311 (382) 607,059 TOTAL ASSETS 3,195,963 225,103 (1,786) 3,419,280 3,725,632 244,213 (772) 3,969,073 EQUITY and LIABILITIES Total equity 2,261,064 96,309 — 2,357,373 2,076,976 96,489 — 2,173,465 Bank and other loans 256,539 106,121 (425) 362,235 1,141,378 123,290 (425) 1,264,243 Other notes 198,219 — — 198,219 197,556 — — 197,556 Other borrowings 71,248 — — 71,248 71,011 — — 71,011 Lease liabilities 3,363 — — 3,363 5,824 — — 5,824 Other payables — 146 — 146 — 404 — 404 Employee benefits 1,669 — — 1,669 1,635 — — 1,635 Provisions 274 — — 274 597 — — 597 Total non-current liabilities 531,312 106,267 (425) 637,154 1,418,001 123,694 (425) 1,541,270 Total current liabilities 403,587 22,527 (1,361) 424,753 230,655 24,030 (347) 254,338 TOTAL EQUITY and LIABILITIES 3,195,963 225,103 (1,786) 3,419,280 3,725,632 244,213 (772) 3,969,073 Consolidated statement of profit or loss (in thousands of USD) 2023 2022 2021 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Shipping income Revenue 1,172,725 63,236 (834) 1,235,127 810,122 66,297 (21,750) 854,669 422,649 50,132 (53,011) 419,770 Gains on disposal of vessels/other tangible assets 372,444 — — 372,444 99,437 — (3,277) 96,160 15,068 — — 15,068 Other operating income 17,447 5,879 (10) 23,316 12,208 3,752 (819) 15,141 10,111 2,356 (2,212) 10,255 Total shipping income 1,562,616 69,115 (844) 1,630,887 921,767 70,049 (25,846) 965,970 447,828 52,488 (55,223) 445,093 Operating expenses Voyage expenses and commissions (142,090) — — (142,090) (176,146) — 959 (175,187) (122,374) — 3,566 (118,808) Vessel operating expenses (205,013) (26,855) 835 (231,033) (202,765) (19,156) 5,827 (216,094) (222,087) (12,381) 13,762 (220,706) Charter hire expenses (4,500) — — (4,500) (5,259) — (510) (5,769) (6,775) — (2,975) (9,750) Losses on disposal of vessels/other tangible assets — — — — (347) — — (347) — — — — Depreciation tangible assets (203,750) (15,678) — (219,428) (212,624) (12,101) 3,149 (221,576) (347,338) (9,899) 12,333 (344,904) Depreciation intangible assets (56) (1,556) — (1,612) (108) (913) — (1,021) (90) — — (90) General and administrative expenses (61,934) (629) 31 (62,532) (51,323) (508) 129 (51,702) (32,441) (330) 363 (32,408) Total operating expenses (617,343) (44,718) 866 (661,195) (648,572) (32,678) 9,554 (671,696) (731,105) (22,610) 27,049 (726,666) RESULT FROM OPERATING ACTIVITIES 945,273 24,397 22 969,692 273,195 37,371 (16,292) 294,274 (283,277) 29,878 (28,174) (281,573) Finance income 66,572 596 — 67,168 26,747 313 80 27,140 14,050 — 884 14,934 Finance expenses (163,516) (8,381) — (171,897) (128,695) (4,569) 255 (133,009) (95,626) (1,971) 2,056 (95,541) Net finance expenses (96,944) (7,785) — (104,729) (101,948) (4,256) 335 (105,869) (81,576) (1,971) 2,940 (80,607) Share of profit (loss) of equity accounted investees (net of income tax) (905) — (22) (927) 92 — 17,558 17,650 380 — 22,596 22,976 Profit (loss) before income tax 847,424 16,612 — 864,036 171,339 33,115 1,601 206,055 (364,473) 27,907 (2,638) (339,204) Income tax expense (2,826) (3,183) — (6,009) (216) (987) (1,601) (2,804) 427 (2,638) 2,638 427 Profit (loss) for the period 844,598 13,429 — 858,027 171,123 32,128 — 203,251 (364,046) 25,269 — (338,777) Attributable to: Owners of the company 844,598 13,429 — 858,027 171,123 32,128 — 203,251 (364,046) 25,269 — (338,777) Summarized consolidated statement of cash flows (in thousands of USD) 2023 2022 2021 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 807,865 29,507 8 837,380 230,207 33,474 (8,128) 255,553 (32,132) 35,532 (28,705) (25,305) Net cash from (used in) investing activities 869,680 — — 869,680 (132,942) (134,402) 108,499 (158,845) (351,767) — (1,479) (353,246) Net cash from (used in) financing activities (1,431,449) (29,438) — (1,460,887) (65,916) 101,582 (98,561) (62,895) (378,528) (35,259) 787,680 373,893 Capital expenditure (338,662) — — (338,662) (395,802) (144,438) — (540,240) (413,319) — — (413,319) 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 was presented 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, 2023 | |
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, 2023 December 31, 2022 December 31, 2021 Vessels 870,844 18,459 — Of which in Tankers segment 870,844 18,459 — Of which in FSO segment — — — Corporate 1,032 — — Total assets held for sale 871,876 18,459 — (in thousands of USD) (Estimated) Net sale price Book Value Asset Held For Sale Impairment Loss (Expected) Gain 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 40,523 18,459 18,459 — 22,064 At January 1, 2023 40,523 18,459 18,459 — 22,064 Assets transferred to assets held for sale Alice 86,153 61,626 61,626 — 24,528 Anne 86,617 62,820 62,820 — 23,797 Aquitaine 90,453 58,657 58,657 — 31,796 Dominica 82,840 52,826 52,826 — 30,014 Desirade 86,153 56,071 56,071 — 30,082 Alboran 86,503 56,367 56,367 — 30,136 Aral 86,797 56,445 56,445 — 30,352 Andaman 87,130 56,636 56,636 — 30,494 Hatteras 90,337 59,368 59,368 — 30,969 Delos 113,020 83,611 83,611 — 29,409 Doris 113,330 84,438 84,438 — 28,892 Derius 104,670 81,458 81,458 — 23,212 Camus 123,797 92,228 92,228 — 31,569 Oceania 43,120 8,294 8,294 — 34,826 Corporate 2,000 1,031 1,031 — 969 Assets sold from assets held for sale Cap Charles (40,523) (18,459) (18,459) — (22,064) At December 31, 2023 1,282,920 871,876 871,876 — 411,044 On December 14, 2022, the Company sold the Suezmax Cap Charles (2006 - 158,881 dwt), for a net sale price of $40.5 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, 2023. 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. On October 9, 2023, the Company announced the agreement of two reference shareholders CMB NV ("CMB") and Frontline plc/Famatown Finance Ltd ("Frontline") on a transaction involving multiple interdependent agreements. Part of the agreement included the sale of 24 VLCC tankers from the Euronav fleet for a total of $2.35 billion. A total of 11 VLCC tankers have been delivered before December 31, 2023 (see Note 8). 13 VLCC tankers, that were part of the fleet sale to Frontline, have been booked as an asset held for sale ( Alice, Anne, Aquitaine, Dominica, Desirade, Alboran, Aral, Andaman, Hatteras, Delos, Doris, Derius and Camus) for a total carrying value of $862.6 million. The last vessel ( Camus ) has been delivered to her new owners on March 19, 2024. The net gain on this transaction amounts approximately $372.7 million and will be recorded in the first quarter of 2024. On November 8, 2023, the Company sold the ULCC Oceania (2003 - 441,561 dwt), for $43.1 million. The vessel was accounted for as a non-current asset held for sale as at December 31, 2023, and had a carrying value of $8.3 million. The vessel was delivered to her new owner on January 15, 2024. Taking into account the sales commission, the net gain on this vessel amounts to $34.8 million and will be recorded in the consolidated statement of profit or loss in the first quarter of 2024. Euronav announced a new chapter in the evolution of the FAST platform. In a strategic move to enhance capabilities and ensure continued growth, Euronav is transferring the FAST platform to ZeroNorth. The sale price (included in the segment " Corporate ") amounts to $2.0 million. The net capital gain amounts to $1.0 million. Closing of the deal and official transfer date is on April 1, 2024. Discontinued operations As of December 31, 2023 and December 31, 2022, 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, 2023 | |
Analysis of income and expense [abstract] | |
Revenue and other operating income | Revenue and other operating income (in thousands of USD) 2023 2022 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Pool Revenue 639,778 — — 639,778 359,926 — (6) 359,920 Spot Voyages 434,436 — — 434,436 377,900 — (540) 377,360 Revenue from contracts with customers 1,074,214 — — 1,074,214 737,826 — (546) 737,280 Time Charters 98,511 63,236 (834) 160,913 72,296 66,297 (21,204) 117,389 Lease income 98,511 63,236 (834) 160,913 72,296 66,297 (21,204) 117,389 Total revenue 1,172,725 63,236 (834) 1,235,127 810,122 66,297 (21,750) 854,669 Other operating income — — — 23,316 — — — 15,141 (in thousands of USD) 2021 Tankers FSO Less: Equity-accounted investees Total Pool Revenue 136,160 — 11 136,171 Spot Voyages 215,158 — (2,890) 212,268 Revenue from contracts with customers 351,318 — (2,879) 348,439 Time Charters 71,331 50,132 (50,132) 71,331 Lease income 71,331 50,132 (50,132) 71,331 Total revenue 422,649 50,132 (53,011) 419,770 Other operating income — — — 10,255 For the accounting treatment of revenue, we refer to the accounting policies (see Note 1.15) - Revenue. The increase in revenue is mainly a result of the significant growth in both pool and spot voyage revenue which is driven by improved freight rates in 2023 compared to 2022. The increase in revenue from time charters is primarily a result of an increased number of vessels engaged in long-term time charters during 2023 compared to 2022. Other operating income includes revenues related to the daily standard business operation of the fleet which are not directly attributable to an individual voyage. In accordance with IFRS16 - Leases, Euronav is required to identify the lease and non-lease components of revenue and account for each component in accordance with the applicable accounting standard. In time charter-out revenue, it is determined that the lease component is the vessel and the non-lease component is the technical management services provided to operate the vessel. The following table summarizes the lease and non-lease components of the revenue from time charter-out during the years ended December 31, 2023, 2022 and 2021. (in thousands of USD) 2023 2022 2021 Lease component of revenue from time charter-out 122,818 91,299 56,273 Non-lease component of revenue from time charter-out 38,095 26,090 15,058 Total lease income 160,913 117,389 71,331 |
Expenses for shipping activitie
Expenses for shipping activities and other expenses from operating activities | 12 Months Ended |
Dec. 31, 2023 | |
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) 2023 2022 2021 Commissions paid (15,202) (14,778) (8,014) Bunkers (101,795) (131,089) (84,614) Other voyage related expenses (25,093) (29,320) (26,180) Total voyage expenses and commissions (142,090) (175,187) (118,808) The voyage expenses and commissions, which relate to the Suezmax fleet only, decreased in 2023 compared to 2022. This decrease is primarily attributed to a reduction in bunker related expenses, coupled with a notable downturn in other voyage-related expenditures. The decrease in bunker cost is mainly related to the decrease in Suezmax vessels on the spot due to the sale of older tonnage during 2022. The Fuel oil markets in 2023 were relatively flat with price maintaining a range bound trade for the majority of the year. Markets adjusted to the implementation of the G7 price cap on Russian oil by adjusting flows impacting values of HSFO west of the Suez Canal as Russian HSFO moved out of the tradeable pool, and put upward support on VLSFO prices in Asia. A portion 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). The majority of other voyage expenses are port costs, agency fees and agent fees paid to operate the vessels on the spot market. Port costs vary depending on the number of spot voyages performed, number and type of ports. Vessel operating expenses (in thousands of USD) 2023 2022 2021 Operating expenses (210,527) (199,286) (204,702) Insurance (20,506) (16,808) (16,004) Total vessel operating expenses (231,033) (216,094) (220,706) 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 2023, these expenses were slightly higher compared to 2022, mainly resulting from the acquisition of FSO Asia and FSO Africa which were accounted for 100% in 2023 compared to 50% until June 1, 2022 (joint-venture). Furthermore exchange rate differences in EUR/USD are contributing to an increased opex cost during 2023 compared to 2022. Insurance costs increased in 2023 compared to 2022 mainly due to the FSO Asia and FSO Africa transaction in June 2022 as well as increased inflation costs. Charter hire expenses (in thousands of USD) 2023 2022 2021 Charter hire (4,500) (3,912) (8,473) Bareboat hire — (1,857) (1,277) Total charter hire expenses (4,500) (5,769) (9,750) The charter hire expenses in 2023 are mainly attributable to the hire expenses for the barge (Cougar Satu) in relation to our fuel compliance program (see Note 12). The remaining hire is related to the time charter hire days upon delivery of the Suezmaxes Marlin Sardinia and Marlin Somerset recorded as charter hire. 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. General and administrative expenses (in thousands of USD) 2023 2022 2021 Wages and salaries (10,342) (8,272) (7,566) Social security costs (1,204) (1,242) (1,295) Provision for employee benefits (Note 18) 140 205 687 Cash-settled share-based payments (Note 24) — 2,973 (548) Equity-settled share-based payments (Note 24) (3,945) (2,411) (761) Other employee benefits (1,047) (919) (1,000) Employee benefits (16,398) (9,666) (10,482) Administrative expenses (42,766) (37,955) (18,355) Tonnage Tax (3,586) (4,343) (3,346) Claims (76) — (452) Provisions 294 262 227 Total general and administrative expenses (62,532) (51,702) (32,408) Average number of full time equivalents (shore staff including shipmanagement) 198.47 192.81 189.05 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 2023 compared to 2022. This increase was due to an increase in both employee benefits and administrative expenses. The increase in administrative expenses is mainly due to an increase in legal and other service fees incurred in relation to the structural changes within the Company as well as the termination fees of the previous Management Board. The share-based payments are higher compared to 2022 mainly due to the reversal of the provision on cash-settled share-based payments during 2022. Moreover, the equity-settled share-based payment plans LTIP 2020, 2021, 2022 and 2023 were fully paid out to the previous entitled Management Board members which mandates were terminated during the fourth quarter of 2023. |
Net finance expense
Net finance expense | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Net finance expense | Net finance expense Recognized in profit or loss (in thousands of USD) 2023 2022 2021 Interest income 20,620 7,063 1,896 Income on recycling hedges from OCI into P&L 25,749 — — Change in fair value of fuel derivatives recognized in P&L 3,210 6,132 1,668 Foreign exchange gains 17,590 13,945 11,370 Finance income 67,168 27,140 14,934 Interest expense on financial liabilities measured at amortized cost (132,268) (85,418) (57,961) Interest leasing (631) (1,237) (2,378) Change in fair value of fuel derivatives recognized in P&L (8,276) (26,388) (8,966) Fair value adjustment on interest rate swaps 37 (507) (78) Other financial charges (13,513) (5,930) (14,265) Foreign exchange losses (17,246) (13,529) (11,893) Finance expense (171,897) (133,009) (95,541) Net finance expense recognized in profit or loss (104,729) (105,869) (80,607) Finance income is higher during the year ended December 31, 2023 compared to December 31, 2022 which is mainly due to the positive impact of the unwinding of the interest rate swaps following the repayment and the termination of the financial liabilities (see Note 17). Finance expenses increased during the year ended December 31, 2023 compared to December 31, 2022. This is mainly due to an increase in interest expenses on financial liabilities partially offset by a decrease 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 a higher average interest rate swaps despite a lower average outstanding debt compared to the period ended December 31, 2022. The decreased expense in change in fair value of fuel derivatives is mainly due to the lower negative result on the fuel derivatives related to the hedging program of the bunker fuel on board of the Oceania . The increase in other financial charges is mainly due to the refinancing of the previous financial liabilities (see Note 17). Following this transaction, the respective remaining transaction costs of the previous facilities have been expensed immediately in profit and loss. 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: 2023 2022 2021 Total interest income on financial assets 46,368 7,063 1,896 Total interest expense on financial liabilities (132,268) (85,418) (57,961) Total interest leasing (631) (1,237) (2,378) Total other financial charges (13,513) (5,930) (14,265) Recognized directly in equity (in thousands of USD) 2023 2022 2021 Foreign currency translation differences for foreign operations 259 (477) (482) Cash flow hedges - effective portion of changes in fair value (6,164) 30,657 9,852 Net finance expense recognized directly in equity (5,905) 30,180 9,370 Attributable to: Owners of the Company (5,905) 30,180 9,370 Net finance expense recognized directly in equity (5,905) 30,180 9,370 Recognized in: Translation reserve 259 (477) (482) Hedging reserve (6,164) 30,657 9,852 |
Income tax benefit (expense)
Income tax benefit (expense) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Income tax benefit (expense) | Income tax benefit (expense) (in thousands of USD) 2023 2022 2021 Current tax Current period (4,889) (1,736) (206) Changes related to prior years 7 57 436 Total current tax (4,881) (1,680) 230 Deferred tax Recognition of unused tax losses/(use of tax losses) (1,146) (137) 201 Other 18 (987) (4) Total deferred tax (1,128) (1,124) 197 Total tax benefit/(expense) (6,009) (2,804) 427 Reconciliation of effective tax 2023 2022 2021 Profit (loss) before tax 864,036 206,055 (339,204) Tax at domestic rate (25.00) % (216,009) (25.00) % (51,514) (25.00) % 84,801 Effects on tax of : Tax exempt profit / loss (4,535) 2,642 4,541 Tax adjustments for previous years 7 57 436 Loss for which no DTA (*) has been recognized 7,586 4,481 27 Non-deductible expenses (1,602) (315) (188) Use of previously unrecognized tax losses and tax credits 5,283 4,431 4,101 Effect of Tonnage Tax regime 195,768 40,670 (84,881) Effect of share of profit of equity-accounted investees (5) 4,389 5,649 Effects of tax regimes in foreign jurisdictions 7,498 (7,645) (14,059) Total taxes (0.70) % (6,009) (1.36) % (2,804) (0.13) % 427 * 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, 2023 was $3.6 million (2022: $4.3 million and 2021: $3.3 million) (see Note 5). The Group operates in various countries which have enacted new legislation to comply with the global minimum top-up tax. Other countries such as Qatar have not enacted the Pillar II legislation yet. The Group expects in the future to be subject to the top-up tax for its operations in Qatar. The Group operates mainly in the shipping industry. In regard of pillar II, most jurisdictions provide an exclusion for relevant shipping income (= profits earned from the transportation of cargo in international traffic). Currently the Group is in the process of implementing a Pillar II framework and investigating the application of the shipping exclusion in the relevant jurisdictions. This exercise is currently ongoing and subject to further guidance on the application of the shipping exclusion from the OECD. Based on the current state of play, we expect to be able to benefit from the shipping exclusion for the majority of jurisdictions. Therefore, the Group expects that the impact of Pillar II would be limited. The Group can only provide qualitative information at the reporting date. It's not possible to provide quantitative information as the information cannot be reasonably estimated at the reporting date. 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 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 — Employee benefits 44 — 44 Unused tax losses & tax credits 42,178 — 42,178 Unremitted earnings — (41,942) (41,942) 42,222 (41,942) 280 Offset (41,942) 41,942 Balance at December 31, 2023 280 — Unrecognized deferred tax assets and liabilities Total unrecognized tax losses amount to $114.3 million for 2023 ($120.1 million for 2022) and unused taxable temporary differences amount to $48.6 million (both 2023 and 2022). Deferred tax assets and liabilities have not been recognized in respect of the following items: (in thousands of USD) December 31, 2023 December 31, 2022 ASSETS LIABILITIES ASSETS LIABILITIES Deductible temporary differences 270 — 261 — Taxable temporary differences — (12,162) — (12,162) Tax losses & tax credits 28,299 — 29,776 — 28,569 (12,162) 30,037 (12,162) Offset (12,162) 12,162 (12,162) 12,162 Total 16,407 — 17,875 — 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. The Group has applied a temporary mandatory relief from deferred tax accounting for the impact of the Pillar II top-up tax and accounts for it as a current tax when it is incurred. Movement in deferred tax balances during the year (in thousands of USD) 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 27,650 38,660 — — (6) 66,304 Unremitted earnings (26,322) (38,459) — — — (64,781) 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 66,304 (5,988) — — (8) 60,308 Unremitted earnings (64,781) 5,851 — — — (58,930) Reclassification — (991) 991 — — Total 1,546 (1,124) — 991 (10) 1,403 Balance at Jan 1, 2023 Recognized in income Recognized in equity Other movements Translation Differences Balance at Dec 31, 2023 Employee benefits 25 18 — — 1 44 Unused tax losses & tax credits 60,308 (18,134) — — 4 42,178 Unremitted earnings (58,930) 16,988 — — — (41,942) Total 1,403 (1,128) — — 5 280 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2023 | |
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 Prepayments Total PPE 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 (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 January 1, 2023 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 Acquisitions 295,568 41,627 31,557 372 1,031 370,155 Disposals and cancellations (815,733) — (2,087) — — (817,820) Depreciation charges (200,896) — (18,040) (492) — (219,428) Transfer to assets held for sale (Note 3) (870,844) — — — (1,031) (871,875) Transfers 163,543 (163,543) — — — — Translation differences — — 13 2 — 15 Balance at December 31, 2023 1,629,570 106,513 32,936 644 — 1,769,663 At December 31, 2023 Cost 3,265,939 106,513 56,240 4,717 — 3,433,409 Depreciation & impairment losses (1,636,369) — (23,304) (4,073) — (1,663,746) Net carrying amount 1,629,570 106,513 32,936 644 — 1,769,663 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. 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 20 21. During 2023, the Cap Felix, Sapphira, Nautica, Cap Quebec, Hojo, Cap Theodora, Cap Pembroke, Cap Port Arthur, Cap Corpus Christi, Nectar, and Noble have been dry-docked. The VLCCs Hirado and Hojo have been equipped with scrubber installations. The cost of planned repairs and maintenance is capitalized and included under the heading Acquisitions. In January, February and May 2023, three newbuilding VLCCs joined our fleet. Cassius (2023 - 299,158 dwt) was delivered on January 11, 2023, Camus (2023 - 299,158 dwt) on February 28, 2023 and Clovis (2023 - 299,158 dwt) on May 30, 2023. All three vessels were constructed at Hyundai Samho Heavy Industries (HSHI) in South Korea. These three vessels were previously reported as vessels under construction as at December 31, 2022. On July 11, 2023 and October 26, 2023 Euronav took delivery of respectively Brugge (2023 - 156,851 dwt) and Brest (2023 - 156,851 dwt). Both vessels were included as vessels under construction as at December 31, 2022. In the fourth quarter of 2023, Euronav sent a notification letter to exercise the repurchase option included in the Sale and leaseback contract for the VLCC Newton (2009 - 307,284 dwt). The repurchase option amounts to $30 million and resulted in in an increase of the recognized right-of-use asset as per December 31, 2023. The vessel was redelivered to Euronav and the bareboat contract consequently ended on January 22, 2024. The Group had five vessels under construction at December 31, 2023 for an aggregate amount of $106.5 million (2022: eight vessels under construction). The amounts presented within "vessels under construction" relate to two Eco-type VLCCs and three Eco-Type Suezmaxes. The Group capitalizes borrowing costs related to the financing of the newbuild vessels as reported under vessels under construction (see Note 1.11.1). As per December 31, 2023, the total amount that was capitalized was $6.5 million at an average interest rate of 7%. Disposal of assets – Gains/losses (in thousands of USD) 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) Sale price Book Value Gain Loss Cap Charles - Sale 40,523 18,459 22,064 — Nautica - Sale 53,900 26,847 27,053 — Alex - Sale 86,397 62,214 24,182 — Ardeche - Sale 90,410 58,345 32,065 — Drenec - Sale 86,327 56,279 30,048 — Heron - Sale 89,130 58,243 30,887 — Arafura - Sale 87,077 56,673 30,404 — Amundsen - Sale 90,670 60,007 30,663 — Diodorus - Sale 113,100 83,911 29,189 — Dickens - Sale 113,397 83,534 29,863 — Dalis - Sale 107,930 84,395 23,535 — Cassius - Sale 123,500 91,635 31,865 — Clovis - Sale 124,277 93,651 30,625 — At December 31, 2023 1,206,636 834,192 372,444 — 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 May 5, 2023, the Company sold the VLCC Nautica (2008 - 307,284 dwt) for $53.9 million. The vessel was delivered to her new owner on July 17, 2023. A capital gain of $27.1 million has been recognized in the consolidated statement of profit or loss in the third quarter of 2023. On October 9, 2023, the Company announced the agreement of two reference shareholders CMB NV ("CMB") and Frontline plc/Famatown Finance Ltd ("Frontline") on a transaction involving multiple interdependent agreements. Part of the agreement is the sale of 24 VLCC tankers from the Euronav fleet for a total of $2.35 billion. A total of 11 VLCC tankers have been delivered before December 31, 2023. The 11 vessels ( Alex, Ardeche, Drenec, Heron, Arafura, Amundsen, Diodorus, Dickens, Dalis, Cassius and Clovis) contributed to a total capital gain of $323.3 million, which was recorded in the fourth quarter of 2023. 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 2023 and 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 12.1 and taking into account the strong performance in 2023 and 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 FSOs 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 Energy 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, 2023. 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, 2023 the Group's total capital commitments amounts to $623.8 million (December 31, 2022: $404.1 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 2024 2025 2026 Commitments in respect of VLCCs 314,160 11,220 78,540 224,400 Commitments in respect of Suezmaxes 309,596 188,496 — 121,100 Commitments in respect of FSOs — — — — Total 623,756 199,716 78,540 345,500 |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
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, 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 January 1, 2023 Cost 16,569 1,218 17,787 Depreciation & translation differences (913) (1,128) (2,041) Net carrying amount 15,656 90 15,746 Acquisitions — 60 60 Depreciation charges (1,556) (56) (1,612) Translation differences — — — Balance at December 31, 2023 14,100 94 14,194 At December 31, 2023 Cost 16,569 1,278 17,847 Depreciation & translation differences (2,469) (1,184) (3,653) Net carrying amount 14,100 94 14,194 In connection with the acquisition of the remaining 50% in TI Asia and TI Africa in May, 2022, 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, 2023 | |
Deferred tax expense (income) [abstract] | |
Deferred tax assets and liabilities | Income tax benefit (expense) (in thousands of USD) 2023 2022 2021 Current tax Current period (4,889) (1,736) (206) Changes related to prior years 7 57 436 Total current tax (4,881) (1,680) 230 Deferred tax Recognition of unused tax losses/(use of tax losses) (1,146) (137) 201 Other 18 (987) (4) Total deferred tax (1,128) (1,124) 197 Total tax benefit/(expense) (6,009) (2,804) 427 Reconciliation of effective tax 2023 2022 2021 Profit (loss) before tax 864,036 206,055 (339,204) Tax at domestic rate (25.00) % (216,009) (25.00) % (51,514) (25.00) % 84,801 Effects on tax of : Tax exempt profit / loss (4,535) 2,642 4,541 Tax adjustments for previous years 7 57 436 Loss for which no DTA (*) has been recognized 7,586 4,481 27 Non-deductible expenses (1,602) (315) (188) Use of previously unrecognized tax losses and tax credits 5,283 4,431 4,101 Effect of Tonnage Tax regime 195,768 40,670 (84,881) Effect of share of profit of equity-accounted investees (5) 4,389 5,649 Effects of tax regimes in foreign jurisdictions 7,498 (7,645) (14,059) Total taxes (0.70) % (6,009) (1.36) % (2,804) (0.13) % 427 * 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, 2023 was $3.6 million (2022: $4.3 million and 2021: $3.3 million) (see Note 5). The Group operates in various countries which have enacted new legislation to comply with the global minimum top-up tax. Other countries such as Qatar have not enacted the Pillar II legislation yet. The Group expects in the future to be subject to the top-up tax for its operations in Qatar. The Group operates mainly in the shipping industry. In regard of pillar II, most jurisdictions provide an exclusion for relevant shipping income (= profits earned from the transportation of cargo in international traffic). Currently the Group is in the process of implementing a Pillar II framework and investigating the application of the shipping exclusion in the relevant jurisdictions. This exercise is currently ongoing and subject to further guidance on the application of the shipping exclusion from the OECD. Based on the current state of play, we expect to be able to benefit from the shipping exclusion for the majority of jurisdictions. Therefore, the Group expects that the impact of Pillar II would be limited. The Group can only provide qualitative information at the reporting date. It's not possible to provide quantitative information as the information cannot be reasonably estimated at the reporting date. 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 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 — Employee benefits 44 — 44 Unused tax losses & tax credits 42,178 — 42,178 Unremitted earnings — (41,942) (41,942) 42,222 (41,942) 280 Offset (41,942) 41,942 Balance at December 31, 2023 280 — Unrecognized deferred tax assets and liabilities Total unrecognized tax losses amount to $114.3 million for 2023 ($120.1 million for 2022) and unused taxable temporary differences amount to $48.6 million (both 2023 and 2022). Deferred tax assets and liabilities have not been recognized in respect of the following items: (in thousands of USD) December 31, 2023 December 31, 2022 ASSETS LIABILITIES ASSETS LIABILITIES Deductible temporary differences 270 — 261 — Taxable temporary differences — (12,162) — (12,162) Tax losses & tax credits 28,299 — 29,776 — 28,569 (12,162) 30,037 (12,162) Offset (12,162) 12,162 (12,162) 12,162 Total 16,407 — 17,875 — 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. The Group has applied a temporary mandatory relief from deferred tax accounting for the impact of the Pillar II top-up tax and accounts for it as a current tax when it is incurred. Movement in deferred tax balances during the year (in thousands of USD) 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 27,650 38,660 — — (6) 66,304 Unremitted earnings (26,322) (38,459) — — — (64,781) 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 66,304 (5,988) — — (8) 60,308 Unremitted earnings (64,781) 5,851 — — — (58,930) Reclassification — (991) 991 — — Total 1,546 (1,124) — 991 (10) 1,403 Balance at Jan 1, 2023 Recognized in income Recognized in equity Other movements Translation Differences Balance at Dec 31, 2023 Employee benefits 25 18 — — 1 44 Unused tax losses & tax credits 60,308 (18,134) — — 4 42,178 Unremitted earnings (58,930) 16,988 — — — (41,942) Total 1,403 (1,128) — — 5 280 |
Non-current receivables
Non-current receivables | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Non-current receivables | Non-current receivables (in thousands of USD) December 31, 2023 December 31, 2022 Shareholders loans to joint ventures 2 24 Derivatives — 18,091 Other non-current receivables 1,622 13,855 Lease receivables 1,263 2,854 Investment 1 1 Total non-current receivables 2,888 34,825 The decrease in derivatives in 2023 compared to December 31, 2022 relates to the unwinding of the Interest Rate Swaps in connection with the Global refinancing (see Note 17). The decrease in other non-current receivables mainly relates 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. The claim was waived by the Court in December, 2023 and the cash deposit has been recovered (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, 2023 December 31, 2022 Receivable: Within two years 2,764 1,591 Between two and three years — 16,101 Between three and four years — — Between four and five years — 3,663 More than five years 124 13,470 Total non-current receivables 2,888 34,825 (in thousands of USD) December 31, 2023 December 31, 2022 Receivable from contracts with customers 88,544 106,972 Receivable from contracts with customers - TI Pool 169,339 193,945 Accrued income 13,706 11,421 Accrued interest 1,352 2,329 Deferred charges 17,601 20,388 Deferred fulfillment costs 2,278 1,587 Other receivables 11,414 12,578 Lease receivables 1,591 1,699 Derivatives 1,286 15,870 Total trade and other receivables 307,111 366,789 The decrease in receivables from contracts with customers mainly relates to a decrease in market freight rates at year-end 2023 compared to the fourth quarter of 2022. The decrease in receivables from contracts with customers - TI Pool relates to income to be received by the Group from the Tankers International Pool. These amounts decreased in 2023 mainly due to decreased market freight rates end of 2023 compared to December 31, 2022 and a decrease in number of vessels in the pool in connection with the sale to Frontline. 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 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 decrease in derivatives as of December 31, 2023 relates to the unwinding of the Interest Rate Swaps in connection with the Global Refinancing (see Note 17). For currency and credit risk, we refer to Note 20. |
Bunker inventory
Bunker inventory | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of inventories [Abstract] | |
Bunker inventory | Bunker inventory In addition to bunker fuel stored on board of the Euronav vessels, the Group purchased and stored compliant fuel on board of a Euronav vessel, the ULCC Oceania , so that there was a safe, high quality inventory available for the use of its own fleet. The Group had 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. In November 2023, management decided to discontinue the bunker storage and offloading program and sold the ULCC Oceania, which was booked as an asset held for sale as at December 31, 2023 (see Note 3). The bunker inventory stored on the Oceania was 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. The Group has no ongoing commodity derivatives as per December 31, 2023. The cost of the bunker inventory on board of our vessels on the spot (not operating in a pool arrangement) is determined on a first-in, first-out basis. In the course of 2023, the Company purchased an additional 120,763 metric tonnes (2022: 208,877 metric ton) of compliant fuel for an amount of $72.2 million (2022: $158.8 million) (all costs included). As of December 31, 2023 the carrying amount of the total bunker inventory amounted to $22.5 million (2022: $41.6 million) of which $0.0 million (2022: $19.6 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 as it has been fully offloaded in consequence of the sale of the vessel. The compliant fuel has been fully transferred to our fleet in the course of 2023. As of December 31, 2023 the carrying amount of the bunker inventory on board of our vessels amounted to $22.5 million (2022: $22.0 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, 2023. |
Trade and other receivables - c
Trade and other receivables - current | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other receivables - current | Non-current receivables (in thousands of USD) December 31, 2023 December 31, 2022 Shareholders loans to joint ventures 2 24 Derivatives — 18,091 Other non-current receivables 1,622 13,855 Lease receivables 1,263 2,854 Investment 1 1 Total non-current receivables 2,888 34,825 The decrease in derivatives in 2023 compared to December 31, 2022 relates to the unwinding of the Interest Rate Swaps in connection with the Global refinancing (see Note 17). The decrease in other non-current receivables mainly relates 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. The claim was waived by the Court in December, 2023 and the cash deposit has been recovered (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, 2023 December 31, 2022 Receivable: Within two years 2,764 1,591 Between two and three years — 16,101 Between three and four years — — Between four and five years — 3,663 More than five years 124 13,470 Total non-current receivables 2,888 34,825 (in thousands of USD) December 31, 2023 December 31, 2022 Receivable from contracts with customers 88,544 106,972 Receivable from contracts with customers - TI Pool 169,339 193,945 Accrued income 13,706 11,421 Accrued interest 1,352 2,329 Deferred charges 17,601 20,388 Deferred fulfillment costs 2,278 1,587 Other receivables 11,414 12,578 Lease receivables 1,591 1,699 Derivatives 1,286 15,870 Total trade and other receivables 307,111 366,789 The decrease in receivables from contracts with customers mainly relates to a decrease in market freight rates at year-end 2023 compared to the fourth quarter of 2022. The decrease in receivables from contracts with customers - TI Pool relates to income to be received by the Group from the Tankers International Pool. These amounts decreased in 2023 mainly due to decreased market freight rates end of 2023 compared to December 31, 2022 and a decrease in number of vessels in the pool in connection with the sale to Frontline. 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 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 decrease in derivatives as of December 31, 2023 relates to the unwinding of the Interest Rate Swaps in connection with the Global Refinancing (see Note 17). For currency and credit risk, we refer to Note 20. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash and cash equivalents | Cash and cash equivalents (in thousands of USD) December 31, 2023 December 31, 2022 Bank deposits 182,500 — Cash at bank and in hand 246,870 179,929 Total 429,370 179,929 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Equity | Equity Number of shares issued (in shares) December 31, 2023 December 31, 2022 December 31, 2021 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, 2023, the share capital is represented by 220,024,713 shares. The shares have no nominal value. As at December 31, 2023, the authorized share capital not issued amounts to $83,898,616 (2022 and 2021: $83,898,616) or the equivalent of 77,189,888 shares (2022 and 2021: 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: 2023 (in thousands of USD) Notional Value Fair Value - Assets Fair Value - Liabilities Change in FV recognized in OCI Recycled into P&L Interest rate swaps $173.6 million facility - Cap Quebec and Cap Pembroke — — — (314) (1,456) $173.6 million facility - Cap Corpus Christi and Cap Port Arthur — — — (1,256) (3,860) $713.0 million facility — — — (4,823) (12,599) $73.45 million facility - Cedar and Cypress — — — (298) (5,167) $150.0 million facility 93,607 1,286 146 (1,108) — $447.0 million facility — — — 1,635 (1,635) Fx swaps Fx Euro hedge — — — — (1,032) Total 93,607 1,286 146 (6,164) (25,749) 2022 (in thousands of USD) Notional Value Fair Value - Assets Fair Value - Liabilities Change in FV 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 $73.5 million facility - Cedar and Cypress 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 Total 536,532 33,558 — 32,293 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 IFRS9. 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 underlying $173.6 million facility. On November 9, 2023 these hedges have been unwound due to the repayment of the underlying facility and have been recognized in profit or loss. $(1.8) million has been recognized in total in OCI in 2023. As part of the fuel hedging program, the Group entered during 2023 and 2022 into several commodity swaps and futures in connection with its low sulfur fuel oil project for a combined notional value of $72.2 million and $158.8 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 the 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 are matching the repayment profile of the underlying $173.6 million facility. On November 9, 2023 these hedges have been unwound due to the repayment of the underlying facility and have been recognized in profit or loss. $(5.1) million has been recognized in total in OCI in 2023. 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 $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. On November 9, 2023 these hedges have been unwound due to the repayment of the underlying facility and have been recognized in profit or loss. $(17.4) million has been recognized in total in OCI in 2023. 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. On November 24, 2023 this hedge has been unwound due to the repayment of the underlying facility and has been recognized in profit or loss. $(5.5) million has been recognized in total in OCI in total in 2023. 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, 2023 amounted to $93.6 million. The fair value of these instruments at December 31, 2023 amounted to $1.1 million (see Note 13 and 19) and $(1.1) million has been recognized in OCI in 2023. The Group, in connection to the $447.0 million facility raised on December 6, 2022, entered into two Interest Rate Swaps (IRSs) for a combined notional value of $70.0 million. These IRSs are used to hedge the risk related to the fluctuation of the SOFR 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. On November 9, 2023 these hedges have been unwound due to the repayment of the underlying facility and has been recognized in profit or loss. The Group entered on August 22, 2022 into four Fx Swaps to hedge 20% of the short position for 2023 and entered into several Fx Swap transactions during the first half 2023. These Fx Swaps are used to hedge the risk related to the fluctuation of EUR/USD, as a large part of the operational expenses are euro expenses while the income generated is in USD. The hedges 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. All these hedges matured in 2023. $(1.0) million has been recycled into P&L in 2023. Treasury shares As of December 31, 2023 Euronav owned 17,790,716 of its own shares, compared to 18,241,181 of shares owned on December 31, 2022. In the twelve months period ended December 31, 2023, Euronav transferred 450,465 shares to members of the Management Board in accordance with the Long Term Incentive Plan 2020, Long Term Incentive Plan 2021, Long Term Incentive Plan 2022 and Long Term Incentive Plan 2023. Distributions During its meeting of May 10, 2023, the Supervisory Board of Euronav approved an interim dividend for the first quarter of 2023 of $0.70 per share. The interim dividend of $0.70 per share was payable as from June 20, 2023. The interim dividend to holders of Euronext shares was paid in EUR at the USD/EUR exchange rate of the record date. On May 17, 2023, the Annual Shareholders' meeting approved a full year dividend for 2022 of $1.10 per share. This pay out was a combination of a dividend of $0.051 per share and a share premium of $1.049 per share via the issue premium reserve. During its meeting of August 8, 2023, the Supervisory Board of Euronav approved an interim dividend for the second quarter of 2023 of $0.80 per share. The interim dividend of $0.80 per share was payable as from September 19, 2023. The interim dividend to holders of Euronext shares was paid in EUR at the USD/EUR exchange rate of the record date. During its meeting of November 28, 2023, the Supervisory Board of Euronav approved an interim dividend for the third quarter of 2023 of $0.57 per share. The interim dividend of $0.57 per share was payable as from December 20, 2023. The interim dividend to holders of Euronext shares was paid in EUR at the USD/EUR exchange rate of the record date. On March 20, 2024, the Supervisory Board proposed the Annual Shareholders' meeting be held on May 16, 2024, to distribute $4.57 per share to all shareholders. This distribution is proposed as a combination of a dividend (USD 0.27 per share) and a repayment from the share issue premium (USD 4.30 per share). This distribution approach will be optimal for shareholders as the share issuance payment part of the distribution will represent more than 90% of the distribution. This distribution is exempt from any withholding tax. Together with the shareholders distribution already paid for the first quarter of 2023, the second quarter of 2023 and the third quarter of 2023, the proposed distribution would yield a total of $2.07. This proposal would bring the total return to shareholders to $6.64 for the full year 2023. The total amount of dividends declared in 2023 was $646.3 million ($24.2 million in 2022 and $24.2 million in 2021) and $630.5 million was paid in 2023 ($24.2 million in 2022 and $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 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 The Group's Supervisory Board 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 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. Long term incentive plan 2023 |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 2021 Result for the period (in USD) 858,026,940 203,251,347 (338,777,184) Weighted average number of ordinary shares 201,901,743 201,747,963 201,677,981 Basic earnings per share (in USD) 4.25 1.01 (1.68) Weighted average number of ordinary shares (in shares) Shares issued Treasury shares Shares outstanding Weighted number of shares 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 On issue at January 1, 2023 220,024,713 18,241,181 201,783,532 201,783,532 Issuance of shares — — — — Purchases of treasury shares — — — — Withdrawal of treasury shares — — — — Transfer of treasury shares — (450,465) 450,465 118,211 On issue at December 31, 2023 220,024,713 17,790,716 202,233,997 201,901,743 Diluted earnings per share For the twelve months ended December 31, 2023, the diluted earnings per share (in USD) amount to 4.25 (2022: 1.01 and 2021: (1.68)). At December 31, 2021, 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, 2023 and December 31, 2022, these 236,590 options were not outstanding anymore (see Note 24). At December 31, 2023, no RSUs have been considered as dilutive, as all LTIPs were terminated during 2023 (see Note 24). 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) 2023 2022 2021 Weighted average of ordinary shares outstanding (basic) 201,901,743 201,747,963 201,677,981 Effect of Share-based Payment arrangements — 246,254 95,259 Weighted average number of ordinary shares (diluted) 201,901,743 201,994,217 201,773,240 There are no more remaining outstanding instruments at December 31, 2023 due to the change of control which caused an accelerated vesting of all RSUs. The RSUs of the LTIP 2019, LTIP 2020 and LTIP 2021 could have given rise to dilution at December 31, 2022 and December 31, 2021. |
