6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of October 2018

Commission File Number: 001-36810

EURONAV NV

De Gerlachekaai 20

2000 Antwerpen

Belgium

011-32-3-247-4411

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ý     Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨.

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨.

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Exhibit Index

Exhibit No.	Exhibit
99.1	Unaudited Condensed Consolidated Interim Financial Statements for the Six Month Period Ended June 30, 2018
99.2	Management's Discussion and Analysis of Financial Condition and Results of Operations

Throughout this report, all references to “Euronav,” the "Company,” “we,” “our,” and “us” refer to Euronav NV and its subsidiaries. Unless otherwise indicated, all references to “U.S. dollars,” “USD,” “dollars,” “US$” and “$” in this annual report are to the lawful currency of the United States of America and references to “Euro,” “EUR,” and “€” are to the lawful currency of Belgium.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Matters discussed in this report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are including this cautionary statement in connection therewith. This report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance, and are not intended to give any assurance as to future results. When used in this document, the words "believe," "expect," "anticipate," "estimate," "intend," "plan," "target," "project," "likely," "may," "will," "would," "could" and similar expressions, terms, or phrases may identify forward-looking statements.

The forward-looking statements in this report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to important factors and matters discussed elsewhere in this report, and in the documents incorporated by reference herein, important factors that, in our view, could cause our actual results and developments to differ materially from those discussed in the forward-looking statements include:

• the strength of world economies and currencies;

• general market conditions, including the market for our vessels, fluctuations in charter rates and vessel values;

• availability of financing and refinancing;

• our business strategy and other plans and objectives for growth and future operations;

• our ability to successfully employ our existing and newbuilding vessels;

• planned capital expenditures and availability of capital resources to fund capital expenditures;

• our ability to realize the expected benefits from acquisitions;

• potential liability from pending or future litigation;

• general domestic and international political conditions;

• potential disruption of shipping routes due to accidents or political events;

• vessels breakdowns and instances of off-hires;

• competition within our industry;

• the supply of and demand for vessels comparable to ours;

• corruption, piracy, militant activities, political instability, terrorism, ethnic unrest in locations where we may operate;

• delays and cost overruns in construction projects;

• our level of indebtedness;

• our ability to obtain financing and comply with the restrictive and other covenants in our financing arrangements;

• our need for cash to meet our debt service obligations;

• our levels of operating and maintenance costs, including bunker prices, drydocking and insurance costs;

• availability of skilled workers and the related labor costs;

• compliance with governmental, tax, environmental and safety regulation;

• any non-compliance with the U.S. Foreign Corrupt Practices Act of 1977 (FCPA) or other applicable regulations relating to bribery;

• general economic conditions and conditions in the oil and natural gas industry;

• effects of new products and new technology in our industry;

• the failure of counterparties to fully perform their contracts with us;

• our dependence on key personnel;

• adequacy of insurance coverage;

• our ability to obtain indemnities from customers;

• changes in laws, treaties or regulations; and

• the volatility of the price of our ordinary shares.

These factors and the other risk factors described in this report are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could harm our results. Consequently, there can be no assurance that actual results or

developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us. These forward looking statements are not guarantees of our future performance, and actual results and developments may vary materially from those projected in the forward looking statements. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation, and specifically decline any obligation, except as required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	EURONAV NV
	(Registrant)
Dated: October 9, 2018
	By:	/s/ Hugo De Stoop
		Hugo De Stoop
		Chief Financial Officer

EX-99.1

Exhibit 99.1

Condensed consolidated statement of financial position

(in thousands of USD)

	June 30, 2018	December 31, 2017 *
ASSETS
Non-current assets
Vessels (Note 12)	3,605,611	2,271,500
Assets under construction (Note 12)	39,248	63,668
Other tangible assets (Note 12)	2,012	1,663
Intangible assets	173	72
Receivables (Note 19)	54,022	160,352
Investments in equity accounted investees (Note 23)	35,824	30,595
Deferred tax assets	2,601	2,487
Total non-current assets	3,739,491	2,530,337
Current assets
Trade and other receivables (Note 20)	239,819	136,797
Current tax assets	201	191
Cash and cash equivalents	206,279	143,648
Assets held for sale (Note 8)	1,319	—
Total current assets	447,618	280,636
TOTAL ASSETS	4,187,109	2,810,973
EQUITY and LIABILITIES
Equity
Share capital (Note 13)	239,148	173,046
Share premium (Note 13)	1,702,549	1,215,227
Translation reserve	524	568
Hedging reserve (Note 13)	(201)	—
Treasury shares (Note 13)	(16,102)	(16,102)
Retained earnings	410,662	473,622
Equity attributable to owners of the Company	2,336,580	1,846,361
Non-current liabilities
Bank loans (Note 15)	1,275,712	653,730
Other notes (Note 15)	147,890	147,619
Other payables (Note 16)	413	539
Employee benefits	4,297	3,984
Total non-current liabilities	1,428,312	805,872
Current liabilities
Trade and other payables (Note 16)	87,067	61,355
Current tax liabilities	11	11
Bank loans (Note 15)	276,849	47,361
Other borrowings (Note 15)	58,290	50,010
Provisions	—	3
Total current liabilities	422,217	158,740
TOTAL EQUITY and LIABILITIES	4,187,109	2,810,973
* The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.
The accompanying notes on pages 7 to 41 are an integral part of these condensed consolidated interim financial statements.

Condensed consolidated statement of profit or loss

1

(in thousands of USD except per share amounts)

	2018	2017 *
	Jan. 1 - Jun. 30, 2018	Jan. 1 - Jun. 30, 2017
Shipping income
Revenue (Note 9)	202,748	290,591
Gains on disposal of vessels/other tangible assets (Note 12)	10,175	20
Other operating income (Note 9)	2,133	2,775
Total shipping income	215,056	293,386
Operating expenses
Voyage expenses and commissions (Note 10)	(46,277)	(32,283)
Vessel operating expenses (Note 10)	(78,870)	(78,488)
Charter hire expenses (Note 10)	(15,432)	(15,485)
Loss on disposal of vessels/other tangible assets (Note 12)	—	(21,027)
Depreciation tangible assets (Note 12)	(112,926)	(115,525)
Depreciation intangible assets	(51)	(48)
General and administrative expenses (Note 10)	(31,150)	(22,351)
Total operating expenses	(284,706)	(285,207)
RESULT FROM OPERATING ACTIVITIES	(69,650)	8,179
Finance income (Note 11)	7,185	2,393
Finance expenses (Note 11)	(33,978)	(22,034)
Net finance expenses	(26,793)	(19,641)
Gain on bargain purchase (Note 22)	36,280	—
Share of profit (loss) of equity accounted investees (net of income tax) (Note 23)	8,420	21,024
PROFIT (LOSS) BEFORE INCOME TAX	(51,743)	9,562
Income tax benefit (expense)	141	526
PROFIT (LOSS) FOR THE PERIOD	(51,602)	10,088
Attributable to:
Owners of the company	(51,602)	10,088
Basic earnings per share (Note 14)	(0.31)	0.06
Diluted earnings per share (Note 14)	(0.31)	0.06
Weighted average number of shares (basic) (Note 14)	164,550,509	158,166,534
Weighted average number of shares (diluted) (Note 14)	164,634,673	158,304,525
* The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.
The accompanying notes on pages 7 to 41 are an integral part of these condensed consolidated interim financial statements.

2

Condensed consolidated statement of comprehensive income

(in thousands of USD)

	2018	2017 *
	Jan. 1 - Jun. 30, 2018	Jan. 1 - Jun. 30, 2017
Profit/(loss) for the period	(51,602)	10,088
Other comprehensive income, net of tax
Items that will never be reclassified to profit or loss:
Remeasurements of the defined benefit liability (asset)	—	—
Items that are or may be reclassified to profit or loss:
Foreign currency translation differences	(44)	296
Cash flow hedges - effective portion of changes in fair value (Note 13)	(201)	—
Equity-accounted investees - share of other comprehensive income (Note 23)	(160)	484
Other comprehensive (loss) / income, net of tax	(405)	780
Total comprehensive (loss) / income for the period	(52,007)	10,868
Attributable to:
Owners of the company	(52,007)	10,868
* The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.
The accompanying notes on pages 7 to 41 are an integral part of these condensed consolidated interim financial statements.

3

Condensed consolidated statement of changes in equity

(in thousands of USD)

	Share capital	Share premium	Translation reserve	Hedging reserve	Treasury shares	Retained earnings	Total equity
Balance at January 1, 2017	173,046	1,215,227	120	—	(16,102)	515,665	1,887,956
Profit (loss) for the period	—	—	—	—	—	10,088	10,088
Total other comprehensive income	—	—	296	—	—	484	780
Total comprehensive income	—	—	296	—	—	10,572	10,868
Transactions with owners of the company
Dividends to equity holders	—	—	—	—	—	(34,797)	(34,797)
Equity-settled share-based payment	—	—	—	—	—	161	161
Total transactions with owners	—	—	—	—	—	(34,636)	(34,636)
Balance at June 30, 2017	173,046	1,215,227	416	—	(16,102)	491,601	1,864,188
	Share capital	Share premium	Translation reserve	Hedging reserve	Treasury shares	Retained earnings	Total equity
Balance at January 1, 2018	173,046	1,215,227	568	—	(16,102)	473,622	1,846,361
Adjustment on initial application of IFRS 15 (net of tax) (Note 4)	—	—	—	—	—	(1,729)	(1,729)
Adjustment on initial application of IFRS 9 (net of tax) (Note 4)	—	—	—	—	—	(16)	(16)
Balance at January 1, 2018 adjusted *	173,046	1,215,227	568	—	(16,102)	471,877	1,844,616
Profit (loss) for the period	—	—	—	—	—	(51,602)	(51,602)
Total other comprehensive income	—	—	(44)	(201)	—	(160)	(405)
Total comprehensive income	—	—	(44)	(201)	—	(51,762)	(52,007)
Transactions with owners of the company
Issue of ordinary shares related to business combinations (Note 13)	66,102	487,322	—	—	—	—	553,424
Dividends to equity holders (Note 13)	—	—	—	—	—	(9,490)	(9,490)
Equity-settled share-based payment (Note 13)	—	—	—	—	—	37	37
Total transactions with owners	66,102	487,322	—	—	—	(9,453)	543,971
Balance at June 30, 2018	239,148	1,702,549	524	(201)	(16,102)	410,662	2,336,580
* The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated but the opening balance of 2018 has been adjusted following the application of IFRS 15 on Revenue Recognition.
The accompanying notes on pages 7 to 41 are an integral part of these condensed consolidated interim financial statements.

4

Condensed consolidated statement of cash flows

(in thousands of USD)

	2018	2017 *
	Jan. 1 - Jun. 30, 2018	Jan. 1 - Jun. 30, 2017
Cash flows from operating activities
Profit (loss) for the period	(51,602)	10,088
Adjustments for:	84,292	134,269
Depreciation of tangible assets (Note 12)	112,926	115,525
Depreciation of intangible assets	51	48
Provisions	(3)	(58)
Tax (benefits)/expenses	(141)	(526)
Share of profit of equity-accounted investees, net of tax (Note 23)	(8,420)	(21,024)
Net finance expense (Note 11)	26,793	19,641
(Gain)/loss on disposal of assets (Note 12)	(10,175)	21,007
Equity-settled share-based payment transactions	37	161
Amortization of deferred capital gain	(496)	(505)
Gain on bargain purchase (Note 22)	(36,280)	—
Changes in working capital requirements	(23,136)	4,765
Change in cash guarantees	31	(29)
Change in trade receivables	(325)	2,467
Change in accrued income	(2,796)	5,518
Change in deferred charges	(13,186)	(1,412)
Change in other receivables	(3,760)	2,543
Change in trade payables	(838)	723
Change in accrued payroll	(13,037)	(838)
Change in accrued expenses	13,380	(2,260)
Change in deferred income	(5,109)	(2,300)
Change in other payables	2,185	43
Change in provisions for employee benefits	319	310
Income taxes paid during the period	18	167
Interest paid	(21,394)	(17,569)
Interest received	547	266
Dividends received from equity-accounted investees (Note 23)	—	1,250
Net cash from (used in) operating activities	(11,275)	133,236
Acquisition of vessels and vessels under construction (Note 12)	(147,426)	(141,684)
Proceeds from the sale of vessels (Note 12)	10,175	20,790
Acquisition of other tangible assets (Note 12)	(272)	(73)
Acquisition of intangible assets	(1)	(1)
Proceeds from the sale of other (in)tangible assets	—	28
Loans from (to) related parties (Note 23)	118,700	18,500
Net cash received from business combinations (Note 22)	126,288	—
Proceeds from sale of subsidiaries (Note 22)	120,025	—
Net cash from (used in) investing activities	227,489	(102,440)
Proceeds from new borrowings (Note 15)	480,056	533,074
Repayment of borrowings (Note 15)	(621,890)	(495,012)
Transaction costs related to issue of loans and borrowings (Note 15)	(1,649)	(5,874)
Dividends paid (Note 13)	(9,501)	(34,651)
Net cash from (used in) financing activities	(152,984)	(2,463)
Net increase (decrease) in cash and cash equivalents	63,230	28,333
Net cash and cash equivalents at the beginning of the period	143,648	206,689
Effect of changes in exchange rates	(599)	677
Net cash and cash equivalents at the end of the period	206,279	235,699
of which restricted cash (Note 24)	96,689	115
* The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.
The accompanying notes on pages 7 to 41 are an integral part of these condensed consolidated interim financial statements.

5

Notes to the consolidated financial statements for the six-month period ended June 30, 2018

Note 1 - Reporting entity

Note 2 - Basis of preparation

Note 3 - Use of judgements and estimates

Note 4 - Changes in significant accounting policies

Note 5 - Changes in consolidation scope

Note 6 - Significant events

Note 7 - Segment reporting

Note 8 - Assets held for sale and discontinued operations

Note 9 - Revenue

Note 10 - Expenses for shipping activities

Note 11 - Net finance expenses

Note 12 - Property, plant and equipment

Note 13 - Equity

Note 14 - Earnings per share

Note 15 - Interest-bearing loans and borrowings

Note 16 - Trade and other payables

Note 17 - Financial instruments

Note 18 - Deferred tax assets and liabilities

Note 19 - Non-current receivables

Note 20 - Trade and other receivables

Note 21 - Contingencies

Note 22 - Business Combinations

Note 23 - Equity-accounted investees

Note 24 - Restricted Cash

Note 25 - Subsequent events

Note 26 - Standards issued but not yet effective

6

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Note 1 - Reporting entity

Euronav NV (the “Company”) is a company domiciled in Belgium. The address of the Company’s registered office is De Gerlachekaai 20, 2000 Antwerpen, Belgium. The condensed consolidated interim financial statements ("interim financial statements") as at and for the six months ended June 30, 2018 comprise the Company and its subsidiaries (together referred to as Euronav or the “Group”) and the Group’s interest in associates and joint ventures.

Note 2 - 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, 2017 that have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).

This is the first set of the Group's financial statements where IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments have been applied. Changes to significant accounting policies are described in Note 4.

These condensed consolidated interim financial statements were authorized for issue by the Board of Directors on October 8, 2018.

Note 3 - 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 that applied to the consolidated financial statements for the year ended December 31, 2017, except for the identification and measurement of assets acquired and liabilities assumed related to the business combination with Gener8 Maritime Inc. which are described Note 22.

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).

7

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

Further information about the assumptions made in measuring fair values is included in Note 16.

Note 4 - Changes in significant accounting policies

A summary of the Company's significant accounting policies can be found in the Company's consolidated financial statements for the year ended December 31, 2017.

Except as described below, the accounting policies and calculation methods 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, 2017, that have been prepared in accordance with IFRS.

The changes in accounting policies are also expected to be reflected in the Group's consolidated financial statements as at and for the year ending December 31, 2018.

The Group adopted IFRS 15 Revenue from Contracts with Customers (see A) and IFRS 9 Financial Instruments (see B) on January 1, 2018. A number of other new standards are effective from January 1, 2018 but they do not have a material effect on the Group's financial statements.

The effect of initially applying these standards is mainly attributed to the following:

– recognizing revenue for spot charters on a load-to-discharge basis instead of a discharge-to-discharge basis;

– capitalizing the voyage expenses incurred between the previous discharge port and the next load port if they qualify as fulfillment costs and if they are expected to be recovered;

– an increase in impairment losses recognized on financial assets.

A.    IFRS 15 Revenue from Contracts with Customers

IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaced IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations. The Group has adopted IFRS 15 using the cumulative effect method (without practical expedients), with the effect of initially applying this standard recognized at the date of initial application (i.e. January 1, 2018). Accordingly, the information presented for 2017 has not been restated - i.e. it is presented, as previously reported, under IAS 18, IAS 11 and related interpretations.

The following table summarizes the impact, net of tax, of transition to IFRS 15 on retained earnings at January 1, 2018.

(in thousands of USD)	Impact of adopting IFRS 15 at January 1, 2018
Retained earnings
Revenue on a load-to-discharge basis	(4,422)
Recognition capitalized fulfillment costs	2,693
Impact at January 1, 2018	(1,729)

The following tables summarize the impacts of adopting IFRS 15 on the Group's interim statement of financial position as at June 30, 2018 and its interim statement of profit or loss and OCI for the six months then ended for each of the line items affected. There was no material impact on the Group's interim statement of cash flows for the six-month period ended June 30, 2018.

8

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Impact on the condensed interim consolidated statement of financial position

(in thousands of USD)	Amounts after adoption of IFRS 15	Adjustments	Amounts without adoption of IFRS 15
ASSETS
Non-current assets	3,739,491	—	3,739,491
Current assets	447,618	(6,591)	454,209
Trade and other receivables	239,819	(6,591)	246,410
TOTAL ASSETS	4,187,109	(6,591)	4,193,700
EQUITY AND LIABILITIES
Equity
Retained earnings	410,662	(2,092)	412,754
Equity attributable to owners of the Company	2,336,580	(2,092)	2,338,672
Non-current liabilities	1,428,312	—	1,428,312
Current liabilities	422,217	(4,499)	426,716
Trade and other payables	87,067	(4,499)	91,566
TOTAL EQUITY AND LIABILITIES	4,187,109	(6,591)	4,193,700

Impact on the condensed interim consolidated statement of profit or loss

(in thousands of USD)	Amounts after adoption of IFRS 15	Adjustments	Amounts without adoption of IFRS 15
Shipping income
Revenue	202,748	(2,168)	204,916
Total shipping income	215,056	(2,168)	217,224
Operating expenses
Voyage expenses and commissions	(46,277)	1,805	(48,082)
Total operating expenses	(284,706)	1,805	(286,511)
RESULT FROM OPERATING ACTIVITIES	(69,650)	(363)	(69,287)
PROFIT (LOSS) FOR THE PERIOD	(51,602)	(363)	(51,239)
TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD	(52,007)	(363)	(51,644)

B.    IFRS 9 Financial Instruments

IFRS 9 sets out requirements for recognizing and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. This standard replaces IAS 39 Financial Instruments: Recognition and Measurement.

The Group has applied the exemption not to restate prior periods with respect to classification and measurement (including impairment). Accordingly, the information presented for 2017 has not been restated.

9

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

The following table summarizes the impact, net of tax, of transition to IFRS 9 on the opening balance of retained earnings.

(in thousands of USD)	Impact of adopting IFRS 9 at January 1, 2018
Retained earnings
Recognition of expected credit losses under IFRS 9	(16)
Impact at January 1, 2018	(16)

The details of new significant accounting policies and the nature and effect of the changes to previous accounting policies are set out below.

i.    Classification and measurement of financial assets and financial liabilities

IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. However, it eliminates the previous IAS 39 categories for financial assets of held to maturity, loans and receivables and available for sale.

The adoption of IFRS 9 has not had a significant effect on the Group's accounting policies related to financial liabilities and derivative financial instruments. The impact of IFRS 9 on the classification and measurement of financial assets is set out below.

Under IFRS 9, on initial recognition, a financial asset is classified as measured at: amortized cost; fair value through other comprehensive income (FVOCI) - debt investment; FVOCI - equity investment; or fair value through profit or loss (FVTPL). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. Derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated. Instead, the hybrid financial instrument as a whole is assessed for classification.

A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:

– it is held within a business model whose objective is to hold assets to collect contractual cash flows; and

– its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:

- it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and

– its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis.

All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition.

10

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

The following accounting policies apply to the subsequent measurement of financial assets.

Financial assets at FVTPL	These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss.
Financial assets at amortized cost	These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses (see (ii) below). Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss.
Debt investments at FVOCI	These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.
Equity investments at FVOCI	These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss.

The effect of adopting IFRS 9 on the carrying amounts of financial assets at January 1, 2018 relates solely to the new impairment requirements, as described further below.

The following table and the accompanying notes below explain the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the Group's financial assets as at January 1, 2018.

(in thousands of USD)	Original classification under IAS 39	New classification under IFRS 9	Original carrying amount under IAS 39	New carrying amount under IFRS 9
Financial assets
Forward exchange contracts used for hedging	Fair value - hedging instrument	Fair value - hedging instrument	467	467
Non-current receivables	Loans and receivables	Amortized cost	160,352	160,352
Trade and other receivables	Loans and receivables	Amortized cost	112,000	111,984
Cash and cash equivalents	Loans and receivables	Amortized cost	143,648	143,648
Total financial assets			416,467	416,451

Trade and other receivables that were classified as loans and receivables under IAS 39 are now classified at amortized cost. An increase of USD 16 thousand in the allowance for impairment over these receivables was recognized in opening retained earnings at January 1, 2018 on transition to IFRS 9. These trade and other receivables do not include additional trade receivables of USD 4.4 million that were recognized at January 1, 2018 on the adoption of IFRS 15 but did not have a material impact in the allowance for impairment.

ii.    Impairment of financial assets

IFRS 9 replaces the 'incurred loss' model in IAS 39 with an 'expected credit loss' (ECL) model. The new impairment model applies to financial assets measured at amortized cost, contract assets and debt investments at FVOCI, but not to investments in equity instruments. Under IFRS 9, credit losses are recognized earlier than under IAS 39.

The financial assets at amortized cost consist of trade receivables, cash and cash equivalents, and corporate debt securities.

11

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Under IFRS 9, loss allowances are measured on either of the following bases:

– 12-month ECLs: these are ECLs that result from possible default events within the 12 months after the reporting date; and

– lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument.

The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured as 12-month ECLs:

– debt securities that are determined to have low credit risk at the reporting date; and

– other debt securities and bank balances for which credit risk (i.e. the risk of default occuring over the expected life of the financial instrument) has not increased significantly since initial recognition.

The Group has elected to measure loss allowances for trade receivables and contract assets at an amount equal to lifetime ECLs.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analyses, based on the Group's historical experience and informed credit assessment and including forward-looking information.

The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due.

The Group considers a financial asset to be in default when:

– the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or

– the financial asset is more than 90 days past due.

The cash and cash equivalents are held with bank and financial institution counterparties, which are rated A- to AA+, based on rating agency S&P. Derivatives are entered into with banks and financial institution counterparties, which are rated A- to AA+, based on rating agency S&P.

The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.

Measurement of ECLs

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between cash flows due to the entity in accordance with the contract and cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset.

Credit-impaired financial assets

At each reporting date, the Group assesses whether financial assets carried at amortized cost and debt securities at FVOCI are credit-impaired. A financial asset is 'credit-impaired' when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

Presentation of impairment

Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.

For debt securities at FVOCI, the loss allowance is recognized in OCI, instead of being recorded in the statement of profit or loss.

Impairment losses related to trade and other receivables, including contract assets, are presented separately in the statement of profit or loss and OCI. However, due to the small impact of IFRS 9 on the financial statements, no reclassification was done for the six-months ended June 30, 2018.

12

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Impairment losses on other financial assets are not presented separately in the statement of profit or loss and OCI, because the amount is not material. It has been presented as part of the line 'finance costs'.

Impact of the new impairment model

For assets in the scope of the IFRS 9 impairment model, impairment losses are generally expected to increase and become more volatile. The Group has determined that the application of IFRS 9's impairment requirements at January 1, 2018, results in an additional impairment allowance as follows.

(in thousands of USD)
Loss allowance at December 31, 2017 under IAS 39	0
Additional impairment recognized at January 1, 2018 on:
Trade and other receivables as at December 31, 2017	16
Additional trade receivables recognized on adoption of IFRS 15	0
Loss allowance at January 1, 2018 under IFRS 9	16

Trade and other receivables

The ECLs were calculated based on actual credit loss experience over the past 10 years, taking into account reasonable and supportable forecast of future economic conditions.

iii.    Hedge accounting

The Group has elected to adopt the new general hedge accounting model in IFRS 9. This requires the Group to ensure that hedge accounting relationships are aligned with its risk management objectives and strategy and to apply a more qualitative and forward-looking approach to assessing hedge effectiveness.

Note 5 - Changes in consolidation scope

In comparison to the consolidation scope for the year ended December 31, 2017, and except for the merger with Gener8 Maritime, Inc. ("Gener8") on June 12, 2018 and except for the subsequent sale of six subsidiaries, as set out in Note 22, no new subsidiaries were established or acquired, nor were there any sales or liquidations of subsidiaries.

Note 6 - Significant events

On March 22, 2018, the Company signed a senior secured credit facility for an amount of USD 173.6 million (see Note 15) with Kexim, BNP and Credit Agricole Corporate and Investment bank acting also as Agent and Security Trustee. The purpose of the loan is to finance up to 70 per cent of the aggregate contract price of the four Ice Class Suezmax vessels that will be delivered over the course of 2018.

On March 26, 2018, and April 25, 2018, Euronav took delivery of the Suezmaxes Cap Quebec (2018 – 156,600 dwt) and Cap Pembroke (2018 – 156,600 dwt) respectively (see Note 12). These vessels are the two of four Ice Class Suezmax vessels which progressively are each starting seven-year contracts with a leading global refinery player from delivery during 2018.

On March 29, 2018, TI Asia Ltd. and TI Africa Ltd. concluded a USD 220.0 million senior secured credit facility. The facility consists of a term loan of USD 110.0 million and a revolving loan of USD 110.0 million for the purpose of refinancing the two FSOs as well as for general corporate purposes. The Company provided a guarantee for the revolving credit facility tranche. The fair value of this guarantee is deemed to be immaterial given the long term contract both FSOs have with North Oil Company, which results in sufficient repayment capacity under these facilities.

13

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

On May 8, 2018, the Group sold the Suezmax Cap Jean (1998 – 146,643 dwt) for USD 10.6 million (see Note 12). The capital gain on that sale of USD 10.2 million, was recorded in the second quarter. Following the sale, the availability of the revolver under the USD 750 million facility was reduced by USD 7.4 million. The vessel was delivered to its new owner on June 8, 2018.

On June 11, 2018, the Gener8's shareholders approved the merger between the Company and Gener8 by which, upon closing of the merger on June 12, 2018, Gener8 became a wholly-owned subsidiary of Euronav (see Note 20). Holders of 81% of the outstanding shares of Gener8 cast their vote, of which 98% approved the merger. The 60.9 million new shares issued to Gener8 shareholders as consideration for the transaction began trading on the NYSE as from June 13, 2018 (see Note 13).

On June 15, 2018, the Company announced that it has successfully sold 6 VLCCS to International Seaways for a total consideration of USD 434.0 million which included USD 123.0 million in cash consideration and USD 311.0 million in the form of assumption of the outstanding debt related to the vessels. This is an important part of the wider Gener8 Maritime transaction as it allows Euronav to retain leverage around the target level of 50% and to retain substantial liquidity going forward. The six vessels are the Gener8 Miltiades (2016 - 301,038 dwt), Gener8 Chiotis (2016 - 300,973 dwt), Gener8 Success (2016 - 300,932 dwt), Gener8 Andriotis (2016 - 301,014 dwt), Gener8 Strength (2015 - 300,960 dwt) and Gener8 Supreme (2016 - 300,933 dwt).

On June 25, 2018, the Company sold the Suezmax Cap Romuald (1998 - 146,640 dwt), for USD 10.6 million. This vessel was accounted for as a non-current asset held for sale as at June 30, 2018, and had a carrying value of USD 1.3 million at that time. The vessel is expected to be delivered to its new owner on August 14, 2018. Taking into account USD 0.3 million of costs to sell (sales commissions), the gain on the sale of this vessel is expected to be USD 9.0 million. This gain will be recorded upon delivery of the vessel and will therefore be recorded in the third quarter of 2018 (see Note 8).

