Cover
Cover | 6 Months Ended |
Jun. 30, 2024 | |
Cover [Abstract] | |
Document type | 6-K |
Entity file number | 001-36810 |
Entity registrant name | EURONAV NV |
Entity central index key (CIK) | 0001604481 |
Amendment flag | false |
Document fiscal year focus | 2024 |
Document fiscal period focus | Q2 |
Current fiscal year end date | --12-31 |
Document period end date | Jun. 30, 2024 |
Unaudited condensed consolidate
Unaudited condensed consolidated interim statement of financial position - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Non-current assets | ||
Vessels | $ 2,035,607 | $ 1,629,570 |
Assets under construction | 678,498 | 106,513 |
Right-of-use assets | 2,204 | 32,936 |
Other tangible assets | 22,110 | 644 |
Prepayments | 1,886 | 0 |
Intangible assets | 16,661 | 14,194 |
Receivables | 63,998 | 2,887 |
Investments | 61,238 | 519 |
Deferred tax assets | 5,604 | 280 |
Total non-current assets | 2,887,806 | 1,787,543 |
Current assets | ||
Inventory | 32,787 | 22,511 |
Trade and other receivables | 280,985 | 307,111 |
Current tax assets | 3,366 | 869 |
Cash and cash equivalents | 343,899 | 429,370 |
Current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners | 661,037 | 759,861 |
Non-current assets held for sale | 182,806 | 871,876 |
Total current assets | 843,843 | 1,631,737 |
TOTAL ASSETS | 3,731,649 | 3,419,280 |
Equity | ||
Share capital | 239,148 | 239,148 |
Share premium | 631,397 | 1,466,529 |
Translation reserve | (74) | 235 |
Hedging reserve | 2,408 | 1,140 |
Treasury shares | (284,508) | (157,595) |
Retained earnings | 638,309 | 807,916 |
Equity attributable to owners of the Company | 1,226,680 | 2,357,373 |
Non-current liabilities | ||
Bank loans | 1,212,215 | 362,235 |
Other notes | 198,551 | 198,219 |
Other borrowings | 476,693 | 71,248 |
Lease liabilities | 2,183 | 3,363 |
Other payables | 0 | 146 |
Employee benefits | 1,157 | 1,669 |
Provisions | 125 | 274 |
Deferred tax liabilities | 13 | 0 |
Total non-current liabilities | 1,890,937 | 637,154 |
Current liabilities | ||
Trade and other payables | 94,219 | 124,013 |
Current tax liabilities | 7,110 | 4,768 |
Bank loans | 405,261 | 166,124 |
Other notes | 3,733 | 3,733 |
Other borrowings | 100,480 | 92,298 |
Lease liabilities | 2,919 | 33,493 |
Provisions | 310 | 324 |
Total current liabilities | 614,032 | 424,753 |
TOTAL EQUITY and LIABILITIES | $ 3,731,649 | $ 3,419,280 |
Unaudited condensed consolida_2
Unaudited condensed consolidated interim statement of profit or loss - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Shipping income | ||
Revenue | $ 492,377,000 | $ 688,116,000 |
Gains on disposal of vessels/other tangible assets | 502,547,000 | 22,064,000 |
Other operating income | 38,245,000 | 14,768,000 |
Total shipping income | 1,033,169,000 | 724,948,000 |
Operating expenses | ||
Raw materials and consumables | (1,678,000) | 0 |
Voyage expenses and commissions | (85,903,000) | (71,545,000) |
Vessel operating expenses | (100,013,000) | (118,017,000) |
Charter hire expenses | (17,000) | (1,531,000) |
Depreciation tangible assets | (80,529,000) | (111,109,000) |
Depreciation intangible assets | (1,348,000) | (798,000) |
General and administrative expenses | (36,287,000) | (26,749,000) |
Total operating expenses | (305,775,000) | (329,749,000) |
RESULT FROM OPERATING ACTIVITIES | 727,394,000 | 395,199,000 |
Finance income | 23,416,000 | 23,505,000 |
Finance expenses | (69,396,000) | (83,649,000) |
Net finance expenses | (45,980,000) | (60,144,000) |
Share of profit (loss) of equity accounted investees (net of income tax) | 2,570,000 | (9,000) |
PROFIT (LOSS) BEFORE INCOME TAX | 683,984,000 | 335,046,000 |
Income tax benefit (expense) | (4,364,000) | 1,820,000 |
PROFIT (LOSS) FOR THE PERIOD | 679,620,000 | 336,866,000 |
Attributable to: | ||
Owners of the company | $ 679,620,307 | $ 336,866,321 |
Basic earnings per share (in dollars per share) | $ 3.43 | $ 1.67 |
Diluted earnings per share (in dollars per share) | $ 3.43 | $ 1.67 |
Weighted average number of shares (basic) (in shares) | 197,886,375 | 201,828,035 |
Weighted average number of shares (diluted) (in shares) | 197,886,375 | 201,878,050 |
Unaudited condensed consolida_3
Unaudited condensed consolidated interim statement of comprehensive income - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of comprehensive income [abstract] | ||
Profit/(loss) for the period | $ 679,620 | $ 336,866 |
Items that will never be reclassified to profit or loss: | ||
Remeasurements of the defined benefit liability (asset) | 182 | 0 |
Items that are or may be reclassified to profit or loss: | ||
Foreign currency translation differences | (309) | 171 |
Cash flow hedges - effective portion of changes in fair value | 1,268 | (1,666) |
Equity-accounted investees - share of other comprehensive income | 0 | 0 |
Other comprehensive income (expense), net of tax | 1,141 | (1,495) |
Total comprehensive income (expense) for the period | 680,761 | 335,371 |
Attributable to: | ||
Owners of the company | $ 680,761 | $ 335,371 |
Unaudited condensed consolida_4
Unaudited condensed consolidated interim 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, 2022 | $ 2,173,465 | $ 239,148 | $ 1,678,336 | $ (24) | $ 33,053 | $ (163,024) | $ 385,976 |
Profit (loss) for the period | 336,866 | 336,866 | |||||
Total other comprehensive income (expense) | (1,495) | 171 | (1,666) | 0 | |||
Total comprehensive income (expense) | 335,371 | 171 | (1,666) | 336,866 | |||
Transactions with owners of the company | |||||||
Dividends to equity holders | (369,491) | (211,807) | (157,684) | ||||
Treasury shares delivered in respect of share-based payment plans | 1,501 | 1,501 | |||||
Equity-settled share-based payment | (851) | (851) | |||||
Total transactions with owners | (368,841) | (211,807) | 1,501 | (158,535) | |||
Ending balance at Jun. 30, 2023 | 2,139,995 | 239,148 | 1,466,529 | 147 | 31,387 | (161,523) | 564,307 |
Beginning balance at Dec. 31, 2023 | 2,357,373 | 239,148 | 1,466,529 | 235 | 1,140 | (157,595) | 807,916 |
Profit (loss) for the period | 679,620 | 679,620 | |||||
Total other comprehensive income (expense) | 1,141 | (309) | 1,268 | 182 | |||
Total comprehensive income (expense) | 680,761 | (309) | 1,268 | 679,802 | |||
Transactions with owners of the company | |||||||
Business Combination | (796,970) | (796,970) | |||||
Dividends to equity holders | (887,571) | (835,132) | (52,439) | ||||
Treasury shares acquired | (126,913) | (126,913) | |||||
Total transactions with owners | (1,811,454) | (835,132) | (126,913) | (849,409) | |||
Ending balance at Jun. 30, 2024 | $ 1,226,680 | $ 239,148 | $ 631,397 | $ (74) | $ 2,408 | $ (284,508) | $ 638,309 |
Unaudited condensed consolida_5
Unaudited condensed consolidated interim statement of cash flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities | ||
Profit/(loss) for the period | $ 679,620 | $ 336,866 |
Adjustments for: | (392,766) | 148,027 |
Depreciation of tangible assets | 80,529 | 111,109 |
Depreciation of intangible assets | 1,348 | 798 |
Provisions | (163) | (149) |
Income tax (benefits)/expenses | 4,364 | (1,820) |
Share of profit of equity-accounted investees, net of tax | (2,570) | 9 |
Net finance expense | 45,980 | 60,144 |
(Gain)/loss on disposal of assets | (502,547) | (22,064) |
(Gain)/loss on disposal of subsidiaries | (19,707) | 0 |
Changes in working capital requirements | 12,767 | (33,886) |
Change in cash guarantees | (44,494) | (25) |
Change in inventory | 757 | (1,615) |
Change in receivables from contracts with customers | 45,353 | (21,652) |
Change in accrued income | 3,770 | (10,809) |
Change in deferred charges | 4,002 | (7,728) |
Change in other receivables | 8,356 | (1,568) |
Change in trade payables | 3,331 | 17,031 |
Change in accrued payroll | (865) | 636 |
Change in accrued expenses | (15,216) | (6,058) |
Change in deferred income | 1,735 | (511) |
Change in other payables | 6,038 | (736) |
Change in provisions for employee benefits | 0 | (851) |
Income taxes paid during the period | (4,253) | (6,268) |
Interest paid | (42,489) | (56,001) |
Interest received | 13,910 | 12,842 |
Net cash from (used in) operating activities | 266,789 | 401,580 |
Net cash from (used in) investing activities | ||
Acquisition of vessels and vessels under construction | (444,570) | (208,629) |
Proceeds from the sale of vessels | 1,511,765 | 40,523 |
Acquisition of other tangible assets | (3,077) | (511) |
Acquisition of intangible assets | (386) | (42) |
Proceeds from the sale of other (in)tangible assets | 2,000 | 0 |
Net cash on deconsolidation / sale of subsidiaries | 822 | 0 |
Investments in other companies | (45,000) | 0 |
Net cash paid in business combinations and joint ventures | (1,149,886) | 0 |
Lease payments received from finance leases | 782 | 944 |
Advances on proceeds from the sale of vessels | 0 | 27,500 |
Net cash from (used in) investing activities | (127,550) | (140,215) |
Net cash from (used in) financing activities | ||
(Purchase of) Proceeds from sale of treasury shares | (126,913) | 1,501 |
Proceeds from new borrowings | 1,365,022 | 746,013 |
Repayment of borrowings | (206,701) | (402,652) |
Repayment of lease liabilities | (32,291) | (11,586) |
Repayment of commercial paper | (213,545) | (220,157) |
Repayment of sale and leaseback | (100,980) | (41,907) |
Transaction costs related to issue of loans and borrowings | (4,477) | (3,919) |
Dividends paid | (903,331) | (346,671) |
Net cash from (used in) financing activities | (223,216) | (279,378) |
Net increase (decrease) in cash and cash equivalents | (83,977) | (18,013) |
Net cash and cash equivalents at the beginning of the period | 429,370 | 179,929 |
Effect of changes in exchange rates | (1,494) | 2,616 |
Net cash and cash equivalents at the end of the period | 343,899 | 164,532 |
of which restricted cash | $ 0 | $ 0 |
Business Combination
Business Combination | 6 Months Ended |
Jun. 30, 2024 | |
Common Control Acquisition [Abstract] | |
Business Combination | Business Combination Euronav and CMB NV (“CMB”), its controlling shareholder, announced on December 22, 2023, that they entered into a share purchase agreement for the acquisition of 100% of the shares in CMB.TECH NV (“CMB.TECH”) (the “Transaction”) for a purchase price of USD 1.15 billion in cash . CMB.TECH is a diversified future-proof 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 three different divisions: Marine, H2 infra, and H2 Industry. The value creation of the new strategy is driven by CMB.TECH’s “future-proof” fleet of 106 vessels, of which 46 are under construction. 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 parties believe that the Transaction will lead to the creation of the leading, future proof shipping platform, with the Company becoming the reference in sustainable shipping. CMB and Euronav believe that the addition of CMB.TECH to Euronav’s business will enable a flywheel strategy – positioning the Group to tap into each step of the energy transition towards low carbon shipping, with a clear vision on value creation for its shareholders. Euronav’s older tanker tonnage provides excellent opportunities to recycle capital over time into more future proof, attractive and diversified end-markets and contract types. In addition, Euronav’s current customer portfolio is located at the centre of the energy transition and looking for low-carbon tanker shipping services. The transaction was approved by an Extraordinary General Meeting on February 7, 2024 and has been completed on February 8, 2024. The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the acquisition date. (in thousands of USD) Note Vessels 12 425,564 Assets under construction 12 478,235 Other tangible assets 12 23,650 Intangible assets 13 3,538 Investments in equity accounted investees 25 12,399 Receivables - 16,514 Deferred tax assets - 5,414 Current assets - 57,128 Cash and cash equivalents - 4,176 LT loans and borrowings - (532,439) Provisions - (111) Current liabilities - (138,038) Total identifiable net assets acquired 356,030 (in thousands of USD) Consideration transferred - 1,153,000 Total identifiable net assets acquired - 356,030 796,970 Current assets are comprised of trade debtors, inventory and deferred charges. Current liabilities are primarily constituted by short-term loans and borrowings related to the newbuild program, trade debts and accrued costs and deferred income related to the shipping activities. The transaction has been considered as a transaction under common control and therefore IFRS 3 does not apply. Hence book value accounting was applied which resulted in the recognition of an adjustment of USD 797 million in retained earnings to reflect the difference between the consideration paid and the identifiable net assets acquired. Contribution to revenue and profit/loss Since their acquisition by the Group, the acquired companies contributed revenue of USD 67.9 million and a gain of USD 13.7 million to the Group’s consolidated results for the six months ended June 30, 2024. If the acquisition had occurred on 1 January 2024, management estimates that the Group’s consolidated revenue for the six months ended June 30, 2024 would have been USD 501.7 million and consolidated profit for the six months period ended June 30, 2024 would have been USD 678.9 million . Acquisition related costs The Group incurred approximately USD 1.0 million of legal fees, mainly related to due diligence costs and advisory fees. These acquisition-related costs for the business combination were expensed as incurred and are included in 'General and administrative expenses'. |
Reporting entity
Reporting entity | 6 Months Ended |
Jun. 30, 2024 | |
General Information [Abstract] | |
Reporting entity | Reporting entity Euronav NV (the “Company”) is a company domiciled in Belgium. The address of the Company’s registered office is De Gerlachekaai 20, 2000 Antwerpen, Belgium. The condensed consolidated interim financial statements ("interim financial statements") as at and for the six months ended June 30, 2024 comprise the Company and its subsidiaries (together referred to as Euronav or the “Group”) and the Group’s interest in associates and joint ventures. |
Basis of preparation
Basis of preparation | 6 Months Ended |
Jun. 30, 2024 | |
Basis Of Presentation [Abstract] | |
Basis of preparation | Basis of preparation These condensed consolidated interim financial statements have been prepared in accordance with lAS 34 Interim Financial Reporting. They do not include all the information required for a complete set of IFRS annual financial statements and should therefore be read in conjunction with the consolidated financial statements for the year ended December 31, 2023 that have been prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board (IASB) and as adopted by the European Union, collectively "IFRS". Changes to and new significant accounting policies are described in Note 4. These condensed consolidated interim financial statements were authorized for issue by the Supervisory Board on August 6, 2024. |
Use of judgements and estimates
Use of judgements and estimates | 6 Months Ended |
Jun. 30, 2024 | |
Judgements And Estimates [Abstract] | |
Use of judgements and estimates | Use of judgements and estimates The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements with the exception of the judgement used for the non-current asset related to the Oceania security deposit (see Note 20). Measurement of fair values A number of the Group's accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Group has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values, and reports directly to the CFO. The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of IFRS, including the level in the fair value hierarchy in which such valuations should be classified. Significant valuation issues are reported to the Group Audit and Risk Committee. When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows. • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values are included in the following notes: • Note 8 - Assets and liabilities held for sale and discontinued operations and • Note 18 - Financial Instruments |
Changes in significant accounti
Changes in significant accounting policies | 6 Months Ended |
Jun. 30, 2024 | |
Notes and other explanatory information [abstract] | |
Changes in significant accounting policies | Changes in significant accounting policies The accounting policies adopted in the preparation of these condensed consolidated interim financial statements are consistent with those applied in the Group's consolidated financial statements as at and for the year ended December 31, 2023 , that have been prepared in accordance with IFRS. On January 4, 2024, Euronav Shipping NV paid the security deposit of USD 45.7 million to the High Court of Malaya (Malaysia) as security for the release from arrestation. Considering that the deposit will either be refunded or used to settle any potential future liability which gives the Group the rights to obtain future economic benefits from it, the deposit qualifies as an asset and has been accounted for as a non-current asset as per June 30, 2024 because Euronav doesn’t expect an outcome of the ongoing proceedings within the year. The Company entered on February 7, 2024 into a share purchase agreement for the acquisition of 100% of the shares in CMB.TECH NV which was a transaction under common control for which the Company has chosen to apply book value accounting. The Company had the option to restate the 2023 figures, adding CMB.TECH as of November 22, 2023, the date CMB acquired Euronav, but elected not to restate its 2023 comparatives. On April 18, 2024, the Group has purchased 10% of the shares in Anglo-Eastern Univan Group Limited and has been accounted for as an investment with no significant influence at cost. 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, 2024. The Group has not applied any new IFRS requirements that are not yet effective as per June 30, 2024. 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: • Amendments to IAS 1: Presentation of Financial Statements for classification of liabilities as current or non-current (issued January 2020) • Amendments to IFRS 16: Leases to clarify how a seller-lessee subsequently measures sale and leaseback transactions (issued September 2022) • Amendments to IAS 1: Presentation of Financial Statements regarding the classification of debt with covenants (issued October 2022) • Amendments regarding disclosures for IAS 7: Cash Flow Statements and IFRS 7: Financial Instruments relating to supplier finance arrangements (issued May 2023) The adoption of these new standards and amendments has not led to major changes in the Group’s accounting policies. |
Changes in consolidation scope
Changes in consolidation scope | 6 Months Ended |
Jun. 30, 2024 | |
Scope Of Consolidation [Abstract] | |
Changes in consolidation scope | Changes in consolidation scope 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 USD 1.15 billion in cash (see Note 24). CMB.TECH is a diversified and future-proof 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 three different divisions: Marine, H2 infra and H2 Industry. The Company assessed the accounting treatment of the acquisition and concluded that the transaction will be accounted for as a common control transaction. Therefore IFRS 3 has not been applied. On April 16, 2024, Euronav NV (“Euronav”) and Anglo-Eastern Univan Group (“Anglo-Eastern”) concluded a Heads of Agreement for the sale and purchase of Euronav Ship Management Hellas (“ESMH”), Euronav’s ship management arm. Euronav and Anglo-Eastern intend to join forces through this sale, with the latter assuming ownership of ship management responsibilities for the vessels currently under ESMH on an “as is” basis. This transaction will provide Anglo-Eastern with a strong local presence in the Greek market while also greatly enhancing its footprint in large crude oil tankers. Post-integration, ESMH will become part of Anglo-Eastern’s vast global network, offering the combined entity a wide range of growth opportunities in different regions and ship types. The transaction has been concluded on June 18, 2024 and ESMH has been deconsolidated from the Group as from that date. The Company realized a gain of USD19.7 million on this sale and has been recognized under other operating income (see Note 9). Besides the transactions as described above, no new subsidiaries were established or acquired, nor were there any liquidations of subsidiaries. |
Significant events
Significant events | 6 Months Ended |
Jun. 30, 2024 | |
Significant Events [Abstract] | |
Significant events | Significant events On November 8, 2023, the Company sold the ULCC Oceania (2003 - 441,561 dwt), for USD 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 USD 8.3 million . The vessel was delivered to her new owner on January 15, 2024. A capital gain of USD 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 dwt ). 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. The transaction has not been accounted for as a sale due to the purchase obligation and has been considered as a finance arrangement accounted for under other loans (see Note 16). On February 6, 2024, the Company took delivery of Suezmax Bristol (2024 – 156,851 dwt ). 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 USD 1.15 billion in cash (see Note 5 and Note 24). Shareholders voted the voluntary resignation of Mrs. Grace Reksten Skaugen, Mr. Ole Henrik Bjorge, Mr. Cato H. Stonex, Mr. John Fredriksen 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 Bøe 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. Fredriksen 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 USD 17.86 per share in cash, i.e. USD 18.43 per share less USD 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 19, 2024, the Company took delivery of the super-eco Newcastlemax Mineral France (2024 - 210,000 dwt). On March 20, 2024, the Company announced it has sold the VLCC Nectar (2008 – 307,284 dwt), VLCC Newton (2009 – 307,284 dwt), and VLCC Noble (2008 – 307,284 dwt). This transaction has generated a capital gain of approximately USD 79.0 million which has been recognized upon delivery to her new owner in the second quarter of 2024. Furthermore, the Company concluded an order for two Newcastlemaxes and one additional VLCC at Qingdao Beihai Shipyard. The vessels are expected to be delivered in Q1 and Q2 2027. 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 22,510,249 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 25,131,181.00 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. On April 12, 2024, the Company took delivery of the Bochem Casablanca (2024 - 25,000 dwt). On April 15, 2024, the Company announced it has purchased on the New York Stock Exchange and on Euronext Brussels a total of 263,771 of its own shares. Following these transactions, the Company now owns 25,807,878 shares ( 11.73% of the total outstanding share count). On April 16, 2024, Euronav NV and Anglo-Eastern Univan Group announced a Heads of Agreement for the sale and purchase of Euronav Ship Management Hellas (“ESMH”), Euronav’s ship management arm (see Note 5). The transaction has been concluded on June 18, 2024 together with the purchase of 10% of the shares in Anglo-Eastern Univan Group Limited (see Note 25). On May 13, 2024, the Company took delivery of the CMA CGM Baikal. This vessel has been sold and a capital gain of USD 15.6 million was booked in the second quarter of 2024 (see Note 12). On May 24, 2024, the Company took delivery of the Windcat 57, the first CTV of the hydrogen-powered MK 5 series. The vessel is deployed in Scotland. On June 24, 2024, the Company took delivery of the fifth super-eco Newcastlemax Mineral Deutschland (2024 – 210,000 dwt). On June 28, 2024, the Company took delivery of the Bochem Shanghai (2024 – 25,000 dwt). |
Segment reporting
Segment reporting | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of operating segments [abstract] | |
Segment reporting | Segment reporting The Group distinguishes three operating segments: the Marine division, the H2 Infra division and the H2 Industry division. These three divisions operate in different markets. • Marine: the Marine division is the largest division in the Group. It builds, owns, operates and designs a wide range of low and zero-carbon ships and features a future-proof fleet with hydrogen-powered vessels such as CTVs, ferries, CSOVs, and tugboats, alongside ammonia-powered large bulk carriers, container ships, chemical and crude oil tankers. The marine division consists of 6 brands: Euronav, Bocimar, Delphis, Bochem, Windcat, and Tugboats & Ferries. • H2 Infra: the H2 Infra division is at the forefront of developing and securing the green molecule supply. The company integrates and manages key technology and infrastructure for the production and distribution of green hydrogen and ammonia. • H2 Industry: H2 Industry is a leading provider of scalable dual-fuel industrial applications. Its proven combustion technology enables the company to develop heavy-duty hydrogen-powered applications that offer flexibility, robustness and cost-effectiveness. The segment profit or loss figures and key assets as set out below are presented to the Chief Operating Decision Maker (CODM) and the Management Board on at least a quarterly basis to help the key decision makers in evaluating the respective segments . Following the acquisition of CMB.TECH in February 2024, the markets in which the Group operates have expanded. Consequently, the Group has decided to update its segment reporting to reflect these changes. Additionally, please note that the Floating Storage Units (FSOs) have been incorporated into the marine segment under the Euronav brand name. June 30, 2024 Marine H2 Infra Industry Less: Eliminations Total Euronav Bocimar Delphis Bochem Windcat Other Revenue 425,189 29,881 9,011 10,683 17,060 553 — — — 492,377 Profit (loss) before income tax 671,532 4,154 17,236 2,142 (618) (9,972) (1,987) 1,497 — 683,984 Non-current assets 3,343,616 631,928 141,309 195,559 207,206 32,668 15,518 7,039 (1,687,038) 2,887,806 Current assets 1,013,501 14,710 41,802 8,504 15,532 487,207 1,720 20,335 (759,467) 843,843 TOTAL ASSETS 4,357,117 646,638 183,111 204,063 222,738 519,875 17,238 27,374 (2,446,505) 3,731,649 Equity 2,342,432 (547) 63,668 3,155 26,891 248,120 11,556 16,733 (1,485,328) 1,226,680 Non-current liabilities 1,424,560 318,117 91,894 125,997 123,467 8,009 171 422 (201,700) 1,890,937 Current liabilities 590,125 329,068 27,549 74,911 72,380 263,746 5,511 10,219 (759,477) 614,032 TOTAL LIABILITIES 4,357,117 646,638 183,111 204,063 222,738 519,875 17,238 27,374 (2,446,505) 3,731,649 June 30, 2023 Marine Less: Eliminations Total Euronav Revenue 688,116 — 688,116 Profit (loss) before income tax 335,046 — 335,046 December 31, 2023 Marine Less: Eliminations Total Euronav Non-current assets 1,787,543 — 1,787,543 Current assets 1,631,737 — 1,631,737 TOTAL ASSETS 3,419,280 — 3,419,280 Equity 2,357,373 — 2,357,373 Non-current liabilities 637,154 — 637,154 Current liabilities 424,753 — 424,753 TOTAL LIABILITIES 3,419,280 — 3,419,280 |
