DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION | 9 Months Ended |
Sep. 30, 2021 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity Registrant Name | TORM plc |
Entity Central Index Key | 0001655891 |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Sep. 30, 2021 |
Amendment Flag | false |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q3 |
CONDENSED CONSOLIDATED INCOME S
CONDENSED CONSOLIDATED INCOME STATEMENT - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
CONDENSED CONSOLIDATED INCOME STATEMENT | |||||
Revenue | $ 155.5 | $ 160.7 | $ 430.4 | $ 631.1 | $ 747.4 |
Port expenses, bunkers and commissions | (63.9) | (50.8) | (158.6) | (188.6) | (227.9) |
Operating expenses | (48.9) | (47.1) | (138.6) | (133.4) | (178.4) |
Profit from sale of vessels | 0.8 | 1 | 1.1 | ||
Administrative expenses | (12.3) | (11.7) | (39.1) | (37.7) | (50.8) |
Other operating income and expenses | 0.1 | (8.4) | (8.3) | (19.3) | |
Share of profit/(loss) from joint ventures | (0.1) | (0.1) | (0.1) | (0.2) | (0.2) |
Impairment losses and reversal of impairment on tangible assets | (1.5) | (0.8) | (4.8) | (11.1) | |
Depreciation | (34.1) | (29.5) | (96.1) | (91.5) | (121.9) |
Operating profit/(loss) (EBIT) | (3.7) | 12.4 | (2.9) | 167.6 | 138.9 |
Financial income | 0.5 | 0.1 | 0.7 | 1.3 | 0.5 |
Financial expenses | (10.9) | (11.5) | (30.6) | (39.7) | (49.9) |
Profit/(loss) before tax | (14.1) | 1 | (32.8) | 129.2 | 89.5 |
Tax | (0.6) | (0.4) | (1.1) | (1.1) | (1.4) |
Net profit/(loss) for the year | $ (14.7) | $ 0.6 | $ (33.9) | $ 128.1 | $ 88.1 |
EARNINGS PER SHARE | |||||
Basic earnings/(loss) per share (USD) | $ (0.18) | $ 0.01 | $ (0.44) | $ 1.72 | $ 1.19 |
Diluted earnings/(loss) per share (USD) | $ (0.19) | $ 0.01 | $ (0.43) | $ 1.72 | $ 1.19 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||
Net profit/(loss) for the year | $ (14.7) | $ 0.6 | $ (33.9) | $ 128.1 | $ 88.1 |
Items that may be reclassified to profit or loss: | |||||
Exchange rate adjustment arising from translation of entities using a functional currency different from USD | 0.1 | (0.2) | 0 | ||
Fair value adjustment on hedging instruments | (1.5) | 1.3 | 2.7 | (18.6) | (2.1) |
Fair value adjustment on hedging instruments transferred to income statement | 2.8 | 1.8 | 5.5 | 4.5 | (6.9) |
Items that may not be reclassified to profit or loss: | |||||
Remeasurements of net pension and other post-retirement benefit liability or asset | 0.1 | ||||
Other comprehensive income/(loss) after tax | 1.3 | 3.2 | 8 | (14.1) | (8.8) |
Total comprehensive income/(loss) for the year | $ (13.4) | $ 3.8 | $ (25.9) | $ 114 | $ 79.3 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) | 21 Months Ended |
Sep. 30, 2021USD ($) | |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |
Income tax incurred relating to other comprehensive income/(loss) items | $ 0 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Tangible fixed assets | |||
Land and buildings | $ 4.9 | $ 7.1 | $ 7.4 |
Vessels and capitalized dry-docking | 1,930.4 | 1,722.5 | 1,733.6 |
Prepayments on vessels | 22.8 | 12 | 10.1 |
Other plant and operating equipment | 7.1 | 6.8 | 6.1 |
Total tangible fixed assets | 1,965.2 | 1,748.4 | 1,757.2 |
Financial assets | |||
Investments in joint ventures | 1.6 | 1.6 | 1.5 |
Loan receivables | 4.6 | 4.6 | 4.6 |
Deferred tax asset | 0.6 | 0.3 | 0.3 |
Total financial assets | 6.8 | 6.5 | 6.4 |
Total non-current assets | 1,972 | 1,754.9 | 1,763.6 |
CURRENT ASSETS | |||
Bunkers | 43.7 | 22.5 | 23.1 |
Freight receivables | 69 | 58.6 | 78.5 |
Other receivables | 36.6 | 24.8 | 12.8 |