On June 29, 2018, the Company announced that it has acquired the ULCC Seaways Laura Lynn from Oceania Tanker Corporation, a subsidiary of International Seaways. Euronav renamed the ULCC as Oceania and registered it under the Belgian flag. Euronav Tankers bought the Seaways Laura Lynn (2003 - 441,561 dwt) from International Seaways for USD 32.5 million (see Note 12).

14

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Note 7 - Segment reporting

The Group distinguishes two operating segments: the operation of crude oil tankers on the international markets (Tankers) and the floating production, storage and offloading operations (FSO/FpSO). These two divisions operate in completely different markets, where in the latter the assets are tailor made or converted for specific long term projects. The tanker market requires a different marketing strategy as this is considered a very volatile market, contract duration is often less than two years and the assets are to a big extent standardized. The segment profit or loss figures and key assets as set out below are presented to the executive committee on at least a quarterly basis to help the key decision makers in evaluating the respective segments. The Chief Operating Decision Maker (CODM) also receives the information per segment based on proportionate consolidation for the joint ventures and not by applying equity accounting. The reconciliation between the figures of all segments combined with the consolidated statements of financial position and profit or loss is presented in a separate column Equity-accounted investees.

The Group did not identify any relevant geographic areas.

(in thousands of USD)	For the six month period ended				For the six month period ended
	June 30, 2018					June 30, 2017
	Tankers	FSO	Less: Equity-accounted investees	Total		Tankers	FSO	Less: Equity-accounted investees	Total
Revenue	202,746	24,323	(24,321)	202,748		290,620	32,437	(32,466)	290,591
Profit (loss) before income tax	(60,168)	9,279	(854)	(51,743)		(11,446)	18,445	2,563	9,562
(in thousands of USD)	June 30, 2018					December 31, 2017
	Tankers	FSO	Less: Equity-accounted investees	Total		Tankers	FSO	Less: Equity-accounted investees	Total
Non-current assets	3,705,362	170,603	(136,474)	3,739,491		2,504,467	179,062	(153,192)	2,530,337
Current assets	448,021	14,421	(14,824)	447,618		281,132	11,581	(12,077)	280,636
TOTAL ASSETS	4,153,383	185,024	(151,298)	4,187,109		2,785,599	190,643	(165,269)	2,810,973
Equity	2,302,842	33,737	1	2,336,580		1,820,887	25,473	1	1,846,361
Non-current liabilities	1,428,312	127,417	(127,417)	1,428,312		805,872	164,442	(164,442)	805,872
Current liabilities	422,229	23,870	(23,882)	422,217		158,840	728	(828)	158,740
TOTAL LIABILITIES	4,153,383	185,024	(151,298)	4,187,109		2,785,599	190,643	(165,269)	2,810,973

15

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Note 8 - Assets and liabilities held for sale and discontinued operations

Assets held for sale

The assets held for sale can be detailed as follows:

(in thousands of USD)	June 30, 2018	December 31, 2017
Vessels	1,319	—
Of which in Tankers segment	1,319	—
Of which in FSO segment	—	—

On June 25, 2018, the Company sold the Suezmax Cap Romuald (1998 - 146,640 dwt), for USD 10.6 million. This vessel was accounted for as a non-current asset held for sale as at June 30, 2018, and had a carrying value of USD 1.3 million at that time. The vessel is expected to be delivered to its new owner on August 14, 2018. Taking into account USD 0.3 million of costs to sell (sales commissions), the gain on the sale of this vessel is expected to be USD 9.0 million. This gain will be recorded upon delivery of the vessel and will therefore be recorded in the third quarter of 2018.

Discontinued operations

As of June 30, 2018 and as of December 31, 2017 the Group had no operations that met the criteria of a discontinued operation.

16

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Note 9 - Revenue and other operating income

In the following table, revenue is disaggregated by type of contract.

	For the six month period ended
(in thousands of USD)	June 30, 2018				June 30, 2017
	Tankers	FSO	Less: Equity-accounted investees	Total	Tankers	FSO	Less: Equity-accounted investees	Total
Pool Revenue	80,085	—	2	80,087	146,701	—	(29)	146,672
Spot Voyages	83,218	—	—	83,218	78,204	—	—	78,204
Time Charters	39,443	24,323	(24,323)	39,443	65,715	32,437	(32,437)	65,715
Total revenue	202,746	24,323	(24,321)	202,748	290,620	32,437	(32,466)	290,591
Other operating income	—	—	—	2,133	—	—	—	2,775

The decrease in revenue is mostly related to the decrease in pool and time charter revenue which is due to unfavorable market conditions.

The increase in revenue related to spot voyages is due to a higher number of vessels on the spot market in the first half of 2018, compared to the same period in 2017.

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, such as insurance rebates based on changes in our vessels' trading patterns.

17

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Note 10 - Expenses for shipping activities

Voyage expenses and commissions

	For the six month period ended
(in thousands of USD)		June 30, 2018	June 30, 2017
Voyage related expenses		(43,535)	(29,571)
Commissions paid		(2,742)	(2,712)
Total voyage expenses and commissions		(46,277)	(32,283)

The majority of voyage expenses are bunkers, port costs and agent fees paid to operate the vessels on the spot market. These expenses increased in the first six months of 2018 compared to the same period in 2017 because a lower proportion of vessels were on time charter contract in the first half of 2018, compared to the same period in 2017. For vessels under a time charter contract, voyage expenses are paid by the charterer and for vessels operated in a Pool, voyage expenses are paid by the Pool.

Vessel operating expenses

	For the six month period ended
(in thousands of USD)		June 30, 2018	June 30, 2017
Operating expenses		(71,456)	(73,105)
Insurance		(7,414)	(5,383)
Total vessel operating expenses		(78,870)	(78,488)

The operating expenses relate mainly to the crewing, technical and other costs to operate tankers. In the first six months of 2018 these expenses were in line with the same period in 2017.

Charter hire expenses

	For the six month period ended
(in thousands of USD)		June 30, 2018	June 30, 2017
Charter hire		—	(62)
Bare boat hire		(15,432)	(15,423)
Total charter hire expenses		(15,432)	(15,485)

The bareboat charter-hire expenses in the first six months of 2018 and 2017 are entirely attributable to the sale and leaseback agreement of four VLCCs (Nautilus, Navarin, Neptun and Nucleus), under a five year bareboat contract executed on December 16, 2016.

General and administrative expenses

	For the six month period ended
(in thousands of USD)		June 30, 2018	June 30, 2017
Wages and salaries		(7,929)	(5,772)
Social security costs		(1,863)	(1,144)
Provision for employee benefits		(319)	(310)
Equity-settled share-based payments		(37)	(161)
Other employee benefits		(1,836)	(1,101)
Employee benefits		(11,984)	(8,488)
Administrative expenses		(17,083)	(11,196)
Tonnage Tax		(2,086)	(2,693)
Claims		—	(32)
Provisions		3	58
Total general and administrative expenses		(31,150)	(22,351)

18

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

The general and administrative expenses which include amongst others: shore staff wages, director fees, office rental, consulting and audit fees and tonnage tax, increased in the first six months of 2018 compared to the same period in 2017. This increase was mainly due to higher wages and salaries and to higher administrative expenses.

The higher wages and salaries are due to a higher number of staff in 2018 and the higher administrative expenses are due to legal fees related to the merger with Gener8 (USD 3.7 million).

Note 11 - Net finance expenses

	For the six month period ended
(in thousands of USD)	June 30, 2018		June 30, 2017
Interest income	545		281
Foreign exchange gains	6,640		2,112
Finance income	7,185		2,393
Interest expense on financial liabilities measured at amortized cost	(23,203	)	(17,791	)
Fair value adjustment on interest rate swaps	(38	)	—
Amortization other Notes	—		—
Other financial charges	(3,539	)	(2,512	)
Foreign exchange losses	(7,198	)	(1,731	)
Finance expense	(33,978	)	(22,034	)
Net finance expense recognized in profit or loss	(26,793	)	(19,641	)

Interest expense on financial liabilities measured at amortized cost increased in the first six months of 2018 compared to the same period in 2017. This increase was primarily attributable to the interest on the senior unsecured bond of USD 150 million which was issued on May 31, 2017 (see Note 15).

19

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Note 12 - Property, plant and equipment

(in thousands of USD)	Vessels	Vessels under construction	Other tangible assets	Total PPE
At January 1, 2018
Cost	3,595,692	63,668	3,545	3,662,905
Depreciation & impairment losses	(1,324,192)		(1,882)	(1,326,074)
Net carrying amount	2,271,500	63,668	1,663	2,336,831
Acquisitions	42,055	105,371	272	147,698
Acquisitions through business combinations (Note 22)	1,710,250	—	345	1,710,595
Disposals and cancellations (Note 22)	(434,000)	—	—	(434,000)
Depreciation charges	(112,666)	—	(260)	(112,926)
Transfer to assets held for sale (Note 8)	(1,319)	—	—	(1,319)
Transfers	129,791	(129,791)	—	—
Translation differences	—	—	(8)	(8)
Balance at June 30, 2018	3,605,611	39,248	2,012	3,646,871
At June 30, 2018
Cost	4,898,292	39,248	4,113	4,941,653
Depreciation & impairment losses	(1,292,681)	—	(2,101)	(1,294,782)
Net carrying amount	3,605,611	39,248	2,012	3,646,871

On March 26, 2018, and April 25, 2018, Euronav took delivery of the Suezmaxes Cap Quebec (2018 – 156,600 dwt) and Cap Pembroke (2018 – 156,600 dwt) respectively.

On June 29, 2018, Euronav took delivery of the ULCC Oceania (2003 - 441,561 dwt) (Note 6).

In 2018, the Finesse, Nautic, Noble, Hojo, and Cap Felix have been dry-docked. The cost of planned repairs and maintenance is capitalized and included under the heading Acquisitions.

Disposal of assets – Gains/losses

(in thousands of USD)	Acquisitions	Sale price	Book Value	Gain	Deferred Gain	Loss
TI Topaz - Sale	—	20,790	41,817	—	—	(21,027)
Other	—	28	8	20	—	—
At June 30, 2017		20,818	41,825	20	—	(21,027)
	Acquisitions	Sale price	Book Value	Gain	Deferred Gain	Loss
Cap Jean - Sale	—	10,175	—	10,175	—	—
At June 30, 2018		10,175	—	10,175	—	—

On May 8, 2018, the Group sold the Suezmax Cap Jean (1998 – 146,643 dwt) for a net sale price of USD 10.2 million. The capital gain on that sale of USD 10.2 million was recorded upon delivery of the vessel to its new owner in the second quarter of 2018.

20

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Impairment

Tankers

Euronav 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 Group has performed an impairment test for tankers whereby the carrying amount of an asset or CGU is compared to its recoverable amount, which is the greater of its value in use and its fair value less cost to sell. In assessing value in use, the following assumptions were used:

– 15-year historical average of normalized (adjusted for the highest 5% and lowest 5%) quarterly charter rates (spot time charter rates) used as forecast charter rates for the unfixed days

– Weighted Average Cost of Capital ('WACC') of 7.65% (2017: 9.70%)

– 20 year useful life with residual value equal to zero

Although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are subject to judgment.

In view of the fact that the headroom before taking an impairment had significantly decreased since the last reporting period, Management has revisited every assumption to assess the value in use in order to arrive to a greater level of precision.

In particular management has reassessed the source of 3 assumptions to calculate the value in use:

1)Time charter contract rates

For the Vessels under time charter contract with a remaining duration of more than one year, the rates of the contract will be used for the remaining duration of the contract. For the remaining life of the vessel after the contract maturity, the same forecasted rates will be used as the rates used when vessels are operated on the spot market. As of June 30, 2018, the Company has 2 long-term time charter contracts.

2)Rates used in assessing the value in use for the spot vessel

The rates will no longer be estimated based on the 10-year historical average rates calculated as of the reporting date. In the last 5 years, the standard deviation of the average had increased year-on-year to a point where management felt this average was no longer appropriate to calculate the estimated rate for the forecast. Instead, Management believes that the 15-year historical average of normalized (adjusted for the highest 5% and lowest 5%) quarterly charter rates (spot time charter rates) is much more reliable to be used as forecast charter rates as the standard deviation of this average is much lower and much more stable when looking at the last 5 years.

3)WACC

The calculation of our WACC is based on our cost of debt (calculated internally), our market leverage and our cost of equity taken from the largest provider of financial data. However, when using a similar method as previous years, our WACC increased by 226 bps compared to 2017. Management performed an analysis of how the cost of equity was computed by the financial data provider. Management believes that the country risk premium used is not appropriate because Euronav is an international company that does not perform services in its country of incorporation and does most of its business in USD as opposed to EUR which is the currency of its domicile. When taking a country risk premium commonly used within the sector and by our competitors, the cost of equity and therefore the WACC have been recomputed to give a WACC of 7.65%.

Sensitivity

Rates used for forecast

Recognizing that the transportation of crude oil and petroleum products is cyclical and subject to significant volatility based on factors beyond Euronav's control, Euronav believes the use of estimates based on normalized 15-year historical average rates calculated as of the reporting date to be reasonable.

When using 10-year historical charter rates in this impairment analysis, the impairment analysis indicates that an impairment of USD 0.5 million is required for the tanker fleet (2017: no impairment required).

When using 5-year historical charter rates in this impairment analysis, the impairment analysis indicates that no impairment would be required for the tanker fleet (2017: USD 5.7 million) and when using 1-year historical charter rates in this impairment analysis, the impairment analysis indicates that an impairment of USD 219.1 million is required for the tanker fleet (2017: USD 427.3 million).

21

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

WACC

Even an increase of the WACC of 300bps to 10.65% in isolation, the analysis would indicate no impairment would be required as at June 30, 2018.

FSO

In the context of the valuation of the Group's investments in the respective joint ventures, the Group also performed an impairment test on the FSO vessels owned by TI Asia Ltd. and TI Africa Ltd. For FSOs the impairment assessment has been based on a value in use calculation to estimate the recoverable amount from the vessel. This method is chosen as there is no efficient market for transactions of FSO vessels as each vessel is often purposely built for specific circumstances. In assessing value in use, the following assumptions were used:

– Weighted Average Cost of Capital ('WACC') of 7.65% (2017: 9.70%)

– 25 year useful life with residual value equal to zero

This assessment did not result in a requirement to record an impairment loss as at June 30, 2018. Even with an increase of the WACC of 300bps, there was no need to record an impairment loss as at June 30, 2018. The value in use calculation for FSOs is based on the remaining useful life of the vessels as of the reporting date, and is based on fixed daily rates per the contract as well as management's best estimate of daily rates for periods after the expiration of the contract.

The FSO Asia and the FSO Africa are on a timecharter contract to North Oil Company until July 22, 2022 and September 22, 2022, respectively.

Security

All tankers financed with bank loans are subject to a mortgage to secure bank loans.

Vessels on order or under construction

The group has 2 vessels under construction as at June 30, 2018 for an aggregate amount of USD 39.2 million. The amounts presented within "Vessels under construction" relate to two Ice Class Suezmax vessels from Hyundai Heavy Industries which will be delivered in the second half of 2018.

Capital commitment

As at June 30, 2018 the Group's total capital commitments amount to USD 86.6 million (2017: USD 185.9 million). These can be detailed as follows:

(in thousands of USD)	As at December 31, 2017 payments scheduled for
	TOTAL	2018	2019	2020
Commitments in respect of VLCCs	—	—	—	—
Commitments in respect of Suezmaxes	185,922	185,922	—	—
Commitments in respect of FSOs	—	—	—	—
Total	185,922	185,922	—	—
	As at June 30, 2018 payments scheduled for
	TOTAL	2018	2019	2020
Commitments in respect of VLCCs	—	—	—	—
Commitments in respect of Suezmaxes	86,600	86,600	—	—
Commitments in respect of FSOs	—	—	—	—
Total	86,600	86,600	—	—

22

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Note 13 - Equity

Issue of ordinary shares related to business combinations

Upon the completion of the merger transaction with Gener8 Maritime Inc. on June 12, 2018, 60,815,764 new ordinary shares were issued at a stock price of USD 9.10 each (see Note 22) resulting in 220,024,713 shares (see Note 14). This resulted in an increase of USD 66.1 million share capital and USD 487.3 million share premium.

Translation reserve

The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations.

Hedging reserve

The Group , through two of its JV companies in connection to the USD 220.0 million facility raised in March 2018 (Note 6), entered in several Interest Rate Swap (IRSs) instruments for a combined notional value of USD 208.8 million (Euronav’s share amounts to 50%). These IRSs have been used to hedge the risk related to the fluctuation of the Libor rate and qualify as hedging instruments in a cash flow hedge relationship under IFRS 9. These instruments have been measured at their fair value; effective changes in fair value have been recognized in OCI and the ineffective portion has been recognized in profit or loss. These IRSs have a remaining duration of four years matching the repayment profile of that facility and mature on July 21, 2022 and September 22, 2022 for FSO Asia and FSO Africa respectively. The fair value of these instruments at June 30, 2018 amounted to USD (320,774) (100%), which was entirely reflected in OCI at the level of the JV companies (Note 23).

The Group, through the acquisition of Gener8 Maritime inc, acquired several IRSs for a combined notional value of USD 668.0 million. These IRSs have been used to hedge the risk related to the fluctuation of the Libor rate and qualify as hedging instruments in a cash flow hedge relationship under IFRS 9. These instruments have been measured at their fair value; effective changes in fair value have been recognized in OCI and the ineffective portion has been recognized in profit or loss. These IRSs have a remaining duration of two years matching the repayment profile of that facility and mature in September, 2020. The fair value of these instruments at June 30, 2018 amounted to USD 11.0 million and USD (201) thousand has been recognized in OCI.

Treasury shares

As of June 30, 2018 Euronav owned 1,042,415 of its own shares. In the six month period ended June 30, 2018 Euronav did not buy back or dispose of any own shares.

Dividends

On May 9, 2018, the Annual Shareholders' meeting approved a full year dividend of USD 0.12 per share. Taking into account the interim dividend approved in August 2017 in the amount of USD 0.06 per share, the dividend paid after the AGM was USD 0.06 per share. The dividend to holders of Euronav shares trading on Euronext Brussels was paid in EUR at the USD/EUR exchange rate of the record date. The total amount of dividends paid in the first six months of 2018 was USD 9.5 million.

Share-based payment arrangements

On December 16, 2013, the Group established a share option program that entitles key management personnel to purchase existing shares in the Company. Under the program, holders of vested options are entitled to purchase shares at the market price of the shares at the grant date. Currently this program is limited to key management personnel. In the six month period ended June 30, 2018, the holders did not exercise any options and 350,000 options were outstanding as of June 30, 2018. The key terms and conditions did not change after December 31, 2013. The compensation expense related to this share option program was recognized in prior periods and therefore, this program did not have any impact on the consolidated statement of profit or loss for the six month period ended June 30, 2018.

Long term incentive plan 2015

The Group's Board of Directors implemented in 2015 a long term incentive plan ('LTIP') for key management personnel. Under the terms of this LTIP, the beneficiaries will obtain 40% of their respective LTIP in the form of Euronav stock options, with vesting over three years and 60% in the form of restricted stock units ('RSU's'), with cliff vesting on the third anniversary. In total 236,590 options and 65,433 RSU's were granted on February 12, 2015. Vested stock options may be exercised until 13 years after the grant date. The stock options have an exercise price of EUR 10.0475 and are equity-settled. As of June 30, 2018, all the stock options remained outstanding but all

23

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

RSUs were vested in the first quarter of 2018. The fair value of the stock options was measured using the Black Scholes formula. The fair value of the RSUs was measured with reference to the Euronav share price at the grant date. The total employee benefit expense recognized in the consolidated statement of profit or loss in the six month period ended June 30, 2018 with respect to the LTIP 2015 was USD 37 thousand.

Long term incentive plan 2016

The Group's Board of Directors implemented in 2016 an additional long term incentive plan for key management personnel. Under the terms of this LTIP, key management personnel are eligible to receive phantom stock unit grants. Each phantom stock unit grants the holder a conditional right to receive an amount of cash equal to the fair market value of one share of the company on the settlement date. The phantom stock units will mature one-third each year on the second, third and fourth anniversary of the award. In total a number of 54,616 phantom stock units were granted on February 2, 2016 and one-third was vested on the second anniversary. As of June 30, 2018, 36,411 phantom stocks were outstanding. The LTIP 2016 qualifies as a cash-settled share-based payment transaction. The Company recognizes a liability in respect of its obligations under the LTIP 2016, measured based on the Company’s share price at the reporting date, and taking into account the extent to which the services have been rendered to date. The compensation expense recognized in the consolidated statement of profit or loss in the six month period ended June 30, 2018 was USD (0.1) million.

Long term incentive plan 2017

The Group's Board of Directors implemented in 2017 an additional long term incentive plan for key management personnel. Under the terms of this LTIP, key management personnel are eligible to receive phantom stock unit grants. Each phantom stock unit grants the holder a conditional right to receive an amount of cash equal to the fair market value of one share of the company on the settlement date. The phantom stock units will mature one-third each year on the second, third and fourth anniversary of the award. In total a number of 66,449 phantom stock units were granted on February 9, 2017 and all remain outstanding as of June 30, 2018. The LTIP 2017 qualifies as a cash-settled share-based payment transaction. The Company recognizes a liability in respect of its obligations under the LTIP 2017, measured based on the Company’s share price at the reporting date, and taking into account the extent to which the services have been rendered to date. The compensation expense recognized in the consolidated statement of profit or loss in the six month period ended June 30, 2018 was USD 0.2 million.

Long term incentive plan 2018

The Group's Board of Directors implemented in 2018 an additional long term incentive plan for key management personnel. Under the terms of this LTIP, key management personnel are eligible to receive phantom stock unit grants. Each phantom stock unit grants the holder a conditional right to receive an amount of cash equal to the fair market value of one share of the company on the settlement date. The phantom stock units will mature one-third each year on the second, third and fourth anniversary of the award. In total a number of 154,432 phantom stock units were granted on February 16, 2018 and all remain outstanding as of June 30, 2018. The LTIP 2018 qualifies as a cash-settled share-based payment transaction. The Company recognizes a liability in respect of its obligations under the LTIP 2018, measured based on the Company’s share price at the reporting date, and taking into account the extent to which the services have been rendered to date. The compensation expense recognized in the consolidated statement of profit or loss in the six month period ended June 30, 2018 was USD 0.3 million.

24

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Note 14 - Earnings per share

Basic earnings per share

The calculation of basic earnings per share at June 30, 2018 was based on a result attributable to ordinary shares of USD (51,602,299) (June 30, 2017: USD 10,087,987) and a weighted average number of ordinary shares outstanding during the six month period ended June 30, 2018 of 164,550,509 (June 30, 2017: 158,166,534), calculated as follows:

Result attributable to ordinary shares

	For the six month period ended
(in thousands of USD except share and per share information)		June 30, 2018	June 30, 2017
Result for the period		(51,602)	10,088
Weighted average		164,550,509	158,166,534
Basic earnings per share (in USD)		(0.31)	0.06

Weighted average number of ordinary shares

(in shares)	Shares issued	Treasury shares	Shares outstanding	Weighted number of shares
On issue at January 1, 2018	159,208,949	1,042,415	158,166,534	158,166,534
Issuance of shares	60,815,764	—	60,815,764	6,383,975
Purchases of treasury shares	—	—	—	—
Withdrawal of treasury shares	—	—	—	—
Sales of treasury shares	—	—	—	—
On issue at June 30, 2018	220,024,713	1,042,415	218,982,298	164,550,509

On June 12, 2018 the new ordinary shares were issued.

Diluted earnings per share

For the six months ended June 30, 2018, the diluted earnings per share (in USD) amount to (0.31) (2017: 0.06). At June 30, 2018, 236,590 outstanding options granted under the LTIP 2015 were excluded from the diluted weighted average number of ordinary shares calculation because their effect would have been anti-dilutive (June 30, 2017: 236,590 options).

Weighted average number of ordinary shares (diluted)

The table below shows the potential weighted number of shares that could be created if all stock options and restricted stock units were to be converted into ordinary shares.

(in shares)	June 30, 2018	June 30, 2017
Weighted average of ordinary shares outstanding (basic)	164,550,509	158,166,534
Effect of share-based payment arrangements	84,164	137,991
Weighted average number of ordinary shares (diluted)	164,634,673	158,304,525

The share-based payment arrangements can give rise to dilution at June 30, 2018.

25

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Note 15 - Interest-bearing loans and borrowings

	Bank loans	Convertible and other Notes	Total
More than 5 years	157,180	—	157,180
Between 1 and 5 years	496,550	147,619	644,169
More than 1 year	653,730	147,619	801,349
Less than 1 year	47,361	—	47,361
At January 1, 2018	701,091	147,619	848,710
New loans	471,776	—	471,776
Scheduled repayments	(23,681)	—	(23,681)
Early repayments (Note 22)	(392,500)	(205,710)	(598,210)
Acquisitions through business combinations (Note 22)	1,106,736	205,710	1,312,446
Other changes (Note 22)	(310,861)	271	(310,590)
Balance at June 30, 2018	1,552,561	147,890	1,700,451
More than 5 years	330,003	—	330,003
Between 1 and 5 years	945,709	147,890	1,093,599
More than 1 year	1,275,712	147,890	1,423,602
Less than 1 year	276,849	—	276,849
Balance at June 30, 2018	1,552,561	147,890	1,700,451

26

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Bank loans

Terms and debt repayment schedule

The terms and conditions of outstanding loans were as follows:

(in thousands of USD)				June 30, 2018			December 31, 2017
	Curr.	Nominal interest rate	Year of mat.	Facility size	Drawn	Carrying value	Facility size	Drawn	Carrying value
Secured vessels loan 192M	USD	libor +2.25%	2021	95,714	95,714	94,457	111,666	111,666	110,156
Secured vessels Revolving loan 148M*	USD	libor +2.25%	2021	147,559	105,000	105,000	147,559	—	—
Secured vessels Revolving loan 750M*	USD	libor +1.95%	2022	439,166	110,000	106,289	485,017	330,000	325,519
Secured vessels Revolving loan 409.5M*	USD	libor +2.25%	2023	339,420	185,500	182,598	362,780	118,000	114,634
Secured vessels loan 76M	USD	libor +1.95%	2020	21,438	21,438	21,438	23,563	23,563	23,563
Secured vessels loan 67.5M	USD	libor +1.5%	2020	23,188	23,188	23,188	25,173	25,173	25,173
Secured vessels loan 27.1M	USD	libor +1.95%	2029	26,685	26,685	24,795	26,911	26,911	24,876
Secured vessels loan 81.4M	USD	libor +1.50%	2029	74,628	74,628	73,839	78,020	78,020	77,171
Secured vessels loan 69.4M	USD	libor + 2.0%	2030	34,710	34,710	34,710	—	—	—
Secured vessels loan 104.2M	USD	libor + 2.0%	2030	52,065	52,065	50,479	—	—	—
Secured vessels loan 162.2M	USD	libor + 3.75%	2020	162,219	162,219	162,219	—	—	—
Secured vessels loan 633.5M	USD	libor + 2.75%	2028	633,549	633,549	633,549	—	—	—
Unsecured bank facility 60M	USD	libor +2.25%	2020	60,000	40,000	40,000	60,000	—	—
Total interest-bearing bank loans				2,110,340	1,564,695	1,552,561	1,320,688	713,332	701,091

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.

* The total amount available under the Revolving Credit Facility depends on the total value of the fleet of tankers securing the facility.

On March 22, 2018, the Company signed a senior secured credit facility for an amount of USD 173.6 million with Kexim, BNP and Credit Agricole Corporate and Investment bank acting also as Agent and Security Trustee. The purpose of the loan is to finance up to 70 per cent of the aggregate contract price of the four Ice Class Suezmax vessels that will be delivered over the course of 2018. The new facility is comprised of (i) a USD 69.4 million commercial tranche, which bears interest at LIBOR plus a margin of 2.0% per annum and (ii) a USD 104.2 million ECA tranche which bears interest at LIBOR plus a margin of 2.0% per annum. The commercial tranche is repayable by 24 equal consecutive semi-annual installments, each in the amount of USD 0.6 million per vessel together with a balloon installment of USD 3.5 million payable with the 24th and last installment. The ECA tranche is repayable by 24 consecutive semi-annual installments, each in the amount of USD 1.1 million per vessel. Transaction costs for a total amount of USD 1.6 million are amortized over the lifetime of the instrument using the effective interest rate method.