Assets and liabilities held for
Assets and liabilities held for sale and discontinued operations | 6 Months Ended |
Jun. 30, 2024 | |
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract] | |
Assets and liabilities held for sale and discontinued operations | Assets and liabilities held for sale and discontinued operations Assets held for sale As of December 31, 2023 , the ULCC Oceania (2003 - 441,561 dwt) was accounted for as a non-current asset held for sale and had a carrying value of USD 8.3 million . The vessel was delivered to its new owner on January 15, 2024. Taking into account the sales commission, the net gain on this vessel amounts to USD 34.8 million and was recorded in the consolidated statement of profit or loss in the first quarter of 2024. On October 9, 2023, the Company announced the agreement between 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 USD 2.35 billion . 13 VLCC tankers, that were part of the fleet sale to Frontline, have been booked as a non-current asset held for sale (Alice, Anne, Aquitaine, Dominica, Desirade, Alboran, Aral, Andaman, Hatteras, Delos, Doris, Derius and Camus) as of December 31, 2023 for a total carrying value of USD 862.6 million . The last vessel (Camus) has been delivered to her new owners on March 19, 2024. The net gain on this transaction for the vessels delivered in 2024 amounts to USD 372.7 million and is recorded in the first quarter of 2024. On May 21, 2024, the Company sold the VLCC Alsace (2012 - 320,350 dwt) for USD 96.9 million . The vessel is accounted for as a non-current asset held for sale as at June 30, 2024 and has a carrying value of USD 69.4 million . The net gain on the vessel amounts to USD 27.5 million and will be recognized upon delivery to its new owners which is expected to take place in the first quarter of 2025. On June 27, 2024, the Management Board formally decided to commit to a plan to sell Suezmax vessels Statia (2006 - 150,205 dwt) and Cap Felix (2008 - 158,765 dwt) and VLCC vessels Hakata (2010 - 302,550 dwt) and Ingrid (2012 - 314,000 dwt). An active program to locate a buyer and complete the plan has been initiated and the vessels are actively marketed for sale in line with their fair values. It is expected to be completed within a year from the decision and in line with IFRS 5, the assets are qualified and classified as non-current assets held for sale for a total combined book value of USD 113.4 million as per June 30, 2024 . The Group sold the FAST platform to ZeroNorth during the fourth quarter of 2023. Taking into account the sales price of USD 2.0 million , the net capital gain amounts to USD 0.4 million . Closing of the deal and official transfer date was on April 1, 2024. Discontinued operations As of June 30, 2024 and as of December 31, 2023 the Group had no operations that met the criteria of discontinued operations. |
Revenue and other operating inc
Revenue and other operating income | 6 Months Ended |
Jun. 30, 2024 | |
Revenue [abstract] | |
Revenue and other operating income | Revenue and other operating income In the following table, revenue is disaggregated by type of contract June 30, 2024 June 30, 2023 Marine H2 INFRA H2 INDUSTRY Less: Eliminations Total Marine Less: Eliminations Total Euronav Bocimar Delphis Bochem Windcat Other Total Euronav Pool Revenue 113,125 — — 8,889 — — 122,014 — — — 122,014 362,745 — 362,745 Spot Voyages 219,780 29,705 — — — — 249,485 — — — 249,485 243,381 — 243,381 Revenue from contracts with customers 332,905 29,705 — 8,889 — — 371,499 — — — 371,499 606,126 — 606,126 Time Charters 92,284 176 9,011 1,794 17,060 553 120,878 — — — 120,878 81,990 — 81,990 Lease income 92,284 176 9,011 1,794 17,060 553 120,878 — — — 120,878 81,990 — 81,990 Total revenue 425,189 29,881 9,011 10,683 17,060 553 492,377 — — — 492,377 688,116 — 688,116 Other income 35,774 1,130 263 — — 754 37,921 362 841 (879) 38,245 14,768 — 14,768 The decrease in revenue is mostly related to the decrease in pool revenue which is mainly due to a lower number of vessels in the pool as per June 30, 2024 compared to the first six months of 2023. The difference can be explained by comparing the respective TCE rates and on hire days. The TCE rates and on hire days for VLCCs were 45,600 USD/day and 2,564 on hire days for the first half year of 2024 compared to 53,100 USD/day and 6,977 on hire days for the first six months of 2023. For Suezmax spot voyages, the TCE rates for first half year 2024 and 2023 were respectively 54,600 USD/day compared to 69,700 USD/day. The decrease in revenue is partially compensated by the acquired vessels from CMB.TECH as per February 2024 active in the dry bulk segment. The increase in revenue from time charters of tankers is due to a higher number of vessels on time charter and the acquisition of CMB.TECH vessels on time charter. Other operating income includes revenues related to the daily standard business operation of the fleet and that are not directly attributable to an individual voyage. The increase in other operating income is mainly due to the sale of Euronav Ship Management Hellas (see Note 5), received liquidated damages resulting from the sale of the N-class vessels (Noble, Nectar and Newton) and to claim settlements. |
Expenses for shipping activitie
Expenses for shipping activities | 6 Months Ended |
Jun. 30, 2024 | |
Analysis of income and expense [abstract] | |
Expenses for shipping activities | Expenses for shipping activities Voyage expenses and commissions For the six month period ended (in thousands of USD) June 30, 2024 June 30, 2023 Commissions paid (9,158) (8,363) Bunkers (59,270) (50,720) Other voyage related expenses (17,475) (12,462) Total voyage expenses and commissions (85,903) (71,545) The voyage expenses and commissions increased in the first six months of 2024 compared to the same period in 2023 mainly due to an increase in bunker costs. The increase in bunker cost and commissions paid in the first semester of 2024 is mainly due to the integration of the CMB.TECH vessels as of February, 2024 and thus more vessels operating on the spot. 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. The 24 vessels sold and delivered to Frontline do not have a significant impact on the voyage expenses since these were mainly operating in the pool. Voyage expenses for vessels operated in a Pool, are paid by the Pool. The majority of other voyage expenses are port costs and agency fees which are owner's expenses on voyage charters. Port costs vary depending on the number of spot voyages performed and the number and type of ports. Vessel operating expenses For the six month period ended (in thousands of USD) June 30, 2024 June 30, 2023 Operating expenses (92,813) (107,614) Insurance (7,200) (10,403) Total vessel operating expenses (100,013) (118,017) The operating expenses relate mainly to the crewing, technical and other costs to operate vessels. Crewing costs are related to crew wages, travel and victualling costs. Technical costs relate mainly to maintenance, spare parts and forwarding costs. Other costs are mainly port cost and costs for certifications and inspections. The decrease in operating expenses is mainly related to the decrease of number of vessels in the fleet during the first half of 2024 compared to 2023. This is mainly due to the 24 VLCCs that have been sold and delivered to Frontline in course of the fourth quarter of 2023 and the first quarter of 2024. This is partially offset by the integration of the CMB.TECH vessels as of February, 2024. General and administrative expenses For the six month period ended (in thousands of USD) June 30, 2024 June 30, 2023 Wages and salaries (7,332) (3,849) Social security costs (1,603) (512) Equity-settled share-based payments — 851 Activated costs 358 — Other employee benefits (750) (570) Employee benefits (9,327) (4,080) Administrative expenses (25,780) (21,031) Tonnage Tax (866) (1,766) Claims (477) (20) Provisions 163 148 Total general and administrative expenses (36,287) (26,749) The general and administrative expenses which include amongst others: shore staff wages, director fees, consulting and audit fees and tonnage tax, increased in the first six months of 2024 compared to the same period in 2023 . The increase compared to 2023 was related to both an increase in administrative expenses and an increase in employee benefits mainly due to the integration of CMB.TECH as per February, 2024. |
Net finance expenses
Net finance expenses | 6 Months Ended |
Jun. 30, 2024 | |
Analysis of income and expense [abstract] | |
Net finance expenses | Net finance expenses For the six month period ended (in thousands of USD) June 30, 2024 June 30, 2023 Interest income 13,292 10,945 Change in fair value of fuel derivatives recognized in P&L — 3,210 Foreign exchange gains 10,124 9,350 Finance income 23,416 23,505 Interest expense on financial liabilities measured at amortized cost (53,869) (61,058) Interest leasing (198) (438) Change in fair value of fuel derivatives recognized in P&L — (6,445) Fair value adjustment on interest rate swaps — 137 Other financial charges (5,111) (5,394) Foreign exchange losses (10,218) (10,451) Finance expense (69,396) (83,649) Net finance expense recognized in profit or loss (45,980) (60,144) Interest expense on financial liabilities measured at amortized cost decreased in the first six months of 2024 compared to the same period in 2023 . This decrease was related to a decrease in interest expenses on bank loans due to a lower average outstanding debt in 2024 compared to the same period last year mainly due to the sale of the 24 vessels to Frontline. Change in fair value of fuel derivatives recognized in P&L is attributable to a decrease in expenses related to swaps, mainly on the commodity swaps or futures in connection with the Company's low sulfur fuel oil program for which hedge accounting could not be applied, resulting in a net impact for first half year 2023 of USD 3.2 million . These fuel derivatives were used to hedge the purchased fuel on board of the ULCC Oceania against a price decrease. In November 2023, management decided to discontinue the bunker storage and offloading program and sold the ULCC Oceania. As a consequence, there is no longer an active fuel hedging program during 2024. Interest leasing is the interest on lease liabilities. |
Property, plant and equipment
Property, plant and equipment | 6 Months Ended |
Jun. 30, 2024 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | Property, plant and equipment (in thousands of USD) Note Vessels Vessels under construction Right-of- use assets Other tangible assets Pre- payments Total PPE At January 1, 2024 Cost — 3,265,939 106,513 56,241 4,717 — 3,433,410 Depreciation & impairment losses — (1,636,369) — (23,304) (4,072) — (1,663,745) Net carrying amount 1,629,570 106,513 32,937 645 — 1,769,665 Acquisitions — 41,582 402,988 — 1,243 1,834 447,647 Acquisitions through business combinations 24 425,564 477,565 1,431 22,219 670 927,449 Disposals and cancellations — (108,749) — (30,000) — (595) (139,344) Depreciation charges — (77,916) — (955) (1,658) — (80,529) Transfer to assets held for sale 8 (182,806) — — — — (182,806) Transfers — 308,470 (308,470) — — — — Exit from the consolidation scope — — (1,184) (137) — (1,321) Translation differences — (108) (98) (25) (202) (23) (456) Balance at June 30, 2024 2,035,607 678,498 2,204 22,110 1,886 2,740,305 At June 30, 2024 Cost — 3,528,029 678,498 5,340 30,180 1,886 4,243,933 Depreciation & impairment losses — (1,492,422) — (3,136) (8,070) — (1,503,628) Net carrying amount 2,035,607 678,498 2,204 22,110 1,886 2,740,305 In the first six months of 2024 , the Statia, Selena and Newton have been dry-docked. The cost of planned repairs and maintenance is capitalized and included under the heading Acquisitions. On January 22, 2024, the Company lifted the repurchase option for VLCC Newton (2009 - 307,284 dwt) that was under a bareboat contract for an aggregate amount of USD 30 million . The vessel was previously accounted for as a right-of-use asset. On February 6, 2024, the Company took delivery of the Suezmax Bristol (2024 – 156,851 dwt ). On March 19, 2024, the Company took delivery of the fourth super-eco Newcastlemax Mineral France (2024 – 210,000 dwt). On April 12, 2024, the Company took delivery of the chemical tanker Bochem Casablanca (2024 - 25,000 dwt). On May 13, 2024, the Company took delivery of the container vessel CMA CGM Baikal. This vessel has been sold and a capital gain of USD 15.6 million was booked in the second quarter of 2024. On May 24, 2024, the Company took delivery of the Windcat 57, the first hydrogen-powered CTV of the Mark 5 series. The unit is deployed in Scotland. On June 24, 2024, the Company took delivery of the fifth super-eco Newcastlemax Mineral Deutschland (2024 – 210,000 dwt). On June 28, 2024, the Company took delivery of the chemical tanker Bochem Shanghai (2024 – 25,000 dwt). The other tangible assets include the Hydrotug, the hydrogen refuelling station and a range of machinery, equipment and vehicles. The Group had fifty vessels under construction at June 30, 2024, for an aggregate amount of installments paid of USD 678.5 million . The amounts presented within "vessels under construction" relate to five eco- type VLCCs, three eco-type Suezmax, two dual-fuel bitumen tankers, twenty-three Newcastlemax bulk carriers, two 6,000 TEU container vessels, four chemical tankers, six CSOVs (Commissioning Service Operations Vessels), one coaster vessel of 5,000 dwt, one 1,400 TEU ammonia-powered container vessel and three Hydrocat CTVs (Crew Transfer Vessel). The Group capitalizes borrowing costs related to the financing of the newbuild vessels as reported under vessels under construction. As per June 30, 2024, the total amount that was capitalized amounts to USD 19.4 million at an average interest rate of 7% . Disposal of assets – Gains/losses (in thousands of USD) Note Sale price Book Value Gain Loss Cap Charles - Sale — 40,523 18,459 22,064 — At June 30, 2023 40,523 18,459 22,064 — Sale price Book Value Gain Loss Alice - Sale — 85,965.6 61,626 24,340 — Anne - Sale — 86,275.4 62,820 23,455 — Aquitaine - Sale — 90,268 58,657 31,611 — Dominica - Sale — 82,685 52,826 29,859 — Desirade - Sale — 85,965 56,071 29,894 — Alboran - Sale — 86,418 56,362 30,056 — Aral - Sale — 86,472 56,445 30,027 — Andaman - Sale — 86,976 56,636 30,340 — Hatteras - Sale — 90,310 59,368 30,942 — Delos - Sale — 112,888 83,611 29,277 — Doris - Sale — 113,010 84,438 28,572 — Derius - Sale — 104,627 81,458 23,169 — Camus - Sale — 123,420 92,228 31,192 — Oceania - Sale — 43,120 8,294 34,826 — Noble - Sale — 53,955 25,716 28,239 — Nectar - Sale — 53,955 23,873 30,082 — Newton - Sale — 53,955 33,285 20,670 — CMA CGM Baikal - Sale 71,500 55,879 15,621 — Corporate - Sale 2,000 1,625 375 — At June 30, 2024 1,513,765 1,011,218 502,547 — On October 9, 2023, the Company announced the agreement between 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 USD 2.35 billion . A total of 11 VLCC tankers have been delivered before December 31, 2023. The 13 remaining vessels (Alice, Anne, Aquitaine, Dominica, Desirade, Alboran, Aral, Andaman, Hatteras, Delos, Doris, Derius and Camus) delivered in the first quarter of 2024 contributed to a total capital gain of USD 372.7 million , which was recorded in the first quarter of 2024. On November 8, 2023, the Company sold the ULCC Oceania (2003 - 441,561 dwt), for USD 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 USD 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 USD 34.8 million and was recorded in the consolidated statement of profit or loss in the first quarter of 2024. On March 15, 2024, the Company sold the N-class vessels Noble, Nectar and Newton for a net sale price after commission of USD 161.9 million . The vessels have all been delivered during the second quarter of 2024 and the net gain of USD 79.0 million on the transaction was recognized in the consolidated statement of profit or loss. On November 11, 2021, the Company agreed to sell the container vessel CMA CGM Baikal for a net sale price of USD 71.5 million . The vessel has been delivered to her new owners in the second quarter of 2024 and a net gain of USD 15.6 million has been booked in the consolidated statement of profit or loss. Impairment Vessels The Group defines its cash generating unit as a single vessel, unless such vessel is operated in a pool, in which case such vessel, together with the other vessels in the pool, are collectively treated as a cash generating unit. The carrying amounts of The Group’s non-financial 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. In accordance with IAS 36, the Group has updated its review of various internal and external indicators performed as of December 31, 2023 to determine whether there were indications that vessels in the marine segment were impaired as of June 30, 2024. The following are examples of internal indications of impairment that are considered in assessing whether indicator-based impairment testing is necessary: 1. the obsolescence or physical damage of an asset; 2. significant changes in the extent or manner in which an asset is (or is expected to be) used that have (or will have) an adverse effect on the entity; 3. a plan to dispose of an asset before the previously expected date of disposal; 4. indications that the performance of an asset is, or will be, worse than expected; 5. cash flows for acquiring the asset, operating or maintaining it that are significantly higher than originally budgeted; 6. net cash flows or operating profits that are lower than originally budgeted; and 7. net cash outflows or operating losses. [IAS 36.12(e)–(g), 14] The following are examples of external indications of impairment that are considered in assessing whether indicator-based impairment testing is necessary: 1. market capitalization below net asset value; 2. a significant and unexpected decline in market value; 3. significant adverse effects in the technological, market, economic or legal environment; 4. increases in market interest rates After analyzing the potential impairment indicators and considering the strong performance in the first half of 2024, the positive outlook for the second half of 2024 and beyond, the current share price and the fair market values of the fleet, the Company conclude that there are no indications of impairment. Consequently, we have determined that no further impairment testing is required. Security All vessels financed with bank loans are subject to a mortgage to secure bank loans (see Note 16). Capital commitment As at June 30, 2024 the Group's total capital commitment amounts to USD 2.7 billion (December 31, 2023: USD 623.8 million ). These capital commitments can be detailed as follows: (in thousands of USD) Total 2024 2025 2026 2027 Commitments in respect of: Tankers 755,340 129,340 95,370 463,310 67,320 Dry bulk vessels 1,316,062 311,773 — 573,421 — 355,518 — 75,350 Container vessels 143,373 90,802 15,009 37,562 — Chemical tankers 214,272 68,972 47,200 98,100 — CSOVs 264,725 35,646 143,853 60,499 24,728 Total 2,693,772 636,533 874,853 1,014,989 167,398 The current newbuilding program of the Group comprises the following: – 5 eco-type VLCCs, – 4 eco-type Suezmaxes,² – 23 Newcastlemax bulk carriers, – 2 6,000 TEU container vessels, – 4 chemical tankers, – 6 CSOVs (Commissioning Service Operation Vessel), – 2 coasters of 5,000 dwt, – 1 ammonia-powered container vessel with a capacity of 1,400 TEU, – 2 dual-fuel bitumen tankers. |
Intangible assets
Intangible assets | 6 Months Ended |
Jun. 30, 2024 | |
Intangible assets other than goodwill [abstract] | |
Intangible assets | Intangible assets (in thousands USD) Note Customer contracts Other intangible assets Total intangible assets At January 1, 2024 Cost - 16,569 1,267 17,836 Depreciation - (2,469) (1,173) (3,642) Net carrying amount 14,100 94 14,194 Acquisitions - — 386 386 Acquisitions through business combinations 24 — 3,538 3,538 Depreciation charges - (776) (572) (1,348) Exit from the consolidation scope - — (67) (67) Translation differences - — (42) (42) Balance at June 30, 2024 13,324 3,337 16,661 At June 30, 2024 Cost - 16,569 6,222 22,791 Depreciation & impairment losses - (3,245) (2,885) (6,130) Net carrying amount 13,324 3,337 16,661 In connection with the acquisition in 2022 of the remaining 50% in TI Asia and TI Africa, a part of the price paid was 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 USD 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. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract] | |
Equity | Equity Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations. Hedging reserve June 30, 2024 (in thousands of USD) Notional Value Fair Value - Assets Fair Value - Liabilities Change recognized in OCI Interest rate swaps USD 150.0 million facility 87,090 2,408 — 1,268 June 30, 2023 (in thousands of USD) Notional Value Fair Value - Assets Fair Value - Liabilities Change recognized in OCI Interest rate swaps USD 173.6 million facility - Cap Quebec and Cap Pembroke 53,511 1,807 — 22 USD 173.6 million facility - Cap Corpus Christi and Cap Port Arthur 56,838 4,689 — (503) USD 713.0 million facility 216,889 15,557 — (2,199) USD 73.45 million facility 68,859 5,477 — 13 USD 150.0 million facility 100,013 3,049 254 547 USD 447.0 million facility - part USD 140.0 million term loan 70,000 1,039 64 901 Fx swaps Fx Euro hedges 31,000 671 78 (447) The Group, trough the long term charter parties with Valero for two Suezmaxes (Cap Quebec and Cap Pembroke), entered on March 28, 2018 and April 20, 2018, in two IRSs for a combined notional value of USD 86.8 million . These IRSs are used to hedge the risk related to the fluctuation of the Libor rate and qualify as hedging instruments in a cash flow hedge relationship under IFRS 9. These instruments have been measured at their fair value; effective changes in fair value have been recognized in OCI and the ineffective portion has been recognized in profit or loss. These IRSs are matching the repayment profile of the underlying USD 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. As part of the fuel hedging program, the Group entered during 2023 into several commodity swaps and futures in connection with its low sulfur fuel oil project for a combined notional value of USD 72.2 million . These swaps are used to hedge a potential increase in the index underlying the price of low sulfur fuel between the purchase date and the delivery date of the product, i.e. when title to the low sulfur fuel is actually transferred. These instruments do not qualify as hedging instruments in a cash flow hedge relationship under IFRS9. The changes in fair value are directly recognized in profit or loss. In November 2023, management decided to discontinue the bunker storage and offloading program and sold the ULCC Oceania. As a consequence, there is no longer an active fuel hedging program during 2024. 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 USD 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 USD 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. The Group entered in the second half of 2020 in six Interest Rate Swaps (IRSs) for a combined notional value of USD 237.2 million with effective date in 2021. These IRSs are used to hedge the risk related to the fluctuation of the Libor rate in connection with the new USD 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. The group entered on January 26, 2022 into an interest rate swap agreement, in relation to the USD 73.45 million term loan which had been concluded for the acquisition of the Suezmaxes Cedar and Cypres for a notional value of USD 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 USD 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. The Group, in connection to the USD 150.0 million facility raised on June 21, 2022, entered into several Interest Rate Swaps (IRSs) for a combined notional value of USD 109.4 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. These IRSs are matching the repayment profile of the facility and mature on March 31, 2030. The notional value of these instruments at June 30, 2024 amounted to USD 87.1 million . The fair value of these instruments at June 30, 2024 amounted to USD 2.4 million (see Note 20 and 22) and USD 1.3 million has been recognized in OCI in 2023. The Group, in connection to the USD 447.0 million facility raised on December 6, 2022, entered into two Interest Rate Swaps (IRSs) for a combined notional value of USD 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. 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 lo ss. The notional value of these instruments at June 30, 2023 amounted to USD9.0 million . The fair value of these instruments at June 30, 2023 amounted to USD 0.5 million and USD (0.5) million has been recognized in OCI in 2023. All these hedges matured in the 2nd half of 2023. During first half 2023, the Group entered into several FX swap transactions 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. The notional value of these instruments at June 30, 2023 amounted to USD 22.0 million . The fair value of these instruments at June 30, 2023 amounted to USD 0.0 million (see Note 17 and 22) and 0 USD has been recognized in OCI in 2023. All these hedges matured in the 2nd half of 2023. No Fx swaps have been entered into in 2024. Treasury shares As of June 30, 2024 Euronav owned 25,807,878 of its own shares, compared to 17,790,716 of shares owned on December 31, 2023 . In the six months period ended June 30, 2024 Euronav purchased on the NYSE and on Euronext Brussels a total of 8,017,162 . Distributions During its meeting of May 7, 2024, the Supervisory Board of Euronav decided it will make a proposal to a Special Shareholders’ Meeting to be held on July 2, 2024 to distribute USD 1.15 per share to all shareholders. This payout in cash is proposed as a combination of a dividend of USD 0.27 per share and a repayment from the share issue premium of USD 0.88 per share. On May 16, 2024, the Annual Shareholders' meeting approved a full year dividend for 2023 of USD 4.57 per share. This pay out was a combination of a dividend of USD 0.27 per share, subject to 30% withholding tax and a share premium of USD 4.30 per share via the issue premium reserve. Of the share premium distribution, USD 0.81 per share is subject to 30% withholding tax. The total amount of dividends declared in the first six months of 2024 was USD 887.6 million and USD 903.3 million was paid in the first six months of 2024. |