Prepayments | 4.1 | 2.2 | 3.8 |
Cash and cash equivalents incl. restricted cash | 109.9 | 135.6 | 156.5 |
Current assets, excluding assets held for sale | 263.3 | 243.7 | 274.7 |
Assets held for sale | 9 | ||
Total current assets | 263.3 | 243.7 | 283.7 |
TOTAL ASSETS | 2,235.3 | 1,998.6 | 2,047.3 |
EQUITY | |||
Common shares | 0.8 | 0.7 | 0.7 |
Share premium | 158.9 | 102 | 101.9 |
Treasury shares | (4.2) | (4.2) | (4.2) |
Hedging reserves | (12.5) | (20.7) | (25.9) |
Translation reserves | 0.2 | 0.4 | 0.3 |
Retained profit | 906.8 | 939.3 | 978.8 |
Total equity | 1,050 | 1,017.5 | 1,051.6 |
NON-CURRENT LIABILITIES | |||
Non-current tax liability related to held over gains | 45.2 | 44.9 | 44.9 |
Borrowings | 862.8 | 739.6 | 752.8 |
Total non-current liabilities | 908 | 784.5 | 797.7 |
CURRENT LIABILITIES | |||
Borrowings | 177.6 | 102.9 | 109.9 |
Trade payables | 29.9 | 14.4 | 17 |
Current tax liabilities | 1.8 | 1.4 | 1.7 |
Other liabilities | 49.7 | 59.6 | 61.4 |
Provisions | 18.3 | 18.3 | 8 |
Total current liabilities | 277.3 | 196.6 | 198 |
Total liabilities | 1,185.3 | 981.1 | 995.7 |
TOTAL EQUITY AND LIABILITIES | $ 2,235.3 | $ 1,998.6 | $ 2,047.3 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions | Common shares | Share premium. | Treasury shares. | Hedging reserves | Translation reserves | Retained profit | Total |
Equity at Dec. 31, 2019 | $ 0.7 | $ 101.3 | $ (2.9) | $ (11.8) | $ 0.3 | $ 920 | $ 1,007.6 |
Comprehensive income/loss for the year: | |||||||
Net profit/(loss) for the year | 128.1 | 128.1 | |||||
Other comprehensive income/(loss) for the year | (14.1) | (14.1) | |||||
Total comprehensive income/(loss) for the year | (14.1) | 128.1 | 114 | ||||
Capital increase | 0.6 | 0.6 | |||||
Share-based compensation | 1.3 | 1.3 | |||||
Dividend | (70.6) | (70.6) | |||||
Acquisition of treasury shares, cost | (1.3) | (1.3) | |||||
Total changes in equity | 0.6 | (1.3) | (14.1) | 58.8 | 44 | ||
Equity at Sep. 30, 2020 | 0.7 | 101.9 | (4.2) | (25.9) | 0.3 | 978.8 | 1,051.6 |
Equity at Dec. 31, 2019 | 0.7 | 101.3 | (2.9) | (11.8) | 0.3 | 920 | 1,007.6 |
Comprehensive income/loss for the year: | |||||||
Net profit/(loss) for the year | 88.1 | ||||||
Other comprehensive income/(loss) for the year | (8.8) | ||||||
Total comprehensive income/(loss) for the year | 79.3 | ||||||
Equity at Dec. 31, 2020 | 0.7 | 102 | (4.2) | (20.7) | 0.4 | 939.3 | 1,017.5 |
Comprehensive income/loss for the year: | |||||||
Net profit/(loss) for the year | (33.9) | (33.9) | |||||
Other comprehensive income/(loss) for the year | 8.2 | (0.2) | 8 | ||||
Total comprehensive income/(loss) for the year | 8.2 | (0.2) | (33.9) | (25.9) | |||
Capital increase | 0.1 | 56.9 | 57 | ||||
Transaction costs capital increase | 0.3 | 0.3 | |||||
Share-based compensation | 1.7 | 1.7 | |||||
Total changes in equity | 0.1 | 56.9 | 8.2 | (0.2) | (32.5) | 32.5 | |
Equity at Sep. 30, 2021 | $ 0.8 | $ 158.9 | $ (4.2) | $ (12.5) | $ 0.2 | $ 906.8 | $ 1,050 |
CONDENSED CONSOLIDATED CASHFLOW
CONDENSED CONSOLIDATED CASHFLOW STATEMENT $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
CASH FLOW FROM OPERATING ACTIVITIES | |||
Net profit/(loss) for the year | $ (33.9) | $ 128.1 | $ 88.1 |
Reversals: | |||
Profit from sale of vessels | (1) | (1.1) | |
Depreciation | 96.1 | 91.5 | 121.9 |
Impairment losses and reversal of impairment losses on tangible assets | 0.8 | 4.8 | 11.1 |
Share of profit/(loss) from joint ventures | 0.1 | 0.2 | 0.2 |
Financial income | (0.7) | (1.3) | (0.5) |
Financial expenses | 30.6 | 39.7 | 49.9 |
Tax expenses | 1.1 | 1.1 | 1.4 |