Interest-bearing loans and borr
Interest-bearing loans and borrowings | 12 Months Ended |
Dec. 31, 2023 | |
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 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 Bank loans Other notes Lease liabilities Other borrowings Total 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 At January 1, 2023 1,333,183 197,556 28,679 136,862 1,696,280 New loans 2,124,850 — 2,312 569,277 2,696,439 Scheduled repayments (72,644) — (21,311) (544,856) (638,811) Early repayments (2,861,080) — — — (2,861,080) Remeasurement — — 27,158 — 27,158 Other changes 4,050 4,396 — (346) 8,100 Translation differences — — 18 2,609 2,627 Balance at December 31, 2023 528,359 201,952 36,856 163,546 930,713 More than 5 years 30,203 — 206 — 30,409 Between 1 and 5 years 332,032 198,219 3,157 71,248 604,656 More than 1 year 362,235 198,219 3,363 71,248 635,065 Less than 1 year 166,124 3,733 33,493 92,298 295,648 Balance at December 31, 2023 528,359 201,952 36,856 163,546 930,713 The amounts shown under "New Loans" and "Early Repayments" related to bank loans include drawdowns and repayments under revolving credit facilities during the year. 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. 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. 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 April 7, 2021, the Group entered into an €80 million ($88.4 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. These extension options have been exercised and facility will mature on April 7, 2026. As of December 31, 2023 and December 31, 2022, the outstanding balance on this facility was $0.0 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, 2023 and December 31, 2022, the outstanding balance on this facility was $124.8 million and $141.7 million, respectively. 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. The upsize facility of $70 million was concluded on March 17, 2023 for the financing of the newbuild VLCC Camus. The financing had been concluded with a syndicate of banks and Nordea Bank Norge SA acting as Agent and Security Trustee. The credit facility was repaid on December 14, 2023 in relation to the global refinance. On June 29, 2023 the Group entered into a $190.4 million ECA covered senior secured amortizing loan facility to finance one newbuilding VLCC and three newbuilding Suezmax vessels. The facility was guaranteed with a K-Sure insurance cover. DNB and ING acted as co-agents in the facility and Citibank joined as a Mandated Lead Arranger. The new facility was linked to the sustainability performance of the Company with three sustainability KPI's. The commercial terms included a reduction of the interest rate when the Company achieves its targets in relation to the sustainability KPI's. The facility would have a duration of 12 years with maturity on June 29, 2035. The credit has been repaid and cancelled on December 14, 2023 in relation to the global refinance. On October 9, 2023, the Company announced that an agreement was found between our two reference shareholders, CMB NV and Frontline plc / Famatown Finance Limited. The reference shareholders reached an agreement on a transaction involving the Company that puts an end to the deadlock arising from their differences over strategy, while offering other shareholders the opportunity to realise cash value for their investment. The transaction comprises three interdependent agreements: • CMB will acquire Frontline's 26.12% stake in the Company for $18.43 per share • Frontline will acquire 24 VLCC tankers from the Euronav fleet for $2.35 billion • The Company's pending arbitration action against Frontline and affiliates will be terminated A Special General Meeting was held on November 21, 2023, where the share sale and the fleet sale was approved. Shortly after, the share transfer has materialized and Euronav has started delivering the 24 vessels to Frontline over a period of 2 months. In relation to this transaction, the remaining Euronav fleet was refinanced in a Global Refinancing $1,290 million facility on November 7, 2023 consisting of three facilities: (i) a revolver credit facility up to $725.0 million for the purposes of (a) refinancing the existing facilities relating to the Core Ships and the Transition Ships, (b) refinancing the existing facilities related to the A Fleet, and (c) only after the refinancings described in (a) and (b), for general corporate and working capital purposes; (ii) a transition term loan facility up to $375.0 million for the purposes of (a) refinancing the existing facilities relating to the Core Ships and the Transition Ships, (b) refinancing the Existing Facilities related to the A Fleet; (iii) a newbuild term loan facility up to $190.0 million for the purposes of financing the delivery cost of four newbuild vessels namely Brest, Bristol , Crocus and Clematis . This facility has been accounted for as a new instrument and the previously existing loans have been extinguished. The revolver facility and the newbuild facility have a term of five years and the transition facility has a term of 18 months; and is bearing interest of Term SOFR + a margin of 2.3% - 2.9% per annum. The margin is reset every quarter based on the ratio of net debt to total capitalisation ratio. As of December 31, 2023, the outstanding balance on this facility was $415.7 million. The company has fully repaid the outstanding liabilities for the following loans in the fourth quarter of 2023: • Credit facility of $108.5 million with Korea Trade Insurance Corporation (K-sure) as insurer dated April 25, 2017. • Credit facility of $173.6 million with Kexim, BNP and Credit Agricole Corporate dated March 15, 2018. • Credit facility of $200.0 million with Nordea dated September 7, 2018. • Credit facility of $700.0 million with Nordea dated August 28, 2019. • Sustainability-linked loan of $713.0 million with Nordea dated September 11, 2020. • Sustainability-linked loan of $73.45 million with DNB dated December 2, 2021. • Credit facility of $447.0 million with Nordea dated December 6, 2022. • Credit facility of $190.4 million with DNB dated June 29, 2023. Undrawn borrowing facilities At December 31, 2023, Euronav and its fully-owned subsidiaries have undrawn credit line facilities amounting to $813.4 million (2022: $671.3 million), of which $79.0 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, 2023 December 31, 2022 Curr Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value Secured vessels loan 27.1M USD LIBOR + 1.95% 2029 — — — 24,650 24,650 24,650 Secured vessels loan 81.4M USD LIBOR + 1.50% 2029 — — — 44,098 44,098 42,960 Secured vessels loan 69.4M USD LIBOR + 2.0% 2030 — — — 49,751 49,751 49,751 Secured vessels loan 104.2M USD LIBOR + 2.0% 2030 — — — 67,251 67,251 66,562 Secured vessels Revolving loan 200.0M* USD LIBOR + 2.0% 2025 — — — 97,376 90,000 89,554 Secured vessels Revolving loan 700.0M* USD LIBOR + 1.95% 2026 — — — 553,480 470,000 466,211 Secured vessels Revolving loan 713.0M* USD LIBOR + 2.30% 2026 — — — 582,876 350,756 346,866 Secured vessels loan 73.45M USD LIBOR + 1.80% 2028 — — — 71,155 71,155 70,730 Unsecured Revolving loan 80M EUR LIBOR + 1.50% 2026 88,400 — (66) 100,000 — (265) Secured FSO loan 150M USD SOFR + 2.15% 2030 124,809 124,809 123,728 141,747 141,747 140,227 Secured vessels Revolving loan 377.0M* USD SOFR + 1.90% 2028 — — — 288,276 40,000 35,938 Secured vessels loan Refi - Revolving loan 725.0M* USD SOFR + 2.30% - 2.90% 2028 725,000 — (8,398) — — — Secured vessels loan Refi - Transition facility 375.0M USD SOFR + 2.30% - 2.90% 2025 368,225 368,225 365,662 — — — Secured vessels loan Refi - Newbuild facility 190.0M USD SOFR + 2.30% - 2.90% 2028 47,500 47,500 47,433 — — — Total interest-bearing bank loans 1,353,934 540,534 528,359 2,020,659 1,349,408 1,333,183 * 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, 2023 December 31, 2022 Curr Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value Unsecured notes USD 6.25% 2026 200,000 200,000 198,219 200,000 200,000 197,556 Total other notes 200,000 200,000 198,219 200,000 200,000 197,556 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, 2023, the outstanding amount was $87.8 million or €79.1 million (December 31, 2022: $50.7 million or €47.5 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, 2023, the fair value of these forward contracts amounted to $1.5 million (December 31, 2022: $0.3 million). On December 30, 2019, the Company entered into a sale and leaseback agreement for three VLCCs. The three VLCCs are the Nautica (2008 – 307,284), Nectar (2008 – 307,284) and Noble (2008 – 307,284). The vessels were sold and were leased back under a 54-months bareboat contract at an average rate of $20,681 per day per vessel. In accordance with IFRS, this transaction was not accounted for as a sale but Euronav as seller-lessee will continue to recognize the transferred assets, and recognized a financial liability equal to the net transfer proceeds of $124.4 million. During 2023, the repurchase options on the three VLCCs were exercised and the bareboat contracts have been ended. On December 4, 2023, the Company entered into a sale and leaseback agreement for the Suezmax Cypress (2022 – 157,310). The vessel was sold and was leased back under a 14-year bareboat contract at a rate equal to an amortization element of $13,590 per day per vessel and an interest element based on term SOFR plus 4.35 basis points, which can be reduced by the sustainability saving. The sustainability saving is a CII score of A or B which will lead to a margin reduction of 10 basis points. In accordance with IFRS, this transaction was not accounted for as a sale but Euronav as seller-lessee will continue to recognize the transferred asset, and recognized a financial liability equal to the net transfer proceed of $76.9 million. As of December 31, 2023, the outstanding amount was $75.7 million. At the end of the bareboat contract, the Company has a purchase obligation of $7.39 million. Euronav may, at any time on and after the fourth anniversary, notify the owners the charterers' intention to terminate this charter on the purchase option date and purchase the vessel from the owners for the applicable purchase option price. The future lease payments for these leaseback agreements are as follows: (in thousands of USD) December 31, 2023 December 31, 2022 Less than one year 4,547 22,667 Between one and five years 19,130 11,212 More than five years 52,828 — Total future lease payables 76,505 33,878 On December 4, 2023, the Company entered into a sale and leaseback agreement for the Suezmax Cedar (2022 – 157,310) but this vessel was only delivered at January 10, 2024. At the end of December 31, 2023, the Company has a commitment of future lease payments for a total amount of $76.9 million of which $4.5 million is due less than one year, $19.0 million due between one and five years and $53.4 million due more than five years. 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 2023, the Group recognized $16.5 million of amortization of financing costs which was mainly due to the refinancing of the existing financial liabilities. Their respective remaining transaction costs have been expensed in the profit and loss statement. The Group recognized $13.8 million of directly attributable transaction costs as a deduction from the fair value of the $1.3 billion Global refinancing facility entered into November 7, 2023 and $0.7 million of directly attributable transaction costs as a deduction from the fair value of the sale and leaseback of the Suezmax Cypress. Furthermore, the heading 'Other changes' include a change of presentation of accrued interest on instruments measured at amortized cost, previously reported under trade and other payables to a single line item from the instrument itself (see Note 19). Interest expense on financial liabilities measured at amortized cost increased during the year ended December 31, 2023, compared to 2022 (2023: $(-134.6) million, 2022: $(-85.4) million). The increased interest expenses on financial liabilities are mainly related to an increase in interest expenses on bank loans due to a higher average interest rate despite a lower average outstanding debt compared to the period ended December 31, 2022. Other financial charges increased in 2023 compared to 2022 (2023: $(-13.5) million, 2022: $(-5.9) million) which was mainly due to the refinancing of the previous financial liabilities (see Note 6). Interest on lease liabilities (2023: $(-0.6) million, 2022: $(-1.2) million) were recognized. 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, 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 agreement (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 — — — — (24,213) — — — (24,213) Total changes from financing cash flows 123,109 (67,200) (70,136) (25,527) (24,213) — 1,080 — (62,887) 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 1,917,484 33,029 (163,024) 385,976 3,869,744 Liabilities Equity Loans and borrowings Other Notes Other borrowings Lease liabilities Share capital / premium Reserves Treasury shares Retained earnings Total Balance at January 1, 2023 1,333,183 197,556 136,861 28,679 1,917,484 33,029 (163,024) 385,976 3,869,744 Changes from financing cash flows Proceeds from loans and borrowings (Note 17) 2,124,850 — — — — — — — 2,124,850 Proceeds from issue of other borrowings (Note 17) — — 569,277 — — — — — 569,277 Proceeds from transfer of treasury shares (Note 15) — — — — — — — — — Repayment of sale and leaseback liability (Note 17) — — (96,006) — — — — — (96,006) Transaction costs related to loans and borrowings (Note 17) (13,761) — (769) — — — — — (14,530) Repayment of borrowings (Note 17) (2,933,724) — — — — — — — (2,933,724) Repayment of commercial paper (Note 17) — — (458,272) — — — — — (458,272) Repayment of lease liabilities (Note 17) — — — (21,942) — — — — (21,942) Dividend paid — — — — (211,807) — — (418,733) (630,540) Total changes from financing cash flows (822,635) — 14,230 (21,942) (211,807) — — (418,733) (1,460,887) Other changes Liability-related Amortization of transaction costs (Note 17) 15,835 692 4 — — — — — 16,531 Amortization of above par issuance (Note 17) — (57) — — — — — — (57) Amortization of below par issuance (Note 17) — 28 — — — — — — 28 New leases (Note 17) — — — 2,312 — — — — 2,312 Remeasurement (Note 17) — — — 27,158 — — — — 27,158 Interest expense (Note 6) — — 9,423 631 — — — — 10,054 Translation differences (Note 17) — — 2,609 18 — — — — 2,627 Other 1,976 3,733 419 — — — — — 6,128 Total liability-related other changes 17,811 4,396 12,455 30,119 — — — — 64,781 Total equity-related other changes (Note 15) — — — — — (31,654) — 840,673 809,019 Balance at December 31, 2023 528,359 201,952 163,546 36,856 1,705,677 1,375 (163,024) 807,916 3,282,657 |
Employee benefits
Employee benefits | 12 Months Ended |
Dec. 31, 2023 | |
Employee Benefits [Abstract] | |
Employee benefits | Employee benefits The amounts recognized in the balance sheet are as follows: (in thousands of USD) December 31, 2023 December 31, 2022 December 31, 2021 NET LIABILITY AT BEGINNING OF PERIOD (1,635) (6,839) (7,987) Recognized in profit or loss 140 2,594 (621) Recognized in other comprehensive income (116) 942 1,453 Foreign currency translation differences (57) 184 316 Reclassification equity-settled LTIPs — 1,484 — NET LIABILITY AT END OF PERIOD (1,669) (1,635) (6,839) Present value of funded obligation (5,330) (4,595) (4,865) Fair value of plan assets 5,173 4,434 4,224 (157) (161) (641) Present value of unfunded obligations (1,512) (1,474) (6,198) NET LIABILITY (1,669) (1,635) (6,839) Amounts in the balance sheet: Liabilities (1,669) (1,635) (6,839) Assets — — — NET LIABILITY (1,669) (1,635) (6,839) 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 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 2024: $45,870. 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 2024: $328,132. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other payables | Trade and other payables (in thousands of USD) December 31, 2023 December 31, 2022 Derivatives 146 404 Total non-current other payables 146 404 Trade payables 42,032 24,696 Accrued expenses 43,898 35,212 Accrued payroll 2,724 2,121 Dividends payable 16,301 547 Accrued interest — 8,910 Deferred income 17,355 17,542 Other payables 1,703 1,441 Total current trade and other payables 124,013 90,469 The increase in trade payables is mainly due to a higher number of outstanding invoices related to two time charter agreements for the vessels Marlin Sardinia and Marlin Somerset, a higher number of outstanding invoices related to bunkers in connection with the vessels redelivered from the pool, and an increase in outstanding invoices from third party service providers. The increase in accrued expenses as per December 31, 2023 compared to 2022 is mainly due to expenses related to vessels in drydock at year-end, time charter in hire on Marlin Sardinia and Marlin Somerset and an accrual related to severance pay on the Belgian flag vessels sold to Frontline. The increase in dividends payable relates to the withholding tax payable at year-end on the dividend pay out for coupon 36. The decrease in accrued interest is due to the change of presentation on instruments at amortized cost (loans, bonds, commercial paper) previously as accrued interest to a single line item on the instrument (see Note 17) as per December 31, 2023. Deferred income relates to short term balances. The entire prior year balance was recognized in revenue in the current year, and the entire current year balance is expected to be recognized in 2024. |
Financial instruments - Fair va
Financial instruments - Fair values and risk management | 12 Months Ended |
Dec. 31, 2023 | |
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, 2022 Financial assets measured at fair value Forward exchange contracts (Note 11/13/17) 1,309 — — 1,309 — 1,309 — 1,309 Interest rate swaps (Note 11/13/17) 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 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 — — — — — 1,769,159 1,769,159 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, 2023 Financial assets measured at fair value Forward exchange contracts (Note 13 and 17) 1,515 — — 1,515 — 1,515 — 1,515 Interest rate swaps (Note 13) 1,286 — — 1,286 — 1,286 — 1,286 2,801 — — 2,801 Financial assets not measured at fair value Non-current receivables (Note 11) — 1,625 — 1,625 — — 1,536 1,536 Lease receivables (Note 11 and 13) — 2,854 — 2,854 — 2,268 — 2,268 Trade and other receivables * (Note 13) — 279,775 — 279,775 — — — — Cash and cash equivalents (Note 14) — 429,370 — 429,370 — — — — — 713,624 — 713,624 Financial liabilities measured at fair value Interest rate swaps (Note 19) 146 — — 146 — 146 — 146 146 — — 146 Financial liabilities not measured at fair value Secured bank loans (Note 17) — — 528,359 528,359 — 540,096 — 540,096 Unsecured other notes (Note 17) — — 201,952 201,952 196,563 — — 196,563 Other borrowings (Note 17) — — 163,546 163,546 — 164,261 — 164,261 Lease liabilities (Note 17) — — 36,856 36,856 — 33,359 — 33,359 Trade and other payables * (Note 19) — — 106,613 106,613 — — — — — — 1,037,326 1,037,326 * 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, 2023. 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 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 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 2022 and 2023. 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 2022. In particular, the client representing 6% of the Tankers segment's total revenue in 2023 (see Note 2) only represented 4.23% of the total trade and other receivables at December 31, 2023 (2022: one client representing 1.17%). 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) 2023 2022 Not past due 266,613 320,823 Past due 0-30 days 12,060 16,560 Past due 31-365 days 26,781 26,820 More than one year 1,656 2,585 Total trade and other receivables 307,111 366,789 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, 2023 55.14% (2022: 52.88%) 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, 2023 mainly consist of lease receivables and other 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). Cash and cash equivalents The Group held cash and cash equivalents of $429.4 million at December 31, 2023 (2022: $179.9 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 4, 2023, the Group issued a guarantee to the buyer of the Suezmax Cypres (2022 - 157,310 dwt) in relation to the sale and leaseback transaction (see Note 17) whereby the Suezmax was leased back in a subsidiary under a 14-year bareboat contract. At December 31, 2023, 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, 2022 (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) 1,530,739 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 Contractual cash flows December 31, 2023 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) 730,311 837,126 217,328 587,681 32,117 Other borrowings (Note 17) 163,546 214,641 99,058 40,363 75,220 Lease liabilities (Note 17) 36,856 37,732 33,806 3,651 276 Current trade and other payables * (Note 19) 106,613 106,613 106,613 — — 1,037,326 1,196,112 456,805 631,694 107,613 Derivative financial liabilities Interest rate swaps (Note 19) 146 (9) (876) 797 70 146 (9) (876) 797 70 * 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 had exposures to IBORs on its financial instruments that has been replaced or reformed as part of these market-wide initiatives. As at December 31, 2023 new financial instruments concluded during 2023 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 ceased in mid-2023. The Group anticipates that IBOR reform impacts its risk management and hedge accounting. In addition, the FCA announced in early 2023 that the one-, three- and six-month synthetic US dollar LIBOR settings will cease on September 30, 2024. Derivatives 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 exchange contracts to hedge this risk (see Note 15). The Group holds interest rate swaps which have floating legs that are indexed to USD SOFR. The Group's derivative instruments are governed by contracts based on the International Swaps and Derivatives Association (ISDA)'s master agreements. As from 2022 onwards new transactions are based on the RFR approach using benchmark rate SOFR. This benchmark rate is quoted each day. The Group's exposure to USD SOFR designated in hedging relationships is $93.6 million nominal amount at December 31, 2023 (see Note 15), representing the nominal amount of the four interest rate swaps maturing in 2030. Hedge Accounting 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. Total amounts of unreformed contracts, including those with an appropriate fallback clause As at December 31, 2023, all existing financial instruments are indexed to USD SOFR. 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) 2023 2022 2021 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 20,252 (20,252) 21,348 (21,348) 21,270 (21,270) Interest rate risk Euronav interest rate management general policy is to borrow at floating interest rates based on 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, 2023 and December 31, 2022, the Group had such instruments in place and approximately 17% and 46% of the floating interest rates have been hedged, respectively. At the reporting date the interest rate profile of the Group's interest-bearing financial instruments was: (in thousands of USD) 2023 2022 FIXED RATE INSTRUMENTS Financial assets 850 850 Financial liabilities 238,808 312,434 239,658 313,284 VARIABLE RATE INSTRUMENTS Financial liabilities 691,905 1,383,847 691,905 1,383,847 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, 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) December 31, 2023 Variable rate instruments (7,130) 7,129 — — Interest rate swaps — — 1,376 (1,376) Cash Flow Sensitivity (Net) (7,130) 7,129 1,376 (1,376) 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 2023 about 19.1% (2022: 15.4% and 2021: 13.9% ) 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, 2023 December 31, 2022 December 31, 2021 EUR USD EUR USD EUR USD Trade payables (5,888) (36,144) (6,653) (18,043) (5,680) (20,332) Operating expenses (122,878) (538,317) (103,339) (568,357) (101,039) (625,627) Treasury Notes (87,106) (700) (50,664) — (104,006) — 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) 2023 2022 2021 Equity 607 648 683 Profit or loss (13,356) (10,994) (9,573) 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, 2023, 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 (22,916) (18,039) (50,392) Average fixed interest rate 3.26 % 3.26 % 3.26 % 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 % The Group entered on August 22, 2022 into four Fx Swaps to hedge 20% of the short position for 2023 and entered into several Fx Swap transactions during the first half 2023. These Fx Swaps are used to hedge the risk related to the fluctuation of EUR/USD. All these hedges matured in 2023. The amounts at the reporting date relating to items designated as hedged items were as follows: December 31, 2023 December 31, 2022 (in thousands of USD) Change in value used for calculating hedge ineffectiveness Recycled into P&L Cash flow hedge reserve Change in value used for calculating hedge ineffectiveness Cash flow hedge reserve Interest rate risk Variable-rate instruments 6,164 24,717 1,140 (29,159) 32,021 Cap option — — — (466) — Fx rate risk Fx Swaps — 1,032 — (1,032) 1,032 The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows: 2023 During the period 2023 (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 Recycled into P&L Hedge ineffectiveness recognized in profit or loss Line item in profit or loss that includes hedge ineffectiveness Interest rate risk Interest rate swaps 93,607 1,286 146 Trade and other current receivables, Non-current other payables (6,164) (24,717) 37 Finance expenses Fx rate risk Fx Swaps — — — Trade and other current receivables — (1,032) — Finance expenses 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, Trade and other current payables 29,159 (507) Finance expenses Cap options — — — Trade and other receivables 466 — Finance expenses Fx rate risk Fx swaps 18,398 1,032 — Trade and other current receivables 1,032 — Finance expenses During 2023 the hedges which were unwound, were classified from hedging reserve to profit or loss for a total amount of $24.7 million. During 2022, 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, 2023 33,053 Cash flow hedges Change in fair value interest rate risk (6,164) Recycled into P&L (25,749) Change in fair value fx risk — Balance at December 31, 2023 1,140 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 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 The Company considers equity (Note 15) and borrowings (Note 17) to be capital, and manages it as follows. 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., €80,000,000 facility agreement) the threshold would be 30%+1 of the shares or voting rights in Euronav. On October 9, 2023 it was announced that two reference shareholders, CMB NV and Frontline plc/Famatown Finance Limited, had reached an agreement on a transaction involving the Company that would make an end to the deadlock arising from their differences over strategy (see Note 17). The transaction comprised three interdependent agreements: • CMB to acquire Frontline's 26.12% stake in the Company for $18.43 per share; • Frontline to acquire 24 VLCC tankers from the Euronav fleet for $2.35 billion; • The Company's pending arbitration action against Frontline and affiliates to be terminated. The transaction was effected on November 22, 2023 when CMB NV, after acquiring the shares of Frontline plc/Famatown Finance Limited, owned 49.05% of the company's issued shares (representing 53% of the voting rights in Euronav). The transaction did not trigger the change of control in the financing agreements because Saverco, which is the holding company of CMB NV is a permitted holder in the change of control clauses in the respective financing agreements, including the senior unsecured $200 million bond where no put-option event was triggered. Under the bond, the occurrence of a CoC by a person or group of persons acting in concert other than Saverco or Victrix 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%). 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 our indebtedness being accelerated, even if our other lenders under our credit facilities have waived covenant defaults under the respective credit facilities. If our secured indebtedness is accelerated in full or in part, it would be very difficult in the current financing environment for us to refinance our debt or obtain additional financing and we could lose our vessels and other assets securing our credit facilities if our lenders foreclose their liens, which would adversely affect our ability to conduct our business. As of December 31, 2023, December 31, 2022 and December 31, 2021, the Group was in compliance with all of the covenants contained in the debt agreements. With respect to the quantitative covenants as of December 31, 2023, as described above: 1. current assets on a consolidated basis (including available credit lines of $813.4 million) exceeded current liabilities by $2,020.4 million, 2. aggregated cash was $1,242.8 million, 3. cash was $429.4 million and 4. ratio of Stockholders' Equity to Total Assets was 68.9%. The previous dividend policy targeted each quarter, applicable as of the first quarter 2020, to return 80% of the net income (including the fixed element of $3 cents per quarter) to shareholders. This return to shareholders would primarily be in the form of a cash dividend and the Company always looked at share buyback as an alternative if it believed more value could be created for shareholders. The calculation did not include capital gains (reserved for fleet renewal) but included capital losses and the policy was at all times subject to freight market outlook, comp |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
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). In the fourth quarter of 2023 the vessels were redelivered. 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. In accordance with IFRS, the Group recognized a right-of-use asset and lease liability (see Note 8 and Note 17). During the fourth quarter of 2023, the Company has sent a notification letter to exercise the purchase option of $30.0 million and vessel has been delivered on January 22, 2024. The future lease payments for these leaseback agreements are as follows: (in thousands of USD) December 31, 2023 December 31, 2022 Less than 1 year 30,495 25,955 Between 1 and 5 years — 1,170 Total future lease payments 30,495 27,125 For the office leases in Belgium, France, Greece, Hong Kong, Singapore, UK and US, which have an average lease term till November 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, 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 (in thousands of USD) Bareboats Time charters Office rental Company cars Total Balance at January 1, 2023 8,421 11,081 1,640 351 21,493 Additions to right-of-use assets — — 2,312 — 2,312 Depreciation charge for the year (7,371) (9,438) (1,018) (212) (18,040) Derecognition of right-of-use assets — — (445) — (445) Remeasurement 29,245 (1,642) — — 27,603 Translation differences — — 11 2 13 Balance at December 31, 2023 30,295 — 2,499 141 32,936 Amounts recognized in profit or loss (in thousands of USD) 2023 2022 Interest on lease liabilities (631) (1,237) Depreciation right-of-use assets (18,040) (21,509) Low-value leases (451) (173) Amounts recognized in statement of cash flows (in thousands of USD) 2023 2022 Total cash outflow for leases (21,942) (25,527) Total cash inflow for leases 1,706 2,036 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. These Suezmaxes have been redelivered in the fourth quarter of 2023. At December 31, 2023, 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. The future undiscounted lease payments to be received for these lease agreements are as follows: (in thousands of USD) December 31, 2023 December 31, 2022 Less than one year 162,100 121,978 Between one and five years 300,183 326,228 More than five years 241,383 306,505 Total future lease receivables 703,666 754,710 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. (in thousands of USD) 2023 2022 Lease component of revenue from time charter-out 457,750 487,686 Non-lease component of revenue from time charter-out 245,916 267,024 Total future lease receivables 703,666 754,710 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 sublease of the office of Euronav UK ended April 30, 2023. 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, 2023 December 31, 2022 Less than 1 year 1,689 1,869 One to two years 1,285 1,689 Two to three years — 1,285 Total undiscounted lease receivables 2,974 4,843 |
Provisions and contingencies
Provisions and contingencies | 12 Months Ended |
Dec. 31, 2023 | |
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, 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 Balance at January 1, 2023 892 892 Provisions used during the year (294) (294) Balance at December 31, 2023 598 598 Non-current 274 274 Current 324 324 Total 598 598 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 was involved in a litigation. The claim was submitted on January 15, 2021 by Unicredit Bank in London with the High Court of Justice of England and Wales. The claim related to an alleged misdelivery of 101,809 metric tons of low sulfur fuel oil that was transported by the Suezmax vessel, Sienna. 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. Euronav again was successful in defending the claims which were dismissed. Unicredit filed an application but was not granted permission to take the case to the Supreme Court, which ended the file. 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 the hearing is scheduled for May 2025. 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. Euronav Shipping NV entered on March 20, 2023, a storage contract with Silk Straits.SDN BHD ("Silk Straits"). Pursuant to a back-to-back agreement, Silk Straits has sublet some cargo tanks to Black Swan Petroleum DMCC ("Black Swan"). Black Swan loaded a cargo, purportedly being of Iraqi origin ("the Oil"), using MT ABYSS. Euronav received notice from United Against Nuclear Iran that the Oil was alleged from Iranian origin and therefore in breach of US sanctions. Euronav cooperated with the Department of Justice of the US ("DOJ") which resulted in the delivery of the Oil to the US. Black Swan started proceedings against Euronav in Malaysia for misdelivery of the cargo. As security, they arrested Oceania and to release the vessel, Euronav has posted a cash security ($45,711,840) with the Malaysian Court in January, 2024. The cash security equals the claimed amount from Black Swan and was required to lift the arrest of the vessel. Euronav started arbitration proceedings against Black Swan in London. Euronav has also commenced arbitration proceedings against Silk Straits. The proceedings are at an early stage and therefore management decided no provision is to be recognized for now. 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, 2023 | |
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 2023. On October 9, 2023, the Company announced that its two reference shareholders, CMB NV ("CMB") and Frontline plc / Famatown Finance Limited ("Frontline"), have reached an agreement on a transaction involving the Company that puts an end to the deadlock arising from their differences over strategy, while offering other shareholders the opportunity to realise cash value for their investment (see Note 1, 3, 8, 17 and 24). At December 31, 2023, Euronav has one major shareholder CMB, owning 49.05% of the equity representing 53.0% of the voting rights, with Saverco as its ultimate parent. Both parties are considered as related. The Audit and Risk Committee has reviewed the transactions with both related parties: 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 2023, a total of 19,894 metric tons (2022: 23,537 metric tons and 2021: 44,451 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 $334,692.5 in 2023 (2022: $419,526 and 2021: $356,729). 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 matured in the fourth quarter of 2023. 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) 2023 2022 2021 Total remuneration 1,441 977 977 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) 2023 2022 2021 Total fixed remuneration 2,456 2,724 2,068 of which Cost of pension 24 28 28 Other benefits — 810 — Total variable remuneration 8,500 7,320 1,606 of which Share-based payments 3,218 5,757 911 Termination benefits 3,642 — — All amounts mentioned refer to the Management Board in its official composition throughout 2023. The remuneration of the CEO can be summarized as follows: (in thousands of EUR) 2023 2022 2021 Total fixed remuneration 471 624 624 of which Cost of pension — — — Other benefits — — — Total variable remuneration 4,163 3,628 903 of which Share-based payments 1,811 2,966 568 Termination benefits 1,690 — — 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, 2023, all stock options and all RSUs were exercised (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. During 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, 2023, 88,127 RSUs were vested which have been transferred to the beneficiaries out of treasury shares. 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, 2023, 131,529 RSUs were vested consisting of 64,414 RSUs which were vested at the first anniversary date, 14,530 at the second anniversary date and 52,585 RSUs were vested on November 22, 2023 due to the change of control whereby CMB acquired the voting rights of Frontline and owns 49.05% of the voting rights. In total 131,529 RSUs have been transferred to the beneficiaries out of treasury shares. 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, 2023, 110,730 RSUs were vested consisting of 12,203 RSUs which were vested at the first anniversary date and 98,527 RSUs were vested on November 22, 2023 due to the change of control whereby CMB acquired the voting rights of Frontline and owns 49.05% of the voting rights. In total 110,730 RSUs have been transferred to the beneficiaries out of treasury shares. On April 1, 2023, the Supervisory Board granted 120,079 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, 2023) and will be settled in shares. As of December 31, 2023, all RSUs were vested due to the change of control whereby CMB acquired the voting rights of Frontline and owns 49.05% of the voting rights. All RSUs have been transferred to the beneficiaries out of treasury shares. 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 2023 a rent of $66,677 (2022: $216,040 and 2021: $235,205). This sublease expired 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 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 of 2022. 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, 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 As of and for the year ended December 31, 2023 (in thousands of USD) Trade receivables Trade payables Shareholders Loan Turnover Dividend Income Bari Shipholding Ltd 46 — 850 — — Bastia Shipholding Ltd — — — — 150 Tankers Agencies (UK) Ltd — 103 — — — Total 46 103 850 — 150 |
Share-based payment arrangement
Share-based payment arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangements [Abstract] | |
Share-based payment arrangements | Share-based payment arrangements Description of share-based payment arrangements: During 2023, 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. 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 2023 with respect to the LTIP 2015 was $0 thousand (2022: expense of $1.8 million and 2021: $0 thousand). 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, 2023, 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 2023 was $0 thousand (2022: income of $0 thousand and 2021: income of $0.2 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, 2023, 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 2023 was $0.0 million (2022: income of $0.6 million and 2021: income of $0.2 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, 2023, 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 2023 was $$0 thousand (2022: expense of $7.4 million and 2021: expense of $1.0 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. During 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 2023 was $0.0 million (2022: income of $0.6 million and 2021: expense of $0.4 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, 2023, 88,127 RSUs were vested, which have been transferred to the beneficiaries out of treasury shares. The compensation expense recognized in the consolidated statement of profit or loss during 2023 was $0.2 million (2022: expense of $0.4 million and 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, 2023, 131,529 RSUs were vested consisting of 64,414 RSUs which were vested at the first anniversary date, 14,530 at the second anniversary date and 52,585 RSUs were vested on November 22, 2023 due to the change of control whereby CMB acquired the shares of Frontline and owns 53% of the voting rights. In total 131,529 RSUs have been transferred to the beneficiaries out of treasury shares. The compensation expense recognized in the consolidated statement of profit or loss during 2023 was $0.8 million (2022: expense of $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. As of December 31, 2023, 110,730 RSU's were vested consisting of 12,203 RSUs which were vested at the first anniversary date and 98,527 RSUs were vested on November 22, 2023 due to the change of control whereby CMB acquired the shares of Frontline and owns 53% of the voting rights. In total 110,730 RSUs have been transferred to the beneficiaries out of treasury shares. The compensation expense recognized in the consolidated statement of profit or loss during 2023 was $1.3 million. Long term incentive plan 2023 (Equity-settled) The Group's Supervisory Board implemented in 2023 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, 2023) and will be settled in shares. In total 120,079 RSUs were granted on April 1, 2023. As of December 31, 2023, all RSU's were vested due to the change of control whereby CMB acquired the shares of Frontline and owns 53% of the voting rights and all RSUs have been transferred to the beneficiaries out of treasury shares. The compensation expense recognized in the consolidated statement of profit or loss during 2023 was $1.6 million. 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, 2023, 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. 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, 2023, 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, LTIP 2021, LTIP 2022 and LTIP 2023 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, 193,387 RSUs were granted on April 1, 2021 in relation to the LTIP 2021, 163,022 RSUs were granted on April 1, 2022 in relation to the LTIP 2022 and 120,079 RSUs were granted on April 1, 2023 in relation to the LTIP 2023. As of December 31, 2023, 88,127 RSUs were vested in relation to the LTIP 2020, 131,529 RSUs were vested in relation to the LTIP 2021, 110,730 RSUs were vested in relation to the LTIP 2022 and 120,079 RSUs were vested in relation to the LTIP 2023. All RSUs have been transferred to the beneficiaries out of treasury shares. 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 2017, LTIP 2018, TBIP 2019, LTIP 2019, LTIP 2020, LTIP 2021, LTIP 2022 and LTIP 2023 (2023: expense of $3.9 million, 2022: expense of $9.2 million and 2021: expense of $1.3 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, 2023 | |
Interests in Other Entities [Abstract] | |
Group entities | Group entities Country of incorporation Consolidation method Ownership interest December 31, 2023 December 31, 2022 December 31, 2021 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Euronav NV, Antwerp, Geneva (branch office) Euronav NV, London (branch office) Subsidiaries 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 % 100.00 % NA TI Asia Ltd Hong Kong full 100.00 % 100.00 % NA Joint ventures TI Africa Ltd Hong Kong equity NA NA 50.00 % TI Asia Ltd Hong Kong equity NA NA 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, 2023, the Group held 50% of the voting rights in Tankers Agencies (UK) Ltd but held 61% of the outstanding shares that participate in the result of the entity. At December 31, 2023, the Group held 50% of the voting rights in Tankers International LLC but held 59% of the outstanding shares that participate in the result of the entity. 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, 2023 | |
Interests in Other Entities [Abstract] | |