Lenders of the facility have a put option on the 7th anniversary of the facility, for which a notice has to be served 13 months in advance requesting a prepayment of their remaining contribution. After receiving notice, the Group will have to either repay the relevant contribution on the 7th year anniversary or to transfer this contribution to another acceptable lender. The put option can only be exercised if the employment of the ship at that time is not satisfactory to the lenders.

27

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Other notes

(in thousands of USD)				June 30, 2018			December 31, 2017
	Curr.	Nominal interest rate	Year of mat.	Facility size	Drawn	Carrying value	Facility size	Drawn	Carrying value
Unsecured notes	USD	7.50%	2022	150,000	150,000	147,890	150,000	150,000	147,619
Total other notes				150,000	150,000	147,890	150,000	150,000	147,619

On May 31, 2017, the Group successfully completed a new senior unsecured bond issue of USD 150 million with a fixed coupon of 7.50% and maturity in May 2022. The net proceeds from the bond issue will be used for general corporate purposes. DNB Markets, Nordea and Arctic Securities AS acted as joint lead managers in connection with the placement of the bond issue. The related transaction costs for a total of USD 2.7 million are amortized over the lifetime of the instrument using the effective interest rate method.

Other borrowings

On June 6, 2017, the Group signed an agreement with BNP to act as dealer for a Treasury Notes Program with a maximum outstanding amount of 50 million Euro. 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, 2018, the fair value of these forward contracts amounted to USD (0.6) million. The change in fair value of these derivatives was recorded in the condensed consolidated statement of profit or loss.

28

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Note 16 - Trade and other payables

(in thousands of USD)	June 30, 2018	December 31, 2017
Advances received on contracts in progress, between 1 and 5 years	413	539
Total non-current other payables	413	539
Trade payables	23,610	19,274
Accrued payroll	3,557	3,596
Dividends payable	148	160
Accrued expenses	37,065	22,518
Accrued interest	9,686	1,762
Deferred income	4,911	10,020
Other payables	8,090	4,025
Total current trade and other payables	87,067	61,355

The overall increase in trade and other payables is mainly due to the merger with Gener8 (see Note 22).

The increase in accrued expenses is furthermore due to legal fees accrued in relationship to the merger.

The decrease in deferred income is due to a lower number of vessels on time charter.

29

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Note 17 - Financial instruments

Carrying amounts and fair values

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value, such as trade and other receivables and payables.

	Carrying amount				Fair value
(in thousands of USD)	Hedging instruments	Loans and receivables	Other financial liabilities	Total	Level 1	Level 2	Level 3	Total
December 31, 2017
Financial assets measured at fair value
Forward exchange contracts	467	—	—	467	—	467	—	467
	467	—	—	467
Financial assets not measured at fair value
Non-current receivables	—	160,352	—	160,352	—	—	128,427	128,427
Trade and other receivables (Note 20) *	—	112,000	—	112,000	—	—	—	—
Cash and cash equivalents	—	143,648	—	143,648	—	—	—	—
	—	416,000	—	416,000
Financial liabilities not measured at fair value
Secured bank loans (Note 15)	—	—	701,091	701,091	—	706,056	—	706,056
Unsecured bank loans (Note 15)	—	—	—	—	—	—	—	—
Unsecured notes (Note 15)	—	—	147,619	147,619	149,630	—	—	149,630
Unsecured other borrowings (Note 15)	—	—	50,010	50,010	—	—	—	—
Trade and other payables (Note 16) *	—	—	51,335	51,335	—	—	—	—
Advances received on contracts (Note 16)	—	—	539	539	—	—	—	—
	—	—	950,594	950,594

30

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

	Carrying amount				Fair value
(in thousands of USD)	Hedging instruments	Loans and receivables	Other financial liabilities	Total	Level 1	Level 2	Level 3	Total
June 30, 2018
Financial assets measured at fair value
Forward exchange contracts	(562)	—	—	(562)	—	(562)	—	(562)
Interest rate swaps	11,040	—	—	11,040	—	11,040	—	11,040
	10,478	—	—	10,478
Financial assets not measured at fair value
Non-current receivables	—	54,022	—	54,022	—	—	45,134	45,134
Trade and other receivables (Note 20) *	—	188,172	—	188,172	—	—	—	—
Cash and cash equivalents	—	206,279	—	206,279	—	—	—	—
	—	448,473	—	448,473
Financial liabilities not measured at fair value
Secured bank loans (Note 15)	—	—	1,552,561	1,552,561	—	1,575,793	—	1,575,793
Unsecured bank loans (Note 15)	—	—	—	—	—	—	—	—
Unsecured notes (Note 15)	—	—	147,890	147,890	151,110	—	—	151,110
Unsecured other borrowings (Note 15)	—	—	58,290	58,290	—	—	—	—
Trade and other payables (Note 16) *	—	—	82,156	82,156	—	—	—	—
Advances received on contracts (Note 16)	—	—	413	413	—	—	—	—
	—	—	1,841,310	1,841,310

* Deferred charges (see Note 20) and deferred income (see Note 16), which are not financial assets (liabilities) are not included.

31

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

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 2022, and the trading price on June 30, 2018. The following tables show the valuation techniques used in measuring Level 1, Level 2 and Level 3 fair values, as well as the significant unobservable inputs used.

Financial instruments measured at fair value
Type	Valuation Techniques	Significant unobservable inputs
Forward exchange contracts	Forward pricing: the fair value is determined using quoted forward exchange rates at the reporting date and present value calculations based on high credit quality yield curve in the respective currencies.	Not applicable
Financial instruments not measured at fair value
Type	Valuation Techniques	Significant unobservable inputs
Non-current receivables (consisting of shareholders' loans)	Discounted cash flow	Discount rate
Other financial liabilities (consisting of secured and unsecured bank loans)	Discounted cash flow	Discount rate
Other financial notes (consisting of unsecured notes)		Not applicable

Transfers between Level 1, 2 and 3

There were no transfers between these levels in 2017 and for the six-month period ended June 30, 2018.

32

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Level 3 fair values

The following table shows a reconciliation from the opening balance to the closing balance for Level 3 fair values.

(in thousands of USD)	Non-current receivables
At January 1, 2018	128,427
Settlement shareholders loans (Note 23)	(115,671)
Net change in fair value (unrealized)	23,038
Net change in other non-current receivables (Note 19)	1,445
LT Portion of FMV derivatives (change) (Note 19)	7,895
Balance at June 30, 2018	45,134

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:

33

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

	Contractual cash flows December 31, 2017
(in thousands of USD)	Carrying Amount	Total	Less than 1 year	Between 1 and 5 years	More than 5 years
Non derivative financial liabilities
Bank loans and other notes (Note 15)	848,710	1,009,508	83,039	750,722	175,747
Other borrowings (Note 15)	50,010	50,010	50,010	—	—
Current trade and other payables (Note 16) *	51,335	51,335	51,335	—	—
Non-current other payables	—	—	—	—	—
	950,055	1,110,853	184,384	750,722	175,747
Derivative financial liabilities
Interest rate swaps	—	—	—	—	—
Forward exchange contracts	—	—	—	—	—
	—	—	—	—	—
	Contractual cash flows June 30, 2018
	Carrying Amount	Total	Less than 1 year	Between 1 and 5 years	More than 5 years
Non derivative financial liabilities
Bank loans and other notes (Note 15)	1,700,451	2,132,817	260,341	1,491,831	380,645
Other borrowings (Note 15)	58,290	58,290	58,290	—	—
Current trade and other payables (Note 16) *	82,156	82,156	82,156	—	—
Non-current other payables	—	—	—	—	—
	1,840,897	2,273,263	400,787	1,491,831	380,645
Derivative financial liabilities
Interest rate swaps	—	—	—	—	—
Forward exchange contracts	—	—	—	—	—
	—	—	—	—	—

* Deferred income (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. For more details on these covenants, please see "capital management" below.

The interest payments on variable interest rate loans in the table above reflect market forward interest rates at the reporting date and these amounts may change as market interest rates change. It is not expected that the cash flows included in the table above (the maturity analysis) could occur significantly earlier, or at significantly different amounts than stated above.

34

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Note 18 - Deferred tax assets and liabilities

Euronav NV and its subsidiaries had available combined cumulative tax losses and other tax credits carried forward of USD 354.1 million and USD 363.9 million as of June 30, 2018 and December 31, 2017, 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 88.2 million and USD 89.0 million as of June 30, 2018 and December 31, 2017, 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.

Note 19 - Non-current receivables

(in thousands of USD)	June 30, 2018	December 31, 2017
Shareholders loans to joint ventures	44,062	159,733
LT portion of FMV derivatives	7,896	—
Other non-current receivables	2,063	618
Investment	1	1
Total non-current receivables	54,022	160,352

The shareholders loans to joint ventures as of June 30, 2018 and December 31, 2017 did not bear interest. Please refer to Note 23 for more information on the shareholders loans to joint ventures.

The LT portion of FMV derivatives relates to the fair market value of the Interest Rate Swap instruments, acquired through the acquisition of Gener8 Maritime Inc (see Note 13).

The increase in other non-current receivables is related to an increase of cash guarantees and deposits.

Note 20 - Trade and other receivables

(in thousands of USD)	June 30, 2018	December 31, 2017
Trade receivables	41,660	32,758
Accrued income	14,168	12,465
Accrued interest	50	52
Deferred charges	51,647	24,797
Other receivables	132,294	66,725
Total trade and other receivables	239,819	136,797

The increase in deferred charges is next to the impact of Gener8 also due to a higher proportion of vessels on the spot market, deferrals of TC-in costs for the 4 bareboat-in vessels which were not deferred at the end of December 31, 2017 and to the vessels on TC-in from Gener8 in June 2018.

The overall increase in trade and other receivables is mainly related to the merger with Gener8 and the acquisition of their outstanding receivables such as Pool revenue still to be collected. The other receivables increased further due to the USD 21.0 million receivable from International Seaways ("INSW") following the sale of the subsidiaries owning six modern VLCCs to INSW for a total cash payment of USD 141.0 million of which USD 120.0 million was received on June 14, 2018, the date of closing (see Note 22).

35

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Note 21 - Contingencies

The Group is involved in a number of disputes in connection with its day-to-day activities, both as claimant and defendant. Such disputes and the associated expenses of legal representation are covered by insurance. Moreover, they are not of a magnitude that lies outside the ordinary, and their scope is not of such a nature that they could jeopardise the Group's financial position.

Note 22 - Business Combinations

On June 11, 2018, the Group announced that Gener8's shareholders approved the merger that day between the two companies by which Gener8 became a wholly-owned subsidiary of Euronav (the merger to form the "Combined Entity"). Gener8, Inc. a corporation incorporated under the laws of the Republic of the Marshall Islands, was a leading U.S.-based provider of international seaborne crude oil transportation services, resulting from a transformative merger between General Maritime Corporation, a well-known tanker owner, and Navig8 Crude Tankers Inc., a company sponsored by the Navig8 Group, an independent vessel pool manager. General Maritime Corporation was founded in 1997 and has been an active owner and operator in the crude tanker sector. At the date of the merger, Gener8 owned a fleet of 29 tankers on the water, consisting of 21 VLCC vessels, 6 Suezmax vessels, and 2 Panamax vessels, with an aggregate carrying capacity of approximately 7.4 million dwt, which includes 19 “eco” VLCC newbuildings delivered from 2015 through 2017 equipped with advanced, fuel-saving technology, that were constructed at highly reputable shipyards.

Euronav believes that the merger will be accretive to the shareholders of both companies and is consistent with previously set expansion criteria of Euronav. It will create the world’s leading independent crude tanker operator with 74 large crude tankers focused predominately on the VLCC and Suezmax asset classes and two FSO vessels in joint venture and provide tangible economies of scale via pooling arrangements, procurement opportunities, reduced overhead and enhanced access to capital.

Furthermore it will offer a well-capitalised, highly liquid company for investors to participate in the tanker market. and through commitment to the Tankers International Pool (a spot market-oriented tanker pool), provide the lowest commercial fees as a percentage of revenue in the sector upon closing of the merger.

Holders of 81% of the outstanding shares of Gener8 cast their vote, of which 98% approved the merger. The "Exchange Ratio" of 0.7272 Euronav shares for each share of Gener8 resulted in the issuance of 60,815,764 new ordinary shares on June 12, 2018. The Exchange Ratio implied a premium of 35% paid on Gener8 shares based on the closing share prices on December 20, 2017. The merger resulted in Euronav shareholders owning approximately 72% of the issued share capital of the Combined Entity and Gener8 shareholders owning approximately 28% (based on the fully diluted share capital of Euronav and fully diluted share capital of Gener8). Euronav as the Combined Entity remain listed on NYSE and Euronext under the symbol "EURN".

Subsequently, Euronav sold the subsidiaries owning six modern VLCCs to International Seaways ("INSW") for a total cash payment of USD 141.0 million of which USD 120.0 million was received on June 14, 2018, the date of closing. The remaining balance of USD 21.0 million will be unconditionally paid in Q4 and is included in other amounts receivable (Note 20). This sale was an important part of the wider merger with Gener8 Maritime transaction as it allows Euronav to retain leverage around our target level of 50% and to retain substantial liquidity going forward. The six vessels are the Gener8 Miltiades (2016 – 301,038 dwt), Gener8 Chiotis (2016 – 300,973 dwt), Gener8 Success (2016 – 300,932 dwt), Gener8 Andriotis (2016 – 301,014 dwt), Gener8 Strength (2015 – 300,960 dwt) and Gener8 Supreme (2016 – 300,933 dwt). The assets and liabilities of these companies were recognized at fair value on the date of the closing of the merger. This fair value took into consideration the provisons of the sale and purchase agreement with INSW and accordingly, no result was recorded on this transaction.

36

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Consideration transferred

in USD	Total Business combinations
Gener8 shares outstanding	83,267,426
RSU	362,613
Total Gener8 shares	83,630,039
Ratio	0.7272
Issued Euronav shares	60,815,764
Closing price Euronav on June 11, 2018	9.1
Total consideration transferred	553,423,452

Contribution to revenue and profit/loss

Since their acquisition by the Group on June 12, 2018, the acquired companies contributed revenue of USD 6.99 million and a loss of USD (3.40) million to the Group’s consolidated results for the six months ended June 30, 2018. If the acquisition had occurred on 1 January 2018, management estimates that the Group’s consolidated revenue for the six months ended June 30, 2018 would have been USD 268.25 million and consolidated loss for the six months period ended June 30, 2018 would have been USD (100.84) million. In determining these amounts, management has assumed that the fair value adjustments, that arose on the date of acquisition would have been the same if the acquisition had occurred on 1 January 2018.

Acquisition related costs

The Group incurred approximately USD 5.0 million relating to external legal fees, due to 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'.

Repayment Blue mountain note

As part of the Merger Agreement and the Letter agreement between Gener8 and certain affiliates of BlueMountain Capital Management LLC, the Senior Note with a carrying value of USD 205.7 million was prepaid on June 12, 2018. The repayment of the Senior Notes was financed in full by Euronav under its existing liquidity (cash at hands and credit facilities) (see Note 15).

Bank loans

At the time of the merger, Gener8 had three senior secured credit facilities: (i) the KEXIM Credit Agreement, (ii) the Nordea Credit Agreement and (iii) the Sinosure Credit Agreement of which the first two were assumed by Euronav in the merger and the latter was assumed by INSW when they acquired the subsidiaries owning six modern VLCCs. Prior to the merger, Gener8 was not in compliance with the interest expense coverage ratio covenant for which they obtained short-term waivers from its lenders. Following the merger, the Kexim Credit Agreement was amended to align the covenants with the other senior credit facilities of the Group, resolving the non compliance. The Group, in advance negotiations to refinance the Nordea Credit Agreement, decided not to amend this senior secured credit facility and as such, given the non compliance and remaining duration of the short-term waiver, classified the entire facility as short term.

37

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Identifiable assets acquired and liabilities assumed

The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the acquisition date.

(in thousands of USD)	Total	Gener8 Subsidiaries	INSW Subsidiaries
Vessels (Note 12)	1,710,250	1,276,250	434,000
Other tangible assets	345	345	—
Intangible assets	152	152	—
Receivables	16,769	9,599	7,170
Current assets	81,357	66,728	14,629
Cash and cash equivalents	126,288	126,288	—
Loans and borrowings (Note 15)	(1,312,446)	(1,001,478)	(310,968)
Current liabilities	(33,012)	(29,160)	(3,852)
Total identifiable net assets acquired	589,703	448,724	140,979
(in thousands of USD)	Fair value at acquisition date
Consideration transferred	553,423
Total identifiable net assets acquired	589,703
Bargain Purchase	36,280

The transaction resulted in a bargain purchase gain of USD 36.28 million because the fair value of assets acquired and liabilities assumed exceeded the total of the fair value of consideration paid. Euronav’s management has reassessed whether they had correctly identified all of the assets acquired and all of the liabilities assumed and this excess remains.

Euronav’s management believes that the bargain purchase price is a direct consequence of Gener8 limited liquidity and its shares trading under the net asset value per share prior to and at the time of the agreed ratio as well as a small uptick in the fair value of the vessels between the time of the agreed ratio and the date of the merger when the valuations of the vessels were assessed.

This gain was recognized in the consolidated statement of profit or loss for the six months ended June 30, 2018, under the heading ‘Gain on bargain purchase’.

38

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Note 23 - Equity-accounted investees

(in thousands of USD)	June 30, 2018	December 31, 2017
Assets
Interest in joint ventures	35,824	30,595
Interest in associates	—	—
TOTAL ASSETS	35,824	30,595

Associates

(in thousands of USD)	June 30, 2018	December 31, 2017
Carrying amount of interest at the beginning of the period	—	1,546
Group's share of profit (loss) for the period	—	149
Dividend in kind (shares TUKA) distributed by associate	—	(1,559)
Reclassification of associate to joint venture	—	(136)
Carrying amount of interest at the end of the period	—	—

Joint Ventures

The following table contains a roll forward of the balance sheet amounts with respect to the Group’s joint ventures:

	ASSET		LIABILITY
(in thousands of USD)	Investments in equity accounted investees	Shareholders loans	Investments in equity accounted investees	Shareholders loans
Gross balance	(3,298)	203,512	—	—
Offset investment with shareholders loan	20,165	(20,165)	—	—
Balance at January 1, 2017	16,867	183,348	—	—
Group's share of profit (loss) for the period	29,933	—	—	—
Group's share of other comprehensive income	483	—	—	—
Dividends received from joint ventures	(1,250)	—	—	—
Dividend in kind (shares TUKA) received from associate	1,559	—	—	—
Reclassification of associate to joint venture	136	—	—	—
Movement shareholders loans to joint ventures	—	(40,750)	—	—
Gross balance	27,565	162,763	—	—
Offset investment with shareholders loan	3,030	(3,030)	—	—
Balance at December 31, 2017	30,595	159,733	—	—
Group's share of profit (loss) for the period	8,419	—	—	—
Group's share of other comprehensive income	(160)	—	—	—
Movement shareholders loans to joint ventures	—	(118,701)	—	—
Gross balance	35,824	44,062	—	—
Offset investment with shareholders loan	—	—	—	—
Balance at June 30, 2018	35,824	44,062	—	—

The decrease in the balance of shareholders’ loans to joint ventures since December 31, 2017 is primarily due to the USD 220.0 million senior secured credit facility which TI Asia Ltd. and TI Africa Ltd. concluded on March 29, 2018 (see Note 6). The shareholders loans were partially repaid by using a part of this new borrowing. In addition, the Company provided a guarantee for the revolving tranche of the above credit facility.

39

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

In connection to the USD 220.0 million facility, the Group entered in several Interest Rate Swap (IRSs) instruments for a combined notional value of USD 208.8 million (Euronav’s share amounts to 50%). These IRSs have been used to hedge the risk related to the fluctuation of the Libor rate and qualified for hedging instruments in a cash flow hedge relationship under IFRS 9. These instruments have been measured at their fair value; effective changes in fair value have been recognized in OCI and the ineffective portion has been recognized in profit or loss. These IRSs have a remaining duration of four years matching the repayment profile of that facility and mature on July 21, 2022 and September 22, 2022 for FSO Asia and FSO Africa respectively (Note 13).

Note 24 - Restricted Cash

(in thousands of USD)	June 30, 2018	December 31, 2017
Restricted Cash	96,689	115

Restricted cash consist of rent deposits and cash deposited on debt service reserve accounts and minimum liquidity accounts linked to some of our long term borrowings. The increase is entirely attributable to the merger with Gener8 and more particularly to the USD 581 million facility and the USD 633.5 million facility which both require cash to be deposited on a debt service reserve account representing the next capital repayment and interest payment. The USD 633.5 million facility also requires cash to be deposited in a minimum liquidity account for as long as the vessels are owned by special purpose vehicles (“SPV”).

The Group intends to transfer the ownership of the vessels from the SPV to the balance sheet of Euronav before year end. Once the vessels have been transferred, the cash held on the debt service account will no longer be restricted.

Note 25 - Subsequent events

On September 7, 2018, the Group entered into a $200.0 million senior secured amortizing revolving credit facility with a syndicate of banks and Nordea Bank Norge SA, as Agent and Security Agent. The Group will use the proceeds of this facility to refinance all remaining indebtedness under our $581.0 million Senior Secured Loan Facility, our $67.5 million Secured Loan Facility (Larvotto) and our $76.0 million Secured Loan Facility (Fiorano). This facility will be secured by 9 of our wholly-owned vessels. The revolving credit facility is reduced in 12 installments of consecutive six-month interval and a final $55.1 million repayment is due at maturity in 2025. This facility bears interest at LIBOR plus a margin of 2.00% per annum plus applicable mandatory costs.

Subsequently the Group repaid in full the $581.0 million Senior Secured Loan Facility and the $76.0 million Secured Loan Facility (Fiorano) on September 17, 2018 and September 25, 2018 respectively. It is the Group's intention to repay in full the $67.5 million Secured Loan Facility (Larvotto) by the end of the year.

40

Notes to the condensed consolidated interim financial statements

for the six-month period ended June 30, 2018

Note 26 - Standards issued but not yet effective

A number of new standards and amendments to standards are effective for annual periods beginning after 1 January 2018 and early application is permitted. However, the Group has not early adopted the following new or amended standards in preparing these condensed consolidated interim financial statements.

The Group has the following updates to information provided in the consolidated financial statements for the year ended December 31, 2017 about the standards issued but not yet effective that may have a significant impact on the Group’s consolidated financial statements.

IFRS 16 Leases

IFRS 16 Leases published on January 13, 2016 makes a distinction between a service contract and a lease based on whether the contract conveys the right to control the use of an identified asset and introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognizes a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. There are optional exemptions for shortterm leases and leases of low value items. Lessor accounting remains similar to the current standard – i.e. lessors continue to classify leases as finance or operating leases. IFRS 16 replaces existing leases guidance including IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC-15 Operating Leases—Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. The standard is effective for annual periods beginning on or after January 1, 2019. The Group will adopt IFRS 16 as of January 1, 2019.

The Group has completed an initial assessment of the potential impact on its consolidated financial statements but has not yet completed its detailed assessment. The actual impact of applying IFRS 16 on the financial statements in the period of initial application will depend on future economic conditions, including the Group's borrowing rate at January 1, 2019, the composition of the Group's lease portfolio at that date, the Group's latest assessment of whether it will exercise any lease renewal options and the extent to which the Group chooses to use practical expedients and recognition exemptions. The Group expects that the most significant impact will be that the Group will recognize new assets and liabilities for its operating leases as lessee. In addition, the nature and recognition of expenses related to those leases will change as IFRS 16 replaces the straight-line operating lease expense with a depreciation charge for right-of-use assets and interest expense on lease liabilities. No significant impact is expected for the Group's finance leases. The Group does not expect the adoption of IFRS 16 to impact its ability to comply with loan covenants.

As a lessee, the Group can either apply the standard using a retrospective approach or a modified retrospective approach with optional practical expedients. The Group currently anticipates adopting the standard on January 1, 2019, using the modified retrospective approach. Therefore, the cumulative effect of adopting IFRS 16 will be recognized as an adjustment to the opening balance of retained earnings at January 1, 2019, with no restatement of comparative information.

41

EX-99.2

Exhibit 99.2

MANAGEMENT'S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following management's discussion and analysis of the results of Euronav operations and financial condition should be read in conjunction with the financial statements and the notes to those statements included elsewhere in this report. The condensed consolidated interim financial statements of the Company comprise the Company and its subsidiaries (together referred to as the "Group"). The following discussion contains forward-looking statements that reflect our future plans, estimates, beliefs and expected performance. The forward-looking statements are dependent upon events, risks and uncertainties that may be outside our control which could cause actual events or conditions to differ materially from those currently anticipated and expressed or implied by such forward-looking statements. For additional information relating to our management's discussion and analysis of financial condition and results of operation and a more complete discussion of the risks and uncertainties referenced in the preceding sentence, please see our Annual Report on Form 20-F for the year ended December 31, 2017, which was filed with the U.S. Securities and Exchange Commission, or the Commission, on April 17, 2018, and our other filings with the Commission.

Factors affecting our results of operations

The principal factors which have affected our results of operations and are expected to affect our future results of operations and financial position include:

• The spot rate and time charter market for VLCC and Suezmax tankers;

• The number of vessels in our fleet;

• Utilization rates on our vessels, including actual revenue days versus non-revenue ballast days;

• Our ability to maintain and grow our customer relationships;

• Economic regulatory, political and government conditions that affect the tanker shipping industry;

• The earnings on our vessels;

• Gains and losses from the sale of assets and amortization of deferred gains;

• Vessel operating expenses, including in some cases, the fluctuating price of fuel expenses when our vessels operate in the spot or voyage market;

• Impairment losses on vessels;

• Administrative expenses;

• Acts of piracy or terrorism;

• Depreciation;

• Drydocking and special survey days, both expected and unexpected;

• Our overall debt level and the interest expense and principal amortization;

• Equity gains (losses) of unconsolidated subsidiaries and associated companies;

• IMO 2020: The MarPol convention, Annex VI Prevention of  Air Pollution from Ships which will reduce the maximum amount of Sulfur that ships can emit into the air which will be applicable as of 1 January 2020;

• The International Convention for the Control and Management of Ships' Ballast Water and Sediments (BWM) which will be applicable as of September 2019 ;

• The European Ship Recycling regulation for large commercial seagoing vessels flying the flag of an EU Member State which force shipowners to recycle their ships  only in safe and sound ship recycling facilities included in the European List of ship recycling facilities which will be applicable as of 1 January 2019;and

• The successful integration of Gener8 Maritime Inc. activities.

Lack of Historical Operating Data for Vessels Before Their Acquisition

Vessel acquisitions

Consistent with shipping industry practice, other than inspection of the physical condition of the vessels and/or examinations of classification society records, there is no historical financial and/or operational due diligence process when we acquire vessels. Accordingly, we do not obtain the historical operating data for the vessels from the sellers because that information is not material to our decision to make acquisitions, nor do we believe it would be helpful to potential investors in assessing our business or profitability. Most vessels are sold under a standardized agreement, which, among other things, provides the buyer with the right to inspect the vessel and the vessel's classification society records. The standard agreement does not give the buyer the right to inspect, or receive copies of, the historical operating data of the vessel. Prior to the delivery of a purchased vessel, the seller typically removes from the vessel all records, including past financial records and accounts related to the vessel. In addition, the technical management agreement between the seller's technical manager and the seller is automatically terminated and the vessel's trading certificates are revoked by its flag state following a change in ownership.