Other non-cash movements | 2.3 | 0.8 | 1.1 |
Dividends received from joint ventures | 0.3 | 0.3 | 0.3 |
Interest received and realized exchange gains | 0.2 | 0.4 | 0.6 |
Interest paid and realized exchange losses | (32.1) | (42.3) | (52.9) |
Income taxes paid | (0.3) | (0.2) | (0.2) |
Change in bunkers, receivables and payables, etc. | (29.3) | (6.4) | 15.9 |
Net cash flow from operating activities | 35.2 | 215.7 | 235.8 |
CASH FLOW FROM INVESTING ACTIVITIES | |||
Investment in tangible fixed assets | (272.3) | (135.3) | (173.1) |
Sale of tangible fixed assets | 10 | 65.3 | 83.7 |
Change in restricted cash | 40.4 | (13.2) | (30.4) |
Net cash flow from investing activities | (221.9) | (83.2) | (119.8) |
CASH FLOW FROM FINANCING ACTIVITIES | |||
Proceeds, borrowings | 338.7 | 584 | 734.3 |
Repayment, borrowings | (139) | (574.3) | (746.5) |
Dividend paid | (70.6) | (70.6) | |
Capital increase | 2 | 0.6 | 0.8 |
Transaction costs share issue | (0.3) | ||
Purchase/disposal of treasury shares | (1.3) | (1.3) | |
Net cash flow from financing activities | 201.4 | (61.6) | (83.3) |
Net cash flow from operating, investing and financing activities | 14.7 | 70.9 | 32.7 |
Cash and cash equivalents beginning balance | 89.5 | 56.8 | 56.8 |
Cash and cash equivalents ending balance | 104.2 | 127.7 | 89.5 |
Restricted cash equivalents ending balance | 5.7 | 28.8 | 46.1 |
Cash and cash equivalents incl. restricted cash | $ 109.9 | $ 156.5 | $ 135.6 |
STAFF COSTS
STAFF COSTS | 9 Months Ended |
Sep. 30, 2021 | |
STAFF COSTS | |
STAFF COSTS | NOTES NOTE 1 – STAFF COSTS USDm Q3 2021 Q3 2020 Q1 ‑ Q3 2021 Q1 ‑ Q3 2020 FY 2020 Included in operating expenses 2.4 2.1 7.2 6.3 9.2 Included in administrative expenses 10.2 9.5 32.6 30.6 41.5 Total staff costs 12.6 11.6 39.8 36.9 50.7 |
VESSELS AND CAPITALIZED DRY-DOC
VESSELS AND CAPITALIZED DRY-DOCKING | 9 Months Ended |
Sep. 30, 2021 | |
TANGIBLE FIXED ASSETS | |
VESSELS AND CAPITALIZED DRY-DOCKING | NOTE 2 – VESSELS AND CAPITALIZED DRY-DOCKING Included in the carrying amount for “Vessels and capitalized dry-docking” are capitalized dry-docking costs in the amount of USD 71.3m (30 September 2020: USD 63.6m, 31 December 2020: USD 66.1m). The depreciation for the nine months ended 30 September 2021 related to “Other plant and operating equipment” of USD 1.9m (30 September 2020: USD 0.6m, 31 December 2020: USD 1.2m) and “Land and buildings” of USD 1.5m (30 September 2020: USD 1.8m, 31 December 2020: USD 2.3m) is related to the “Administrative expenses”. Impairment assessment For determination of the vessel values, TORM has carried out an impairment indicator assessment of the most significant assumptions used in the fair value and value in use calculations for the Annual Report 2020 (please refer to Note 8 in the Annual Report 2020). Based on this, TORM has assessed that no impairment indicators are noted, as there were no significant changes in the assumptions to either the fair value or the value in use, and therefore TORM does not find any need to reassess the recoverable amount as of 30 September 2021. NOTE 2 – continued Assets sold during the year During the nine months of 2021, TORM sold one vessel, which was delivered to the new owner in May 2021. The sale resulted in an impairment loss of USD 0.8m recognized in the income statement. USDm 30 September 2021 30 September 2020 31 December 2020 Cost: Balance as of beginning of period 2,160.1 2,064.2 2,064.2 Additions 283.4 68.4 102.5 Disposals (20.1) (14.5) (29.8) Transferred from prepayments 27.5 148.1 148.1 Transferred to assets held-for-sale (17.2) (108.3) (124.9) Balance 2,433.7 2,157.9 2,160.1 Depreciation: Balance as of beginning of period 406.2 360.6 360.6 Disposals (20.1) (14.5) (29.8) Depreciation for the period 92.7 89.1 118.4 Transferred to assets held-for-sale (6.5) (36.4) (43.0) Balance 472.3 398.8 406.2 Impairment: Balance as of beginning of period 31.4 28.8 28.8 Impairment losses on tangible fixed assets 0.8 4.8 11.1 Transferred to assets held-for-sale (1.2) (8.1) (8.5) Balance 31.0 25.5 31.4 Carrying amount 1,930.4 1,733.6 1,722.5 |