Equity-accounted investees | Equity-accounted investees (in thousands of USD) December 31, 2023 December 31, 2022 Assets Interest in joint ventures 518 1,423 Interest in associates — — TOTAL ASSETS 518 1,423 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 51,703 33,936 Offset investment with shareholders loan — — Balance at January 1, 2021 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 31,694 Offset investment with shareholders loan 1,451 (1,451) Balance at December 31, 2021 72,446 30,242 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 Reclassification of associate to joint venture (Note 23) — (32,844) Business combinations (83,186) — Gross balance 597 850 Offset investment with shareholders loan 826 (826) Balance at December 31, 2022 1,423 24 ASSET (in thousands of USD) Investments in equity accounted investees Shareholders loans Reversal prior year offset investment with shareholders loan (826) 826 Group's share of profit (loss) for the period (927) — Gross balance (329) 850 Offset investment with shareholders loan 848 (848) Balance at December 31, 2023 518 2 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 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, liquidation is in process 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) 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 Asset (in thousands of USD) Tankers Agencies (UK) Ltd (see Note 25) TI LLC (see Note 25) Bari Shipholding Ltd Total At December 31, 2023 Percentage ownership interest 50 % 50 % 50 % Non-Current assets 1,754 — — 1,754 of which vessel — — — — Current Assets 391,037 150 118 391,305 of which cash and cash equivalents 3,046 — 88 3,134 Non Current Liabilities 1,360 — 1,700 3,060 of which bank loans — — — — Current Liabilities 390,323 66 114 390,503 of which bank loans 42,500 — — 42,500 Net assets (100%) 1,108 84 (1,696) (503) Group's share of net assets 675 49 (848) (123) Shareholders loans to joint venture — — 850 850 Net Carrying amount of interest in joint venture 675 49 — 725 Remaining shareholders loan to joint venture — — 2 2 Revenue 1,685,928 — — 1,685,928 Depreciations and amortization (84) — — (84) Interest expense (2,806) — — (2,806) Income tax expense (79) — — (79) Profit (loss) for the period (100%) (1,445) (43) (43) (1,532) Other comprehensive income (100%) — — — — Group's share of profit (loss) for the period (880) (25) (22) (927) Group's share of other comprehensive income — — — — 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. These entities are fully consolidated following the acquisition of the remaining 50% shares in TI Africa Ltd and TI Asia Ltd in June 2022. As of December 31, 2021, all joint ventures were in compliance with the covenants, as applicable, of their respective loans. As from June 2022 (see above), loan covenants were not applicable anymore to joint ventures. 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, 2023, December 31, 2022 and December 31, 2021. Cash and cash equivalents (in thousands of USD) 2023 2022 Cash and cash equivalents of the joint ventures 3,134 2,554 Group's share of cash and cash equivalents 1,902 1,547 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). No services were rendered and invoiced during 2023 in consequence of the sale of Bari during 2022. 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). There were no services rendered in 2023 in consequence of the sale of the vessel in 2022. |
Major exchange rates
Major exchange rates | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 December 31, 2021 2023 2022 2021 EUR 1.1050 1.0666 1.1326 1.0797 1.0555 1.1894 GBP 1.2715 1.2026 1.3479 1.2408 1.2415 1.3778 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent events | Subsequent events On November 8, 2023, the Company sold the ULCC Oceania (2003 - 441,561 dwt), for $43.1 million. The vessel was accounted for as a non-current asset held for sale as at December 31, 2023, and had a carrying value of $8.3 million. The vessel was delivered to her new owner on January 15, 2024. A capital gain of $34.8 million has been recognized in the consolidated statement of profit or loss in the first quarter of 2024. On December 4, 2023, the Company entered into a sale and leaseback agreement for the Suezmax Cedar (2022 – 157,310). The vessel was sold and was leased back under a 14-year bareboat contract. The vessel was delivered to her new owner at January 10, 2024. On February 6, 2024, the Company took delivery of Suezmax Bristol (2024 – 156,851). On February 7, 2024, Euronav held a Special Meeting of Shareholders to approve the purchase of 100% of the shares of CMB.TECH NV for a total purchase price of $1.150 billion in cash. CMB.TECH is a diversified cleantech maritime group. CMB.TECH builds, owns, operates and designs large marine and industrial applications that run on dual-fuel diesel-hydrogen and diesel-ammonia engines and monofuel hydrogen engines. CMB.TECH offers hydrogen and ammonia fuel that it either produces or sources from external produces to its customers. CMB.TECH is active throughout the full hydrogen value chain through four different divisions: Marine, Technology & Development, H2 infra, and Industry. The Transaction fits into the Company's renewed strategy of diversification, decarbonization and accelerated optimization of the Company's current crude oil tanker fleet. The Company is currently assessing the accounting treatment of the acquisition and preliminary concludes that the transaction will be accounted for as a common control transaction. Therefore IFRS 3 will not be applied. Shareholders voted the voluntary resignation of Mrs. Grace Reksten Skaugen, Mr. Ole Henrik Bjorge, Mr. Cato H. Stonex, Mr. John Frederiksen and Mr. Patrick De Brabandere as members of the Supervisory Board. They approved the cooptation of Mr. Patrick Molis and Mrs. Catharina Scheers as independent members of the Supervisory Board, Mr. Bjarte Boe and Debemar BV, permanently represented by Mr. Patrick De Brabandere, as members of the Supervisory Board. Shareholders also approved the interim discharge of the Supervisory Board: Mrs. Grace Reksten Skaugen, Mr. Ole Hendrik Bjorge, Mr. Cato H. Stonex, Mr. John F. Frederiksen and Mr. Patrick De Brabandere. On February 14, 2024, CMB announced the launch of the mandatory public takeover bid on all the shares in Euronav. The acceptance period in respect of the bid opened on February 14, 2024 and closed on March 15, 2024. The bid price amounts to $17.86 per share in cash, i.e. $18.43 per share less $0.57 dividend per share. On February 26, 2024, the Company announced that it has concluded an order for two bitumen tankers with China Merchants Jinling Shipyard (Yangzhou) Dingheng Co. (Yangzhou, China). The vessels are expected to be delivered in the fourth quarter of 2026 and have been chartered to a strong counterparty for 10 years upon delivery from the shipyard. The vessels will have dual-fuel green methanol engines that are ready to be retrofitted for future operation on ammonia. The ordered vessels' deadweight will be 17,000 tons, which is twice the 8,000 ton average of the existing fleet. On February 27, 2024, the Company announced it has been informed that certain funds managed by FourWorld Capital Management LLC ("FourWorld") have filed a complaint in the United States District Court for the Southern District of New York in connection with CMB's U.S. takeover bid for the shares of the Company. The Company is not involved in these proceedings. On March 14, 2024, the Company has been informed that the claim has been rejected by the United States District Court for the Southern District of New York. On March 4, 2024, the Company announced it has been informed that certain funds managed by FourWorld Capital Management LLC ("FourWorld") have also filed a request with the Market Court in Belgium in connection with CMB's Belgian offer for the shares of the Company. The Company is not involved in these proceedings. On March 15, 2024, the Company has been informed that the Market Court in Belgium has denied the request to suspend the closing of the Belgian offer. On March 18, 2024, the Company confirmed that the acceptance period of the mandatory public takeover bid launched by CMB NV (the "Bidder") for all shares issued by Euronav NV ("Euronav") not already owned by CMB or its affiliates (the "Bid"), expired on March 15, 2024. During the acceptance period, 69,241,955 shares in Euronav, representing 31.47% of the outstanding shares in Euronav, were tendered into the Bid. As a result, the Bidder will hold a total of 177,147,299 shares in Euronav, representing 80.51% of the outstanding shares in Euronav. Taking into account the 17,790,716 treasury shares held by Euronav and the 24,400 shares held by Saverco NV, the Bidder and persons affiliated with it together will hold 194,962,415 shares, representing 88.61% of the outstanding shares in Euronav. On March 20, 2024, the Company announced it has sold the VLCC Nectar (2008 – 307,284 dwt), VLCC Newton (2009 – 307,208 dwt), and VLCC Noble (2008 – 307,284 dwt). This transaction will generate a capital gain of approximately $78.9 million which will be recognized upon delivery to her new owner. On March 22, 2024, the Company announced it has purchased on the NYSE and on Euronext Brussels a total of 4,719,534 of its own shares. Following these transactions, the Company now owns 22,510,250 shares (10.23% of the total outstanding share count). On March 29, 2024, the Company announced it has purchased on the NYSE and on Euronext Brussels a total of 2,620,931 of its own shares. Following these transactions, the Company now owns 25,131,181 shares (11.42% of the total outstanding share count). On April 8, 2024, the Company announced it has purchased on the New York Stock Exchange and on Euronext Brussels a total of 412,926 of its own shares. Following these transactions, the Company now owns 25,544,107 shares (11.61% of the total outstanding share count). On April 8, 2024, the Company announced it has been informed that certain funds managed by FourWorld Capital Management LLC ("FourWorld") have also filed a claim with the Enterprise Court in Antwerp, Belgium. The claim relates to the integrated solution for the strategic and structural deadlock within Euronav announced on October 9, 2023, of which CMB NV’s mandatory offer on all outstanding shares in the Company that closed on March 15, 2024 formed the final piece, as well as Euronav’s acquisition of CMB.TECH NV. FourWorld requests that all decisions of Euronav’s Supervisory Board and general meeting in relation to these transactions, as well as the transactions themselves, are declared null and void. In this regard FourWorld has summoned all parties involved in these transactions, i.e. Euronav, CMB NV, Frontline plc, Famatown Finance Limited, Hemen Holding Limited and Geveran Trading Co. Limited. |
Material accounting policies (P
Material accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [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, 2023. Changes in accounting policies are described in policy 6. 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 10, 2024. |
Basis of measurement | Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for the following material items in the statement of financial position: • Derivative financial instruments are measured at fair value • Non-current assets held for sale are recognized at fair value less cost of disposal if it is lower than their carrying amount |
Functional and presentation currency | Functional and presentation currency The consolidated financial statements are presented in USD, which is the Company's functional and presentation currency. All financial information presented in USD has been rounded to the nearest thousand except when otherwise indicated. |
Use of estimates and judgements | Use of estimates and judgments The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of the Group's accounting policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which are the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. A. Judgments Information about judgments made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statement is included in the following notes: • Note 8 - Impairment; • Note 17 - Sale and leaseback: accounted for as a sale or a financing transaction • Note 21 - Lease term: whether the Group is reasonably certain to exercise renewal, termination, purchase options. B. Assumptions and estimation uncertainties Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amounts in the next financial years is included in the following notes: • 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 CO2 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, 2023. • Note 8 - Impairment test: key assumptions underlying the recoverable amount and in particular forecasted TCE, discount rates and residual value; • Note 10 - Measurement of deferred tax assets: availability of future taxable profit against which deductible temporary differences and tax losses carried forward can be utilized. • Note 21 - Leases: key assumptions underlying the lease liability and right-of-use asset, e.g. lease term, lease payments and estimate on residual value guarantee. 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 2023. 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. The review of the indicators did not trigger the requirement to perform a more in-depth impairment analysis at December 31, 2023. • Bunkers on the vessels are valued at lower of cost or net realizable value. Positive results were realized in 2023 and the Group expects for 2024 the same based on the forecasted TCE rates. • |
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. 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 material accounting policies The accounting policies adopted in the preparation of the consolidated financial statements for the year ended December 31, 2023 are consistent with those applied in the preparation of the consolidated financial statements for the year ended December 31, 2022. During the current financial period, the Group has adopted all the new and revised Standards and Interpretations issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) of the IASB as adopted by the European Union and effective for the accounting year starting on January 1, 2023. The Group has not applied any new IFRS requirements that are not yet effective as per December 31, 2023. The following new Standards, Interpretations and Amendments issued by the IASB and the IFRIC as adopted by the European Union are effective for the financial period: IAS 8 Accounting policies, Changes in Accounting Estimates and Errors - Amendments regarding the definition of accounting estimates (February 2021). The adoption of this amendment has not led to major changes in the Group's accounting policies. IAS 12 Income Taxes - Amendments regarding deferred tax related to assets and liabilities arising from a single transaction (May 2021). The adoption of this amendment has not led to major changes in the Group's accounting policies. Global minimum top-up tax The Group has adopted International Tax Reform - Pillar Two Model Rules (Amendments to IAS 12) upon their release on May 23, 2023. The amendments provide a temporary mandatory exception from deferred tax accounting for the top-up tax, which is effective immediately, and require new disclosures about the Pillar Two exposure (see Note 7). The mandatory exception applies retrospectively. However, because no new legislation to implement the top-up tax was enacted or substantively enacted at December 31, 2022 in any jurisdiction in which the Group operates and no related deferred tax was recognised at that date, the retrospective application has no impact on the Group's consolidated financial statements. Material accounting policy information The Group also adopted Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) from January 1, 2023. Although the amendments did not result in any changes to the accounting policies themselves, they impacted the accounting policy information disclosed in the financial statements. The amendments require the disclosure of 'material', rather than 'significant', accounting policies. The amendments also provide guidance on the application of materiality to disclosure of accounting policies, assisting entities to provide useful, entity-specific accounting policy information that users need to understand other information in the financial statements. Management reviewed the accounting policies and made updates to the information disclosed below in certain instances in line with the amendments. The Group elected not to early adopt the following new Standards, Interpretations and Amendments, which have been issued by the IASB and the IFRIC but are not yet effective as per December 31, 2023 and/or not yet adopted by the European Union as per December 31, 2023 and for which the impact might be relevant: • IAS 1 Presentation of Financial Statements – ◦ Amendments regarding the classification of liabilities as current or non-current (January 2020) ◦ Amendments regarding non-current liabilities with covenants (October 2022) • IFRS 16 Leases - Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (issued on 22 September 2022) • Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements (issued on 25 May 2023)* • Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (issued on 15 August 2023)* * Not yet endorsed by the EU as of December 31, 2023 None of the other new standards, interpretations and amendments which have been issued by the IASB and the IFRIC but are not yet effective as per December 31, 2023 and/or not yet adopted by the European Union as per December 31, 2023, are expected to have a material effect on the Group's future financial statements. |
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. 7.2. Interests in equity-accounted investees Interests in 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 joint ventures include any long-term interests that, in substance, form part of the Group's investment in those 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 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 joint ventures' operations or has made payments on their behalf. |
Business Combinations | 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. |
Interests in equity-accounted investees | Interests in equity-accounted investees Interests in 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 joint ventures include any long-term interests that, in substance, form part of the Group's investment in those 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 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 joint ventures' operations or has made payments on their behalf. |
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 9.1. Non-derivative 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. 9.2. Non-derivative 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 and to the Suezmax under the sale and leaseback agreement entered into on December 4, 2023 (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. Related to the share sale and the fleet sale which was approved on a Special General Meeting, the remaining Euronav fleet was refinanced in a Global Refinancing $1,290 million facility on November 7, 2023. The Company has fully repaid the outstanding liabilities for some loans in the fourth quarter of 2023 (see Note 17). 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 exchange 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. As of the fourth quarter of 2023, the Group did no longer enter into commodity swaps due to the sale of the ULCC Oceania (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. In connection to the $150.0 million facility (see Note 15), the Company has decided to consolidate 12 Interest Rate Swaps (IRSs) into 4 IRSs with effect as from December 29, 2023. The consolidated IRSs will have the average fixed rates of the former IRSs and the consolidated amounts are in line with the sum of the former IRSs. Because there is no change in the future cash flows, the consolidation is not treated as a modification because it does not change the economic relationship between the hedged item (the $150.0 million facility) and the hedging instrument (the IRSs). 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. In relation to the refinancing and the repayment of the existing loan facilities in the fourth quarter of 2023, the IRSs have been unwound and have been recognized in the profit or loss (see Note 6 and 15). 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. |
Non-derivative financial assets | Non-derivative 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. |
Non-derivative financial liabilities | Non-derivative 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 and to the Suezmax under the sale and leaseback agreement entered into on December 4, 2023 (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. Related to the share sale and the fleet sale which was approved on a Special General Meeting, the remaining Euronav fleet was refinanced in a Global Refinancing $1,290 million facility on November 7, 2023. The Company has fully repaid the outstanding liabilities for some loans in the fourth quarter of 2023 (see Note 17). 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 exchange 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. As of the fourth quarter of 2023, the Group did no longer enter into commodity swaps due to the sale of the ULCC Oceania (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. In connection to the $150.0 million facility (see Note 15), the Company has decided to consolidate 12 Interest Rate Swaps (IRSs) into 4 IRSs with effect as from December 29, 2023. The consolidated IRSs will have the average fixed rates of the former IRSs and the consolidated amounts are in line with the sum of the former IRSs. Because there is no change in the future cash flows, the consolidation is not treated as a modification because it does not change the economic relationship between the hedged item (the $150.0 million facility) and the hedging instrument (the IRSs). 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. In relation to the refinancing and the repayment of the existing loan facilities in the fourth quarter of 2023, the IRSs have been unwound and have been recognized in the profit or loss (see Note 6 and 15). 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. |
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. 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 control 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 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 2023, 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 also applied during 2023 for the Suezmax under the sale and leaseback agreement entered into on December 4, 2023 (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. The Company has a purchase obligation at the end of the contract. The vessel will be depreciated to the end of its useful life 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-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. 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 FSOs, 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. |
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. 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 FSOs, 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 to store on board of a Euronav vessel, the ULCC Oceania, 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. In November 2023 the Company decided to discontinue the bunker storage and offloading program and sold the ULCC Oceania . The vessel has been fully offloaded. The inventory on board of our vessels is accounted for on a first-in, first-out 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. The remaining on board of lubricants are classified as deferred charges. As the monthly OPEX charged to the shipowner is recognized progressively as services are delivered and operational expenses incur, the deferred charges allow the matching of lubricant oil costs with the other operational expenses. Bunker expenses and consumed lubricants are recognized in profit or loss upon consumption. |
Revenue | Revenue 15.1. 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. TI administration fees are subtracted from the net pool revenues. 15.2. 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 17.2. 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 17.2). 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. 15.3. 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 annual basis. Payment is typically done at the end of the voyage. There is no specific financing component. |
Gain and losses on disposal of vessels | Gain and losses on disposal of vessels In view of their importance the Group reports capital gains and losses on the sale of vessels as a separate line item in the consolidated statement of profit or loss. For the sale of vessels, transfer of control usually occurs upon delivery of the vessel to the new owner. |
Leases | Leases 17.1. As a lessee 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. 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. 17.2. 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 16.2.). 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 In application of an IFRIC agenda decision on IAS 12 Income taxes, tonnage tax is not accounted for as income taxes in accordance with IAS 12 and is not presented as part of income tax expense in the income statement but is shown as an administrative expense under the heading Other operating expenses. In accordance with IFRIC 23 the Group assesses whether there is any uncertainty over Income Tax Treatments. The Group has determined that the global minimum top-up tax, which it is required to pay under Pillar Two legislation, is an income tax in the scope of IAS 12. The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred. |
Segment reporting | Segment reporting An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group's other components. The Group distinguishes two segments: the operation of crude oil tankers in the international markets and the floating storage and offloading operations (FSO). The Group's internal organizational and management structure does not distinguish any geographical segments. |
New standards and interpretations not yet adopted | Changes in material accounting policies The accounting policies adopted in the preparation of the consolidated financial statements for the year ended December 31, 2023 are consistent with those applied in the preparation of the consolidated financial statements for the year ended December 31, 2022. During the current financial period, the Group has adopted all the new and revised Standards and Interpretations issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) of the IASB as adopted by the European Union and effective for the accounting year starting on January 1, 2023. The Group has not applied any new IFRS requirements that are not yet effective as per December 31, 2023. The following new Standards, Interpretations and Amendments issued by the IASB and the IFRIC as adopted by the European Union are effective for the financial period: IAS 8 Accounting policies, Changes in Accounting Estimates and Errors - Amendments regarding the definition of accounting estimates (February 2021). The adoption of this amendment has not led to major changes in the Group's accounting policies. IAS 12 Income Taxes - Amendments regarding deferred tax related to assets and liabilities arising from a single transaction (May 2021). The adoption of this amendment has not led to major changes in the Group's accounting policies. Global minimum top-up tax The Group has adopted International Tax Reform - Pillar Two Model Rules (Amendments to IAS 12) upon their release on May 23, 2023. The amendments provide a temporary mandatory exception from deferred tax accounting for the top-up tax, which is effective immediately, and require new disclosures about the Pillar Two exposure (see Note 7). The mandatory exception applies retrospectively. However, because no new legislation to implement the top-up tax was enacted or substantively enacted at December 31, 2022 in any jurisdiction in which the Group operates and no related deferred tax was recognised at that date, the retrospective application has no impact on the Group's consolidated financial statements. Material accounting policy information The Group also adopted Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) from January 1, 2023. Although the amendments did not result in any changes to the accounting policies themselves, they impacted the accounting policy information disclosed in the financial statements. The amendments require the disclosure of 'material', rather than 'significant', accounting policies. The amendments also provide guidance on the application of materiality to disclosure of accounting policies, assisting entities to provide useful, entity-specific accounting policy information that users need to understand other information in the financial statements. Management reviewed the accounting policies and made updates to the information disclosed below in certain instances in line with the amendments. The Group elected not to early adopt the following new Standards, Interpretations and Amendments, which have been issued by the IASB and the IFRIC but are not yet effective as per December 31, 2023 and/or not yet adopted by the European Union as per December 31, 2023 and for which the impact might be relevant: • IAS 1 Presentation of Financial Statements – ◦ Amendments regarding the classification of liabilities as current or non-current (January 2020) ◦ Amendments regarding non-current liabilities with covenants (October 2022) • IFRS 16 Leases - Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (issued on 22 September 2022) • Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements (issued on 25 May 2023)* • Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (issued on 15 August 2023)* * Not yet endorsed by the EU as of December 31, 2023 None of the other new standards, interpretations and amendments which have been issued by the IASB and the IFRIC but are not yet effective as per December 31, 2023 and/or not yet adopted by the European Union as per December 31, 2023, are expected to have a material effect on the Group's future financial statements. |
Material accounting policies (T
Material accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Estimated useful lives of property, plant and equipment | The estimated useful lives of significant items of property, plant and equipment are as follows: - tankers 20 years - FSO/FPSO 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 Prepayments Total PPE 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 (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 January 1, 2023 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 Acquisitions 295,568 41,627 31,557 372 1,031 370,155 Disposals and cancellations (815,733) — (2,087) — — (817,820) Depreciation charges (200,896) — (18,040) (492) — (219,428) Transfer to assets held for sale (Note 3) (870,844) — — — (1,031) (871,875) Transfers 163,543 (163,543) — — — — Translation differences — — 13 2 — 15 Balance at December 31, 2023 1,629,570 106,513 32,936 644 — 1,769,663 At December 31, 2023 Cost 3,265,939 106,513 56,240 4,717 — 3,433,409 Depreciation & impairment losses (1,636,369) — (23,304) (4,073) — (1,663,746) Net carrying amount 1,629,570 106,513 32,936 644 — 1,769,663 Disposal of assets – Gains/losses (in thousands of USD) 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) Sale price Book Value Gain Loss Cap Charles - Sale 40,523 18,459 22,064 — Nautica - Sale 53,900 26,847 27,053 — Alex - Sale 86,397 62,214 24,182 — Ardeche - Sale 90,410 58,345 32,065 — Drenec - Sale 86,327 56,279 30,048 — Heron - Sale 89,130 58,243 30,887 — Arafura - Sale 87,077 56,673 30,404 — Amundsen - Sale 90,670 60,007 30,663 — Diodorus - Sale 113,100 83,911 29,189 — Dickens - Sale 113,397 83,534 29,863 — Dalis - Sale 107,930 84,395 23,535 — Cassius - Sale 123,500 91,635 31,865 — Clovis - Sale 124,277 93,651 30,625 — At December 31, 2023 1,206,636 834,192 372,444 — |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Schedule of operating segments | Consolidated statement of financial position (in thousands of USD) December 31, 2023 December 31, 2022 ASSETS Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Vessels 1,434,095 195,475 — 1,629,570 2,846,780 211,153 — 3,057,933 Assets under construction 106,513 — — 106,513 228,429 — — 228,429 Right-of-use assets 32,936 — — 32,936 21,493 — — 21,493 Other tangible assets 644 — — 644 762 — — 762 Intangible assets 94 14,100 — 14,194 89 15,657 — 15,746 Receivables 2,463 — 425 2,888 33,297 1,092 436 34,825 Investments in equity accounted investees 1,366 — (848) 518 2,249 — (826) 1,423 Deferred tax assets 280 — — 280 1,403 — — 1,403 Total non-current assets 1,578,391 209,575 (423) 1,787,543 3,134,502 227,902 (390) 3,362,014 Total current assets 1,617,572 15,528 (1,363) 1,631,737 591,130 16,311 (382) 607,059 TOTAL ASSETS 3,195,963 225,103 (1,786) 3,419,280 3,725,632 244,213 (772) 3,969,073 EQUITY and LIABILITIES Total equity 2,261,064 96,309 — 2,357,373 2,076,976 96,489 — 2,173,465 Bank and other loans 256,539 106,121 (425) 362,235 1,141,378 123,290 (425) 1,264,243 Other notes 198,219 — — 198,219 197,556 — — 197,556 Other borrowings 71,248 — — 71,248 71,011 — — 71,011 Lease liabilities 3,363 — — 3,363 5,824 — — 5,824 Other payables — 146 — 146 — 404 — 404 Employee benefits 1,669 — — 1,669 1,635 — — 1,635 Provisions 274 — — 274 597 — — 597 Total non-current liabilities 531,312 106,267 (425) 637,154 1,418,001 123,694 (425) 1,541,270 Total current liabilities 403,587 22,527 (1,361) 424,753 230,655 24,030 (347) 254,338 TOTAL EQUITY and LIABILITIES 3,195,963 225,103 (1,786) 3,419,280 3,725,632 244,213 (772) 3,969,073 Consolidated statement of profit or loss (in thousands of USD) 2023 2022 2021 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Shipping income Revenue 1,172,725 63,236 (834) 1,235,127 810,122 66,297 (21,750) 854,669 422,649 50,132 (53,011) 419,770 Gains on disposal of vessels/other tangible assets 372,444 — — 372,444 99,437 — (3,277) 96,160 15,068 — — 15,068 Other operating income 17,447 5,879 (10) 23,316 12,208 3,752 (819) 15,141 10,111 2,356 (2,212) 10,255 Total shipping income 1,562,616 69,115 (844) 1,630,887 921,767 70,049 (25,846) 965,970 447,828 52,488 (55,223) 445,093 Operating expenses Voyage expenses and commissions (142,090) — — (142,090) (176,146) — 959 (175,187) (122,374) — 3,566 (118,808) Vessel operating expenses (205,013) (26,855) 835 (231,033) (202,765) (19,156) 5,827 (216,094) (222,087) (12,381) 13,762 (220,706) Charter hire expenses (4,500) — — (4,500) (5,259) — (510) (5,769) (6,775) — (2,975) (9,750) Losses on disposal of vessels/other tangible assets — — — — (347) — — (347) — — — — Depreciation tangible assets (203,750) (15,678) — (219,428) (212,624) (12,101) 3,149 (221,576) (347,338) (9,899) 12,333 (344,904) Depreciation intangible assets (56) (1,556) — (1,612) (108) (913) — (1,021) (90) — — (90) General and administrative expenses (61,934) (629) 31 (62,532) (51,323) (508) 129 (51,702) (32,441) (330) 363 (32,408) Total operating expenses (617,343) (44,718) 866 (661,195) (648,572) (32,678) 9,554 (671,696) (731,105) (22,610) 27,049 (726,666) RESULT FROM OPERATING ACTIVITIES 945,273 24,397 22 969,692 273,195 37,371 (16,292) 294,274 (283,277) 29,878 (28,174) (281,573) Finance income 66,572 596 — 67,168 26,747 313 80 27,140 14,050 — 884 14,934 Finance expenses (163,516) (8,381) — (171,897) (128,695) (4,569) 255 (133,009) (95,626) (1,971) 2,056 (95,541) Net finance expenses (96,944) (7,785) — (104,729) (101,948) (4,256) 335 (105,869) (81,576) (1,971) 2,940 (80,607) Share of profit (loss) of equity accounted investees (net of income tax) (905) — (22) (927) 92 — 17,558 17,650 380 — 22,596 22,976 Profit (loss) before income tax 847,424 16,612 — 864,036 171,339 33,115 1,601 206,055 (364,473) 27,907 (2,638) (339,204) Income tax expense (2,826) (3,183) — (6,009) (216) (987) (1,601) (2,804) 427 (2,638) 2,638 427 Profit (loss) for the period 844,598 13,429 — 858,027 171,123 32,128 — 203,251 (364,046) 25,269 — (338,777) Attributable to: Owners of the company 844,598 13,429 — 858,027 171,123 32,128 — 203,251 (364,046) 25,269 — (338,777) Summarized consolidated statement of cash flows (in thousands of USD) 2023 2022 2021 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 807,865 29,507 8 837,380 230,207 33,474 (8,128) 255,553 (32,132) 35,532 (28,705) (25,305) Net cash from (used in) investing activities 869,680 — — 869,680 (132,942) (134,402) 108,499 (158,845) (351,767) — (1,479) (353,246) Net cash from (used in) financing activities (1,431,449) (29,438) — (1,460,887) (65,916) 101,582 (98,561) (62,895) (378,528) (35,259) 787,680 373,893 Capital expenditure (338,662) — — (338,662) (395,802) (144,438) — (540,240) (413,319) — — (413,319) |
Assets and liabilities held f_2
Assets and liabilities held for sale and discontinued operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 December 31, 2021 Vessels 870,844 18,459 — Of which in Tankers segment 870,844 18,459 — Of which in FSO segment — — — Corporate 1,032 — — Total assets held for sale 871,876 18,459 — (in thousands of USD) (Estimated) Net sale price Book Value Asset Held For Sale Impairment Loss (Expected) Gain 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 40,523 18,459 18,459 — 22,064 At January 1, 2023 40,523 18,459 18,459 — 22,064 Assets transferred to assets held for sale Alice 86,153 61,626 61,626 — 24,528 Anne 86,617 62,820 62,820 — 23,797 Aquitaine 90,453 58,657 58,657 — 31,796 Dominica 82,840 52,826 52,826 — 30,014 Desirade 86,153 56,071 56,071 — 30,082 Alboran 86,503 56,367 56,367 — 30,136 Aral 86,797 56,445 56,445 — 30,352 Andaman 87,130 56,636 56,636 — 30,494 Hatteras 90,337 59,368 59,368 — 30,969 Delos 113,020 83,611 83,611 — 29,409 Doris 113,330 84,438 84,438 — 28,892 Derius 104,670 81,458 81,458 — 23,212 Camus 123,797 92,228 92,228 — 31,569 Oceania 43,120 8,294 8,294 — 34,826 Corporate 2,000 1,031 1,031 — 969 Assets sold from assets held for sale Cap Charles (40,523) (18,459) (18,459) — (22,064) At December 31, 2023 1,282,920 871,876 871,876 — 411,044 |
Revenue and other operating i_2
Revenue and other operating income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Schedule of revenue sources | (in thousands of USD) 2023 2022 Tankers FSO Less: Equity-accounted investees Total Tankers FSO Less: Equity-accounted investees Total Pool Revenue 639,778 — — 639,778 359,926 — (6) 359,920 Spot Voyages 434,436 — — 434,436 377,900 — (540) 377,360 Revenue from contracts with customers 1,074,214 — — 1,074,214 737,826 — (546) 737,280 Time Charters 98,511 63,236 (834) 160,913 72,296 66,297 (21,204) 117,389 Lease income 98,511 63,236 (834) 160,913 72,296 66,297 (21,204) 117,389 Total revenue 1,172,725 63,236 (834) 1,235,127 810,122 66,297 (21,750) 854,669 Other operating income — — — 23,316 — — — 15,141 (in thousands of USD) 2021 Tankers FSO Less: Equity-accounted investees Total Pool Revenue 136,160 — 11 136,171 Spot Voyages 215,158 — (2,890) 212,268 Revenue from contracts with customers 351,318 — (2,879) 348,439 Time Charters 71,331 50,132 (50,132) 71,331 Lease income 71,331 50,132 (50,132) 71,331 Total revenue 422,649 50,132 (53,011) 419,770 Other operating income — — — 10,255 |
Schedule of lease and non-lease components of revenue | (in thousands of USD) 2023 2022 2021 Lease component of revenue from time charter-out 122,818 91,299 56,273 Non-lease component of revenue from time charter-out 38,095 26,090 15,058 Total lease income 160,913 117,389 71,331 |
Expenses for shipping activit_2
Expenses for shipping activities and other expenses from operating activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Schedule of voyage expenses and commissions | Voyage expenses and commissions (in thousands of USD) 2023 2022 2021 Commissions paid (15,202) (14,778) (8,014) Bunkers (101,795) (131,089) (84,614) Other voyage related expenses (25,093) (29,320) (26,180) Total voyage expenses and commissions (142,090) (175,187) (118,808) |
Schedule of vessel operating expenses | Vessel operating expenses (in thousands of USD) 2023 2022 2021 Operating expenses (210,527) (199,286) (204,702) Insurance (20,506) (16,808) (16,004) Total vessel operating expenses (231,033) (216,094) (220,706) |
Schedule of charter hire expenses | Charter hire expenses (in thousands of USD) 2023 2022 2021 Charter hire (4,500) (3,912) (8,473) Bareboat hire — (1,857) (1,277) Total charter hire expenses (4,500) (5,769) (9,750) |
Schedule of general and administrative expenses | General and administrative expenses (in thousands of USD) 2023 2022 2021 Wages and salaries (10,342) (8,272) (7,566) Social security costs (1,204) (1,242) (1,295) Provision for employee benefits (Note 18) 140 205 687 Cash-settled share-based payments (Note 24) — 2,973 (548) Equity-settled share-based payments (Note 24) (3,945) (2,411) (761) Other employee benefits (1,047) (919) (1,000) Employee benefits (16,398) (9,666) (10,482) Administrative expenses (42,766) (37,955) (18,355) Tonnage Tax (3,586) (4,343) (3,346) Claims (76) — (452) Provisions 294 262 227 Total general and administrative expenses (62,532) (51,702) (32,408) Average number of full time equivalents (shore staff including shipmanagement) 198.47 192.81 189.05 |
Net finance expense (Tables)
Net finance expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Disclosure of net finance expense recognized in profit or loss | (in thousands of USD) 2023 2022 2021 Interest income 20,620 7,063 1,896 Income on recycling hedges from OCI into P&L 25,749 — — Change in fair value of fuel derivatives recognized in P&L 3,210 6,132 1,668 Foreign exchange gains 17,590 13,945 11,370 Finance income 67,168 27,140 14,934 Interest expense on financial liabilities measured at amortized cost (132,268) (85,418) (57,961) Interest leasing (631) (1,237) (2,378) Change in fair value of fuel derivatives recognized in P&L (8,276) (26,388) (8,966) Fair value adjustment on interest rate swaps 37 (507) (78) Other financial charges (13,513) (5,930) (14,265) Foreign exchange losses (17,246) (13,529) (11,893) Finance expense (171,897) (133,009) (95,541) Net finance expense recognized in profit or loss (104,729) (105,869) (80,607) |
Disclosure of finance income and expenses not at fair value through profit or loss | 2023 2022 2021 Total interest income on financial assets 46,368 7,063 1,896 Total interest expense on financial liabilities (132,268) (85,418) (57,961) Total interest leasing (631) (1,237) (2,378) Total other financial charges (13,513) (5,930) (14,265) |
Disclosure finance expense recognized directly in equity | (in thousands of USD) 2023 2022 2021 Foreign currency translation differences for foreign operations 259 (477) (482) Cash flow hedges - effective portion of changes in fair value (6,164) 30,657 9,852 Net finance expense recognized directly in equity (5,905) 30,180 9,370 Attributable to: Owners of the Company (5,905) 30,180 9,370 Net finance expense recognized directly in equity (5,905) 30,180 9,370 Recognized in: Translation reserve 259 (477) (482) Hedging reserve (6,164) 30,657 9,852 |
Income tax benefit (expense) (T
Income tax benefit (expense) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Disclosure of tax benefit (expense) | (in thousands of USD) 2023 2022 2021 Current tax Current period (4,889) (1,736) (206) Changes related to prior years 7 57 436 Total current tax (4,881) (1,680) 230 Deferred tax Recognition of unused tax losses/(use of tax losses) (1,146) (137) 201 Other 18 (987) (4) Total deferred tax (1,128) (1,124) 197 Total tax benefit/(expense) (6,009) (2,804) 427 |
Disclosure of reconciliation of effective tax | Reconciliation of effective tax 2023 2022 2021 Profit (loss) before tax 864,036 206,055 (339,204) Tax at domestic rate (25.00) % (216,009) (25.00) % (51,514) (25.00) % 84,801 Effects on tax of : Tax exempt profit / loss (4,535) 2,642 4,541 Tax adjustments for previous years 7 57 436 Loss for which no DTA (*) has been recognized 7,586 4,481 27 Non-deductible expenses (1,602) (315) (188) Use of previously unrecognized tax losses and tax credits 5,283 4,431 4,101 Effect of Tonnage Tax regime 195,768 40,670 (84,881) Effect of share of profit of equity-accounted investees (5) 4,389 5,649 Effects of tax regimes in foreign jurisdictions 7,498 (7,645) (14,059) Total taxes (0.70) % (6,009) (1.36) % (2,804) (0.13) % 427 * Deferred Tax Asset |
Property, plant and equipment P
Property, plant and equipment Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 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 Prepayments Total PPE 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 (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 January 1, 2023 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 Acquisitions 295,568 41,627 31,557 372 1,031 370,155 Disposals and cancellations (815,733) — (2,087) — — (817,820) Depreciation charges (200,896) — (18,040) (492) — (219,428) Transfer to assets held for sale (Note 3) (870,844) — — — (1,031) (871,875) Transfers 163,543 (163,543) — — — — Translation differences — — 13 2 — 15 Balance at December 31, 2023 1,629,570 106,513 32,936 644 — 1,769,663 At December 31, 2023 Cost 3,265,939 106,513 56,240 4,717 — 3,433,409 Depreciation & impairment losses (1,636,369) — (23,304) (4,073) — (1,663,746) Net carrying amount 1,629,570 106,513 32,936 644 — 1,769,663 Disposal of assets – Gains/losses (in thousands of USD) 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) Sale price Book Value Gain Loss Cap Charles - Sale 40,523 18,459 22,064 — Nautica - Sale 53,900 26,847 27,053 — Alex - Sale 86,397 62,214 24,182 — Ardeche - Sale 90,410 58,345 32,065 — Drenec - Sale 86,327 56,279 30,048 — Heron - Sale 89,130 58,243 30,887 — Arafura - Sale 87,077 56,673 30,404 — Amundsen - Sale 90,670 60,007 30,663 — Diodorus - Sale 113,100 83,911 29,189 — Dickens - Sale 113,397 83,534 29,863 — Dalis - Sale 107,930 84,395 23,535 — Cassius - Sale 123,500 91,635 31,865 — Clovis - Sale 124,277 93,651 30,625 — At December 31, 2023 1,206,636 834,192 372,444 — |
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 2024 2025 2026 Commitments in respect of VLCCs 314,160 11,220 78,540 224,400 Commitments in respect of Suezmaxes 309,596 188,496 — 121,100 Commitments in respect of FSOs — — — — Total 623,756 199,716 78,540 345,500 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 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 January 1, 2023 Cost 16,569 1,218 17,787 Depreciation & translation differences (913) (1,128) (2,041) Net carrying amount 15,656 90 15,746 Acquisitions — 60 60 Depreciation charges (1,556) (56) (1,612) Translation differences — — — Balance at December 31, 2023 14,100 94 14,194 At December 31, 2023 Cost 16,569 1,278 17,847 Depreciation & translation differences (2,469) (1,184) (3,653) Net carrying amount 14,100 94 14,194 |
Deferred tax assets and liabi_2