Earnings per share
Earnings per share | 6 Months Ended |
Jun. 30, 2024 | |
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 six month period ended June of each year, calculated as follows: Result attributable to ordinary shares For the six month period ended June 30, 2024 June 30, 2023 Result for the period (in USD) 679,620,307 336,866,321 Weighted average number of ordinary shares 197,886,375 201,828,035 Basic earnings per share (in USD) 3.43 1.67 Weighted average number of ordinary shares (in shares) Shares issued Treasury shares Shares outstanding Weighted number of shares On issue at January 1, 2024 220,024,713 17,790,716 202,233,997 202,233,997 Issuance of shares — — — — Purchases of treasury shares — 8,017,162 (8,017,162) (4,347,622) Withdrawal of treasury shares — — — — Transfer of treasury shares — — — — On issue at June 30, 2024 220,024,713 25,807,878 194,216,835 197,886,375 Diluted earnings per share For the six months ended June 30, 2024 , the diluted earnings per share (in USD) amount to 3.43 (2023: 1.67 ). As of January 1, 2024, the Company no longer has instruments that can give rise to dilution. At June 30, 2023 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, all LTIPs were terminated during the 2nd half of 2023 due to the change of control. Weighted average number of ordinary shares (diluted) The table below shows the potential weighted number of shares that could be created if all stock options and restricted stock units were to be converted into ordinary shares. (in shares) June 30, 2024 June 30, 2023 Weighted average of ordinary shares outstanding (basic) 197,886,375 201,828,035 Effect of share-based payment arrangements — 50,015 Weighted average number of ordinary shares (diluted) 197,886,375 201,878,050 There are no more remaining outstanding instruments at June 30, 2024 which can give rise to dilution. At June 30, 2023 , the Euronav stock options of the LTIP 2015 and the RSU's of the LTIP 2021 and LTIP 2022 could have give rise to dilution. |
Interest-bearing loans and borr
Interest-bearing loans and borrowings | 6 Months Ended |
Jun. 30, 2024 | |
Interest-Being Loans And Borrowings [Abstract] | |
Interest-bearing loans and borrowings | Interest-bearing loans and borrowings (in thousands of USD) Note Bank loans Other Notes Lease liabilities Other borrowings Total More than 5 years — 30,203 — 206 52,337 82,746 Between 1 and 5 years — 332,032 198,219 3,157 18,911 552,319 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 At January 1, 2024 528,359 201,952 36,856 163,546 930,713 New loans — 960,666 — — 404,356 1,365,022 Scheduled repayments — (101,701) — (32,092) (220,500) (354,293) Early repayments — (105,000) — — — (105,000) Acquisitions through business combinations 24 332,529 — 1,500 234,491 568,520 Other changes — 4,267 332 — (2,072) 2,527 Exit from the consolidation scope — — — (1,137) — (1,137) Translation differences — (1,644) — (25) (2,648) (4,317) Balance at June 30, 2024 1,617,476 202,284 5,102 577,173 2,402,035 More than 5 years — 252,468 — 282 392,253 645,003 Between 1 and 5 years — 959,747 198,551 1,901 84,440 1,244,639 More than 1 year 1,212,215 198,551 2,183 476,693 1,889,642 Less than 1 year — 405,261 3,733 2,919 100,480 512,393 Balance at June 30, 2024 1,617,476 202,284 5,102 577,173 2,402,035 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 Terms and debt repayment schedule The terms and conditions of outstanding loans were as follows: (in thousands of USD) June 30, 2024 December 31, 2023 Cur r. Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value Unsecured Revolving loan 80.0 M EUR SOFR + CAS + 1.45% 2026 85,000 85,000 85,149 88,400 — (66) Secured FSO loan 150 M USD SOFR + 2.15% 2030 116,120 116,120 115,195 124,809 124,809 123,728 Secured vessels loan Refi - Revolving facility 932 M* USD SOFR + 2.30% - 2.90% 2028 932,432 778,681 772,381 725,000 — (8,398) Secured vessels loan Refi - Transition facility 293 M USD SOFR + 2.30% - 2.90% 2025 293,415 293,415 291,258 368,225 368,225 365,662 Secured vessels loan Refi - Newbuild facility 190 M USD SOFR + 2.30% - 2.90% 2028 — — — 47,500 47,500 47,433 Credit Line Belfius Windcat EUR 1.25 M EUR SOFR + 1.83% — 1,338 1,338 1,338 — — — Credit Line KBC Windcat EUR 1.25 M EUR SOFR + 2.40% — 1,338 1,338 1,338 — — — Loan BNPPF 100 M EUR Euribor + 1.00% 2037 107,197 57,449 57,449 — — — Loan CEXIM I 152 M USD SOFR + 2.06% 2036 151,993 44,811 43,983 — — — Loan CEXIM II 280 M USD SOFR + 1.80% 2035 279,910 175,077 171,060 — — — Loan CEXIM III 224 M USD SOFR + 2.06% 2038 224,000 — — — — — Loan KBC/Belfius Windcat EUR 78 M EUR Euribor + 3.25% 2027 83,481 44,229 43,883 — — — Loan SocGen EUR 50 M EUR Euribor + 1.00% 2037 53,646 25,439 25,439 — — — Loan SocGen EUR 8.8 M EUR Euribor + 1.10% 2033 8,949 8,949 9,003 — — — Total interest-bearing bank loans 2,338,819 1,631,847 1,617,476 1,353,934 540,534 528,359 * 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. Other notes (in thousands of USD) June 30, 2024 December 31, 2023 Curr. Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value Unsecured notes USD 6.25 % 2026 200,000 200,000 202,284 200,000 200,000 201,952 Total other notes 200,000 200,000 202,284 200,000 200,000 201,952 On March 18, 2022, the Financial Supervisory Authority of Norway approved the listing on the Oslo Stock Exchange of Euronav Luxembourg S.A.’s USD 200 million senior unsecured bonds due September 2026. Other borrowings On June 6, 2017, the Group signed an agreement with BNP to act as dealer for a Treasury Notes Program with a maximum outstanding amount of 50 million Euro. On October 1, 2018, KBC was appointed as an additional dealer in the agreement and the maximum amount was increased from 50 million Euro to 150 million Euro. As of June 30, 2024 , the outstanding amount was USD 79.4 million or 74.2 million Euro ( December 31, 2023 : USD 87.8 million or 79.1 million Euro). The Treasury Notes are issued on an as needed basis with different durations and initial pricing is set to 60 bps over Euribor. The Company enters into FX forward contracts to manage the transaction risks related to these instruments issued in Euro compared to the USD Group currency. The FX contracts have a same nominal amount and duration as the issued Treasury Notes and they are measured at fair value with changes in fair value recognized in the consolidated statement of profit or loss. On June 30, 2024 , the fair value of these forward contracts amounted to USD (0.3) million . On December 4, 2023, Euronav entered into a sale and leaseback agreement for the Suezmaxes Cypres (2022 – 157,310 dwt) and Cedar (2022 – 157,310 dwt ), the last one delivered at January 10, 2024. The vessels were sold and were leased back under a 14 -year bareboat contract at a rate equal to an amortization element of USD 13,590 per day per vessel and an interest element based on term SOFR plus 435 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 USD 153.8 million . As of June 30, 2024 , the outstanding amount was USD 147.4 million in total. At the end of the bareboat contract, the Company has a purchase obligation of USD 7.39 million per vessel . 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 CMB.TECH Group has entered into a number of sale and leaseback arrangements in relation to its newbuilding program, which also feature a pre-delivery finance component. The sale and leaseback financing agreements have a term of between 10 and 15 years from the delivery of the respective vessels and carry an interest rate of SOFR plus 2.00% to 4.21% . At the end of the bareboat contract, the Company has a purchase option or a purchase obligation. As at June 2024, the outstanding balance under these facilities was USD 344.5 million . During the course of the year, the CMB.TECH Group entered into a 10 -year sale and leaseback arrangement for the financing of two dry bulk vessels to be built at Beihai Shipyard. The facility carries an interest of SOFR plus 2.45% as from delivery of the respective vessels. Upon the conclusion of the bareboat contract, the Company will have the option to purchase the vessel. As of June 30, 2024, the facility is used for an amount of USD 6.4 million . In accordance with IFRS, these transactions were not accounted for as a sale. However, the Group will continue to recognise the transferred assets, and has recognised a financial liability equal to the net transfer proceeds. Following the acquisition of the CMB.TECH Group by Euronav in February 2024, the presentation of pre- delivery financing as part of the sale and bareboat (post-delivery) financing has been thoroughly reviewed to align accounting treatment and presentation. As this pre-delivery financing is inextricably linked to the post-delivery financing, there is a right to defer the settlement for at least 12 months as at the reporting date. This is disclosed in the line item more than five years until the moment of delivery. The future lease payments for these leaseback agreements are as follows: (in thousands of USD) June 30, 2024 December 31, 2023 Less than one year 19,841 4,547 Between one and five years 85,406 19,130 More than five years 395,308 52,828 Total future lease payables 500,555 76,505 |
Trade and other payables
Trade and other payables | 6 Months Ended |
Jun. 30, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other payables | Trade and other payables (in thousands of USD) June 30, 2024 December 31, 2023 Derivatives — 146 Total non-current other payables — 146 Trade payables 40,495 42,032 Accrued expenses 28,610 43,898 Accrued payroll 1,890 2,724 Dividends payable 541 16,301 Deferred income 22,500 17,355 Other payables 183 1,703 Total current trade and other payables 94,219 124,013 The decrease in accrued expenses as per June 30, 2024 compared to December 31, 2023 is mainly due to expenses related to vessels in drydock at year-end 2023, 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 at end of 2023. These have all been expensed during the first half year of 2024. The decrease in dividends payable relates to the withholding tax payable at year-end 2023 on the dividend pay out for coupon 36 settled in January, 2024. |
Financial instruments
Financial instruments | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial instruments | Financial instruments 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) Note 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 22 1,515 — — 1,515 — 1,515 — 1,515 Interest rate swaps 20-22 1,286 — — 1,286 — 1,286 — 1,286 2,801 — — 2,801 Financial assets not measured at fair value Non-current receivables 20 — 1,624 — 1,624 — — 1,535 1,535 Lease receivables 20 — 2,854 — 2,854 — 2,268 — 2,268 Trade and other receivables * 22 — 279,775 — 279,775 — — — — Cash and cash equivalents — — 429,370 — 429,370 — — — — — 713,623 — 713,623 Financial liabilities measured at fair value Interest rate swaps 17 146 — — 146 — 146 — 146 146 — — 146 Financial liabilities not measured at fair value Secured bank loans 16 — — 528,359 528,359 — 540,096 — 540,096 Unsecured other notes 16 — — 201,952 201,952 196,563 — — 196,563 Other borrowings 16 — — 163,546 163,546 — 164,261 — 164,261 Lease liabilities 16 — — 36,856 36,856 — 33,359 — 33,359 Trade and other payables * 17 — — 106,613 106,613 — — — — — — 1,037,326 1,037,326 Carrying amount Fair value (in thousands of USD) Note Fair value - Hedging instruments Financial assets at amortized cost Other financial liabilities Total Level 1 Level 2 Level 3 Total June 30, 2024 Financial assets measured at fair value Interest rate swaps 20-22 2,408 — — 2,408 — 2,408 — 2,408 2,408 — — 2,408 Financial assets not measured at fair value Non-current receivables 20 — 62,660 — 62,660 — — 62,660 62,660 Lease receivables 20 — 2,072 — 2,072 — 1,609 — 1,609 Trade and other receivables * 22 — 239,456 — 239,456 — — — — Cash and cash equivalents — — 343,899 — 343,899 — — — — — 648,087 — 648,087 Financial liabilities measured at fair value Forward exchange contracts 16 299 — — 299 — 299 — 299 299 — — 299 Financial liabilities not measured at fair value Secured bank loans 16 — — 1,532,476 1,532,476 — 1,555,592 — 1,555,592 Unsecured bank loans 16 — — 85,000 85,000 — 85,149 — 85,149 Unsecured other notes 16 — — 202,284 202,284 197,785 — — 197,785 Other borrowings 16 — — 577,173 577,173 — 571,142 — 571,142 Lease liabilities 16 — — 5,102 5,102 — 4,554 — 4,554 Trade and other payables * 17 — — 71,649 71,649 — — — — — — 2,473,684 2,473,684 * Deferred charges, deferred fulfillment costs and VAT receivables (included in other receivables) (see Note 22), deferred income and VAT payables (included in other payables) (see Note 17), which are not financial assets (liabilities) are not included. Measurement of fair values Valuation techniques and significant unobservable inputs Level 1 fair value was determined based on the actual trading of the unsecured notes, due in 2026, and the trading price on June 30, 2024. 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 2023 and for the six-month period ended June 30, 2024 . 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, 2023 (in thousands of USD) Note 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 16 730,311 837,126 217,328 587,681 32,117 Other borrowings 16 163,546 214,641 99,058 40,363 75,220 Lease liabilities 16 36,856 37,732 33,806 3,651 276 Current trade and other payables * 17 106,613 106,613 106,613 — — 1,037,326 1,196,112 456,805 631,694 107,613 Derivative financial liabilities Interest rate swaps 17 146 (9) (876) 797 70 146 (9) (876) 797 70 Contractual cash flows June 30, 2024 (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 16 1,819,760 2,164,574 649,802 1,214,901 299,870 Other borrowings 16 577,173 810,706 134,888 186,643 489,175 Lease liabilities 16 5,102 5,635 3,075 2,214 346 Current trade and other payables * 17 71,649 71,649 71,649 — — 2,473,684 3,052,564 859,414 1,403,758 789,391 Derivative financial liabilities Interest rate swaps 17 — 719 (148) 860 7 — 719 (148) 860 7 * Deferred income and VAT payables (included in other payables) (see Note 16), which are not financial liabilities, are not included. The Group has secured bank loans that contain loan covenants. A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. As of June 30, 2024 and December 31, 2023 , the Group was in compliance with all of the covenants contained in the debt agreements. The interest payments on variable interest rate loans in the table above reflect market forward interest rates at the reporting date and these amounts may change as market interest rates change. It is not expected that the cash flows included in the table above (the maturity analysis) could occur significantly earlier, or at significantly different amounts than stated above. |
Deferred tax assets and liabili
Deferred tax assets and liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Deferred tax expense (income) [abstract] | |
Deferred tax assets and liabilities | Deferred tax assets and liabilities Euronav NV and its subsidiaries had available combined cumulative tax losses and other tax credits carried forward of USD 212.1 million and USD 114.3 million as of June 30, 2024 and December 31, 2023 , respectively. Under current local tax laws, these loss carry forwards have an indefinite life and may be used to offset future taxable income of Euronav NV and its subsidiaries. The Company did not recognize deferred tax assets of USD 47.9 million and USD 28.6 million as of June 30, 2024 and December 31, 2023 , respectively, that can be carried forward against future taxable income, because it is not considered more likely than not that these deferred tax assets will be utilized in the foreseeable future. |
Non-current receivables
Non-current receivables | 6 Months Ended |
Jun. 30, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Non-current receivables | Non-current receivables (in thousands of USD) June 30, 2024 December 31, 2023 Shareholders loans to joint ventures 11,805 2 Derivatives 1,008 — Cash guarantees and deposits 46,173 1,616 Other non-current receivables 4,682 6 Lease receivables 330 1,263 Total non-current receivables 63,998 2,887 The increase in shareholder loans to joint ventures mainly relates to the loans provided to BeHydro and JPN H2Hydro and to joint ventures within the Windcat group of companies, i.e. TSM Windcat and FRS Windcat Offshore Logistics. The increase in cash guarantees and deposits as of June 30, 2024 compared to December 31, 2023 relates to a cash security of USD 45.7 million lodged with the High Court of Malaysia in January, 2024. The cash security equals the claimed amount and was required to lift the arrest on the vessel Oceania which was subsequently sold and delivered to her new owners. The lease receivables relate to the subleases of office space to third parties regarding the leased offices of Euronav MI II Inc. (formerly Gener8 Maritime Inc.). Trade and other receivables (in thousands of USD) June 30, 2024 December 31, 2023 Receivable from contracts with customers 137,854 88,544 Receivable from contracts with customers - TI Pool 87,115 169,339 Accrued income 12,877 13,706 Accrued interest 835 1352 Deferred charges 35,426 17,601 Deferred fulfillment costs 705 2,278 Other receivables 3,030 11,414 Lease receivables 1,742 1,591 Derivatives 1,401 1,286 Total trade and other receivables 280,985 307,111 The increase in receivables from contracts with customers is primarily attributable to the outstanding receivables resulting from the acquisition of CMB.TECH as of February 2024. The 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 the first six months of 2024 mainly due to a decreased number of vessels in the pool in following of the sale of 24 vessels to Frontline (see Note 12) compared to December 31, 2023. The increase in deferred charges is mainly due to the acquisition and consolidation of CMB.TECH as per February, 2024 and relates mainly to arrangement fees on predelivery financing of newbuild vessels. 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 subleases of office space to third parties regarding the leased offices of Euronav MI II Inc. (formerly Gener8 Maritime Inc.). The derivatives as of June 30, 2024 relate to the fair market value of the Interest Rate Swaps in connection with the USD 150 million facility (FSO Africa and FSO Asia). |
Bunker inventory
Bunker inventory | 6 Months Ended |
Jun. 30, 2024 | |
Bunker Inventory [Abstract] | |
Bunker inventory | Inventory The bunker inventory mainly relates to the bunker fuel stored on board of the vessels. As of June 30, 2024 the carrying amount of the bunker inventory on board of the vessels amounted to USD 22.1 million (2023: USD 22.5 million ). Bunkers delivered to vessels operating in the TI Pool, are sold to the TI Pool and bunkers on board of these pooled vessels are no longer shown as bunker inventory but as trade and other receivables. The inventory 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. Bunker expenses and consumed lubricants are recognized in profit or loss upon consumption. The other inventory amounts to USD 10.7 million and relates to trucks purchased to be converted into hydrotrucks for resale and spare parts used for the conversion of regular engines to hydrogen powered engines. |
Trade and other receivables
Trade and other receivables | 6 Months Ended |
Jun. 30, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other receivables | Non-current receivables (in thousands of USD) June 30, 2024 December 31, 2023 Shareholders loans to joint ventures 11,805 2 Derivatives 1,008 — Cash guarantees and deposits 46,173 1,616 Other non-current receivables 4,682 6 Lease receivables 330 1,263 Total non-current receivables 63,998 2,887 The increase in shareholder loans to joint ventures mainly relates to the loans provided to BeHydro and JPN H2Hydro and to joint ventures within the Windcat group of companies, i.e. TSM Windcat and FRS Windcat Offshore Logistics. The increase in cash guarantees and deposits as of June 30, 2024 compared to December 31, 2023 relates to a cash security of USD 45.7 million lodged with the High Court of Malaysia in January, 2024. The cash security equals the claimed amount and was required to lift the arrest on the vessel Oceania which was subsequently sold and delivered to her new owners. The lease receivables relate to the subleases of office space to third parties regarding the leased offices of Euronav MI II Inc. (formerly Gener8 Maritime Inc.). Trade and other receivables (in thousands of USD) June 30, 2024 December 31, 2023 Receivable from contracts with customers 137,854 88,544 Receivable from contracts with customers - TI Pool 87,115 169,339 Accrued income 12,877 13,706 Accrued interest 835 1352 Deferred charges 35,426 17,601 Deferred fulfillment costs 705 2,278 Other receivables 3,030 11,414 Lease receivables 1,742 1,591 Derivatives 1,401 1,286 Total trade and other receivables 280,985 307,111 The increase in receivables from contracts with customers is primarily attributable to the outstanding receivables resulting from the acquisition of CMB.TECH as of February 2024. The 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 the first six months of 2024 mainly due to a decreased number of vessels in the pool in following of the sale of 24 vessels to Frontline (see Note 12) compared to December 31, 2023. The increase in deferred charges is mainly due to the acquisition and consolidation of CMB.TECH as per February, 2024 and relates mainly to arrangement fees on predelivery financing of newbuild vessels. 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 subleases of office space to third parties regarding the leased offices of Euronav MI II Inc. (formerly Gener8 Maritime Inc.). The derivatives as of June 30, 2024 relate to the fair market value of the Interest Rate Swaps in connection with the USD 150 million facility (FSO Africa and FSO Asia). |
Provisions and contingencies
Provisions and contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Provisions and contingencies | Provisions and contingencies (in thousands of USD) Note Onerous contract Total At January 1, 2024 598 598 Provisions used during the year - (163) (163) Balance at June 30, 2024 435 435 Non-current - 125 125 Current - 310 310 Total 435 435 The Group is currently involved in a litigation with RMK Maritime (RMK). RMK have commenced legal proceedings in the London High Court against Euronav seeking USD 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. Based on an external legal advice, management believes that it has strong arguments that the risk of an outflow is less than probable and therefore no provision is recognized. The case will be heard in May 2025. The Group is also involved in a claim from Fourworld. Fourworld has filed a claim against CMB NV and an identical claim to Euronav NV as well as all parties concerned in the deal with Frontline. They want to overturn the following 3 decisions; (1) the sale of 24 vessels from Euronav to Frontline, (2) the termination of the arbitration between Euronav and Frontline and (3) the acquisition of CMB.TECH by Euronav. Hearings will take place in May 2026. Management believes that Fourworld has no strong arguments and evidence and that the risk for Euronav is low and therefore no provision is recognized. Additionally, the Group is still involved in a litigation concerning the Oceania. A cash security of USD 45.7 million has been lodged with the High Court of Malaysia in January, 2024 (see Note 20). There is no change compared to December 31, 2023 with regards to the assessment of the case. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2024 | |
Interests In Other Entities [Abstract] | |
Investments | Investments At cost The investment in other companies of USD 45.0 million relates to the purchase of 10% of the shares of Anglo-Eastern Univan Group Limited (see Note 4 and 6). Equity-accounted investees (in thousands of USD) June 30, 2024 December 31, 2023 Assets Interest in joint ventures 16,237 518 TOTAL ASSETS 16,237 518 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 597 850 Offset investment with shareholders loan 826 (826) Balance at January 1, 2023 1,423 24 Reversal prior year offset investment with shareholders loan (826) 826 Group's share of profit (loss) for the period (927) — Gross balance (330) 850 Offset investment with shareholders loan 848 (848) Balance at December 31, 2023 518 2 Reversal prior year offset investment with shareholders loan (848) 848 Group's share of profit (loss) for the period 2,570 — Movement shareholders loans to joint ventures — (44) Capital increase / (decrease) in joint ventures 1,063 — Translation differences (216) 113 Business combinations 12,399 11,638 Gross balance 15,485 12,557 Offset investment with shareholders loan 752 (752) Balance at June 30, 2024 16,237 11,805 The increase in investments in equity accounted investees and shareholders loans to joint ventures at June 30, 2024 is mainly related to the acquisition of CMB.TECH (see Note 5). |
Subsequent events
Subsequent events | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent events | Subsequent events On July 2, 2024, the Company announced the formal approval by the shareholders meeting of the name change from Euronav NV to CMB.TECH NV. The name change will be effective as of October 1, 2024. In the same meeting the distribution to shareholders of USD 0.88 per share from the available share premium and the intermediary dividend to shareholders of USD 0.27 per share has been approved. On August 5, 2024, the Company took delivery of the Mineral Italia (2024 – 210,000 dwt). On August 6, 2024, the Company took delivery of the CMA CGM Etosha (2024 – 6,000 TEU). On August 8, 2024, the Company took delivery of the Bochem New Orleans (2024 – 25,000 dwt). |