PREPAYMENTS ON VESSELS
PREPAYMENTS ON VESSELS | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Prepayments On Vessels [Abstract] | |
PREPAYMENTS ON VESSELS | NOTE 3 – PREPAYMENTS ON VESSELS USDm 30 September 2021 30 September 2020 31 December 2020 Balance as of beginning of period 12.0 95.0 95.0 Additions 38.3 63.2 65.1 Transferred to vessels (27.5) (148.1) (148.1) Carrying amount 22.8 10.1 12.0 |
BORROWINGS
BORROWINGS | 9 Months Ended |
Sep. 30, 2021 | |
BORROWINGS | |
BORROWINGS | NOTE 4 – BORROWINGS USDm 30 September 2021 30 September 2020 31 December 2020 Mortgage debt and bank loans to be repaid as follows: Falling due within one year 177.7 109.7 101.8 Falling due between one and two years 132.9 139.5 101.9 Falling due between two and three years 143.8 104.3 102.1 Falling due between three and four years 143.2 111.3 114.4 Falling due between four and five years 210.4 110.6 106.9 Falling due after five years 238.4 290.7 315.3 Total 1,046.4 866.1 842.4 NOTE 4 – The presented amounts to be repaid do not include directly related costs arising from the issuing of the loans of USD 12.3m (30 September 2020: USD 11.5m, 31 December 2020: USD 10.9m) and debt regarding Land and buildings & Other plant and operating equipment USD 6.3m (30 September 2020: USD 8.1m, 31 December 2020: USD 8.3m) As of 30 September 2021, TORM was in compliance with the financial covenants. TORM expects to remain in compliance with the financial covenants in the remaining period of 2021. |
PROVISIONS
PROVISIONS | 9 Months Ended |
Sep. 30, 2021 | |
PROVISIONS | |
PROVISIONS | NOTE 5 – PROVISIONS In 2020 the Group was involved in two cargo claims, both relating to one customer having issued indemnities to TORM for safe discharge of cargoes, and not being able to honor those indemnity obligations. Both cases involved irregular activities by the customer in relation to the handling of bills of lading. Legal action has been initiated by the Group in the UK and in India against the customer and a number of individual owners and management representatives. The Group has recognized provisions in the total amount of USD 18.3m relating to the two claims. The proceedings are ongoing and therefore the provisions recognized are subject to uncertainty related to both timing and amount. |
CONTINGENT LIABILITIES
CONTINGENT LIABILITIES | 9 Months Ended |
Sep. 30, 2021 | |
CONTINGENT LIABILITIES | |
CONTINGENT LIABILITIES | NOTE 6 – CONTINGENT LIABILITIES The Group is involved in certain legal proceedings and disputes. It is Management’s opinion that the outcome of these proceedings and disputes will not have any material impact on the Group’s financial position, results of operations and cash flows. |
CONTRACTUAL OBLIGATIONS AND RIG
CONTRACTUAL OBLIGATIONS AND RIGHTS | 9 Months Ended |
Sep. 30, 2021 | |
CONTRACTUAL RIGHTS AND OBLIGATIONS | |
CONTRACTUAL RIGHTS AND OBLIGATIONS | NOTE 7 – CONTRACTUAL OBLIGATIONS AND RIGHTS As of 30 September 2021, TORM has contractual obligations regarding investment commitments including newbuilding and secondhand commitments of USD 78.3m (30 September 2020: USD 85.9m, 31 December 2020: USD 100.6m). |