Deferred tax assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 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 — Employee benefits 44 — 44 Unused tax losses & tax credits 42,178 — 42,178 Unremitted earnings — (41,942) (41,942) 42,222 (41,942) 280 Offset (41,942) 41,942 Balance at December 31, 2023 280 — (in thousands of USD) December 31, 2023 December 31, 2022 ASSETS LIABILITIES ASSETS LIABILITIES Deductible temporary differences 270 — 261 — Taxable temporary differences — (12,162) — (12,162) Tax losses & tax credits 28,299 — 29,776 — 28,569 (12,162) 30,037 (12,162) Offset (12,162) 12,162 (12,162) 12,162 Total 16,407 — 17,875 — (in thousands of USD) 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 27,650 38,660 — — (6) 66,304 Unremitted earnings (26,322) (38,459) — — — (64,781) 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 66,304 (5,988) — — (8) 60,308 Unremitted earnings (64,781) 5,851 — — — (58,930) Reclassification — (991) 991 — — Total 1,546 (1,124) — 991 (10) 1,403 Balance at Jan 1, 2023 Recognized in income Recognized in equity Other movements Translation Differences Balance at Dec 31, 2023 Employee benefits 25 18 — — 1 44 Unused tax losses & tax credits 60,308 (18,134) — — 4 42,178 Unremitted earnings (58,930) 16,988 — — — (41,942) Total 1,403 (1,128) — — 5 280 |
Non-current receivables (Tables
Non-current receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of non-current receivables | (in thousands of USD) December 31, 2023 December 31, 2022 Shareholders loans to joint ventures 2 24 Derivatives — 18,091 Other non-current receivables 1,622 13,855 Lease receivables 1,263 2,854 Investment 1 1 Total non-current receivables 2,888 34,825 |
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, 2023 December 31, 2022 Receivable: Within two years 2,764 1,591 Between two and three years — 16,101 Between three and four years — — Between four and five years — 3,663 More than five years 124 13,470 Total non-current receivables 2,888 34,825 |
Trade and other receivables -_2
Trade and other receivables - current (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of trade and other current receivables | (in thousands of USD) December 31, 2023 December 31, 2022 Receivable from contracts with customers 88,544 106,972 Receivable from contracts with customers - TI Pool 169,339 193,945 Accrued income 13,706 11,421 Accrued interest 1,352 2,329 Deferred charges 17,601 20,388 Deferred fulfillment costs 2,278 1,587 Other receivables 11,414 12,578 Lease receivables 1,591 1,699 Derivatives 1,286 15,870 Total trade and other receivables 307,111 366,789 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of cash and cash equivalents | (in thousands of USD) December 31, 2023 December 31, 2022 Bank deposits 182,500 — Cash at bank and in hand 246,870 179,929 Total 429,370 179,929 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Disclosure of number of shares issued | (in shares) December 31, 2023 December 31, 2022 December 31, 2021 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: 2023 (in thousands of USD) Notional Value Fair Value - Assets Fair Value - Liabilities Change in FV recognized in OCI Recycled into P&L Interest rate swaps $173.6 million facility - Cap Quebec and Cap Pembroke — — — (314) (1,456) $173.6 million facility - Cap Corpus Christi and Cap Port Arthur — — — (1,256) (3,860) $713.0 million facility — — — (4,823) (12,599) $73.45 million facility - Cedar and Cypress — — — (298) (5,167) $150.0 million facility 93,607 1,286 146 (1,108) — $447.0 million facility — — — 1,635 (1,635) Fx swaps Fx Euro hedge — — — — (1,032) Total 93,607 1,286 146 (6,164) (25,749) 2022 (in thousands of USD) Notional Value Fair Value - Assets Fair Value - Liabilities Change in FV 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 $73.5 million facility - Cedar and Cypress 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 Total 536,532 33,558 — 32,293 At December 31, 2023, 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 (22,916) (18,039) (50,392) Average fixed interest rate 3.26 % 3.26 % 3.26 % 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 % The amounts at the reporting date relating to items designated as hedged items were as follows: December 31, 2023 December 31, 2022 (in thousands of USD) Change in value used for calculating hedge ineffectiveness Recycled into P&L Cash flow hedge reserve Change in value used for calculating hedge ineffectiveness Cash flow hedge reserve Interest rate risk Variable-rate instruments 6,164 24,717 1,140 (29,159) 32,021 Cap option — — — (466) — Fx rate risk Fx Swaps — 1,032 — (1,032) 1,032 The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows: 2023 During the period 2023 (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 Recycled into P&L Hedge ineffectiveness recognized in profit or loss Line item in profit or loss that includes hedge ineffectiveness Interest rate risk Interest rate swaps 93,607 1,286 146 Trade and other current receivables, Non-current other payables (6,164) (24,717) 37 Finance expenses Fx rate risk Fx Swaps — — — Trade and other current receivables — (1,032) — Finance expenses 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, Trade and other current payables 29,159 (507) Finance expenses Cap options — — — Trade and other receivables 466 — Finance expenses Fx rate risk Fx swaps 18,398 1,032 — Trade and other current receivables 1,032 — 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, 2023 33,053 Cash flow hedges Change in fair value interest rate risk (6,164) Recycled into P&L (25,749) Change in fair value fx risk — Balance at December 31, 2023 1,140 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 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Schedule of earnings per share | 2023 2022 2021 Result for the period (in USD) 858,026,940 203,251,347 (338,777,184) Weighted average number of ordinary shares 201,901,743 201,747,963 201,677,981 Basic earnings per share (in USD) 4.25 1.01 (1.68) (in shares) Shares issued Treasury shares Shares outstanding Weighted number of shares 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 On issue at January 1, 2023 220,024,713 18,241,181 201,783,532 201,783,532 Issuance of shares — — — — Purchases of treasury shares — — — — Withdrawal of treasury shares — — — — Transfer of treasury shares — (450,465) 450,465 118,211 On issue at December 31, 2023 220,024,713 17,790,716 202,233,997 201,901,743 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) 2023 2022 2021 Weighted average of ordinary shares outstanding (basic) 201,901,743 201,747,963 201,677,981 Effect of Share-based Payment arrangements — 246,254 95,259 Weighted average number of ordinary shares (diluted) 201,901,743 201,994,217 201,773,240 |
Interest-bearing loans and bo_2
Interest-bearing loans and borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 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 Bank loans Other notes Lease liabilities Other borrowings Total 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 At January 1, 2023 1,333,183 197,556 28,679 136,862 1,696,280 New loans 2,124,850 — 2,312 569,277 2,696,439 Scheduled repayments (72,644) — (21,311) (544,856) (638,811) Early repayments (2,861,080) — — — (2,861,080) Remeasurement — — 27,158 — 27,158 Other changes 4,050 4,396 — (346) 8,100 Translation differences — — 18 2,609 2,627 Balance at December 31, 2023 528,359 201,952 36,856 163,546 930,713 More than 5 years 30,203 — 206 — 30,409 Between 1 and 5 years 332,032 198,219 3,157 71,248 604,656 More than 1 year 362,235 198,219 3,363 71,248 635,065 Less than 1 year 166,124 3,733 33,493 92,298 295,648 Balance at December 31, 2023 528,359 201,952 36,856 163,546 930,713 The following are the remaining contractual maturities of financial liabilities: Contractual cash flows December 31, 2022 (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) 1,530,739 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 Contractual cash flows December 31, 2023 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) 730,311 837,126 217,328 587,681 32,117 Other borrowings (Note 17) 163,546 214,641 99,058 40,363 75,220 Lease liabilities (Note 17) 36,856 37,732 33,806 3,651 276 Current trade and other payables * (Note 19) 106,613 106,613 106,613 — — 1,037,326 1,196,112 456,805 631,694 107,613 Derivative financial liabilities Interest rate swaps (Note 19) 146 (9) (876) 797 70 146 (9) (876) 797 70 * 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, 2023 December 31, 2022 Curr Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value Secured vessels loan 27.1M USD LIBOR + 1.95% 2029 — — — 24,650 24,650 24,650 Secured vessels loan 81.4M USD LIBOR + 1.50% 2029 — — — 44,098 44,098 42,960 Secured vessels loan 69.4M USD LIBOR + 2.0% 2030 — — — 49,751 49,751 49,751 Secured vessels loan 104.2M USD LIBOR + 2.0% 2030 — — — 67,251 67,251 66,562 Secured vessels Revolving loan 200.0M* USD LIBOR + 2.0% 2025 — — — 97,376 90,000 89,554 Secured vessels Revolving loan 700.0M* USD LIBOR + 1.95% 2026 — — — 553,480 470,000 466,211 Secured vessels Revolving loan 713.0M* USD LIBOR + 2.30% 2026 — — — 582,876 350,756 346,866 Secured vessels loan 73.45M USD LIBOR + 1.80% 2028 — — — 71,155 71,155 70,730 Unsecured Revolving loan 80M EUR LIBOR + 1.50% 2026 88,400 — (66) 100,000 — (265) Secured FSO loan 150M USD SOFR + 2.15% 2030 124,809 124,809 123,728 141,747 141,747 140,227 Secured vessels Revolving loan 377.0M* USD SOFR + 1.90% 2028 — — — 288,276 40,000 35,938 Secured vessels loan Refi - Revolving loan 725.0M* USD SOFR + 2.30% - 2.90% 2028 725,000 — (8,398) — — — Secured vessels loan Refi - Transition facility 375.0M USD SOFR + 2.30% - 2.90% 2025 368,225 368,225 365,662 — — — Secured vessels loan Refi - Newbuild facility 190.0M USD SOFR + 2.30% - 2.90% 2028 47,500 47,500 47,433 — — — Total interest-bearing bank loans 1,353,934 540,534 528,359 2,020,659 1,349,408 1,333,183 * 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, 2023 December 31, 2022 Curr Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value Unsecured notes USD 6.25% 2026 200,000 200,000 198,219 200,000 200,000 197,556 Total other notes 200,000 200,000 198,219 200,000 200,000 197,556 |
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, 2023 December 31, 2022 Less than one year 4,547 22,667 Between one and five years 19,130 11,212 More than five years 52,828 — Total future lease payables 76,505 33,878 The future lease payments for these leaseback agreements are as follows: (in thousands of USD) December 31, 2023 December 31, 2022 Less than 1 year 30,495 25,955 Between 1 and 5 years — 1,170 Total future lease payments 30,495 27,125 |
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, 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 agreement (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 — — — — (24,213) — — — (24,213) Total changes from financing cash flows 123,109 (67,200) (70,136) (25,527) (24,213) — 1,080 — (62,887) 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 1,917,484 33,029 (163,024) 385,976 3,869,744 Liabilities Equity Loans and borrowings Other Notes Other borrowings Lease liabilities Share capital / premium Reserves Treasury shares Retained earnings Total Balance at January 1, 2023 1,333,183 197,556 136,861 28,679 1,917,484 33,029 (163,024) 385,976 3,869,744 Changes from financing cash flows Proceeds from loans and borrowings (Note 17) 2,124,850 — — — — — — — 2,124,850 Proceeds from issue of other borrowings (Note 17) — — 569,277 — — — — — 569,277 Proceeds from transfer of treasury shares (Note 15) — — — — — — — — — Repayment of sale and leaseback liability (Note 17) — — (96,006) — — — — — (96,006) Transaction costs related to loans and borrowings (Note 17) (13,761) — (769) — — — — — (14,530) Repayment of borrowings (Note 17) (2,933,724) — — — — — — — (2,933,724) Repayment of commercial paper (Note 17) — — (458,272) — — — — — (458,272) Repayment of lease liabilities (Note 17) — — — (21,942) — — — — (21,942) Dividend paid — — — — (211,807) — — (418,733) (630,540) Total changes from financing cash flows (822,635) — 14,230 (21,942) (211,807) — — (418,733) (1,460,887) Other changes Liability-related Amortization of transaction costs (Note 17) 15,835 692 4 — — — — — 16,531 Amortization of above par issuance (Note 17) — (57) — — — — — — (57) Amortization of below par issuance (Note 17) — 28 — — — — — — 28 New leases (Note 17) — — — 2,312 — — — — 2,312 Remeasurement (Note 17) — — — 27,158 — — — — 27,158 Interest expense (Note 6) — — 9,423 631 — — — — 10,054 Translation differences (Note 17) — — 2,609 18 — — — — 2,627 Other 1,976 3,733 419 — — — — — 6,128 Total liability-related other changes 17,811 4,396 12,455 30,119 — — — — 64,781 Total equity-related other changes (Note 15) — — — — — (31,654) — 840,673 809,019 Balance at December 31, 2023 528,359 201,952 163,546 36,856 1,705,677 1,375 (163,024) 807,916 3,282,657 |
Employee benefits (Tables)
Employee benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 December 31, 2021 NET LIABILITY AT BEGINNING OF PERIOD (1,635) (6,839) (7,987) Recognized in profit or loss 140 2,594 (621) Recognized in other comprehensive income (116) 942 1,453 Foreign currency translation differences (57) 184 316 Reclassification equity-settled LTIPs — 1,484 — NET LIABILITY AT END OF PERIOD (1,669) (1,635) (6,839) Present value of funded obligation (5,330) (4,595) (4,865) Fair value of plan assets 5,173 4,434 4,224 (157) (161) (641) Present value of unfunded obligations (1,512) (1,474) (6,198) NET LIABILITY (1,669) (1,635) (6,839) Amounts in the balance sheet: Liabilities (1,669) (1,635) (6,839) Assets — — — NET LIABILITY (1,669) (1,635) (6,839) |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of trade and other payables | (in thousands of USD) December 31, 2023 December 31, 2022 Derivatives 146 404 Total non-current other payables 146 404 Trade payables 42,032 24,696 Accrued expenses 43,898 35,212 Accrued payroll 2,724 2,121 Dividends payable 16,301 547 Accrued interest — 8,910 Deferred income 17,355 17,542 Other payables 1,703 1,441 Total current trade and other payables 124,013 90,469 |
Financial instruments - Fair _2
Financial instruments - Fair values and risk management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2022 Financial assets measured at fair value Forward exchange contracts (Note 11/13/17) 1,309 — — 1,309 — 1,309 — 1,309 Interest rate swaps (Note 11/13/17) 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 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 — — — — — 1,769,159 1,769,159 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, 2023 Financial assets measured at fair value Forward exchange contracts (Note 13 and 17) 1,515 — — 1,515 — 1,515 — 1,515 Interest rate swaps (Note 13) 1,286 — — 1,286 — 1,286 — 1,286 2,801 — — 2,801 Financial assets not measured at fair value Non-current receivables (Note 11) — 1,625 — 1,625 — — 1,536 1,536 Lease receivables (Note 11 and 13) — 2,854 — 2,854 — 2,268 — 2,268 Trade and other receivables * (Note 13) — 279,775 — 279,775 — — — — Cash and cash equivalents (Note 14) — 429,370 — 429,370 — — — — — 713,624 — 713,624 Financial liabilities measured at fair value Interest rate swaps (Note 19) 146 — — 146 — 146 — 146 146 — — 146 Financial liabilities not measured at fair value Secured bank loans (Note 17) — — 528,359 528,359 — 540,096 — 540,096 Unsecured other notes (Note 17) — — 201,952 201,952 196,563 — — 196,563 Other borrowings (Note 17) — — 163,546 163,546 — 164,261 — 164,261 Lease liabilities (Note 17) — — 36,856 36,856 — 33,359 — 33,359 Trade and other payables * (Note 19) — — 106,613 106,613 — — — — — — 1,037,326 1,037,326 * 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, 2022 Financial assets measured at fair value Forward exchange contracts (Note 11/13/17) 1,309 — — 1,309 — 1,309 — 1,309 Interest rate swaps (Note 11/13/17) 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 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 — — — — — 1,769,159 1,769,159 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, 2023 Financial assets measured at fair value Forward exchange contracts (Note 13 and 17) 1,515 — — 1,515 — 1,515 — 1,515 Interest rate swaps (Note 13) 1,286 — — 1,286 — 1,286 — 1,286 2,801 — — 2,801 Financial assets not measured at fair value Non-current receivables (Note 11) — 1,625 — 1,625 — — 1,536 1,536 Lease receivables (Note 11 and 13) — 2,854 — 2,854 — 2,268 — 2,268 Trade and other receivables * (Note 13) — 279,775 — 279,775 — — — — Cash and cash equivalents (Note 14) — 429,370 — 429,370 — — — — — 713,624 — 713,624 Financial liabilities measured at fair value Interest rate swaps (Note 19) 146 — — 146 — 146 — 146 146 — — 146 Financial liabilities not measured at fair value Secured bank loans (Note 17) — — 528,359 528,359 — 540,096 — 540,096 Unsecured other notes (Note 17) — — 201,952 201,952 196,563 — — 196,563 Other borrowings (Note 17) — — 163,546 163,546 — 164,261 — 164,261 Lease liabilities (Note 17) — — 36,856 36,856 — 33,359 — 33,359 Trade and other payables * (Note 19) — — 106,613 106,613 — — — — — — 1,037,326 1,037,326 * 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 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 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) 2023 2022 Not past due 266,613 320,823 Past due 0-30 days 12,060 16,560 Past due 31-365 days 26,781 26,820 More than one year 1,656 2,585 Total trade and other receivables 307,111 366,789 |
Schedule and maturity of non-derivative liabilities | (in thousands of USD) 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 Bank loans Other notes Lease liabilities Other borrowings Total 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 At January 1, 2023 1,333,183 197,556 28,679 136,862 1,696,280 New loans 2,124,850 — 2,312 569,277 2,696,439 Scheduled repayments (72,644) — (21,311) (544,856) (638,811) Early repayments (2,861,080) — — — (2,861,080) Remeasurement — — 27,158 — 27,158 Other changes 4,050 4,396 — (346) 8,100 Translation differences — — 18 2,609 2,627 Balance at December 31, 2023 528,359 201,952 36,856 163,546 930,713 More than 5 years 30,203 — 206 — 30,409 Between 1 and 5 years 332,032 198,219 3,157 71,248 604,656 More than 1 year 362,235 198,219 3,363 71,248 635,065 Less than 1 year 166,124 3,733 33,493 92,298 295,648 Balance at December 31, 2023 528,359 201,952 36,856 163,546 930,713 The following are the remaining contractual maturities of financial liabilities: Contractual cash flows December 31, 2022 (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) 1,530,739 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 Contractual cash flows December 31, 2023 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) 730,311 837,126 217,328 587,681 32,117 Other borrowings (Note 17) 163,546 214,641 99,058 40,363 75,220 Lease liabilities (Note 17) 36,856 37,732 33,806 3,651 276 Current trade and other payables * (Note 19) 106,613 106,613 106,613 — — 1,037,326 1,196,112 456,805 631,694 107,613 Derivative financial liabilities Interest rate swaps (Note 19) 146 (9) (876) 797 70 146 (9) (876) 797 70 * 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, 2022 (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) 1,530,739 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 Contractual cash flows December 31, 2023 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) 730,311 837,126 217,328 587,681 32,117 Other borrowings (Note 17) 163,546 214,641 99,058 40,363 75,220 Lease liabilities (Note 17) 36,856 37,732 33,806 3,651 276 Current trade and other payables * (Note 19) 106,613 106,613 106,613 — — 1,037,326 1,196,112 456,805 631,694 107,613 Derivative financial liabilities Interest rate swaps (Note 19) 146 (9) (876) 797 70 146 (9) (876) 797 70 * 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) 2023 2022 2021 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 20,252 (20,252) 21,348 (21,348) 21,270 (21,270) Profit or Loss Equity 50 BP 50 BP 50 BP 50 BP (effect in thousands of USD) Increase Decrease Increase Decrease 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) December 31, 2023 Variable rate instruments (7,130) 7,129 — — Interest rate swaps — — 1,376 (1,376) Cash Flow Sensitivity (Net) (7,130) 7,129 1,376 (1,376) (in thousands of USD) 2023 2022 2021 Equity 607 648 683 Profit or loss (13,356) (10,994) (9,573) |
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) 2023 2022 FIXED RATE INSTRUMENTS Financial assets 850 850 Financial liabilities 238,808 312,434 239,658 313,284 VARIABLE RATE INSTRUMENTS Financial liabilities 691,905 1,383,847 691,905 1,383,847 |
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 2023 about 19.1% (2022: 15.4% and 2021: 13.9% ) 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, 2023 December 31, 2022 December 31, 2021 EUR USD EUR USD EUR USD Trade payables (5,888) (36,144) (6,653) (18,043) (5,680) (20,332) Operating expenses (122,878) (538,317) (103,339) (568,357) (101,039) (625,627) Treasury Notes (87,106) (700) (50,664) — (104,006) — |
Disclosure of detailed information about hedging instruments | The hedging instruments were as follows: 2023 (in thousands of USD) Notional Value Fair Value - Assets Fair Value - Liabilities Change in FV recognized in OCI Recycled into P&L Interest rate swaps $173.6 million facility - Cap Quebec and Cap Pembroke — — — (314) (1,456) $173.6 million facility - Cap Corpus Christi and Cap Port Arthur — — — (1,256) (3,860) $713.0 million facility — — — (4,823) (12,599) $73.45 million facility - Cedar and Cypress — — — (298) (5,167) $150.0 million facility 93,607 1,286 146 (1,108) — $447.0 million facility — — — 1,635 (1,635) Fx swaps Fx Euro hedge — — — — (1,032) Total 93,607 1,286 146 (6,164) (25,749) 2022 (in thousands of USD) Notional Value Fair Value - Assets Fair Value - Liabilities Change in FV 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 $73.5 million facility - Cedar and Cypress 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 Total 536,532 33,558 — 32,293 At December 31, 2023, 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 (22,916) (18,039) (50,392) Average fixed interest rate 3.26 % 3.26 % 3.26 % 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 % The amounts at the reporting date relating to items designated as hedged items were as follows: December 31, 2023 December 31, 2022 (in thousands of USD) Change in value used for calculating hedge ineffectiveness Recycled into P&L Cash flow hedge reserve Change in value used for calculating hedge ineffectiveness Cash flow hedge reserve Interest rate risk Variable-rate instruments 6,164 24,717 1,140 (29,159) 32,021 Cap option — — — (466) — Fx rate risk Fx Swaps — 1,032 — (1,032) 1,032 The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows: 2023 During the period 2023 (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 Recycled into P&L Hedge ineffectiveness recognized in profit or loss Line item in profit or loss that includes hedge ineffectiveness Interest rate risk Interest rate swaps 93,607 1,286 146 Trade and other current receivables, Non-current other payables (6,164) (24,717) 37 Finance expenses Fx rate risk Fx Swaps — — — Trade and other current receivables — (1,032) — Finance expenses 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, Trade and other current payables 29,159 (507) Finance expenses Cap options — — — Trade and other receivables 466 — Finance expenses Fx rate risk Fx swaps 18,398 1,032 — Trade and other current receivables 1,032 — 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, 2023 33,053 Cash flow hedges Change in fair value interest rate risk (6,164) Recycled into P&L (25,749) Change in fair value fx risk — Balance at December 31, 2023 1,140 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 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 Less than one year 4,547 22,667 Between one and five years 19,130 11,212 More than five years 52,828 — Total future lease payables 76,505 33,878 The future lease payments for these leaseback agreements are as follows: (in thousands of USD) December 31, 2023 December 31, 2022 Less than 1 year 30,495 25,955 Between 1 and 5 years — 1,170 Total future lease payments 30,495 27,125 |
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, 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 (in thousands of USD) Bareboats Time charters Office rental Company cars Total Balance at January 1, 2023 8,421 11,081 1,640 351 21,493 Additions to right-of-use assets — — 2,312 — 2,312 Depreciation charge for the year (7,371) (9,438) (1,018) (212) (18,040) Derecognition of right-of-use assets — — (445) — (445) Remeasurement 29,245 (1,642) — — 27,603 Translation differences — — 11 2 13 Balance at December 31, 2023 30,295 — 2,499 141 32,936 |
Operating lease expenses recognized in profit and loss | Amounts recognized in profit or loss (in thousands of USD) 2023 2022 Interest on lease liabilities (631) (1,237) Depreciation right-of-use assets (18,040) (21,509) Low-value leases (451) (173) |
Amounts recognized in the statement of cash flows | Amounts recognized in statement of cash flows (in thousands of USD) 2023 2022 Total cash outflow for leases (21,942) (25,527) Total cash inflow for leases 1,706 2,036 |
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, 2023 December 31, 2022 Less than one year 162,100 121,978 Between one and five years 300,183 326,228 More than five years 241,383 306,505 Total future lease receivables 703,666 754,710 |
Separation of lease and non-lease components of contract | (in thousands of USD) 2023 2022 Lease component of revenue from time charter-out 457,750 487,686 Non-lease component of revenue from time charter-out 245,916 267,024 Total future lease receivables 703,666 754,710 |
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, 2023 December 31, 2022 Less than 1 year 1,689 1,869 One to two years 1,285 1,689 Two to three years — 1,285 Total undiscounted lease receivables 2,974 4,843 |
Provisions and contingencies (T
Provisions and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Schedule of provisions | (in thousands of USD) Onerous contract Total 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 Balance at January 1, 2023 892 892 Provisions used during the year (294) (294) Balance at December 31, 2023 598 598 Non-current 274 274 Current 324 324 Total 598 598 |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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) 2023 2022 2021 Total remuneration 1,441 977 977 (in thousands of EUR) 2023 2022 2021 Total fixed remuneration 2,456 2,724 2,068 of which Cost of pension 24 28 28 Other benefits — 810 — Total variable remuneration 8,500 7,320 1,606 of which Share-based payments 3,218 5,757 911 Termination benefits 3,642 — — The remuneration of the CEO can be summarized as follows: (in thousands of EUR) 2023 2022 2021 Total fixed remuneration 471 624 624 of which Cost of pension — — — Other benefits — — — Total variable remuneration 4,163 3,628 903 of which Share-based payments 1,811 2,966 568 Termination benefits 1,690 — — 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 As of and for the year ended December 31, 2023 (in thousands of USD) Trade receivables Trade payables Shareholders Loan Turnover Dividend Income Bari Shipholding Ltd 46 — 850 — — Bastia Shipholding Ltd — — — — 150 Tankers Agencies (UK) Ltd — 103 — — — Total 46 103 850 — 150 |
Share-based payment arrangeme_2
Share-based payment arrangements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 | |
Interests in Other Entities [Abstract] | |
Disclosure of interests in subsidiaries | Country of incorporation Consolidation method Ownership interest December 31, 2023 December 31, 2022 December 31, 2021 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Euronav NV, Antwerp, Geneva (branch office) Euronav NV, London (branch office) Subsidiaries 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 % 100.00 % NA TI Asia Ltd Hong Kong full 100.00 % 100.00 % NA Joint ventures TI Africa Ltd Hong Kong equity NA NA 50.00 % TI Asia Ltd Hong Kong equity NA NA 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, 2023 December 31, 2022 December 31, 2021 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Euronav NV, Antwerp, Geneva (branch office) Euronav NV, London (branch office) Subsidiaries 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 % 100.00 % NA TI Asia Ltd Hong Kong full 100.00 % 100.00 % NA Joint ventures TI Africa Ltd Hong Kong equity NA NA 50.00 % TI Asia Ltd Hong Kong equity NA NA 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, 2023 December 31, 2022 Assets Interest in joint ventures 518 1,423 Interest in associates — — TOTAL ASSETS 518 1,423 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) 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 Asset (in thousands of USD) Tankers Agencies (UK) Ltd (see Note 25) TI LLC (see Note 25) Bari Shipholding Ltd Total At December 31, 2023 Percentage ownership interest 50 % 50 % 50 % Non-Current assets 1,754 — — 1,754 of which vessel — — — — Current Assets 391,037 150 118 391,305 of which cash and cash equivalents 3,046 — 88 3,134 Non Current Liabilities 1,360 — 1,700 3,060 of which bank loans — — — — Current Liabilities 390,323 66 114 390,503 of which bank loans 42,500 — — 42,500 Net assets (100%) 1,108 84 (1,696) (503) Group's share of net assets 675 49 (848) (123) Shareholders loans to joint venture — — 850 850 Net Carrying amount of interest in joint venture 675 49 — 725 Remaining shareholders loan to joint venture — — 2 2 Revenue 1,685,928 — — 1,685,928 Depreciations and amortization (84) — — (84) Interest expense (2,806) — — (2,806) Income tax expense (79) — — (79) Profit (loss) for the period (100%) (1,445) (43) (43) (1,532) Other comprehensive income (100%) — — — — Group's share of profit (loss) for the period (880) (25) (22) (927) Group's share of other comprehensive income — — — — (in thousands of USD) 2023 2022 Cash and cash equivalents of the joint ventures 3,134 2,554 Group's share of cash and cash equivalents 1,902 1,547 |
Equity-accounted investees (Tab
Equity-accounted investees (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Interests in Other Entities [Abstract] | |
Disclosure of interests in associates | (in thousands of USD) December 31, 2023 December 31, 2022 Assets Interest in joint ventures 518 1,423 Interest in associates — — TOTAL ASSETS 518 1,423 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 51,703 33,936 Offset investment with shareholders loan — — Balance at January 1, 2021 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 31,694 Offset investment with shareholders loan 1,451 (1,451) Balance at December 31, 2021 72,446 30,242 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 Reclassification of associate to joint venture (Note 23) — (32,844) Business combinations (83,186) — Gross balance 597 850 Offset investment with shareholders loan 826 (826) Balance at December 31, 2022 1,423 24 ASSET (in thousands of USD) Investments in equity accounted investees Shareholders loans Reversal prior year offset investment with shareholders loan (826) 826 Group's share of profit (loss) for the period (927) — Gross balance (329) 850 Offset investment with shareholders loan 848 (848) Balance at December 31, 2023 518 2 |
Disclosure of joint ventures | Joint venture Segment Description 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, liquidation is in process 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, 2023 December 31, 2022 December 31, 2021 Parent Euronav NV Belgium full 100.00 % 100.00 % 100.00 % Euronav NV, Antwerp, Geneva (branch office) Euronav NV, London (branch office) Subsidiaries 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 % 100.00 % NA TI Asia Ltd Hong Kong full 100.00 % 100.00 % NA Joint ventures TI Africa Ltd Hong Kong equity NA NA 50.00 % TI Asia Ltd Hong Kong equity NA NA 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, 2023 December 31, 2022 Assets Interest in joint ventures 518 1,423 Interest in associates — — TOTAL ASSETS 518 1,423 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) 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 Asset (in thousands of USD) Tankers Agencies (UK) Ltd (see Note 25) TI LLC (see Note 25) Bari Shipholding Ltd Total At December 31, 2023 Percentage ownership interest 50 % 50 % 50 % Non-Current assets 1,754 — — 1,754 of which vessel — — — — Current Assets 391,037 150 118 391,305 of which cash and cash equivalents 3,046 — 88 3,134 Non Current Liabilities 1,360 — 1,700 3,060 of which bank loans — — — — Current Liabilities 390,323 66 114 390,503 of which bank loans 42,500 — — 42,500 Net assets (100%) 1,108 84 (1,696) (503) Group's share of net assets 675 49 (848) (123) Shareholders loans to joint venture — — 850 850 Net Carrying amount of interest in joint venture 675 49 — 725 Remaining shareholders loan to joint venture — — 2 2 Revenue 1,685,928 — — 1,685,928 Depreciations and amortization (84) — — (84) Interest expense (2,806) — — (2,806) Income tax expense (79) — — (79) Profit (loss) for the period (100%) (1,445) (43) (43) (1,532) Other comprehensive income (100%) — — — — Group's share of profit (loss) for the period (880) (25) (22) (927) Group's share of other comprehensive income — — — — (in thousands of USD) 2023 2022 Cash and cash equivalents of the joint ventures 3,134 2,554 Group's share of cash and cash equivalents 1,902 1,547 |
Major exchange rates (Tables)
Major exchange rates (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 December 31, 2021 2023 2022 2021 EUR 1.1050 1.0666 1.1326 1.0797 1.0555 1.1894 GBP 1.2715 1.2026 1.3479 1.2408 1.2415 1.3778 |
Material accounting policies -
Material accounting policies - Reporting Entity (Details) | 12 Months Ended | ||
Nov. 22, 2023 | Dec. 31, 2023 company storage_unit | Oct. 09, 2023 shareholder vessel | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Number of companies entity grew out of | company | 3 | ||
Proportion of ownership interest in subsidiary | 100% | ||
CMB | Euronav NV | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Percentage of ownership interest acquired | 0.2612 | ||
Proportion of ownership interest in subsidiary | 49.05% | 49.05% | |
CMB | CMB.TECH NV | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Proportion of ownership interest in subsidiary | 100% | ||
24 VLCC tankers | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Number of shareholders involved in transaction | shareholder | 2 | ||
Number of vessels sold | vessel | 24 | ||
FSOs | North Oil Company | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Number of floating storage units under service contracts | storage_unit | 2 |
Material accounting policies _2
Material accounting policies - Judgements (Details) | 12 Months Ended |
Dec. 31, 2023 | |
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 |
Forecast | tankers | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 20 years |
Material accounting policies _3
Material accounting policies - Assumptions and estimation uncertainties (Details) | 12 Months Ended |
Dec. 31, 2023 | |
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 |
Material accounting policies _4
Material accounting policies - Financial liabilities (Details) $ in Thousands | 12 Months Ended | |||
Dec. 30, 2019 vessel | Dec. 31, 2023 USD ($) vessel | Nov. 07, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||
Notional Value | $ 93,607 | $ 536,532 | ||
Sale and leaseback agreement | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Number of bareboat-in vessels | vessel | 3 | 3 | ||
Global Refinancing facility | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Notional Value | $ 1,290,000 |
Material accounting policies _5
Material accounting policies - Derivative financial instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [line items] | ||
Notional Value | $ 93,607 | $ 536,532 |
$150 million facility | ||
Disclosure of detailed information about borrowings [line items] | ||
Notional Value | $ 150,000 |
Material accounting policies _6
Material accounting policies - Goodwill and intangible assets (Details) | 12 Months Ended |
Dec. 31, 2023 | |
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 |
Material accounting policies _7
Material accounting policies - Vessels, property, plant and equipment (Details) | 1 Months Ended | 12 Months Ended | |
Dec. 30, 2019 vessel | Nov. 30, 2020 | Dec. 31, 2023 $ / 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 | ||
Sale and leaseback agreement | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Number of bareboat-in vessels | vessel | 3 | 3 | |
tankers | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful life | 20 years | ||
FSO/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 |
Material accounting policies _8
Material accounting policies - Impairment (Details) - joint_venture | 1 Months Ended | 12 Months Ended |
Nov. 30, 2020 | Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
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 |
Material accounting policies _9
Material accounting policies - Segment reporting (Details) | 12 Months Ended |
Dec. 31, 2023 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 ($) | Mar. 24, 2022 USD ($) | Dec. 31, 2023 USD ($) segment clients | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 21, 2022 | |
Disclosure of operating segments [line items] | ||||||
Number of operating segments | segment | 2 | |||||
Acquisitions | $ 370,155 | $ 628,320 | $ 436,680 | |||
Consideration paid (received) | $ (21,500) | |||||
Intangible assets (Note 9) | $ 14,194 | 15,746 | 186 | |||
TI Asia Ltd and TI Africa Ltd | ||||||
Disclosure of operating segments [line items] | ||||||
Proportion of ownership interest in joint venture | 50% | |||||
TI Asia Ltd and TI Africa Ltd | ||||||
Disclosure of operating segments [line items] | ||||||
Percentage of voting equity interests acquired | 50% | 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 | $ 295,568 | $ 448,850 | $ 56,111 | |||
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 | 6% | 8% | 11% | |||
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | |||
Vessels | $ 1,629,570 | $ 3,057,933 | |
Assets under construction | 106,513 | 228,429 | |
Right-of-use assets | 32,936 | 21,493 | $ 29,001 |
Other tangible assets | 644 | 762 | |
Intangible assets | 14,194 | 15,746 | 186 |
Receivables | 2,888 | 34,825 | |
Investments in equity accounted investees (Note 26) | 518 | 1,423 | |
Deferred tax assets | 280 | 1,403 | |
Total non-current assets | 1,787,543 | 3,362,014 | |
Total current assets | 1,631,737 | 607,059 | |
TOTAL ASSETS | 3,419,280 | 3,969,073 | |
EQUITY and LIABILITIES | |||
Total equity | 2,357,373 | 2,173,465 | |
Bank and other loans | 362,235 | 1,264,243 | |
Other notes | 198,219 | 197,556 | |
Other borrowings | 71,248 | 71,011 | |
Lease liabilities | 3,363 | 5,824 | |
Other payables | 146 | 404 | |
Employee benefits | 1,669 | 1,635 | $ 6,839 |
Provisions | 274 | 597 | |
Total non-current liabilities | 637,154 | 1,541,270 | |
Total current liabilities | 424,753 | 254,338 | |
TOTAL EQUITY and LIABILITIES | 3,419,280 | 3,969,073 | |
Operating segments | Tankers | |||
ASSETS | |||
Vessels | 1,434,095 | 2,846,780 | |
Assets under construction | 106,513 | 228,429 | |
Right-of-use assets | 32,936 | 21,493 | |
Other tangible assets | 644 | 762 | |
Intangible assets | 94 | 89 | |
Receivables | 2,463 | 33,297 | |
Investments in equity accounted investees (Note 26) | 1,366 | 2,249 | |
Deferred tax assets | 280 | 1,403 | |
Total non-current assets | 1,578,391 | 3,134,502 | |
Total current assets | 1,617,572 | 591,130 | |
TOTAL ASSETS | 3,195,963 | 3,725,632 | |
EQUITY and LIABILITIES | |||
Total equity | 2,261,064 | 2,076,976 | |
Bank and other loans | 256,539 | 1,141,378 | |
Other notes | 198,219 | 197,556 | |
Other borrowings | 71,248 | 71,011 | |
Lease liabilities | 3,363 | 5,824 | |
Other payables | 0 | 0 | |
Employee benefits | 1,669 | 1,635 | |
Provisions | 274 | 597 | |
Total non-current liabilities | 531,312 | 1,418,001 | |
Total current liabilities | 403,587 | 230,655 | |
TOTAL EQUITY and LIABILITIES | 3,195,963 | 3,725,632 | |
Operating segments | FSO | |||
ASSETS | |||
Vessels | 195,475 | 211,153 | |
Assets under construction | 0 | 0 | |
Right-of-use assets | 0 | 0 | |
Other tangible assets | 0 | 0 | |
Intangible assets | 14,100 | 15,657 | |
Receivables | 0 | 1,092 | |
Investments in equity accounted investees (Note 26) | 0 | 0 | |
Deferred tax assets | 0 | 0 | |
Total non-current assets | 209,575 | 227,902 | |
Total current assets | 15,528 | 16,311 | |
TOTAL ASSETS | 225,103 | 244,213 | |
EQUITY and LIABILITIES | |||
Total equity | 96,309 | 96,489 | |
Bank and other loans | 106,121 | 123,290 | |
Other notes | 0 | 0 | |
Other borrowings | 0 | 0 | |
Lease liabilities | 0 | 0 | |
Other payables | 146 | 404 | |
Employee benefits | 0 | 0 | |
Provisions | 0 | 0 | |
Total non-current liabilities | 106,267 | 123,694 | |
Total current liabilities | 22,527 | 24,030 | |
TOTAL EQUITY and LIABILITIES | 225,103 | 244,213 | |
Equity-accounted investees | |||
ASSETS | |||
Vessels | 0 | 0 | |
Assets under construction | 0 | 0 | |
Right-of-use assets | 0 | 0 | |
Other tangible assets | 0 | 0 | |
Intangible assets | 0 | 0 | |
Receivables | (425) | (436) | |
Investments in equity accounted investees (Note 26) | 848 | 826 | |
Deferred tax assets | 0 | 0 | |
Total non-current assets | 423 | 390 | |
Total current assets | 1,363 | 382 | |
TOTAL ASSETS | 1,786 | 772 | |
EQUITY and LIABILITIES | |||
Total equity | 0 | 0 | |
Bank and other loans | 425 | 425 | |
Other notes | 0 | 0 | |
Other borrowings | 0 | 0 | |
Lease liabilities | 0 | 0 | |
Other payables | 0 | 0 | |
Employee benefits | 0 | 0 | |
Provisions | 0 | 0 | |
Total non-current liabilities | 425 | 425 | |
Total current liabilities | 1,361 | 347 | |
TOTAL EQUITY and LIABILITIES | $ 1,786 | $ 772 |
Segment reporting - Consolida_2
Segment reporting - Consolidated Statement of Profit or Loss By Operating Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shipping income | |||
Revenue | $ 1,235,127 | $ 854,669 | $ 419,770 |
Gains on disposal of vessels/other tangible assets | 372,444 | 96,160 | 15,068 |
Other operating income | 23,316 | 15,141 | 10,255 |
Total shipping income | 1,630,887 | 965,970 | 445,093 |
Operating expenses | |||
Voyage expenses and commissions | (142,090) | (175,187) | (118,808) |
Vessel operating expenses | (231,033) | (216,094) | (220,706) |
Charter hire expenses | (4,500) | (5,769) | (9,750) |
Losses on disposal of vessels/other tangible assets | 0 | (347) | 0 |
Depreciation tangible assets | (219,428) | (221,576) | (344,904) |
Depreciation intangible assets (Note 9) | (1,612) | (1,021) | (90) |
General and administrative expenses | (62,532) | (51,702) | (32,408) |
Total operating expenses | (661,195) | (671,696) | (726,666) |
RESULT FROM OPERATING ACTIVITIES | 969,692 | 294,274 | (281,573) |
Finance income | 67,168 | 27,140 | 14,934 |
Finance expenses | (171,897) | (133,009) | (95,541) |
Net finance expenses | (104,729) | (105,869) | (80,607) |
Share of profit (loss) of equity accounted investees (net of income tax) | (927) | 17,650 | 22,976 |
PROFIT (LOSS) BEFORE INCOME TAX | 864,036 | 206,055 | (339,204) |
Income tax expense | (6,009) | (2,804) | 427 |
PROFIT (LOSS) FOR THE PERIOD | 858,027 | 203,251 | (338,777) |
Attributable to: | |||
Owners of the company | 858,027 | 203,251 | (338,777) |
Operating segments | Tankers | |||
Shipping income | |||
Revenue | 1,172,725 | 810,122 | 422,649 |
Gains on disposal of vessels/other tangible assets | 372,444 | 99,437 | 15,068 |
Other operating income | 17,447 | 12,208 | 10,111 |
Total shipping income | 1,562,616 | 921,767 | 447,828 |
Operating expenses | |||
Voyage expenses and commissions | (142,090) | (176,146) | (122,374) |
Vessel operating expenses | (205,013) | (202,765) | (222,087) |
Charter hire expenses | (4,500) | (5,259) | (6,775) |
Losses on disposal of vessels/other tangible assets | 0 | (347) | 0 |
Depreciation tangible assets | (203,750) | (212,624) | (347,338) |
Depreciation intangible assets (Note 9) | (56) | (108) | (90) |
General and administrative expenses | (61,934) | (51,323) | (32,441) |
Total operating expenses | (617,343) | (648,572) | (731,105) |
RESULT FROM OPERATING ACTIVITIES | 945,273 | 273,195 | (283,277) |
Finance income | 66,572 | 26,747 | 14,050 |
Finance expenses | (163,516) | (128,695) | (95,626) |
Net finance expenses | (96,944) | (101,948) | (81,576) |
Share of profit (loss) of equity accounted investees (net of income tax) | (905) | 92 | 380 |
PROFIT (LOSS) BEFORE INCOME TAX | 847,424 | 171,339 | (364,473) |
Income tax expense | (2,826) | (216) | 427 |
PROFIT (LOSS) FOR THE PERIOD | 844,598 | 171,123 | (364,046) |
Attributable to: | |||
Owners of the company | 844,598 | 171,123 | (364,046) |
Operating segments | FSO | |||
Shipping income | |||
Revenue | 63,236 | 66,297 | 50,132 |
Gains on disposal of vessels/other tangible assets | 0 | 0 | 0 |
Other operating income | 5,879 | 3,752 | 2,356 |
Total shipping income | 69,115 | 70,049 | 52,488 |
Operating expenses | |||
Voyage expenses and commissions | 0 | 0 | 0 |
Vessel operating expenses | (26,855) | (19,156) | (12,381) |
Charter hire expenses | 0 | 0 | 0 |
Losses on disposal of vessels/other tangible assets | 0 | 0 | 0 |
Depreciation tangible assets | (15,678) | (12,101) | (9,899) |
Depreciation intangible assets (Note 9) | (1,556) | (913) | 0 |
General and administrative expenses | (629) | (508) | (330) |
Total operating expenses | (44,718) | (32,678) | (22,610) |
RESULT FROM OPERATING ACTIVITIES | 24,397 | 37,371 | 29,878 |
Finance income | 596 | 313 | 0 |
Finance expenses | (8,381) | (4,569) | (1,971) |
Net finance expenses | (7,785) | (4,256) | (1,971) |
Share of profit (loss) of equity accounted investees (net of income tax) | 0 | 0 | 0 |
PROFIT (LOSS) BEFORE INCOME TAX | 16,612 | 33,115 | 27,907 |
Income tax expense | (3,183) | (987) | (2,638) |
PROFIT (LOSS) FOR THE PERIOD | 13,429 | 32,128 | 25,269 |
Attributable to: | |||
Owners of the company | 13,429 | 32,128 | 25,269 |
Equity-accounted investees | |||
Shipping income | |||
Revenue | 834 | 21,750 | 53,011 |
Gains on disposal of vessels/other tangible assets | 0 | 3,277 | 0 |
Other operating income | 10 | 819 | 2,212 |
Total shipping income | 844 | 25,846 | 55,223 |
Operating expenses | |||
Voyage expenses and commissions | 0 | (959) | (3,566) |
Vessel operating expenses | (835) | (5,827) | (13,762) |
Charter hire expenses | 0 | 510 | 2,975 |
Losses on disposal of vessels/other tangible assets | 0 | 0 | 0 |
Depreciation tangible assets | 0 | (3,149) | (12,333) |
Depreciation intangible assets (Note 9) | 0 | 0 | 0 |
General and administrative expenses | (31) | (129) | (363) |
Total operating expenses | (866) | (9,554) | (27,049) |
RESULT FROM OPERATING ACTIVITIES | (22) | 16,292 | 28,174 |
Finance income | 0 | (80) | (884) |
Finance expenses | 0 | (255) | (2,056) |
Net finance expenses | 0 | (335) | (2,940) |
Share of profit (loss) of equity accounted investees (net of income tax) | 22 | (17,558) | (22,596) |