Standards issued but not yet ef
Standards issued but not yet effective | 6 Months Ended |
Jun. 30, 2024 | |
Standards Issued But Not Yet Effective [Abstract] | |
Standards issued but not yet effective | Standards issued but not yet effective 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 June 30, 2024 and/or not yet adopted by the European Union as per June 30, 2024 and for which the impact might be relevant: • Amendments to IAS 21: The Effects of Changes in Foreign Exchange Rates for lack of exchangeability (issued August 2023) • Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments (issued May 2024) • New standard IFRS 19: Subsidiaries without Public Accountability: Disclosures (issued May 2024) • New standard IFRS 18: Presentation and Disclosure in Financial Statements (issued April 2024) None of the other new standards, interpretations and amendments, which have been issued by the IASB and the IFRIC are not yet effective as per June 30, 2024 and/or not yet adopted by the European Union as per June 30, 2024, are expected to have a material effect on the Group's future financial statements. |
Statement on the true and fair
Statement on the true and fair view of the consolidated financial statements and the fair overview of the management report | 6 Months Ended |
Jun. 30, 2024 | |
General Information [Abstract] | |
Statement on the true and fair view of the consolidated financial statements and the fair overview of the management report | Statement on the true and fair view of the consolidated financial statements and the fair overview of the management report Mr. Marc Saverys, Chairperson of the Supervisory Board, Mr. Alexander Saverys, CEO and Mr. Ludovic Saverys, CFO, hereby certify that, to the best of their knowledge, (a) the condensed consolidated interim financial statements as of June 30, 2024 and for the six-month period then ended, which have been prepared in accordance with IAS 34 “Interim Financial Reporting” as issued by the IASB and as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and results of Euronav NV and the entities included in the consolidation, and (b) the interim management report includes a true and fair overview of the information required to be included therein under Article 13 §5 and §6 of the Royal Decree of November 14, 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market. |
Changes in significant accoun_2
Changes in significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Notes and other explanatory information [abstract] | |
Measurement of fair values | Measurement of fair values A number of the Group's accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Group has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values, and reports directly to the CFO. The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of IFRS, including the level in the fair value hierarchy in which such valuations should be classified. Significant valuation issues are reported to the Group Audit and Risk Committee. When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows. • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values are included in the following notes: • Note 8 - Assets and liabilities held for sale and discontinued operations and • Note 18 - Financial Instruments |
Business Combination (Tables)
Business Combination (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Common Control Acquisition [Abstract] | |
Disclosure of detailed information about common control acquisitions | The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the acquisition date. (in thousands of USD) Note Vessels 12 425,564 Assets under construction 12 478,235 Other tangible assets 12 23,650 Intangible assets 13 3,538 Investments in equity accounted investees 25 12,399 Receivables - 16,514 Deferred tax assets - 5,414 Current assets - 57,128 Cash and cash equivalents - 4,176 LT loans and borrowings - (532,439) Provisions - (111) Current liabilities - (138,038) Total identifiable net assets acquired 356,030 (in thousands of USD) Consideration transferred - 1,153,000 Total identifiable net assets acquired - 356,030 796,970 |
Segment reporting (Tables)
Segment reporting (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of operating segments [abstract] | |
Schedule of operating segments | June 30, 2024 Marine H2 Infra Industry Less: Eliminations Total Euronav Bocimar Delphis Bochem Windcat Other Revenue 425,189 29,881 9,011 10,683 17,060 553 — — — 492,377 Profit (loss) before income tax 671,532 4,154 17,236 2,142 (618) (9,972) (1,987) 1,497 — 683,984 Non-current assets 3,343,616 631,928 141,309 195,559 207,206 32,668 15,518 7,039 (1,687,038) 2,887,806 Current assets 1,013,501 14,710 41,802 8,504 15,532 487,207 1,720 20,335 (759,467) 843,843 TOTAL ASSETS 4,357,117 646,638 183,111 204,063 222,738 519,875 17,238 27,374 (2,446,505) 3,731,649 Equity 2,342,432 (547) 63,668 3,155 26,891 248,120 11,556 16,733 (1,485,328) 1,226,680 Non-current liabilities 1,424,560 318,117 91,894 125,997 123,467 8,009 171 422 (201,700) 1,890,937 Current liabilities 590,125 329,068 27,549 74,911 72,380 263,746 5,511 10,219 (759,477) 614,032 TOTAL LIABILITIES 4,357,117 646,638 183,111 204,063 222,738 519,875 17,238 27,374 (2,446,505) 3,731,649 June 30, 2023 Marine Less: Eliminations Total Euronav Revenue 688,116 — 688,116 Profit (loss) before income tax 335,046 — 335,046 December 31, 2023 Marine Less: Eliminations Total Euronav Non-current assets 1,787,543 — 1,787,543 Current assets 1,631,737 — 1,631,737 TOTAL ASSETS 3,419,280 — 3,419,280 Equity 2,357,373 — 2,357,373 Non-current liabilities 637,154 — 637,154 Current liabilities 424,753 — 424,753 TOTAL LIABILITIES 3,419,280 — 3,419,280 |
Revenue and other operating i_2
Revenue and other operating income (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue [abstract] | |
Schedule of revenue sources | In the following table, revenue is disaggregated by type of contract June 30, 2024 June 30, 2023 Marine H2 INFRA H2 INDUSTRY Less: Eliminations Total Marine Less: Eliminations Total Euronav Bocimar Delphis Bochem Windcat Other Total Euronav Pool Revenue 113,125 — — 8,889 — — 122,014 — — — 122,014 362,745 — 362,745 Spot Voyages 219,780 29,705 — — — — 249,485 — — — 249,485 243,381 — 243,381 Revenue from contracts with customers 332,905 29,705 — 8,889 — — 371,499 — — — 371,499 606,126 — 606,126 Time Charters 92,284 176 9,011 1,794 17,060 553 120,878 — — — 120,878 81,990 — 81,990 Lease income 92,284 176 9,011 1,794 17,060 553 120,878 — — — 120,878 81,990 — 81,990 Total revenue 425,189 29,881 9,011 10,683 17,060 553 492,377 — — — 492,377 688,116 — 688,116 Other income 35,774 1,130 263 — — 754 37,921 362 841 (879) 38,245 14,768 — 14,768 |
Expenses for shipping activit_2
Expenses for shipping activities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Analysis of income and expense [abstract] | |
Disclosure of voyage expenses and commissions | Voyage expenses and commissions For the six month period ended (in thousands of USD) June 30, 2024 June 30, 2023 Commissions paid (9,158) (8,363) Bunkers (59,270) (50,720) Other voyage related expenses (17,475) (12,462) Total voyage expenses and commissions (85,903) (71,545) |
Disclosure of vessel operating expenses | Vessel operating expenses For the six month period ended (in thousands of USD) June 30, 2024 June 30, 2023 Operating expenses (92,813) (107,614) Insurance (7,200) (10,403) Total vessel operating expenses (100,013) (118,017) |
Disclosure of general and administrative expense explanatory | General and administrative expenses For the six month period ended (in thousands of USD) June 30, 2024 June 30, 2023 Wages and salaries (7,332) (3,849) Social security costs (1,603) (512) Equity-settled share-based payments — 851 Activated costs 358 — Other employee benefits (750) (570) Employee benefits (9,327) (4,080) Administrative expenses (25,780) (21,031) Tonnage Tax (866) (1,766) Claims (477) (20) Provisions 163 148 Total general and administrative expenses (36,287) (26,749) |
Net finance expenses (Tables)
Net finance expenses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Analysis of income and expense [abstract] | |
Disclosure of finance income and costs recognized in profit or loss explanatory | For the six month period ended (in thousands of USD) June 30, 2024 June 30, 2023 Interest income 13,292 10,945 Change in fair value of fuel derivatives recognized in P&L — 3,210 Foreign exchange gains 10,124 9,350 Finance income 23,416 23,505 Interest expense on financial liabilities measured at amortized cost (53,869) (61,058) Interest leasing (198) (438) Change in fair value of fuel derivatives recognized in P&L — (6,445) Fair value adjustment on interest rate swaps — 137 Other financial charges (5,111) (5,394) Foreign exchange losses (10,218) (10,451) Finance expense (69,396) (83,649) Net finance expense recognized in profit or loss (45,980) (60,144) |
Property, plant and equipment (
Property, plant and equipment (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, plant and equipment [abstract] | |
Schedule of property, plant and equipment and disposal of assets | (in thousands of USD) Note Vessels Vessels under construction Right-of- use assets Other tangible assets Pre- payments Total PPE At January 1, 2024 Cost — 3,265,939 106,513 56,241 4,717 — 3,433,410 Depreciation & impairment losses — (1,636,369) — (23,304) (4,072) — (1,663,745) Net carrying amount 1,629,570 106,513 32,937 645 — 1,769,665 Acquisitions — 41,582 402,988 — 1,243 1,834 447,647 Acquisitions through business combinations 24 425,564 477,565 1,431 22,219 670 927,449 Disposals and cancellations — (108,749) — (30,000) — (595) (139,344) Depreciation charges — (77,916) — (955) (1,658) — (80,529) Transfer to assets held for sale 8 (182,806) — — — — (182,806) Transfers — 308,470 (308,470) — — — — Exit from the consolidation scope — — (1,184) (137) — (1,321) Translation differences — (108) (98) (25) (202) (23) (456) Balance at June 30, 2024 2,035,607 678,498 2,204 22,110 1,886 2,740,305 At June 30, 2024 Cost — 3,528,029 678,498 5,340 30,180 1,886 4,243,933 Depreciation & impairment losses — (1,492,422) — (3,136) (8,070) — (1,503,628) Net carrying amount 2,035,607 678,498 2,204 22,110 1,886 2,740,305 (in thousands of USD) Note Sale price Book Value Gain Loss Cap Charles - Sale — 40,523 18,459 22,064 — At June 30, 2023 40,523 18,459 22,064 — Sale price Book Value Gain Loss Alice - Sale — 85,965.6 61,626 24,340 — Anne - Sale — 86,275.4 62,820 23,455 — Aquitaine - Sale — 90,268 58,657 31,611 — Dominica - Sale — 82,685 52,826 29,859 — Desirade - Sale — 85,965 56,071 29,894 — Alboran - Sale — 86,418 56,362 30,056 — Aral - Sale — 86,472 56,445 30,027 — Andaman - Sale — 86,976 56,636 30,340 — Hatteras - Sale — 90,310 59,368 30,942 — Delos - Sale — 112,888 83,611 29,277 — Doris - Sale — 113,010 84,438 28,572 — Derius - Sale — 104,627 81,458 23,169 — Camus - Sale — 123,420 92,228 31,192 — Oceania - Sale — 43,120 8,294 34,826 — Noble - Sale — 53,955 25,716 28,239 — Nectar - Sale — 53,955 23,873 30,082 — Newton - Sale — 53,955 33,285 20,670 — CMA CGM Baikal - Sale 71,500 55,879 15,621 — Corporate - Sale 2,000 1,625 375 — At June 30, 2024 1,513,765 1,011,218 502,547 — |
Schedule of capital commitments | These capital commitments can be detailed as follows: (in thousands of USD) Total 2024 2025 2026 2027 Commitments in respect of: Tankers 755,340 129,340 95,370 463,310 67,320 Dry bulk vessels 1,316,062 311,773 — 573,421 — 355,518 — 75,350 Container vessels 143,373 90,802 15,009 37,562 — Chemical tankers 214,272 68,972 47,200 98,100 — CSOVs 264,725 35,646 143,853 60,499 24,728 Total 2,693,772 636,533 874,853 1,014,989 167,398 |
Intangible assets (Tables)
Intangible assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Intangible assets other than goodwill [abstract] | |
Schedule of reconciliation of intangible assets | (in thousands USD) Note Customer contracts Other intangible assets Total intangible assets At January 1, 2024 Cost - 16,569 1,267 17,836 Depreciation - (2,469) (1,173) (3,642) Net carrying amount 14,100 94 14,194 Acquisitions - — 386 386 Acquisitions through business combinations 24 — 3,538 3,538 Depreciation charges - (776) (572) (1,348) Exit from the consolidation scope - — (67) (67) Translation differences - — (42) (42) Balance at June 30, 2024 13,324 3,337 16,661 At June 30, 2024 Cost - 16,569 6,222 22,791 Depreciation & impairment losses - (3,245) (2,885) (6,130) Net carrying amount 13,324 3,337 16,661 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract] | |
Disclosure of hedging reserve | Hedging reserve June 30, 2024 (in thousands of USD) Notional Value Fair Value - Assets Fair Value - Liabilities Change recognized in OCI Interest rate swaps USD 150.0 million facility 87,090 2,408 — 1,268 June 30, 2023 (in thousands of USD) Notional Value Fair Value - Assets Fair Value - Liabilities Change recognized in OCI Interest rate swaps USD 173.6 million facility - Cap Quebec and Cap Pembroke 53,511 1,807 — 22 USD 173.6 million facility - Cap Corpus Christi and Cap Port Arthur 56,838 4,689 — (503) USD 713.0 million facility 216,889 15,557 — (2,199) USD 73.45 million facility 68,859 5,477 — 13 USD 150.0 million facility 100,013 3,049 254 547 USD 447.0 million facility - part USD 140.0 million term loan 70,000 1,039 64 901 Fx swaps Fx Euro hedges 31,000 671 78 (447) |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings per share [abstract] | |
Schedule of earnings per share | For the six month period ended June 30, 2024 June 30, 2023 Result for the period (in USD) 679,620,307 336,866,321 Weighted average number of ordinary shares 197,886,375 201,828,035 Basic earnings per share (in USD) 3.43 1.67 (in shares) Shares issued Treasury shares Shares outstanding Weighted number of shares On issue at January 1, 2024 220,024,713 17,790,716 202,233,997 202,233,997 Issuance of shares — — — — Purchases of treasury shares — 8,017,162 (8,017,162) (4,347,622) Withdrawal of treasury shares — — — — Transfer of treasury shares — — — — On issue at June 30, 2024 220,024,713 25,807,878 194,216,835 197,886,375 The table below shows the potential weighted number of shares that could be created if all stock options and restricted stock units were to be converted into ordinary shares. (in shares) June 30, 2024 June 30, 2023 Weighted average of ordinary shares outstanding (basic) 197,886,375 201,828,035 Effect of share-based payment arrangements — 50,015 Weighted average number of ordinary shares (diluted) 197,886,375 201,878,050 |
Interest-bearing loans and bo_2
Interest-bearing loans and borrowings (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Interest-Being Loans And Borrowings [Abstract] | |
Schedule and maturity of borrowings | (in thousands of USD) Note Bank loans Other Notes Lease liabilities Other borrowings Total More than 5 years — 30,203 — 206 52,337 82,746 Between 1 and 5 years — 332,032 198,219 3,157 18,911 552,319 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 At January 1, 2024 528,359 201,952 36,856 163,546 930,713 New loans — 960,666 — — 404,356 1,365,022 Scheduled repayments — (101,701) — (32,092) (220,500) (354,293) Early repayments — (105,000) — — — (105,000) Acquisitions through business combinations 24 332,529 — 1,500 234,491 568,520 Other changes — 4,267 332 — (2,072) 2,527 Exit from the consolidation scope — — — (1,137) — (1,137) Translation differences — (1,644) — (25) (2,648) (4,317) Balance at June 30, 2024 1,617,476 202,284 5,102 577,173 2,402,035 More than 5 years — 252,468 — 282 392,253 645,003 Between 1 and 5 years — 959,747 198,551 1,901 84,440 1,244,639 More than 1 year 1,212,215 198,551 2,183 476,693 1,889,642 Less than 1 year — 405,261 3,733 2,919 100,480 512,393 Balance at June 30, 2024 1,617,476 202,284 5,102 577,173 2,402,035 The following are the remaining contractual maturities of financial liabilities: Contractual cash flows December 31, 2023 (in thousands of USD) Note 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 16 730,311 837,126 217,328 587,681 32,117 Other borrowings 16 163,546 214,641 99,058 40,363 75,220 Lease liabilities 16 36,856 37,732 33,806 3,651 276 Current trade and other payables * 17 106,613 106,613 106,613 — — 1,037,326 1,196,112 456,805 631,694 107,613 Derivative financial liabilities Interest rate swaps 17 146 (9) (876) 797 70 146 (9) (876) 797 70 Contractual cash flows June 30, 2024 (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 16 1,819,760 2,164,574 649,802 1,214,901 299,870 Other borrowings 16 577,173 810,706 134,888 186,643 489,175 Lease liabilities 16 5,102 5,635 3,075 2,214 346 Current trade and other payables * 17 71,649 71,649 71,649 — — 2,473,684 3,052,564 859,414 1,403,758 789,391 Derivative financial liabilities Interest rate swaps 17 — 719 (148) 860 7 — 719 (148) 860 7 * Deferred income and VAT payables (included in other payables) (see Note 16), which are not financial liabilities, are not included. |
Disclosure of terms and conditions of outstanding loans | The terms and conditions of outstanding loans were as follows: (in thousands of USD) June 30, 2024 December 31, 2023 Cur r. Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value Unsecured Revolving loan 80.0 M EUR SOFR + CAS + 1.45% 2026 85,000 85,000 85,149 88,400 — (66) Secured FSO loan 150 M USD SOFR + 2.15% 2030 116,120 116,120 115,195 124,809 124,809 123,728 Secured vessels loan Refi - Revolving facility 932 M* USD SOFR + 2.30% - 2.90% 2028 932,432 778,681 772,381 725,000 — (8,398) Secured vessels loan Refi - Transition facility 293 M USD SOFR + 2.30% - 2.90% 2025 293,415 293,415 291,258 368,225 368,225 365,662 Secured vessels loan Refi - Newbuild facility 190 M USD SOFR + 2.30% - 2.90% 2028 — — — 47,500 47,500 47,433 Credit Line Belfius Windcat EUR 1.25 M EUR SOFR + 1.83% — 1,338 1,338 1,338 — — — Credit Line KBC Windcat EUR 1.25 M EUR SOFR + 2.40% — 1,338 1,338 1,338 — — — Loan BNPPF 100 M EUR Euribor + 1.00% 2037 107,197 57,449 57,449 — — — Loan CEXIM I 152 M USD SOFR + 2.06% 2036 151,993 44,811 43,983 — — — Loan CEXIM II 280 M USD SOFR + 1.80% 2035 279,910 175,077 171,060 — — — Loan CEXIM III 224 M USD SOFR + 2.06% 2038 224,000 — — — — — Loan KBC/Belfius Windcat EUR 78 M EUR Euribor + 3.25% 2027 83,481 44,229 43,883 — — — Loan SocGen EUR 50 M EUR Euribor + 1.00% 2037 53,646 25,439 25,439 — — — Loan SocGen EUR 8.8 M EUR Euribor + 1.10% 2033 8,949 8,949 9,003 — — — Total interest-bearing bank loans 2,338,819 1,631,847 1,617,476 1,353,934 540,534 528,359 * The total amount available under the revolving loan facilities depends on the total value of the fleet of tankers securing the facility. |
Schedule of unsecured notes | (in thousands of USD) June 30, 2024 December 31, 2023 Curr. Nominal interest rate Year of mat. Facility size Drawn Carrying value Facility size Drawn Carrying value Unsecured notes USD 6.25 % 2026 200,000 200,000 202,284 200,000 200,000 201,952 Total other notes 200,000 200,000 202,284 200,000 200,000 201,952 |
Schedule of future lease payments for leaseback agreement maturity | The future lease payments for these leaseback agreements are as follows: (in thousands of USD) June 30, 2024 December 31, 2023 Less than one year 19,841 4,547 Between one and five years 85,406 19,130 More than five years 395,308 52,828 Total future lease payables 500,555 76,505 |
Trade and other payables (Table
Trade and other payables (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of trade and other payables | (in thousands of USD) June 30, 2024 December 31, 2023 Derivatives — 146 Total non-current other payables — 146 Trade payables 40,495 42,032 Accrued expenses 28,610 43,898 Accrued payroll 1,890 2,724 Dividends payable 541 16,301 Deferred income 22,500 17,355 Other payables 183 1,703 Total current trade and other payables 94,219 124,013 |
Financial instruments (Tables)
Financial instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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) Note 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 22 1,515 — — 1,515 — 1,515 — 1,515 Interest rate swaps 20-22 1,286 — — 1,286 — 1,286 — 1,286 2,801 — — 2,801 Financial assets not measured at fair value Non-current receivables 20 — 1,624 — 1,624 — — 1,535 1,535 Lease receivables 20 — 2,854 — 2,854 — 2,268 — 2,268 Trade and other receivables * 22 — 279,775 — 279,775 — — — — Cash and cash equivalents — — 429,370 — 429,370 — — — — — 713,623 — 713,623 Financial liabilities measured at fair value Interest rate swaps 17 146 — — 146 — 146 — 146 146 — — 146 Financial liabilities not measured at fair value Secured bank loans 16 — — 528,359 528,359 — 540,096 — 540,096 Unsecured other notes 16 — — 201,952 201,952 196,563 — — 196,563 Other borrowings 16 — — 163,546 163,546 — 164,261 — 164,261 Lease liabilities 16 — — 36,856 36,856 — 33,359 — 33,359 Trade and other payables * 17 — — 106,613 106,613 — — — — — — 1,037,326 1,037,326 Carrying amount Fair value (in thousands of USD) Note Fair value - Hedging instruments Financial assets at amortized cost Other financial liabilities Total Level 1 Level 2 Level 3 Total June 30, 2024 Financial assets measured at fair value Interest rate swaps 20-22 2,408 — — 2,408 — 2,408 — 2,408 2,408 — — 2,408 Financial assets not measured at fair value Non-current receivables 20 — 62,660 — 62,660 — — 62,660 62,660 Lease receivables 20 — 2,072 — 2,072 — 1,609 — 1,609 Trade and other receivables * 22 — 239,456 — 239,456 — — — — Cash and cash equivalents — — 343,899 — 343,899 — — — — — 648,087 — 648,087 Financial liabilities measured at fair value Forward exchange contracts 16 299 — — 299 — 299 — 299 299 — — 299 Financial liabilities not measured at fair value Secured bank loans 16 — — 1,532,476 1,532,476 — 1,555,592 — 1,555,592 Unsecured bank loans 16 — — 85,000 85,000 — 85,149 — 85,149 Unsecured other notes 16 — — 202,284 202,284 197,785 — — 197,785 Other borrowings 16 — — 577,173 577,173 — 571,142 — 571,142 Lease liabilities 16 — — 5,102 5,102 — 4,554 — 4,554 Trade and other payables * 17 — — 71,649 71,649 — — — — — — 2,473,684 2,473,684 * Deferred charges, deferred fulfillment costs and VAT receivables (included in other receivables) (see Note 22), deferred income and VAT payables (included in other payables) (see Note 17), which are not financial assets (liabilities) are not included. |
Disclosure of financial liabilities | The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value, such as trade and other receivables and payables. Carrying amount Fair value (in thousands of USD) Note 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 22 1,515 — — 1,515 — 1,515 — 1,515 Interest rate swaps 20-22 1,286 — — 1,286 — 1,286 — 1,286 2,801 — — 2,801 Financial assets not measured at fair value Non-current receivables 20 — 1,624 — 1,624 — — 1,535 1,535 Lease receivables 20 — 2,854 — 2,854 — 2,268 — 2,268 Trade and other receivables * 22 — 279,775 — 279,775 — — — — Cash and cash equivalents — — 429,370 — 429,370 — — — — — 713,623 — 713,623 Financial liabilities measured at fair value Interest rate swaps 17 146 — — 146 — 146 — 146 146 — — 146 Financial liabilities not measured at fair value Secured bank loans 16 — — 528,359 528,359 — 540,096 — 540,096 Unsecured other notes 16 — — 201,952 201,952 196,563 — — 196,563 Other borrowings 16 — — 163,546 163,546 — 164,261 — 164,261 Lease liabilities 16 — — 36,856 36,856 — 33,359 — 33,359 Trade and other payables * 17 — — 106,613 106,613 — — — — — — 1,037,326 1,037,326 Carrying amount Fair value (in thousands of USD) Note Fair value - Hedging instruments Financial assets at amortized cost Other financial liabilities Total Level 1 Level 2 Level 3 Total June 30, 2024 Financial assets measured at fair value Interest rate swaps 20-22 2,408 — — 2,408 — 2,408 — 2,408 2,408 — — 2,408 Financial assets not measured at fair value Non-current receivables 20 — 62,660 — 62,660 — — 62,660 62,660 Lease receivables 20 — 2,072 — 2,072 — 1,609 — 1,609 Trade and other receivables * 22 — 239,456 — 239,456 — — — — Cash and cash equivalents — — 343,899 — 343,899 — — — — — 648,087 — 648,087 Financial liabilities measured at fair value Forward exchange contracts 16 299 — — 299 — 299 — 299 299 — — 299 Financial liabilities not measured at fair value Secured bank loans 16 — — 1,532,476 1,532,476 — 1,555,592 — 1,555,592 Unsecured bank loans 16 — — 85,000 85,000 — 85,149 — 85,149 Unsecured other notes 16 — — 202,284 202,284 197,785 — — 197,785 Other borrowings 16 — — 577,173 577,173 — 571,142 — 571,142 Lease liabilities 16 — — 5,102 5,102 — 4,554 — 4,554 Trade and other payables * 17 — — 71,649 71,649 — — — — — — 2,473,684 2,473,684 * Deferred charges, deferred fulfillment costs and VAT receivables (included in other receivables) (see Note 22), deferred income and VAT payables (included in other payables) (see Note 17), which are not financial assets (liabilities) are not included. |
Disclosure of financial instruments not measured at fair value | 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 maturity analysis for derivative financial liabilities | The following are the remaining contractual maturities of financial liabilities: Contractual cash flows December 31, 2023 (in thousands of USD) Note 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 16 730,311 837,126 217,328 587,681 32,117 Other borrowings 16 163,546 214,641 99,058 40,363 75,220 Lease liabilities 16 36,856 37,732 33,806 3,651 276 Current trade and other payables * 17 106,613 106,613 106,613 — — 1,037,326 1,196,112 456,805 631,694 107,613 Derivative financial liabilities Interest rate swaps 17 146 (9) (876) 797 70 146 (9) (876) 797 70 Contractual cash flows June 30, 2024 (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 16 1,819,760 2,164,574 649,802 1,214,901 299,870 Other borrowings 16 577,173 810,706 134,888 186,643 489,175 Lease liabilities 16 5,102 5,635 3,075 2,214 346 Current trade and other payables * 17 71,649 71,649 71,649 — — 2,473,684 3,052,564 859,414 1,403,758 789,391 Derivative financial liabilities Interest rate swaps 17 — 719 (148) 860 7 — 719 (148) 860 7 * Deferred income and VAT payables (included in other payables) (see Note 16), which are not financial liabilities, are not included. |
Non-current receivables (Tables