POST BALANCE SHEET DATE EVENTS
POST BALANCE SHEET DATE EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Post Balance Sheet Date Events [Abstract] | |
POST BALANCE SHEET DATE EVENTS | NOTE 8 – POST BALANCE SHEET DATE EVENTS In October 2021, TORM obtained commitment from a new Chinese financial institution for the sale and operational leaseback of nine existing MR vessels built from 2010 to 2012. The transaction is expected to be completed during the fourth quarter of 2021 and the first quarter of 2022 with a liquidity contribution of USD 75.5m and they underline TORM’s ability to obtain attractively priced and diversified operational lease financing. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 9 – RELATED PARTY TRANSACTIONS During the nine months ended 30 September 2021, TORM’s transactions with its joint venture producing scrubbers for the TORM fleet covered CAPEX of USD 1.2m in total. The joint venture will continue to assist TORM in installing scrubbers. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | NOTE 10 – ACCOUNTING POLICIES General information The information for the year ended 31 December 2020 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditor’s report on those accounts was not qualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report and did not contain statements under section 498(2) or (3) of the Companies Act 2006. NOTE 10 – Significant accounting policies As a result of the UK’s withdrawal from the European Union on 31 December 2020, the financial statements of the Group for year ending 31 December 2021 will be prepared under UK-adopted International Accounting Standards. Accordingly, the interim report for the period 1 January-30 September 2021 is presented in accordance with IAS 34 “Interim Financial Reporting” as adopted in the UK and as issued by the IASB. Except where stated otherwise, the interim report has been prepared using the same accounting policies and methods of computation as the Annual Report 2020. New standards effective for annual periods beginning 1 January 2021 have not had any material effect on the interim report. The accounting policies are described in more detail in the Annual Report 2020. The interim report for the period 01 January-30 September 2021 is not audited or reviewed, in line with normal practice. For critical estimates and judgements, please refer to the Annual report 2020, page 120. Going concern The Group monitors its funding position throughout the year to ensure that it has access to sufficient funds to meet its forecast cash requirements, including newbuilding and loan commitments, and to monitor compliance with the financial covenants within its loan facilities. As of 30 September 2021, TORM’s available liquidity including undrawn and committed facilities was USD 185.5m, including a total cash position of USD 109.9m (including restricted cash of USD 5.7m ).TORM’s net interest-bearing debt was USD 938.2m, and the net debt loan-to-value ratio was 53.6%. TORM performs sensitivity calculations to reflect different scenarios including, but not limited to, future freight rates and vessel valuations in order to identify risks to future liquidity and covenant compliance and to enable Management to take corrective actions, if required. The principal risks and uncertainties facing the Group are set out on page [12]. Currently, extra attention is given to the timing of the restoration of the global oil demand related to implications of COVID-19 on TORM’s operations. The expected