Cover |
6 Months Ended |
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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 consolidated interim statement of comprehensive income - USD ($) $ in Thousands |
6 Months Ended | |
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Jun. 30, 2024 |
Jun. 30, 2023 |
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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 consolidated interim statement of changes in equity - USD ($) $ in Thousands |
Total |
Share capital |
Share premium |
Translation reserve |
Hedging reserve |
Treasury shares |
Retained earnings |
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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 |
Business Combination |
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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.
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'.
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Reporting entity |
6 Months Ended |
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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.
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Basis of preparation |
6 Months Ended |
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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.
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Use of judgements and estimates |
6 Months Ended |
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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
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Changes in significant accounting policies |
6 Months Ended |
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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.
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Changes in consolidation scope |
6 Months Ended |
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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.
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Significant events |
6 Months Ended |
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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).
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Segment reporting |
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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.
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Assets and liabilities held for sale and discontinued operations |
6 Months Ended |
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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.
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Revenue and other operating income |
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Revenue [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue and other operating income | Revenue and other operating income In the following table, revenue is disaggregated by type of contract
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.
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Expenses for shipping activities |
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Expenses for shipping activities | Expenses for shipping activities Voyage expenses and commissions
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
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
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.
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Net finance expenses |
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Net finance expenses | Net finance expenses
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.
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Property, plant and equipment |
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Property, plant and equipment | Property, plant and equipment
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
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. ImpairmentVessels 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 commitmentAs 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:
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.
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Intangible assets |
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Intangible assets | Intangible assets
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.
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Equity |
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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
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 loss. 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.
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Earnings per share |
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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
Weighted average number of ordinary shares
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.
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.
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Interest-bearing loans and borrowings |
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Interest-Being Loans And Borrowings [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing loans and borrowings | Interest-bearing loans and borrowings
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:
* 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
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 borrowingsOn 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:
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Trade and other payables |
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Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other payables | Trade and other payables
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.
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Financial instruments |
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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.
* 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.
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:
* 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.
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Deferred tax assets and liabilities |
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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.
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Non-current receivables |
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Non-current receivables | Non-current receivables
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
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).
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Bunker inventory |
6 Months Ended |
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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.
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Trade and other receivables |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other receivables | Non-current receivables
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
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).
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Provisions and contingencies |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provisions and contingencies | Provisions and contingencies
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.
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Investments |
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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
Joint Ventures The following table contains a roll forward of the balance sheet amounts with respect to the Group’s joint ventures:
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).
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Subsequent events |
6 Months Ended |
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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).
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Standards issued but not yet effective |
6 Months Ended |
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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.
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Statement on the true and fair view of the consolidated financial statements and the fair overview of the management report |
6 Months Ended |
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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.
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Changes in significant accounting policies (Policies) |
6 Months Ended |
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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
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Business Combination (Tables) |
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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.
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Segment reporting (Tables) |
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Disclosure of operating segments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of operating segments |
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Revenue and other operating income (Tables) |
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of revenue sources | In the following table, revenue is disaggregated by type of contract
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Expenses for shipping activities (Tables) |
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Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of voyage expenses and commissions | Voyage expenses and commissions
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Disclosure of vessel operating expenses | Vessel operating expenses
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Disclosure of general and administrative expense explanatory | General and administrative expenses
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Net finance expenses (Tables) |
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Disclosure of finance income and costs recognized in profit or loss explanatory |
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Property, plant and equipment (Tables) |
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Property, plant and equipment [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of property, plant and equipment and disposal of assets |
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Schedule of capital commitments | These capital commitments can be detailed as follows:
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Intangible assets (Tables) |
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Intangible assets other than goodwill [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reconciliation of intangible assets |
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Equity (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of hedging reserve | Hedging reserve
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Earnings per share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of earnings per share |
and restricted stock units were to be converted into ordinary shares.
|
Interest-bearing loans and borrowings (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-Being Loans And Borrowings [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule and maturity of borrowings |
* Deferred income and VAT payables (included in other payables) (see Note 16), which are not financial liabilities, are not included.
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Disclosure of terms and conditions of outstanding loans | The terms and conditions of outstanding loans were as follows:
* The total amount available under the revolving loan facilities depends on the total value of the fleet of tankers securing the facility.
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Schedule of unsecured notes |
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Schedule of future lease payments for leaseback agreement maturity | The future lease payments for these leaseback agreements are as follows:
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Trade and other payables (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of trade and other payables |
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Financial instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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.
* 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. |
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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.
* 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. |
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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.
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Disclosure of maturity analysis for derivative financial liabilities | The following are the remaining contractual maturities of financial liabilities:
* Deferred income and VAT payables (included in other payables) (see Note 16), which are not financial liabilities, are not included.
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Non-current receivables (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of non-current receivables |
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Trade and other receivables (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of trade and other current receivables |
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Provisions and contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of provisions |
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Investments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interests In Other Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of interests in joint arrangements |
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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:
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Changes in significant accounting policies (Details) $ in Thousands |
Feb. 07, 2024 |
Jun. 30, 2024
USD ($)
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Apr. 18, 2024 |
Jan. 31, 2024
USD ($)
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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 | 100.00% | |||||
Malaysia | ||||||
Disclosure of voluntary change in accounting policy [line items] | ||||||
Cash guarantees and deposits | $ 45,700 | $ 45,700 |
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 | 100.00% | |
Consideration transferred | $ 1,150,000 |
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 |
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 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 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 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 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 - 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 - 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 |
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 | 50.00% | |
TI Africa Ltd | ||
Disclosure of detailed information about intangible assets [line items] | ||
Percentage of voting equity interests acquired | 50.00% |
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 |
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 - 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 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 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% |
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 |
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 - 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 - 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) - 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 - 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 - 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 | $ 150,000,000.0 | $ 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 - 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 - 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 (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 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 |
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