Consistent with shipping industry practice, we treat the acquisition of a vessel (whether acquired with or without charter) as the acquisition of an asset rather than a business. Although the vessels we acquire generally do not have a charter attached, we have agreed to acquire (and may in the future acquire) some vessels with time charters attached. Where a vessel has been under a voyage charter, the vessel is delivered to the buyer free of charter. It is rare in the shipping industry for the last charterer of the vessel in the hands of the seller to continue as the first charterer of the vessel in the hands of the buyer. In most cases, when a vessel is under time charter and the buyer wishes to assume that charter, the vessel cannot be acquired without the charterer's consent and the buyer's entering into a separate direct agreement with the charterer to assume the charter. The purchase of a vessel itself does not transfer the charter, because it is a separate service agreement between the vessel owner and the charterer. When we acquire a vessel and assume a related time charter, we take the following steps before the vessel will be ready to commence operations:

• obtain the charterer's consent to us as the new owner;

• obtain the charterer's consent to a new technical manager;

• in some cases, obtain the charterer's consent to a new flag for the vessel;

• arrange for a new crew for the vessel;

• replace most if not all hired equipment on board, such as computers and communication equipment;

• negotiate and enter into new insurance contracts for the vessel through our own insurance brokers;

• register the vessel under a flag state and perform the related inspections in order to obtain new trading certificates from the flag state;

• implement a new planned maintenance program for the vessel; and

• ensure that the new technical manager obtains new certificates for compliance with the safety and vessel security regulations of the flag state.

Business Combination

Consistent with shipping industry practice, other than inspection of the physical condition of the vessels and examinations of classification society records, there is no or limited historical financial and/or operational due diligence process when we acquire a company or a group of companies owning vessels. Accordingly, we do not intend to use the historical operating data for the vessels because that information is not material to our decision to make acquisitions, nor do we believe it would be helpful to potential investors in assessing our business or profitability. Most vessels are sold under a standardized agreement, which, among other things, provides the buyer with the right to inspect the vessel and the vessel's classification society records. The standard agreement does not give the buyer the right to inspect, or receive copies of, the historical operating data of the vessel it is therefore not useful to keep those historical data when we do a merger or an acquisition of a company.

Critical Accounting Policies

Our consolidated financial statements are prepared in accordance with IFRS, which requires us to make estimates in the application of accounting policies based on the best assumptions, judgments and opinions of management.

The following is a discussion of our accounting policies that involve a higher degree of judgment and the methods of their application. For a description of all of our material accounting policies, please see Note 1—Summary of Significant Accounting Policies to our consolidated financial statements for the year ended December 31, 2017.

Revenue Recognition

We generate a large part of our revenue from voyage charters, including vessels in pools that predominantly perform voyage charters. In the past, we used to account for voyage charter revenue ratably over the estimated length of each voyage on a discharge-to-discharge basis, the most prevalent method of accounting for voyage revenue in the shipping industry. After the adoption of IFRS 15 Revenue from Contracts with Customers, management decided to change the revenue recognition calculation to load-to-discharge rather than discharge-to-discharge as this better reflects the nature of the contract and the corresponding performance obligation. As a consequence, voyage related expenses incurred between the previous discharge port and the next load port are capitalized if they qualify as fulfillment costs and if they are expected to be recovered.

 Revenues from time charters are accounted for as operating leases and are thus recognized ratably over the rental periods of such charters, as service is performed. The board will, however, analyze each contract before deciding on its accounting treatment between operating lease and finance lease. We do not recognize time charter revenues during periods that vessels are off-hire.

For our vessels operating in the TI Pool, revenues and voyage expenses are pooled and allocated to the pool's participants on a TCE basis in accordance with an agreed-upon formula. The formulas in the pool agreements for allocating gross shipping revenues net of voyage expenses are based on points allocated to participants' vessels based on cargo carrying capacity and other technical characteristics, such as speed and fuel consumption. The selection of charterers, negotiation of rates and collection of related receivables and the payment of voyage expenses are the responsibility of the pool. The pool may enter into contracts that earn either voyage charter revenue or time charter revenue. The pool follows the same revenue recognition principles, as applied by us, in determining shipping revenues and voyage expenses, including recognizing revenue only after a charter has been agreed to by both the pool and the customer, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage.

The following table presents our average TCE rates (in U.S. dollars) and vessel operating days, which are the total days the vessels were in our possession for the relevant period, net of scheduled off-hire days associated with major repairs, drydockings or special or intermediate surveys for the periods indicated:

	Six months ended June 30, 2018 REVENUE						Six months ended June 30, 2017 REVENUE
	Fixed		Spot		Pool		Fixed		Spot		Pool
TANKER SEGMENT*
VLCC
Average rate	$	34,411	—		$	17,467	$	41,300	$	—	$	34,843
Vessel Operating days	822		—		4,502		996		—		4,362
SUEZMAX
Average rate	$	23,218	$	13,334	$	11,815	$	22,830	$	20,508	—
Vessel Operating days	447		2,904		108		1,021		2,394		—
FSO SEGMENT**
FSO
Average rate	$	135,547	—		—		$	180,050	—		—
FSO Operating days	181		—		—		181		—		—

* The figures for the tanker segment do not include our economic interest in joint ventures.

**The figures for the FSO segment are included and presented at our economic interest, 50%.

Through pooling mechanisms, we receive a weighted, average allocation, based on the total spot results earned by the total of pooled vessels, (reflected under “Pool” in the table above), whereas results from direct spot employment are earned and allocated on a one-on-one basis to the individual vessel and thus owner of the according vessel (reflected under “Spot” in the table above).

Vessel Useful Lives and Residual Values

The useful economic life of a vessel is variable. Elements considered in the determination of the useful lives of the assets are the uncertainty over the future market and future technological changes. The carrying value of each of our vessels represents its initial cost at the time it was delivered or purchased plus any additional capital expenditures less depreciation calculated using an estimated useful life of 20 years, except for FSO service vessels for which estimated useful lives of 25 years are used. Newbuildings are depreciated from delivery from the construction yard. Purchased vessels and FSOs converted later into an FSO are depreciated over their respective remaining useful lives as from the delivery of the construction yard to its first owner.

On June 30, 2018, all of our owned vessels were of double hull construction. If the estimated economic lives assigned to our vessels prove to be too long because of new regulations, the continuation of weak markets, the broad imposition of age restrictions by our customers or other future events, this could result in higher depreciation expenses and impairment losses in future periods related to a reduction in the useful lives of any affected vessels.

We estimate that our vessels will not have any residual value at the end of their useful lives. Even though the scrap value of a vessel could be worth something, it is difficult to estimate taking into consideration the cyclicality of the nature of future demand for scrap steel and is likely to remain volatile and unpredictable. The costs of scrapping and disposing of a vessel with due respect for the environment and the safety of the workers in such specialized yards is equally challenging to forecast as regulations and good industry practice leading to self-regulation can dramatically change over time. For example, certain organizations have suggested that the industry adopt The Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, or the Convention. While this Convention has not been accepted yet by the flag states of the flags we use, we believe that this Convention or a similar convention may be adopted in the future. In the event that more stringent requirements are imposed upon tanker owners, including those seeking to sell their vessels to a party that intends to recycle the vessels after they have been purchased, or a Recycling Purchaser, such requirements could negatively impact the sales prices obtainable from the Recycling Purchasers or require companies, including us, to incur additional costs in order to sell their vessels to recycling purchasers or to other foreign buyers intending to use such vessels for further trading. Therefore, we take the view that by the time our assets reach the end of their useful lives, their scrap values are likely to be the same as their disposal costs.

Vessel Impairment

The carrying values of our vessels may not represent their fair market values at any point in time since the market prices of second-hand vessels tend to fluctuate with changes in charter rates and the cost of constructing new vessels. The carrying amounts of our vessels are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount is estimated. We define our 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. An impairment loss is recognized whenever the carrying amount of an asset or cash generating unit exceeds its recoverable amount. Impairment losses are recognized in the income statement.

FSO Impairment

Due to the fact that FSO vessels are often purposely built for specific circumstances, and due to the absence of an efficient market for transactions of FSO vessels, the carrying values of our FSO’s may not represent their fair values at any point in time. The carrying amounts of our FSO’s are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount is estimated. We define our cash generating unit as a single FSO. An impairment loss is recognized whenever the carrying amount of an asset or cash generating unit exceeds its recoverable amount. Impairment losses are recognized in the income statement.

Calculation of recoverable amount

The recoverable amount of an asset or cash generating unit is the greater of its fair value less its cost to sell and value in use. In assessing value in use, the estimated future cash flows, which are based on current market conditions, historical trends as well as future expectations, are discounted to their present value using a pre-tax discount rate that reflects the time value of money and the risks specific to the asset or cash generating unit.

The carrying values of our vessels or our FSOs may not represent their fair market values or the amount that could be obtained by selling the vessels at any point in time since the market prices of second-hand vessels tend to fluctuate with changes in charter rates and the cost of newbuildings. Historically, both charter rates and vessel values tend to be cyclical. The value of a FSO is highly dependent on the value of the service contract under which the unit is employed.

In developing estimates of future cash flows, we must make assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, drydocking requirements, residual value and the estimated remaining useful lives of the vessels. These assumptions are based on historical trends and/or on future expectations. Specifically, in estimating future charter rates or service contract rates, management takes into consideration estimated daily rates for each asset over the estimated remaining lives. The estimated daily TCE rates are based on the trailing 15-year historical average rate, based on normalized (adjusted for the highest 5% and lowest 5%) quarterly average rates published by a third-party maritime research service. Recognizing that the transportation of crude oil and petroleum products is cyclical and subject to significant volatility based on factors beyond our control, management believes the use of estimates based on the 15-year historical average rates calculated as of the reporting date to be reasonable as historically it is the most appropriate reflection of a typical shipping cycle. When using 10-year historical charter rates in this impairment analysis, the impairment analysis at June 30, 2018 indicates that an impairment of USD 0.5 million is required for the tanker fleet (2017: no impairment required). When using 5-year historical charter rates in this impairment analysis, the impairment analysis as at June 30, 2018 indicates that an impairment would not be required for the tanker fleet. When using 1-year historical charter rates in this impairment analysis, the impairment analysis as at June 30, 2018 indicates a total impairment amount of $219.1 million for the tanker fleet. The value in use calculation for FSOs is based on the remaining useful life of the vessels as of the reporting date, and is based on fixed daily rates as reflected in the contract as well as management's best estimate of daily rates for future periods.

Estimated outflows for operating expenses and drydocking requirements are based on historical and budgeted costs and are adjusted for assumed inflation. Finally, utilization is based on historical levels achieved and estimates of a residual value are consistent with our depreciation policy.

The more significant factors that could impact management's assumptions regarding time charter equivalent rates include (i) loss or reduction in business from significant customers, (ii) unanticipated changes in demand for transportation of crude oil and petroleum products, (iii) changes in production of or demand for oil and petroleum products, generally or in particular regions, (iv) greater than anticipated levels of tanker newbuilding orders or lower than anticipated levels of tanker scrappings, and (v) changes in rules and regulations applicable to the tanker industry, including legislation adopted by international organizations such as IMO and the EU or by individual countries. Although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate at the time they were made, such assumptions are highly subjective and likely to change, possibly materially, in the future. There can be no assurance as to how long charter rates and vessel values will remain at their current levels.

Our Fleet—Vessel Carrying Values

During the past few years, the market values of vessels have experienced particular volatility, with substantial declines in many vessel classes. As a result, the charter-free market value, or basic market value, of certain of our vessels may have declined below the carrying amounts of those vessels. After undergoing the impairment analysis discussed above, we have concluded that for the six months ended June 30, 2018 no impairment was required. In 2017, when still applying the non normalized 10 year average for the estimated daily TCE, no impairment was required. (Please refer to note 12 of our half year consolidated financial statements for further information).

The following table presents information with respect to the carrying amount of our vessels by type and indicates whether their estimated market values are below their carrying values as of June 30, 2018 and December 31, 2017. The carrying value of each of our vessels does not necessarily represent its fair market value or the amount that could be obtained if the vessel were sold. Our estimates of market values for our vessels assume that the vessels are all in good and seaworthy condition without need for repair and, if inspected, would be certified as being in class without notations of any kind. Our estimates are based on the estimated market values for vessels received from independent ship brokers and are inherently uncertain. In addition, because vessel values are highly volatile, these estimates may not be indicative of either the current or future prices that we could achieve if we were to sell any of the vessels. We would not record a loss for any of the vessels for which the fair market value is below its carrying value unless and until we either determine to sell the vessel for a loss or determine that the vessel is impaired as discussed above in "Critical Accounting Policies—Vessel Impairment." We believe that the future discounted cash flows expected to be earned over the estimated remaining useful lives for those vessels that have experienced declines in market values below their carrying values would exceed such vessels' carrying values. For vessels that are designated as held for sale at the balance sheet date, we either use the agreed upon selling price of each vessel if an agreement has been reached for such sale or an estimate of basic market value if an agreement for sale has not been reached as of the date hereof.

Vessel Type	Numbers of Vessels at June 30, 2018	Numbers of Vessels at December 31, 2017	Carrying Value at June 30, 2018	Carrying Value at December 31, 2017
			(In thousands of USD)
VLCC (includes ULCC) (1)	41	25	2,717,715	1,667,308
Suezmax (2)	24	18	868,084	604,192
LR1	2	—	19,812	—
Vessels held for sale	1	—	1,319	—
Total	68	43	3,606,930	2,271,500

(1) As of June 30, 2018, twenty of our VLCC owned vessels (December 31, 2017: twenty) had carrying values which exceeded their market values. These vessels had an aggregate carrying value of $1,327.5 million (December 31, 2017: $1,462.5 million), which exceeded their aggregate market value by approximately $212.0 million (December 31, 2017: $244.2 million).

(2) As of June 30, 2018, twenty one of our Suezmax owned vessels (December 31, 2017: sixteen) had carrying values which exceeded their market values. These vessels had an aggregate carrying value of $772.6 million (December 31, 2017: $598.2 million), which exceeded their aggregate market value by approximately $175.4 million (December 31, 2017: $191.6 million).

The table above only takes into account the fleet that is 100% owned by us and therefore does not take into account the FSOs as they are accounted for using the equity method.

Vessels held for sale

Vessels whose carrying values are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. This is the case when the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such vessels and its sale is highly probable (when it is significantly more likely than merely probable).

Immediately before classification as held for sale, the vessels are remeasured in accordance with our accounting policies. Thereafter the vessels are measured at the lower of their carrying amount and fair value less cost to sell.

Impairment losses on initial classification as held for sale and subsequent gains and losses on remeasurement are recognized in profit or loss. Gains are not recognized in excess of any cumulative impairment loss.

Vessels classified as held for sale are no longer depreciated.

As of June 30, 2018, we had one vessel as a non-current asset held for sale, the Cap Romuald, with a carrying value of USD 1.3 million. As of December 31, 2017 we had no vessels as a non-current asset held for sale.

Drydocking-Component approach

Where an item of property, plant and equipment comprises major components having different useful lives, they are accounted for as separate items of property, plant and equipment. Costs associated with routine repairs and maintenance are expensed as incurred including routine maintenance performed whilst the vessel is in drydock. After each drydock, all the components installed (as replacements or as additional components) during the drydock are classified in two categories (according to their estimated lifetime and their respective cost). When the useful life is higher than 1 year, the component is amortized if its cost is higher than the established threshold. The components will then be amortized over their estimated lifetime (2.5-5 years).

Fleet Development

The following table summarizes the development of our fleet as of the dates presented below*:

	Six months ended June 30, 2018		Six months ended June 30, 2017		Year ended December 31, 2017
VLCCs
At start of period	29.0		30.0		30.0
Acquisitions	22.0		2.0		2.0
Dispositions	(6.0	)	(1.0	)	(3.0	)
Chartered-in	—		—		—
At end of period	45.0		31.0		29.0
Newbuildings on order	—		—		—
Suezmax
At start of period	18.0		19.0		19.0
Acquisitions	8.0		—		—
Dispositions	(2.0	)	—		(1.0	)
Chartered in	—		—		—
At end of period	24.0		19.0		18.0
Newbuildings on order	2.0		4.0		4.0
LR1
At start of period	—		—		—
Acquisitions	2.0		—		—
Dispositions	—		—		—
Chartered in	—		—		—
At end of period	2.0		—		—
Newbuildings on order	—		—		—
FSO
At start of period	1.0		1.0		1.0
Acquisitions	—		—		—
Dispositions	—		—		—
Chartered in	—		—		—
At end of period	1.0		1.0		1.0
Newbuildings on order	—		—		—
Total fleet
At start of period	48.0		50.0		50.0
Acquisitions	32.0		2.0		2.0
Dispositions	(8.0	)	(1.0	)	(4.0	)
Chartered in	—		—		—
At end of period	72.0		51.0		48.0
Newbuildings on order	2.0		4.0		4.0

* This table includes the two vessels that we own through joint venture entities, which we recognize in our income statement using the equity method, at our respective share of economic interest and 4 vessels chartered-in. This table does not include vessels acquired, but not yet delivered or vessels classified as held for sale.

Vessel Acquisitions and Charter-in Agreements

On August 16, 2016, we entered into an agreement for the acquisition through resale of two VLCCs which are under construction at Hyundai for an aggregated purchase price of $169 million or $84.5 million per vessel. The vessels Ardeche and Aquitaine were delivered to us on January 12, 2017 and January 20, 2017 respectively.

On October 3, 2016, we entered into construction contracts with Hyundai for two high specification Ice-Class Suezmax vessels from Hyundai to fulfill two long-term time charter contract of 7 years each with Valero Energy Inc. The vessels Cap Quebec and Cap Pembroke were delivered to us on March 26, 2018 and April 25, 2018, respectively.

On April 20, 2017, the Group signed an additional two long-term time charter contract of seven years each with Valero Energy Inc., for Suezmax vessels with specialized Ice Class 1C starting in the second half of 2018.

In order to fulfill these contracts, the Group has ordered two high specification Ice Class Suezmax vessels from Hyundai Heavy Industries shipyard in South Korea. Additional specifications for these vessels include substantially increased steel structure, specific emissions controls and other bespoke operational capabilities. Delivery of these vessels is expected in the second half of 2018 when each of the time charter contract will begin.

On June 11, 2018, the Group announced that Gener8 Martime Inc.'s ("Gener8") shareholders approved the merger that day between the two companies by which Gener8 became a wholly-owned subsidiary of Euronav (the merger to form the "Combined Entity"). Gener8, a corporation incorporated under the laws of the Republic of the Marshall Islands owned at the date of the merger, a fleet of 29 tankers on the water, consisting of 21 VLCC vessels, 6 Suezmax vessels, and 2 Panamax vessels, with an aggregate carrying capacity of approximately 7.4 million dwt, which includes 19 “eco” VLCC newbuildings delivered from 2015 through 2017 equipped with advanced, fuel-saving technology, that were constructed at highly reputable shipyards.

On June 29, 2018, Euronav took delivery of the ULCC Oceania (2003 - 441,561 dwt).

Vessel Sales and Redeliveries

On May 23, 2017, the Group sold the VLCC Ti Topaz (2002 – 319,430 dwt), one of its two oldest VLCC vessels, for $21.0 million. The loss on that sale of $21.0 million, was recorded in the second quarter of 2017.

On November 10, 2017, the Company sold the VLCC Flandre (2004 - 305,688 dwt) for $45.0 million to a global supplier and operator of offshore floating platforms. The Company recorded a gain of $20.3 million on the sale which was recorded in the fourth quarter of 2017. The vessel was delivered to its new owner on December 20, 2017 and will be converted into an FSPO by

her new owner and will therefore leave the worldwide VLCC trading fleet.

On November 16, 2017, the Company sold the Suezmax Cap Georges (1998 - 146,652 dwt) for $9.3 million. The Company recorded a gain of $8.5 million on the sale which was recorded in the fourth quarter of 2017. The vessel was delivered to its new owner on November 29, 2017.

On November 17, 2017, the Company sold the VLCC Artois (2001 - 298,330 dwt) for $21.8 million. The Artois was the oldest vessel in the Company’s VLCC fleet. The Company recorded a gain of $7.7 million on the sale which was recorded in the fourth quarter of 2017. The vessel was delivered to its new owner on December 4, 2017.

On May 8, 2018, the Company sold the Suezmax Cap Jean (1998 - 146,643 dwt) for $10.6 million. The Company recorded a gain of $10.2 million on the sale which was recorded in the second quarter of 2018. The vessel was delivered to its new owner on June 8, 2018.

On June 15, 2018, the Company sold 6 VLCCS, Gener8 Miltiades (2016 - 301,038 dwt), Gener8 Chiotis (2016 - 300,973 dwt), Gener8 Success (2016 - 300,932 dwt), Gener8 Andriotis (2016 - 301,014 dwt), Gener8 Strength (2015 - 300,960 dwt) and Gener8 Supreme (2016 - 300,933 dwt), to International Seaways for a total consideration of $434.0 million relating to the vessels which included $ 123.0 million in cash consideration and $311.0 million in the form of assumption of the outstanding debt related to the vessels.

On June 25, 2018, the Company sold the Suezmax Cap Romuald (1998 - 146,640 dwt), for $10.6 million. This vessel was accounted for as a non-current asset held for sale as at June 30, 2018. The vessel was delivered to its new owner on August 22, 2018.

Business Combination

On June 11, 2018, we announced that Gener8's shareholders approved the merger that day between the two companies by which Gener8 became a wholly-owned subsidiary of Euronav (the merger to form the "Combined Entity"). Gener8, Inc. a corporation incorporated under the laws of the Republic of the Marshall Islands, was a leading U.S.-based provider of international seaborne crude oil transportation services, resulting from a transformative merger between General Maritime Corporation, a well-known tanker owner, and Navig8 Crude Tankers Inc., a company sponsored by the Navig8 Group, an independent vessel pool manager. General Maritime Corporation was founded in 1997 and has been an active owner and operator in the crude tanker sector. At the date of the merger, Gener8 owned a fleet of 29 tankers on the water, consisting of 21 VLCC vessels, 6 Suezmax vessels, and 2 Panamax vessels, with an aggregate carrying capacity of approximately 7.4 million dwt, which includes 19 “eco” VLCC newbuildings delivered from 2015 through 2017 equipped with advanced, fuel-saving technology, that were constructed at highly reputable shipyards.

We believe that the merger will be accretive to the shareholders of both companies and is consistent with previously set expansion criteria of Euronav. It creates the world’s leading independent crude tanker operator with 74 large crude tankers focused predominately on the VLCC and Suezmax asset classes and two FSO vessels in joint venture and provide tangible economies of scale via pooling arrangements, procurement opportunities, reduced overhead and enhanced access to capital.

Furthermore it offer a well-capitalised, highly liquid company for investors to participate in the tanker market. and through commitment to the Tankers International Pool (a spot market-oriented tanker pool), provide the lowest commercial fees as a percentage of revenue in the sector upon closing of the merger.

Holders of 81% of the outstanding shares of Gener8 cast their vote, of which 98% approved the merger. The "Exchange Ratio" of 0.7272 Euronav shares for each share of Gener8 resulted in the issuance of 60,815,764 new ordinary shares on June 12, 2018. The Exchange Ratio implied a premium of 35% paid on Gener8 shares based on the closing share prices on December 20, 2017. The merger resulted in Euronav shareholders owning approximately 72% of the issued share capital of the Combined Entity and Gener8 shareholders owning approximately 28% (based on the fully diluted share capital of Euronav and fully diluted share capital of Gener8). Euronav as the Combined Entity remain listed on NYSE and Euronext under the symbol "EURN".

Subsequently, we sold the subsidiaries owning six modern VLCCs to International Seaways ("INSW") for a total cash payment of USD 141.0 million of which USD 120.0 million was received on June 14, 2018, the date of closing. The remaining balance of USD 21.0 million will be unconditionally paid in Q4 and is included in other amounts receivable (Note 20). This sale was an important part of the wider merger with Gener8 Maritime transaction as it allows Euronav to retain leverage around our target level of 50% and to retain substantial liquidity going forward. The six vessels are the Gener8 Miltiades (2016 – 301,038 dwt), Gener8 Chiotis (2016 – 300,973 dwt), Gener8 Success (2016 – 300,932 dwt), Gener8 Andriotis (2016 – 301,014 dwt), Gener8 Strength (2015 – 300,960 dwt) and Gener8 Supreme (2016 – 300,933 dwt). The assets and liabilities of these companies were recognized at fair value on the date of the closing of the merger. This fair value took into consideration the provisions of the sale and purchase agreement with INSW and accordingly, no result was recorded on this transaction.

Consideration transferred

in USD	Total Business combinations
Gener8 shares outstanding	83,267,426
RSU	362,613
Total Gener8 shares	83,630,039
Ratio	0.7272
Issued Euronav shares	60,815,764
Closing price Euronav on June 11, 2018	9.1
Total consideration transferred	553,423,452

Contribution to revenue and profit/loss

Since their acquisition by us on June 12, 2018, the acquired companies contributed revenue of USD 7.0 million and a loss of USD (3.4) million to the our consolidated results for the six months ended June 30, 2018. If the acquisition had occurred on 1 January 2018, management estimates that the our consolidated revenue for the six months ended June 30, 2018 would have been USD 268.2 million and consolidated loss for the six months period ended June 30, 2018 would have been USD (100.8) million. In determining these amounts, management has assumed that the fair value adjustments, that arose on the date of acquisition would have been the same if the acquisition had occurred on 1 January 2018.

Acquisition related costs

We incurred approximately USD 5.0 million relating to external legal fees, due to 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'.

Repayment Blue mountain note

As part of the Merger Agreement and the Letter agreement between Gener8 and certain affiliates of BlueMountain Capital Management LLC, the Senior Note with a carrying value of $205.7 million was prepaid on June 12, 2018. The repayment of the Senior Notes was financed in full by Euronav under its existing liquidity (cash at hands and credit facilities).

Identifiable assets acquired and liabilities assumed

The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the acquisition date.

(in thousands of USD)	Total	Gener8 Subsidiaries	INSW Subsidiaries
Vessels	1,710,250	1,276,250	434,000
Other tangible assets	345	345	—
Intangible assets	152	152	—
Receivables	16,769	9,599	7,170
Current assets	81,357	66,728	14,629
Cash and cash equivalents	126,288	126,288	—
Loans and borrowings	(1,312,446)	(1,001,478)	(310,968)
Current liabilities	(33,012)	(29,160)	(3,852)
Total identifiable net assets acquired	589,703	448,724	140,979
(in thousands of USD)	Fair value at acquisition date
Consideration transferred	553,423
Total identifiable net assets acquired	589,703
Bargain Purchase	36,280

The transaction resulted in a bargain purchase gain of USD 36.28 million because the fair value of assets acquired and liabilities assumed exceeded the total of the fair value of consideration paid. Euronav’s management has reassessed whether they had correctly identified all of the assets acquired and all of the liabilities assumed and this excess remains.

Euronav’s management believes that the bargain purchase price is a direct consequence of Gener8 limited liquidity and its shares trading under the net asset value per share prior to and at the time of the agreed ratio as well as a small uptick in the fair value of the vessels between the time of the agreed ratio and the date of the merger when the valuations of the vessels were assessed.

This gain was recognized in the consolidated statement of profit or loss for the six months ended June 30, 2018, under the heading ‘Gain on bargain purchase’.

Operating Results

Six months ended June 30, 2018, compared to the six months ended June 30, 2017

Total shipping revenues and voyage expenses and commissions.

The following table sets forth our total shipping revenues and voyage expenses and commissions for the six months ended June 30, 2018 and 2017:

	Six months ended June
(US$ in thousands)	2018		2017		$ Change		% Change
Voyage charter and pool revenues	163,305		224,876		(61,571	)	(27	)%
Time charter revenues	39,443		65,715		(26,272	)	(40	)%
Other income	2,133		2,775		(642	)	(23	)%
Total shipping revenues	204,881		293,366		(88,485	)	(30	)%
Voyage expenses and commissions	(46,277	)	(32,283	)	(13,994	)	43	%

Voyage Charter and Pool Revenues.    Voyage charter and pool revenues decreased by 27%, or $61.6 million, to $163.3 million for the six months ended June 30, 2018, compared to $224.9 million for the same period in 2017. This decrease was due to a decrease in the average TCE rates for VLCCs and Suezmax tankers from $35,034 and $21,204 respectively in the first six months of 2017 to $20,082 and $14,563, respectively in the first six months of 2018. The total number of vessel operating days decreased primarily due to the sale of the Artois, Flandre, Ti Topaz and Cap Georges in 2017, partly offset with the delivery of the Cap Quebec and Cap Pembroke in the first half of 2018 and the acquisition of 15 VLCC's , 6 Suezmaxes and 2 LR1's as a result of the merger with Gener8.