effects have been addressed in the sensitivity analysis. The Board of Directors has considered the Group’s cash flow forecasts and the expected compliance with the Company’s financial covenants for a period of not less than 12 months from the date of approval of this interim report. Based on this review, the Board of Directors has a reasonable expectation that, taking into account reasonably possible changes in trading performance and vessel valuations, the Group will be able to continue in operational existence and comply with its financial covenants for a period of not less than 12 months from the date of approval of this interim report. Accordingly, the Group continues to adopt the going concern basis in preparing its financial statements. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Accounting Policies [Abstract] | |
Going concern | Going concern The Group monitors its funding position throughout the year to ensure that it has access to sufficient funds to meet its forecast cash requirements, including newbuilding and loan commitments, and to monitor compliance with the financial covenants within its loan facilities. As of 30 September 2021, TORM’s available liquidity including undrawn and committed facilities was USD 185.5m, including a total cash position of USD 109.9m (including restricted cash of USD 5.7m ).TORM’s net interest-bearing debt was USD 938.2m, and the net debt loan-to-value ratio was 53.6%. TORM performs sensitivity calculations to reflect different scenarios including, but not limited to, future freight rates and vessel valuations in order to identify risks to future liquidity and covenant compliance and to enable Management to take corrective actions, if required. The principal risks and uncertainties facing the Group are set out on page [12]. Currently, extra attention is given to the timing of the restoration of the global oil demand related to implications of COVID-19 on TORM’s operations. The expected effects have been addressed in the sensitivity analysis. The Board of Directors has considered the Group’s cash flow forecasts and the expected compliance with the Company’s financial covenants for a period of not less than 12 months from the date of approval of this interim report. Based on this review, the Board of Directors has a reasonable expectation that, taking into account reasonably possible changes in trading performance and vessel valuations, the Group will be able to continue in operational existence and comply with its financial covenants for a period of not less than 12 months from the date of approval of this interim report. Accordingly, the Group continues to adopt the going concern basis in preparing its financial statements. |
STAFF COSTS (Tables)
STAFF COSTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
STAFF COSTS | |
Schedule of staff costs | USDm Q3 2021 Q3 2020 Q1 ‑ Q3 2021 Q1 ‑ Q3 2020 FY 2020 Included in operating expenses 2.4 2.1 7.2 6.3 9.2 Included in administrative expenses 10.2 9.5 32.6 30.6 41.5 Total staff costs 12.6 11.6 39.8 36.9 50.7 |
VESSELS AND CAPITALIZED DRY-D_2
VESSELS AND CAPITALIZED DRY-DOCKING (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
TANGIBLE FIXED ASSETS | |