Non-current receivables (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of non-current receivables | (in thousands of USD) June 30, 2024 December 31, 2023 Shareholders loans to joint ventures 11,805 2 Derivatives 1,008 — Cash guarantees and deposits 46,173 1,616 Other non-current receivables 4,682 6 Lease receivables 330 1,263 Total non-current receivables 63,998 2,887 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of trade and other current receivables | (in thousands of USD) June 30, 2024 December 31, 2023 Receivable from contracts with customers 137,854 88,544 Receivable from contracts with customers - TI Pool 87,115 169,339 Accrued income 12,877 13,706 Accrued interest 835 1352 Deferred charges 35,426 17,601 Deferred fulfillment costs 705 2,278 Other receivables 3,030 11,414 Lease receivables 1,742 1,591 Derivatives 1,401 1,286 Total trade and other receivables 280,985 307,111 |
Provisions and contingencies (T
Provisions and contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Schedule of provisions | (in thousands of USD) Note Onerous contract Total At January 1, 2024 598 598 Provisions used during the year - (163) (163) Balance at June 30, 2024 435 435 Non-current - 125 125 Current - 310 310 Total 435 435 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Interests In Other Entities [Abstract] | |
Disclosure of interests in joint arrangements | (in thousands of USD) June 30, 2024 December 31, 2023 Assets Interest in joint ventures 16,237 518 TOTAL ASSETS 16,237 518 |
Disclosure of reconciliation of changes in interests in 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 597 850 Offset investment with shareholders loan 826 (826) Balance at January 1, 2023 1,423 24 Reversal prior year offset investment with shareholders loan (826) 826 Group's share of profit (loss) for the period (927) — Gross balance (330) 850 Offset investment with shareholders loan 848 (848) Balance at December 31, 2023 518 2 Reversal prior year offset investment with shareholders loan (848) 848 Group's share of profit (loss) for the period 2,570 — Movement shareholders loans to joint ventures — (44) Capital increase / (decrease) in joint ventures 1,063 — Translation differences (216) 113 Business combinations 12,399 11,638 Gross balance 15,485 12,557 Offset investment with shareholders loan 752 (752) Balance at June 30, 2024 16,237 11,805 |
Business Combination - Narrativ
Business Combination - Narrative (Details) $ in Thousands | 5 Months Ended | 6 Months Ended | |
Feb. 07, 2024 USD ($) division vessel | Jun. 30, 2024 USD ($) | Jun. 30, 2024 USD ($) | |
Disclosure Of Common Control Acquisitions Table [Line Items] | |||
Business Combination | $ (796,970) | ||
CMB.TECH NV | |||
Disclosure Of Common Control Acquisitions Table [Line Items] | |||
Consideration transferred | $ 1,153,000 | ||
Number of divisions | division | 3 | ||
Number of low carbon vessels | vessel | 106 | ||
Number of low carbon vessels under construction | vessel | 46 | ||
Business Combination | $ 796,970 | ||
Revenue of common control acquiree | 67,900 | ||
Profit (loss) of common control acquiree | 13,700 | ||
Revenue of combined entity if common control acquired at beginning of period | 501,700 | ||
Profit (loss) of of combined entity if common control acquired at beginning of period | $ 678,900 | ||
Acquisition related costs | $ 1,000 | ||
CMB | CMB.TECH NV | |||
Disclosure Of Common Control Acquisitions Table [Line Items] | |||
Proportion of ownership interest in subsidiary | 100% | ||
Consideration transferred | $ 1,150,000 |
Business Combination - Disclosu
Business Combination - Disclosure of detailed information about common control acquisitions (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Feb. 07, 2024 | Jun. 30, 2024 | |
Disclosure Of Common Control Acquisitions Table [Line Items] | ||
Business Combination | $ (796,970) | |
CMB.TECH NV | ||
Disclosure Of Common Control Acquisitions Table [Line Items] | ||
Intangible assets | $ 3,538 | |
Investments in equity accounted investees | 12,399 | |
Receivables | 16,514 | |
Deferred tax assets | 5,414 | |
Current assets | 57,128 | |
Cash and cash equivalents | 4,176 | |
LT loans and borrowings | (532,439) | |
Provisions | (111) | |
Current liabilities | (138,038) | |
Total identifiable net assets acquired | 356,030 | |
Consideration transferred | 1,153,000 | |
Business Combination | 796,970 | |
CMB.TECH NV | Vessels | ||
Disclosure Of Common Control Acquisitions Table [Line Items] | ||
Property, plant and equipment recognised as of acquisition date | 425,564 | |
CMB.TECH NV | Vessels under construction | ||
Disclosure Of Common Control Acquisitions Table [Line Items] | ||
Property, plant and equipment recognised as of acquisition date | 478,235 | |
CMB.TECH NV | Other tangible assets | ||
Disclosure Of Common Control Acquisitions Table [Line Items] | ||
Property, plant and equipment recognised as of acquisition date | $ 23,650 |
Changes in significant accoun_3
Changes in significant accounting policies (Details) $ in Thousands | Feb. 07, 2024 | Jun. 30, 2024 USD ($) | Apr. 18, 2024 | Jan. 31, 2024 USD ($) | Jan. 04, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Disclosure of voluntary change in accounting policy [line items] | ||||||
Cash guarantees and deposits | $ 46,173 | $ 1,616 | ||||
Anglo Eastern Univan Group Limited | ||||||
Disclosure of voluntary change in accounting policy [line items] | ||||||
Proportion of ownership interest in investment | 0.10 | |||||
CMB | CMB.TECH NV | ||||||
Disclosure of voluntary change in accounting policy [line items] | ||||||
Proportion of ownership interest in subsidiary | 100% | |||||
Malaysia | ||||||
Disclosure of voluntary change in accounting policy [line items] | ||||||
Cash guarantees and deposits | $ 45,700 | $ 45,700 |
Changes in consolidation scope
Changes in consolidation scope (Details) $ in Thousands | 6 Months Ended | |
Feb. 07, 2024 USD ($) division | Jun. 30, 2024 USD ($) | |
Disclosure of subsidiaries [line items] | ||
Gains recognised when control of subsidiary is lost | $ 19,700 | |
CMB.TECH NV | ||
Disclosure of subsidiaries [line items] | ||
Consideration transferred | $ 1,153,000 | |
Number of divisions | division | 3 | |
CMB | CMB.TECH NV | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | |
Consideration transferred | $ 1,150,000 |
Significant events (Details)
Significant events (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||||||||||||||||
May 13, 2024 USD ($) | Apr. 15, 2024 shares | Apr. 08, 2024 shares | Mar. 29, 2024 shares | Mar. 22, 2024 shares | Mar. 20, 2024 USD ($) vessel T | Feb. 26, 2024 vessel T | Feb. 14, 2024 $ / shares | Feb. 07, 2024 USD ($) | Dec. 04, 2023 T | Nov. 08, 2023 USD ($) T | Nov. 11, 2021 USD ($) | Mar. 31, 2024 USD ($) | Jun. 30, 2024 USD ($) shares T | Jun. 30, 2023 USD ($) | Jun. 28, 2024 T | Jun. 24, 2024 T | Apr. 18, 2024 | Apr. 12, 2024 T | Mar. 19, 2024 shares T | Feb. 06, 2024 T | Jan. 22, 2024 T | Dec. 31, 2023 USD ($) shares T | |
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Proceeds from the sale of vessels | $ 1,511,765 | $ 40,523 | |||||||||||||||||||||
Bid price per share (in usd per share) | $ / shares | $ 17.86 | ||||||||||||||||||||||
Gross bid price per share (in usd per share) | $ / shares | 18.43 | ||||||||||||||||||||||
Dividend payable (in usd per share) | $ / shares | $ 0.57 | ||||||||||||||||||||||
Property plant and equipment, boat carrying capacity average of existing fleet | T | 8,000 | ||||||||||||||||||||||
Number of shares tendered into the bid (in shares) | shares | 69,241,955 | ||||||||||||||||||||||
Percentage of shares tendered into the bid | 0.3147 | ||||||||||||||||||||||
Number of shares outstanding (in shares) | shares | 194,216,835 | 202,233,997 | |||||||||||||||||||||
Number of shares outstanding (in shares) | shares | 263,771 | 412,926 | 2,620,931 | 4,719,534 | |||||||||||||||||||
Anglo Eastern Univan Group Limited | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Proportion of ownership interest in investment | 0.10 | ||||||||||||||||||||||
Euronav NV | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 11.73% | 11.61% | 11.42% | 10.23% | |||||||||||||||||||
Treasury shares | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Number of shares outstanding (in shares) | shares | 25,807,878 | 25,544,107 | 25,131,181 | 22,510,249 | 25,807,878 | 17,790,716 | 17,790,716 | ||||||||||||||||
CMB NV | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Number of shares held by bidder (in shares) | shares | 177,147,299 | ||||||||||||||||||||||
Percentage of shares held by bidder | 0.8051 | ||||||||||||||||||||||
Saverco NV | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Number of shares outstanding (in shares) | shares | 24,400 | ||||||||||||||||||||||
Bidder and its related parties | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Number of shares held by bidder (in shares) | shares | 194,962,415 | ||||||||||||||||||||||
Percentage of shares held by bidder | 0.8861 | ||||||||||||||||||||||
CMB | CMB.TECH NV | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||
Consideration transferred | $ 1,150,000 | ||||||||||||||||||||||
Sale and leaseback agreement | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Bareboat leaseback contract duration | 14 years | ||||||||||||||||||||||
Oceania - Sale | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 441,561 | ||||||||||||||||||||||
Proceeds from the sale of vessels | $ 43,100 | ||||||||||||||||||||||
Non-current assets or disposal groups classified as held for sale | $ 8,300 | ||||||||||||||||||||||
Gain | $ 34,826 | ||||||||||||||||||||||
Suezmax Cedar | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 157,310 | ||||||||||||||||||||||
Suezmax Cedar | Sale and leaseback agreement | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Bareboat leaseback contract duration | 14 years | ||||||||||||||||||||||
Suezmax Bristol | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 156,851 | ||||||||||||||||||||||
Two bitumen tankers | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 17,000 | ||||||||||||||||||||||
Number of vessels ordered | vessel | 2 | ||||||||||||||||||||||
Time charter agreement, contract term | 10 years | ||||||||||||||||||||||
Newcastlemax Mineral France | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 210,000 | ||||||||||||||||||||||
VLCC Newton, Nectar and Noble | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Gain | $ 79,000 | ||||||||||||||||||||||
Nectar - Sale | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 307,284 | ||||||||||||||||||||||
Gain | 30,082 | ||||||||||||||||||||||
Newton - Sale | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 307,284 | 307,284 | |||||||||||||||||||||
Gain | 20,670 | ||||||||||||||||||||||
Noble - Sale | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 307,284 | ||||||||||||||||||||||
Gain | 28,239 | ||||||||||||||||||||||
Newcastlemax bulk carriers | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Number of vessels ordered | vessel | 2 | ||||||||||||||||||||||
Eco-Type VLCC | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Number of vessels ordered | vessel | 1 | ||||||||||||||||||||||
Bochem Casablanca | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 25,000 | ||||||||||||||||||||||
CMA CGM Baikal - Sale | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Proceeds from the sale of vessels | $ 71,500 | ||||||||||||||||||||||
Gain | $ 15,600 | $ 15,621 | |||||||||||||||||||||
Newcastlemax Mineral Deutschland | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 210,000 | ||||||||||||||||||||||
Bochem Shanghai | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 25,000 | ||||||||||||||||||||||
Assets and liabilities classified as held for sale | Oceania - Sale | |||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 441,561 | 441,561 | |||||||||||||||||||||
Proceeds from the sale of vessels | $ 43,100 | ||||||||||||||||||||||
Non-current assets or disposal groups classified as held for sale | $ 8,300 | ||||||||||||||||||||||
Gain | $ 34,800 |
Segment reporting - Narrative (
Segment reporting - Narrative (Details) | 6 Months Ended |
Jun. 30, 2024 segment brand | |
Disclosure of operating segments [line items] | |
Number of operating segments | segment | 3 |
Marine | |
Disclosure of operating segments [line items] | |
Number of brands in division | brand | 6 |
Segment reporting - Schedule of
Segment reporting - Schedule of operating segments (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of operating segments [line items] | ||||
Revenue | $ 492,377 | $ 688,116 | ||
Profit (loss) before income tax | 683,984 | 335,046 | ||
Non-current assets | 2,887,806 | $ 1,787,543 | ||
Current assets | 843,843 | 1,631,737 | ||
TOTAL ASSETS | 3,731,649 | 3,419,280 | ||
Equity | 1,226,680 | 2,139,995 | 2,357,373 | $ 2,173,465 |
Non-current liabilities | 1,890,937 | 637,154 | ||
Current liabilities | 614,032 | 424,753 | ||
TOTAL EQUITY and LIABILITIES | 3,731,649 | 3,419,280 | ||
Operating segments | Marine | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 492,377 | 688,116 | ||
Profit (loss) before income tax | 335,046 | |||
Non-current assets | 1,787,543 | |||
Current assets | 1,631,737 | |||
TOTAL ASSETS | 3,419,280 | |||
Equity | 2,357,373 | |||
Non-current liabilities | 637,154 | |||
Current liabilities | 424,753 | |||
TOTAL EQUITY and LIABILITIES | 3,419,280 | |||
Operating segments | Euronav | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 425,189 | |||
Profit (loss) before income tax | 671,532 | |||
Non-current assets | 3,343,616 | |||
Current assets | 1,013,501 | |||
TOTAL ASSETS | 4,357,117 | |||
Equity | 2,342,432 | |||
Non-current liabilities | 1,424,560 | |||
Current liabilities | 590,125 | |||
TOTAL EQUITY and LIABILITIES | 4,357,117 | |||
Operating segments | Bocimar | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 29,881 | |||
Profit (loss) before income tax | 4,154 | |||
Non-current assets | 631,928 | |||
Current assets | 14,710 | |||
TOTAL ASSETS | 646,638 | |||
Equity | (547) | |||
Non-current liabilities | 318,117 | |||
Current liabilities | 329,068 | |||
TOTAL EQUITY and LIABILITIES | 646,638 | |||
Operating segments | Delphis | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 9,011 | |||
Profit (loss) before income tax | 17,236 | |||
Non-current assets | 141,309 | |||
Current assets | 41,802 | |||
TOTAL ASSETS | 183,111 | |||
Equity | 63,668 | |||
Non-current liabilities | 91,894 | |||
Current liabilities | 27,549 | |||
TOTAL EQUITY and LIABILITIES | 183,111 | |||
Operating segments | Bochem | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 10,683 | |||
Profit (loss) before income tax | 2,142 | |||
Non-current assets | 195,559 | |||
Current assets | 8,504 | |||
TOTAL ASSETS | 204,063 | |||
Equity | 3,155 | |||
Non-current liabilities | 125,997 | |||
Current liabilities | 74,911 | |||
TOTAL EQUITY and LIABILITIES | 204,063 | |||
Operating segments | Windcat | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 17,060 | |||
Profit (loss) before income tax | (618) | |||
Non-current assets | 207,206 | |||
Current assets | 15,532 | |||
TOTAL ASSETS | 222,738 | |||
Equity | 26,891 | |||
Non-current liabilities | 123,467 | |||
Current liabilities | 72,380 | |||
TOTAL EQUITY and LIABILITIES | 222,738 | |||
Operating segments | Other | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 553 | |||
Profit (loss) before income tax | (9,972) | |||
Non-current assets | 32,668 | |||
Current assets | 487,207 | |||
TOTAL ASSETS | 519,875 | |||
Equity | 248,120 | |||
Non-current liabilities | 8,009 | |||
Current liabilities | 263,746 | |||
TOTAL EQUITY and LIABILITIES | 519,875 | |||
Operating segments | H2 INFRA | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 0 | |||
Profit (loss) before income tax | (1,987) | |||
Non-current assets | 15,518 | |||
Current assets | 1,720 | |||
TOTAL ASSETS | 17,238 | |||
Equity | 11,556 | |||
Non-current liabilities | 171 | |||
Current liabilities | 5,511 | |||
TOTAL EQUITY and LIABILITIES | 17,238 | |||
Operating segments | H2 INDUSTRY | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 0 | |||
Profit (loss) before income tax | 1,497 | |||
Non-current assets | 7,039 | |||
Current assets | 20,335 | |||
TOTAL ASSETS | 27,374 | |||
Equity | 16,733 | |||
Non-current liabilities | 422 | |||
Current liabilities | 10,219 | |||
TOTAL EQUITY and LIABILITIES | 27,374 | |||
Less: Eliminations | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 0 | 0 | ||
Profit (loss) before income tax | 0 | $ 0 | ||
Non-current assets | (1,687,038) | 0 | ||
Current assets | (759,467) | 0 | ||
TOTAL ASSETS | (2,446,505) | 0 | ||
Equity | (1,485,328) | 0 | ||
Non-current liabilities | (201,700) | 0 | ||
Current liabilities | (759,477) | 0 | ||
TOTAL EQUITY and LIABILITIES | $ (2,446,505) | $ 0 |
Assets and liabilities held f_2
Assets and liabilities held for sale and discontinued operations (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||||
May 21, 2024 USD ($) T | Apr. 01, 2024 USD ($) | Nov. 08, 2023 USD ($) T | Mar. 31, 2025 USD ($) | Mar. 31, 2024 USD ($) | Jun. 30, 2024 USD ($) operation | Jun. 30, 2023 USD ($) | Jun. 27, 2024 T | Dec. 31, 2023 USD ($) operation vessel T | Oct. 09, 2023 USD ($) shareholder vessel | |
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||
Proceeds from the sale of vessels | $ 1,511,765 | $ 40,523 | ||||||||
Number of discontinued operations | operation | 0 | 0 | ||||||||
24 VLCC tankers | ||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||
Non-current assets or disposal groups classified as held for sale | $ 862,600 | |||||||||
Gain | $ 372,700 | |||||||||
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 transferred to assets held for sale | vessel | 13 | |||||||||
Expected gain | 372,700 | |||||||||
Oceania - Sale | ||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||
Property plant and equipment, boat carrying capacity | T | 441,561 | |||||||||
Non-current assets or disposal groups classified as held for sale | $ 8,300 | |||||||||
Gain | $ 34,826 | |||||||||
Proceeds from the sale of vessels | $ 43,100 | |||||||||
Proceeds from sales of property, plant and equipment | 43,120 | |||||||||
Statia, Cap Felix, Hakata, Ingrid | ||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||
Non-current assets or disposal groups classified as held for sale | 113,400 | |||||||||
Assets and liabilities classified as held for sale | Oceania - Sale | ||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||
Property plant and equipment, boat carrying capacity | T | 441,561 | 441,561 | ||||||||
Non-current assets or disposal groups classified as held for sale | $ 8,300 | |||||||||
Gain | $ 34,800 | |||||||||
Proceeds from the sale of vessels | $ 43,100 | |||||||||
Assets and liabilities classified as held for sale | VLCC Alsace | ||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||
Property plant and equipment, boat carrying capacity | T | 320,350 | |||||||||
Non-current assets or disposal groups classified as held for sale | $ 69,400 | |||||||||
Proceeds from the sale of vessels | $ 96,900 | |||||||||
Assets and liabilities classified as held for sale | VLCC Alsace | Other disposals of assets | ||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||
Gain | $ 27,500 | |||||||||
Assets and liabilities classified as held for sale | Statia | ||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||
Property plant and equipment, boat carrying capacity | T | 150,205 | |||||||||
Assets and liabilities classified as held for sale | Cap Felix | ||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||
Property plant and equipment, boat carrying capacity | T | 158,765 | |||||||||
Assets and liabilities classified as held for sale | Hakata | ||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||
Property plant and equipment, boat carrying capacity | T | 302,550 | |||||||||
Assets and liabilities classified as held for sale | Ingrid | ||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||
Property plant and equipment, boat carrying capacity | T | 314,000 | |||||||||
Assets and liabilities classified as held for sale | FAST Platform | ||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||
Gain | $ 400 | |||||||||
Proceeds from sales of property, plant and equipment | $ 2,000 |
Revenue and other operating i_3
Revenue and other operating income - Schedule of revenue sources (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | $ 371,499 | $ 606,126 |
Lease income | 120,878 | 81,990 |
Total revenue | 492,377 | 688,116 |
Other operating income | 38,245 | 14,768 |
Operating segments | Marine | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 371,499 | 606,126 |
Lease income | 120,878 | 81,990 |
Total revenue | 492,377 | 688,116 |
Other operating income | 37,921 | 14,768 |
Operating segments | Euronav | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 332,905 | |
Lease income | 92,284 | |
Total revenue | 425,189 | |
Other operating income | 35,774 | |
Operating segments | Bocimar | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 29,705 | |
Lease income | 176 | |
Total revenue | 29,881 | |
Other operating income | 1,130 | |
Operating segments | Delphis | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 0 | |
Lease income | 9,011 | |
Total revenue | 9,011 | |
Other operating income | 263 | |
Operating segments | Bochem | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 8,889 | |
Lease income | 1,794 | |
Total revenue | 10,683 | |
Other operating income | 0 | |
Operating segments | Windcat | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 0 | |
Lease income | 17,060 | |
Total revenue | 17,060 | |
Other operating income | 0 | |
Operating segments | Other | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 0 | |
Lease income | 553 | |
Total revenue | 553 | |
Other operating income | 754 | |
Operating segments | H2 INFRA | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 0 | |
Lease income | 0 | |
Total revenue | 0 | |
Other operating income | 362 | |
Operating segments | H2 INDUSTRY | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 0 | |
Lease income | 0 | |
Total revenue | 0 | |
Other operating income | 841 | |
Less: Eliminations | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Lease income | 0 | 0 |
Total revenue | 0 | 0 |
Other operating income | (879) | 0 |
Pool Revenue | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 122,014 | 362,745 |
Pool Revenue | Operating segments | Marine | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 122,014 | 362,745 |
Pool Revenue | Operating segments | Euronav | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 113,125 | |
Pool Revenue | Operating segments | Bocimar | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 0 | |
Pool Revenue | Operating segments | Delphis | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 0 | |
Pool Revenue | Operating segments | Bochem | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 8,889 | |
Pool Revenue | Operating segments | Windcat | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 0 | |
Pool Revenue | Operating segments | Other | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 0 | |
Pool Revenue | Operating segments | H2 INFRA | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 0 | |
Pool Revenue | Operating segments | H2 INDUSTRY | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 0 | |
Pool Revenue | Less: Eliminations | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Spot Voyages | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 249,485 | 243,381 |
Spot Voyages | Operating segments | Marine | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 249,485 | 243,381 |
Spot Voyages | Operating segments | Euronav | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 219,780 | |
Spot Voyages | Operating segments | Bocimar | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 29,705 | |
Spot Voyages | Operating segments | Delphis | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 0 | |
Spot Voyages | Operating segments | Bochem | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 0 | |
Spot Voyages | Operating segments | Windcat | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 0 | |
Spot Voyages | Operating segments | Other | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 0 | |
Spot Voyages | Operating segments | H2 INFRA | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 0 | |
Spot Voyages | Operating segments | H2 INDUSTRY | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 0 | |
Spot Voyages | Less: Eliminations | ||
Disclosure Of Revenue Sources [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Time Charters | ||
Disclosure Of Revenue Sources [Line Items] | ||
Lease income | 120,878 | 81,990 |
Time Charters | Operating segments | Marine | ||
Disclosure Of Revenue Sources [Line Items] | ||
Lease income | 120,878 | 81,990 |
Time Charters | Operating segments | Euronav | ||
Disclosure Of Revenue Sources [Line Items] | ||
Lease income | 92,284 | |
Time Charters | Operating segments | Bocimar | ||
Disclosure Of Revenue Sources [Line Items] | ||
Lease income | 176 | |
Time Charters | Operating segments | Delphis | ||
Disclosure Of Revenue Sources [Line Items] | ||
Lease income | 9,011 | |
Time Charters | Operating segments | Bochem | ||
Disclosure Of Revenue Sources [Line Items] | ||
Lease income | 1,794 | |
Time Charters | Operating segments | Windcat | ||
Disclosure Of Revenue Sources [Line Items] | ||
Lease income | 17,060 | |
Time Charters | Operating segments | Other | ||
Disclosure Of Revenue Sources [Line Items] | ||
Lease income | 553 | |
Time Charters | Operating segments | H2 INFRA | ||
Disclosure Of Revenue Sources [Line Items] | ||
Lease income | 0 | |
Time Charters | Operating segments | H2 INDUSTRY | ||
Disclosure Of Revenue Sources [Line Items] | ||
Lease income | 0 | |
Time Charters | Less: Eliminations | ||
Disclosure Of Revenue Sources [Line Items] | ||
Lease income | $ 0 | $ 0 |
Revenue and other operating i_4
Revenue and other operating income - Narrative (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Pool Revenue | ||
Disclosure Of Revenue Sources [Line Items] | ||
TCE rates per day for VLCCs | $ 45,600 | $ 53,100 |
Average VLCC hire days | 2,564 | 6,977 |
Spot Voyages | ||
Disclosure Of Revenue Sources [Line Items] | ||
TCE rates per day for VLCCs | $ 54,600 | $ 69,700 |
Expenses for shipping activit_3
Expenses for shipping activities - Disclosure of voyage expenses and commissions (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Analysis of income and expense [abstract] | ||
Commissions paid | $ (9,158) | $ (8,363) |
Bunkers | (59,270) | (50,720) |