PROFIT (LOSS) BEFORE INCOME TAX | 0 | (1,601) | 2,638 |
Income tax expense | 0 | 1,601 | (2,638) |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||
Net cash from (used in) operating activities | $ 837,380 | $ 255,553 | $ (25,305) |
Net cash from (used in) investing activities | 869,680 | (158,845) | (353,246) |
Net cash from (used in) financing activities | (1,460,887) | (62,895) | 373,893 |
Capital expenditure | (338,662) | (540,240) | (413,319) |
Right-of-use assets | 32,936 | 21,493 | 29,001 |
Operating segments | Tankers | |||
Disclosure of operating segments [line items] | |||
Net cash from (used in) operating activities | 807,865 | 230,207 | (32,132) |
Net cash from (used in) investing activities | 869,680 | (132,942) | (351,767) |
Net cash from (used in) financing activities | (1,431,449) | (65,916) | (378,528) |
Capital expenditure | (338,662) | (395,802) | (413,319) |
Right-of-use assets | 32,936 | 21,493 | |
Operating segments | FSO | |||
Disclosure of operating segments [line items] | |||
Net cash from (used in) operating activities | 29,507 | 33,474 | 35,532 |
Net cash from (used in) investing activities | 0 | (134,402) | 0 |
Net cash from (used in) financing activities | (29,438) | 101,582 | (35,259) |
Capital expenditure | 0 | (144,438) | 0 |
Right-of-use assets | 0 | 0 | |
Equity-accounted investees | |||
Disclosure of operating segments [line items] | |||
Net cash from (used in) operating activities | (8) | 8,128 | 28,705 |
Net cash from (used in) investing activities | 0 | (108,499) | 1,479 |
Net cash from (used in) financing activities | 0 | 98,561 | (787,680) |
Capital expenditure | 0 | 0 | $ 0 |
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 ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets held for sale beginning balance | $ 18,459 | $ 0 | |
Assets held for sale ending balance | 871,876 | 18,459 | $ 0 |
Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
(Expected) Gain | 411,044 | 22,064 | 0 |
Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets held for sale beginning balance | 18,459 | 0 | |
Assets held for sale ending balance | 870,844 | 18,459 | 0 |
tankers | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets held for sale beginning balance | 18,459 | 0 | |
Assets held for sale ending balance | 870,844 | 18,459 | 0 |
FSO | Vessels | |||
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 |
Corporate | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets held for sale beginning balance | 0 | 0 | |
Assets held for sale ending balance | 1,032 | 0 | 0 |
Corporate | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 1,031 | ||
Corporate | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
(Expected) Gain | 969 | ||
Book Value | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets held for sale beginning balance | 18,459 | 0 | |
Assets held for sale ending balance | 871,876 | 18,459 | 0 |
Book Value | Corporate | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 1,031 | ||
Impairment Loss | |||
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 |
Impairment Loss | Corporate | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 0 | ||
(Estimated) Net sale price | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets held for sale beginning balance | 40,523 | 0 | |
Assets held for sale ending balance | 1,282,920 | 40,523 | $ 0 |
(Estimated) Net sale price | Corporate | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 2,000 | ||
Cap Charles | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 18,459 | ||
Assets sold from assets held for sale | (18,459) | ||
Cap Charles | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
(Expected) Gain | (22,064) | 22,064 | |
Cap Charles | Book Value | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 18,459 | ||
Assets sold from assets held for sale | (18,459) | ||
Cap Charles | Impairment Loss | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 0 | ||
Assets sold from assets held for sale | 0 | ||
Cap Charles | (Estimated) Net sale price | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | $ 40,523 | ||
Assets sold from assets held for sale | (40,523) | ||
Alice | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 61,626 | ||
Alice | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
(Expected) Gain | 24,528 | ||
Alice | Book Value | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 61,626 | ||
Alice | Impairment Loss | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 0 | ||
Alice | (Estimated) Net sale price | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 86,153 | ||
Anne | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 62,820 | ||
Anne | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
(Expected) Gain | 23,797 | ||
Anne | Book Value | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 62,820 | ||
Anne | Impairment Loss | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 0 | ||
Anne | (Estimated) Net sale price | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 86,617 | ||
Aquitaine | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 58,657 | ||
Aquitaine | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
(Expected) Gain | 31,796 | ||
Aquitaine | Book Value | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 58,657 | ||
Aquitaine | Impairment Loss | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 0 | ||
Aquitaine | (Estimated) Net sale price | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 90,453 | ||
Dominica | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 52,826 | ||
Dominica | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
(Expected) Gain | 30,014 | ||
Dominica | Book Value | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 52,826 | ||
Dominica | Impairment Loss | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 0 | ||
Dominica | (Estimated) Net sale price | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 82,840 | ||
Desirade | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 56,071 | ||
Desirade | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
(Expected) Gain | 30,082 | ||
Desirade | Book Value | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 56,071 | ||
Desirade | Impairment Loss | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 0 | ||
Desirade | (Estimated) Net sale price | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 86,153 | ||
Alboran | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 56,367 | ||
Alboran | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
(Expected) Gain | 30,136 | ||
Alboran | Book Value | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 56,367 | ||
Alboran | Impairment Loss | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 0 | ||
Alboran | (Estimated) Net sale price | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 86,503 | ||
Aral | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 56,445 | ||
Aral | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
(Expected) Gain | 30,352 | ||
Aral | Book Value | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 56,445 | ||
Aral | Impairment Loss | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 0 | ||
Aral | (Estimated) Net sale price | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 86,797 | ||
Andaman | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 56,636 | ||
Andaman | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
(Expected) Gain | 30,494 | ||
Andaman | Book Value | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 56,636 | ||
Andaman | Impairment Loss | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 0 | ||
Andaman | (Estimated) Net sale price | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 87,130 | ||
Hatteras | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 59,368 | ||
Hatteras | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
(Expected) Gain | 30,969 | ||
Hatteras | Book Value | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 59,368 | ||
Hatteras | Impairment Loss | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 0 | ||
Hatteras | (Estimated) Net sale price | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 90,337 | ||
Delos | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 83,611 | ||
Delos | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
(Expected) Gain | 29,409 | ||
Delos | Book Value | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 83,611 | ||
Delos | Impairment Loss | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 0 | ||
Delos | (Estimated) Net sale price | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 113,020 | ||
Doris | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 84,438 | ||
Doris | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
(Expected) Gain | 28,892 | ||
Doris | Book Value | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 84,438 | ||
Doris | Impairment Loss | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 0 | ||
Doris | (Estimated) Net sale price | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 113,330 | ||
Derius | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 81,458 | ||
Derius | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
(Expected) Gain | 23,212 | ||
Derius | Book Value | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 81,458 | ||
Derius | Impairment Loss | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 0 | ||
Derius | (Estimated) Net sale price | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 104,670 | ||
Camus | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 92,228 | ||
Camus | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
(Expected) Gain | 31,569 | ||
Camus | Book Value | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 92,228 | ||
Camus | Impairment Loss | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 0 | ||
Camus | (Estimated) Net sale price | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 123,797 | ||
Oceania | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets held for sale beginning balance | |||
Assets held for sale ending balance | 8,300 | ||
Oceania | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 8,294 | ||
Oceania | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
(Expected) Gain | 34,826 | ||
Oceania | Book Value | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 8,294 | ||
Oceania | Impairment Loss | Vessels | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | 0 | ||
Oceania | (Estimated) Net sale price | Vessels | Forecast | |||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | |||
Assets transferred to assets held for sale | $ 43,120 |
Assets and liabilities held f_4
Assets and liabilities held for sale and discontinued operations - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 20, 2024 USD ($) | Nov. 08, 2023 USD ($) T | Dec. 14, 2022 USD ($) T | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) vessel operation | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) vessel operation | Dec. 31, 2022 USD ($) operation | Dec. 31, 2021 USD ($) | Oct. 09, 2023 USD ($) shareholder vessel | |
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||||||||||
Proceeds from the sale of vessels (Note 8) | $ 1,206,636 | $ 356,730 | $ 55,844 | |||||||
Non-current assets or disposal groups classified as held for sale | $ 871,876 | $ 871,876 | $ 18,459 | 0 | ||||||
Number of discontinued operations | operation | 0 | 0 | 0 | |||||||
Corporate | ||||||||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||||||||||
Proceeds from the sale of vessels (Note 8) | $ 2,000 | |||||||||
Non-current assets or disposal groups classified as held for sale | $ 1,032 | 1,032 | $ 0 | 0 | ||||||
Net capital gain | 1,000 | |||||||||
Forecast | ||||||||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||||||||||
(Expected) Gain | $ 411,044 | $ 22,064 | $ 0 | |||||||
24 VLCC tankers | ||||||||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||||||||||
Non-current assets or disposal groups classified as held for sale | $ 862,600 | |||||||||
Number of shareholders involved in transaction | shareholder | 2 | |||||||||
Number of vessels sold | vessel | 24 | |||||||||
Receivables from contracts with customers | $ 2,350,000 | |||||||||
Number of vessels delivered | vessel | 11 | 11 | ||||||||
Number of vessels transferred to assets held for sale | vessel | 13 | 13 | ||||||||
(Expected) Gain | $ 323,300 | |||||||||
24 VLCC tankers | Forecast | ||||||||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||||||||||
(Expected) Gain | $ 372,700 | |||||||||
Other disposals of assets | ||||||||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||||||||||
Net capital gain | $ 78,900 | |||||||||
Oceania | ||||||||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||||||||||
Property plant and equipment, boat carrying capacity | T | 441,561 | |||||||||
Proceeds from the sale of vessels (Note 8) | $ 43,100 | |||||||||
Non-current assets or disposal groups classified as held for sale | 8,300 | $ 8,300 | ||||||||
Oceania | Other disposals of assets | ||||||||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||||||||||
Gains on sale of vessel | 34,800 | |||||||||
Assets and liabilities classified as held for sale | Suezmax Cap Charles | ||||||||||
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 (Note 8) | $ 40,500 | |||||||||
Non-current assets or disposal groups classified as held for sale | $ 18,500 | |||||||||
Assets and liabilities classified as held for sale | Suezmax Cap Charles | Other disposals of assets | ||||||||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||||||||||
Gains on sale of vessel | $ 22,100 | |||||||||
Assets and liabilities classified as held for sale | Oceania | ||||||||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||||||||||
Property plant and equipment, boat carrying capacity | T | 441,561 | |||||||||
Proceeds from the sale of vessels (Note 8) | $ 43,100 | |||||||||
Non-current assets or disposal groups classified as held for sale | $ 8,300 | $ 8,300 | ||||||||
Assets and liabilities classified as held for sale | Oceania | Other disposals of assets | ||||||||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||||||||||
Gains on sale of vessel | $ 34,800 |
Revenue and other operating i_3
Revenue and other operating income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | $ 1,074,214 | $ 737,280 | $ 348,439 |
Operating lease income | 160,913 | 117,389 | 71,331 |
Total revenue | 1,235,127 | 854,669 | 419,770 |
Other operating income | 23,316 | 15,141 | 10,255 |
IFRS 16 | |||
Disclosure Of Revenue Sources [Line Items] | |||
Operating lease income | 122,818 | 91,299 | 56,273 |
IFRS 15 | |||
Disclosure Of Revenue Sources [Line Items] | |||
Operating lease income | 38,095 | 26,090 | 15,058 |
Pool Revenue | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | 639,778 | 359,920 | 136,171 |
Spot Voyages | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | 434,436 | 377,360 | 212,268 |
Time Charters | |||
Disclosure Of Revenue Sources [Line Items] | |||
Operating lease income | 160,913 | 117,389 | 71,331 |
Equity-accounted investees | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | 0 | 546 | 2,879 |
Operating lease income | 834 | 21,204 | 50,132 |
Total revenue | 834 | 21,750 | 53,011 |
Other operating income | 10 | 819 | 2,212 |
Equity-accounted investees | Pool Revenue | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | 0 | 6 | (11) |
Equity-accounted investees | Spot Voyages | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | 0 | 540 | 2,890 |
Equity-accounted investees | Time Charters | |||
Disclosure Of Revenue Sources [Line Items] | |||
Operating lease income | 834 | 21,204 | 50,132 |
Tankers | Operating segments | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | 1,074,214 | 737,826 | 351,318 |
Operating lease income | 98,511 | 72,296 | 71,331 |
Total revenue | 1,172,725 | 810,122 | 422,649 |
Other operating income | 17,447 | 12,208 | 10,111 |
Tankers | Operating segments | Pool Revenue | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | 639,778 | 359,926 | 136,160 |
Tankers | Operating segments | Spot Voyages | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | 434,436 | 377,900 | 215,158 |
Tankers | Operating segments | Time Charters | |||
Disclosure Of Revenue Sources [Line Items] | |||
Operating lease income | 98,511 | 72,296 | 71,331 |
FSO | Operating segments | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Operating lease income | 63,236 | 66,297 | 50,132 |
Total revenue | 63,236 | 66,297 | 50,132 |
Other operating income | 5,879 | 3,752 | 2,356 |
FSO | Operating segments | Pool Revenue | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
FSO | Operating segments | Spot Voyages | |||
Disclosure Of Revenue Sources [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
FSO | Operating segments | Time Charters | |||
Disclosure Of Revenue Sources [Line Items] | |||
Operating lease income | $ 63,236 | $ 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |||
Commissions paid | $ (15,202) | $ (14,778) | $ (8,014) |
Bunkers | (101,795) | (131,089) | (84,614) |
Other voyage related expenses | (25,093) | (29,320) | (26,180) |
Total voyage expenses and commissions | $ (142,090) | $ (175,187) | $ (118,808) |
Expenses for shipping activit_4
Expenses for shipping activities and other expenses from operating activities - Narrative (Details) - Forecast | 276 Months Ended | 516 Months Ended |
Dec. 31, 2030 | Dec. 31, 2050 | |
Disclosure of operating segments [line items] | ||
Percentage reduction in carbon emissions, company | 0.40 | |
Percentage reduction in carbon emissions, shipping industry | 0.50 |
Expenses for shipping activit_5
Expenses for shipping activities and other expenses from operating activities - Vessel operating expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |||
Operating expenses | $ (210,527) | $ (199,286) | $ (204,702) |
Insurance | (20,506) | (16,808) | (16,004) |
Total vessel operating expenses | $ (231,033) | $ (216,094) | $ (220,706) |
Expenses for shipping activit_6
Expenses for shipping activities and other expenses from operating activities - Charter hire expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||
Total charter hire expenses | $ (4,500) | $ (5,769) | $ (9,750) |
Charter hire | |||
Disclosure of operating segments [line items] | |||
Total charter hire expenses | (4,500) | (3,912) | (8,473) |
Bareboat hire | |||
Disclosure of operating segments [line items] | |||
Total charter hire expenses | $ 0 | $ (1,857) | $ (1,277) |
Expenses for shipping activit_7
Expenses for shipping activities and other expenses from operating activities - Narrative (Details) - Vessels - vessel | Mar. 31, 2022 | Jan. 01, 2019 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of vessels under lease | 4 | |
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_8
Expenses for shipping activities and other expenses from operating activities - General administrative expenses (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) employee | Dec. 31, 2022 USD ($) employee | Dec. 31, 2021 USD ($) employee | |
Analysis of income and expense [abstract] | |||
Wages and salaries | $ (10,342) | $ (8,272) | $ (7,566) |
Social security costs | (1,204) | (1,242) | (1,295) |
Provision for employee benefits (Note 18) | 140 | 205 | 687 |
Cash-settled share-based payments (Note 24) | 0 | 2,973 | (548) |
Equity-settled share-based payments (Note 24) | (3,945) | (2,411) | (761) |
Other employee benefits | (1,047) | (919) | (1,000) |
Employee benefits | (16,398) | (9,666) | (10,482) |
Administrative expenses | (42,766) | (37,955) | (18,355) |
Tonnage Tax | (3,586) | (4,343) | (3,346) |
Claims | (76) | 0 | (452) |
Provisions | 294 | 262 | 227 |
Total general and administrative expenses | $ (62,532) | $ (51,702) | $ (32,408) |
Average number of full time equivalents (shore staff including shipmanagement) | employee | 198.47 | 192.81 | 189.05 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Instruments [Abstract] | |||
Interest income | $ 20,620 | $ 7,063 | $ 1,896 |
Income on recycling hedges from OCI into P&L | 25,749 | 0 | 0 |
Change in fair value of fuel derivatives recognized in P&L | 3,210 | 6,132 | 1,668 |
Foreign exchange gains | 17,590 | 13,945 | 11,370 |
Finance income | 67,168 | 27,140 | 14,934 |
Interest expense on financial liabilities measured at amortized cost | (132,268) | (85,418) | (57,961) |
Interest leasing | (631) | (1,237) | (2,378) |
Change in fair value of fuel derivatives recognized in P&L | (8,276) | (26,388) | (8,966) |
Fair value adjustment on interest rate swaps | 37 | (507) | (78) |
Other financial charges | (13,513) | (5,930) | (14,265) |
Foreign exchange losses | (17,246) | (13,529) | (11,893) |
Finance expense | (171,897) | (133,009) | (95,541) |
Net finance expenses | $ (104,729) | $ (105,869) | $ (80,607) |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Instruments [Abstract] | |||
Total interest income on financial assets | $ 46,368 | $ 7,063 | $ 1,896 |
Total interest expense on financial liabilities | (132,268) | (85,418) | (57,961) |
Interest leasing | (631) | (1,237) | (2,378) |
Other financial charges | $ (13,513) | $ (5,930) | $ (14,265) |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Foreign currency translation differences for foreign operations | $ 259 | $ (477) | $ (482) |
Cash flow hedges - effective portion of changes in fair value | (6,164) | 30,657 | 9,852 |
Total other comprehensive income / (expense) | (31,770) | 31,281 | 11,774 |
Cash flow hedges - effective portion of changes in fair value (Note 15) | (6,164) | 30,657 | 9,852 |
Translation Reserve and Hedging Reserve | |||
Total other comprehensive income / (expense) | (5,905) | 30,180 | 9,370 |
Translation reserve | |||
Total other comprehensive income / (expense) | $ 259 | $ (477) | $ (482) |
Income tax benefit (expense) -
Income tax benefit (expense) - Income tax benefit (expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current tax | |||
Current period | $ (4,889) | $ (1,736) | $ (206) |
Changes related to prior years | 7 | 57 | 436 |
Total current tax | (4,881) | (1,680) | 230 |
Deferred tax | |||
Recognition of unused tax losses/(use of tax losses) | (1,146) | (137) | 201 |
Other | 18 | (987) | (4) |
Total deferred tax | (1,128) | (1,124) | 197 |
Total tax benefit/(expense) | $ (6,009) | $ (2,804) | $ 427 |
Income tax benefit (expense) _2
Income tax benefit (expense) - Effective income tax rate reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Profit (loss) before tax | $ 864,036 | $ 206,055 | $ (339,204) |
Tax at domestic rate | (216,009) | (51,514) | 84,801 |
Tax exempt profit / loss | (4,535) | 2,642 | 4,541 |
Tax adjustments for previous years | 7 | 57 | 436 |
Loss for which no DTA has been recognized | 7,586 | 4,481 | 27 |
Non-deductible expenses | (1,602) | (315) | (188) |
Use of previously unrecognized tax losses and tax credits | 5,283 | 4,431 | 4,101 |
Effect of Tonnage Tax regime | 195,768 | 40,670 | (84,881) |
Effect of share of profit of equity-accounted investees | (5) | 4,389 | 5,649 |
Effects of tax regimes in foreign jurisdictions | 7,498 | (7,645) | (14,059) |
Total tax benefit/(expense) | $ (6,009) | $ (2,804) | $ 427 |
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) | (0.70%) | (1.36%) | (0.13%) |
Income tax benefit (expense) _3
Income tax benefit (expense) - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | |||
Tonnage tax expense | $ 3,586 | $ 4,343 | $ 3,346 |
Property, plant and equipment -
Property, plant and equipment - Schedule of property, plant and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | $ 3,308,616 | $ 3,179,299 | $ 3,127,091 |
Acquisitions | 370,155 | 628,320 | 436,680 |
Disposals and cancellations | (817,820) | (258,899) | (39,522) |
Depreciation charges | (219,428) | (221,576) | (344,904) |
Transfer to assets held for sale (Note 3) | (871,875) | (18,459) | |
Transfers | 0 | 0 | 0 |
Translation differences | 15 | (69) | (46) |
Property, plant and equipment, ending balance | 1,769,663 | 3,308,616 | 3,179,299 |
Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 5,315,120 | 5,115,573 | 4,934,443 |
Property, plant and equipment, ending balance | 3,433,409 | 5,315,120 | 5,115,573 |
Depreciation & impairment losses | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | (2,006,504) | (1,936,274) | (1,807,352) |
Property, plant and equipment, ending balance | (1,663,746) | (2,006,504) | (1,936,274) |
Vessels | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 3,057,932 | 2,967,787 | 2,865,308 |
Acquisitions | 295,568 | 448,850 | 56,111 |
Disposals and cancellations | (815,733) | (258,899) | (39,522) |
Depreciation charges | (200,896) | (199,457) | (296,837) |
Transfer to assets held for sale (Note 3) | (870,844) | (18,459) | |
Transfers | 163,543 | 118,110 | 382,727 |
Translation differences | 0 | 0 | 0 |
Property, plant and equipment, ending balance | 1,629,570 | 3,057,932 | 2,967,787 |
Vessels | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 5,014,747 | 4,875,810 | 4,608,326 |
Property, plant and equipment, ending balance | 3,265,939 | 5,014,747 | 4,875,810 |
Vessels | Depreciation & impairment losses | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | (1,956,815) | (1,908,023) | (1,743,018) |
Property, plant and equipment, ending balance | (1,636,369) | (1,956,815) | (1,908,023) |
Vessels under construction | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 228,429 | 181,293 | 207,069 |
Acquisitions | 41,627 | 165,246 | 356,951 |
Disposals and cancellations | 0 | 0 | 0 |
Depreciation charges | 0 | 0 | 0 |
Transfer to assets held for sale (Note 3) | 0 | 0 | |
Transfers | (163,543) | (118,110) | (382,727) |
Translation differences | 0 | 0 | 0 |
Property, plant and equipment, ending balance | 106,513 | 228,429 | 181,293 |
Vessels under construction | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 228,429 | 181,293 | 207,069 |
Property, plant and equipment, ending balance | 106,513 | 228,429 | 181,293 |
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 | 21,493 | 29,001 | 52,955 |
Acquisitions | 31,557 | 14,060 | 23,476 |
Disposals and cancellations | (2,087) | 0 | 0 |
Depreciation charges | (18,040) | (21,509) | (47,387) |
Transfer to assets held for sale (Note 3) | 0 | 0 | |
Transfers | 0 | 0 | 0 |
Translation differences | 13 | (59) | (43) |
Property, plant and equipment, ending balance | 32,936 | 21,493 | 29,001 |
Right-of-use assets | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 66,785 | 53,226 | 113,859 |
Property, plant and equipment, ending balance | 56,240 | 66,785 | 53,226 |
Right-of-use assets | Depreciation & impairment losses | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | (45,292) | (24,225) | (60,904) |
Property, plant and equipment, ending balance | (23,304) | (45,292) | (24,225) |
Other tangible assets | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 762 | 1,218 | 1,759 |
Acquisitions | 372 | 164 | 142 |
Disposals and cancellations | 0 | 0 | 0 |
Depreciation charges | (492) | (610) | (680) |
Transfer to assets held for sale (Note 3) | 0 | 0 | |
Transfers | 0 | 0 | 0 |
Translation differences | 2 | (10) | (3) |
Property, plant and equipment, ending balance | 644 | 762 | 1,218 |
Other tangible assets | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 5,159 | 5,244 | 5,189 |
Property, plant and equipment, ending balance | 4,717 | 5,159 | 5,244 |
Other tangible assets | Depreciation & impairment losses | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | (4,397) | (4,026) | (3,430) |
Property, plant and equipment, ending balance | (4,073) | (4,397) | (4,026) |
Prepayments | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 0 | 0 | 0 |
Acquisitions | 1,031 | 0 | 0 |
Disposals and cancellations | 0 | 0 | 0 |
Depreciation charges | 0 | 0 | 0 |
Transfer to assets held for sale (Note 3) | (1,031) | 0 | |
Transfers | 0 | 0 | 0 |
Translation differences | 0 | 0 | 0 |
Property, plant and equipment, ending balance | 0 | 0 | 0 |
Prepayments | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 0 | 0 | 0 |
Property, plant and equipment, ending balance | 0 | 0 | 0 |
Prepayments | Depreciation & impairment losses | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment, beginning balance | 0 | 0 | 0 |
Property, plant and equipment, ending balance | $ 0 | $ 0 | $ 0 |
Property, plant and equipment_2
Property, plant and equipment - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2023 USD ($) vessel impairment_indicator T | May 05, 2023 USD ($) | Dec. 14, 2022 USD ($) | Jun. 24, 2022 USD ($) vessel | Jun. 07, 2022 USD ($) | Apr. 29, 2022 USD ($) vessel T | Dec. 31, 2023 USD ($) vessel impairment_indicator T | Sep. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) vessel impairment_indicator T | Dec. 31, 2022 USD ($) vessel | Dec. 31, 2021 USD ($) vessel T | Dec. 04, 2023 T | Oct. 09, 2023 USD ($) shareholder vessel | Dec. 31, 2020 USD ($) | Dec. 31, 2009 T | Dec. 31, 2008 T | Dec. 31, 2006 T | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||
Transfers | $ 0 | $ 0 | $ 0 | |||||||||||||||
Purchase of property, plant and equipment | 337,195 | 523,494 | 413,062 | |||||||||||||||
Acquisitions | 370,155 | 628,320 | 436,680 | |||||||||||||||
Right-of-use assets (Note 8) | $ 32,936 | $ 32,936 | 32,936 | 21,493 | 29,001 | |||||||||||||
Property, plant and equipment including right-of-use assets | $ 1,769,663 | $ 1,769,663 | 1,769,663 | 3,308,616 | 3,179,299 | $ 3,127,091 | ||||||||||||
Borrowing costs capitalised | $ 6,500 | |||||||||||||||||
Capitalisation rate of borrowing costs eligible for capitalisation | 7% | |||||||||||||||||
Number of impairment indicators | impairment_indicator | 2 | 2 | 2 | |||||||||||||||
Capital commitments | $ 623,756 | $ 623,756 | $ 623,756 | 404,100 | ||||||||||||||
Gains on disposal of vessels/other tangible assets (Note 8) | 372,444 | 96,160 | 15,068 | |||||||||||||||
TI Asia Ltd | ||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||
Percentage of voting equity interests acquired | 50% | |||||||||||||||||
TI Africa Ltd | ||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||
Percentage of voting equity interests acquired | 50% | |||||||||||||||||
Suezmax Cedar | ||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 157,310 | |||||||||||||||||
Cassius | ||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||
Sale price | 123,500 | |||||||||||||||||
VLCC Newton | ||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||
Sale price | 35,370 | |||||||||||||||||
Vessels | ||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||
Transfers | $ 163,543 | $ 118,110 | 382,727 | |||||||||||||||
Number of vessels under construction | vessel | 5 | 5 | 5 | 8 | ||||||||||||||
Acquisitions | $ 295,568 | $ 448,850 | 56,111 | |||||||||||||||
Property, plant and equipment including right-of-use assets | $ 1,629,570 | $ 1,629,570 | $ 1,629,570 | $ 3,057,932 | $ 2,967,787 | 2,865,308 | ||||||||||||
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 | |||||||||||||||||
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 | 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 | 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 | |||||||||||||||||
Vessels | Eco-Type VLCC Chelsea | ||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 299,158 | 299,995 | 299,158 | 299,158 | ||||||||||||||
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 | |||||||||||||||||
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 | |||||||||||||||||
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 | |||||||||||||||||
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 | |||||||||||||||||
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 | VLCCs Cassius, Camus and Clovis | ||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||
Number of properties transferred from construction in progress | vessel | 3 | |||||||||||||||||
Vessels | Cassius | ||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 299,158 | 299,158 | 299,158 | |||||||||||||||
Vessels | Camus | ||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 299,158 | 299,158 | 299,158 | |||||||||||||||
Vessels | Brugge | ||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 156,851 | 156,851 | 156,851 | |||||||||||||||
Vessels | Brest | ||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 156,851 | 156,851 | 156,851 | |||||||||||||||
Vessels | VLCC Newton | ||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 307,284 | |||||||||||||||||
Acquisitions | $ 30,000 | |||||||||||||||||
Vessels | Suezmax Cap Charles | ||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 158,881 | |||||||||||||||||
Sale price | $ 40,500 | |||||||||||||||||
Gains on disposal of vessels/other tangible assets (Note 8) | $ 22,100 | |||||||||||||||||
Vessels | VLCC Nautica | ||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 307,284 | |||||||||||||||||
Sale price | $ 53,900 | |||||||||||||||||
Gains on disposal of vessels/other tangible assets (Note 8) | $ 27,100 | |||||||||||||||||
Vessels under construction | ||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||
Transfers | $ (163,543) | (118,110) | $ (382,727) | |||||||||||||||
Acquisitions | 41,627 | 165,246 | 356,951 | |||||||||||||||
Property, plant and equipment including right-of-use assets | $ 106,513 | $ 106,513 | $ 106,513 | $ 228,429 | $ 181,293 | $ 207,069 | ||||||||||||
Vessels under construction | Eco-Type VLCC | ||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||
Number of vessels under construction | vessel | 2 | 2 | 2 | |||||||||||||||
Vessels under construction | Eco-Type Suezmaxes | ||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||
Number of vessels under construction | vessel | 3 | 3 | 3 | |||||||||||||||
24 VLCC tankers | ||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||
Number of shareholders involved in transaction | shareholder | 2 | |||||||||||||||||
Number of vessels sold | vessel | 24 | |||||||||||||||||
Receivables from contracts with customers | $ 2,350,000 | |||||||||||||||||
Number of vessels delivered | vessel | 11 | 11 | 11 | |||||||||||||||
(Expected) Gain | $ 323,300 |
Property, plant and equipment_3
Property, plant and equipment - Schedule of disposal of assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | $ 1,769,663 | $ 3,308,616 | $ 3,179,299 | $ 3,127,091 |
Loss | 0 | (347) | 0 | |
Property, plant and equipment including right-of-use assets | 1,769,663 | 3,308,616 | 3,179,299 | 3,127,091 |
Vessels | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 1,206,636 | 341,214 | 51,344 | |
Gain | 372,444 | 96,161 | 15,068 | |
Loss | 0 | (347) | 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 | ||
Cap Charles | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 40,523 | |||
Gain | 22,064 | |||
Loss | 0 | |||
Nautica | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 53,900 | |||
Gain | 27,053 | |||
Loss | 0 | |||
Alex | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 86,397 | |||
Gain | 24,182 | |||
Loss | 0 | |||
Ardeche | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 90,410 | |||
Gain | 32,065 | |||
Loss | 0 | |||
Drenec | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 86,327 | |||
Gain | 30,048 | |||
Loss | 0 | |||
Heron | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 89,130 | |||
Gain | 30,887 | |||
Loss | 0 | |||
Arafura | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 87,077 | |||
Gain | 30,404 | |||
Loss | 0 | |||
Amundsen | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 90,670 | |||
Gain | 30,663 | |||
Loss | 0 | |||
Diodorus | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 113,100 | |||
Gain | 29,189 | |||
Loss | 0 | |||
Dickens | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 113,397 | |||
Gain | 29,863 | |||
Loss | 0 | |||
Dalis | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 107,930 | |||
Gain | 23,535 | |||
Loss | 0 | |||
Cassius | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 123,500 | |||
Gain | 31,865 | |||
Loss | 0 | |||
VLCC Clovis | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 124,277 | |||
Gain | 30,625 | |||
Loss | 0 | |||
Book Value | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 3,433,409 | 5,315,120 | 5,115,573 | 4,934,443 |
Property, plant and equipment including right-of-use assets | 3,433,409 | 5,315,120 | 5,115,573 | $ 4,934,443 |
Book Value | Vessels | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 834,192 | 258,899 | 39,523 | |
Property, plant and equipment including right-of-use assets | 834,192 | 258,899 | 39,523 | |
Book Value | VLCC Newton | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 32,953 | |||
Property, plant and equipment including right-of-use assets | 32,953 | |||
Book Value | Filikon | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 6,570 | |||
Property, plant and equipment including right-of-use assets | 6,570 | |||
Book Value | Sandra | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 47,299 | |||
Property, plant and equipment including right-of-use assets | 47,299 | |||
Book Value | Sara | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 46,013 | |||
Property, plant and equipment including right-of-use assets | 46,013 | |||
Book Value | Sonia | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 50,837 | |||
Property, plant and equipment including right-of-use assets | 50,837 | |||
Book Value | Simone | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 50,070 | |||
Property, plant and equipment including right-of-use assets | 50,070 | |||
Book Value | Cap Leone | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 9,081 | |||
Property, plant and equipment including right-of-use assets | 9,081 | |||
Book Value | Cap Pierre | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 11,537 | |||
Property, plant and equipment including right-of-use assets | 11,537 | |||
Book Value | Cap Philippe | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 19,165 | |||
Property, plant and equipment including right-of-use assets | 19,165 | |||
Book Value | Europe | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 5,300 | |||
Property, plant and equipment including right-of-use assets | 5,300 | |||
Book Value | Cap Guillaume | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 19,597 | |||
Property, plant and equipment including right-of-use assets | 19,597 | |||
Book Value | Other | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 0 | 0 | ||
Property, plant and equipment including right-of-use assets | $ 0 | $ 0 | ||
Book Value | Cap Charles | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 18,459 | |||
Property, plant and equipment including right-of-use assets | 18,459 | |||
Book Value | Nautica | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 26,847 | |||
Property, plant and equipment including right-of-use assets | 26,847 | |||
Book Value | Alex | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 62,214 | |||
Property, plant and equipment including right-of-use assets | 62,214 | |||
Book Value | Ardeche | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 58,345 | |||
Property, plant and equipment including right-of-use assets | 58,345 | |||
Book Value | Drenec | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 56,279 | |||
Property, plant and equipment including right-of-use assets | 56,279 | |||
Book Value | Heron | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 58,243 | |||
Property, plant and equipment including right-of-use assets | 58,243 | |||
Book Value | Arafura | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 56,673 | |||
Property, plant and equipment including right-of-use assets | 56,673 | |||
Book Value | Amundsen | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 60,007 | |||
Property, plant and equipment including right-of-use assets | 60,007 | |||
Book Value | Diodorus | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 83,911 | |||
Property, plant and equipment including right-of-use assets | 83,911 | |||
Book Value | Dickens | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 83,534 | |||
Property, plant and equipment including right-of-use assets | 83,534 | |||
Book Value | Dalis | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 84,395 | |||
Property, plant and equipment including right-of-use assets | 84,395 | |||
Book Value | Cassius | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 91,635 | |||
Property, plant and equipment including right-of-use assets | 91,635 | |||
Book Value | VLCC Clovis | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 93,651 | |||
Property, plant and equipment including right-of-use assets | $ 93,651 |
Property, plant and equipment_4
Property, plant and equipment - Capital commitments (Details) $ in Thousands | Dec. 31, 2021 ship | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Number of suezmaxes | ship | 5 | ||
Number VLCCs | ship | 3 | ||
Capital commitments | $ 623,756 | $ 404,100 | |
VLCCs | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | 314,160 | ||
Suezmaxes | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | 309,596 | ||
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 | 199,716 | ||
2023 | VLCCs | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | 11,220 | ||
2023 | Suezmaxes | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | 188,496 | ||
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 | 78,540 | ||
2024 | VLCCs | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | 78,540 | ||
2024 | Suezmaxes | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | 0 | ||
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 | 345,500 | ||
2025 | VLCCs | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | 224,400 | ||
2025 | Suezmaxes | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capital commitments | 121,100 | ||
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, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill period start | $ 14,194 | $ 15,746 |
Acquisitions | 16,582 | |
Acquisitions | 60 | |
Depreciation charges | (1,612) | (1,021) |
Translation differences | 0 | (1) |
Intangible assets other than goodwill period end | 15,746 | 186 |
Customer contracts | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill period start | 14,100 | 15,656 |
Acquisitions | 16,569 | |
Acquisitions | 0 | |
Depreciation charges | (1,556) | (913) |
Translation differences | 0 | 0 |
Intangible assets other than goodwill period end | 15,656 | 0 |
Other intangible assets | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill period start | 94 | 90 |
Acquisitions | 13 | |
Acquisitions | 60 | |
Depreciation charges | (56) | (108) |
Translation differences | 0 | (1) |
Intangible assets other than goodwill period end | 90 | 186 |
Book Value | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill period start | 17,847 | 17,787 |
Intangible assets other than goodwill period end | 17,787 | 1,205 |
Book Value | Customer contracts | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill period start | 16,569 | 16,569 |
Intangible assets other than goodwill period end | 16,569 | 0 |
Book Value | Other intangible assets | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill period start | 1,278 | 1,218 |
Intangible assets other than goodwill period end | 1,218 | 1,205 |
Depreciation | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill period start | (3,653) | (2,041) |
Intangible assets other than goodwill period end | (2,041) | (1,019) |
Depreciation | Customer contracts | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill period start | (2,469) | (913) |
Intangible assets other than goodwill period end | (913) | 0 |
Depreciation | Other intangible assets | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill period start | (1,184) | (1,128) |
Intangible assets other than goodwill period end | $ (1,128) | $ (1,019) |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | $ 280 | $ 1,403 | ||
Deferred tax liabilities | 0 | 0 | ||
NET | 280 | 1,403 | $ 1,546 | $ 1,357 |
Employee benefits | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 44 | 25 | ||
Deferred tax liabilities | 0 | 0 | ||
NET | 44 | 25 | 23 | 29 |
Unused tax losses & tax credits | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 42,178 | 60,308 | ||
Deferred tax liabilities | 0 | 0 | ||
NET | 42,178 | 60,308 | 66,304 | 27,650 |
Unremitted earnings | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 0 | 0 | ||
Deferred tax liabilities | (41,942) | (58,930) | ||
NET | (41,942) | (58,930) | $ (64,781) | $ (26,322) |
Before offset amount | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 42,222 | 60,333 | ||
Deferred tax liabilities | (41,942) | (58,930) | ||
NET | 280 | 1,403 | ||
Offset | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 41,942 | 58,930 | ||
Deferred tax liabilities | $ (41,942) | $ (58,930) |
Deferred tax assets and liabi_4
Deferred tax assets and liabilities - Unrecognized deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized tax losses | $ 114,300 | $ 120,100 |
Unused tax losses for which no deferred tax asset recognised | 48,600 | 48,600 |
Unrecognized deferred tax assets | 16,407 | 17,875 |
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 | 270 | 261 |
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 | 28,299 | 29,776 |
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 | 28,569 | 30,037 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | $ 1,403 | $ 1,546 | $ 1,357 |
Recognized in income | (1,128) | (1,124) | 197 |
Recognized in equity | 0 | 0 | 0 |
Other movements | 0 | 991 | 0 |
Translation Differences | 5 | (10) | (8) |
Ending balance | 280 | 1,403 | 1,546 |
Employee benefits | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | 25 | 23 | 29 |
Recognized in income | 18 | 4 | (4) |
Recognized in equity | 0 | 0 | 0 |
Other movements | 0 | 0 | 0 |
Translation Differences | 1 | (2) | (2) |
Ending balance | 44 | 25 | 23 |
Unused tax losses & tax credits | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | 60,308 | 66,304 | 27,650 |
Recognized in income | (18,134) | (5,988) | 38,660 |
Recognized in equity | 0 | 0 | 0 |
Other movements | 0 | 0 | 0 |
Translation Differences | 4 | (8) | (6) |
Ending balance | 42,178 | 60,308 | 66,304 |
Unremitted earnings | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | (58,930) | (64,781) | (26,322) |
Recognized in income | 16,988 | 5,851 | (38,459) |
Recognized in equity | 0 | 0 | 0 |
Other movements | 0 | 0 | 0 |
Translation Differences | 0 | 0 | 0 |
Ending balance | (41,942) | (58,930) | (64,781) |
Reclassification | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | $ 0 | 0 | |
Recognized in income | (991) | ||
Recognized in equity | |||
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, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Shareholders loans to joint ventures | $ 2 | $ 24 |