Time Charter Revenues.    Time charter revenues decreased by 40%, or $26.3 million, to $39.4 million for the six months ended June 30, 2018, compared to $65.7 million for the same period in 2017, This decrease was due to several time charter contracts ending in the course of 2017 combined with deteriorating market conditions resulting in lower profit splits.

Other Income.    Other income decreased by 23%, or $0.6 million, to $2.1 million for the six months ended June 30, 2018, compared to $2.8 million for the same period in 2017. Other income includes revenues related to the daily standard business operation of the fleet and that are not directly attributable to an individual voyage, such as insurance rebates received based on changes in our vessels' trading patterns.

Voyage Expenses and Commissions.    Voyage expenses and commissions increased by 43% or $14.0 million, to $(46.3) million for the six months ended June 30, 2018, compared to $(32.3) million for the same period in 2017. This increase was primarily due to a an increase of oil prices which increased bunker expenses, the largest component of voyage expenses and fewer vessels operating under a long term time charter.

Net gain (loss) on lease terminations and net gain (loss) on the sale of assets.

The following table sets forth our gain (loss) on lease terminations and gain (loss) on the sale of assets for the six months ended June 30, 2018 and 2017: 

	Six months ended June
(US$ in thousands)	2018	2017		$ Change	% Change
Net gain (loss) on sale of assets (including impairment on non-current assets held for sale and loss on disposal of investments in equity-accounted investees)	10,175	(21,007	)	31,182	(148	)%

Net gain (loss) on sale of assets (including impairment on non-current assets held for sale, and loss on disposal of investments in equity-accounted investees).    Net gain (loss) increased by 148%, or $31.2 million, to a gain of $10.2 million for the six months ended June 30, 2018, compared to a loss of $(21.0) thousand for the same period in 2017. The net gain on sale of assets of $10.2 million in 2018 is due to the sale of the Suezmax Cap Jean. The net loss on sale of assets of $(21.0) million in 2017 is due to the sale of the VLCC TI Topaz.

Vessel Operating Expenses.

The following table sets forth our vessel operating expenses for the six months ended June 30, 2018 and 2017: 

	Six months ended June
(US$ in thousands)	2018	2017	$ Change		% Change
Total VLCC operating expenses	51,370	51,305	65		—	%
Total Suezmax operating expenses	27,056	27,183	(127	)	—	%
Total LR1 operating expenses	444	—	444		—	%
Total vessel operating expenses	78,870	78,488	382		—	%

Total vessel operating expenses increased by 0.5%, or $0.4 million, to $78.9 million during the six months ended June 30, 2018, compared to $78.5 million for the same period in 2017. This increase was primarily due to the delivery of the Suezmax Cap Quebec, Suezmax Cap Pembroke and all vessels acquired under the merger with Gener8, almost fully offset by the sale of the VLCC Artois, VLCC Flandre, VLCC Ti Topaz and Suezmax Cap Georges.

VLCC operating expenses increased by 0.1%, or $0.1 million, during the six months ended June 30, 2018, compared to the same period 2017. This increase was primarily due to the delivery of the vessels acquired under the merger with Gener8, almost fully offset by the sale of the VLCC Artois, VLCC Flandre and VLCC Ti Topaz.

Suezmax operating expenses decreased by 0.5%, or $0.1 million, during the six months ended June 30, 2018, compared to the same period 2017. This decrease was primarily due to the sale of Suezmax Cap Georges , almost fully offset by the delivery of the Suezmax Cap Quebec, Suezmax Cap Pembroke and the six Suezmax vessels acquired under the merger with Gener8.

 LR1 operating expenses increased with $0.4 million, during the six months ended June 30, 2018, compared to the same period 2017. This increase was due to the 2 LR1 vessels acquired under the merger with Gener8.

Time charter-in expenses and bareboat charter-hire expenses.

The following table sets forth our chartered-in vessel expenses and bareboat charter-hire expenses for the six months ended June 30, 2018 and 2017:

	Six months ended June
(US$ in thousands)	2018	2017	$ Change		% Change
Time charter-in expenses	—	62	(62	)	(100	)%
Bareboat charter-hire expenses	15,432	15,423	9		—
Total charter hire expense	15,432	15,485	(53	)	—	%

Time charter-in expenses. Time charter-in expenses decreased by 100%, or $(62) thousand, to $0 million during the six months ended June 30, 2018, compared to $0.1 million for the same period in 2017. The decrease was attributable to the expiration of two time charter parties in 2016 with a final settlement in 2017.

Bareboat charter-hire expenses. Bareboat charter-hire expenses increased by $9 thousand, to $15.4 million for the six months ended June 30, 2018, compared to $15.4 million for the same period in 2017.

General and administrative expenses.

The following table sets forth our general and administrative expenses for the six months ended June 30, 2018 and 2017:

	Six months ended June
(US$ in thousands)	2018	2017	$ Change	% Change
General and administrative expenses	31,150	22,351	8,799	39	%

General and administrative expenses which include also, among others, directors' fees, office rental, consulting fees, audit fees and tonnage tax, increased by 39%, or $8.8 million, to $31.2 million million for the six months ended June 30, 2018, compared to $22.4 million for the same period in 2017.

This increase was due to, among other factors, an increase of $3.6 million related to staff costs due to an overall increase in FTE, an increase of $4.9 million in legal and other fees mainly relating to the merger with Gener8, an increase of $0.4 million in directors' fee due to the appointment of one additional director and an increase of $0.5 million in travel costs. This increase was offset with a decrease in tonnage tax of $0.6 million.

Depreciation and amortization expenses.

The following table sets forth our depreciation and amortization expenses for the six months ended June 30, 2018 and 2017:

	Six months ended June
(US$ in thousands)	2018	2017	$ Change		% Change
Depreciation and amortization expenses	112,977	115,572	(2,595	)	(2	)%

Depreciation and amortization expenses decreased by 2%, or $2.6 million, to $113.0 million for the six months ended June 30, 2018, compared to $115.6 million for the same period in 2017.

Depreciation decrease primarily due to (i) the sale of the Suezmaxes Cap Georges and Cap Jean resulting in an aggregate decrease of $4.1million and (ii) the sale of the VLCCs Artois and Flandre resulting in an aggregate decrease of $5.2 million. This decrease was partially offset by (i) the acquisition and delivery of the Suezmaxes Cap Quebec and Cap Pembroke, resulting in an aggregate increase of $1.6 million, and (ii) the acquisition of the Gener8 fleet resulting in an aggregate increase of $4.8 million (see Fleet Development).

Finance Expenses.

The following table sets forth our finance expenses for the nine months ended June 30, 2018 and 2017:

	Six months ended June
(US$ in thousands)	2018	2017	$ Change	% Change
Interest expense on financial liabilities measured at amortized cost	23,203	17,791	5,412	30	%
Other financial charges	3,577	2,512	1,065	42	%
Foreign exchange losses	7,198	1,731	5,467	316	%
Finance expenses	33,978	22,034	11,944	54	%

Finance expenses increased by 54%, or $11.9 million , to $34.0 million for the six months ended June 30, 2018, compared to $22.0 million for the same period in 2017.

Interest expense on financial liabilities measured at amortized cost increased by 30%, or $5.4 million, during the six months ended June 30, 2018, compared to the same period in 2017. This increase was primarily attributable to the increase of floating interest rates in 2018 and the interest paid on the senior unsecured bond of $150.0 million, issued in May 2017. This increase was offset by a decrease in average outstanding debt during the six months ended June 30, 2018, compared to the same period in 2017. Other financial charges increased by 42%, or $1.1 million, to $3.6 million for the six months ended June 30, 2018, compared to $2.5 million for the same period in 2017. This increase was primarily attributable to commitment fee paid for available credit lines, of which the total availability increased in 2018.

Foreign exchange losses increased by 316%, or $7.2 million , due to change in exchange rates between the EUR and the USD.

Share of results of equity accounted investees, net of income tax.

The following table sets forth our share of results of equity accounted investees (net of income tax) for the six months ended June 30, 2018 and 2017:

	Six months ended June
(US$ in thousands)	2018	2017	$ Change		% Change
Share of results of equity accounted investees	8,420	21,024	(12,604	)	(60	)%

As at June 30, 2018, our equity accounted investees included two joint ventures which owned one FSO each.

The result of our participations in these two 50%-owned joint ventures, TI Asia Ltd. and TI Africa Ltd., the owners of FSO Asia and FSO Africa, respectively, have decreased by (60)% or $ 12.6 million, mostly due to lower revenue under the new FSO contracts which started in July and September 2017 for the FSO Asia and FSO Africa, respectively and the recognition of a deferred tax liability.

Income tax benefit/(expense)

The following table sets forth our income tax benefit/(expense) for the six months ended June 30, 2018 and 2017:

	Six months ended June
(US$ in thousands)	2018	2017	$ Change		% Change
Income tax benefit (expense)	141	526	(385	)	(73	)%

Income tax benefit/(expense) decreased by 73%, or $0.4 million, to a benefit of $0.1 million for the six months ended June 30, 2018, compared to a benefit of $0.5 million for the same period in 2017.

Liquidity and capital resources

We operate in a capital intensive industry and have historically financed our purchase of tankers and other capital expenditures through a combination of cash generated from operations, equity capital, borrowings from commercial banks and the occasional issuance of convertible notes. Our ability to generate adequate cash flows on a short- and medium-term basis depends substantially on the trading performance of our vessels. Historically, market rates for charters of our vessels have been volatile. Periodic adjustments to the supply of and demand for oil tankers cause the industry to be cyclical in nature. We expect continued volatility in market rates for our vessels in the foreseeable future with a consequent effect on our short- and medium-term liquidity.

Our funding and treasury activities are conducted within corporate policies to maximize investment returns while maintaining appropriate liquidity for our requirements. Cash and cash equivalents are held primarily in U.S. dollars with some balances held in British Pounds, Euros, and other currencies we may hold for limited amounts.

As of June 30, 2018 and December 31, 2017, we had $206.3 million and $143.6 million in cash and cash equivalents, respectively.

Our short-term liquidity requirements relate to payment of operating costs (including certain repairs performed in drydock), lease payments for our chartered-in fleet, funding working capital requirements, maintaining cash reserves against fluctuations in operating cash flows as well as maintaining some cash balances on accounts pledges under borrowings from commercial banks.

Sources of short-term liquidity include cash balances, restricted cash balances, syndicated credit lines, short-term investments and receipts from our customers. Revenues from time charters and bareboat charters are generally received monthly in advance. Revenues from FSO service contracts are received monthly in arrears while revenues from voyage charters are received upon completion of the voyage. As of June 30, 2018 and December 31, 2017, we had $20.0 million and $60.0 million in available syndicated credit lines, respectively.

Our medium- and long-term liquidity requirements include funding the equity portion of investments in new or replacement vessels and funding all the payments we are required to make under our loan agreements with commercial banks. Sources of funding for our medium- and long-term liquidity requirements include new loans, refinancing of existing arrangements, drawdown under committed secured revolving credit facilities, issuance of new notes or refinancing of existing ones via public and private debt offerings, equity issues, vessel sales and sale and leaseback arrangements. As of June 30, 2018 and December 31, 2017, we had $525.6 million and $547.4 million in available committed secured revolving credit facilities, respectively.

Net cash from (used in) operating activities during the six months ended June 30, 2018 was $(11.3) million, compared to $133.2 million during the six months ended June 30, 2017. Our partial reliance on the spot market contributes to fluctuations in cash flows from operating activities as a result of its exposure to highly cyclical tanker rates. Any increase or decrease in the average TCE rates earned by our vessels in periods subsequent to June 30, 2018, will have a positive or negative comparative impact, respectively, on the amount of cash provided by operating activities.

We believe that our working capital resources are sufficient to meet our requirements for the next 12 months from the date of this report.

As of June 30, 2018 and December 31, 2017, our total indebtedness was $1,850.5 million and $964.6 million , respectively.

We expect to finance our funding requirements with cash on hand, operating cash flow and bank debt or other types of debt financing. In the event that our cash flow from operations does not enable us to satisfy our short-term or medium- to long-term liquidity requirements, we will also have to consider alternatives, such as raising equity, or new convertible notes, which could dilute shareholders, or selling assets (including investments), which could negatively impact our financial results, depending on market conditions at the time, establish new loans or refinancing of existing arrangements.

Our Borrowing Activities

	Amounts Outstanding as of
(US$ in thousands)	June 30, 2018	December 31, 2017
Euronav NV Credit Facilities
$340.0 Million Senior Secured Credit Facility	200,714	111,666
$750.0 Million Senior Secured Credit Facility	110,000	330,000
$409.5 Million Senior Secured Credit Facility	185,500	118,000
$67.5 Million Secured Loan Facility (Larvotto)	23,188	25,173
$76.0 Million Secured Loan Facility (Fiorano)	21,438	23,563
$108.5 Million Senior Secured Loan Facility	101,313	104,931
$173.5 Million Senior Secured Loan Facility	86,775
$581.0 Million Senior Secured Loan Facility	162,219	—
$633.5 Million Senior Secured Loan Facility	633,549	—
Credit Line Facilities
Credit lines	40,000	—
Senior unsecured bond
Senior unsecured bond	150,000	150,000
Treasury notes program
Treasury notes program	58,290	50,010
Total interest bearing debt	1,772,986	913,343
Joint Venture Credit Facilities (at 50% economic interest)
$220.0 Million Secured Loan Facility (TI Asia and TI Africa)	104,402	—
Total interest bearing debt - joint ventures	104,402	—

Euronav NV Credit Facilities

$340.0 Million Senior Secured Credit Facility

On October 13, 2014, we entered into a $340.0 million senior secured credit facility with a syndicate of banks and ING Bank N.V., as Agent and Security Trustee. Borrowings under this facility have been used to partially finance the acquisition of the four (4) modern Japanese built VLCC vessels ('the VLCC Acquisition Vessels') from Maersk Tankers Singapore Pte Ltd and to repay $153.1 million of outstanding debt and retire our $300.0 million Secured Loan Facility dated April 3, 2009. This facility is comprised of (i) a $148.0 million non-amortizing revolving credit facility and (ii) a $192.0 million term loan facility. This facility has a term of 7 years and bears interest at LIBOR plus a margin of 2.25% per annum. This credit facility is secured by eight of our wholly-owned vessels, the Fraternity, Felicity, Cap Felix, Cap Theodora and the VLCC Acquisition Vessels. As of June 30, 2018 and December 31, 2017 the outstanding balance on this facility was $200.7 million and $111.7 million, respectively.

$750.0 Million Senior Secured Credit Facility

On August 19, 2015, we entered into a $750.0 million secured loan facility with a syndicate of banks and Nordea Bank Norge SA, as Agent and Security Agent. This facility is comprised of a $500.0 million revolving credit facility, a $250.0 million revolving acquisition facility, and an uncommitted $250.0 million upsize facility. We used the proceeds of this facility to refinance all remaining indebtedness under our $750.0 million senior secured credit facility (2011) and our $65.0 million secured credit facility and for the acquisition of the Metrostar Acquisition Vessels in June 2015. This facility is secured by 24 of our wholly-owned vessels. The revolving credit facility is reduced in 13 installments of consecutive six-month interval. The revolving acquisition facility is reduced in 13 installments of consecutive six-month interval and a final $154.0 million repayment is due at maturity in 2022. This facility bears interest at LIBOR plus a margin of 1.95% per annum plus applicable mandatory costs. Following the sale of the Cap Laurent in November 2015, the total revolving credit facility was reduced by $11.5 million. Following the sale of the Famenne in January 2016, the total revolving credit facility was reduced by $21.3 million. Following the sale of the VLCC TI Topaz in June 2017, the total revolving credit facility was reduced by $19.5 million. Following the sale of the Suezmax Cap Georges in November 2017, the total revolving credit facility was reduced by $7.5 million. Following the sale of the VLCC Artois and Flandre in December 2017, the total revolving credit facility was reduced by $35.5 million. Following the sale of the Suezmax Cap Jean in May 2018, the total revolving credit facility was reduced by $7.5 million. As of June 30, 2018 and December 31, 2017 the outstanding balance on this facility was $110.0 million and $330.0 million, respectively.

$409.5 Million Senior Secured Credit Facility

On December 16, 2016, we entered into a $409.5 million senior secured amortizing revolving credit facility with a syndicate of banks and Nordea Bank Norge SA, as Agent and Security Agent. We used the proceeds of this facility to refinance all remaining indebtedness under our $500.0 Million Senior Secured Credit Facility. This facility is secured by 11 of our wholly-owned vessels. The revolving credit facility is reduced in 12 installments of consecutive six-month interval and a final $129.2 million repayment is due at maturity in 2023. This facility bears interest at LIBOR plus a margin of 2.25% per annum plus applicable mandatory costs. As of June 30, 2018 and December 31, 2017, the outstanding balance on this facility was $185.5 million and $118.0 million, respectively.

$67.5 Million Secured Loan Facility (Larvotto)

On August 29, 2008, one of our previously 50%-owned joint ventures, Larvotto Shipholding Limited, entered into a $67.5 million loan facility, as supplemented by a supplemental letter dated November 28, 2011, with Fortis Bank S.A./N.V. to partially finance the acquisition of the Maria. This loan has a term of eight years starting after the delivery of the vessel (January 2012) with a balloon payment of $16.2 million due at maturity. This loan bears interest at LIBOR plus a margin of 1.5% per annum. As of December 31, 2015, the outstanding balance on this facility was $33.1 million of which we had a 50% economic interest of $16.5 million. After the Share Swap and Claims Transfer Agreement (see Fleet Development), we acquired the full economic interest in this loan facility, and as of June 30, 2018 and December 31, 2017, the outstanding balance on this facility was $23.2 million and $25.2 million, respectively.

$76.0 Million Secured Loan Facility (Fiorano)

On October 23, 2008, one of our previously 50%-owned joint ventures, Fiorano Shipholding Limited, entered into a $76.0 million loan facility with Scotiabank Ireland Ltd. to partially finance the acquisition of the Capt. Michael. This loan had an original term of eight years and was extended in January 2017 bringing the final maturity date to January 31, 2020, with a final balloon payment of $14.0 million. This loan bears interest at LIBOR plus a margin of 1.95% per annum. As of December 31, 2015 the outstanding balance on this facility was $32.0 million, of which we had a 50% economic interest of $16.0 million. After the Share Swap and Claims Transfer Agreement (see Fleet Development), we acquired the full economic interest in this loan facility, and as of June 30, 2018 and December 31, 2017 the outstanding balance on this facility was $21.4 million and $23.6 million, respectively.

$108.5 Million Senior Secured Credit Facility

On April 25, 2017, we entered into a $108.5 million revolving credit facility with DNB Bank ASA, as Agent and Security Trustee. This facility is comprised of (i) a term loan of $27.1 million from a syndicate of commercial lenders which we refer to as the “commercial tranche” and (ii) a term loan of $81.4 million insured by the Korea Trade Insurance Corporation, which we refer to as “K-sure tranche”. We used the proceeds of this facility to finance our acquisition of the VLCC newbuildings Ardeche and Aquitaine, which were delivered to us on January 12, 2017 and January 20, 2017, respectively, and which serve as security under this facility. The commercial tranche bears interest at LIBOR plus a margin of 1.95% per annum plus applicable mandatory costs and is reduced in 24 installments of consecutive six-month interval and a final $21.7 million repayment is due at maturity in 2029.The K-sure tranche bears interest at LIBOR plus a margin of 1.50% per annum plus applicable mandatory costs and is reduced in 24 installments of consecutive six-month interval till maturity in 2029. The facility agreement contains a provision that entitles the lenders to require us to prepay to the lenders, on January 12, 2024, with 180 days’ notice, their respective portion of any advances granted to us under the facility. The facility agreement also contains provisions that allow the remaining lenders to assume an outgoing lender’s respective portion(s) of the advances made to us or to allow us to suggest a replacement lender to assume the respective portion of such advances. As of June 30, 2018 and December 31, 2017, the outstanding balance on this facility was $101.3 million and $104.9 million in aggregate respectively.

$173.5 Million Senior Secured Credit Facility

On March 25, 2018, we entered into a $173.5 million revolving credit facility with Crédit Agricole Corporate and Investment Bank, as Agent and Security Trustee. This facility is comprised of (i) a term loan of $69.4 million from a syndicate of commercial lenders which we refer to as the “commercial tranche” and (ii) a term loan of $104.1 million provided by the Export-Import Bank of Korea, which we refer to as “Kexim tranche”. We used the proceeds of this facility to finance our acquisition of the Suezmax newbuildings Cap Quebec, Cap Pembroke, Cap Port Arthur, and Cap Corpus Christi, which were delivered to us on March 26, 2018, April 25, 2018, August 8 ,2018 and August 29, 2018, respectively, and which serve as security under this facility. The commercial tranche bears interest at LIBOR plus a margin of 2.00% per annum plus applicable mandatory costs and is reduced in 24 installments of consecutive six-month interval and a final $3.9 million repayment is due at maturity in 2030.The Kexim tranche bears interest at LIBOR plus a margin of 2.00% per annum plus applicable mandatory costs and is reduced in 24 installments of consecutive six-month interval till maturity in 2030. The facility agreement contains a provision that entitles the lenders to require us to prepay to the lenders, on March 28, 2025, with 13 months notice, their respective portion of any advances granted to us under the facility. The facility agreement also contains provisions that allow the remaining lenders to assume an outgoing lender’s respective portion(s) of the advances made to us or to allow us to suggest a replacement lender to assume the respective portion of such advances. As of June 30, 2018, the outstanding balance on this facility was $87 million.

$581.0 Million Senior Secured Loan Facility

As a result of the business combination on June 12, 2018, Euronav assumed the $581.0 million Senior Secured Loan facility from Gener8. This facility with a final maturity on September 3, 2020 bears interest at LIBOR plus a margin of 3.75% per annum and is reduced in 9 remaining installments of consecutive six-month interval and a final $77.4 million repayment is due at maturity in 2020. This facility is secured by 10 of our wholly-owned vessels and a pledge of certain of our and Gener8 Maritime Sub II vessel owning subsidiaries’ respective bank accounts. As of June 30, 2018, the outstanding balance on this facility was $162.2 million.

$633.5 Million Senior Secured Loan Facility

As a result of the business combination on June 12, 2018, Euronav assumed the $633.0 million Senior Secured Loan facility from Gener8, initially entered into to fund a portion of the remaining installment payments due under shipbuilding contracts for 15 VLCC newbuildings owned by Gener8 at that time. This facility provided for term loans up to the aggregate approximate amount of $963.7 million, which is comprised of a tranche of term loans to be made available by a syndicate of commercial lenders up to the aggregate approximate amount of $282.0 million (the “Commercial Tranche”), a tranche of term loans to be fully guaranteed by the Export-Import Bank of Korea (“KEXIM”) up to the aggregate approximate amount of up to $139.7 million (the “KEXIM Guaranteed Tranche”), a tranche of term loans to be made available by KEXIM up to the aggregate approximate amount of $197.4 million (the “KEXIM Funded Tranche”) and a tranche of term loans insured by Korea Trade Insurance Corporation (“K-Sure”) up to the aggregate approximate amount of $344.6 million (the “K-Sure Tranche”).

The Commercial Tranche with a final maturity on December 29, 2020, bears interest at LIBOR plus a margin of 2.75% per annum and is reduced in 10 remaining installments of consecutive three-month interval and a balloon repayment at maturity in 2022. The KEXIM Guaranteed Tranche, with a final maturity on December 29, 2027, bears interest at LIBOR plus a margin of 1.50% per annum and is reduced in 39 remaining installments of consecutive three-month interval. The KEXIM Funded Tranche, with a final maturity on June 21, 2028, bears interest at LIBOR plus a margin of 2.60% per annum and is reduced in 39 remaining installments of consecutive three-month interval. The K-Sure Tranche, with a final maturity on June 21, 2028, bears interest at LIBOR plus a margin of 1.70% per annum and is reduced in 39 remaining installments of consecutive three-month interval. This facility is secured by 13 of our wholly-owned vessels. As of June 30, 2018, the outstanding balance on this facility was $633.5 million.

$150.0 Million Senior Unsecured Note

On May 31, 2017, we completed an issuance of $150.0 million of senior unsecured bonds with a fixed coupon of 7.50% and maturity in May 2022. Euronav NV serves as guarantor of the bonds. The net proceeds from the bond issuance are being used for general corporate purposes. DNB Markets, Nordea and Arctic Securities AS acted as joint lead managers in connection with the placement of the bonds. The related transaction costs for a total of $2.7 million are amortized over the lifetime of the bonds using the effective interest rate method. The bonds were listed on the Oslo Stock Exchange on October 23, 2017.

€50.0 Million Treasury Notes Program

 On June 6, 2017, we entered into an agreement, or the Dealer Agreement, with BNP Paribas Fortis SA/NV to act as arranger and dealer for a Belgian Multi-currency Short-Term Treasury Notes Program with a maximum outstanding amount of €50.0 million. Pursuant to the terms of the Dealer Agreement, we may issue the treasury notes to the dealer from time to time upon such terms and such prices as we and the dealer agree. As of June 30, 2018 and December 31, 2017 the outstanding balance under this program was $58.3 million and $50.0 million respectively.

Joint Venture Credit Facilities (at 50% economic interest)

$220.0 Million Secured Loan Facility (TI Asia and TI Africa)

On March 29, 2018, two of our 50%-owned joint ventures, TI Asia Ltd. and TI Africa Ltd. entered into a USD 220.0 million senior secured credit facility. The facility consists of a term loan USD 110.0 million and a revolving loan of USD 110.0 million for the purpose of refinancing the two FSOs as well as for general corporate purposes. The term loan consists of two tranches; the FSO Asia Term loan of $54.0 million, maturing on June 21, 2022 and the FSO Africa Term loan of $56.0 million, maturing on September 22, 2022. The revolving credit facility consists of two tranches; the FSO Asia revolving loan of $54.0 million, maturing on June 21, 2022 and the FSO Africa revolving loan of $56.0 million, maturing on September 22, 2022. As of June 30, 2018 the outstanding balance under this program was $208.8 million in aggregate.

The joint venture term loans described above were secured by a mortgage of the specific vessel and we provided a guarantee for the revolving credit facility tranche. As of June 30, 2018, the outstanding balance under the revolving credit facility tranche was $104.4 million

Security

Our secured indebtedness is generally secured by:

• a first priority mortgage in all collateral vessels;

• a general pledge of earnings generated by the vessels under mortgage for the specific facility; and

• a parent guarantee when the indebtedness is not taken at the level of the parent.

Loan Covenants

Our debt agreements discussed above generally contain financial covenants, which require us to maintain, among other things:

• an amount of current assets that, on a consolidated basis, exceeds our current liabilities. Current assets may include undrawn amount of any committed revolving credit facilities and credit lines having a maturity of more than one year;

• an aggregate amount of cash, cash equivalents and available aggregate undrawn amounts of any committed loan of at least $50.0 million or 5% of our total indebtedness (excluding guarantees), depending on the applicable loan facility, whichever is greater;

• an aggregate cash balance of at least $30.0 million; and

• a ratio of stockholders’ equity to total assets of at least 30%.

Our credit facilities discussed above also contain restrictions and undertakings which may limit our and our subsidiaries' ability to, among other things:

• effect changes in management of our vessels;

• transfer or sell or otherwise dispose of all or a substantial portion of our assets;

• declare and pay dividends, (with respect to each of our joint ventures, no dividend may be distributed before its loan agreement, as applicable, is repaid in full); and

• incur additional indebtedness.

A violation of any of our financial covenants or operating restrictions contained in our credit facilities may constitute an event of default under our credit facilities, which, unless cured within the grace period set forth under the applicable credit facility, if applicable, or waived or modified by our lenders, provides our lenders with the right to, among other things, require us to post additional collateral, enhance our equity and liquidity, increase our interest payments, pay down our indebtedness to a level where we are in compliance with our loan covenants, sell vessels in our fleet, reclassify our indebtedness as current liabilities and accelerate our indebtedness and foreclose their liens on our vessels and the other assets securing the credit facilities, which would impair our ability to continue to conduct our business.