Other voyage related expenses | (17,475) | (12,462) |
Total voyage expenses and commissions | $ (85,903) | $ (71,545) |
Expenses for shipping activit_4
Expenses for shipping activities - Disclosure of vessel operating expenses (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Analysis of income and expense [abstract] | ||
Operating expenses | $ (92,813) | $ (107,614) |
Insurance | (7,200) | (10,403) |
Total vessel operating expenses | $ (100,013) | $ (118,017) |
Expenses for shipping activit_5
Expenses for shipping activities - Narrative (Details) - vessel | Mar. 31, 2024 | Dec. 31, 2023 |
24 VLCC tankers | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of vessels sold and delivered | 24 | 11 |
Expenses for shipping activit_6
Expenses for shipping activities - Disclosure of general and administrative expense explanatory (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Analysis of income and expense [abstract] | ||
Wages and salaries | $ (7,332) | $ (3,849) |
Social security costs | (1,603) | (512) |
Equity-settled share-based payments | 0 | 851 |
Activated costs | 358 | 0 |
Other employee benefits | (750) | (570) |
Employee benefits | (9,327) | (4,080) |
Administrative expenses | (25,780) | (21,031) |
Tonnage Tax | (866) | (1,766) |
Claims | (477) | (20) |
Provisions | 163 | 148 |
Total general and administrative expenses | $ (36,287) | $ (26,749) |
Net finance expenses - Disclosu
Net finance expenses - Disclosure of finance income and costs recognized in profit or loss explanatory (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of financial assets [line items] | ||
Interest income | $ 13,292 | $ 10,945 |
Change in fair value of fuel derivatives recognized in P&L | 0 | 3,210 |
Foreign exchange gains | 10,124 | 9,350 |
Finance income | 23,416 | 23,505 |
Interest expense on financial liabilities measured at amortized cost | (53,869) | (61,058) |
Interest leasing | (198) | (438) |
Other financial charges | (5,111) | (5,394) |
Foreign exchange losses | (10,218) | (10,451) |
Finance expenses | (69,396) | (83,649) |
Net finance expense recognized in profit or loss | (45,980) | (60,144) |
Fuel derivatives | ||
Disclosure of financial assets [line items] | ||
Gains (losses) on change in fair value of derivatives | 0 | (6,445) |
Interest rate swaps | ||
Disclosure of financial assets [line items] | ||
Gains (losses) on change in fair value of derivatives | $ 0 | $ 137 |
Net finance expenses - Narrativ
Net finance expenses - Narrative (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Oct. 09, 2023 vessel | |
Condensed Income Statements, Captions [Line Items] | |||
Change in fair value of fuel derivatives recognized in P&L | $ 0 | $ 3,210 | |
Futures contract | |||
Condensed Income Statements, Captions [Line Items] | |||
Gains (losses) on change in fair value of derivatives | $ 3,200 | ||
24 VLCC tankers | |||
Condensed Income Statements, Captions [Line Items] | |||
Number of vessels sold | vessel | 24 |
Property, plant and equipment -
Property, plant and equipment - Schedule of property, plant and equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jan. 22, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | $ 1,769,665 | ||
Acquisitions | 447,647 | ||
Acquisitions through business combinations | 927,449 | ||
Disposals and cancellations | (139,344) | ||
Depreciation charges | (80,529) | ||
Transfer to assets held for sale | (182,806) | ||
Transfers | 0 | ||
Exit from the consolidation scope | (1,321) | ||
Translation differences | (456) | ||
Property, plant and equipment at end of period | 2,740,305 | ||
Contractual commitments for acquisition of property, plant and equipment | 2,693,772 | $ 623,800 | |
2024 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Contractual commitments for acquisition of property, plant and equipment | 636,533 | ||
2025 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Contractual commitments for acquisition of property, plant and equipment | 874,853 | ||
2026 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Contractual commitments for acquisition of property, plant and equipment | 1,014,989 | ||
2027 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Contractual commitments for acquisition of property, plant and equipment | 167,398 | ||
Container vessels | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Contractual commitments for acquisition of property, plant and equipment | 143,373 | ||
Container vessels | 2024 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Contractual commitments for acquisition of property, plant and equipment | 90,802 | ||
Container vessels | 2025 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Contractual commitments for acquisition of property, plant and equipment | 15,009 | ||
Container vessels | 2026 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Contractual commitments for acquisition of property, plant and equipment | 37,562 | ||
Container vessels | 2027 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Contractual commitments for acquisition of property, plant and equipment | 0 | ||
Chemical tankers | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Contractual commitments for acquisition of property, plant and equipment | 214,272 | ||
Chemical tankers | 2024 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Contractual commitments for acquisition of property, plant and equipment | 68,972 | ||
Chemical tankers | 2025 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Contractual commitments for acquisition of property, plant and equipment | 47,200 | ||
Chemical tankers | 2026 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Contractual commitments for acquisition of property, plant and equipment | 98,100 | ||
Chemical tankers | 2027 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Contractual commitments for acquisition of property, plant and equipment | 0 | ||
CSOVs | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Contractual commitments for acquisition of property, plant and equipment | 264,725 | ||
CSOVs | 2024 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Contractual commitments for acquisition of property, plant and equipment | 35,646 | ||
CSOVs | 2025 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Contractual commitments for acquisition of property, plant and equipment | 143,853 | ||
CSOVs | 2026 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Contractual commitments for acquisition of property, plant and equipment | 60,499 | ||
CSOVs | 2027 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Contractual commitments for acquisition of property, plant and equipment | 24,728 | ||
Vessels | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 1,629,570 | ||
Acquisitions | 41,582 | ||
Acquisitions through business combinations | 425,564 | ||
Disposals and cancellations | (108,749) | ||
Depreciation charges | (77,916) | ||
Transfer to assets held for sale | (182,806) | ||
Transfers | 308,470 | ||
Exit from the consolidation scope | 0 | ||
Translation differences | (108) | ||
Property, plant and equipment at end of period | 2,035,607 | ||
Vessels under construction | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 106,513 | ||
Acquisitions | 402,988 | ||
Acquisitions through business combinations | 477,565 | ||
Disposals and cancellations | 0 | ||
Depreciation charges | 0 | ||
Transfer to assets held for sale | 0 | ||
Transfers | (308,470) | ||
Exit from the consolidation scope | 0 | ||
Translation differences | (98) | ||
Property, plant and equipment at end of period | 678,498 | ||
Right-of-use assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 32,937 | ||
Acquisitions | 0 | ||
Acquisitions through business combinations | 1,431 | ||
Disposals and cancellations | $ (30,000) | (30,000) | |
Depreciation charges | (955) | ||
Transfer to assets held for sale | 0 | ||
Transfers | 0 | ||
Exit from the consolidation scope | (1,184) | ||
Translation differences | (25) | ||
Property, plant and equipment at end of period | 2,204 | ||
Other tangible assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 645 | ||
Acquisitions | 1,243 | ||
Acquisitions through business combinations | 22,219 | ||
Disposals and cancellations | 0 | ||
Depreciation charges | (1,658) | ||
Transfer to assets held for sale | 0 | ||
Transfers | 0 | ||
Exit from the consolidation scope | (137) | ||
Translation differences | (202) | ||
Property, plant and equipment at end of period | 22,110 | ||
Pre-payments | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 0 | ||
Acquisitions | 1,834 | ||
Acquisitions through business combinations | 670 | ||
Disposals and cancellations | (595) | ||
Depreciation charges | 0 | ||
Transfer to assets held for sale | 0 | ||
Transfers | 0 | ||
Exit from the consolidation scope | 0 | ||
Translation differences | (23) | ||
Property, plant and equipment at end of period | 1,886 | ||
Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 3,433,410 | ||
Property, plant and equipment at end of period | 4,243,933 | ||
Cost | Vessels | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 3,265,939 | ||
Property, plant and equipment at end of period | 3,528,029 | ||
Cost | Vessels under construction | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 106,513 | ||
Property, plant and equipment at end of period | 678,498 | ||
Cost | Right-of-use assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 56,241 | ||
Property, plant and equipment at end of period | 5,340 | ||
Cost | Other tangible assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 4,717 | ||
Property, plant and equipment at end of period | 30,180 | ||
Cost | Pre-payments | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 0 | ||
Property, plant and equipment at end of period | 1,886 | ||
Depreciation & impairment losses | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | (1,663,745) | ||
Property, plant and equipment at end of period | (1,503,628) | ||
Depreciation & impairment losses | Vessels | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | (1,636,369) | ||
Property, plant and equipment at end of period | (1,492,422) | ||
Depreciation & impairment losses | Vessels under construction | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 0 | ||
Property, plant and equipment at end of period | 0 | ||
Depreciation & impairment losses | Right-of-use assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | (23,304) | ||
Property, plant and equipment at end of period | (3,136) | ||
Depreciation & impairment losses | Other tangible assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | (4,072) | ||
Property, plant and equipment at end of period | (8,070) | ||
Depreciation & impairment losses | Pre-payments | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 0 | ||
Property, plant and equipment at end of period | $ 0 |
Property, plant and equipment_2
Property, plant and equipment - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||||||||||
May 13, 2024 USD ($) | Mar. 15, 2024 USD ($) | Jan. 22, 2024 USD ($) T | Nov. 08, 2023 USD ($) T | Nov. 11, 2021 USD ($) | Jun. 30, 2024 USD ($) vessel twenty-footEquivalent T | Mar. 31, 2024 USD ($) vessel | Jun. 30, 2024 USD ($) vessel twenty-footEquivalent T | Jun. 30, 2023 USD ($) | Jun. 28, 2024 T | Jun. 24, 2024 T | Apr. 12, 2024 T | Mar. 20, 2024 T | Mar. 19, 2024 T | Feb. 06, 2024 T | Dec. 31, 2023 USD ($) vessel | Oct. 09, 2023 USD ($) shareholder vessel | |
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Disposals and cancellations | $ 139,344 | ||||||||||||||||
Book Value | $ 2,740,305 | 2,740,305 | $ 1,769,665 | ||||||||||||||
Borrowing costs capitalised | $ 19,400 | ||||||||||||||||
Capitalisation rate of borrowing costs eligible for capitalisation | 7% | ||||||||||||||||
Proceeds from the sale of vessels | $ 1,511,765 | $ 40,523 | |||||||||||||||
Gains on disposal of vessels/other tangible assets | 502,547 | $ 22,064 | |||||||||||||||
Contractual commitments for acquisition of property, plant and equipment | 2,693,772 | 2,693,772 | $ 623,800 | ||||||||||||||
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 sold and delivered | vessel | 24 | 11 | |||||||||||||||
Gain | $ 372,700 | ||||||||||||||||
Non-current assets or disposal groups classified as held for sale | $ 862,600 | ||||||||||||||||
13 of the 24 VLCC Tankers | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Number of vessels sold and delivered | vessel | 13 | ||||||||||||||||
Right-of-use assets | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Disposals and cancellations | $ 30,000 | 30,000 | |||||||||||||||
Book Value | 2,204 | 2,204 | 32,937 | ||||||||||||||
Suezmax Bristol | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 156,851 | ||||||||||||||||
Newcastlemax Mineral France | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 210,000 | ||||||||||||||||
Bochem Casablanca | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 25,000 | ||||||||||||||||
CMA CGM Baikal - Sale | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Gain | $ 15,600 | $ 15,621 | |||||||||||||||
Proceeds from the sale of vessels | $ 71,500 | ||||||||||||||||
Gains on disposal of vessels/other tangible assets | $ 15,600 | ||||||||||||||||
Newcastlemax Mineral Deutschland | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 210,000 | ||||||||||||||||
Bochem Shanghai | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 25,000 | ||||||||||||||||
Vessels under construction | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Number of vessels under construction | vessel | 50 | 50 | |||||||||||||||
Book Value | $ 678,500 | $ 678,500 | |||||||||||||||
Eco-type VLCCs | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Number of vessels under construction | vessel | 5 | 5 | |||||||||||||||
Number of vessels committed to build | vessel | 5 | 5 | |||||||||||||||
Eco-type Suezmax | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Number of vessels under construction | vessel | 3 | 3 | |||||||||||||||
Number of vessels committed to build | vessel | 4 | 4 | |||||||||||||||
Dual-fuel bitumen tankers | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Number of vessels under construction | vessel | 2 | 2 | |||||||||||||||
Number of vessels committed to build | vessel | 2 | 2 | |||||||||||||||
Newcastlemax bulk carriers | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Number of vessels under construction | vessel | 23 | 23 | |||||||||||||||
Number of vessels committed to build | vessel | 23 | 23 | |||||||||||||||
Container vessels | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Property plant and equipment, boat carrying capacity | twenty-footEquivalent | 6,000 | 6,000 | |||||||||||||||
Number of vessels under construction | vessel | 2 | 2 | |||||||||||||||
Contractual commitments for acquisition of property, plant and equipment | $ 143,373 | $ 143,373 | |||||||||||||||
Number of vessels committed to build | vessel | 2 | 2 | |||||||||||||||
Chemical tankers | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Number of vessels under construction | vessel | 4 | 4 | |||||||||||||||
Contractual commitments for acquisition of property, plant and equipment | $ 214,272 | $ 214,272 | |||||||||||||||
Number of vessels committed to build | vessel | 4 | 4 | |||||||||||||||
CSOVs | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Number of vessels under construction | vessel | 6 | 6 | |||||||||||||||
Contractual commitments for acquisition of property, plant and equipment | $ 264,725 | $ 264,725 | |||||||||||||||
Number of vessels committed to build | vessel | 6 | 6 | |||||||||||||||
Coaster vessel | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 5,000 | 5,000 | |||||||||||||||
Number of vessels under construction | vessel | 1 | 1 | |||||||||||||||
Number of vessels committed to build | vessel | 2 | 2 | |||||||||||||||
Ammonia-powered container vessel | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Property plant and equipment, boat carrying capacity | twenty-footEquivalent | 1,400 | 1,400 | |||||||||||||||
Number of vessels under construction | vessel | 1 | 1 | |||||||||||||||
Number of vessels committed to build | vessel | 1 | 1 | |||||||||||||||
Hydrocat crew transfer vessels | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Number of vessels under construction | vessel | 3 | 3 | |||||||||||||||
Oceania - Sale | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 441,561 | ||||||||||||||||
Gain | $ 34,826 | ||||||||||||||||
Proceeds from the sale of vessels | $ 43,100 | ||||||||||||||||
Non-current assets or disposal groups classified as held for sale | $ 8,300 | ||||||||||||||||
Gains on disposal of vessels/other tangible assets | $ 34,800 | ||||||||||||||||
Noble, Nectar and Newton | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Proceeds from the sale of vessels | $ 161,900 | ||||||||||||||||
Gains on disposal of vessels/other tangible assets | $ 79,000 | ||||||||||||||||
Newton - Sale | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Property plant and equipment, boat carrying capacity | T | 307,284 | 307,284 | |||||||||||||||
Gain | $ 20,670 |
Property, plant and equipment_3
Property, plant and equipment - Schedule of disposal of assets (Details) - USD ($) | 6 Months Ended | |||
May 13, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | $ 2,740,305,000 | $ 1,769,665,000 | ||
Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 4,243,933,000 | $ 3,433,410,000 | ||
Vessels | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 1,513,765,000 | $ 40,523,000 | ||
Gain | 502,547,000 | 22,064,000 | ||
Loss | 0 | 0 | ||
Vessels | Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 1,011,218,000 | 18,459,000 | ||
Cap Charles - Sale | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 40,523,000 | |||
Gain | 22,064,000 | |||
Loss | 0 | |||
Cap Charles - Sale | Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | $ 18,459,000 | |||
Alice - Sale | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 85,965,600 | |||
Gain | 24,340,000 | |||
Loss | 0 | |||
Alice - Sale | Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 61,626,000 | |||
Anne - Sale | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 86,275,400 | |||
Gain | 23,455,000 | |||
Loss | 0 | |||
Anne - Sale | Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 62,820,000 | |||
Aquitaine - Sale | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 90,268,000 | |||
Gain | 31,611,000 | |||
Loss | 0 | |||
Aquitaine - Sale | Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 58,657,000 | |||
Dominica - Sale | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 82,685,000 | |||
Gain | 29,859,000 | |||
Loss | 0 | |||
Dominica - Sale | Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 52,826,000 | |||
Desirade - Sale | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 85,965,000 | |||
Gain | 29,894,000 | |||
Loss | 0 | |||
Desirade - Sale | Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 56,071,000 | |||
Alboran - Sale | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 86,418,000 | |||
Gain | 30,056,000 | |||
Loss | 0 | |||
Alboran - Sale | Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 56,362,000 | |||
Aral - Sale | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 86,472,000 | |||
Gain | 30,027,000 | |||
Loss | 0 | |||
Aral - Sale | Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 56,445,000 | |||
Andaman - Sale | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 86,976,000 | |||
Gain | 30,340,000 | |||
Loss | 0 | |||
Andaman - Sale | Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 56,636,000 | |||
Hatteras - Sale | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 90,310,000 | |||
Gain | 30,942,000 | |||
Loss | 0 | |||
Hatteras - Sale | Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 59,368,000 | |||
Delos - Sale | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 112,888,000 | |||
Gain | 29,277,000 | |||
Loss | 0 | |||
Delos - Sale | Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 83,611,000 | |||
Doris - Sale | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 113,010,000 | |||
Gain | 28,572,000 | |||
Loss | 0 | |||
Doris - Sale | Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 84,438,000 | |||
Derius - Sale | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 104,627,000 | |||
Gain | 23,169,000 | |||
Loss | 0 | |||
Derius - Sale | Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 81,458,000 | |||
Camus - Sale | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 123,420,000 | |||
Gain | 31,192,000 | |||
Loss | 0 | |||
Camus - Sale | Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 92,228,000 | |||
Oceania - Sale | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 43,120,000 | |||
Gain | 34,826,000 | |||
Loss | 0 | |||
Oceania - Sale | Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 8,294,000 | |||
Noble - Sale | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 53,955,000 | |||
Gain | 28,239,000 | |||
Loss | 0 | |||
Noble - Sale | Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 25,716,000 | |||
Nectar - Sale | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 53,955,000 | |||
Gain | 30,082,000 | |||
Loss | 0 | |||
Nectar - Sale | Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 23,873,000 | |||
Newton - Sale | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 53,955,000 | |||
Gain | 20,670,000 | |||
Loss | 0 | |||
Newton - Sale | Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 33,285,000 | |||
CMA CGM Baikal - Sale | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 71,500,000 | |||
Gain | $ 15,600,000 | 15,621,000 | ||
Loss | 0 | |||
CMA CGM Baikal - Sale | Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | 55,879,000 | |||
Corporate - Sale | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Sale price | 2,000,000 | |||
Gain | 375,000 | |||
Loss | 0 | |||
Corporate - Sale | Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Book Value | $ 1,625,000 |
Property, plant and equipment_4
Property, plant and equipment - Schedule of capital commitment (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | $ 2,693,772 | $ 623,800 |
2024 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 636,533 | |
2025 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 874,853 | |
2026 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 1,014,989 | |
2027 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 167,398 | |
Tankers | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 755,340 | |
Tankers | 2024 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 129,340 | |
Tankers | 2025 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 95,370 | |
Tankers | 2026 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 463,310 | |
Tankers | 2027 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 67,320 | |
Dry bulk vessels | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 1,316,062 | |
Dry bulk vessels | 2024 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 311,773 | |
Dry bulk vessels | 2025 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 573,421 | |
Dry bulk vessels | 2026 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 355,518 | |
Dry bulk vessels | 2027 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 75,350 | |
Container vessels | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 143,373 | |
Container vessels | 2024 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 90,802 | |
Container vessels | 2025 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 15,009 | |
Container vessels | 2026 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 37,562 | |
Container vessels | 2027 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 0 | |
Chemical tankers | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 214,272 | |
Chemical tankers | 2024 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 68,972 | |
Chemical tankers | 2025 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 47,200 | |
Chemical tankers | 2026 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 98,100 | |
Chemical tankers | 2027 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 0 | |
CSOVs | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 264,725 | |
CSOVs | 2024 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 35,646 | |
CSOVs | 2025 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 143,853 | |
CSOVs | 2026 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | 60,499 | |
CSOVs | 2027 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | $ 24,728 |
Intangible assets - Schedule of
Intangible assets - Schedule of reconciliation of intangible assets (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets other than goodwill period start | $ 16,661 |
Acquisitions | 386 |
Acquisitions through business combinations | 3,538 |
Depreciation charges | (1,348) |
Exit from the consolidation scope | (67) |
Translation differences | (42) |
Intangible assets other than goodwill period end | 14,194 |
Customer contracts | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets other than goodwill period start | 13,324 |
Acquisitions | 0 |
Acquisitions through business combinations | 0 |
Depreciation charges | (776) |
Exit from the consolidation scope | 0 |
Translation differences | 0 |
Intangible assets other than goodwill period end | 14,100 |
Other intangible assets | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets other than goodwill period start | 3,337 |
Acquisitions | 386 |
Acquisitions through business combinations | 3,538 |
Depreciation charges | (572) |
Exit from the consolidation scope | (67) |
Translation differences | (42) |
Intangible assets other than goodwill period end | 94 |
Cost | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets other than goodwill period start | 22,791 |
Intangible assets other than goodwill period end | 17,836 |
Cost | Customer contracts | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets other than goodwill period start | 16,569 |
Intangible assets other than goodwill period end | 16,569 |
Cost | Other intangible assets | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets other than goodwill period start | 6,222 |
Intangible assets other than goodwill period end | 1,267 |
Depreciation | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets other than goodwill period start | (6,130) |
Intangible assets other than goodwill period end | (3,642) |
Depreciation | Customer contracts | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets other than goodwill period start | (3,245) |