Schedule of vessels written-down to agreed net sales prices | USDm 30 September 2021 30 September 2020 31 December 2020 Cost: Balance as of beginning of period 2,160.1 2,064.2 2,064.2 Additions 283.4 68.4 102.5 Disposals (20.1) (14.5) (29.8) Transferred from prepayments 27.5 148.1 148.1 Transferred to assets held-for-sale (17.2) (108.3) (124.9) Balance 2,433.7 2,157.9 2,160.1 Depreciation: Balance as of beginning of period 406.2 360.6 360.6 Disposals (20.1) (14.5) (29.8) Depreciation for the period 92.7 89.1 118.4 Transferred to assets held-for-sale (6.5) (36.4) (43.0) Balance 472.3 398.8 406.2 Impairment: Balance as of beginning of period 31.4 28.8 28.8 Impairment losses on tangible fixed assets 0.8 4.8 11.1 Transferred to assets held-for-sale (1.2) (8.1) (8.5) Balance 31.0 25.5 31.4 Carrying amount 1,930.4 1,733.6 1,722.5 |
PREPAYMENTS ON VESSELS (Tables)
PREPAYMENTS ON VESSELS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Prepayments On Vessels [Abstract] | |
Schedule of prepayments on vessels | USDm 30 September 2021 30 September 2020 31 December 2020 Balance as of beginning of period 12.0 95.0 95.0 Additions 38.3 63.2 65.1 Transferred to vessels (27.5) (148.1) (148.1) Carrying amount 22.8 10.1 12.0 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
BORROWINGS | |
Schedule of repayment of mortgage debt and bank loans | USDm 30 September 2021 30 September 2020 31 December 2020 Mortgage debt and bank loans to be repaid as follows: Falling due within one year 177.7 109.7 101.8 Falling due between one and two years 132.9 139.5 101.9 Falling due between two and three years 143.8 104.3 102.1 Falling due between three and four years 143.2 111.3 114.4 Falling due between four and five years 210.4 110.6 106.9 Falling due after five years 238.4 290.7 315.3 Total 1,046.4 866.1 842.4 |
STAFF COSTS (Details)
STAFF COSTS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Total staff costs | |||||
Staff costs | $ 12.6 | $ 11.6 | $ 39.8 | $ 36.9 | $ 50.7 |
Staff costs included in operating expenses | |||||
Total staff costs | |||||
Staff costs | 2.4 | 2.1 | 7.2 | 6.3 | 9.2 |
Staff costs included in administrative expenses | |||||
Total staff costs | |||||
Staff costs | $ 10.2 | $ 9.5 | $ 32.6 | $ 30.6 | $ 41.5 |
VESSELS AND CAPITALIZED DRY-D_3
VESSELS AND CAPITALIZED DRY-DOCKING (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance | $ 1,748.4 | ||
Balance | 1,965.2 | $ 1,757.2 | $ 1,748.4 |
Vessels and capitalized dry docking | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance | 1,722.5 | ||
Impairment losses on tangible fixed assets | 0.8 | ||
Balance | 1,930.4 | 1,733.6 | 1,722.5 |
Vessels and capitalized dry docking | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance | 2,160.1 | 2,064.2 | 2,064.2 |
Additions | 283.4 | 68.4 | 102.5 |
Disposals | 20.1 | 14.5 | 29.8 |
Transferred to/from other items | 27.5 | 148.1 | 148.1 |
Transferred to assets held-for-sale | 17.2 | 108.3 | 124.9 |
Balance | 2,433.7 | 2,157.9 | 2,160.1 |
Vessels and capitalized dry docking | Depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance | (406.2) | (360.6) | (360.6) |
Disposals | (20.1) | (14.5) | (29.8) |
Depreciation for the year | 92.7 | 89.1 | 118.4 |
Transferred to assets held-for-sale | (6.5) | (36.4) | (43) |
Balance | (472.3) | (398.8) | (406.2) |
Vessels and capitalized dry docking | Accumulated impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Balance | (31.4) | (28.8) | (28.8) |
Impairment losses on tangible fixed assets | 0.8 | 4.8 | 11.1 |
Transferred to assets held-for-sale | (1.2) | (8.1) | (8.5) |
Balance | $ (31) | $ (25.5) | $ (31.4) |
VESSELS AND CAPITALIZED DRY-D_4
VESSELS AND CAPITALIZED DRY-DOCKING - NARRATIVES (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Depreciation expense related to administrative expense | $ 34.1 | $ 29.5 | $ 96.1 | $ 91.5 | $ 121.9 |
Number of vessels sold during the period | 1 | ||||