Derivatives | 0 | 18,091 |
Other non-current receivables | 1,622 | 13,855 |
Lease receivables | 1,263 | 2,854 |
Investment | 1 | 1 |
Total non-current receivables | $ 2,888 | $ 34,825 |
Non-current receivables - Narra
Non-current receivables - Narrative (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 21, 2022 | Jun. 07, 2022 | Jan. 26, 2022 | Dec. 02, 2021 | Jan. 15, 2021 | Sep. 11, 2020 |
Disclosure of financial assets [line items] | ||||||||
Notional amount | $ 93,607,000 | $ 536,532,000 | ||||||
Other non-current receivables | 1,622,000 | 13,855,000 | ||||||
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 | |||||||
$713.0 million facility | ||||||||
Disclosure of financial assets [line items] | ||||||||
Notional amount | 713,000,000 | $ 713,000,000 | ||||||
$713.0 million facility | Interest rate swaps | ||||||||
Disclosure of financial assets [line items] | ||||||||
Notional amount | 0 | $ 223,667,000 | ||||||
$73.45 million facility - Cedar and Cypress | ||||||||
Disclosure of financial assets [line items] | ||||||||
Notional amount | 73,450,000 | $ 73,450,000 | ||||||
$73.45 million facility - Cedar and Cypress | Interest rate swaps | Suezmaxes Cedar and Cypress | ||||||||
Disclosure of financial assets [line items] | ||||||||
Notional amount | $ 73,450,000 | |||||||
Secured FSO loan due 2030 | ||||||||
Disclosure of financial assets [line items] | ||||||||
Notional amount | $ 150,000,000 | $ 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, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | $ 2,888 | $ 34,825 |
Within two years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | 2,764 | 1,591 |
Between two and three years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | 0 | 16,101 |
Between three and four years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | 0 | 0 |
Between four and five years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | 0 | 3,663 |
More than five years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | $ 124 | $ 13,470 |
Bunker inventory (Details)
Bunker inventory (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) tons | Dec. 31, 2022 USD ($) tons | |
Disclosure of detailed information about borrowings [line items] | ||
Fuel inventory purchased (in metric tons) | tons | 120,763 | 208,877 |
Payment for purchase of inventory | $ 72,200 | $ 158,800 |
Bunker inventory | 22,511 | 41,643 |
Compliant fuel oil inventory on board vessel | ||
Disclosure of detailed information about borrowings [line items] | ||
Bunker inventory | 0 | 19,600 |
Bunker inventory on board vessel | ||
Disclosure of detailed information about borrowings [line items] | ||
Bunker inventory | $ 22,500 | $ 22,000 |
Trade and other receivables -_3
Trade and other receivables - current (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Receivable from contracts with customers | $ 88,544 | $ 106,972 |
Receivable from contracts with customers - TI Pool | 169,339 | 193,945 |
Accrued income | 13,706 | 11,421 |
Accrued interest | 1,352 | 2,329 |
Deferred charges | 17,601 | 20,388 |
Deferred fulfillment costs | 2,278 | 1,587 |
Other receivables | 11,414 | 12,578 |
Lease receivables | 1,591 | 1,699 |
Derivatives | 1,286 | 15,870 |
Total trade and other receivables | $ 307,111 | $ 366,789 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Bank deposits | $ 182,500 | $ 0 |
Cash at bank and in hand | 246,870 | 179,929 |
Total | $ 429,370 | $ 179,929 |
Cash and cash equivalents - Add
Cash and cash equivalents - Additional information (Details) - bankDeposit | 2 Months Ended | ||
Feb. 29, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [line items] | |||
Number of bank deposits held | 4 | 0 | |
Other disposals of assets | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Number of bank deposits repaid | 4 |
Equity - Number of shares issue
Equity - Number of shares issued (Details) - shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Reconciliation of number of shares outstanding [abstract] | |||
Beginning of period (in shares) | 201,783,532 | 201,677,981 | 201,677,981 |
End of period (in shares) | 202,233,997 | 201,783,532 | 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) | 9 Months Ended | 12 Months Ended | |||||||||||
Mar. 20, 2024 $ / shares | Dec. 20, 2023 $ / shares | Nov. 28, 2023 $ / shares | Sep. 19, 2023 $ / shares | Aug. 08, 2023 $ / shares | Jun. 20, 2023 $ / shares | May 17, 2023 $ / shares | May 10, 2023 $ / shares | Sep. 30, 2023 $ / shares | Dec. 31, 2023 USD ($) vote_per_share $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 shares | |
Disclosure of classes of share capital [line items] | |||||||||||||
Number of shares outstanding (in shares) | shares | 202,233,997 | 201,783,532 | 201,677,981 | 201,677,981 | |||||||||
Authorised shares not yet issued, amount | $ | $ 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 | ||||||||||
Vote per ordinary share | vote_per_share | 1 | ||||||||||||
Transfer of treasury shares (in shares) | shares | (450,465) | (105,551) | 0 | ||||||||||
Dividends paid, ordinary shares per share (in usd per share) | $ 0.80 | $ 1.10 | $ 0.70 | $ 2.07 | $ 6.64 | ||||||||
Dividend payable (in usd per share) | $ 0.57 | $ 0.57 | $ 0.80 | $ 0.70 | |||||||||
Dividends to equity holders | $ | $ 646,294,000 | $ 24,213,000 | $ 24,201,000 | ||||||||||
Dividends paid, ordinary shares | $ | $ 630,500,000 | $ 24,200,000 | $ 24,200,000 | ||||||||||
Potential ordinary share transactions | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Total dividend proposed per share (in usd per share) | $ 4.57 | ||||||||||||
Percentage of distribution used as share issuance payment | 0.90 | ||||||||||||
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 | |||||||||
Par value per share | $ 0 | ||||||||||||
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 | 17,790,716 | 18,241,181 | 18,346,732 | 18,346,732 | |||||||||
Transfer of treasury shares (in shares) | shares | 450,465 | 105,551 | 0 | ||||||||||
Retained earnings | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Dividends paid, ordinary shares per share (in usd per share) | 0.051 | ||||||||||||
Dividends to equity holders | $ | $ 434,487,000 | $ 24,201,000 | |||||||||||
Retained earnings | Potential ordinary share transactions | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Dividends paid, ordinary shares per share (in usd per share) | $ 4.30 | ||||||||||||
Share premium | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Dividends paid, ordinary shares per share (in usd per share) | $ 1.049 | ||||||||||||
Dividends to equity holders | $ | $ 211,807,000 | $ 24,213,000 | |||||||||||
Share premium | Potential ordinary share transactions | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Dividends paid, ordinary shares per share (in usd per share) | $ 0.27 |
Equity - Hedging Reserve Schedu
Equity - Hedging Reserve Schedule (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 06, 2022 | Dec. 02, 2021 | Sep. 11, 2020 | Apr. 20, 2018 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||||||
Notional Value | $ 93,607,000 | $ 536,532,000 | ||||
Fair Value - Assets | 1,286,000 | 33,558,000 | ||||
Fair Value - Liabilities | 146,000 | 0 | ||||
Cash flow hedges - effective portion of changes in fair value (Note 15) | (6,164,000) | 32,293,000 | ||||
Cash flow hedges - recycling into P&L (Note 15) | (25,749,000) | |||||
Forward cap contracts | ||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||||||
Change in FV recognized in OCI | 466,000 | |||||
Fx Euro hedge | ||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||||||
Notional Value | 0 | 18,398,000 | ||||
Fair Value - Assets | 0 | 1,032,000 | ||||
Fair Value - Liabilities | 0 | 0 | ||||
Cash flow hedges - effective portion of changes in fair value (Note 15) | 0 | 1,032,000 | ||||
Cash flow hedges - recycling into P&L (Note 15) | (1,032,000) | |||||
Change in FV recognized in OCI | (1,000,000) | |||||
$173.6 million facility - Cap Quebec and Cap Pembroke | Interest rate swaps | ||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||||||
Facility size | 173,600,000 | 173,600,000 | ||||
$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 | 0 | 56,838,000 | $ 173,600,000 | |||
Fair Value - Assets | 0 | 1,791,000 | ||||
Fair Value - Liabilities | 0 | 0 | ||||
Cash flow hedges - effective portion of changes in fair value (Note 15) | (314,000) | 4,757,000 | ||||
Cash flow hedges - recycling into P&L (Note 15) | (1,456,000) | |||||
$173.6 million facility - Cap Corpus Christi and Cap Port Arthur | Interest rate swaps | ||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||||||
Facility size | 173,600,000 | 173,600,000 | ||||
$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 | 0 | 60,164,000 | ||||
Fair Value - Assets | 0 | 5,202,000 | ||||
Fair Value - Liabilities | 0 | 0 | ||||
Cash flow hedges - effective portion of changes in fair value (Note 15) | (1,256,000) | 3,830,000 | ||||
Cash flow hedges - recycling into P&L (Note 15) | (3,860,000) | |||||
$713.0 million facility | ||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||||||
Notional Value | 713,000,000 | $ 713,000,000 | ||||
$713.0 million facility | Interest rate swaps | ||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||||||
Facility size | 713,000,000 | 713,000,000 | ||||
Notional Value | 0 | 223,667,000 | ||||
Fair Value - Assets | 0 | 17,819,000 | ||||
Fair Value - Liabilities | 0 | 0 | ||||
Cash flow hedges - effective portion of changes in fair value (Note 15) | (4,823,000) | 12,859,000 | ||||
Cash flow hedges - recycling into P&L (Note 15) | (12,599,000) | |||||
$73.45 million facility - Cedar and Cypress | ||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||||||
Notional Value | 73,450,000 | $ 73,450,000 | ||||
$73.45 million facility - Cedar and Cypress | Interest rate swaps | ||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||||||
Facility size | 73,450,000 | 73,500,000 | ||||
$73.45 million facility - Cedar and Cypress | $73.45 million facility - Cedar and Cypress | Interest rate swaps | ||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||||||
Notional Value | 0 | 71,155,000 | ||||
Fair Value - Assets | 0 | 5,465,000 | ||||
Fair Value - Liabilities | 0 | 0 | ||||
Cash flow hedges - effective portion of changes in fair value (Note 15) | (298,000) | 5,465,000 | ||||
Cash flow hedges - recycling into P&L (Note 15) | (5,167,000) | |||||
$150.0 million facility | Interest rate swaps | ||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||||||
Facility size | 150,000,000 | 150,000,000 | ||||
Notional Value | 93,607,000 | 106,310,000 | ||||
Fair Value - Assets | 1,286,000 | 2,249,000 | ||||
Fair Value - Liabilities | 146,000 | 0 | ||||
Cash flow hedges - effective portion of changes in fair value (Note 15) | (1,108,000) | $ 2,249,000 | ||||
Cash flow hedges - recycling into P&L (Note 15) | 0 | |||||
$447.0 million facility | Interest rate swaps | ||||||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||||||
Facility size | 447,000,000 | |||||
Notional Value | 0 | $ 447,000,000 | ||||
Fair Value - Assets | 0 | |||||
Fair Value - Liabilities | 0 | |||||
Cash flow hedges - effective portion of changes in fair value (Note 15) | 1,635,000 | |||||
Cash flow hedges - recycling into P&L (Note 15) | $ (1,635,000) |
Equity - Hedging reserve (Detai
Equity - Hedging reserve (Details) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Dec. 06, 2022 USD ($) contract | Aug. 22, 2022 contract | Oct. 26, 2020 USD ($) contract vessel | Apr. 20, 2018 USD ($) vessel contract | Dec. 31, 2020 contract | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 21, 2022 USD ($) | Jan. 26, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 02, 2021 USD ($) | Sep. 11, 2020 USD ($) | |
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Notional Value | $ 93,607,000 | $ 536,532,000 | ||||||||||
$713.0 million facility | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Notional Value | 713,000,000 | $ 713,000,000 | ||||||||||
$73.45 million facility - Cedar and Cypress | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Notional Value | 73,450,000 | $ 73,450,000 | ||||||||||
Interest rate swaps | $713.0 million facility | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Notional Value | 0 | 223,667,000 | ||||||||||
Interest rate swaps | $150.0 million facility | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Notional Value | 93,607,000 | 106,310,000 | ||||||||||
Interest rate swaps | $447.0 million facility | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Notional Value | $ 447,000,000 | 0 | ||||||||||
Commodity swap | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Notional Value | 72,200,000 | 158,800,000 | ||||||||||
Fx Euro hedge | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Number of interest rate swaps entered into | contract | 4 | |||||||||||
Notional Value | 0 | 18,398,000 | ||||||||||
Change in FV recognized in OCI | (1,000,000) | |||||||||||
Short position, hedging percentage | 20% | |||||||||||
Cap Quebec and Cap Pembroke | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Number of vessels in time charter | vessel | 2 | |||||||||||
Cap Quebec and Cap Pembroke | Interest rate swaps | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Number of interest rate swaps entered into | contract | 2 | |||||||||||
Notional Value | $ 86,800,000 | |||||||||||
Change in FV recognized in OCI | (1,800,000) | |||||||||||
$173.6 million facility - Cap Quebec and Cap Pembroke | Interest rate swaps | $173.6 million facility - Cap Quebec and Cap Pembroke | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Notional Value | $ 173,600,000 | 0 | $ 56,838,000 | |||||||||
Cap Corpus Christi and Cap Port Arthur | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Number of vessels in time charter | vessel | 2 | |||||||||||
Cap Corpus Christi and Cap Port Arthur | Interest rate swaps | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Number of interest rate swaps entered into | contract | 2 | |||||||||||
Notional Value | $ 70,100,000 | |||||||||||
Change in FV recognized in OCI | (5,100,000) | |||||||||||
Long term charter parties, various cap 2020 | Interest rate swaps | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Number of interest rate swaps entered into | contract | 2 | 6 | ||||||||||
Notional Value | $ 237,200,000 | |||||||||||
Change in FV recognized in OCI | (17,400,000) | |||||||||||
Suezmaxes Cedar and Cypress | Interest rate swaps | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Change in FV recognized in OCI | (5,500,000) | |||||||||||
Suezmaxes Cedar and Cypress | Interest rate swaps | $73.45 million facility - Cedar and Cypress | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Notional Value | $ 73,450,000 | |||||||||||
Long term charter parties, various cap 2022 | Interest rate swaps | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Notional Value | $ 70,000,000 | 93,600,000 | $ 109,400,000 | |||||||||
Change in FV recognized in OCI | (1,100,000) | |||||||||||
Long term charter parties, various cap 2022 | Interest rate swaps | At fair value | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Hedging instrument, assets | $ 1,100,000 |
Equity - Long term incentive pl
Equity - Long term incentive plans (Details) | 3 Months Ended | 12 Months Ended | |||||||||||||||
Apr. 01, 2023 shares installment | Apr. 01, 2022 shares installment | Apr. 01, 2021 shares installment | Apr. 01, 2020 shares installment | Apr. 01, 2019 shares installment | Jan. 08, 2019 shares | Feb. 16, 2018 shares | Feb. 09, 2017 shares | Feb. 12, 2015 shares | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2020 | Dec. 31, 2023 shares installment | Dec. 31, 2022 shares installment | Dec. 31, 2021 installment | Dec. 31, 2019 | Dec. 31, 2020 installment | |
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Vesting period | 5 years | ||||||||||||||||
Number of options granted (in shares) | 0 | 0 | |||||||||||||||
Long term incentive plan 2015 | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Number of options granted (in shares) | 236,590 | ||||||||||||||||
Long term incentive plan 2015 | Stock option | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Annual vesting percentage | 40% | ||||||||||||||||
Vesting period | 3 years | ||||||||||||||||
Long term incentive plan 2015 | Restricted stock units | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Annual vesting percentage | 60% | ||||||||||||||||
Equity instruments granted (in shares) | 65,433 | ||||||||||||||||
Long term incentive plan 2017 | Phantom stock units | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Equity instruments granted (in shares) | 66,449 | ||||||||||||||||
Long term incentive plan 2017 | Phantom stock units | Tranche one | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||
Long term incentive plan 2017 | Phantom stock units | Tranche two | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||
Long term incentive plan 2017 | Phantom stock units | Tranche three | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||
Long term incentive plan 2018 | Phantom stock units | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Equity instruments granted (in shares) | 154,432 | ||||||||||||||||
Long term incentive plan 2018 | Phantom stock units | Tranche one | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||
Long term incentive plan 2018 | Phantom stock units | Tranche two | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||
Long term incentive plan 2018 | Phantom stock units | Tranche three | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Annual vesting percentage | 33.33% | ||||||||||||||||
Transaction based incentive plan 2019 | Phantom stock units | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Vesting period | 5 years | ||||||||||||||||
Equity instruments granted (in shares) | 1,200,000 | ||||||||||||||||
Transaction based incentive plan 2019 | Phantom stock units | Tranche one | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Annual vesting percentage | 12% | 12% | |||||||||||||||
Transaction based incentive plan 2019 | Phantom stock units | Tranche two | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Annual vesting percentage | 19% | 19% | |||||||||||||||
Transaction based incentive plan 2019 | Phantom stock units | Tranche three | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Annual vesting percentage | 25% | 25% | |||||||||||||||
Long term incentive plan 2019 | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Number of installments | installment | 3 | ||||||||||||||||
Long term incentive plan 2019 | Restricted stock units | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Annual vesting percentage | 100% | ||||||||||||||||
Vesting period | 3 years | 3 years | |||||||||||||||
Number of options granted (in shares) | 152,346 | ||||||||||||||||
Equity instruments granted (in shares) | 152,346 | ||||||||||||||||
Number of installments | installment | 3 | ||||||||||||||||
Long term incentive plan 2019 | Phantom stock units | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Equity instruments granted (in shares) | 1,200,000 | 0 | |||||||||||||||
Long term incentive plan 2019 | Phantom stock units | Tranche one | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Annual vesting percentage | 12% | 12% | |||||||||||||||
Long term incentive plan 2019 | Phantom stock units | Tranche two | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Annual vesting percentage | 19% | ||||||||||||||||
Long term incentive plan 2019 | Phantom stock units | Tranche three | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Annual vesting percentage | 25% | ||||||||||||||||
Long term incentive plan 2020 | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Number of installments | installment | 3 | ||||||||||||||||
Long term incentive plan 2020 | Restricted stock units | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Annual vesting percentage | 100% | ||||||||||||||||
Vesting period | 3 years | 3 years | |||||||||||||||
Equity instruments granted (in shares) | 144,392 | ||||||||||||||||
Number of installments | installment | 3 | ||||||||||||||||
Long term incentive plan 2021 | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Number of installments | installment | 3 | 3 | |||||||||||||||
Long term incentive plan 2021 | Restricted stock units | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Annual vesting percentage | 100% | ||||||||||||||||
Vesting period | 3 years | 3 years | |||||||||||||||
Equity instruments granted (in shares) | 193,387 | ||||||||||||||||
Number of installments | installment | 3 | ||||||||||||||||
Long term incentive plan 2022 | Restricted stock units | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Annual vesting percentage | 100% | ||||||||||||||||
Vesting period | 3 years | ||||||||||||||||
Equity instruments granted (in shares) | 163,022 | ||||||||||||||||
Number of installments | installment | 3 | ||||||||||||||||
Long term incentive plan 2023 | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Number of installments | installment | 3 | 3 | |||||||||||||||
Long term incentive plan 2023 | Restricted stock units | |||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||
Annual vesting percentage | 100% | ||||||||||||||||
Vesting period | 3 years | 3 years | |||||||||||||||
Equity instruments granted (in shares) | 66,832 | ||||||||||||||||
Number of installments | installment | 3 | 3 |
Earnings per share - Result att
Earnings per share - Result attributable to ordinary shares (Details) - USD ($) | 12 Months Ended | ||||
Jan. 01, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | |||||
Result for the period (in USD) | $ 858,026,940 | $ 203,251,347 | $ (338,777,184) | ||
Weighted average number of ordinary shares (in shares) | 201,783,532 | 201,901,743 | 201,747,963 | 201,677,981 | 201,677,981 |
Basic earnings per share (in dollars per share) | $ 4.25 | $ 1.01 | $ (1.68) |
Earnings per share - Weighted a
Earnings per share - Weighted average number of ordinary share (Details) - shares | 12 Months Ended | ||||
Jan. 01, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [line items] | |||||
Beginning of period (in shares) | 201,783,532 | 201,783,532 | 201,677,981 | 201,677,981 | |
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) | 450,465 | 105,551 | 0 | ||
End of period (in shares) | 202,233,997 | 201,783,532 | 201,677,981 | 201,677,981 | |
Weighted number of shares | |||||
Weighted average number of ordinary shares (in shares) | 201,783,532 | 201,901,743 | 201,747,963 | 201,677,981 | 201,677,981 |
Issuance of shares (in shares) | 0 | 0 | 0 | ||
Weighted Average Number Of Ordinary Shares Purchased | 0 | 0 | 0 | ||
Withdrawal of treasury shares (in shares) | 0 | 0 | 0 | ||
Transfer of treasury shares (in shares) | 118,211 | 69,982 | 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 | |
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 | 220,024,713 | |
Treasury shares | |||||
Earnings per share [line items] | |||||
Beginning of period (in shares) | 18,241,181 | 18,241,181 | 18,346,732 | 18,346,732 | |
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) | (450,465) | (105,551) | 0 | ||
End of period (in shares) | 17,790,716 | 18,241,181 | 18,346,732 | 18,346,732 |
Earnings per share - Narrative
Earnings per share - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2023 $ / shares shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Earnings per share [line items] | |||
Diluted earnings per share (in dollars per share) | $ / shares | $ 4.25 | $ 1.01 | $ (1.68) |
Long term incentive plan 2015 | |||
Earnings per share [line items] | |||
Anti-dilutive securities excluded (in shares) | 236,590 | 236,590 | |
Dilutive effect of share options on number of ordinary shares (in shares) | 0 |
Earnings per share - Weighted_2
Earnings per share - Weighted average number of ordinary shares (diluted) (Details) - shares | 12 Months Ended | ||||
Jan. 01, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | |||||
Weighted average of ordinary shares outstanding (basic) (in shares) | 201,783,532 | 201,901,743 | 201,747,963 | 201,677,981 | 201,677,981 |
Effect of Share-based Payment arrangements (in shares) | 0 | 246,254 | 95,259 | ||
Weighted average number of ordinary shares (diluted) (in shares) | 201,901,743 | 201,994,217 | 201,773,240 |
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, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | $ 1,696,280 | $ 1,712,180 |
New loans | 2,696,439 | 1,284,355 |
Scheduled repayments | (638,811) | (429,131) |
Early repayments | (2,861,080) | (865,000) |
Remeasurement | 27,158 | |
Other changes | 8,100 | (109) |
Translation differences | 2,627 | (6,015) |
Carrying amount of liability at the end of the period | 930,713 | 1,696,280 |
More than 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 221,345 | 102,493 |
Carrying amount of liability at the end of the period | 30,409 | 221,345 |
Between 1 and 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 1,317,288 | 1,373,194 |
Carrying amount of liability at the end of the period | 604,656 | 1,317,288 |
More than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 1,538,633 | 1,475,687 |
Carrying amount of liability at the end of the period | 635,065 | 1,538,633 |
Less than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 157,647 | 236,493 |
Carrying amount of liability at the end of the period | 295,648 | 157,647 |
Bank loans | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 1,333,183 | 1,205,148 |
New loans | 2,124,850 | 1,038,450 |
Scheduled repayments | (72,644) | (44,470) |
Early repayments | (2,861,080) | (865,000) |
Remeasurement | 0 | |
Other changes | 4,050 | (945) |
Translation differences | 0 | 0 |
Carrying amount of liability at the end of the period | 528,359 | 1,333,183 |
Bank loans | More than 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 221,304 | 102,419 |
Carrying amount of liability at the end of the period | 30,203 | 221,304 |
Bank loans | Between 1 and 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 1,042,938 | 1,073,416 |
Carrying amount of liability at the end of the period | 332,032 | 1,042,938 |
Bank loans | More than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 1,264,242 | 1,175,835 |
Carrying amount of liability at the end of the period | 362,235 | 1,264,242 |
Bank loans | Less than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 68,941 | 29,313 |
Carrying amount of liability at the end of the period | 166,124 | 68,941 |
Other notes | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 197,556 | 263,920 |
New loans | 0 | 0 |
Scheduled repayments | 0 | (67,200) |
Early repayments | 0 | 0 |
Remeasurement | 0 | |
Other changes | 4,396 | 836 |
Translation differences | 0 | 0 |
Carrying amount of liability at the end of the period | 201,952 | 197,556 |
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 | 197,556 | 196,895 |
Carrying amount of liability at the end of the period | 198,219 | 197,556 |
Other notes | More than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 197,556 | 196,895 |
Carrying amount of liability at the end of the period | 198,219 | 197,556 |
Other notes | Less than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 0 | 67,025 |
Carrying amount of liability at the end of the period | 3,733 | 0 |
Lease liabilities | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 28,679 | 39,051 |
New loans | 2,312 | 14,060 |
Scheduled repayments | (21,311) | (24,290) |
Early repayments | 0 | 0 |
Remeasurement | 27,158 | |
Other changes | 0 | 0 |
Translation differences | 18 | (142) |
Carrying amount of liability at the end of the period | 36,856 | 28,679 |
Lease liabilities | More than 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 41 | 74 |
Carrying amount of liability at the end of the period | 206 | 41 |
Lease liabilities | Between 1 and 5 years | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 5,783 | 16,685 |
Carrying amount of liability at the end of the period | 3,157 | 5,783 |
Lease liabilities | More than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 5,824 | 16,759 |
Carrying amount of liability at the end of the period | 3,363 | 5,824 |
Lease liabilities | Less than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 22,855 | 22,292 |
Carrying amount of liability at the end of the period | 33,493 | 22,855 |
Other borrowings | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 136,862 | 204,061 |
New loans | 569,277 | 231,845 |
Scheduled repayments | (544,856) | (293,171) |
Early repayments | 0 | 0 |
Remeasurement | 0 | |
Other changes | (346) | 0 |
Translation differences | 2,609 | (5,873) |
Carrying amount of liability at the end of the period | 163,546 | 136,862 |
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 | 71,011 | 86,198 |
Carrying amount of liability at the end of the period | 71,248 | 71,011 |
Other borrowings | More than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 71,011 | 86,198 |
Carrying amount of liability at the end of the period | 71,248 | 71,011 |
Other borrowings | Less than 1 year | ||
Reconciliation of changes in borrowings [abstract] | ||
Carrying amount of liability at the beginning of the period | 65,851 | 117,863 |
Carrying amount of liability at the end of the period | $ 92,298 | $ 65,851 |
Interest-bearing loans and bo_4
Interest-bearing loans and borrowings - Narrative (Details) - Vessels - Suezmaxes Marlin Sardinia and Marlin Somerset | Jun. 24, 2022 vessel |
Disclosure of detailed information about borrowings [line items] | |
Number of vessels with extended time charter agreements | 2 |
Time charter agreements, extended period | 12 months |
Interest-bearing loans and bo_5
Interest-bearing loans and borrowings - Bank loans (Details) € in Millions | 1 Months Ended | 9 Months Ended | ||||||||||||||||||||||
Nov. 07, 2023 USD ($) vessel credit_facility | Jun. 29, 2023 USD ($) ship | Jun. 21, 2022 USD ($) kPI | Apr. 07, 2021 USD ($) extension_option | Feb. 28, 2021 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 04, 2023 | Oct. 09, 2023 USD ($) shareholder vessel agreement | Dec. 06, 2022 USD ($) | Jun. 07, 2022 | Dec. 31, 2021 USD ($) | Dec. 02, 2021 USD ($) | Apr. 07, 2021 EUR (€) | Sep. 11, 2020 USD ($) | Dec. 30, 2019 T | Aug. 28, 2019 USD ($) | Sep. 07, 2018 USD ($) | Mar. 22, 2018 USD ($) | Apr. 25, 2017 USD ($) | Dec. 16, 2016 USD ($) ship | Aug. 19, 2015 USD ($) ship | Mar. 25, 2014 USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional Value | $ 536,532,000 | $ 93,607,000 | ||||||||||||||||||||||
Other borrowings (Note 16) | 1,696,280,000 | $ 930,713,000 | $ 1,712,180,000 | |||||||||||||||||||||
Number of interdependent agreements | agreement | 3 | |||||||||||||||||||||||
TI Asia Ltd and TI Africa Ltd | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Percentage of voting equity interests acquired | 50% | 50% | 50% | |||||||||||||||||||||
24 VLCC tankers | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Number of shareholders involved in transaction | shareholder | 2 | |||||||||||||||||||||||
Number of vessels sold | vessel | 24 | |||||||||||||||||||||||
Receivables from contracts with customers | $ 2,350,000,000 | |||||||||||||||||||||||
Secured vessels Revolving loan due 2022 | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional Value | $ 750,000,000 | |||||||||||||||||||||||
Secured vessels Revolving loan due 2022 | LIBOR | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 1.95% | |||||||||||||||||||||||
Secured vessels Revolving loan due 2022 | Vessels | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Number of vessels refinanced | ship | 21 | |||||||||||||||||||||||
Secured vessels Revolving loan due 2022 | VLCC | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Number of vessels refinanced | ship | 4 | |||||||||||||||||||||||
Secured vessels Revolving loan due 2023 | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional Value | $ 409,500,000 | |||||||||||||||||||||||
Reduction of notional amount of debt | $ 16,300,000 | $ 56,900,000 | 68,600,000 | |||||||||||||||||||||
Secured vessels Revolving loan due 2023 | Vessels | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Number of vessels refinanced | ship | 11 | |||||||||||||||||||||||
Senior Secured Credit Facility Due January 31, 2023 [Member] | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional Value | $ 500,000,000 | |||||||||||||||||||||||
Senior Secured Credit Facility Due January 31, 2023 [Member] | LIBOR | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.25% | |||||||||||||||||||||||
Secured vessels Revolving loan due 2028 | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional Value | $ 377,000,000 | $ 377,000,000 | $ 377,000,000 | |||||||||||||||||||||
Other borrowings (Note 16) | 40,000,000 | 0 | ||||||||||||||||||||||
Facility size | 288,276,000 | $ 0 | ||||||||||||||||||||||
Secured vessels Revolving loan due 2028 | SOFR | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 1.90% | |||||||||||||||||||||||
Unsecured Revolving loan due 2026 | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional Value | $ 88,400,000 | € 80 | ||||||||||||||||||||||
Borrowings term | 3 years | |||||||||||||||||||||||
Number of extension options | extension_option | 2 | |||||||||||||||||||||||
Extension period | 1 year | |||||||||||||||||||||||
Other borrowings (Note 16) | 0 | $ 0 | ||||||||||||||||||||||
Secured FSO loan due 2030 | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional Value | $ 150,000,000 | 150,000,000 | ||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.15% | |||||||||||||||||||||||
Borrowings term | 7 years 9 months | |||||||||||||||||||||||
Other borrowings (Note 16) | 141,747,000 | 124,809,000 | ||||||||||||||||||||||
Borrowings, adjustment to interest rate basis, margin | 0.10% | |||||||||||||||||||||||
Number of sustainability KPIs | kPI | 2 | |||||||||||||||||||||||
Facility size | 141,747,000 | $ 124,809,000 | ||||||||||||||||||||||
Secured FSO loan due 2030 | SOFR | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.15% | |||||||||||||||||||||||
$307 million revolving credit facility | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional Value | 307,000,000 | |||||||||||||||||||||||
$70.0 million term loan facility | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional Value | 70,000,000 | |||||||||||||||||||||||
Upsize term loan facility | Maximum | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional Value | 70,000,000 | |||||||||||||||||||||||
DNB Credit Facility | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional Value | $ 190,400,000 | |||||||||||||||||||||||
Borrowings term | 12 years | |||||||||||||||||||||||
DNB Credit Facility | VLCC | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Number of vessels refinanced | ship | 1 | |||||||||||||||||||||||
DNB Credit Facility | Suezmax Vessels | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Number of vessels refinanced | ship | 3 | |||||||||||||||||||||||
Refi Secured Vessels Loan | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional Value | $ 1,290,000,000 | |||||||||||||||||||||||
Other borrowings (Note 16) | $ 415,700,000 | |||||||||||||||||||||||
Number of credit facilities | credit_facility | 3 | |||||||||||||||||||||||
Refi Secured Vessels Loan | SOFR | Minimum | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.30% | |||||||||||||||||||||||
Refi Secured Vessels Loan | SOFR | Maximum | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.90% | |||||||||||||||||||||||
Secured vessels loan Refi - Revolving loan 725.0M* | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional Value | $ 725,000,000 | 725,000,000 | ||||||||||||||||||||||
Borrowings term | 5 years | |||||||||||||||||||||||
Other borrowings (Note 16) | 0 | 0 | ||||||||||||||||||||||
Number of newbuild vessels | vessel | 4 | |||||||||||||||||||||||
Facility size | 0 | $ 725,000,000 | ||||||||||||||||||||||
Secured vessels loan Refi - Revolving loan 725.0M* | SOFR | Maximum | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.90% | |||||||||||||||||||||||
Secured vessels loan Refi - Transition facility 375.0M | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional Value | $ 375,000,000 | $ 375,000,000 | ||||||||||||||||||||||
Borrowings term | 18 months | |||||||||||||||||||||||
Other borrowings (Note 16) | 0 | 368,225,000 | ||||||||||||||||||||||
Facility size | 0 | $ 368,225,000 | ||||||||||||||||||||||
Secured vessels loan Refi - Transition facility 375.0M | SOFR | Maximum | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.90% | |||||||||||||||||||||||
Secured vessels loan Refi - Newbuild facility 190.0M | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional Value | $ 190,000,000 | $ 190,000,000 | ||||||||||||||||||||||
Borrowings term | 5 years | |||||||||||||||||||||||
Other borrowings (Note 16) | 0 | 47,500,000 | ||||||||||||||||||||||
Facility size | 0 | $ 47,500,000 | ||||||||||||||||||||||
Secured vessels loan Refi - Newbuild facility 190.0M | SOFR | Maximum | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.90% | |||||||||||||||||||||||
Korean Export Credit Facility | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional Value | $ 108,500,000 | |||||||||||||||||||||||
Senior Secured Loans | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional Value | $ 200,000,000 | |||||||||||||||||||||||
Senior Secured Loans | Ice Class Suezmax Vessels | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Facility size | $ 173,600,000 | |||||||||||||||||||||||
Secured vessels Revolving loan due 2026 | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional Value | $ 700,000,000 | $ 700,000,000 | ||||||||||||||||||||||
Other borrowings (Note 16) | 470,000,000 | 0 | ||||||||||||||||||||||
Facility size | 553,480,000 | $ 0 | ||||||||||||||||||||||
Secured vessels Revolving loan due 2026 | LIBOR | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 1.95% | |||||||||||||||||||||||
$713.0 million facility | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional Value | $ 713,000,000 | $ 713,000,000 | ||||||||||||||||||||||
Other borrowings (Note 16) | 350,756,000 | 0 | ||||||||||||||||||||||
Facility size | 582,876,000 | $ 0 | ||||||||||||||||||||||
$713.0 million facility | LIBOR | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.30% | |||||||||||||||||||||||
$73.45 million facility - Cedar and Cypress | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional Value | $ 73,450,000 | $ 73,450,000 | ||||||||||||||||||||||
Other borrowings (Note 16) | 71,155,000 | 0 | ||||||||||||||||||||||
Facility size | $ 71,155,000 | $ 0 | ||||||||||||||||||||||
$73.45 million facility - Cedar and Cypress | LIBOR | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 1.80% | |||||||||||||||||||||||
Nordea Credit Facility | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional Value | $ 447,000,000 | |||||||||||||||||||||||
Sale and leaseback agreement | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Other borrowings (Note 16) | $ 75,700,000 | |||||||||||||||||||||||
Sale and leaseback agreement | SOFR | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 0.0435% | |||||||||||||||||||||||
Sale and leaseback agreement | Vessels | Nautica | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 307,284 |
Interest-bearing loans and bo_6
Interest-bearing loans and borrowings - Undrawn borrowing facilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [line items] | ||
Undrawn credit line facilities | $ 813.4 | $ 671.3 |
Less than 1 year | ||
Disclosure of detailed information about borrowings [line items] | ||
Undrawn credit line facilities | $ 79 |
Interest-bearing loans and bo_7
Interest-bearing loans and borrowings - Terms and conditions of outstanding loans (Details) - USD ($) | Dec. 31, 2023 | Nov. 07, 2023 | Dec. 31, 2022 | Dec. 06, 2022 | Jun. 21, 2022 | Dec. 31, 2021 | Dec. 02, 2021 | Sep. 11, 2020 | Aug. 28, 2019 | Dec. 16, 2016 |
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | $ 93,607,000 | $ 536,532,000 | ||||||||
Borrowings | 930,713,000 | 1,696,280,000 | $ 1,712,180,000 | |||||||
Borrowings Excluding Non-Bank Loans | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Facility size | 1,353,934,000 | 2,020,659,000 | ||||||||
Borrowings | 540,534,000 | 1,349,408,000 | ||||||||
Borrowings Excluding Non-Bank Loans | Cost | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | 528,359,000 | 1,333,183,000 | ||||||||
Secured vessels loan due 2029 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | 27,100,000 | |||||||||
Facility size | 0 | 24,650,000 | ||||||||
Borrowings | $ 0 | 24,650,000 | ||||||||
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 | $ 0 | 24,650,000 | ||||||||
Secured vessels loan due 2029 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | 81,400,000 | |||||||||
Facility size | 0 | 44,098,000 | ||||||||
Borrowings | $ 0 | 44,098,000 | ||||||||
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 | $ 0 | 42,960,000 | ||||||||
Secured vessels loan due 2030 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | 69,400,000 | |||||||||
Facility size | 0 | 49,751,000 | ||||||||
Borrowings | $ 0 | 49,751,000 | ||||||||
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 | $ 0 | 49,751,000 | ||||||||
Secured vessels loan due 2030 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | 104,200,000 | |||||||||
Facility size | 0 | 67,251,000 | ||||||||
Borrowings | $ 0 | 67,251,000 | ||||||||
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 | $ 0 | 66,562,000 | ||||||||
Secured vessels Revolving loan due 2025 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | 200,000,000 | |||||||||
Facility size | 0 | 97,376,000 | ||||||||
Borrowings | $ 0 | 90,000,000 | ||||||||
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 | $ 0 | 89,554,000 | ||||||||
Secured vessels Revolving loan due 2026 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | 700,000,000 | $ 700,000,000 | ||||||||
Facility size | 0 | 553,480,000 | ||||||||
Borrowings | $ 0 | 470,000,000 | ||||||||
Secured vessels Revolving loan due 2026 | LIBOR | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Margin rate | 1.95% | |||||||||
Secured vessels Revolving loan due 2026 | Cost | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | $ 0 | 466,211,000 | ||||||||
$713.0 million facility | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | 713,000,000 | $ 713,000,000 | ||||||||
Facility size | 0 | 582,876,000 | ||||||||
Borrowings | $ 0 | 350,756,000 | ||||||||
$713.0 million facility | LIBOR | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Margin rate | 2.30% | |||||||||
$713.0 million facility | Cost | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | $ 0 | 346,866,000 | ||||||||
$73.45 million facility - Cedar and Cypress | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | 73,450,000 | $ 73,450,000 | ||||||||
Facility size | 0 | 71,155,000 | ||||||||
Borrowings | $ 0 | 71,155,000 | ||||||||
$73.45 million facility - Cedar and Cypress | LIBOR | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Margin rate | 1.80% | |||||||||
$73.45 million facility - Cedar and Cypress | Cost | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | $ 0 | 70,730,000 | ||||||||
Unsecured Revolving loan due 2026 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | 80,000,000 | |||||||||
Facility size | 88,400,000 | 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 | $ (66,000) | (265,000) | ||||||||
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 | 124,809,000 | 141,747,000 | ||||||||
Borrowings | $ 124,809,000 | 141,747,000 | ||||||||
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 | $ 123,728,000 | 140,227,000 | ||||||||
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 | |||||||
Facility size | 0 | 288,276,000 | ||||||||
Borrowings | $ 0 | 40,000,000 | ||||||||
Secured vessels Revolving loan due 2028 | SOFR | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Margin rate | 1.90% | |||||||||
Secured vessels Revolving loan due 2028 | Cost | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | $ 0 | 35,938,000 | ||||||||
Secured vessels loan Refi - Revolving loan 725.0M* | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | 725,000,000 | $ 725,000,000 | ||||||||
Facility size | 725,000,000 | 0 | ||||||||
Borrowings | $ 0 | 0 | ||||||||
Secured vessels loan Refi - Revolving loan 725.0M* | SOFR | Minimum | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Margin rate | 2.30% | |||||||||
Secured vessels loan Refi - Revolving loan 725.0M* | SOFR | Maximum | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Margin rate | 2.90% | |||||||||
Secured vessels loan Refi - Revolving loan 725.0M* | Cost | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | $ (8,398,000) | 0 | ||||||||
Secured vessels loan Refi - Transition facility 375.0M | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | 375,000,000 | 375,000,000 | ||||||||
Facility size | 368,225,000 | 0 | ||||||||
Borrowings | $ 368,225,000 | 0 | ||||||||
Secured vessels loan Refi - Transition facility 375.0M | SOFR | Minimum | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Margin rate | 2.30% | |||||||||
Secured vessels loan Refi - Transition facility 375.0M | SOFR | Maximum | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Margin rate | 2.90% | |||||||||
Secured vessels loan Refi - Transition facility 375.0M | Cost | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | $ 365,662,000 | 0 | ||||||||
Secured vessels loan Refi - Newbuild facility 190.0M | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | 190,000,000 | $ 190,000,000 | ||||||||
Facility size | 47,500,000 | 0 | ||||||||
Borrowings | $ 47,500,000 | 0 | ||||||||
Secured vessels loan Refi - Newbuild facility 190.0M | SOFR | Minimum | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Margin rate | 2.30% | |||||||||
Secured vessels loan Refi - Newbuild facility 190.0M | SOFR | Maximum | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Margin rate | 2.90% | |||||||||
Secured vessels loan Refi - Newbuild facility 190.0M | Cost | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | $ 47,433,000 | $ 0 |
Interest-bearing loans and bo_8
Interest-bearing loans and borrowings - Terms and conditions of other notes (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 18, 2022 | Dec. 31, 2021 | Sep. 02, 2021 | Sep. 01, 2021 |
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | $ 93,607,000 | $ 536,532,000 | ||||
Borrowings | 930,713,000 | 1,696,280,000 | $ 1,712,180,000 | |||
Other Notes | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | 200,000,000 | 200,000,000 | ||||
Borrowings | 200,000,000 | 200,000,000 | ||||