Intangible assets other than goodwill period end | (2,469) |
Depreciation | Other intangible assets | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets other than goodwill period start | (2,885) |
Intangible assets other than goodwill period end | $ (1,173) |
Intangible assets - Narrative (
Intangible assets - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | |
May 31, 2022 | Jun. 30, 2024 | |
Disclosure of detailed information about intangible assets [line items] | ||
Acquisitions through business combinations | $ 3,538 | |
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% |
Equity - Disclosure of hedging
Equity - Disclosure of hedging reserve (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 06, 2022 | Oct. 26, 2020 | Apr. 20, 2018 | |
Interest rate swaps | Long term charter parties Cap Quebec and Cap Pembroke | |||||
Disclosure of reserves within equity [line items] | |||||
Notional Value | $ 86,800 | ||||
Interest rate swaps | Long term charter parties, Cap Corpus Christi and Cap Port Arthur | |||||
Disclosure of reserves within equity [line items] | |||||
Notional Value | $ 70,100 | ||||
Fx swaps | |||||
Disclosure of reserves within equity [line items] | |||||
Notional Value | $ 31,000 | ||||
Fair Value - Assets | 671 | ||||
Fair Value - Liabilities | 78 | ||||
Change recognized in OCI | (447) | ||||
Secured Loan Due 2030 With Margin Rate At 2.15% | Interest rate swaps | |||||
Disclosure of reserves within equity [line items] | |||||
Credit facility size | $ 150,000 | 150,000 | |||
Notional Value | 87,090 | 100,013 | |||
Fair Value - Assets | 2,408 | 3,049 | |||
Fair Value - Liabilities | 0 | 254 | |||
Change recognized in OCI | $ 1,268 | 547 | |||
Underlying Facility Due March 28, 2025 | Interest rate swaps | |||||
Disclosure of reserves within equity [line items] | |||||
Credit facility size | 173,600 | ||||
Underlying Facility Due March 28, 2025 | Interest rate swaps | Long term charter parties Cap Quebec and Cap Pembroke | |||||
Disclosure of reserves within equity [line items] | |||||
Notional Value | 53,511 | ||||
Fair Value - Assets | 1,807 | ||||
Fair Value - Liabilities | 0 | ||||
Change recognized in OCI | 22 | ||||
Underlying Facility Due September 28, 2025 | Interest rate swaps | |||||
Disclosure of reserves within equity [line items] | |||||
Credit facility size | 173,600 | ||||
Underlying Facility Due September 28, 2025 | Interest rate swaps | Long term charter parties, Cap Corpus Christi and Cap Port Arthur | |||||
Disclosure of reserves within equity [line items] | |||||
Notional Value | 56,838 | ||||
Fair Value - Assets | 4,689 | ||||
Fair Value - Liabilities | 0 | ||||
Change recognized in OCI | (503) | ||||
Senior Secured Loan Due 2026 With Margin Rate At 2.35% | Interest rate swaps | |||||
Disclosure of reserves within equity [line items] | |||||
Credit facility size | 713,000 | ||||
Notional Value | 216,889 | ||||
Fair Value - Assets | 15,557 | ||||
Fair Value - Liabilities | 0 | ||||
Change recognized in OCI | (2,199) | ||||
Secured FSO loan 150M | Interest rate swaps | |||||
Disclosure of reserves within equity [line items] | |||||
Credit facility size | 73,450 | ||||
Secured FSO loan 150M | Interest rate swaps | Cedar and Cyprus | |||||
Disclosure of reserves within equity [line items] | |||||
Notional Value | 68,859 | ||||
Fair Value - Assets | 5,477 | ||||
Fair Value - Liabilities | 0 | ||||
Change recognized in OCI | 13 | ||||
$447 Million Facility | Interest rate swaps | |||||
Disclosure of reserves within equity [line items] | |||||
Credit facility size | 447,000 | ||||
Notional Value | 70,000 | $ 447,000 | |||
Fair Value - Assets | 1,039 | ||||
Fair Value - Liabilities | 64 | ||||
Change recognized in OCI | 901 | ||||
Credit facility, term loan | $ 140,000 |
Equity - Hedging reserve (Detai
Equity - Hedging reserve (Details) | 1 Months Ended | 3 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 ($) contract vessel | Jun. 30, 2023 USD ($) | Dec. 31, 2020 USD ($) contract | Dec. 31, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 21, 2022 USD ($) | Jan. 26, 2022 USD ($) | |
Interest rate swaps | Long term charter parties | ||||||||||
Disclosure of reserves within equity [line items] | ||||||||||
Number of financial instruments entered into | contract | 6 | |||||||||
Notional Value | $ 237,200,000 | |||||||||
Interest rate swaps | Underlying Facility Due September 28, 2025 | ||||||||||
Disclosure of reserves within equity [line items] | ||||||||||
Credit facility size | $ 173,600,000 | |||||||||
Interest rate swaps | Senior Secured Loan Due 2026 With Margin Rate At 2.35% | ||||||||||
Disclosure of reserves within equity [line items] | ||||||||||
Notional Value | 216,889,000 | |||||||||
Credit facility size | 713,000,000 | |||||||||
Interest rate swaps | Secured FSO loan 150M | ||||||||||
Disclosure of reserves within equity [line items] | ||||||||||
Credit facility size | 73,450,000 | |||||||||
Interest rate swaps | Secured Loan Due 2030 With Margin Rate At 2.15% | ||||||||||
Disclosure of reserves within equity [line items] | ||||||||||
Notional Value | 100,013,000 | $ 87,090,000 | ||||||||
Credit facility size | 150,000,000 | 150,000,000 | ||||||||
Interest rate swaps | $447 Million Facility | ||||||||||
Disclosure of reserves within equity [line items] | ||||||||||
Notional Value | $ 447,000,000 | 70,000,000 | ||||||||
Credit facility size | 447,000,000 | |||||||||
Commodity swap | ||||||||||
Disclosure of reserves within equity [line items] | ||||||||||
Notional Value | 72,200,000 | |||||||||
2022 currency swap contracts | ||||||||||
Disclosure of reserves within equity [line items] | ||||||||||
Number of financial instruments entered into | contract | 4 | |||||||||
Notional Value | 9,000,000 | |||||||||
Change recognized in OCI | (500,000) | |||||||||
Short position, hedging percentage | 20% | |||||||||
2022 currency swap contracts | At fair value | ||||||||||
Disclosure of reserves within equity [line items] | ||||||||||
Hedging instrument, assets | 500,000 | |||||||||
2023 currency swap contracts | ||||||||||
Disclosure of reserves within equity [line items] | ||||||||||
Notional Value | 22,000,000 | |||||||||
Change recognized in OCI | 0 | |||||||||
2023 currency swap contracts | At fair value | ||||||||||
Disclosure of reserves within equity [line items] | ||||||||||
Hedging instrument, assets | 0 | |||||||||
Long term charter parties Cap Quebec and Cap Pembroke | ||||||||||
Disclosure of reserves within equity [line items] | ||||||||||
Number of vessels in time charter | vessel | 2 | |||||||||
Long term charter parties Cap Quebec and Cap Pembroke | Interest rate swaps | ||||||||||
Disclosure of reserves within equity [line items] | ||||||||||
Number of financial instruments entered into | contract | 2 | |||||||||
Notional Value | $ 86,800,000 | |||||||||
Long term charter parties, Cap Corpus Christi and Cap Port Arthur | ||||||||||
Disclosure of reserves within equity [line items] | ||||||||||
Number of vessels in time charter | vessel | 2 | |||||||||
Long term charter parties, Cap Corpus Christi and Cap Port Arthur | Interest rate swaps | ||||||||||
Disclosure of reserves within equity [line items] | ||||||||||
Number of financial instruments entered into | contract | 2 | |||||||||
Notional Value | $ 70,100,000 | |||||||||
Long term charter parties, Cap Corpus Christi and Cap Port Arthur | Interest rate swaps | Underlying Facility Due September 28, 2025 | ||||||||||
Disclosure of reserves within equity [line items] | ||||||||||
Notional Value | 56,838,000 | |||||||||
Suezmaxes Cedar and Cypress | Interest rate swaps | Secured FSO loan 150M | ||||||||||
Disclosure of reserves within equity [line items] | ||||||||||
Notional Value | $ 73,450,000 | |||||||||
Long Term Charter Parties, Various Cap 2022 | Interest rate swaps | ||||||||||
Disclosure of reserves within equity [line items] | ||||||||||
Notional Value | $ 70,000,000 | $ 87,100,000 | $ 109,400,000 | |||||||
Change recognized in OCI | $ 1,300,000 | |||||||||
Long Term Charter Parties, Various Cap 2022 | Interest rate swaps | At fair value | ||||||||||
Disclosure of reserves within equity [line items] | ||||||||||
Hedging instrument, assets | $ 2,400,000 | |||||||||
Long Term Charter Parties, Various Cap 2020 | Interest rate swaps | ||||||||||
Disclosure of reserves within equity [line items] | ||||||||||
Number of financial instruments entered into | contract | 2 |
Equity - Treasury shares (Detai
Equity - Treasury shares (Details) - shares | 6 Months Ended | ||||||
Jun. 30, 2024 | Apr. 15, 2024 | Apr. 08, 2024 | Mar. 29, 2024 | Mar. 22, 2024 | Mar. 19, 2024 | Dec. 31, 2023 | |
Disclosure of classes of share capital [line items] | |||||||
Number of shares outstanding (in shares) | 194,216,835 | 202,233,997 | |||||
Purchase of treasury shares (in shares) | (8,017,162) | ||||||
Treasury shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares outstanding (in shares) | 25,807,878 | 25,807,878 | 25,544,107 | 25,131,181 | 22,510,249 | 17,790,716 | 17,790,716 |
Purchase of treasury shares (in shares) | 8,017,162 |
Equity - Distributions (Details
Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |||
Jul. 02, 2024 | May 16, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of reserves within equity [line items] | ||||
Dividends paid, ordinary shares per share (in usd per share) | $ 4.57 | |||
Dividends recognised as distributions to owners | $ 887,571 | $ 369,491 | ||
Dividends paid, ordinary shares | 903,300 | |||
Retained earnings | ||||
Disclosure of reserves within equity [line items] | ||||
Dividends paid, ordinary shares per share, subject to withholding tax (in usd per share) | 0.27 | |||
Dividends recognised as distributions to owners | 52,439 | 157,684 | ||
Share premium | ||||
Disclosure of reserves within equity [line items] | ||||
Dividends paid, ordinary shares per share (in usd per share) | 4.30 | |||
Dividends paid, ordinary shares per share, subject to withholding tax (in usd per share) | $ 0.81 | |||
Dividends recognised as distributions to owners | $ 835,132 | $ 211,807 | ||
Major ordinary share transactions | ||||
Disclosure of reserves within equity [line items] | ||||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners (usd per share) | $ 1.15 | |||
Major ordinary share transactions | Retained earnings | ||||
Disclosure of reserves within equity [line items] | ||||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners (usd per share) | 0.27 | |||
Major ordinary share transactions | Share premium | ||||
Disclosure of reserves within equity [line items] | ||||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners (usd per share) | $ 0.88 |
Earnings per share - Schedule o
Earnings per share - Schedule of result attributable to ordinary shares (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Earnings per share [abstract] | |||
Result for the period (in USD) | $ 679,620,307 | $ 336,866,321 | |
Weighted average number of ordinary shares (in shares) | 197,886,375 | 201,828,035 | 202,233,997 |
Basic earnings per share (in dollars per share) | $ 3.43 | $ 1.67 |
Earnings per share - Schedule_2
Earnings per share - Schedule of weighted average number of ordinary shares (Details) - shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Earnings per share [line items] | |||
Beginning of period (in shares) | 202,233,997 | ||
Issuance of shares (in shares) | 0 | ||
Purchase of treasury shares (in shares) | (8,017,162) | ||
Withdrawal of treasury shares (in shares) | 0 | ||
Transfer of treasury shares (in shares) | 0 | ||
End of period (in shares) | 194,216,835 | 202,233,997 | |
Weighted number of shares | |||
Weighted average number of shares (basic) (in shares) | 197,886,375 | 201,828,035 | 202,233,997 |
Issuance of shares (in shares) | 0 | ||
Purchase of treasury shares (in shares) | (4,347,622) | ||
Withdrawal of treasury shares (in shares) | 0 | ||
Increase (decrease) in weighted number of shares through transfer of treasury shares (in shares) | 0 | ||
Shares issued | |||
Earnings per share [line items] | |||
Beginning of period (in shares) | 220,024,713 | ||
Issuance of shares (in shares) | 0 | ||
Purchase of treasury shares (in shares) | 0 | ||
Withdrawal of treasury shares (in shares) | 0 | ||
Transfer of treasury shares (in shares) | 0 | ||
End of period (in shares) | 220,024,713 | 220,024,713 | |
Treasury shares | |||
Earnings per share [line items] | |||
Beginning of period (in shares) | 17,790,716 | ||
Issuance of shares (in shares) | 0 | ||
Purchase of treasury shares (in shares) | 8,017,162 | ||
Withdrawal of treasury shares (in shares) | 0 | ||
Transfer of treasury shares (in shares) | 0 | ||
End of period (in shares) | 25,807,878 | 17,790,716 |
Earnings per share - Narrative
Earnings per share - Narrative (Details) | 6 Months Ended | |
Jun. 30, 2024 $ / shares | Jun. 30, 2023 shares $ / shares | |
Earnings per share [line items] | ||
Diluted earnings per share (in dollars per share) | $ / shares | $ 3.43 | $ 1.67 |
Long term incentive plan 2015 | ||
Earnings per share [line items] | ||
Number of instruments that are antidilutive in period presented | shares | 236,590 |
Earnings per share - Schedule_3
Earnings per share - Schedule of weighted average number of ordinary shares (diluted) (Details) - shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Earnings per share [abstract] | |||
Weighted average number of shares (basic) (in shares) | 197,886,375 | 201,828,035 | 202,233,997 |
Effect of share-based payment arrangements (in shares) | 0 | 50,015 | |
Weighted average number of ordinary shares (diluted) (in shares) | 197,886,375 | 201,878,050 |
Interest-bearing loans and bo_3
Interest-bearing loans and borrowings - Schedule and maturity of borrowings (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | $ 930,713 |
New loans | 1,365,022 |
Scheduled repayments | (354,293) |
Early repayments | (105,000) |
Acquisitions through business combinations | 568,520 |
Other changes | 2,527 |
Exit from the consolidation scope | (1,137) |
Translation differences | (4,317) |
Carrying amount of liability at the end of the period | 2,402,035 |
More than 5 years | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 82,746 |
Carrying amount of liability at the end of the period | 645,003 |
Between 1 and 5 years | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 552,319 |
Carrying amount of liability at the end of the period | 1,244,639 |
More than 1 year | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 635,065 |
Carrying amount of liability at the end of the period | 1,889,642 |
Less than 1 year | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 295,648 |
Carrying amount of liability at the end of the period | 512,393 |
Bank loans | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 528,359 |
New loans | 960,666 |
Scheduled repayments | (101,701) |
Early repayments | (105,000) |
Acquisitions through business combinations | 332,529 |
Other changes | 4,267 |
Exit from the consolidation scope | 0 |
Translation differences | (1,644) |
Carrying amount of liability at the end of the period | 1,617,476 |
Bank loans | More than 5 years | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 30,203 |
Carrying amount of liability at the end of the period | 252,468 |
Bank loans | Between 1 and 5 years | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 332,032 |
Carrying amount of liability at the end of the period | 959,747 |
Bank loans | More than 1 year | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 362,235 |
Carrying amount of liability at the end of the period | 1,212,215 |
Bank loans | Less than 1 year | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 166,124 |
Carrying amount of liability at the end of the period | 405,261 |
Other Notes | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 201,952 |
New loans | 0 |
Scheduled repayments | 0 |
Early repayments | 0 |
Acquisitions through business combinations | 0 |
Other changes | 332 |
Exit from the consolidation scope | 0 |
Translation differences | 0 |
Carrying amount of liability at the end of the period | 202,284 |
Other Notes | More than 5 years | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 0 |
Carrying amount of liability at the end of the period | 0 |
Other Notes | Between 1 and 5 years | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 198,219 |
Carrying amount of liability at the end of the period | 198,551 |
Other Notes | More than 1 year | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 198,219 |
Carrying amount of liability at the end of the period | 198,551 |
Other Notes | Less than 1 year | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 3,733 |
Carrying amount of liability at the end of the period | 3,733 |
Lease liabilities | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 36,856 |
New loans | 0 |
Scheduled repayments | (32,092) |
Early repayments | 0 |
Acquisitions through business combinations | 1,500 |
Other changes | 0 |
Exit from the consolidation scope | (1,137) |
Translation differences | (25) |
Carrying amount of liability at the end of the period | 5,102 |
Lease liabilities | More than 5 years | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 206 |
Carrying amount of liability at the end of the period | 282 |
Lease liabilities | Between 1 and 5 years | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 3,157 |
Carrying amount of liability at the end of the period | 1,901 |
Lease liabilities | More than 1 year | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 3,363 |
Carrying amount of liability at the end of the period | 2,183 |
Lease liabilities | Less than 1 year | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 33,493 |
Carrying amount of liability at the end of the period | 2,919 |
Other borrowings | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 163,546 |
New loans | 404,356 |
Scheduled repayments | (220,500) |
Early repayments | 0 |
Acquisitions through business combinations | 234,491 |
Other changes | (2,072) |
Exit from the consolidation scope | 0 |
Translation differences | (2,648) |
Carrying amount of liability at the end of the period | 577,173 |
Other borrowings | More than 5 years | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 52,337 |
Carrying amount of liability at the end of the period | 392,253 |
Other borrowings | Between 1 and 5 years | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 18,911 |
Carrying amount of liability at the end of the period | 84,440 |
Other borrowings | More than 1 year | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 71,248 |
Carrying amount of liability at the end of the period | 476,693 |
Other borrowings | Less than 1 year | |
Disclosure of detailed information about borrowings [line items] | |
Carrying amount of liability at the beginning of the period | 92,298 |
Carrying amount of liability at the end of the period | $ 100,480 |
Interest-bearing loans and bo_4
Interest-bearing loans and borrowings - Disclosure of terms and conditions of outstanding loans (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 2,402,035,000 | $ 930,713,000 |
Unsecured Revolving loan 80.0M | ||
Disclosure of detailed information about borrowings [line items] | ||
Notional Value | 80,000,000 | |
Facility size | 85,000,000 | 88,400,000 |
Borrowings | 85,000,000 | 0 |
Unsecured Revolving loan 80.0M | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 85,149,000 | (66,000) |
Unsecured Revolving loan 80.0M | SOFR + CAS | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 1.45% | |
Secured FSO loan 150M | ||
Disclosure of detailed information about borrowings [line items] | ||
Notional Value | $ 150,000,000 | |
Facility size | 116,120,000 | 124,809,000 |
Borrowings | 116,120,000 | 124,809,000 |
Secured FSO loan 150M | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 115,195,000 | 123,728,000 |
Secured FSO loan 150M | SOFR | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 2.15% | |
Secured vessels loan Refi - Revolving facility 932000000M* | ||
Disclosure of detailed information about borrowings [line items] | ||
Notional Value | $ 932,000,000 | |
Facility size | 932,432,000 | 725,000,000 |
Borrowings | 778,681,000 | 0 |
Secured vessels loan Refi - Revolving facility 932000000M* | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 772,381,000 | (8,398,000) |
Secured vessels loan Refi - Revolving facility 932000000M* | SOFR | Minimum | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 2.30% | |
Secured vessels loan Refi - Revolving facility 932000000M* | SOFR | Maximum | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 2.90% | |
Secured vessels loan Refi - Transition facility 293000000M | ||
Disclosure of detailed information about borrowings [line items] | ||
Notional Value | $ 293,000,000 | |
Facility size | 293,415,000 | 368,225,000 |
Borrowings | 293,415,000 | 368,225,000 |
Secured vessels loan Refi - Transition facility 293000000M | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 291,258,000 | 365,662,000 |
Secured vessels loan Refi - Transition facility 293000000M | SOFR | Minimum | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 2.30% | |
Secured vessels loan Refi - Transition facility 293000000M | SOFR | Maximum | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 2.90% | |
Secured vessels loan Refi - Newbuild facility 190M | ||
Disclosure of detailed information about borrowings [line items] | ||
Notional Value | $ 190,000,000 | |
Facility size | 0 | 47,500,000 |
Borrowings | 0 | 47,500,000 |
Secured vessels loan Refi - Newbuild facility 190M | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 0 | 47,433,000 |
Secured vessels loan Refi - Newbuild facility 190M | SOFR | Minimum | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 2.30% | |
Secured vessels loan Refi - Newbuild facility 190M | SOFR | Maximum | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 2.90% | |
Credit Line Belfius Windcat EUR 1250000M | ||
Disclosure of detailed information about borrowings [line items] | ||
Notional Value | $ 1,250,000 | |
Facility size | 1,338,000 | 0 |
Borrowings | 1,338,000 | 0 |
Credit Line Belfius Windcat EUR 1250000M | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 1,338,000 | 0 |
Credit Line Belfius Windcat EUR 1250000M | SOFR | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 1.83% | |
Credit Line KBC Windcat EUR 1250000M | ||
Disclosure of detailed information about borrowings [line items] | ||
Notional Value | $ 1,250,000 | |
Facility size | 1,338,000 | 0 |
Borrowings | 1,338,000 | 0 |
Credit Line KBC Windcat EUR 1250000M | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 1,338,000 | 0 |
Credit Line KBC Windcat EUR 1250000M | SOFR | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 2.40% | |
Loan BNPPF 100000000M | ||
Disclosure of detailed information about borrowings [line items] | ||
Notional Value | $ 100,000,000 | |
Facility size | 107,197,000 | 0 |
Borrowings | 57,449,000 | 0 |
Loan BNPPF 100000000M | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 57,449,000 | 0 |
Loan BNPPF 100000000M | Euribor | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 1% | |
Loan CEXIM I 152000000M | ||
Disclosure of detailed information about borrowings [line items] | ||
Notional Value | $ 152,000,000 | |
Facility size | 151,993,000 | 0 |
Borrowings | 44,811,000 | 0 |
Loan CEXIM I 152000000M | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 43,983,000 | 0 |
Loan CEXIM I 152000000M | SOFR | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 2.06% | |
Loan CEXIM II 280000000M | ||
Disclosure of detailed information about borrowings [line items] | ||
Notional Value | $ 280,000,000 | |
Facility size | 279,910,000 | 0 |
Borrowings | 175,077,000 | 0 |
Loan CEXIM II 280000000M | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 171,060,000 | 0 |
Loan CEXIM II 280000000M | SOFR | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 1.80% | |
Loan CEXIM III 224000000M | ||
Disclosure of detailed information about borrowings [line items] | ||
Notional Value | $ 224,000,000 | |
Facility size | 224,000,000 | 0 |
Borrowings | 0 | 0 |
Loan CEXIM III 224000000M | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 0 | 0 |
Loan CEXIM III 224000000M | SOFR | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 2.06% | |
Loan KBC/Belfius Windcat EUR 78000000M | ||
Disclosure of detailed information about borrowings [line items] | ||
Notional Value | $ 78,000,000 | |
Facility size | 83,481,000 | 0 |
Borrowings | 44,229,000 | 0 |
Loan KBC/Belfius Windcat EUR 78000000M | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 43,883,000 | 0 |
Loan KBC/Belfius Windcat EUR 78000000M | Euribor | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 3.25% | |
Loan SocGen EUR 50000000M | ||
Disclosure of detailed information about borrowings [line items] | ||
Notional Value | $ 50,000,000 | |
Facility size | 53,646,000 | 0 |
Borrowings | 25,439,000 | 0 |
Loan SocGen EUR 50000000M | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 25,439,000 | 0 |
Loan SocGen EUR 50000000M | Euribor | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 1% | |
Loan SocGen EUR 8800000M | ||
Disclosure of detailed information about borrowings [line items] | ||
Notional Value | $ 8,800,000 | |
Facility size | 8,949,000 | 0 |
Borrowings | 8,949,000 | 0 |
Loan SocGen EUR 8800000M | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 9,003,000 | 0 |
Loan SocGen EUR 8800000M | Euribor | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 1.10% | |
Total interest-bearing bank loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Facility size | $ 2,338,819,000 | 1,353,934,000 |
Borrowings | 1,631,847,000 | 540,534,000 |
Total interest-bearing bank loans | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 1,617,476,000 | $ 528,359,000 |
Interest-bearing loans and bo_5
Interest-bearing loans and borrowings - Schedule of unsecured notes (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | Mar. 18, 2022 |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 2,402,035,000 | $ 930,713,000 | |
Total other notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Facility size | 200,000,000 | 200,000,000 | |
Borrowings | 200,000,000 | 200,000,000 | |
Total other notes | Gross carrying amount | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 202,284,000 | 201,952,000 | |
Unsecured notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Facility size | 200,000,000 | 200,000,000 | $ 200,000,000 |