Furthermore, certain of our credit facilities contain a cross-default provision that may be triggered by a default under one of our other credit facilities. A cross-default provision means that a default on one loan would result in a default on certain other loans. Because of the presence of cross-default provisions in certain of our credit facilities, the refusal of any one lender under our credit facilities to grant or extend a waiver could result in certain of our indebtedness being accelerated, even if our other lenders under our credit facilities have waived covenant defaults under the respective credit facilities. If our secured indebtedness is accelerated in full or in part, it would be very difficult in the current financing environment for us to refinance our debt or obtain additional financing and we could lose our vessels and other assets securing our credit facilities if our lenders foreclose their liens, which would adversely affect our ability to conduct our business.

Moreover, in connection with any waivers of or amendments to our credit facilities that we may obtain, our lenders may impose additional operating and financial restrictions on us or modify the terms of our existing credit facilities. These restrictions may further restrict our ability to, among other things, pay dividends, make capital expenditures or incur additional indebtedness, including through the issuance of guarantees. In addition, our lenders may require the payment of additional fees, require prepayment of a portion of our indebtedness to them, accelerate the amortization schedule for our indebtedness and increase the interest rates they charge us on our outstanding indebtedness.

In addition, we have provided, and may continue to provide in the future, unsecured loans to our joint ventures which we consider economically as equivalent to investments in the joint ventures. Accordingly, in the event our joint ventures do not repay these loans as they become due and payable, the value of our investment in such entities may decline. Furthermore, we have provided, and may continue to provide in the future, guarantees to certain banks with respect to commercial bank indebtedness of our joint ventures. Failure on behalf of any of our joint ventures to service its debt requirements and comply with any provisions contained in its commercial loan agreements, including paying scheduled installments and complying with certain covenants, may lead to an event of default under its loan agreement. As a result, if our joint ventures are unable to obtain a waiver or do not have enough cash on hand to repay the outstanding borrowings, their lenders may foreclose their liens on the vessels securing the loans or seek repayment of the loan from us, or both, which would have a material adverse effect on our financial condition, results of operations, and cash flows. As of June 30, 2018, $208.8 was outstanding under these joint venture loan agreements, of which we guaranteed $104.4 million.

At the time of the merger, Gener8 had three senior secured credit facilities: (i) the KEXIM Credit Agreement, (ii) the Nordea Credit Agreement and (iii) the Sinosure Credit Agreement of which the first two were assumed by Euronav in the merger and the latter was acquired by INSW when they acquired the subsidiaries owning six modern VLCCs. Prior to the merger, Gener8 was not in compliance with the interest expense coverage ratio covenant for which they obtained short-term waivers from its lenders. Following the merger, the Kexim Credit Agreement was amended to align the covenants with the other senior credit facilities of the Group, resolving the non compliance. The Group, in advance negotiations to refinance the Nordea Credit Agreement, decided not to amend this senior secured credit facility and as such, given the non compliance and remaining duration of the short-term waiver, classified the entire facility as short term.

As of June 30, 2018 and December 31, 2017, and except as mentioned in the preceding paragraph, we were in compliance with all of the covenants contained in our debt agreements, and our joint ventures were in compliance with all of the covenants contained in their respective debt agreements.

Guarantees

We have provided guarantees to financial institutions that have provided credit facilities in 2018 to two of our joint ventures, in the aggregate amount of $104.4 million.

In addition, on July 14, 2017 and September 22, 2017, TI Asia Ltd. and TI Africa Ltd., two 50%-owned joint ventures, which own the FSO Asia and FSO Africa, two FSO vessels, respectively, entered into two guarantees of up to $5.0 million each with ING Bank, in favor of North Oil Company in connection with its use of the FSO Asia and FSO Africa. These guarantees terminate on October 21, 2022 for the FSO Asia and December 21, 2022 for the FSO Africa. As of September 30, 2017, these guarantees have not been called upon.

Trend information

The supply and demand patterns for ships continue to be the biggest impact on revenues. Generally the global demand for oil transportation on ships is affected by the global demand for crude oil, which in turn is highly dependent on the state of the global economy. Most economies across the world are experiencing healthy economic growth at the moment and this is reflected in strong oil demand growth. In its latest published report the International Energy Agency (IEA) are forecasting 2018 oil demand growth of 1.36 million barrels per day compared to average growth levels in the last 10 years of 1.15 million barrels. The market has recently seen the price of oil increase, which could have a dampening effect on oil demand going forward. 

The rate at which a change in oil demand impacts the demand for oil tankers depends not only on the nominal change in oil demand but also how this oil is traded. Looking at crude oil, the market has recently seen a significant uptick in exports emanating from the US Gulf, most of which have been destined for China and other Far Eastern customers. This oil travels a substantially longer distance than crude oil originating from the Arabian Gulf headed for the same destination, and hence employs the crude tankers for a longer period of time. The current trend is a rise in crude exports from the Atlantic basin combined with demand growth centered in the Far East providing longer employment times for crude tankers for the incremental barrel produced. 

The supply of tankers is influenced by the number of vessels delivered to the fleet, the number of vessels removed from the fleet (through recycling or conversion) and the number of vessels tied up in alternative employment such as storage. 2017 saw a significant number of new ships join the fleet across all the crude tanker segments, and this trend is set to continue in 2018. The tanker orderbook as a whole however remains measured, with the VLCC orderbook equal to 16% while the Suezmax orderbook is equal to 8% of the current fleet. Vessel exits from the trading fleet have continued good momentum in 2018. We expect this trend to continue as a number of factors support increased recycling levels. These include the freight environment being at the lowest levels seen for many years, scrap prices increasing and regulatory pressure on ship owners to make decisions on whether to continue trading their older tonnage or put them through costly upgrades to comply with new directives, such as the Ballast Water Management convention and the IMO 2020 bunker regulation.

Our revenues are also affected by our strategy to employ some of our vessels on time charters, which have a fixed income for a pre-set period of time as opposed to trading ships in the spot market where their earnings are heavily impacted by the supply and demand balance. The Management team continuously evaluates the value of both strategies and makes informed decisions on the chartering mix based on anticipated earnings, and through this process we aim to always maximize each vessel’s return.

We have no additional funding requirements going forward all things being equal and are supported by a proven management team, strict capital discipline and an established dividend distribution policy.

Off-balance sheet arrangements

We are committed to make rental payments under operating leases for vessels and for office premises. The future minimum rental payments under our non-cancellable operating leases are disclosed below under "Contractual Obligations".

Tabular disclosure of contractual obligations

Contractual Obligations

As of June 30, 2018 we had the following contractual obligations and commitments which are based on contractual payment dates:

(US$ in thousands)	Total	2018	2019	2020	2021	2022	Thereafter
Long-term bank loan facilities	1,524,696	84,632	158,534	277,167	250,811	255,000	498,552
Long-term debt obligations	150,000	—	—	—	—	150,000	—
Treasury note program	58,290	58,290	—	—	—	—	—
Bank credit line facilities	40,000	—	—	40,000		—	—
Operational leases (vessels)	111,870	16,192	32,157	32,245	31,276	—	—
Operational leases (non-vessel)	9,417	1,043	2,016	1,920	1,717	1,525	1,196
Capital Expenditure commitments	86,600	86,600	—	—	—	—	—
Total contractual obligations due by period	1,831,022	246,758	192,706	351,332	283,804	256,675	499,748

Not included in the table above are options that have been granted to us but not yet exercised under our time charter-in agreements to extend their respective durations.

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	EURONAV NV
Entity Central Index Key (CIK)	0001604481
Document Type	6-K
Document Period End Date	Jun. 30, 2018
Amendment flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	H1

XML

Condensed consolidated statement of financial position - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	[1]
Non-current assets
Vessels (Note 12)	$ 3,605,611	$ 2,271,500
Assets under construction (Note 12)	39,248	63,668
Other tangible assets (Note 12)	2,012	1,663
Intangible assets	173	72
Receivables (Note 19)	54,022	160,352
Investments in equity accounted investees (Note 23)	35,824	30,595
Deferred tax assets	2,601	2,487
Total non-current assets	3,739,491	2,530,337
Current assets
Trade and other receivables (Note 20)	239,819	136,797
Current tax assets	201	191
Cash and cash equivalents	206,279	143,648
Assets held for sale (Note 8)	1,319	0
Total current assets	447,618	280,636
TOTAL ASSETS	4,187,109	2,810,973
Equity
Share capital (Note 13)	239,148	173,046
Share premium (Note 13)	1,702,549	1,215,227
Translation reserve	524	568
Hedging reserve (Note 13)	(201)	0
Treasury shares (Note 13)	(16,102)	(16,102)
Retained earnings	410,662	473,622
Equity attributable to owners of the Company	2,336,580	1,846,361
Non-current liabilities
Bank loans (Note 15)	1,275,712	653,730
Other notes (Note 15)	147,890	147,619
Other payables (Note 16)	413	539
Employee benefits	4,297	3,984
Total non-current liabilities	1,428,312	805,872
Current liabilities
Trade and other payables (Note 16)	87,067	61,355
Current tax liabilities	11	11
Bank loans (Note 15)	276,849	47,361
Other borrowings (Note 15)	58,290	50,010
Provisions	0	3
Total current liabilities	422,217	158,740
TOTAL EQUITY and LIABILITIES	$ 4,187,109	$ 2,810,973

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

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Condensed consolidated statement of profit or loss - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	[1]
Shipping income
Revenue (Note 9)	$ 202,748,000	$ 290,591,000
Gains on disposal of vessels/other tangible assets (Note 12)	10,175,000	20,000
Other operating income (Note 9)	2,133,000	2,775,000
Total shipping income	215,056,000	293,386,000
Operating expenses
Voyage expenses and commissions (Note 10)	(46,277,000)	(32,283,000)
Vessel operating expenses (Note 10)	(78,870,000)	(78,488,000)
Charter hire expenses (Note 10)	(15,432,000)	(15,485,000)
Loss on disposal of vessels/other tangible assets (Note 12)	0	(21,027,000)
Depreciation tangible assets (Note 12)	(112,926,000)	(115,525,000)
Depreciation intangible assets	(51,000)	(48,000)
General and administrative expenses (Note 10)	(31,150,000)	(22,351,000)
Total operating expenses	(284,706,000)	(285,207,000)
RESULT FROM OPERATING ACTIVITIES	(69,650,000)	8,179,000
Finance income (Note 11)	7,185,000	2,393,000
Finance expenses (Note 11)	(33,978,000)	(22,034,000)
Net finance expenses	(26,793,000)	(19,641,000)
Gain on bargain purchase (Note 22)	36,280,000	0	[2]
Share of profit (loss) of equity accounted investees (net of income tax) (Note 23)	8,420,000	21,024,000
PROFIT (LOSS) BEFORE INCOME TAX	(51,743,000)	9,562,000
Income tax benefit (expense)	141,000	526,000
PROFIT (LOSS) FOR THE PERIOD	(51,602,000)	10,088,000	[2],[3]
Attributable to:
Owners of the company	$ (51,602,299)	$ 10,087,987
Basic earnings per share (in dollars per share)	$ (0.31)	$ 0.06
Diluted earnings per share (in dollars per share)	$ (0.31)	$ 0.06
Weighted average number of shares (basic) (in shares)	164,550,509	158,166,534
Weighted average number of shares (diluted) (in shares)	164,634,673	158,304,525

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

[2] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

[3] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

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Condensed consolidated statement of comprehensive income - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	[2]
Statement of comprehensive income [abstract]
Profit/(loss) for the period	$ (51,602)	$ 10,088	[1],[3]
Items that will never be reclassified to profit or loss:
Remeasurements of the defined benefit liability (asset)	0	0
Items that are or may be reclassified to profit or loss:
Foreign currency translation differences	(44)	296
Cash flow hedges - effective portion of changes in fair value (Note 13)	(201)	0
Equity-accounted investees - share of other comprehensive income (Note 23)	(160)	484
Other comprehensive (loss) / income, net of tax	(405)	780
Total comprehensive (loss) / income for the period	(52,007)	10,868
Attributable to:
Owners of the company	$ (52,007)	$ 10,868

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

[2] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

[3] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

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Condensed consolidated statement of changes in equity - USD ($) $ in Thousands		Total		Share capital	Share premium	Translation reserve	Hedging reserve	Treasury shares	Retained earnings	Adjustment on initial application of IFRS 15 (net of tax) (Note 4)	Adjustment on initial application of IFRS 15 (net of tax) (Note 4) Retained earnings	Adjustment on initial application of IFRS 9 (net of tax) (Note 4)	Adjustment on initial application of IFRS 9 (net of tax) (Note 4) Retained earnings
Beginning balance at Dec. 31, 2016		$ 1,887,956		$ 173,046	$ 1,215,227	$ 120	$ 0	$ (16,102)	$ 515,665
Profit (loss) for the period		10,088	[1],[2],[3]						10,088
Total other comprehensive income		780	[2]			296			484
Total comprehensive (loss) / income for the period		10,868	[2]			296			10,572
Transactions with owners of the company
Dividends to equity holders (Note 13)		(34,797)							(34,797)
Equity-settled share-based payment (Note 13)		161							161
Total transactions with owners		(34,636)							(34,636)
Ending balance at Jun. 30, 2017		1,864,188		173,046	1,215,227	416	0	(16,102)	491,601
Adjustment on initial application										$ (1,729)	$ (1,729)	$ (16)	$ (16)
Beginning balance adjusted	[4]	1,844,616		173,046	1,215,227	568	0	(16,102)	471,877
Beginning balance at Dec. 31, 2017		1,846,361	[5]	173,046	1,215,227	568	0	(16,102)	473,622
Profit (loss) for the period		(51,602)							(51,602)
Total other comprehensive income		(405)				(44)	(201)		(160)
Total comprehensive (loss) / income for the period		(52,007)				(44)	(201)		(51,762)
Transactions with owners of the company
Dividends to equity holders (Note 13)		(9,490)							(9,490)
Equity-settled share-based payment (Note 13)		37							37
Issue of ordinary shares related to business combinations (Note 13)		553,424		66,102	487,322
Total transactions with owners		543,971		66,102	487,322				(9,453)
Ending balance at Jun. 30, 2018		$ 2,336,580		$ 239,148	$ 1,702,549	$ 524	$ (201)	$ (16,102)	$ 410,662

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

[2] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

[3] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

[4] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated but the opening balance of 2018 has been adjusted following the application of IFRS 15 on Revenue Recognition.

[5] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

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Consolidated Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018		Jun. 30, 2017	[3]
Cash flows from operating activities
Profit/(loss) for the period	$ (51,602)		$ 10,088	[1],[2]
Adjustments for:	84,292		134,269
Depreciation of tangible assets (Note 12)	112,926		115,525
Depreciation of intangible assets	51		48
Provisions	(3)		(58)
Tax (benefits)/expenses	(141)		(526)
Share of profit of equity-accounted investees, net of tax (Note 23)	(8,420)		(21,024)
Net finance expense (Note 11)	26,793		19,641
(Gain)/loss on disposal of assets (Note 12)	(10,175)		21,007
Equity-settled share-based payment transactions	37		161
Amortization of deferred capital gain	(496)		(505)
Gain on bargain purchase (Note 22)	(36,280)		0	[1]
Changes in working capital requirements	(23,136)		4,765
Change in cash guarantees	31		(29)
Change in trade receivables	(325)		2,467
Change in accrued income	(2,796)		5,518
Change in deferred charges	(13,186)		(1,412)
Change in other receivables	(3,760)		2,543
Change in trade payables	(838)		723
Change in accrued payroll	(13,037)		(838)
Change in accrued expenses	13,380		(2,260)
Change in deferred income	(5,109)		(2,300)
Change in other payables	2,185		43
Change in provisions for employee benefits	319		310
Income taxes paid during the period	18		167
Interest paid	(21,394)		(17,569)
Interest received	547		266
Dividends received from equity-accounted investees (Note 23)	0		1,250
Net cash from (used in) operating activities	(11,275)		133,236
Net cash from (used in) investing activities
Acquisition of vessels and vessels under construction (Note 12)	(147,426)		(141,684)
Proceeds from the sale of vessels (Note 12)	10,175		20,790
Acquisition of other tangible assets (Note 12)	(272)		(73)
Acquisition of intangible assets	(1)		(1)
Proceeds from the sale of other (in)tangible assets	0		28
Loans from (to) related parties (Note 23)	118,700		18,500
Net cash received from business combinations (Note 22)	126,288		0
Proceeds from sale of subsidiaries (Note 22)	120,025		0
Net cash from (used in) investing activities	227,489		(102,440)
Net cash from (used in) financing activities
Proceeds from new borrowings (Note 15)	480,056		533,074
Repayment of borrowings (Note 15)	(621,890)		(495,012)
Transaction costs related to issue of loans and borrowings (Note 15)	(1,649)		(5,874)
Dividends paid (Note 13)	(9,501)		(34,651)
Net cash from (used in) financing activities	(152,984)		(2,463)
Net increase (decrease) in cash and cash equivalents	63,230		28,333
Net cash and cash equivalents at the beginning of the period	143,648	[4]	206,689
Effect of changes in exchange rates	(599)		677
Net cash and cash equivalents at the end of the period	206,279		235,699
Net cash and cash equivalents at the end of the period, of which restricted cash (Note 24)	$ 96,689		$ 115

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

[2] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

[3] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

[4] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

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Reporting entity

6 Months Ended

Jun. 30, 2018

Corporate Information1 [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, 2018 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

Jun. 30, 2018

Disclosure Of General Information About Financial Statements [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, 2017 that have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).

This is the first set of the Group's financial statements where IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments have been applied. Changes to significant accounting policies are described in Note 4.

These condensed consolidated interim financial statements were authorized for issue by the Board of Directors on October 8, 2018.

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Use of judgments and estimates

6 Months Ended

Jun. 30, 2018

Disclosure Of Changes In Accounting Policies, Accounting Estimates And Errors [Abstract]

Use of judgments 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 that applied to the consolidated financial statements for the year ended December 31, 2017, except for the identification and measurement of assets acquired and liabilities assumed related to the business combination with Gener8 Maritime Inc. which are described Note 22.

Measurement of fair values

A number of the Group's accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities.

The Group has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values, and reports directly to the CFO.

The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of IFRS, including the level in the fair value hierarchy in which such valuations should be classified. Significant valuation issues are reported to the Group Audit and Risk Committee.

When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

• Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

Further information about the assumptions made in measuring fair values is included in Note 16.

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Changes in significant accounting policies

6 Months Ended

Jun. 30, 2018

Disclosure Of Changes In Accounting Policies, Accounting Estimates And Errors [Abstract]

Changes in significant accounting policies

Changes in significant accounting policies

A summary of the Company's significant accounting policies can be found in the Company's consolidated financial statements for the year ended December 31, 2017.

Except as described below, the accounting policies and calculation methods 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, 2017, that have been prepared in accordance with IFRS.

The changes in accounting policies are also expected to be reflected in the Group's consolidated financial statements as at and for the year ending December 31, 2018.

The Group adopted IFRS 15 Revenue from Contracts with Customers (see A) and IFRS 9 Financial Instruments (see B) on January 1, 2018. A number of other new standards are effective from January 1, 2018 but they do not have a material effect on the Group's financial statements.

The effect of initially applying these standards is mainly attributed to the following:

– recognizing revenue for spot charters on a load-to-discharge basis instead of a discharge-to-discharge basis;

– capitalizing the voyage expenses incurred between the previous discharge port and the next load port if they qualify as fulfillment costs and if they are expected to be recovered;

– an increase in impairment losses recognized on financial assets.

A.    IFRS 15 Revenue from Contracts with Customers

IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaced IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations. The Group has adopted IFRS 15 using the cumulative effect method (without practical expedients), with the effect of initially applying this standard recognized at the date of initial application (i.e. January 1, 2018). Accordingly, the information presented for 2017 has not been restated - i.e. it is presented, as previously reported, under IAS 18, IAS 11 and related interpretations.

The following table summarizes the impact, net of tax, of transition to IFRS 15 on retained earnings at January 1, 2018.

(in thousands of USD)	Impact of adopting IFRS 15 at January 1, 2018
Retained earnings
Revenue on a load-to-discharge basis	(4,422)
Recognition capitalized fulfillment costs	2,693
Impact at January 1, 2018	(1,729)

The following tables summarize the impacts of adopting IFRS 15 on the Group's interim statement of financial position as at June 30, 2018 and its interim statement of profit or loss and OCI for the six months then ended for each of the line items affected. There was no material impact on the Group's interim statement of cash flows for the six-month period ended June 30, 2018.

Impact on the condensed interim consolidated statement of financial position

(in thousands of USD)	Amounts after adoption of IFRS 15	Adjustments	Amounts without adoption of IFRS 15
ASSETS
Non-current assets	3,739,491	—	3,739,491
Current assets	447,618	(6,591)	454,209
Trade and other receivables	239,819	(6,591)	246,410
TOTAL ASSETS	4,187,109	(6,591)	4,193,700
EQUITY AND LIABILITIES
Equity
Retained earnings	410,662	(2,092)	412,754
Equity attributable to owners of the Company	2,336,580	(2,092)	2,338,672
Non-current liabilities	1,428,312	—	1,428,312
Current liabilities	422,217	(4,499)	426,716
Trade and other payables	87,067	(4,499)	91,566
TOTAL EQUITY AND LIABILITIES	4,187,109	(6,591)	4,193,700

Impact on the condensed interim consolidated statement of profit or loss

(in thousands of USD)	Amounts after adoption of IFRS 15	Adjustments	Amounts without adoption of IFRS 15
Shipping income
Revenue	202,748	(2,168)	204,916
Total shipping income	215,056	(2,168)	217,224
Operating expenses
Voyage expenses and commissions	(46,277)	1,805	(48,082)
Total operating expenses	(284,706)	1,805	(286,511)
RESULT FROM OPERATING ACTIVITIES	(69,650)	(363)	(69,287)
PROFIT (LOSS) FOR THE PERIOD	(51,602)	(363)	(51,239)
TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD	(52,007)	(363)	(51,644)

B.    IFRS 9 Financial Instruments

IFRS 9 sets out requirements for recognizing and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. This standard replaces IAS 39 Financial Instruments: Recognition and Measurement.

The Group has applied the exemption not to restate prior periods with respect to classification and measurement (including impairment). Accordingly, the information presented for 2017 has not been restated.

The following table summarizes the impact, net of tax, of transition to IFRS 9 on the opening balance of retained earnings.

(in thousands of USD)	Impact of adopting IFRS 9 at January 1, 2018
Retained earnings
Recognition of expected credit losses under IFRS 9	(16)
Impact at January 1, 2018	(16)

The details of new significant accounting policies and the nature and effect of the changes to previous accounting policies are set out below.

i.    Classification and measurement of financial assets and financial liabilities

IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. However, it eliminates the previous IAS 39 categories for financial assets of held to maturity, loans and receivables and available for sale.

The adoption of IFRS 9 has not had a significant effect on the Group's accounting policies related to financial liabilities and derivative financial instruments. The impact of IFRS 9 on the classification and measurement of financial assets is set out below.

Under IFRS 9, on initial recognition, a financial asset is classified as measured at: amortized cost; fair value through other comprehensive income (FVOCI) - debt investment; FVOCI - equity investment; or fair value through profit or loss (FVTPL). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. Derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated. Instead, the hybrid financial instrument as a whole is assessed for classification.

A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:

– it is held within a business model whose objective is to hold assets to collect contractual cash flows; and

– its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:

- it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and

– its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis.

All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition.

The following accounting policies apply to the subsequent measurement of financial assets.

Financial assets at FVTPL	These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss.
Financial assets at amortized cost	These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses (see (ii) below). Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss.
Debt investments at FVOCI	These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.
Equity investments at FVOCI	These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss.

The effect of adopting IFRS 9 on the carrying amounts of financial assets at January 1, 2018 relates solely to the new impairment requirements, as described further below.

The following table and the accompanying notes below explain the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the Group's financial assets as at January 1, 2018.

(in thousands of USD)	Original classification under IAS 39	New classification under IFRS 9	Original carrying amount under IAS 39	New carrying amount under IFRS 9
Financial assets
Forward exchange contracts used for hedging	Fair value - hedging instrument	Fair value - hedging instrument	467	467
Non-current receivables	Loans and receivables	Amortized cost	160,352	160,352
Trade and other receivables	Loans and receivables	Amortized cost	112,000	111,984
Cash and cash equivalents	Loans and receivables	Amortized cost	143,648	143,648
Total financial assets			416,467	416,451

Trade and other receivables that were classified as loans and receivables under IAS 39 are now classified at amortized cost. An increase of USD 16 thousand in the allowance for impairment over these receivables was recognized in opening retained earnings at January 1, 2018 on transition to IFRS 9. These trade and other receivables do not include additional trade receivables of USD 4.4 million that were recognized at January 1, 2018 on the adoption of IFRS 15 but did not have a material impact in the allowance for impairment.

ii.    Impairment of financial assets

IFRS 9 replaces the 'incurred loss' model in IAS 39 with an 'expected credit loss' (ECL) model. The new impairment model applies to financial assets measured at amortized cost, contract assets and debt investments at FVOCI, but not to investments in equity instruments. Under IFRS 9, credit losses are recognized earlier than under IAS 39.

The financial assets at amortized cost consist of trade receivables, cash and cash equivalents, and corporate debt securities.

Under IFRS 9, loss allowances are measured on either of the following bases:

– 12-month ECLs: these are ECLs that result from possible default events within the 12 months after the reporting date; and

– lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument.

The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured as 12-month ECLs:

– debt securities that are determined to have low credit risk at the reporting date; and

– other debt securities and bank balances for which credit risk (i.e. the risk of default occuring over the expected life of the financial instrument) has not increased significantly since initial recognition.

The Group has elected to measure loss allowances for trade receivables and contract assets at an amount equal to lifetime ECLs.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analyses, based on the Group's historical experience and informed credit assessment and including forward-looking information.

The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due.

The Group considers a financial asset to be in default when:

– the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or

– the financial asset is more than 90 days past due.

The cash and cash equivalents are held with bank and financial institution counterparties, which are rated A- to AA+, based on rating agency S&P. Derivatives are entered into with banks and financial institution counterparties, which are rated A- to AA+, based on rating agency S&P.

The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.

Measurement of ECLs

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between cash flows due to the entity in accordance with the contract and cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset.

Credit-impaired financial assets

At each reporting date, the Group assesses whether financial assets carried at amortized cost and debt securities at FVOCI are credit-impaired. A financial asset is 'credit-impaired' when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

Presentation of impairment

Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.

For debt securities at FVOCI, the loss allowance is recognized in OCI, instead of being recorded in the statement of profit or loss.

Impairment losses related to trade and other receivables, including contract assets, are presented separately in the statement of profit or loss and OCI. However, due to the small impact of IFRS 9 on the financial statements, no reclassification was done for the six-months ended June 30, 2018.

Impairment losses on other financial assets are not presented separately in the statement of profit or loss and OCI, because the amount is not material. It has been presented as part of the line 'finance costs'.

Impact of the new impairment model

For assets in the scope of the IFRS 9 impairment model, impairment losses are generally expected to increase and become more volatile. The Group has determined that the application of IFRS 9's impairment requirements at January 1, 2018, results in an additional impairment allowance as follows.

(in thousands of USD)
Loss allowance at December 31, 2017 under IAS 39	0
Additional impairment recognized at January 1, 2018 on:
Trade and other receivables as at December 31, 2017	16
Additional trade receivables recognized on adoption of IFRS 15	0
Loss allowance at January 1, 2018 under IFRS 9	16

Trade and other receivables

The ECLs were calculated based on actual credit loss experience over the past 10 years, taking into account reasonable and supportable forecast of future economic conditions.

iii.    Hedge accounting

The Group has elected to adopt the new general hedge accounting model in IFRS 9. This requires the Group to ensure that hedge accounting relationships are aligned with its risk management objectives and strategy and to apply a more qualitative and forward-looking approach to assessing hedge effectiveness.