Vessels and capitalized dry docking | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Capitalized dry-docking costs | $ 71.3 | $ 63.6 | $ 71.3 | 63.6 | 66.1 |
Impairment losses on tangible fixed assets | 0.8 | ||||
Other plant and operating equipment | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Depreciation expense related to administrative expense | 1.9 | 0.6 | 1.2 | ||
Land and buildings. | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Depreciation expense related to administrative expense | $ 1.5 | $ 1.8 | $ 2.3 |
PREPAYMENTS ON VESSELS (Details
PREPAYMENTS ON VESSELS (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | $ 12 | $ 95 | $ 95 |
Additions | 38.3 | 63.2 | 65.1 |
Transferred to vessels | (27.5) | (148.1) | (148.1) |
Balance | $ 22.8 | $ 10.1 | $ 12 |
BORROWINGS (Details)
BORROWINGS (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Mortgage Debt And Bank Loans [Line Items] | |||
Borrowings | $ 1,046.4 | $ 842.4 | $ 866.1 |
Due within one year | |||
Mortgage Debt And Bank Loans [Line Items] | |||
Borrowings | 177.7 | 101.8 | 109.7 |
Due within one and two years | |||
Mortgage Debt And Bank Loans [Line Items] | |||
Borrowings | 132.9 | 101.9 | 139.5 |
Due between two and three years | |||
Mortgage Debt And Bank Loans [Line Items] | |||
Borrowings | 143.8 | 102.1 | 104.3 |
Due between three and four years | |||
Mortgage Debt And Bank Loans [Line Items] | |||
Borrowings | 143.2 | 114.4 | 111.3 |
Due between four and five years | |||
Mortgage Debt And Bank Loans [Line Items] | |||
Borrowings | 210.4 | 106.9 | 110.6 |
Due in more than five years | |||
Mortgage Debt And Bank Loans [Line Items] | |||
Borrowings | $ 238.4 | $ 315.3 | $ 290.7 |
BORROWINGS - NARRATIVES (Detail
BORROWINGS - NARRATIVES (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Borrowings | |||
Direct issuance costs for borrowings | $ 12.3 | $ 10.9 | $ 11.5 |
Land and buildings and other plant and operating equipment | |||
Borrowings | |||
Borrowings obtained | $ 6.3 | $ 8.3 | $ 8.1 |
PROVISIONS - Additional Informa
PROVISIONS - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)customerclaim | |
PROVISIONS | |
Number of cargo claims | claim | 2 |
Number of customer issued indemnities | customer | 1 |
Provisions recognized | $ | $ 18.3 |
CONTRACTUAL OBLIGATIONS AND R_2
CONTRACTUAL OBLIGATIONS AND RIGHTS - (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Contractual Obligations [Line Items] | |||
Contractual obligations relating to investment commitments including new building and secondhand commitments | $ 78.3 | $ 100.6 | $ 85.9 |
POST BALANCE SHEET DATE EVENTS
POST BALANCE SHEET DATE EVENTS (Details) - Sale and operational leaseback transaction $ in Millions | 6 Months Ended | |
Mar. 31, 2022USD ($) | Oct. 31, 2021 | |
Disclosure of non-adjusting events after reporting period [line items] | ||
Number of vessels included in sale and leaseback transaction | 9 | |
Forecast | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Liquidity contribution for sale and operational leaseback | $ 75.5 |
RELATED PARTY TRANSACTIONS - (D
RELATED PARTY TRANSACTIONS - (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
joint venture | |
Disclosure of transactions between related parties [line items] | |
Transactions with its joint venture producing scrubbers | $ 1.2 |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) $ in Millions | Sep. 30, 2021USD ($) |
Disclosure Of Accounting Policies [Abstract] | |
Available liquidity | $ 185.5 |
Cash position | 109.9 |
Restricted cash | 5.7 |
Amount of debt excluding amortized bank fees | $ 938.2 |
Net debt loan-to-value ratio | 53.60% |