Borrowings | 200,000,000 | 200,000,000 | |
Unsecured notes | Gross carrying amount | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 202,284,000 | $ 201,952,000 | |
Unsecured notes | Nominal interest rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal interest rate | 6.25% |
Interest-bearing loans and bo_6
Interest-bearing loans and borrowings - Narrative (Details) | 6 Months Ended | ||||||||
Dec. 04, 2023 USD ($) T | Jun. 30, 2024 USD ($) vessel | Jun. 30, 2024 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Mar. 18, 2022 USD ($) | Oct. 01, 2018 EUR (€) | Sep. 30, 2018 EUR (€) | Jun. 06, 2017 EUR (€) | |
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings | $ 2,402,035,000 | $ 930,713,000 | |||||||
Suezmax Cedar | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Property plant and equipment, boat carrying capacity | T | 157,310 | ||||||||
Forward exchange contracts | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Derivative financial liabilities | (300,000) | ||||||||
Unsecured note due 2026 with fixed coupon rate 6.25% | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Notional Value | 200,000,000 | 200,000,000 | $ 200,000,000 | ||||||
Borrowings | 200,000,000 | 200,000,000 | |||||||
Treasury notes | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Notional Value | € | € 150,000,000 | € 50,000,000 | € 50,000,000 | ||||||
Borrowings | $ 79,400,000 | € 74,200,000 | $ 87,800,000 | € 79,100,000 | |||||
Treasury notes | Euro interbank offered rate | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings, adjustment to interest rate basis | 0.60% | 0.60% | |||||||
Sale and leaseback agreement | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Bareboat leaseback contract duration | 14 years | ||||||||
Bareboat contract average daily rate per vessel | $ 13,590 | ||||||||
Leaseback agreement, seller credit payable upon sale | 153,800,000 | ||||||||
Purchase obligation | $ 7,390,000 | ||||||||
Sale and leaseback agreement | Suezmax Cypress | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings | $ 147,400,000 | ||||||||
Sale and leaseback agreement | Suezmax Cedar | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Bareboat leaseback contract duration | 14 years | ||||||||
Sale and leaseback agreement | Newbuilds | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings | $ 344,500,000 | ||||||||
Sale and leaseback agreement | Newbuilds | Minimum | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Bareboat leaseback contract duration | 10 years | ||||||||
Sale and leaseback agreement | Newbuilds | Maximum | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Bareboat leaseback contract duration | 15 years | ||||||||
Sale and leaseback agreement | Dry bulk vessels | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings | $ 6,400,000 | ||||||||
Bareboat leaseback contract duration | 10 years | ||||||||
Number Of bareboat-in vessels | vessel | 2 | ||||||||
Sale and leaseback agreement | Vessels | Suezmax Cypress | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Property plant and equipment, boat carrying capacity | T | 157,310 | ||||||||
Sale and leaseback agreement | Vessels | Suezmax Cedar | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Property plant and equipment, boat carrying capacity | T | 157,310 | ||||||||
Sale and leaseback agreement | SOFR | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings, adjustment to interest rate basis | 4.35% | ||||||||
Sustainability saving adjustment | 0.0010 | ||||||||
Sale and leaseback agreement | SOFR | Newbuilds | Minimum | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings, adjustment to interest rate basis | 2% | 2% | |||||||
Sale and leaseback agreement | SOFR | Newbuilds | Maximum | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings, adjustment to interest rate basis | 4.21% | 4.21% | |||||||
Sale and leaseback agreement | SOFR | Dry bulk vessels | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings, adjustment to interest rate basis | 2.45% | 2.45% |
Interest-bearing loans and bo_7
Interest-bearing loans and borrowings - Schedule of future lease payments for leaseback agreement maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 2,402,035 | $ 930,713 |
Less than 1 year | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 512,393 | 295,648 |
Between 1 and 5 years | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 1,244,639 | 552,319 |
More than 5 years | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 645,003 | 82,746 |
Sale and leaseback agreement - lease payments | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 500,555 | 76,505 |
Sale and leaseback agreement - lease payments | Less than 1 year | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 19,841 | 4,547 |
Sale and leaseback agreement - lease payments | Between 1 and 5 years | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 85,406 | 19,130 |
Sale and leaseback agreement - lease payments | More than 5 years | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 395,308 | $ 52,828 |
Trade and other payables - Sche
Trade and other payables - Schedule of trade and other payables (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Derivatives | $ 0 | $ 146 |
Total non-current other payables | 0 | 146 |
Trade payables | 40,495 | 42,032 |
Accrued expenses | 28,610 | 43,898 |
Accrued payroll | 1,890 | 2,724 |
Dividends payable | 541 | 16,301 |
Deferred income | 22,500 | 17,355 |
Other payables | 183 | 1,703 |
Total current trade and other payables | $ 94,219 | $ 124,013 |
Financial instruments - Disclos
Financial instruments - Disclosure of financial assets and liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Measured at fair value | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | $ 2,408 | $ 2,801 |
Financial liabilities | 299 | 146 |
Measured at fair value | Forward exchange contracts | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 299 | |
Financial liabilities, at fair value | 299 | |
Measured at fair value | Interest rate swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 146 | |
Financial liabilities, at fair value | 146 | |
Measured at fair value | Hedging instruments | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 299 | 146 |
Measured at fair value | Hedging instruments | Forward exchange contracts | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 299 | |
Measured at fair value | Hedging instruments | Interest rate swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 146 | |
Measured at fair value | Level 1 | Forward exchange contracts | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | |
Measured at fair value | Level 1 | Interest rate swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | |
Measured at fair value | Level 2 | Forward exchange contracts | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 299 | |
Measured at fair value | Level 2 | Interest rate swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 146 | |
Measured at fair value | Level 3 | Forward exchange contracts | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | |
Measured at fair value | Level 3 | Interest rate swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | |
Measured at fair value | Forward exchange contracts | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 1,515 | |
Financial assets, at fair value | 1,515 | |
Measured at fair value | Forward exchange contracts | Level 1 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | |
Measured at fair value | Forward exchange contracts | Level 2 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 1,515 | |
Measured at fair value | Forward exchange contracts | Level 3 | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | |
Measured at fair value | Interest rate swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 2,408 | 1,286 |
Financial assets, at fair value | 2,408 | 1,286 |
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 | 2,408 | 1,286 |
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 assets | 2,408 | 2,801 |
Measured at fair value | Hedging instruments | Forward exchange contracts | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 1,515 | |
Measured at fair value | Hedging instruments | Interest rate swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 2,408 | 1,286 |
Not measured at fair value | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 648,087 | 713,623 |
Financial liabilities | 2,473,684 | 1,037,326 |
Not measured at fair value | Secured bank loans | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 1,532,476 | 528,359 |
Financial liabilities, at fair value | 1,555,592 | 540,096 |
Not measured at fair value | Unsecured bank loans | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 85,000 | |
Financial liabilities, at fair value | 85,149 | |
Not measured at fair value | Unsecured other notes | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 202,284 | 201,952 |
Financial liabilities, at fair value | 197,785 | 196,563 |
Not measured at fair value | Other borrowings | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 577,173 | 163,546 |
Financial liabilities, at fair value | 571,142 | 164,261 |
Not measured at fair value | Lease liabilities | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 5,102 | 36,856 |
Financial liabilities, at fair value | 4,554 | 33,359 |
Not measured at fair value | Trade and other payables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 71,649 | 106,613 |
Financial liabilities, at fair value | 0 | 0 |
Not measured at fair value | Other financial liabilities | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 2,473,684 | 1,037,326 |
Not measured at fair value | Other financial liabilities | Secured bank loans | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 1,532,476 | 528,359 |
Not measured at fair value | Other financial liabilities | Unsecured bank loans | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 85,000 | |
Not measured at fair value | Other financial liabilities | Unsecured other notes | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 202,284 | 201,952 |
Not measured at fair value | Other financial liabilities | Other borrowings | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 577,173 | 163,546 |
Not measured at fair value | Other financial liabilities | Lease liabilities | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 5,102 | 36,856 |
Not measured at fair value | Other financial liabilities | Trade and other payables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 71,649 | 106,613 |
Not measured at fair value | Level 1 | Secured bank loans | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Not measured at fair value | Level 1 | Unsecured bank loans | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | |
Not measured at fair value | Level 1 | Unsecured other notes | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 197,785 | 196,563 |
Not measured at fair value | Level 1 | Other borrowings | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Not measured at fair value | Level 1 | Lease liabilities | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Not measured at fair value | Level 1 | Trade and other payables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Not measured at fair value | Level 2 | Secured bank loans | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 1,555,592 | 540,096 |
Not measured at fair value | Level 2 | Unsecured bank loans | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 85,149 | |
Not measured at fair value | Level 2 | Unsecured other notes | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Not measured at fair value | Level 2 | Other borrowings | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 571,142 | 164,261 |
Not measured at fair value | Level 2 | Lease liabilities | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 4,554 | 33,359 |
Not measured at fair value | Level 2 | Trade and other payables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Not measured at fair value | Level 3 | Secured bank loans | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Not measured at fair value | Level 3 | Unsecured bank loans | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | |
Not measured at fair value | Level 3 | Unsecured other notes | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Not measured at fair value | Level 3 | Other borrowings | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Not measured at fair value | Level 3 | Lease liabilities | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Not measured at fair value | Level 3 | Trade and other payables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Not measured at fair value | Non-current receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 62,660 | 1,624 |
Financial assets, at fair value | 62,660 | 1,535 |
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 | 62,660 | 1,535 |
Not measured at fair value | Lease receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 2,072 | 2,854 |
Financial assets, at fair value | 1,609 | 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 | 1,609 | 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 | 239,456 | 279,775 |
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 | 343,899 | 429,370 |
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 | Financial assets at amortized cost | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 648,087 | 713,623 |
Not measured at fair value | Financial assets at amortized cost | Non-current receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 62,660 | 1,624 |
Not measured at fair value | Financial assets at amortized cost | Lease receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 2,072 | 2,854 |
Not measured at fair value | Financial assets at amortized cost | Trade and other receivables | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 239,456 | 279,775 |
Not measured at fair value | Financial assets at amortized cost | Cash and cash equivalents | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | $ 343,899 | $ 429,370 |
Financial instruments - Discl_2
Financial instruments - Disclosure of maturity analysis for derivative and non-derivative financial liabilities (Details) - Liquidity risk - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | $ 3,052,564 | $ 1,196,112 |
Derivative financial liabilities, undiscounted cash flows | 719 | (9) |
Financial liabilities at amortized cost | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial liabilities | 2,473,684 | 1,037,326 |
Fair Value - Liabilities | 0 | 146 |
Less than 1 year | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 859,414 | 456,805 |
Derivative financial liabilities, undiscounted cash flows | (148) | (876) |
Between 1 and 5 years | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 1,403,758 | 631,694 |
Derivative financial liabilities, undiscounted cash flows | 860 | 797 |
More than 5 years | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 789,391 | 107,613 |
Derivative financial liabilities, undiscounted cash flows | 7 | 70 |
Bank loans and other notes | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 2,164,574 | 837,126 |
Bank loans and other notes | Financial liabilities at amortized cost | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial liabilities | 1,819,760 | 730,311 |
Bank loans and other notes | Less than 1 year | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 649,802 | 217,328 |
Bank loans and other notes | Between 1 and 5 years | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 1,214,901 | 587,681 |
Bank loans and other notes | More than 5 years | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 299,870 | 32,117 |
Other borrowings | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 810,706 | 214,641 |
Other borrowings | Financial liabilities at amortized cost | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial liabilities | 577,173 | 163,546 |
Other borrowings | Less than 1 year | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 134,888 | 99,058 |
Other borrowings | Between 1 and 5 years | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 186,643 | 40,363 |
Other borrowings | More than 5 years | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 489,175 | 75,220 |
Lease liabilities | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 5,635 | 37,732 |
Lease liabilities | Financial liabilities at amortized cost | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial liabilities | 5,102 | 36,856 |
Lease liabilities | Less than 1 year | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 3,075 | 33,806 |
Lease liabilities | Between 1 and 5 years | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 2,214 | 3,651 |
Lease liabilities | More than 5 years | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 346 | 276 |
Current trade and other payables | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 71,649 | 106,613 |
Current trade and other payables | Financial liabilities at amortized cost | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial liabilities | 71,649 | 106,613 |
Current trade and other payables | Less than 1 year | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 71,649 | 106,613 |
Current trade and other payables | Between 1 and 5 years | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Current trade and other payables | More than 5 years | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Interest rate swaps | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Derivative financial liabilities, undiscounted cash flows | 719 | (9) |
Interest rate swaps | Financial liabilities at amortized cost | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Fair Value - Liabilities | 0 | 146 |
Interest rate swaps | Less than 1 year | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Derivative financial liabilities, undiscounted cash flows | (148) | (876) |
Interest rate swaps | Between 1 and 5 years | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Derivative financial liabilities, undiscounted cash flows | 860 | 797 |
Interest rate swaps | More than 5 years | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Derivative financial liabilities, undiscounted cash flows | $ 7 | $ 70 |
Deferred tax assets and liabi_2
Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 5,604 | $ 280 |
Deductible temporary differences for which no deferred tax asset is recognised | 47,900 | 28,600 |
Unused tax losses and credits | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 212,100 | $ 114,300 |
Non-current receivables - Sched
Non-current receivables - Schedule of non-current receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Shareholders loans to joint ventures | $ 11,805 | $ 2 |
Derivatives | 1,008 | 0 |
Cash guarantees and deposits | 46,173 | 1,616 |
Other non-current receivables | 4,682 | 6 |
Lease receivables | 330 | 1,263 |
Total non-current receivables | $ 63,998 | $ 2,887 |
Non-current receivables - Narra
Non-current receivables - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jan. 31, 2024 | Jan. 04, 2024 | Dec. 31, 2023 |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Cash guarantees and deposits | $ 46,173 | $ 1,616 | ||
Malaysia | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Cash guarantees and deposits | $ 45,700 | $ 45,700 |
Bunker inventory (Details)
Bunker inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure Of Bunker Inventory [Line Items] | ||
Inventory | $ 32,787 | $ 22,511 |
Bunker inventory on board vessel | ||
Disclosure Of Bunker Inventory [Line Items] | ||
Inventory | 22,100 | $ 22,500 |
Trucks and spare parts to be converted into hydrotrucks for resale | ||
Disclosure Of Bunker Inventory [Line Items] | ||
Inventory | $ 10,700 |
Trade and other receivables - S
Trade and other receivables - Schedule of trade and other current receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Receivable from contracts with customers | $ 137,854 | $ 88,544 |
Receivable from contracts with customers - TI Pool | 87,115 | 169,339 |
Accrued income | 12,877 | 13,706 |
Accrued interest | 835 | 1,352 |
Deferred charges | 35,426 | 17,601 |
Deferred fulfillment costs | 705 | 2,278 |
Other receivables | 3,030 | 11,414 |
Lease receivables | 1,742 | 1,591 |
Derivatives | 1,401 | 1,286 |
Trade and other receivables | $ 280,985 | $ 307,111 |
Trade and other receivables - N
Trade and other receivables - Narrative (Details) | Jun. 30, 2024 USD ($) | Oct. 09, 2023 vessel | Jun. 30, 2023 USD ($) |
Secured Loan Due 2030 With Margin Rate At 2.15% | Interest rate swaps | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Credit facility size | $ 150,000,000 | $ 150,000,000 | |
Secured Loan Due 2030 With Margin Rate At 2.15% | Interest rate swaps | FSO Asia and Africa | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Credit facility size | $ 150,000,000 | ||
24 VLCC tankers | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Number of vessels sold | vessel | 24 |
Provisions and contingencies -
Provisions and contingencies - Schedule of provisions (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Disclosure of other provisions [line items] | ||
Other provisions at beginning of period | $ 598 | |
Provisions used during the year | (163) | |
Other provisions at end of period | 435 | |
Non-current | 125 | $ 274 |
Current | 310 | 324 |
Total | 435 | 598 |
Onerous contract | ||
Disclosure of other provisions [line items] | ||
Other provisions at beginning of period | 598 | |
Provisions used during the year | (163) | |
Other provisions at end of period | 435 | |
Non-current | 125 | |
Current | 310 | |
Total | $ 435 | $ 598 |
Provisions and contingencies _2
Provisions and contingencies - Narrative (Details) | 6 Months Ended | ||||
Jun. 30, 2024 USD ($) | Jan. 31, 2024 USD ($) | Jan. 04, 2024 USD ($) | Dec. 31, 2023 USD ($) | Oct. 09, 2023 vessel | |
Disclosure of other provisions [line items] | |||||
Cash guarantees and deposits | $ 46,173,000 | $ 1,616,000 | |||
Malaysia | |||||
Disclosure of other provisions [line items] | |||||
Cash guarantees and deposits | $ 45,700,000 | $ 45,700,000 | |||
24 VLCC tankers | |||||
Disclosure of other provisions [line items] | |||||
Number of vessels sold | vessel | 24 | ||||
RMK | |||||
Disclosure of other provisions [line items] | |||||
Claim amount related to unpaid advisory services | $ 12,993,720 |
Investments - Narrative (Detail
Investments - Narrative (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Apr. 18, 2024 | |
Disclosure of joint ventures [line items] | |||
Investments in other companies | $ 45,000 | $ 0 | |
Anglo Eastern Univan Group Limited | |||
Disclosure of joint ventures [line items] | |||
Proportion of ownership interest in investment | 0.10 |
Investments - Disclosure of int
Investments - Disclosure of interests in joint arrangements (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Investments accounted for using equity method | $ 61,238 | $ 519 |
Joint ventures | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Investments accounted for using equity method | $ 16,237 | $ 518 |
Investments - Disclosure of rec
Investments - Disclosure of reconciliation of changes in interests in joint ventures (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Disclosure of joint ventures [line items] | ||
Carrying amount of interest at the beginning of the period | $ 519 | |
Carrying amount of interest at the end of the period | 61,238 | $ 519 |
Joint ventures | ||
Disclosure of joint ventures [line items] | ||
Carrying amount of interest at the beginning of the period | 518 | |
Carrying amount of interest at the end of the period | 16,237 | 518 |
Investments in equity accounted investees | Joint ventures | ||
Disclosure of joint ventures [line items] | ||
Gross balance, at beginning of period | (330) | 597 |
Offset investment with shareholders loan, at beginning of period | 848 | 826 |
Carrying amount of interest at the beginning of the period | 518 | 1,423 |
Reversal prior year offset investment with shareholders loan | (848) | (826) |
Group's share of profit (loss) for the period | 2,570 | (927) |
Movement shareholders loans to joint ventures | 0 | |
Capital increase / (decrease) in joint ventures | 1,063 | |
Translation differences | (216) | |
Business combinations | 12,399 | |
Gross balance, at end of period | 15,485 | (330) |
Offset investment with shareholders loan, at end of period | 752 | 848 |
Carrying amount of interest at the end of the period | 16,237 | 518 |
Shareholders loans | Joint ventures | ||
Disclosure of joint ventures [line items] | ||
Gross balance, at beginning of period | 850 | 850 |
Offset investment with shareholders loan, at beginning of period | (848) | (826) |
Carrying amount of interest at the beginning of the period | 2 | 24 |
Reversal prior year offset investment with shareholders loan | 848 | 826 |
Group's share of profit (loss) for the period | 0 | 0 |
Movement shareholders loans to joint ventures | (44) | |
Capital increase / (decrease) in joint ventures | 0 | |
Translation differences | 113 | |
Business combinations | 11,638 | |
Gross balance, at end of period | 12,557 | 850 |
Offset investment with shareholders loan, at end of period | (752) | (848) |
Carrying amount of interest at the end of the period | $ 11,805 | $ 2 |
Subsequent events (Details)
Subsequent events (Details) | Jul. 02, 2024 $ / shares | Aug. 08, 2024 T | Aug. 06, 2024 twenty-footEquivalent | Aug. 05, 2024 T |
Major delivery of assets | Mineral Italia | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Property plant and equipment, boat carrying capacity | T | 210,000 | |||
Major delivery of assets | CMA CGM Etosha | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Property plant and equipment, boat carrying capacity | twenty-footEquivalent | 6,000 | |||
Major delivery of assets | Bochem New Orleans | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Property plant and equipment, boat carrying capacity | T | 25,000 | |||
Major ordinary share transactions | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners (usd per share) | $ 1.15 | |||
Share premium | Major ordinary share transactions | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners (usd per share) | 0.88 | |||
Retained earnings | Major ordinary share transactions | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners (usd per share) | $ 0.27 |