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Changes in consolidation scope

6 Months Ended

Jun. 30, 2018

Disclosure Of General Information About Financial Statements [Abstract]

Changes in consolidation scope

Changes in consolidation scope

In comparison to the consolidation scope for the year ended December 31, 2017, and except for the merger with Gener8 Maritime, Inc. ("Gener8") on June 12, 2018 and except for the subsequent sale of six subsidiaries, as set out in Note 22, no new subsidiaries were established or acquired, nor were there any sales or liquidations of subsidiaries.

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Significant events

6 Months Ended

Jun. 30, 2018

Disclosure Of Significant Events [Abstract]

Significant events

Significant events

On March 22, 2018, the Company signed a senior secured credit facility for an amount of USD 173.6 million (see Note 15) with Kexim, BNP and Credit Agricole Corporate and Investment bank acting also as Agent and Security Trustee. The purpose of the loan is to finance up to 70 per cent of the aggregate contract price of the four Ice Class Suezmax vessels that will be delivered over the course of 2018.

On March 26, 2018, and April 25, 2018, Euronav took delivery of the Suezmaxes Cap Quebec (2018 – 156,600 dwt) and Cap Pembroke (2018 – 156,600 dwt) respectively (see Note 12). These vessels are the two of four Ice Class Suezmax vessels which progressively are each starting seven-year contracts with a leading global refinery player from delivery during 2018.

On March 29, 2018, TI Asia Ltd. and TI Africa Ltd. concluded a USD 220.0 million senior secured credit facility. The facility consists of a term loan of USD 110.0 million and a revolving loan of USD 110.0 million for the purpose of refinancing the two FSOs as well as for general corporate purposes. The Company provided a guarantee for the revolving credit facility tranche. The fair value of this guarantee is deemed to be immaterial given the long term contract both FSOs have with North Oil Company, which results in sufficient repayment capacity under these facilities.

On May 8, 2018, the Group sold the Suezmax Cap Jean (1998 – 146,643 dwt) for USD 10.6 million (see Note 12). The capital gain on that sale of USD 10.2 million, was recorded in the second quarter. Following the sale, the availability of the revolver under the USD 750 million facility was reduced by USD 7.4 million. The vessel was delivered to its new owner on June 8, 2018.

On June 11, 2018, the Gener8's shareholders approved the merger between the Company and Gener8 by which, upon closing of the merger on June 12, 2018, Gener8 became a wholly-owned subsidiary of Euronav (see Note 20). Holders of 81% of the outstanding shares of Gener8 cast their vote, of which 98% approved the merger. The 60.9 million new shares issued to Gener8 shareholders as consideration for the transaction began trading on the NYSE as from June 13, 2018 (see Note 13).

On June 15, 2018, the Company announced that it has successfully sold 6 VLCCS to International Seaways for a total consideration of USD 434.0 million which included USD 123.0 million in cash consideration and USD 311.0 million in the form of assumption of the outstanding debt related to the vessels. This is an important part of the wider Gener8 Maritime transaction as it allows Euronav to retain leverage around the target level of 50% and to retain substantial liquidity going forward. The six vessels are the Gener8 Miltiades (2016 - 301,038 dwt), Gener8 Chiotis (2016 - 300,973 dwt), Gener8 Success (2016 - 300,932 dwt), Gener8 Andriotis (2016 - 301,014 dwt), Gener8 Strength (2015 - 300,960 dwt) and Gener8 Supreme (2016 - 300,933 dwt).

On June 25, 2018, the Company sold the Suezmax Cap Romuald (1998 - 146,640 dwt), for USD 10.6 million. This vessel was accounted for as a non-current asset held for sale as at June 30, 2018, and had a carrying value of USD 1.3 million at that time. The vessel is expected to be delivered to its new owner on August 14, 2018. Taking into account USD 0.3 million of costs to sell (sales commissions), the gain on the sale of this vessel is expected to be USD 9.0 million. This gain will be recorded upon delivery of the vessel and will therefore be recorded in the third quarter of 2018 (see Note 8).

On June 29, 2018, the Company announced that it has acquired the ULCC Seaways Laura Lynn from Oceania Tanker Corporation, a subsidiary of International Seaways. Euronav renamed the ULCC as Oceania and registered it under the Belgian flag. Euronav Tankers bought the Seaways Laura Lynn (2003 - 441,561 dwt) from International Seaways for USD 32.5 million (see Note 12).

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Segment reporting

6 Months Ended

Jun. 30, 2018

Operating Segments [Abstract]

Segment reporting

Segment reporting

The Group distinguishes two operating segments: the operation of crude oil tankers on the international markets (Tankers) and the floating production, storage and offloading operations (FSO/FpSO). These two divisions operate in completely different markets, where in the latter the assets are tailor made or converted for specific long term projects. The tanker market requires a different marketing strategy as this is considered a very volatile market, contract duration is often less than two years and the assets are to a big extent standardized. The segment profit or loss figures and key assets as set out below are presented to the executive committee on at least a quarterly basis to help the key decision makers in evaluating the respective segments. The Chief Operating Decision Maker (CODM) also receives the information per segment based on proportionate consolidation for the joint ventures and not by applying equity accounting. The reconciliation between the figures of all segments combined with the consolidated statements of financial position and profit or loss is presented in a separate column Equity-accounted investees.

The Group did not identify any relevant geographic areas.

(in thousands of USD)	For the six month period ended				For the six month period ended
	June 30, 2018					June 30, 2017
	Tankers	FSO	Less: Equity-accounted investees	Total		Tankers	FSO	Less: Equity-accounted investees	Total
Revenue	202,746	24,323	(24,321)	202,748		290,620	32,437	(32,466)	290,591
Profit (loss) before income tax	(60,168)	9,279	(854)	(51,743)		(11,446)	18,445	2,563	9,562
(in thousands of USD)	June 30, 2018					December 31, 2017
	Tankers	FSO	Less: Equity-accounted investees	Total		Tankers	FSO	Less: Equity-accounted investees	Total
Non-current assets	3,705,362	170,603	(136,474)	3,739,491		2,504,467	179,062	(153,192)	2,530,337
Current assets	448,021	14,421	(14,824)	447,618		281,132	11,581	(12,077)	280,636
TOTAL ASSETS	4,153,383	185,024	(151,298)	4,187,109		2,785,599	190,643	(165,269)	2,810,973
Equity	2,302,842	33,737	1	2,336,580		1,820,887	25,473	1	1,846,361
Non-current liabilities	1,428,312	127,417	(127,417)	1,428,312		805,872	164,442	(164,442)	805,872
Current liabilities	422,229	23,870	(23,882)	422,217		158,840	728	(828)	158,740
TOTAL LIABILITIES	4,153,383	185,024	(151,298)	4,187,109		2,785,599	190,643	(165,269)	2,810,973

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Assets and liabilities held for sale and discontinued operations

6 Months Ended

Jun. 30, 2018

Non-Current Assets Held For Sale And Discontinued Operations [Abstract]

Assets and liabilities held for sale and discontinued operations

Assets and liabilities held for sale and discontinued operations

Assets held for sale

The assets held for sale can be detailed as follows:

(in thousands of USD)	June 30, 2018	December 31, 2017
Vessels	1,319	—
Of which in Tankers segment	1,319	—
Of which in FSO segment	—	—

On June 25, 2018, the Company sold the Suezmax Cap Romuald (1998 - 146,640 dwt), for USD 10.6 million. This vessel was accounted for as a non-current asset held for sale as at June 30, 2018, and had a carrying value of USD 1.3 million at that time. The vessel is expected to be delivered to its new owner on August 14, 2018. Taking into account USD 0.3 million of costs to sell (sales commissions), the gain on the sale of this vessel is expected to be USD 9.0 million. This gain will be recorded upon delivery of the vessel and will therefore be recorded in the third quarter of 2018.

Discontinued operations

As of June 30, 2018 and as of December 31, 2017 the Group had no operations that met the criteria of a discontinued operation.

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Revenue and other operating income

6 Months Ended

Jun. 30, 2018

Analysis of income and expense [abstract]

Revenue and other operating income

Revenue and other operating income

In the following table, revenue is disaggregated by type of contract.

	For the six month period ended
(in thousands of USD)	June 30, 2018				June 30, 2017
	Tankers	FSO	Less: Equity-accounted investees	Total	Tankers	FSO	Less: Equity-accounted investees	Total
Pool Revenue	80,085	—	2	80,087	146,701	—	(29)	146,672
Spot Voyages	83,218	—	—	83,218	78,204	—	—	78,204
Time Charters	39,443	24,323	(24,323)	39,443	65,715	32,437	(32,437)	65,715
Total revenue	202,746	24,323	(24,321)	202,748	290,620	32,437	(32,466)	290,591
Other operating income	—	—	—	2,133	—	—	—	2,775

The decrease in revenue is mostly related to the decrease in pool and time charter revenue which is due to unfavorable market conditions.

The increase in revenue related to spot voyages is due to a higher number of vessels on the spot market in the first half of 2018, compared to the same period in 2017.

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, such as insurance rebates based on changes in our vessels' trading patterns.

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Expenses for shipping activities

6 Months Ended

Jun. 30, 2018

Analysis of income and expense [abstract]

Expenses for shipping activities

Expenses for shipping activities

Voyage expenses and commissions

	For the six month period ended
(in thousands of USD)		June 30, 2018	June 30, 2017
Voyage related expenses		(43,535)	(29,571)
Commissions paid		(2,742)	(2,712)
Total voyage expenses and commissions		(46,277)	(32,283)

The majority of voyage expenses are bunkers, port costs and agent fees paid to operate the vessels on the spot market. These expenses increased in the first six months of 2018 compared to the same period in 2017 because a lower proportion of vessels were on time charter contract in the first half of 2018, compared to the same period in 2017. For vessels under a time charter contract, voyage expenses are paid by the charterer and for vessels operated in a Pool, voyage expenses are paid by the Pool.

Vessel operating expenses

	For the six month period ended
(in thousands of USD)		June 30, 2018	June 30, 2017
Operating expenses		(71,456)	(73,105)
Insurance		(7,414)	(5,383)
Total vessel operating expenses		(78,870)	(78,488)

The operating expenses relate mainly to the crewing, technical and other costs to operate tankers. In the first six months of 2018 these expenses were in line with the same period in 2017.

Charter hire expenses

	For the six month period ended
(in thousands of USD)		June 30, 2018	June 30, 2017
Charter hire		—	(62)
Bare boat hire		(15,432)	(15,423)
Total charter hire expenses		(15,432)	(15,485)

The bareboat charter-hire expenses in the first six months of 2018 and 2017 are entirely attributable to the sale and leaseback agreement of four VLCCs (Nautilus, Navarin, Neptun and Nucleus), under a five year bareboat contract executed on December 16, 2016.

General and administrative expenses

	For the six month period ended
(in thousands of USD)		June 30, 2018	June 30, 2017
Wages and salaries		(7,929)	(5,772)
Social security costs		(1,863)	(1,144)
Provision for employee benefits		(319)	(310)
Equity-settled share-based payments		(37)	(161)
Other employee benefits		(1,836)	(1,101)
Employee benefits		(11,984)	(8,488)
Administrative expenses		(17,083)	(11,196)
Tonnage Tax		(2,086)	(2,693)
Claims		—	(32)
Provisions		3	58
Total general and administrative expenses		(31,150)	(22,351)

The general and administrative expenses which include amongst others: shore staff wages, director fees, office rental, consulting and audit fees and tonnage tax, increased in the first six months of 2018 compared to the same period in 2017. This increase was mainly due to higher wages and salaries and to higher administrative expenses.

The higher wages and salaries are due to a higher number of staff in 2018 and the higher administrative expenses are due to legal fees related to the merger with Gener8 (USD 3.7 million).

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Net finance expense

6 Months Ended

Jun. 30, 2018

Financial Instruments [Abstract]

Net finance expense

Net finance expenses

	For the six month period ended
(in thousands of USD)	June 30, 2018		June 30, 2017
Interest income	545		281
Foreign exchange gains	6,640		2,112
Finance income	7,185		2,393
Interest expense on financial liabilities measured at amortized cost	(23,203	)	(17,791	)
Fair value adjustment on interest rate swaps	(38	)	—
Amortization other Notes	—		—
Other financial charges	(3,539	)	(2,512	)
Foreign exchange losses	(7,198	)	(1,731	)
Finance expense	(33,978	)	(22,034	)
Net finance expense recognized in profit or loss	(26,793	)	(19,641	)

Interest expense on financial liabilities measured at amortized cost increased in the first six months of 2018 compared to the same period in 2017. This increase was primarily attributable to the interest on the senior unsecured bond of USD 150 million which was issued on May 31, 2017 (see Note 15).

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Property, plant and equipment

6 Months Ended

Jun. 30, 2018

Property, plant and equipment [abstract]

Property, plant and equipment

Property, plant and equipment

(in thousands of USD)	Vessels	Vessels under construction	Other tangible assets	Total PPE
At January 1, 2018
Cost	3,595,692	63,668	3,545	3,662,905
Depreciation & impairment losses	(1,324,192)		(1,882)	(1,326,074)
Net carrying amount	2,271,500	63,668	1,663	2,336,831
Acquisitions	42,055	105,371	272	147,698
Acquisitions through business combinations (Note 22)	1,710,250	—	345	1,710,595
Disposals and cancellations (Note 22)	(434,000)	—	—	(434,000)
Depreciation charges	(112,666)	—	(260)	(112,926)
Transfer to assets held for sale (Note 8)	(1,319)	—	—	(1,319)
Transfers	129,791	(129,791)	—	—
Translation differences	—	—	(8)	(8)
Balance at June 30, 2018	3,605,611	39,248	2,012	3,646,871
At June 30, 2018
Cost	4,898,292	39,248	4,113	4,941,653
Depreciation & impairment losses	(1,292,681)	—	(2,101)	(1,294,782)
Net carrying amount	3,605,611	39,248	2,012	3,646,871

On March 26, 2018, and April 25, 2018, Euronav took delivery of the Suezmaxes Cap Quebec (2018 – 156,600 dwt) and Cap Pembroke (2018 – 156,600 dwt) respectively.

On June 29, 2018, Euronav took delivery of the ULCC Oceania (2003 - 441,561 dwt) (Note 6).

In 2018, the Finesse, Nautic, Noble, Hojo, and Cap Felix have been dry-docked. The cost of planned repairs and maintenance is capitalized and included under the heading Acquisitions.

Disposal of assets – Gains/losses

(in thousands of USD)	Acquisitions	Sale price	Book Value	Gain	Deferred Gain	Loss
TI Topaz - Sale	—	20,790	41,817	—	—	(21,027)
Other	—	28	8	20	—	—
At June 30, 2017		20,818	41,825	20	—	(21,027)
	Acquisitions	Sale price	Book Value	Gain	Deferred Gain	Loss
Cap Jean - Sale	—	10,175	—	10,175	—	—
At June 30, 2018		10,175	—	10,175	—	—

On May 8, 2018, the Group sold the Suezmax Cap Jean (1998 – 146,643 dwt) for a net sale price of USD 10.2 million. The capital gain on that sale of USD 10.2 million was recorded upon delivery of the vessel to its new owner in the second quarter of 2018.

Impairment

Tankers

Euronav 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 Group has performed an impairment test for tankers whereby the carrying amount of an asset or CGU is compared to its recoverable amount, which is the greater of its value in use and its fair value less cost to sell. In assessing value in use, the following assumptions were used:

– 15-year historical average of normalized (adjusted for the highest 5% and lowest 5%) quarterly charter rates (spot time charter rates) used as forecast charter rates for the unfixed days

– Weighted Average Cost of Capital ('WACC') of 7.65% (2017: 9.70%)

– 20 year useful life with residual value equal to zero

Although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are subject to judgment.

In view of the fact that the headroom before taking an impairment had significantly decreased since the last reporting period, Management has revisited every assumption to assess the value in use in order to arrive to a greater level of precision.

In particular management has reassessed the source of 3 assumptions to calculate the value in use:

1)Time charter contract rates

For the Vessels under time charter contract with a remaining duration of more than one year, the rates of the contract will be used for the remaining duration of the contract. For the remaining life of the vessel after the contract maturity, the same forecasted rates will be used as the rates used when vessels are operated on the spot market. As of June 30, 2018, the Company has 2 long-term time charter contracts.

2)Rates used in assessing the value in use for the spot vessel

The rates will no longer be estimated based on the 10-year historical average rates calculated as of the reporting date. In the last 5 years, the standard deviation of the average had increased year-on-year to a point where management felt this average was no longer appropriate to calculate the estimated rate for the forecast. Instead, Management believes that the 15-year historical average of normalized (adjusted for the highest 5% and lowest 5%) quarterly charter rates (spot time charter rates) is much more reliable to be used as forecast charter rates as the standard deviation of this average is much lower and much more stable when looking at the last 5 years.

3)WACC

The calculation of our WACC is based on our cost of debt (calculated internally), our market leverage and our cost of equity taken from the largest provider of financial data. However, when using a similar method as previous years, our WACC increased by 226 bps compared to 2017. Management performed an analysis of how the cost of equity was computed by the financial data provider. Management believes that the country risk premium used is not appropriate because Euronav is an international company that does not perform services in its country of incorporation and does most of its business in USD as opposed to EUR which is the currency of its domicile. When taking a country risk premium commonly used within the sector and by our competitors, the cost of equity and therefore the WACC have been recomputed to give a WACC of 7.65%.

Sensitivity

Rates used for forecast

Recognizing that the transportation of crude oil and petroleum products is cyclical and subject to significant volatility based on factors beyond Euronav's control, Euronav believes the use of estimates based on normalized 15-year historical average rates calculated as of the reporting date to be reasonable.

When using 10-year historical charter rates in this impairment analysis, the impairment analysis indicates that an impairment of USD 0.5 million is required for the tanker fleet (2017: no impairment required).

When using 5-year historical charter rates in this impairment analysis, the impairment analysis indicates that no impairment would be required for the tanker fleet (2017: USD 5.7 million) and when using 1-year historical charter rates in this impairment analysis, the impairment analysis indicates that an impairment of USD 219.1 million is required for the tanker fleet (2017: USD 427.3 million).

WACC

Even an increase of the WACC of 300bps to 10.65% in isolation, the analysis would indicate no impairment would be required as at June 30, 2018.

FSO

In the context of the valuation of the Group's investments in the respective joint ventures, the Group also performed an impairment test on the FSO vessels owned by TI Asia Ltd. and TI Africa Ltd. For FSOs the impairment assessment has been based on a value in use calculation to estimate the recoverable amount from the vessel. This method is chosen as there is no efficient market for transactions of FSO vessels as each vessel is often purposely built for specific circumstances. In assessing value in use, the following assumptions were used:

– Weighted Average Cost of Capital ('WACC') of 7.65% (2017: 9.70%)

– 25 year useful life with residual value equal to zero

This assessment did not result in a requirement to record an impairment loss as at June 30, 2018. Even with an increase of the WACC of 300bps, there was no need to record an impairment loss as at June 30, 2018. The value in use calculation for FSOs is based on the remaining useful life of the vessels as of the reporting date, and is based on fixed daily rates per the contract as well as management's best estimate of daily rates for periods after the expiration of the contract.

The FSO Asia and the FSO Africa are on a timecharter contract to North Oil Company until July 22, 2022 and September 22, 2022, respectively.

Security

All tankers financed with bank loans are subject to a mortgage to secure bank loans.

Vessels on order or under construction

The group has 2 vessels under construction as at June 30, 2018 for an aggregate amount of USD 39.2 million. The amounts presented within "Vessels under construction" relate to two Ice Class Suezmax vessels from Hyundai Heavy Industries which will be delivered in the second half of 2018.

Capital commitment

As at June 30, 2018 the Group's total capital commitments amount to USD 86.6 million (2017: USD 185.9 million). These can be detailed as follows:

(in thousands of USD)	As at December 31, 2017 payments scheduled for
	TOTAL	2018	2019	2020
Commitments in respect of VLCCs	—	—	—	—
Commitments in respect of Suezmaxes	185,922	185,922	—	—
Commitments in respect of FSOs	—	—	—	—
Total	185,922	185,922	—	—
	As at June 30, 2018 payments scheduled for
	TOTAL	2018	2019	2020
Commitments in respect of VLCCs	—	—	—	—
Commitments in respect of Suezmaxes	86,600	86,600	—	—
Commitments in respect of FSOs	—	—	—	—
Total	86,600	86,600	—	—

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Equity

6 Months Ended

Jun. 30, 2018

Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract]

Equity

Equity

Issue of ordinary shares related to business combinations

Upon the completion of the merger transaction with Gener8 Maritime Inc. on June 12, 2018, 60,815,764 new ordinary shares were issued at a stock price of USD 9.10 each (see Note 22) resulting in 220,024,713 shares (see Note 14). This resulted in an increase of USD 66.1 million share capital and USD 487.3 million share premium.

Translation reserve

The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations.

Hedging reserve

The Group , through two of its JV companies in connection to the USD 220.0 million facility raised in March 2018 (Note 6), entered in several Interest Rate Swap (IRSs) instruments for a combined notional value of USD 208.8 million (Euronav’s share amounts to 50%). These IRSs have been used to hedge the risk related to the fluctuation of the Libor rate and qualify as hedging instruments in a cash flow hedge relationship under IFRS 9. These instruments have been measured at their fair value; effective changes in fair value have been recognized in OCI and the ineffective portion has been recognized in profit or loss. These IRSs have a remaining duration of four years matching the repayment profile of that facility and mature on July 21, 2022 and September 22, 2022 for FSO Asia and FSO Africa respectively. The fair value of these instruments at June 30, 2018 amounted to USD (320,774) (100%), which was entirely reflected in OCI at the level of the JV companies (Note 23).

The Group, through the acquisition of Gener8 Maritime inc, acquired several IRSs for a combined notional value of USD 668.0 million. These IRSs have been used to hedge the risk related to the fluctuation of the Libor rate and qualify as hedging instruments in a cash flow hedge relationship under IFRS 9. These instruments have been measured at their fair value; effective changes in fair value have been recognized in OCI and the ineffective portion has been recognized in profit or loss. These IRSs have a remaining duration of two years matching the repayment profile of that facility and mature in September, 2020. The fair value of these instruments at June 30, 2018 amounted to USD 11.0 million and USD (201) thousand has been recognized in OCI.

Treasury shares

As of June 30, 2018 Euronav owned 1,042,415 of its own shares. In the six month period ended June 30, 2018 Euronav did not buy back or dispose of any own shares.

Dividends

On May 9, 2018, the Annual Shareholders' meeting approved a full year dividend of USD 0.12 per share. Taking into account the interim dividend approved in August 2017 in the amount of USD 0.06 per share, the dividend paid after the AGM was USD 0.06 per share. The dividend to holders of Euronav shares trading on Euronext Brussels was paid in EUR at the USD/EUR exchange rate of the record date. The total amount of dividends paid in the first six months of 2018 was USD 9.5 million.

Share-based payment arrangements

On December 16, 2013, the Group established a share option program that entitles key management personnel to purchase existing shares in the Company. Under the program, holders of vested options are entitled to purchase shares at the market price of the shares at the grant date. Currently this program is limited to key management personnel. In the six month period ended June 30, 2018, the holders did not exercise any options and 350,000 options were outstanding as of June 30, 2018. The key terms and conditions did not change after December 31, 2013. The compensation expense related to this share option program was recognized in prior periods and therefore, this program did not have any impact on the consolidated statement of profit or loss for the six month period ended June 30, 2018.

Long term incentive plan 2015

The Group's Board of Directors implemented in 2015 a long term incentive plan ('LTIP') for key management personnel. Under the terms of this LTIP, the beneficiaries will obtain 40% of their respective LTIP in the form of Euronav stock options, with vesting over three years and 60% in the form of restricted stock units ('RSU's'), with cliff vesting on the third anniversary. In total 236,590 options and 65,433 RSU's were granted on February 12, 2015. Vested stock options may be exercised until 13 years after the grant date. The stock options have an exercise price of EUR 10.0475 and are equity-settled. As of June 30, 2018, all the stock options remained outstanding but all RSUs were vested in the first quarter of 2018. The fair value of the stock options was measured using the Black Scholes formula. The fair value of the RSUs was measured with reference to the Euronav share price at the grant date. The total employee benefit expense recognized in the consolidated statement of profit or loss in the six month period ended June 30, 2018 with respect to the LTIP 2015 was USD 37 thousand.

Long term incentive plan 2016

The Group's Board of Directors implemented in 2016 an additional long term incentive plan for key management personnel. Under the terms of this LTIP, key management personnel are eligible to receive phantom stock unit grants. Each phantom stock unit grants the holder a conditional right to receive an amount of cash equal to the fair market value of one share of the company on the settlement date. The phantom stock units will mature one-third each year on the second, third and fourth anniversary of the award. In total a number of 54,616 phantom stock units were granted on February 2, 2016 and one-third was vested on the second anniversary. As of June 30, 2018, 36,411 phantom stocks were outstanding. The LTIP 2016 qualifies as a cash-settled share-based payment transaction. The Company recognizes a liability in respect of its obligations under the LTIP 2016, measured based on the Company’s share price at the reporting date, and taking into account the extent to which the services have been rendered to date. The compensation expense recognized in the consolidated statement of profit or loss in the six month period ended June 30, 2018 was USD (0.1) million.

Long term incentive plan 2017

The Group's Board of Directors implemented in 2017 an additional long term incentive plan for key management personnel. Under the terms of this LTIP, key management personnel are eligible to receive phantom stock unit grants. Each phantom stock unit grants the holder a conditional right to receive an amount of cash equal to the fair market value of one share of the company on the settlement date. The phantom stock units will mature one-third each year on the second, third and fourth anniversary of the award. In total a number of 66,449 phantom stock units were granted on February 9, 2017 and all remain outstanding as of June 30, 2018. The LTIP 2017 qualifies as a cash-settled share-based payment transaction. The Company recognizes a liability in respect of its obligations under the LTIP 2017, measured based on the Company’s share price at the reporting date, and taking into account the extent to which the services have been rendered to date. The compensation expense recognized in the consolidated statement of profit or loss in the six month period ended June 30, 2018 was USD 0.2 million.

Long term incentive plan 2018

The Group's Board of Directors implemented in 2018 an additional long term incentive plan for key management personnel. Under the terms of this LTIP, key management personnel are eligible to receive phantom stock unit grants. Each phantom stock unit grants the holder a conditional right to receive an amount of cash equal to the fair market value of one share of the company on the settlement date. The phantom stock units will mature one-third each year on the second, third and fourth anniversary of the award. In total a number of 154,432 phantom stock units were granted on February 16, 2018 and all remain outstanding as of June 30, 2018. The LTIP 2018 qualifies as a cash-settled share-based payment transaction. The Company recognizes a liability in respect of its obligations under the LTIP 2018, measured based on the Company’s share price at the reporting date, and taking into account the extent to which the services have been rendered to date. The compensation expense recognized in the consolidated statement of profit or loss in the six month period ended June 30, 2018 was USD 0.3 million.

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Earnings per share

6 Months Ended

Jun. 30, 2018

Earnings per share [abstract]

Earnings per share

Earnings per share

Basic earnings per share

The calculation of basic earnings per share at June 30, 2018 was based on a result attributable to ordinary shares of USD (51,602,299) (June 30, 2017: USD 10,087,987) and a weighted average number of ordinary shares outstanding during the six month period ended June 30, 2018 of 164,550,509 (June 30, 2017: 158,166,534), calculated as follows:

Result attributable to ordinary shares

	For the six month period ended
(in thousands of USD except share and per share information)		June 30, 2018	June 30, 2017
Result for the period		(51,602)	10,088
Weighted average		164,550,509	158,166,534
Basic earnings per share (in USD)		(0.31)	0.06

Weighted average number of ordinary shares

(in shares)	Shares issued	Treasury shares	Shares outstanding	Weighted number of shares
On issue at January 1, 2018	159,208,949	1,042,415	158,166,534	158,166,534
Issuance of shares	60,815,764	—	60,815,764	6,383,975
Purchases of treasury shares	—	—	—	—
Withdrawal of treasury shares	—	—	—	—
Sales of treasury shares	—	—	—	—
On issue at June 30, 2018	220,024,713	1,042,415	218,982,298	164,550,509

On June 12, 2018 the new ordinary shares were issued.

Diluted earnings per share

For the six months ended June 30, 2018, the diluted earnings per share (in USD) amount to (0.31) (2017: 0.06). At June 30, 2018, 236,590 outstanding options granted under the LTIP 2015 were excluded from the diluted weighted average number of ordinary shares calculation because their effect would have been anti-dilutive (June 30, 2017: 236,590 options).