Other Notes | Book Value | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings | 198,219,000 | 197,556,000 | ||||
Unsecured notes due 2022 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | $ 200,000,000 | |||||
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 | Book Value | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings | $ 198,219,000 | $ 197,556,000 |
Interest-bearing loans and bo_9
Interest-bearing loans and borrowings - Other notes (Details) - USD ($) | 12 Months Ended | |||||
Sep. 02, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 18, 2022 | Sep. 01, 2021 | |
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | $ 93,607,000 | $ 536,532,000 | ||||
Payments for debt issue costs | 14,530,000 | 5,871,000 | $ 4,422,000 | |||
Repayments of borrowings | 2,933,724,000 | 976,670,000 | $ 726,032,000 | |||
Unsecured notes due 2022 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | $ 200,000,000 | |||||
Repayments of borrowings | $ 132,000,000 | |||||
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 | ||
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. 04, 2023 USD ($) T | Dec. 30, 2019 USD ($) vessel T | Jun. 06, 2017 EUR (€) | Dec. 31, 2023 USD ($) vessel T | Dec. 31, 2023 EUR (€) T | Dec. 31, 2022 USD ($) T | Dec. 31, 2022 EUR (€) T | Dec. 31, 2021 USD ($) | Sep. 30, 2020 EUR (€) | Oct. 01, 2018 EUR (€) | |
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | $ 93,607,000 | $ 536,532,000 | ||||||||
Borrowings | 930,713,000 | 1,696,280,000 | $ 1,712,180,000 | |||||||
2023 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | 295,648,000 | 157,647,000 | 236,493,000 | |||||||
Between 1 and 5 years | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | 604,656,000 | 1,317,288,000 | 1,373,194,000 | |||||||
More than five years | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | 30,409,000 | 221,345,000 | $ 102,493,000 | |||||||
Suezmax Cedar | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Property plant and equipment, boat carrying capacity | T | 157,310 | |||||||||
Treasury Notes | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | € | € 50 | € 50 | € 150 | |||||||
Borrowings | 87,800,000 | € 79.1 | $ 50,700,000 | € 47.5 | ||||||
Borrowings term | 1 year | |||||||||
Sale and leaseback agreement | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | $ 75,700,000 | |||||||||
Number of bareboat-in vessels | vessel | 3 | 3 | ||||||||
Bareboat leaseback contract duration | 14 years | 54 months | ||||||||
Bareboat contract average daily rate per vessel | $ 13,590 | $ 20,681 | ||||||||
Seller credit payable upon sale | 76,900,000 | $ 124,400,000 | ||||||||
Purchase obligation | $ 7,390,000 | $ 30,000,000 | ||||||||
Sale and leaseback agreement | Suedmax Cypress | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Property plant and equipment, boat carrying capacity | T | 157,310 | 157,310 | ||||||||
Bareboat leaseback contract duration | 14 years | |||||||||
Sale and leaseback agreement | Suezmax Cedar | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Bareboat leaseback contract duration | 14 years | |||||||||
Sale and leaseback agreement - lease payments | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | 76,505,000 | $ 33,878,000 | ||||||||
Sale and leaseback agreement - lease payments | 2023 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | 4,547,000 | 22,667,000 | ||||||||
Sale and leaseback agreement - lease payments | Between 1 and 5 years | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | 19,130,000 | 11,212,000 | ||||||||
Sale and leaseback agreement - lease payments | More than five years | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | 52,828,000 | 0 | ||||||||
Sale and leaseback agreement - lease payments | Suezmax Cedar | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | 76,900,000 | |||||||||
Sale and leaseback agreement - lease payments | Suezmax Cedar | 2023 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | 4,500,000 | |||||||||
Sale and leaseback agreement - lease payments | Suezmax Cedar | Between 1 and 5 years | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | 19,000,000 | |||||||||
Sale and leaseback agreement - lease payments | Suezmax Cedar | More than five years | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | 53,400,000 | |||||||||
Euribor | Treasury Notes | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings, adjustment to interest rate basis | 0.60% | |||||||||
SOFR | Sale and leaseback agreement | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings, adjustment to interest rate basis | 0.0435% | |||||||||
Sustainability saving adjustment | 0.0010 | |||||||||
Forward exchange contracts used for hedging | Hedging instruments | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Financial assets | $ 1,500,000 | $ 300,000 | ||||||||
Vessels | Suedmax Cypress | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Property plant and equipment, boat carrying capacity | T | 157,310 | 157,310 | ||||||||
Vessels | Suezmax Cedar | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Property plant and equipment, boat carrying capacity | T | 157,310 | 157,310 | ||||||||
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 | |||||||||
Vessels | Sale and leaseback agreement | Suedmax Cypress | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Property plant and equipment, boat carrying capacity | T | 157,310 | |||||||||
Vessels | Sale and leaseback agreement | Suezmax Cedar | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Property plant and equipment, boat carrying capacity | T | 157,310 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [line items] | |||
Other borrowings (Note 16) | $ 930,713 | $ 1,696,280 | $ 1,712,180 |
Less than 1 year | |||
Disclosure of detailed information about borrowings [line items] | |||
Other borrowings (Note 16) | 295,648 | 157,647 | 236,493 |
Between 1 and 5 years | |||
Disclosure of detailed information about borrowings [line items] | |||
Other borrowings (Note 16) | 604,656 | 1,317,288 | 1,373,194 |
More than five years | |||
Disclosure of detailed information about borrowings [line items] | |||
Other borrowings (Note 16) | 30,409 | 221,345 | $ 102,493 |
Sale and leaseback agreement - lease payments | |||
Disclosure of detailed information about borrowings [line items] | |||
Other borrowings (Note 16) | 76,505 | 33,878 | |
Sale and leaseback agreement - lease payments | Less than 1 year | |||
Disclosure of detailed information about borrowings [line items] | |||
Other borrowings (Note 16) | 4,547 | 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) | 19,130 | 11,212 | |
Sale and leaseback agreement - lease payments | More than five years | |||
Disclosure of detailed information about borrowings [line items] | |||
Other borrowings (Note 16) | $ 52,828 | $ 0 |
Interest-bearing loans and b_12
Interest-bearing loans and borrowings - Transaction and other financial costs (Details) - USD ($) | 12 Months Ended | ||||
Nov. 07, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 06, 2022 | Dec. 16, 2016 | |
Disclosure of detailed information about borrowings [line items] | |||||
Amortization of financing costs | $ 16,500,000 | ||||
Notional amount | 93,607,000 | $ 536,532,000 | |||
Other financial charges | 13,500,000 | 5,900,000 | |||
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 | ||
$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 | Maximum | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Notional amount | $ 70,000,000 | ||||
Global Refinancing facility | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Amortization of financing costs | $ 13,800,000 | ||||
Notional amount | 1,290,000,000 | ||||
Sale and leaseback agreement | Suedmax Cypress | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Amortization of financing costs | $ 700,000 | ||||
Other financial liabilities | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Interest expense | 134,600,000 | 85,400,000 | |||
Lease liabilities | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Interest expense | $ 600,000 | $ 1,200,000 |
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, 2023 | Dec. 31, 2022 | |
Liabilities | ||
Total liability-related other changes | $ 64,781 | $ 23,853 |
Equity | ||
Total equity-related other changes (Note 15) | 809,019 | 236,016 |
Total | ||
Liabilities and equity beginning balance | 3,869,744 | 3,672,762 |
Proceeds from loans and borrowings (Note 17) | 2,124,850 | 1,038,450 |
Proceeds from issue of other borrowings (Note 17) | 569,277 | 231,845 |
Proceeds from transfer of treasury shares (Note 15) | 0 | 1,080 |
Repayment of sale and leaseback agreement (Note 17) | (96,006) | (22,667) |
Transaction costs related to loans and borrowings (Note 17) | (14,530) | (5,871) |
Repayment of borrowings (Note 17) | (2,933,724) | (976,670) |
Repayment of commercial paper (Note 17) | (458,272) | (279,314) |
Repayment of lease liabilities (Note 17) | (21,942) | (25,527) |
Dividend paid | (630,540) | (24,213) |
Total changes from financing cash flows | (1,460,887) | (62,887) |
Amortization of transaction costs (Note 17) | 16,531 | 5,791 |
Amortization of above par issuance (Note 17) | (57) | (57) |
Amortization of below par issuance (Note 17) | 28 | 28 |
New leases (Note 17) | 2,312 | 14,060 |
Remeasurement (Note 17) | 27,158 | |
Interest expense (Note 6) | 10,054 | 10,046 |
Translation differences (Note 17) | 2,627 | (6,015) |
Other | 6,128 | |
Total equity-related other changes (Note 15) | 809,019 | 236,016 |
Liabilities and equity ending balance | 3,282,657 | 3,869,744 |
Share capital / premium | ||
Equity | ||
Equity beginning balance | 1,917,484 | 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 | 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 | (211,807) | (24,213) |
Total changes from financing cash flows, equity | (211,807) | (24,213) |
Total equity-related other changes (Note 15) | 0 | 0 |
Equity ending balance | 1,705,677 | 1,917,484 |
Total | ||
Total equity-related other changes (Note 15) | 0 | 0 |
Reserves | ||
Equity | ||
Equity beginning balance | 33,029 | 2,849 |
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 | 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) | (31,654) | 30,180 |
Equity ending balance | 1,375 | 33,029 |
Total | ||
Total equity-related other changes (Note 15) | (31,654) | 30,180 |
Treasury shares | ||
Equity | ||
Equity beginning balance | (163,024) | (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) | 0 | 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 | 0 | 1,080 |
Total equity-related other changes (Note 15) | 0 | 0 |
Equity ending balance | (163,024) | (163,024) |
Total | ||
Total equity-related other changes (Note 15) | 0 | 0 |
Retained earnings | ||
Equity | ||
Equity beginning balance | 385,976 | 180,140 |
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 | 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 | (418,733) | 0 |
Total changes from financing cash flows, equity | (418,733) | 0 |
Total equity-related other changes (Note 15) | 840,673 | 205,836 |
Equity ending balance | 807,916 | 385,976 |
Total | ||
Total equity-related other changes (Note 15) | 840,673 | 205,836 |
Loans and borrowings | ||
Liabilities | ||
Liabilities beginning balance | 1,333,183 | 1,205,148 |
Proceeds from loans and borrowings (Note 17) | 2,124,850 | 1,038,450 |
Proceeds from issue of other borrowings (Note 17) | 0 | 0 |
Proceeds from transfer of treasury shares (Note 15) | 0 | 0 |
Repayment of sale and leaseback agreement (Note 17) | 0 | 0 |
Transaction costs related to loans and borrowings (Note 17) | (13,761) | (5,871) |
Repayment of borrowings (Note 17) | (2,933,724) | (909,470) |
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 | (822,635) | 123,109 |
Amortization of transaction costs (Note 17) | 15,835 | 4,926 |
Amortization of above par issuance (Note 17) | 0 | 0 |
Amortization of below par issuance (Note 17) | 0 | 0 |
New leases (Note 17) | 0 | 0 |
Remeasurement (Note 17) | 0 | |
Interest expense (Note 6) | 0 | 0 |
Translation differences (Note 17) | 0 | 0 |
Other | 1,976 | |
Total liability-related other changes | 17,811 | 4,926 |
Liabilities ending balance | 528,359 | 1,333,183 |
Other Notes | ||
Liabilities | ||
Liabilities beginning balance | 197,556 | 263,920 |
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 | 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 | (67,200) |
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 | 0 | (67,200) |
Amortization of transaction costs (Note 17) | 692 | 865 |
Amortization of above par issuance (Note 17) | (57) | (57) |
Amortization of below par issuance (Note 17) | 28 | 28 |
New leases (Note 17) | 0 | 0 |
Remeasurement (Note 17) | 0 | |
Interest expense (Note 6) | 0 | 0 |
Translation differences (Note 17) | 0 | 0 |
Other | 3,733 | |
Total liability-related other changes | 4,396 | 836 |
Liabilities ending balance | 201,952 | 197,556 |
Other borrowings | ||
Liabilities | ||
Liabilities beginning balance | 136,861 | 204,061 |
Proceeds from loans and borrowings (Note 17) | 0 | 0 |
Proceeds from issue of other borrowings (Note 17) | 569,277 | 231,845 |
Proceeds from transfer of treasury shares (Note 15) | 0 | 0 |
Repayment of sale and leaseback agreement (Note 17) | (96,006) | (22,667) |
Transaction costs related to loans and borrowings (Note 17) | (769) | 0 |
Repayment of borrowings (Note 17) | 0 | 0 |
Repayment of commercial paper (Note 17) | (458,272) | (279,314) |
Repayment of lease liabilities (Note 17) | 0 | 0 |
Dividend paid | 0 | 0 |
Total changes from financing cash flows, liabilities | 14,230 | (70,136) |
Amortization of transaction costs (Note 17) | 4 | 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 |
Remeasurement (Note 17) | 0 | |
Interest expense (Note 6) | 9,423 | 8,809 |
Translation differences (Note 17) | 2,609 | (5,873) |
Other | 419 | |
Total liability-related other changes | 12,455 | 2,936 |
Liabilities ending balance | 163,546 | 136,861 |
Lease liabilities | ||
Liabilities | ||
Liabilities beginning balance | 28,679 | 39,051 |
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 | 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) | (21,942) | (25,527) |
Dividend paid | 0 | 0 |
Total changes from financing cash flows, liabilities | (21,942) | (25,527) |
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) | 2,312 | 14,060 |
Remeasurement (Note 17) | 27,158 | |
Interest expense (Note 6) | 631 | 1,237 |
Translation differences (Note 17) | 18 | (142) |
Other | 0 | |
Total liability-related other changes | 30,119 | 15,155 |
Liabilities ending balance | $ 36,856 | $ 28,679 |
Employee benefits - Amounts rec
Employee benefits - Amounts recognized in the balance sheet (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Net liability - beginning of period | $ (1,635) | $ (6,839) | $ (7,987) |
Recognized in profit or loss | 140 | 2,594 | (621) |
Recognized in other comprehensive income | (116) | 942 | 1,453 |
Foreign currency translation differences | (57) | 184 | 316 |
Reclassification equity-settled LTIPs | 0 | 1,484 | 0 |
Net liability - end of period | (1,669) | (1,635) | (6,839) |
Liabilities | (1,669) | (1,635) | (6,839) |
Assets | 0 | 0 | 0 |
NET LIABILITY | (1,669) | (1,635) | (6,839) |
Present value of funded obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Present value of funded obligation | (5,330) | (4,595) | (4,865) |
Fair value of plan assets | 5,173 | 4,434 | 4,224 |
Surplus (deficit) in plan | (157) | (161) | (641) |
Present value of unfunded obligations | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Present value of funded obligation | $ (1,512) | $ (1,474) | $ (6,198) |
Employee benefits - Narrative (
Employee benefits - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 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 | $ | $ 45,870 |
Estimate of contributions expected to be paid to plan, defined contribution pension | $ | $ 328,132 |
Trade and other payables - Sche
Trade and other payables - Schedule of trade and other payables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Derivatives | $ 146 | $ 404 |
Total non-current other payables | 146 | 404 |
Trade payables | 42,032 | 24,696 |
Accrued expenses | 43,898 | 35,212 |
Accrued payroll | 2,724 | 2,121 |
Dividends payable | 16,301 | 547 |
Accrued interest | 0 | 8,910 |
Deferred income | 17,355 | 17,542 |
Other payables | 1,703 | 1,441 |
Total current trade and other payables | $ 124,013 | $ 90,469 |
Trade and other payables - Narr
Trade and other payables - Narrative (Details) | 12 Months Ended | |
Nov. 06, 2020 vessel | Dec. 31, 2023 agreement | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Number of time charter agreements entered into | 2 | 2 |
Financial instruments - Fair _3
Financial instruments - Fair values and risk management - Carrying amounts and fair values (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Hedging instruments | Forward exchange contracts used for hedging | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | $ 1,500 | $ 300 |
Measured at fair value | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 2,801 | 33,961 |
Financial liabilities | 146 | 404 |
Measured at fair value | Interest rate swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 146 | 404 |
Financial liabilities, at fair value | 146 | 404 |
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 | 146 | 404 |
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 | 1,515 | 1,309 |
Financial assets, at fair value | 1,515 | 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 | 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 | 1,515 | 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 | 0 |
Measured at fair value | Interest rate swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 1,286 | 32,652 |
Financial assets, at fair value | 1,286 | 32,652 |
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 | 1,286 | 32,652 |
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 | Hedging instruments | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 146 | 404 |
Measured at fair value | Hedging instruments | Interest rate swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 146 | 404 |
Measured at fair value | Hedging instruments | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 2,801 | 33,961 |
Measured at fair value | Hedging instruments | Forward exchange contracts used for hedging | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 1,515 | 1,309 |
Measured at fair value | Hedging instruments | Interest rate swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 1,286 | 32,652 |
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 | 713,624 | 522,255 |
Financial liabilities | 1,037,326 | 1,769,159 |
Not measured at fair value | Secured bank loans | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 528,359 | 1,333,184 |
Financial liabilities, at fair value | 540,096 | 1,356,270 |
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 | 540,096 | 1,356,270 |
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 | 201,952 | 197,556 |
Financial liabilities, at fair value | 196,563 | 194,480 |
Not measured at fair value | Unsecured other notes | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 196,563 | 194,480 |
Not measured at fair value | Unsecured other notes | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
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 | 163,546 | 136,862 |
Financial liabilities, at fair value | 164,261 | 136,862 |
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 | 164,261 | 136,862 |
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 | 36,856 | 28,679 |
Financial liabilities, at fair value | 33,359 | 26,778 |
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 | 33,359 | 26,778 |
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 | 106,613 | 72,878 |
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 | Non-current receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 1,625 | 13,880 |
Financial assets, at fair value | 1,536 | 13,789 |
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 | 1,536 | 13,789 |
Not measured at fair value | Lease receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 2,854 | 2,854 |
Financial assets, at fair value | 2,268 | 2,268 |
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 | 2,268 |
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 | 279,775 | 325,592 |
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 | 429,370 | 179,929 |
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 | 1,037,326 | 1,769,159 |
Not measured at fair value | Other financial liabilities | Secured bank loans | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 528,359 | 1,333,184 |
Not measured at fair value | Other financial liabilities | Unsecured other notes | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 201,952 | 197,556 |
Not measured at fair value | Other financial liabilities | Other borrowings | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 163,546 | 136,862 |
Not measured at fair value | Other financial liabilities | Lease liabilities | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 36,856 | 28,679 |
Not measured at fair value | Other financial liabilities | Trade and other payables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 106,613 | 72,878 |
Not measured at fair value | Financial assets at amortised cost | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 713,624 | 522,255 |
Not measured at fair value | Financial assets at amortised cost | Non-current receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 1,625 | 13,880 |
Not measured at fair value | Financial assets at amortised cost | Lease receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 2,854 | 2,854 |
Not measured at fair value | Financial assets at amortised cost | Trade and other receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 279,775 | 325,592 |
Not measured at fair value | Financial assets at amortised cost | Cash and cash equivalents | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | $ 429,370 | $ 179,929 |
Financial instruments - Fair _4
Financial instruments - Fair values and risk management - Additional information (Details) | 12 Months Ended | ||||||||||
Dec. 04, 2023 T | Dec. 31, 2022 USD ($) T | Aug. 22, 2022 contract | Dec. 30, 2019 vessel | Dec. 31, 2023 USD ($) vessel numberOfInterestRateSwaps T | Dec. 31, 2022 USD ($) T | Dec. 31, 2021 USD ($) | Dec. 31, 2019 vessel | Jun. 21, 2022 | Jun. 07, 2022 | Dec. 31, 2020 USD ($) | |
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Cash and cash equivalents | $ 179,929,000 | $ 429,370,000 | $ 179,929,000 | $ 152,528,000 | $ 161,478,000 | ||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||
Percent of floating interest rates hedged | 17% | 46% | |||||||||
Notional amount | $ 536,532,000 | $ 93,607,000 | $ 536,532,000 | ||||||||
Amount reclassified from hedging reserve | $ 24,700,000 | $ 0 | |||||||||
Number of interest rate swaps | numberOfInterestRateSwaps | 4 | ||||||||||
Vessels | Suedmax Cypress | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Property plant and equipment, boat carrying capacity | T | 157,310 | ||||||||||
Sale and leaseback agreement | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Number of bareboat-in vessels | vessel | 3 | 3 | |||||||||
Bareboat leaseback contract duration | 14 years | 54 months | |||||||||
Sale and leaseback agreement | Suedmax Cypress | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Bareboat leaseback contract duration | 14 years | ||||||||||
Property plant and equipment, boat carrying capacity | T | 157,310 | 157,310 | |||||||||
Sale and leaseback agreement | 3 VLCCs | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Number of bareboat-in vessels | vessel | 3 | ||||||||||
Bareboat leaseback contract duration | 54 months | ||||||||||
Sale and leaseback agreement | Vessels | Suedmax Cypress | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Property plant and equipment, boat carrying capacity | T | 157,310 | ||||||||||
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% | 50% | ||||||||
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 | $ 0 | $ 18,398,000 | ||||||||
Interest rate swaps | SOFR | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Derivative notional amount | 93,600,000 | ||||||||||
Credit risk | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Cash and cash equivalents | 179,900,000 | 429,400,000 | 179,900,000 | ||||||||
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% | ||||||||||
Interest rate risk | Interest rate swaps | Cash flow hedges | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Derivative notional amount | $ 518,133,000 | $ 93,607,000 | $ 518,133,000 | ||||||||
Fx rate risk | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Concentration risk percentage | 15.40% | 19.10% | 15.40% | 13.90% | |||||||
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 | $ 0 | $ 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% | 4.23% | 1.17% | ||||||||
Customer one | Tankers | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Percentage of entity's revenue | 6% | 8% | 11% | ||||||||
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% | 55.14% | 52.88% |
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, 2023 | Dec. 31, 2022 |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | $ 307,111 | $ 366,789 |
Not past due | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 266,613 | 320,823 |
Past due 0-30 days | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 12,060 | 16,560 |
Past due 31-365 days | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 26,781 | 26,820 |
More than one year | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | $ 1,656 | $ 2,585 |
Financial instruments - Fair _6
Financial instruments - Fair values and risk management - Remaining contractual maturities of financial liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities | $ 146 | $ 0 |
Liquidity risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 1,196,112 | 2,076,144 |
Derivative financial liabilities, undiscounted cash flows | (9) | 9 |
Liquidity risk | Bank loans and other notes | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 837,126 | 1,819,230 |
Liquidity risk | Other borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 214,641 | 154,292 |
Liquidity risk | Lease liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 37,732 | 29,745 |
Liquidity risk | Current trade and other payables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 106,613 | 72,878 |
Liquidity risk | Interest rate swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities, undiscounted cash flows | (9) | 9 |
Liquidity risk | Less than 1 year | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 456,805 | 448,144 |
Derivative financial liabilities, undiscounted cash flows | (876) | (1,359) |
Liquidity risk | 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 | 217,328 | 278,311 |
Liquidity risk | Less than 1 year | Other borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 99,058 | 73,330 |
Liquidity risk | Less than 1 year | Lease liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 33,806 | 23,624 |
Liquidity risk | 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 | 106,613 | 72,878 |
Liquidity risk | Less than 1 year | Interest rate swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities, undiscounted cash flows | (876) | (1,359) |
Liquidity risk | Between 1 and 5 years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 631,694 | 1,436,426 |
Derivative financial liabilities, undiscounted cash flows | 797 | 1,152 |
Liquidity risk | 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 | 587,681 | 1,349,384 |
Liquidity risk | Between 1 and 5 years | Other borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 40,363 | 80,962 |
Liquidity risk | Between 1 and 5 years | Lease liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 3,651 | 6,080 |
Liquidity risk | 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 |
Liquidity risk | Between 1 and 5 years | Interest rate swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities, undiscounted cash flows | 797 | 1,152 |
Liquidity risk | More than five years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 107,613 | 191,575 |
Derivative financial liabilities, undiscounted cash flows | 70 | 216 |
Liquidity risk | 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 | 32,117 | 191,534 |
Liquidity risk | More than five years | Other borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 75,220 | 0 |
Liquidity risk | More than five years | Lease liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 276 | 41 |
Liquidity risk | 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 |
Liquidity risk | More than five years | Interest rate swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities, undiscounted cash flows | 70 | 216 |
Liquidity risk | Other financial liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 1,037,326 | 1,769,158 |
Derivative financial liabilities | 146 | 404 |
Liquidity risk | Other financial liabilities | Bank loans and other notes | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 730,311 | 1,530,739 |
Liquidity risk | Other financial liabilities | Other borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 163,546 | 136,862 |
Liquidity risk | Other financial liabilities | Lease liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 36,856 | 28,679 |
Liquidity risk | Other financial liabilities | Current trade and other payables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 106,613 | 72,878 |
Liquidity risk | Other financial liabilities | Interest rate swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial liabilities | $ 146 | $ 404 |
Financial instruments - Fair _7
Financial instruments - Fair values and risk management - Tanker market risk scenario (Details) - Market risk - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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) | 20,252,000 | 21,348,000 | 21,270,000 |
Decrease in risk variable, impact on profit (loss) | $ (20,252,000) | $ (21,348,000) | $ (21,270,000) |
Financial instruments - Fair _8
Financial instruments - Fair values and risk management - Interest rate risk (Details) - Interest rate risk - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
FIXED RATE INSTRUMENTS | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | $ 239,658 | $ 313,284 |
VARIABLE RATE INSTRUMENTS | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 691,905 | 1,383,847 |
Financial liabilities | FIXED RATE INSTRUMENTS | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 238,808 | 312,434 |
Financial liabilities | VARIABLE RATE INSTRUMENTS | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 691,905 | 1,383,847 |
Financial assets | FIXED RATE INSTRUMENTS | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | $ 850 | $ 850 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | |||
Increase in risk variable, impact on profit (loss) | $ (7,130) | $ (7,784) | $ (6,606) |
Decrease in risk variable, impact on profit (loss) | 7,129 | 6,466 | 2,133 |
Increase in risk variable, impact on equity | 1,376 | 4,710 | 4,594 |
Decrease in risk variable, impact on equity | (1,376) | (6,839) | (4,222) |
Variable rate instruments | |||
Disclosure of detailed information about financial instruments [line items] | |||
Increase in risk variable, impact on profit (loss) | (7,130) | (7,784) | (6,606) |
Decrease in risk variable, impact on profit (loss) | 7,129 | 6,466 | 2,133 |
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 | 1,376 | 4,710 | 4,594 |
Decrease in risk variable, impact on equity | $ (1,376) | $ (6,839) | $ (4,222) |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | |||
Operating expense | $ (661,195) | $ (671,696) | $ (726,666) |
EUR | Fx rate risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade payables | (5,888) | (6,653) | (5,680) |
Operating expense | (122,878) | (103,339) | (101,039) |
USD | Fx rate risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade payables | (36,144) | (18,043) | (20,332) |
Operating expense | (538,317) | (568,357) | (625,627) |
Treasury Notes | EUR | Fx rate risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Treasury Notes | (87,106) | (50,664) | (104,006) |
Treasury Notes | USD | Fx rate risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Treasury Notes | $ (700) | $ 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | |||
Equity | $ 607 | $ 648 | $ 683 |
Profit or loss | $ (13,356) | $ (10,994) | $ (9,573) |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | |||
Cash flow hedges - recycling into P&L (Note 15) | $ (25,749) | $ 0 | $ 0 |
Cash flow hedges - effective portion of changes in fair value (Note 15) | (6,164) | 30,657 | 9,852 |
Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Cash flow hedge reserve | (1,140) | (33,053) | $ (2,396) |
Cash flow hedges | Interest rate risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Cash flow hedges - recycling into P&L (Note 15) | 25,749 | ||
Cash flow hedges - effective portion of changes in fair value (Note 15) | (6,164) | 29,625 | |
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 | 6,164 | (29,159) | |
Cash flow hedges - recycling into P&L (Note 15) | 24,717 | ||
Cash flow hedge reserve | 1,140 | 32,021 | |
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 | 0 | (466) | |
Cash flow hedges - recycling into P&L (Note 15) | 0 | ||
Cash flow hedge reserve | 0 | 0 | |
Nominal amount | 0 | ||
Carrying amount - Assets | 0 | ||
Carrying amount - Liabilities | 0 | ||
Cash flow hedges - effective portion of changes in fair value (Note 15) | 466 | ||
Hedge ineffectiveness recognized in profit or loss | 0 | ||
Cash flow hedges | Interest rate risk | Interest rate swaps | |||
Disclosure of detailed information about financial instruments [line items] | |||
Cash flow hedges - recycling into P&L (Note 15) | 24,717 | ||
Nominal amount | 93,607 | 518,133 | |
Carrying amount - Assets | 1,286 | 32,929 | |
Carrying amount - Liabilities | 146 | 404 | |
Cash flow hedges - effective portion of changes in fair value (Note 15) | (6,164) | 29,159 | |
Hedge ineffectiveness recognized in profit or loss | 37 | (507) | |
Cash flow hedges | Interest rate risk | 1-6 months | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net exposure | $ (22,916) | $ (41,048) | |
Average fixed interest rate | 3.26% | 1.42% | |
Cash flow hedges | Interest rate risk | 6-12 months | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net exposure | $ (18,039) | $ (38,879) | |
Average fixed interest rate | 3.26% | 1.41% | |
Cash flow hedges | Interest rate risk | More than 1 year | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net exposure | $ (50,392) | $ (167,966) | |
Average fixed interest rate | 3.26% | 1.40% | |
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 | $ 0 | $ (1,032) | |
Cash flow hedges - recycling into P&L (Note 15) | 1,032 | ||
Cash flow hedge reserve | 0 | 1,032 | |
Nominal amount | 0 | 18,398 | |
Carrying amount - Assets | 0 | 1,032 | |
Carrying amount - Liabilities | 0 | 0 | |
Cash flow hedges - effective portion of changes in fair value (Note 15) | 0 | 1,032 | |
Hedge ineffectiveness recognized in profit or loss | $ 0 | $ 0 |
Financial instruments - Fair_13
Financial instruments - Fair values and risk management - Capital management (Details) $ / shares in Units, € in Millions | 12 Months Ended | ||||||||||
Nov. 22, 2023 | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Oct. 09, 2023 USD ($) shareholder vessel agreement $ / shares | Jun. 21, 2022 USD ($) | Apr. 07, 2021 USD ($) | Apr. 07, 2021 EUR (€) | Dec. 31, 2020 USD ($) shares | Sep. 11, 2020 USD ($) | Sep. 07, 2018 USD ($) | |
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Notional amount | $ 93,607,000 | $ 536,532,000 | |||||||||
Number of interdependent agreements | agreement | 3 | ||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||
Facility size | $ 813,400,000 | ||||||||||
Current assets less current liabilities | 2,020,400,000 | ||||||||||
Aggregate cash | 1,242,800,000 | ||||||||||
Cash and cash equivalents | $ 429,370,000 | $ 179,929,000 | $ 152,528,000 | $ 161,478,000 | |||||||
Ratio of stockholders' equity to total assets | 68.90% | ||||||||||
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 | 450,465 | 105,551 | 0 | ||||||||
Number of shares outstanding (in shares) | shares | 202,233,997 | 201,783,532 | 201,677,981 | 201,677,981 | |||||||
24 VLCC tankers | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Number of shareholders involved in transaction | shareholder | 2 | ||||||||||
Number of vessels sold | vessel | 24 | ||||||||||
Receivables from contracts with customers | $ 2,350,000,000 | ||||||||||
Euronav NV | CMB | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Percentage of ownership interest acquired | 0.2612 | ||||||||||
Share acquired (in usd per share) | $ / shares | $ 18.43 | ||||||||||
Proportion of ownership interest in subsidiary | 49.05% | 49.05% | |||||||||
Percentage of voting equity interests acquired | 53% | 53% | |||||||||
Treasury shares | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Transfer of treasury shares (in shares) | shares | (450,465) | (105,551) | 0 | ||||||||
Number of shares outstanding (in shares) | shares | 17,790,716 | 18,241,181 | 18,346,732 | 18,346,732 | |||||||
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 | $ 200,000,000 | ||||||||||
Change of control, minimum shares acquired | 50% | ||||||||||
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 | ||||||||||
$713.0 million facility | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Notional amount | $ 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 | $ 88,400,000 | € 80 | |||||||||
Change of control, minimum shares acquired | 30% | ||||||||||
Secured vessels Revolving loan due 2025 | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Notional amount | $ 200,000,000 | ||||||||||
Put Option Event Repayment Percentage | 1.01 | ||||||||||
Put Option Event Repayment Premium | 0.01 | ||||||||||
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) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 04, 2023 USD ($) | Jun. 24, 2022 | Dec. 15, 2021 USD ($) vessel | Feb. 23, 2021 USD ($) T | Nov. 06, 2020 USD ($) vessel T | Dec. 30, 2019 USD ($) | Mar. 31, 2022 USD ($) vessel | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) agreement | Oct. 27, 2020 T | Jan. 01, 2019 USD ($) vessel | Dec. 31, 2009 T | |
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 | |||||||||||
Sale and leaseback agreement | ||||||||||||
Disclosure of quantitative information about leases for lessee [line items] | ||||||||||||
Seller credit payable upon sale | $ 76,900,000 | $ 124,400,000 | ||||||||||
Purchase obligation | $ 7,390,000 | $ 30,000,000 | ||||||||||
Vessels | ||||||||||||
Disclosure of quantitative information about leases for lessee [line items] | ||||||||||||
Number of vessels under lease | vessel | 4 | |||||||||||
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 | 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 | |||||||||||
Vessels | VLCC Newton | ||||||||||||
Disclosure of quantitative information about leases for lessee [line items] | ||||||||||||
Property plant and equipment, boat carrying capacity | T | 307,284 | |||||||||||
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 | 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 | |||||||||||
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 |
Leases - Schedule of sale lease
Leases - Schedule of sale leaseback payments due (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of finance lease and operating lease by lessee [line items] | |||
Borrowings | $ 930,713 | $ 1,696,280 | $ 1,712,180 |
Less than 1 year | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Borrowings | 295,648 | 157,647 | 236,493 |
Between 1 and 5 years | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Borrowings | 604,656 | 1,317,288 | $ 1,373,194 |
Sale and leaseback agreement | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Borrowings | 30,495 | 27,125 | |
Sale and leaseback agreement | Less than 1 year | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Borrowings | 30,495 | 25,955 | |
Sale and leaseback agreement | Between 1 and 5 years | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Borrowings | $ 0 | $ 1,170 |
Leases - Schedule of right-of-u
Leases - Schedule of right-of-use assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Opening balance | $ 21,493 | $ 29,001 |
Additions to right-of-use assets | 2,312 | 14,060 |
Depreciation charge for the year | (18,040) | (21,509) |
Derecognition of right-of-use assets | (445) | |
Remeasurement | 27,603 | |
Translation differences | 13 | (59) |
Closing balance | 32,936 | 21,493 |
Bareboats | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Opening balance | 8,421 | 15,792 |
Additions to right-of-use assets | 0 | 0 |
Depreciation charge for the year | (7,371) | (7,371) |
Derecognition of right-of-use assets | 0 | |
Remeasurement | 29,245 | |
Translation differences | 0 | 0 |
Closing balance | 30,295 | 8,421 |
Time charters | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Opening balance | 11,081 | 10,358 |
Additions to right-of-use assets | 0 | 13,597 |
Depreciation charge for the year | (9,438) | (12,874) |
Derecognition of right-of-use assets | 0 | |
Remeasurement | (1,642) | |
Translation differences | 0 | 0 |
Closing balance | 0 | 11,081 |
Office rental | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Opening balance | 1,640 | 2,306 |
Additions to right-of-use assets | 2,312 | 408 |
Depreciation charge for the year | (1,018) | (1,022) |
Derecognition of right-of-use assets | (445) | |
Remeasurement | 0 | |
Translation differences | 11 | (52) |
Closing balance | 2,499 | 1,640 |
Company cars | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Opening balance | 351 | 545 |
Additions to right-of-use assets | 0 | 55 |
Depreciation charge for the year | (212) | (242) |
Derecognition of right-of-use assets | 0 | |
Remeasurement | 0 | |
Translation differences | 2 | (7) |
Closing balance | $ 141 | $ 351 |
Leases - Schedule of operating
Leases - Schedule of operating leases recognized in profit and loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Leases [Abstract] | |||
Interest on lease liabilities | $ (631) | $ (1,237) | $ (2,378) |
Depreciation charge for the year | (18,040) | (21,509) | |
Low-value leases | $ (451) | $ (173) |
Leases - Schedule of amounts re
Leases - Schedule of amounts recognized in statement of cash flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Leases [Abstract] | ||
Total cash outflow for leases | $ (21,942) | $ (25,527) |
Total cash inflow for leases | $ 1,706 | $ 2,036 |
Leases - Schedule of future min
Leases - Schedule of future minimum lease receivables for operating leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Vessels | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Undiscounted lease receivables | $ 703,666 | $ 754,710 |
Vessels | IFRS 16 | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Undiscounted lease receivables | 457,750 | 487,686 |
Vessels | IFRS 15 | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Undiscounted lease receivables | 245,916 | 267,024 |
Vessels | Less than 1 year | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Undiscounted lease receivables | 162,100 | 121,978 |
Vessels | Between 1 and 5 years | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Undiscounted lease receivables | 300,183 | 326,228 |
Vessels | More than five years | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Undiscounted lease receivables | 241,383 | 306,505 |
Office lease | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Undiscounted lease receivables | 2,974 | 4,843 |
Office lease | Less than 1 year | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Undiscounted lease receivables | 1,689 | 1,869 |
Office lease | Within two years | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Undiscounted lease receivables | 1,285 | 1,689 |
Office lease | Between two and three years | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Undiscounted lease receivables | $ 0 | $ 1,285 |
Provisions and contingencies -
Provisions and contingencies - Schedule of provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of other provisions [line items] | ||
Beginning balance | $ 892 | $ 1,154 |
Provisions used during the year | (294) | (261) |
Non-current | 274 | 597 |
Current | 324 | 295 |
Ending balance | 598 | 892 |
Onerous contract | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 892 | 1,154 |
Provisions used during the year | (294) | (261) |
Non-current | 274 | 597 |
Current | 324 | 295 |
Ending balance | $ 598 | $ 892 |
Provisions and contingencies _2
Provisions and contingencies - Narrative (Details) | 12 Months Ended | |||||
Jan. 15, 2021 tons | Jul. 14, 2015 | Dec. 31, 2023 USD ($) | Jan. 31, 2024 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of other provisions [line items] | ||||||
Extension of acquired lease term | 5 years | |||||
Other provisions | $ 598,000 | $ 892,000 | $ 1,154,000 | |||
Unicredit Bank in London | ||||||
Disclosure of other provisions [line items] | ||||||
Misdelivery of fuel | tons | 101,809 | |||||
RMK | ||||||
Disclosure of other provisions [line items] | ||||||
Other provisions | 0 | |||||
Claim amount related to unpaid advisory services | $ 12,993,720 | |||||
Black Swan | Commencement of major litigation [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Cash security posted | $ 45,711,840 |
Related parties - Shareholders
Related parties - Shareholders (Details) | 12 Months Ended | |||||
Nov. 22, 2023 | Nov. 06, 2020 vessel | Dec. 31, 2023 USD ($) tons agreement shareholder | Dec. 31, 2022 USD ($) tons | Dec. 31, 2021 USD ($) tons | Oct. 09, 2023 shareholder | |
Disclosure of transactions between related parties [line items] | ||||||
Number of major shareholders | 1 | |||||
Proportion of ownership interest in subsidiary | 100% | |||||
Fuel oil swapped | tons | 19,894 | 23,537 | 44,451 | |||
Number of time charter agreements entered into | 2 | 2 | ||||
Joint ventures where entity is venturer | Reslea N.V. | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Leases as lessee, related party transactions | $ | $ 334,692.5 | $ 419,526 | $ 356,729 | |||
Euronav NV | CMB | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Proportion of ownership interest in subsidiary | 49.05% | 49.05% | ||||
Percentage of voting equity interests acquired | 53% | 53% | ||||
24 VLCC tankers | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of shareholders involved in transaction | 2 |
Related parties - Transactions
Related parties - Transactions with key management personnel (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Non-executive directors | |||
Disclosure of transactions between related parties [line items] | |||
Total remuneration | € 1,441 | € 977 | € 977 |
Related parties - Fixed and var
Related parties - Fixed and variable components of remuneration (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fixed Remuneration, Excluding CEO | |||
Disclosure of transactions between related parties [line items] | |||
Total remuneration | € 2,456 | € 2,724 | € 2,068 |
Cost of pension | 24 | 28 | 28 |
Other benefits | 0 | 810 | 0 |
Variable Remuneration, Excluding CEO | |||
Disclosure of transactions between related parties [line items] | |||
Total remuneration | 8,500 | 7,320 | 1,606 |
Share-based payments | 3,218 | 5,757 | 911 |
Termination benefits | 3,642 | 0 | 0 |
CEO Fixed Remuneration | |||
Disclosure of transactions between related parties [line items] | |||
Total remuneration | 471 | 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 | 4,163 | 3,628 | 903 |
Share-based payments | 1,811 | 2,966 | 568 |
Termination benefits | € 1,690 | € 0 | € 0 |
Related parties - Transaction_2
Related parties - Transactions with key management personnel narrative (Details) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Nov. 22, 2023 | Nov. 22, 2023 shares | Nov. 22, 2023 T | Apr. 01, 2023 installment | Apr. 01, 2023 installment | Apr. 01, 2023 shares installment | Apr. 01, 2023 T installment | Apr. 01, 2022 shares installment | Apr. 01, 2021 shares installment | Apr. 01, 2020 shares installment | Nov. 19, 2019 | Apr. 01, 2019 shares installment | Jan. 08, 2019 shares | Feb. 16, 2018 shares | Feb. 09, 2017 shares | Feb. 12, 2015 shares | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2020 | Dec. 31, 2023 installment | Dec. 31, 2023 installment | Dec. 31, 2023 shares installment | Dec. 31, 2023 USD ($) installment | Dec. 31, 2023 T installment | Dec. 31, 2022 USD ($) shares installment | Dec. 31, 2021 USD ($) shares installment $ / shares | Dec. 31, 2020 installment | Dec. 31, 2019 $ / shares | |
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Number of options granted (in shares) | 0 | 0 | ||||||||||||||||||||||||||
Vesting period | 5 years | |||||||||||||||||||||||||||
Number of share options forfeited in share-based payment arrangement | 0 | 0 | ||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | |||||||||||||||||||||||||||
Euronav NV | CMB | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 49.05% | 49.05% | ||||||||||||||||||||||||||
Transaction based incentive plan | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Vesting period | 5 years | |||||||||||||||||||||||||||
Long term incentive plan 2019 | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Number of installments | installment | 3 | |||||||||||||||||||||||||||
Long term incentive plan 2020 | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Number of installments | installment | 3 | |||||||||||||||||||||||||||
Long term incentive plan 2021 | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Number of installments | installment | 3 | 3 | ||||||||||||||||||||||||||
Long term incentive plan 2023 | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Number of installments | installment | 3 | 3 | 3 | 3 | 3 | 3 | ||||||||||||||||||||||
Restricted stock units | Long term incentive plan 2019 | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Number of options granted (in shares) | 152,346 | |||||||||||||||||||||||||||
Vesting period | 3 years | 3 years | ||||||||||||||||||||||||||
Equity instruments granted (in shares) | 152,346 | |||||||||||||||||||||||||||
Annual vesting percentage | 100% | |||||||||||||||||||||||||||
Number of installments | installment | 3 | |||||||||||||||||||||||||||
Restricted stock units | Long term incentive plan 2020 | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Restricted stock units | Long term incentive plan 2021 | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Restricted stock units | Long term incentive plan 2022 | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Restricted stock units | Long term incentive plan 2023 | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Vesting period | 3 years | 3 years | ||||||||||||||||||||||||||
Equity instruments granted (in shares) | 66,832 | |||||||||||||||||||||||||||
Annual vesting percentage | 100% | |||||||||||||||||||||||||||
Number of installments | installment | 3 | 3 | 3 | 3 | 3 | |||||||||||||||||||||||
Phantom stock units | Long term incentive plan 2017 | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Equity instruments granted (in shares) | 66,449 | |||||||||||||||||||||||||||
Phantom stock units | Long term incentive plan 2017 | Tranche one | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||||||||||||
Phantom stock units | Long term incentive plan 2017 | Tranche two | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||||||||||||
Phantom stock units | Long term incentive plan 2017 | Tranche three | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||||||||||||
Phantom stock units | Transaction based incentive plan | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Phantom stock units | Transaction based incentive plan | Tranche one | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Annual vesting percentage | 12% | 12% | ||||||||||||||||||||||||||
Target share price (in USD per share) | $ / shares | $ 12 | |||||||||||||||||||||||||||
Phantom stock units | Transaction based incentive plan | Tranche two | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Annual vesting percentage | 19% | 16% | ||||||||||||||||||||||||||
Target share price (in USD per share) | $ / shares | $ 14 | |||||||||||||||||||||||||||
Phantom stock units | Transaction based incentive plan | Tranche three | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Annual vesting percentage | 25% | 25% | ||||||||||||||||||||||||||
Target share price (in USD per share) | $ / shares | $ 16 | |||||||||||||||||||||||||||
Phantom stock units | Transaction based incentive plan | Tranche Four | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Annual vesting percentage | 44% | 44% | ||||||||||||||||||||||||||
Target share price (in USD per share) | $ / shares | $ 18 | |||||||||||||||||||||||||||
Phantom stock units | Long term incentive plan 2019 | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Equity instruments granted (in shares) | 1,200,000 | 0 | ||||||||||||||||||||||||||
Phantom stock units | Long term incentive plan 2019 | Tranche one | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Annual vesting percentage | 12% | 12% | ||||||||||||||||||||||||||
Target share price (in USD per share) | $ / shares | $ 12 | |||||||||||||||||||||||||||
Phantom stock units | Long term incentive plan 2019 | Tranche two | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Annual vesting percentage | 19% | |||||||||||||||||||||||||||
Target share price (in USD per share) | $ / shares | $ 14 | |||||||||||||||||||||||||||
Phantom stock units | Long term incentive plan 2019 | Tranche three | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Annual vesting percentage | 25% | |||||||||||||||||||||||||||
Target share price (in USD per share) | $ / shares | $ 16 | |||||||||||||||||||||||||||
Phantom stock units | Long term incentive plan 2019 | Tranche Four | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Annual vesting percentage | 44% | |||||||||||||||||||||||||||
Target share price (in USD per share) | $ / shares | $ 18 | |||||||||||||||||||||||||||
Executive Committee | Stock option | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Number of options granted (in shares) | 236,590 | |||||||||||||||||||||||||||
Executive Committee | Restricted stock units | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Number of instruments granted in share-based payment arrangement (in shares) | 65,433 | |||||||||||||||||||||||||||
Executive Committee | Phantom stock units | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Number of instruments granted in share-based payment arrangement (in shares) | 154,432 | |||||||||||||||||||||||||||
Executive Committee | Phantom stock units | Tranche one | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Annual vesting percentage | 33.30% | |||||||||||||||||||||||||||
Executive Committee | Phantom stock units | Tranche two | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Annual vesting percentage | 33.30% | |||||||||||||||||||||||||||
Executive Committee | Phantom stock units | Tranche three | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Annual vesting percentage | 33.30% | |||||||||||||||||||||||||||
Executive Committee (Excluding Chief Executive Officer) | Stock option | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Vesting period | 13 years | |||||||||||||||||||||||||||
Key management personnel of entity or parent | Restricted stock units | Long term incentive plan 2019 | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Number of options granted (in shares) | 152,346 | |||||||||||||||||||||||||||
Number of options vested (in shares) | 105,626 | |||||||||||||||||||||||||||
Key management personnel of entity or parent | Restricted stock units | Long term incentive plan 2020 | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Number of options granted (in shares) | 144,392 | |||||||||||||||||||||||||||
Vesting period | 3 years | |||||||||||||||||||||||||||
Annual vesting percentage | 100% | |||||||||||||||||||||||||||
Number of options vested (in shares) | 88,127 | |||||||||||||||||||||||||||
Key management personnel of entity or parent | Restricted stock units | Long term incentive plan 2021 | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Number of options granted (in shares) | 193,387 | |||||||||||||||||||||||||||
Vesting period | 3 years | |||||||||||||||||||||||||||
Annual vesting percentage | 100% | |||||||||||||||||||||||||||
Number of options vested (in shares) | 52,585 | 14,530 | 64,414 | 131,529 | ||||||||||||||||||||||||
Key management personnel of entity or parent | Restricted stock units | Long term incentive plan 2022 | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Number of options granted (in shares) | 163,022 | |||||||||||||||||||||||||||
Number of options vested (in shares) | 98,527 | 98,527 | 12,203 | 12,203 | 110,730 | 110,730 | ||||||||||||||||||||||
Key management personnel of entity or parent | Restricted stock units | Long term incentive plan 2023 | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Number of options granted (in shares) | 120,079 | 163,022 | 120,079 | |||||||||||||||||||||||||
Vesting period | 3 years | 3 years | ||||||||||||||||||||||||||
Annual vesting percentage | 100% | |||||||||||||||||||||||||||
Key management personnel of entity or parent | Phantom stock units | Tranche one | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Annual vesting percentage | 33.30% | |||||||||||||||||||||||||||
Key management personnel of entity or parent | Phantom stock units | Tranche two | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Annual vesting percentage | 33.30% | |||||||||||||||||||||||||||
Key management personnel of entity or parent | Phantom stock units | Tranche three | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Annual vesting percentage | 33.30% | |||||||||||||||||||||||||||
Key management personnel of entity or parent | Phantom stock units | Long term incentive plan 2017 | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Equity instruments granted (in shares) | 66,449 | |||||||||||||||||||||||||||
Key management personnel of entity or parent | Phantom stock units | Long term incentive plan 2017 | Tranche one | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Vesting period | 2 years | |||||||||||||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||||||||||||
Key management personnel of entity or parent | Phantom stock units | Long term incentive plan 2017 | Tranche two | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Vesting period | 3 years | |||||||||||||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||||||||||||
Key management personnel of entity or parent | Phantom stock units | Long term incentive plan 2017 | Tranche three | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Vesting period | 4 years | |||||||||||||||||||||||||||
Annual vesting percentage | 33.33% | |||||||||||||||||||||||||||
Joint ventures | ||||||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||||||
Proportion of ownership interest in joint venture | 50% | |||||||||||||||||||||||||||
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 | $ | $ 66,677 | $ 216,040 | $ 235,205 |
Related parties - Transaction_3
Related parties - Transactions with subsidiaries and joint ventures (Details) $ in Millions | Mar. 24, 2022 USD ($) | Nov. 19, 2019 USD ($) |
Disclosure of transactions between related parties [line items] | ||
Consideration paid (received) | $ 21.5 | |
Gain (loss) recognised on measurement to fair value less costs to sell or on disposal of assets or disposal groups constituting discontinued operation | $ 3.3 | |
Joint ventures | ||
Disclosure of transactions between related parties [line items] | ||
Proportion of ownership interest in joint venture | 50% | |
Number of suezmaxes acquired | 1 | |
Joint ventures where entity is venturer | ||
Disclosure of transactions between related parties [line items] | ||
Related Party Secured Term Loan | $ 36.7 | |
Related Party Revolving Credit Agreement | $ 3 |
Related parties - Outstanding r
Related parties - Outstanding related party transactions (Details) - Joint ventures where entity is venturer - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of transactions between related parties [line items] | ||
Trade receivables | $ 46 | $ 14 |
Trade payables | 103 | 183 |
Shareholders Loan | 850 | 850 |
Turnover | 0 | 324 |
Dividend Income | 150 | 3,021 |
TI Africa Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 0 | |
Trade payables | 58 | |
Shareholders Loan | 0 | |
Turnover | 162 | |
Dividend Income | 0 | |
TI Asia Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 0 | |
Trade payables | 0 | |
Shareholders Loan | 0 | |
Turnover | 162 | |
Dividend Income | 1,000 | |
Bari Shipholding Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 46 | 14 |
Trade payables | 0 | 0 |
Shareholders Loan | 850 | 850 |
Turnover | 0 | 0 |
Dividend Income | 0 | 0 |
Bastia Shipholding Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 0 | 0 |
Trade payables | 0 | 0 |
Shareholders Loan | 0 | 0 |
Turnover | 0 | 0 |
Dividend Income | 150 | 150 |
Tankers Agencies (UK) Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 0 | 0 |
Trade payables | 103 | 125 |
Shareholders Loan | 0 | 0 |
Turnover | 0 | 0 |
Dividend Income | $ 0 | $ 1,871 |
Share-based payment arrangeme_3
Share-based payment arrangements - Long term incentive plan 2015 (Equity-settled) (Details) $ in Thousands | 12 Months Ended | |||
Feb. 12, 2015 shares € / shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 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 | $ | $ 3,945 | $ 2,411 | $ 761 | |
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 | 3 years | |||
Equity instruments granted (in shares) | 236,590 | |||
Exercise period | 13 years | |||
Exercise price, share options granted (in euro per share) | € / shares | € 10.0475 | |||
Expense from share-based payment transactions with employees | $ | $ 0 | $ 1,800 | $ 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 2017 (Cash-settled) (Details) $ in Thousands | 12 Months Ended | |||
Feb. 09, 2017 shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 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 | $ | $ 3,945 | $ 2,411 | $ 761 | |
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 | $ 0 | $ 200 | |
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_5
Share-based payment arrangements - Long term incentive plan 2018 (Cash-settled) (Details) $ in Thousands | 12 Months Ended | |||
Feb. 16, 2018 shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 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 | $ | $ 3,945 | $ 2,411 | $ 761 | |
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 | $ | $ 0 | $ 600 | $ 200 | |
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_6
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, 2023 USD ($) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2019 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 | $ | $ 3,945 | $ 2,411 | $ 761 | |||||
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 | $ | $ 0 | $ 7,400 | $ 1,000 | |||||
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_7
Share-based payment arrangements - Long term incentive plan 2019 (Equity-settled) (Details) $ in Thousands | 12 Months Ended | ||||||
Apr. 01, 2020 shares installment | Apr. 01, 2019 shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 installment | Dec. 31, 2019 installment | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Vesting period | 5 years | ||||||
Number of options granted (in shares) | 0 | 0 | |||||
Expense from share-based payment transactions with employees | $ | $ 3,945 | $ 2,411 | $ 761 | ||||
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 | $ | 0 | $ 600 | 400 | ||||
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 | $ | $ 200 | $ 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 granted (in shares) | 144,392 | ||||||
Number of options vested (in shares) | 88,127 |
Share-based payment arrangeme_8
Share-based payment arrangements - Long term incentive plan 2020 (Equity-settled) (Details) $ in Thousands | 12 Months Ended | ||||
Apr. 01, 2020 shares installment | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 installment | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting period | 5 years | ||||
Number of options granted (in shares) | shares | 0 | 0 | |||
Expense from share-based payment transactions with employees | $ | $ 3,945 | $ 2,411 | $ 761 | ||
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 | $ | $ 200 | $ 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 granted (in shares) | shares | 144,392 |
Share-based payment arrangeme_9
Share-based payment arrangements - Long term incentive plan 2021 (Details) $ in Thousands | 12 Months Ended | ||||||
Nov. 22, 2023 shares | Apr. 01, 2023 shares | Apr. 01, 2022 shares | Apr. 01, 2021 shares installment | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) installment | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Vesting period | 5 years | ||||||
Number of options granted (in shares) | 0 | 0 | |||||
Expense from share-based payment transactions with employees | $ | $ 3,945 | $ 2,411 | $ 761 | ||||
Euronav NV | CMB | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Percentage of voting equity interests acquired | 53% | 53% | |||||
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 | $ | $ 800 | $ 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) | 193,387 | ||||||
Number of options vested (in shares) | 52,585 | 14,530 | 64,414 | 131,529 |
Share-based payment arrangem_10
Share-based payment arrangements - Long term incentive plan 2022 (Details) $ in Thousands | 12 Months Ended | |||||||||
Nov. 22, 2023 shares | Nov. 22, 2023 T | Apr. 01, 2023 shares | Apr. 01, 2023 T | Apr. 01, 2022 shares installment | Dec. 31, 2023 USD ($) | Dec. 31, 2023 shares | Dec. 31, 2023 T | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Vesting period | 5 years | |||||||||
Number of options granted (in shares) | shares | 0 | 0 | ||||||||
Expense from share-based payment transactions with employees | $ | $ 3,945 | $ 2,411 | $ 761 | |||||||
Long term incentive plan 2022 | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Expense from share-based payment transactions with employees | $ | $ 1,300 | |||||||||
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 | installment | 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] | ||||||||||
Number of options granted (in shares) | shares | 163,022 | |||||||||
Number of options vested (in shares) | 98,527 | 98,527 | 12,203 | 12,203 | 110,730 | 110,730 |
Share-based payment arrangem_11
Share-based payment arrangements - Long term incentive plan 2023 (Details) $ in Thousands | 12 Months Ended | ||||
Apr. 01, 2023 shares installment | Apr. 01, 2022 shares installment | Dec. 31, 2023 USD ($) shares installment | Dec. 31, 2022 USD ($) shares installment | Dec. 31, 2021 USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting period | 5 years | ||||
Number of options granted (in shares) | shares | 0 | 0 | |||
Expense from share-based payment transactions with employees | $ | $ 3,945 | $ 2,411 | $ 761 | ||
Long term incentive plan 2023 | |||||
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 | $ | $ 1,600 | ||||
Long term incentive plan 2023 | 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 | 3 | |||
Long term incentive plan 2023 | 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 | 3 years | |||
Number of options granted (in shares) | shares | 120,079 | 163,022 | 120,079 |
Share-based payment arrangem_12
Share-based payment arrangements - Measurement of fair value (Details) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Apr. 01, 2023 shares | 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. 12, 2015 shares | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2020 | Dec. 31, 2023 EUR (€) shares day € / shares | Dec. 31, 2022 shares € / shares | Dec. 31, 2021 $ / shares € / shares | Dec. 31, 2020 | Dec. 31, 2019 $ / shares | Dec. 31, 2018 € / shares | |
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 | |||||||||||||||
Vesting period | 5 years | |||||||||||||||||
Number of options granted (in shares) | 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 | 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 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 | 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 | |||||||||||||||||
Restricted stock units | Long term incentive plan 2019 | 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) | 152,346 | |||||||||||||||||
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) | 88,127 | |||||||||||||||||
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% | |||||||||||||||||
Number of options 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) | 131,529 | |||||||||||||||||
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 | |||||||||||||||||
Annual vesting percentage | 100% | |||||||||||||||||
Number of options granted (in shares) | 193,387 | |||||||||||||||||
Restricted stock units | Long term incentive plan 2022 | ||||||||||||||||||
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) | 163,022 | |||||||||||||||||
Vested awards (in shares) | 110,730 | |||||||||||||||||
Restricted stock units | Long term incentive plan 2022 | 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 | |||||||||||||||||
Restricted stock units | Long term incentive plan 2023 | ||||||||||||||||||
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) | 66,832 | |||||||||||||||||
Vested awards (in shares) | 120,079 | |||||||||||||||||
Restricted stock units | Long term incentive plan 2023 | 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% | |||||||||||||||||
Number of options granted (in shares) | 120,079 | 163,022 | 120,079 | |||||||||||||||
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 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% | ||||||||||||||||
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 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% | ||||||||||||||||
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 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% | ||||||||||||||||
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% | ||||||||||||||||
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
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 | $ 3.9 | $ 9.2 | $ 1.3 |
Share-based payment arrangem_14
Share-based payment arrangements - Reconciliation of outstanding share options (Details) | 12 Months Ended | |
Dec. 31, 2023 shares € / shares | Dec. 31, 2022 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. 07, 2022 | Jun. 06, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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% | |||
TI Asia Ltd | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Proportion of ownership interest in joint venture | 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 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% | 100% | 100% | |||
TI Asia Ltd | ||||||
Disclosure Of Interests In Other Entities [Line Items] | ||||||
Proportion of ownership interest in subsidiary | 100% | 100% | 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, 2023 | Dec. 31, 2022 tons | Dec. 31, 2021 | Jun. 21, 2022 | |
Disclosure Of Interests In Other Entities [Line Items] | |||||||
Number of joint venture companies | 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% | 50% | ||||
Number of subsidiaries | 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% | ||||
TI Africa Ltd | |||||||
Disclosure Of Interests In Other Entities [Line Items] | |||||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% |
Equity-accounted investees - In
Equity-accounted investees - Interests in total assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of Associates and Joint Ventures [Line Items] | ||
TOTAL ASSETS | $ 518 | $ 1,423 |
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 | 518 | 1,423 |
TOTAL LIABILITIES | 0 | 0 |
Joint ventures | Associates | ||
Disclosure of Associates and Joint Ventures [Line Items] | ||
TOTAL ASSETS | 518 | 1,423 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of joint ventures [line items] | |||
Carrying amount of interest at the beginning of the period | $ 1,423 | ||
Carrying amount of interest at the end of the period | 518 | $ 1,423 | |
Joint ventures | |||
Disclosure of joint ventures [line items] | |||
Carrying amount of interest at the beginning of the period | 1,423 | ||
Group's share of profit (loss) for the period | (927) | 17,650 | $ 22,976 |
Group's share of other comprehensive income | 0 | 159 | 951 |
Carrying amount of interest at the end of the period | 518 | 1,423 | |
Investments in equity accounted investees | Joint ventures | |||
Disclosure of joint ventures [line items] | |||
Gross balance, at beginning of period | 597 | 70,995 | 51,703 |
Offset investment with shareholders loan, at beginning of period | 826 | 1,451 | 0 |
Carrying amount of interest at the beginning of the period | 1,423 | 72,446 | 51,703 |
Reversal prior year offset investment with shareholders loan | (826) | (1,451) | |
Group's share of profit (loss) for the period | (927) | 17,650 | 22,976 |
Group's share of other comprehensive income | 159 | 951 | |
Dividends received from joint ventures | (3,021) | (4,635) | |
Movement equity to shareholders loans | (2,000) | ||
Movement shareholders loans to joint ventures | 0 | 0 | |
FSO transaction | (83,186) | ||
Gross balance, at end of period | (329) | 597 | 70,995 |
Offset investment with shareholders loan, at end of period | 848 | 826 | 1,451 |
Carrying amount of interest at the end of the period | 518 | 1,423 | 72,446 |
Shareholders loans | Joint ventures | |||
Disclosure of joint ventures [line items] | |||
Gross balance, at beginning of period | 850 | 31,694 | 33,936 |
Offset investment with shareholders loan, at beginning of period | (826) | (1,451) | 0 |
Carrying amount of interest at the beginning of the period | 24 | 30,242 | 33,936 |
Reversal prior year offset investment with shareholders loan | 826 | 1,451 | |
Group's share of profit (loss) for the period | 0 | 0 | 0 |
Group's share of other comprehensive income | 0 | 0 | |
Dividends received from joint ventures | 0 | 0 | |
Movement equity to shareholders loans | 2,000 | ||
Movement shareholders loans to joint ventures | (32,844) | (2,242) | |
FSO transaction | 0 | ||
Gross balance, at end of period | 850 | 850 | 31,694 |
Offset investment with shareholders loan, at end of period | (848) | (826) | (1,451) |
Carrying amount of interest at the end of the period | $ 2 | $ 24 | $ 30,242 |
Equity-accounted investees - Ad
Equity-accounted investees - Additional information (Details) € in Millions | 3 Months Ended | 5 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2022 USD ($) | Jun. 07, 2022 | Mar. 24, 2022 USD ($) | Sep. 15, 2020 USD ($) | Nov. 19, 2019 USD ($) | Nov. 19, 2019 vessel | Nov. 19, 2019 suezmax_tanker_vessel_type | Mar. 29, 2018 USD ($) vessel | Jun. 30, 2023 USD ($) | Sep. 30, 2021 USD ($) | Jun. 06, 2022 joint_venture | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) tons | Dec. 31, 2021 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Jun. 21, 2022 USD ($) | Sep. 30, 2020 EUR (€) | 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 | |||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | |||||||||||||||||||||
Notional Value | $ 536,532,000 | $ 93,607,000 | $ 536,532,000 | |||||||||||||||||||
Borrowings | 1,696,280,000 | 930,713,000 | 1,696,280,000 | $ 1,712,180,000 | ||||||||||||||||||
Payments to acquire vessel | $ 40,600,000 | |||||||||||||||||||||
Gains on disposal of vessels/other tangible assets | 372,444,000 | 96,160,000 | 15,068,000 | |||||||||||||||||||
Commitments in relation to joint ventures | $ 0 | 0 | 0 | 0 | ||||||||||||||||||
Proceeds from the sale of vessels (Note 8) | $ 1,206,636,000 | $ 356,730,000 | $ 55,844,000 | |||||||||||||||||||
TI Africa Ltd | ||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||
Percentage of voting equity interests acquired | 50% | |||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | |||||||||||||||||||
TI Asia Ltd and TI Africa Ltd | ||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||
Percentage of voting equity interests acquired | 50% | 50% | 50% | 50% | ||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | |||||||||||||||||||||
TI Asia Ltd | ||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||
Percentage of voting equity interests acquired | 50% | |||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | 100% | 100% | |||||||||||||||||||
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 | |||||||||||||||||||||
Ridgebury Tankers and clients of Tufton Oceanic | ||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||
Number of vessels acquired | 1 | 2 | ||||||||||||||||||||
Bari Shipholding Ltd | ||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||
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 | ||||||||||||||||||||
Senior Secured Loans | ||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||
Notional Value | $ 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 | 87,800,000 | 50,700,000 | € 79.1 | € 47.5 | |||||||||||||||||
Secured FSO loan due 2030 | ||||||||||||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||||||||||||
Notional Value | 150,000,000 | $ 150,000,000 | ||||||||||||||||||||
Borrowings | $ 141,747,000 | $ 124,809,000 | $ 141,747,000 | |||||||||||||||||||
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 | |||||||||||||||||||||
Percent ownership in derivative | 50% |
Equity-accounted investees - Su
Equity-accounted investees - Summarized financial information of joint ventures (Details) - USD ($) $ in Thousands | 5 Months Ended | 12 Months Ended | ||||
Nov. 19, 2019 | Jun. 06, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of joint ventures [line items] | ||||||
Non-Current assets | $ 1,787,543 | $ 3,362,014 | ||||
Property, plant and equipment including right-of-use assets | 1,769,663 | 3,308,616 | $ 3,179,299 | $ 3,127,091 | ||
Current Assets | 1,631,737 | 607,059 | ||||
Cash and cash equivalents | 429,370 | 179,929 | 152,528 | $ 161,478 | ||
Non-Current Liabilities | 637,154 | 1,541,270 | ||||
Bank Loans, Non-Current | 362,235 | 1,264,243 | ||||
Current Liabilities | 424,753 | 254,338 | ||||
Revenue | 1,235,127 | 854,669 | 419,770 | |||
Tax expense (income) | (6,009) | (2,804) | 427 | |||
Profit (loss) for the period | 858,027 | 203,251 | (338,777) | |||
Other comprehensive income (100%) | (31,770) | 31,281 | 11,774 | |||
Joint ventures | ||||||
Disclosure of joint ventures [line items] | ||||||
Non-Current assets | 1,754 | 153 | 226,413 | |||
Property, plant and equipment including right-of-use assets | 0 | 0 | 225,910 | |||
Current Assets | 391,305 | 504,734 | 323,461 | |||
Cash and cash equivalents | 3,134 | 2,554 | 7,179 | |||
Non-Current Liabilities | 3,060 | 1,730 | 64,295 | |||
Bank Loans, Non-Current | 0 | 0 | 0 | |||
Current Liabilities | 390,503 | 502,693 | 344,731 | |||
Bank Loans, Current | 42,500 | 75,500 | 90,937 | |||
Net assets (100%) | (503) | 464 | 140,848 | |||
Group's share of net assets | (123) | 460 | 70,995 | |||
Shareholders loans to joint ventures | 850 | 850 | 31,694 | |||
Net Carrying amount of interest in joint venture | 725 | 1,286 | 72,446 | |||
Remaining shareholders loan to joint venture | 2 | 24 | 30,242 | |||
Revenue | 1,685,928 | 1,216,295 | 761,801 | |||
Depreciations and amortization | (84) | (6,327) | (24,706) | |||
Interest Expense | (2,806) | 1,625 | (6,934) | |||
Tax expense (income) | (79) | 3,082 | (5,413) | |||
Profit (loss) for the period | (1,532) | 35,265 | 45,816 | |||
Other comprehensive income (100%) | 0 | 319 | 1,902 | |||
Group's share of profit (loss) for the period | (927) | 17,650 | 22,976 | |||
Group's share of other comprehensive income | $ 0 | $ 159 | $ 951 | |||
TI Africa Ltd | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | |||
Non-Current assets | $ 0 | $ 108,245 | ||||
Property, plant and equipment including right-of-use assets | 0 | 108,245 | ||||
Current Assets | 0 | 10,883 | ||||
Cash and cash equivalents | 0 | 1,799 | ||||
Non-Current Liabilities | 0 | 33,755 | ||||
Bank Loans, Non-Current | 0 | 0 | ||||
Current Liabilities | 0 | 25,153 | ||||
Bank Loans, Current | 0 | 20,075 | ||||
Net assets (100%) | 0 | 60,221 | ||||
Group's share of net assets | 0 | 30,110 | ||||
Shareholders loans to joint ventures | 0 | 11,465 | ||||
Net Carrying amount of interest in joint venture | 0 | 30,110 | ||||
Remaining shareholders loan to joint venture | 0 | 11,465 | ||||
Revenue | 20,729 | 50,105 | ||||
Depreciations and amortization | (2,998) | (10,092) | ||||
Interest Expense | 428 | (2,005) | ||||
Tax expense (income) | 1,599 | (2,646) | ||||
Profit (loss) for the period | 14,997 | 25,357 | ||||
Other comprehensive income (100%) | 170 | 971 | ||||
Group's share of profit (loss) for the period | 7,499 | 12,678 | ||||
Group's share of other comprehensive income | $ 85 | $ 486 | ||||
TI Asia Ltd | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | |||
Non-Current assets | $ 0 | $ 102,454 | ||||
Property, plant and equipment including right-of-use assets | 0 | 102,454 | ||||
Current Assets | 0 | 10,073 | ||||
Cash and cash equivalents | 0 | 984 | ||||
Non-Current Liabilities | 0 | 10,245 | ||||
Bank Loans, Non-Current | 0 | 0 | ||||
Current Liabilities | 0 | 24,305 | ||||
Bank Loans, Current | 0 | 19,361 | ||||
Net assets (100%) | 0 | 77,977 | ||||
Group's share of net assets | 0 | 38,988 | ||||
Shareholders loans to joint ventures | 0 | 0 | ||||
Net Carrying amount of interest in joint venture | 0 | 38,988 | ||||
Remaining shareholders loan to joint venture | 0 | 0 | ||||
Revenue | 20,729 | 50,160 | ||||
Depreciations and amortization | (2,811) | (9,706) | ||||
Interest Expense | 413 | (1,943) | ||||
Tax expense (income) | 1,600 | (2,626) | ||||
Profit (loss) for the period | 14,858 | 25,180 | ||||
Other comprehensive income (100%) | 149 | 930 | ||||
Group's share of profit (loss) for the period | 7,429 | 12,590 | ||||
Group's share of other comprehensive income | $ 74 | $ 465 | ||||
Tankers Agencies (UK) Ltd | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | |||
Non-Current assets | $ 1,754 | $ 153 | $ 503 | |||
Property, plant and equipment including right-of-use assets | 0 | 0 | 0 | |||
Current Assets | 391,037 | 504,397 | 295,289 | |||
Cash and cash equivalents | 3,046 | 2,453 | 4,059 | |||
Non-Current Liabilities | 1,360 | 30 | 66 | |||
Bank Loans, Non-Current | 0 | 0 | 0 | |||
Current Liabilities | 390,323 | 502,547 | 290,626 | |||
Bank Loans, Current | 42,500 | 75,500 | 51,500 | |||
Net assets (100%) | 1,108 | 1,973 | 5,100 | |||
Group's share of net assets | 675 | 1,202 | 3,106 | |||
Shareholders loans to joint ventures | 0 | 0 | 0 | |||
Net Carrying amount of interest in joint venture | 675 | 1,202 | 3,106 | |||
Remaining shareholders loan to joint venture | 0 | 0 | 0 | |||
Revenue | 1,685,928 | 1,172,698 | 649,665 | |||
Depreciations and amortization | (84) | (39) | (39) | |||
Interest Expense | (2,806) | 954 | (1,054) | |||
Tax expense (income) | (79) | (117) | (141) | |||
Profit (loss) for the period | (1,445) | 185 | 642 | |||
Other comprehensive income (100%) | 0 | 0 | 0 | |||
Group's share of profit (loss) for the period | (880) | 113 | 391 | |||
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 | |||
Property, plant and equipment including right-of-use assets | 0 | 0 | 0 | |||
Current Assets | 150 | 206 | 231 | |||
Cash and cash equivalents | 0 | 0 | 0 | |||
Non-Current Liabilities | 0 | 0 | 0 | |||
Bank Loans, Non-Current | 0 | 0 | 0 | |||
Current Liabilities | 66 | 63 | 68 | |||
Bank Loans, Current | 0 | 0 | 0 | |||
Net assets (100%) | 84 | 143 | 163 | |||
Group's share of net assets | 49 | 84 | 96 | |||
Shareholders loans to joint ventures | 0 | 0 | 0 | |||
Net Carrying amount of interest in joint venture | 49 | 84 | 96 | |||
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 | (43) | (36) | (19) | |||
Other comprehensive income (100%) | 0 | 0 | 0 | |||
Group's share of profit (loss) for the period | (25) | (21) | (11) | |||
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 | $ 0 | $ 15,210 | |||
Property, plant and equipment including right-of-use assets | 0 | 0 | 15,210 | |||
Current Assets | 118 | 131 | 6,582 | |||
Cash and cash equivalents | 88 | 101 | 17 | |||
Non-Current Liabilities | 1,700 | 1,700 | 20,228 | |||
Bank Loans, Non-Current | 0 | 0 | 0 | |||
Current Liabilities | 114 | 83 | 4,466 | |||
Bank Loans, Current | 0 | 0 | 0 | |||
Net assets (100%) | (1,696) | (1,652) | (2,903) | |||
Group's share of net assets | (848) | (826) | (1,451) | |||
Shareholders loans to joint ventures | 850 | 850 | 20,228 | |||
Net Carrying amount of interest in joint venture | 0 | 0 | 0 | |||
Remaining shareholders loan to joint venture | 2 | 24 | 18,777 | |||
Revenue | 0 | 2,139 | 11,872 | |||
Depreciations and amortization | 0 | (479) | (4,869) | |||
Interest Expense | 0 | (171) | (1,932) | |||
Tax expense (income) | 0 | 0 | 0 | |||
Profit (loss) for the period | (43) | 5,250 | (5,464) | |||
Other comprehensive income (100%) | 0 | 0 | 0 | |||
Group's share of profit (loss) for the period | (22) | 2,625 | (2,732) | |||
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 | ||||
Property, plant and equipment including right-of-use assets | 0 | 0 | ||||
Current Assets | 0 | 403 | ||||
Cash and cash equivalents | 0 | 320 | ||||
Non-Current Liabilities | 0 | 0 | ||||
Bank Loans, Non-Current | 0 | 0 | ||||
Current Liabilities | 0 | 112 | ||||
Bank Loans, Current | 0 | 0 | ||||
Net assets (100%) | 0 | 290 | ||||
Group's share of net assets | 0 | 145 | ||||
Shareholders loans to joint ventures | 0 | 0 | ||||
Net Carrying amount of interest in joint venture | 0 | 145 | ||||
Remaining shareholders loan to joint venture | 0 | 0 | ||||
Revenue | 0 | 0 | ||||
Depreciations and amortization | 0 | 0 | ||||
Interest Expense | 0 | (1) | ||||
Tax expense (income) | 0 | 0 | ||||
Profit (loss) for the period | 10 | 121 | ||||
Other comprehensive income (100%) | 0 | 0 | ||||
Group's share of profit (loss) for the period | 5 | 60 | ||||
Group's share of other comprehensive income | $ 0 | $ 0 | ||||
Ridgebury Tankers and clients of Tufton Oceanic | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in joint venture | 50% |
Equity-accounted investees - Sh
Equity-accounted investees - Shareholder loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of joint ventures [line items] | |||
Notional Value | $ 93,607 | $ 536,532 | |
Borrowings | $ 930,713 | $ 1,696,280 | $ 1,712,180 |
Equity-accounted investees - Ca
Equity-accounted investees - Cash and cash equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of joint ventures [line items] | ||||
Cash and cash equivalents | $ 429,370 | $ 179,929 | $ 152,528 | $ 161,478 |
Joint ventures | ||||
Disclosure of joint ventures [line items] | ||||
Cash and cash equivalents | 3,134 | 2,554 | $ 7,179 | |
Group's share of cash and cash equivalents | $ 1,902 | $ 1,547 |
Major exchange rates (Details)
Major exchange rates (Details) | 12 Months Ended | ||||||||
Dec. 31, 2023 € / $ | Dec. 31, 2023 € / $ £ / $ | Dec. 31, 2022 € / $ | Dec. 31, 2022 € / $ £ / $ | Dec. 31, 2021 € / $ | Dec. 31, 2021 € / $ £ / $ | Dec. 31, 2023 £ / $ | Dec. 31, 2022 £ / $ | Dec. 31, 2021 £ / $ | |
Effects Of Changes In Foreign Exchange Rates [Abstract] | |||||||||
Closing rates (in Euro per USD/ Pound per USD) | 1.1050 | 1.1050 | 1.0666 | 1.0666 | 1.1326 | 1.1326 | 1.2715 | 1.2026 | 1.3479 |
Average rates (in Euro per USD/ Pound per USD) | 1.0797 | 1.2408 | 1.0555 | 1.2415 | 1.1894 | 1.3778 |
Subsequent events (Details)
Subsequent events (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Apr. 08, 2024 shares | Mar. 29, 2024 shares | Mar. 22, 2024 shares | Mar. 20, 2024 USD ($) T | Feb. 26, 2024 bitumenTanker T | Feb. 07, 2024 USD ($) | Dec. 20, 2023 $ / shares | Dec. 04, 2023 T | Nov. 28, 2023 $ / shares | Nov. 08, 2023 USD ($) T | Sep. 19, 2023 $ / shares | Jun. 20, 2023 $ / shares | Dec. 30, 2019 | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) T shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Mar. 18, 2024 shares | Feb. 14, 2024 $ / shares | Feb. 06, 2024 T | Dec. 31, 2020 shares | |
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||
Proceeds from the sale of vessels (Note 8) | $ | $ 1,206,636 | $ 356,730 | $ 55,844 | ||||||||||||||||||
Non-current assets or disposal groups classified as held for sale | $ | $ 871,876 | $ 18,459 | $ 0 | ||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||
Dividend payable (in usd per share) | $ / shares | $ 0.57 | $ 0.57 | $ 0.80 | $ 0.70 | |||||||||||||||||
Property plant and equipment, boat carrying capacity average of existing fleet | T | 8,000 | ||||||||||||||||||||
Number of shares outstanding (in shares) | shares | 202,233,997 | 201,783,532 | 201,677,981 | 201,677,981 | |||||||||||||||||
Treasury shares | |||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||
Number of shares outstanding (in shares) | shares | 17,790,716 | 18,241,181 | 18,346,732 | 18,346,732 | |||||||||||||||||
CMB | CMB.TECH NV | |||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||
Sale and leaseback agreement | |||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||
Bareboat leaseback contract duration | 14 years | 54 months | |||||||||||||||||||
Other disposals of assets | |||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||
Net capital gain | $ | $ 78,900 | ||||||||||||||||||||
Major ordinary share transactions | |||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||
Bid price per share (in usd per share) | $ / shares | $ 17.86 | ||||||||||||||||||||
Gross bid price per share (in usd per share) | $ / shares | $ 18.43 | ||||||||||||||||||||
Number of shares tendered into the bid (in shares) | shares | 69,241,955 | ||||||||||||||||||||
Percentage of shares tendered into the bid | 0.3147 | ||||||||||||||||||||
Number of treasury shares purchased (in shares) | shares | 412,926 | 2,620,931 | 4,719,534 | ||||||||||||||||||
Major ordinary share transactions | CMB NV | |||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||
Number of shares held by bidder (in shares) | shares | 177,147,299 | ||||||||||||||||||||
Percentage of shares held by bidder | 0.8051 | ||||||||||||||||||||
Major ordinary share transactions | Saverco NV | |||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||
Number of shares outstanding (in shares) | shares | 24,400 | ||||||||||||||||||||
Major ordinary share transactions | Bidder And Its Related Parties | |||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||
Number of shares held by bidder (in shares) | shares | 194,962,415 | ||||||||||||||||||||
Percentage of shares held by bidder | 0.8861 | ||||||||||||||||||||
Major ordinary share transactions | Treasury shares | |||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||
Number of shares outstanding (in shares) | shares | 25,544,107 | 25,131,181 | 22,510,250 | 17,790,716 | |||||||||||||||||
Major ordinary share transactions | Euronav NV | |||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||
Proportion of ownership interest in subsidiary | 11.61% | 11.42% | 10.23% | ||||||||||||||||||
Major ordinary share transactions | CMB | CMB.TECH NV | |||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||
Consideration transferred | $ | $ 1,150,000 | ||||||||||||||||||||
Oceania | |||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 441,561 | ||||||||||||||||||||
Proceeds from the sale of vessels (Note 8) | $ | $ 43,100 | ||||||||||||||||||||
Non-current assets or disposal groups classified as held for sale | $ | $ 8,300 | ||||||||||||||||||||
Oceania | Other disposals of assets | |||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||
Gains on sale of vessel | $ | $ 34,800 | ||||||||||||||||||||
Suezmax Cedar | |||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 157,310 | ||||||||||||||||||||
Suezmax Cedar | Sale and leaseback agreement | |||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||
Bareboat leaseback contract duration | 14 years | ||||||||||||||||||||
Suezmax Bristol | Major delivery of assets | |||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 156,851 | ||||||||||||||||||||
Two bitumen tankers | Major delivery of assets | |||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 17,000 | ||||||||||||||||||||
Time charter agreement, contract term | 10 years | ||||||||||||||||||||
Number Of Bitumen Tankers | bitumenTanker | 2 | ||||||||||||||||||||
Nectar | Other disposals of assets | |||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 307,284 | ||||||||||||||||||||
VLCC Newton | |||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||
Gains on sale of vessel | $ | $ 1,163 | ||||||||||||||||||||
VLCC Newton | Other disposals of assets | |||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 307,208 | ||||||||||||||||||||
Noble | Other disposals of assets | |||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 307,284 |