Weighted average number of ordinary shares (diluted)

The table below shows the potential weighted number of shares that could be created if all stock options and restricted stock units were to be converted into ordinary shares.

(in shares)	June 30, 2018	June 30, 2017
Weighted average of ordinary shares outstanding (basic)	164,550,509	158,166,534
Effect of share-based payment arrangements	84,164	137,991
Weighted average number of ordinary shares (diluted)	164,634,673	158,304,525

The share-based payment arrangements can give rise to dilution at June 30, 2018.

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Interest-bearing loans and borrowings

6 Months Ended

Jun. 30, 2018

Financial Instruments [Abstract]

Interest-bearing loans and borrowings

Interest-bearing loans and borrowings

	Bank loans	Convertible and other Notes	Total
More than 5 years	157,180	—	157,180
Between 1 and 5 years	496,550	147,619	644,169
More than 1 year	653,730	147,619	801,349
Less than 1 year	47,361	—	47,361
At January 1, 2018	701,091	147,619	848,710
New loans	471,776	—	471,776
Scheduled repayments	(23,681)	—	(23,681)
Early repayments (Note 22)	(392,500)	(205,710)	(598,210)
Acquisitions through business combinations (Note 22)	1,106,736	205,710	1,312,446
Other changes (Note 22)	(310,861)	271	(310,590)
Balance at June 30, 2018	1,552,561	147,890	1,700,451
More than 5 years	330,003	—	330,003
Between 1 and 5 years	945,709	147,890	1,093,599
More than 1 year	1,275,712	147,890	1,423,602
Less than 1 year	276,849	—	276,849
Balance at June 30, 2018	1,552,561	147,890	1,700,451

Bank loans

Terms and debt repayment schedule

The terms and conditions of outstanding loans were as follows:

(in thousands of USD)				June 30, 2018			December 31, 2017
	Curr.	Nominal interest rate	Year of mat.	Facility size	Drawn	Carrying value	Facility size	Drawn	Carrying value
Secured vessels loan 192M	USD	libor +2.25%	2021	95,714	95,714	94,457	111,666	111,666	110,156
Secured vessels Revolving loan 148M*	USD	libor +2.25%	2021	147,559	105,000	105,000	147,559	—	—
Secured vessels Revolving loan 750M*	USD	libor +1.95%	2022	439,166	110,000	106,289	485,017	330,000	325,519
Secured vessels Revolving loan 409.5M*	USD	libor +2.25%	2023	339,420	185,500	182,598	362,780	118,000	114,634
Secured vessels loan 76M	USD	libor +1.95%	2020	21,438	21,438	21,438	23,563	23,563	23,563
Secured vessels loan 67.5M	USD	libor +1.5%	2020	23,188	23,188	23,188	25,173	25,173	25,173
Secured vessels loan 27.1M	USD	libor +1.95%	2029	26,685	26,685	24,795	26,911	26,911	24,876
Secured vessels loan 81.4M	USD	libor +1.50%	2029	74,628	74,628	73,839	78,020	78,020	77,171
Secured vessels loan 69.4M	USD	libor + 2.0%	2030	34,710	34,710	34,710	—	—	—
Secured vessels loan 104.2M	USD	libor + 2.0%	2030	52,065	52,065	50,479	—	—	—
Secured vessels loan 162.2M	USD	libor + 3.75%	2020	162,219	162,219	162,219	—	—	—
Secured vessels loan 633.5M	USD	libor + 2.75%	2028	633,549	633,549	633,549	—	—	—
Unsecured bank facility 60M	USD	libor +2.25%	2020	60,000	40,000	40,000	60,000	—	—
Total interest-bearing bank loans				2,110,340	1,564,695	1,552,561	1,320,688	713,332	701,091

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.

* The total amount available under the Revolving Credit Facility depends on the total value of the fleet of tankers securing the facility.

On March 22, 2018, the Company signed a senior secured credit facility for an amount of USD 173.6 million with Kexim, BNP and Credit Agricole Corporate and Investment bank acting also as Agent and Security Trustee. The purpose of the loan is to finance up to 70 per cent of the aggregate contract price of the four Ice Class Suezmax vessels that will be delivered over the course of 2018. The new facility is comprised of (i) a USD 69.4 million commercial tranche, which bears interest at LIBOR plus a margin of 2.0% per annum and (ii) a USD 104.2 million ECA tranche which bears interest at LIBOR plus a margin of 2.0% per annum. The commercial tranche is repayable by 24 equal consecutive semi-annual installments, each in the amount of USD 0.6 million per vessel together with a balloon installment of USD 3.5 million payable with the 24th and last installment. The ECA tranche is repayable by 24 consecutive semi-annual installments, each in the amount of USD 1.1 million per vessel. Transaction costs for a total amount of USD 1.6 million are amortized over the lifetime of the instrument using the effective interest rate method.

Lenders of the facility have a put option on the 7th anniversary of the facility, for which a notice has to be served 13 months in advance requesting a prepayment of their remaining contribution. After receiving notice, the Group will have to either repay the relevant contribution on the 7th year anniversary or to transfer this contribution to another acceptable lender. The put option can only be exercised if the employment of the ship at that time is not satisfactory to the lenders.

Other notes

(in thousands of USD)				June 30, 2018			December 31, 2017
	Curr.	Nominal interest rate	Year of mat.	Facility size	Drawn	Carrying value	Facility size	Drawn	Carrying value
Unsecured notes	USD	7.50%	2022	150,000	150,000	147,890	150,000	150,000	147,619
Total other notes				150,000	150,000	147,890	150,000	150,000	147,619

On May 31, 2017, the Group successfully completed a new senior unsecured bond issue of USD 150 million with a fixed coupon of 7.50% and maturity in May 2022. The net proceeds from the bond issue will be used for general corporate purposes. DNB Markets, Nordea and Arctic Securities AS acted as joint lead managers in connection with the placement of the bond issue. The related transaction costs for a total of USD 2.7 million are amortized over the lifetime of the instrument using the effective interest rate method.

Other borrowings

On June 6, 2017, the Group signed an agreement with BNP to act as dealer for a Treasury Notes Program with a maximum outstanding amount of 50 million Euro. 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, 2018, the fair value of these forward contracts amounted to USD (0.6) million. The change in fair value of these derivatives was recorded in the condensed consolidated statement of profit or loss.

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Trade and other payables

6 Months Ended

Jun. 30, 2018

Subclassifications of assets, liabilities and equities [abstract]

Trade and other payables

Trade and other payables

(in thousands of USD)	June 30, 2018	December 31, 2017
Advances received on contracts in progress, between 1 and 5 years	413	539
Total non-current other payables	413	539
Trade payables	23,610	19,274
Accrued payroll	3,557	3,596
Dividends payable	148	160
Accrued expenses	37,065	22,518
Accrued interest	9,686	1,762
Deferred income	4,911	10,020
Other payables	8,090	4,025
Total current trade and other payables	87,067	61,355

The overall increase in trade and other payables is mainly due to the merger with Gener8 (see Note 22).

The increase in accrued expenses is furthermore due to legal fees accrued in relationship to the merger.

The decrease in deferred income is due to a lower number of vessels on time charter.

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Financial instruments

6 Months Ended

Jun. 30, 2018

Financial Instruments [Abstract]

Financial instruments

Financial instruments

Carrying amounts and fair values

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value, such as trade and other receivables and payables.

	Carrying amount				Fair value
(in thousands of USD)	Hedging instruments	Loans and receivables	Other financial liabilities	Total	Level 1	Level 2	Level 3	Total
December 31, 2017
Financial assets measured at fair value
Forward exchange contracts	467	—	—	467	—	467	—	467
	467	—	—	467
Financial assets not measured at fair value
Non-current receivables	—	160,352	—	160,352	—	—	128,427	128,427
Trade and other receivables (Note 20) *	—	112,000	—	112,000	—	—	—	—
Cash and cash equivalents	—	143,648	—	143,648	—	—	—	—
	—	416,000	—	416,000
Financial liabilities not measured at fair value
Secured bank loans (Note 15)	—	—	701,091	701,091	—	706,056	—	706,056
Unsecured bank loans (Note 15)	—	—	—	—	—	—	—	—
Unsecured notes (Note 15)	—	—	147,619	147,619	149,630	—	—	149,630
Unsecured other borrowings (Note 15)	—	—	50,010	50,010	—	—	—	—
Trade and other payables (Note 16) *	—	—	51,335	51,335	—	—	—	—
Advances received on contracts (Note 16)	—	—	539	539	—	—	—	—
	—	—	950,594	950,594

	Carrying amount				Fair value
(in thousands of USD)	Hedging instruments	Loans and receivables	Other financial liabilities	Total	Level 1	Level 2	Level 3	Total
June 30, 2018
Financial assets measured at fair value
Forward exchange contracts	(562)	—	—	(562)	—	(562)	—	(562)
Interest rate swaps	11,040	—	—	11,040	—	11,040	—	11,040
	10,478	—	—	10,478
Financial assets not measured at fair value
Non-current receivables	—	54,022	—	54,022	—	—	45,134	45,134
Trade and other receivables (Note 20) *	—	188,172	—	188,172	—	—	—	—
Cash and cash equivalents	—	206,279	—	206,279	—	—	—	—
	—	448,473	—	448,473
Financial liabilities not measured at fair value
Secured bank loans (Note 15)	—	—	1,552,561	1,552,561	—	1,575,793	—	1,575,793
Unsecured bank loans (Note 15)	—	—	—	—	—	—	—	—
Unsecured notes (Note 15)	—	—	147,890	147,890	151,110	—	—	151,110
Unsecured other borrowings (Note 15)	—	—	58,290	58,290	—	—	—	—
Trade and other payables (Note 16) *	—	—	82,156	82,156	—	—	—	—
Advances received on contracts (Note 16)	—	—	413	413	—	—	—	—
	—	—	1,841,310	1,841,310

* Deferred charges (see Note 20) and deferred income (see Note 16), 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 2022, and the trading price on June 30, 2018. The following tables show the valuation techniques used in measuring Level 1, Level 2 and Level 3 fair values, as well as the significant unobservable inputs used.

Financial instruments measured at fair value
Type	Valuation Techniques	Significant unobservable inputs
Forward exchange contracts	Forward pricing: the fair value is determined using quoted forward exchange rates at the reporting date and present value calculations based on high credit quality yield curve in the respective currencies.	Not applicable
Financial instruments not measured at fair value
Type	Valuation Techniques	Significant unobservable inputs
Non-current receivables (consisting of shareholders' loans)	Discounted cash flow	Discount rate
Other financial liabilities (consisting of secured and unsecured bank loans)	Discounted cash flow	Discount rate
Other financial notes (consisting of unsecured notes)		Not applicable

Transfers between Level 1, 2 and 3

There were no transfers between these levels in 2017 and for the six-month period ended June 30, 2018.

Level 3 fair values

The following table shows a reconciliation from the opening balance to the closing balance for Level 3 fair values.

(in thousands of USD)	Non-current receivables
At January 1, 2018	128,427
Settlement shareholders loans (Note 23)	(115,671)
Net change in fair value (unrealized)	23,038
Net change in other non-current receivables (Note 19)	1,445
LT Portion of FMV derivatives (change) (Note 19)	7,895
Balance at June 30, 2018	45,134

Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation. The sources of financing are diversified and the bulk of the loans are irrevocable, long-term and maturities are spread over different years.

The following are the remaining contractual maturities of financial liabilities:

	Contractual cash flows December 31, 2017
(in thousands of USD)	Carrying Amount	Total	Less than 1 year	Between 1 and 5 years	More than 5 years
Non derivative financial liabilities
Bank loans and other notes (Note 15)	848,710	1,009,508	83,039	750,722	175,747
Other borrowings (Note 15)	50,010	50,010	50,010	—	—
Current trade and other payables (Note 16) *	51,335	51,335	51,335	—	—
Non-current other payables	—	—	—	—	—
	950,055	1,110,853	184,384	750,722	175,747
Derivative financial liabilities
Interest rate swaps	—	—	—	—	—
Forward exchange contracts	—	—	—	—	—
	—	—	—	—	—
	Contractual cash flows June 30, 2018
	Carrying Amount	Total	Less than 1 year	Between 1 and 5 years	More than 5 years
Non derivative financial liabilities
Bank loans and other notes (Note 15)	1,700,451	2,132,817	260,341	1,491,831	380,645
Other borrowings (Note 15)	58,290	58,290	58,290	—	—
Current trade and other payables (Note 16) *	82,156	82,156	82,156	—	—
Non-current other payables	—	—	—	—	—
	1,840,897	2,273,263	400,787	1,491,831	380,645
Derivative financial liabilities
Interest rate swaps	—	—	—	—	—
Forward exchange contracts	—	—	—	—	—
	—	—	—	—	—

* Deferred income (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. For more details on these covenants, please see "capital management" below.

The interest payments on variable interest rate loans in the table above reflect market forward interest rates at the reporting date and these amounts may change as market interest rates change. It is not expected that the cash flows included in the table above (the maturity analysis) could occur significantly earlier, or at significantly different amounts than stated above.

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Deferred tax assets and liabilities

6 Months Ended

Jun. 30, 2018

Income Taxes [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 354.1 million and USD 363.9 million as of June 30, 2018 and December 31, 2017, 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 88.2 million and USD 89.0 million as of June 30, 2018 and December 31, 2017, 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

6 Months Ended

Jun. 30, 2018

Subclassifications of assets, liabilities and equities [abstract]

Non-current receivables

Non-current receivables

(in thousands of USD)	June 30, 2018	December 31, 2017
Shareholders loans to joint ventures	44,062	159,733
LT portion of FMV derivatives	7,896	—
Other non-current receivables	2,063	618
Investment	1	1
Total non-current receivables	54,022	160,352

The shareholders loans to joint ventures as of June 30, 2018 and December 31, 2017 did not bear interest. Please refer to Note 23 for more information on the shareholders loans to joint ventures.

The LT portion of FMV derivatives relates to the fair market value of the Interest Rate Swap instruments, acquired through the acquisition of Gener8 Maritime Inc (see Note 13).

The increase in other non-current receivables is related to an increase of cash guarantees and deposits.

Trade and other receivables

(in thousands of USD)	June 30, 2018	December 31, 2017
Trade receivables	41,660	32,758
Accrued income	14,168	12,465
Accrued interest	50	52
Deferred charges	51,647	24,797
Other receivables	132,294	66,725
Total trade and other receivables	239,819	136,797

The increase in deferred charges is next to the impact of Gener8 also due to a higher proportion of vessels on the spot market, deferrals of TC-in costs for the 4 bareboat-in vessels which were not deferred at the end of December 31, 2017 and to the vessels on TC-in from Gener8 in June 2018.

The overall increase in trade and other receivables is mainly related to the merger with Gener8 and the acquisition of their outstanding receivables such as Pool revenue still to be collected. The other receivables increased further due to the USD 21.0 million receivable from International Seaways ("INSW") following the sale of the subsidiaries owning six modern VLCCs to INSW for a total cash payment of USD 141.0 million of which USD 120.0 million was received on June 14, 2018, the date of closing (see Note 22).

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Trade and other receivables

6 Months Ended

Jun. 30, 2018

Subclassifications of assets, liabilities and equities [abstract]

Trade and other receivables

Non-current receivables

(in thousands of USD)	June 30, 2018	December 31, 2017
Shareholders loans to joint ventures	44,062	159,733
LT portion of FMV derivatives	7,896	—
Other non-current receivables	2,063	618
Investment	1	1
Total non-current receivables	54,022	160,352

The shareholders loans to joint ventures as of June 30, 2018 and December 31, 2017 did not bear interest. Please refer to Note 23 for more information on the shareholders loans to joint ventures.

The LT portion of FMV derivatives relates to the fair market value of the Interest Rate Swap instruments, acquired through the acquisition of Gener8 Maritime Inc (see Note 13).

The increase in other non-current receivables is related to an increase of cash guarantees and deposits.

Trade and other receivables

(in thousands of USD)	June 30, 2018	December 31, 2017
Trade receivables	41,660	32,758
Accrued income	14,168	12,465
Accrued interest	50	52
Deferred charges	51,647	24,797
Other receivables	132,294	66,725
Total trade and other receivables	239,819	136,797

The increase in deferred charges is next to the impact of Gener8 also due to a higher proportion of vessels on the spot market, deferrals of TC-in costs for the 4 bareboat-in vessels which were not deferred at the end of December 31, 2017 and to the vessels on TC-in from Gener8 in June 2018.

The overall increase in trade and other receivables is mainly related to the merger with Gener8 and the acquisition of their outstanding receivables such as Pool revenue still to be collected. The other receivables increased further due to the USD 21.0 million receivable from International Seaways ("INSW") following the sale of the subsidiaries owning six modern VLCCs to INSW for a total cash payment of USD 141.0 million of which USD 120.0 million was received on June 14, 2018, the date of closing (see Note 22).

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Contingencies

6 Months Ended

Jun. 30, 2018

Disclosure of other provisions, contingent liabilities and contingent assets [Abstract]

Contingencies

Contingencies

The Group is involved in a number of disputes in connection with its day-to-day activities, both as claimant and defendant. Such disputes and the associated expenses of legal representation are covered by insurance. Moreover, they are not of a magnitude that lies outside the ordinary, and their scope is not of such a nature that they could jeopardise the Group's financial position.

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Business Combinations

6 Months Ended

Jun. 30, 2018

Business Combinations1 [Abstract]

Business Combinations

Business Combinations

On June 11, 2018, the Group announced that Gener8's shareholders approved the merger that day between the two companies by which Gener8 became a wholly-owned subsidiary of Euronav (the merger to form the "Combined Entity"). Gener8, Inc. a corporation incorporated under the laws of the Republic of the Marshall Islands, was a leading U.S.-based provider of international seaborne crude oil transportation services, resulting from a transformative merger between General Maritime Corporation, a well-known tanker owner, and Navig8 Crude Tankers Inc., a company sponsored by the Navig8 Group, an independent vessel pool manager. General Maritime Corporation was founded in 1997 and has been an active owner and operator in the crude tanker sector. At the date of the merger, Gener8 owned a fleet of 29 tankers on the water, consisting of 21 VLCC vessels, 6 Suezmax vessels, and 2 Panamax vessels, with an aggregate carrying capacity of approximately 7.4 million dwt, which includes 19 “eco” VLCC newbuildings delivered from 2015 through 2017 equipped with advanced, fuel-saving technology, that were constructed at highly reputable shipyards.

Euronav believes that the merger will be accretive to the shareholders of both companies and is consistent with previously set expansion criteria of Euronav. It will create the world’s leading independent crude tanker operator with 74 large crude tankers focused predominately on the VLCC and Suezmax asset classes and two FSO vessels in joint venture and provide tangible economies of scale via pooling arrangements, procurement opportunities, reduced overhead and enhanced access to capital.

Furthermore it will offer a well-capitalised, highly liquid company for investors to participate in the tanker market. and through commitment to the Tankers International Pool (a spot market-oriented tanker pool), provide the lowest commercial fees as a percentage of revenue in the sector upon closing of the merger.

Holders of 81% of the outstanding shares of Gener8 cast their vote, of which 98% approved the merger. The "Exchange Ratio" of 0.7272 Euronav shares for each share of Gener8 resulted in the issuance of 60,815,764 new ordinary shares on June 12, 2018. The Exchange Ratio implied a premium of 35% paid on Gener8 shares based on the closing share prices on December 20, 2017. The merger resulted in Euronav shareholders owning approximately 72% of the issued share capital of the Combined Entity and Gener8 shareholders owning approximately 28% (based on the fully diluted share capital of Euronav and fully diluted share capital of Gener8). Euronav as the Combined Entity remain listed on NYSE and Euronext under the symbol "EURN".

Subsequently, Euronav sold the subsidiaries owning six modern VLCCs to International Seaways ("INSW") for a total cash payment of USD 141.0 million of which USD 120.0 million was received on June 14, 2018, the date of closing. The remaining balance of USD 21.0 million will be unconditionally paid in Q4 and is included in other amounts receivable (Note 20). This sale was an important part of the wider merger with Gener8 Maritime transaction as it allows Euronav to retain leverage around our target level of 50% and to retain substantial liquidity going forward. The six vessels are the Gener8 Miltiades (2016 – 301,038 dwt), Gener8 Chiotis (2016 – 300,973 dwt), Gener8 Success (2016 – 300,932 dwt), Gener8 Andriotis (2016 – 301,014 dwt), Gener8 Strength (2015 – 300,960 dwt) and Gener8 Supreme (2016 – 300,933 dwt). The assets and liabilities of these companies were recognized at fair value on the date of the closing of the merger. This fair value took into consideration the provisons of the sale and purchase agreement with INSW and accordingly, no result was recorded on this transaction.

Consideration transferred

in USD	Total Business combinations
Gener8 shares outstanding	83,267,426
RSU	362,613
Total Gener8 shares	83,630,039
Ratio	0.7272
Issued Euronav shares	60,815,764
Closing price Euronav on June 11, 2018	9.1
Total consideration transferred	553,423,452

Contribution to revenue and profit/loss

Since their acquisition by the Group on June 12, 2018, the acquired companies contributed revenue of USD 6.99 million and a loss of USD (3.40) million to the Group’s consolidated results for the six months ended June 30, 2018. If the acquisition had occurred on 1 January 2018, management estimates that the Group’s consolidated revenue for the six months ended June 30, 2018 would have been USD 268.25 million and consolidated loss for the six months period ended June 30, 2018 would have been USD (100.84) million. In determining these amounts, management has assumed that the fair value adjustments, that arose on the date of acquisition would have been the same if the acquisition had occurred on 1 January 2018.

Acquisition related costs

The Group incurred approximately USD 5.0 million relating to external legal fees, due to 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'.

Repayment Blue mountain note

As part of the Merger Agreement and the Letter agreement between Gener8 and certain affiliates of BlueMountain Capital Management LLC, the Senior Note with a carrying value of USD 205.7 million was prepaid on June 12, 2018. The repayment of the Senior Notes was financed in full by Euronav under its existing liquidity (cash at hands and credit facilities) (see Note 15).

Bank loans

At the time of the merger, Gener8 had three senior secured credit facilities: (i) the KEXIM Credit Agreement, (ii) the Nordea Credit Agreement and (iii) the Sinosure Credit Agreement of which the first two were assumed by Euronav in the merger and the latter was assumed by INSW when they acquired the subsidiaries owning six modern VLCCs. Prior to the merger, Gener8 was not in compliance with the interest expense coverage ratio covenant for which they obtained short-term waivers from its lenders. Following the merger, the Kexim Credit Agreement was amended to align the covenants with the other senior credit facilities of the Group, resolving the non compliance. The Group, in advance negotiations to refinance the Nordea Credit Agreement, decided not to amend this senior secured credit facility and as such, given the non compliance and remaining duration of the short-term waiver, classified the entire facility as short term.

Identifiable assets acquired and liabilities assumed

The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the acquisition date.

(in thousands of USD)	Total	Gener8 Subsidiaries	INSW Subsidiaries
Vessels (Note 12)	1,710,250	1,276,250	434,000
Other tangible assets	345	345	—
Intangible assets	152	152	—
Receivables	16,769	9,599	7,170
Current assets	81,357	66,728	14,629
Cash and cash equivalents	126,288	126,288	—
Loans and borrowings (Note 15)	(1,312,446)	(1,001,478)	(310,968)
Current liabilities	(33,012)	(29,160)	(3,852)
Total identifiable net assets acquired	589,703	448,724	140,979
(in thousands of USD)	Fair value at acquisition date
Consideration transferred	553,423
Total identifiable net assets acquired	589,703
Bargain Purchase	36,280

The transaction resulted in a bargain purchase gain of USD 36.28 million because the fair value of assets acquired and liabilities assumed exceeded the total of the fair value of consideration paid. Euronav’s management has reassessed whether they had correctly identified all of the assets acquired and all of the liabilities assumed and this excess remains.

Euronav’s management believes that the bargain purchase price is a direct consequence of Gener8 limited liquidity and its shares trading under the net asset value per share prior to and at the time of the agreed ratio as well as a small uptick in the fair value of the vessels between the time of the agreed ratio and the date of the merger when the valuations of the vessels were assessed.

This gain was recognized in the consolidated statement of profit or loss for the six months ended June 30, 2018, under the heading ‘Gain on bargain purchase’.

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Equity-accounted investees

6 Months Ended

Jun. 30, 2018

Interests in Other Entities [Abstract]

Equity-accounted investees

Equity-accounted investees

(in thousands of USD)	June 30, 2018	December 31, 2017
Assets
Interest in joint ventures	35,824	30,595
Interest in associates	—	—
TOTAL ASSETS	35,824	30,595

Associates

(in thousands of USD)	June 30, 2018	December 31, 2017
Carrying amount of interest at the beginning of the period	—	1,546
Group's share of profit (loss) for the period	—	149
Dividend in kind (shares TUKA) distributed by associate	—	(1,559)
Reclassification of associate to joint venture	—	(136)
Carrying amount of interest at the end of the period	—	—

Joint Ventures

The following table contains a roll forward of the balance sheet amounts with respect to the Group’s joint ventures:

	ASSET		LIABILITY
(in thousands of USD)	Investments in equity accounted investees	Shareholders loans	Investments in equity accounted investees	Shareholders loans
Gross balance	(3,298)	203,512	—	—
Offset investment with shareholders loan	20,165	(20,165)	—	—
Balance at January 1, 2017	16,867	183,348	—	—
Group's share of profit (loss) for the period	29,933	—	—	—
Group's share of other comprehensive income	483	—	—	—
Dividends received from joint ventures	(1,250)	—	—	—
Dividend in kind (shares TUKA) received from associate	1,559	—	—	—
Reclassification of associate to joint venture	136	—	—	—
Movement shareholders loans to joint ventures	—	(40,750)	—	—
Gross balance	27,565	162,763	—	—
Offset investment with shareholders loan	3,030	(3,030)	—	—
Balance at December 31, 2017	30,595	159,733	—	—
Group's share of profit (loss) for the period	8,419	—	—	—
Group's share of other comprehensive income	(160)	—	—	—
Movement shareholders loans to joint ventures	—	(118,701)	—	—
Gross balance	35,824	44,062	—	—
Offset investment with shareholders loan	—	—	—	—
Balance at June 30, 2018	35,824	44,062	—	—

The decrease in the balance of shareholders’ loans to joint ventures since December 31, 2017 is primarily due to the USD 220.0 million senior secured credit facility which TI Asia Ltd. and TI Africa Ltd. concluded on March 29, 2018 (see Note 6). The shareholders loans were partially repaid by using a part of this new borrowing. In addition, the Company provided a guarantee for the revolving tranche of the above credit facility.

In connection to the USD 220.0 million facility, the Group entered in several Interest Rate Swap (IRSs) instruments for a combined notional value of USD 208.8 million (Euronav’s share amounts to 50%). These IRSs have been used to hedge the risk related to the fluctuation of the Libor rate and qualified for hedging instruments in a cash flow hedge relationship under IFRS 9. These instruments have been measured at their fair value; effective changes in fair value have been recognized in OCI and the ineffective portion has been recognized in profit or loss. These IRSs have a remaining duration of four years matching the repayment profile of that facility and mature on July 21, 2022 and September 22, 2022 for FSO Asia and FSO Africa respectively (Note 13).

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Restricted Cash

6 Months Ended

Jun. 30, 2018

Restricted Cash1 [Abstract]

Restricted Cash

Restricted Cash

(in thousands of USD)	June 30, 2018	December 31, 2017
Restricted Cash	96,689	115

Restricted cash consist of rent deposits and cash deposited on debt service reserve accounts and minimum liquidity accounts linked to some of our long term borrowings. The increase is entirely attributable to the merger with Gener8 and more particularly to the USD 581 million facility and the USD 633.5 million facility which both require cash to be deposited on a debt service reserve account representing the next capital repayment and interest payment. The USD 633.5 million facility also requires cash to be deposited in a minimum liquidity account for as long as the vessels are owned by special purpose vehicles (“SPV”).

The Group intends to transfer the ownership of the vessels from the SPV to the balance sheet of Euronav before year end. Once the vessels have been transferred, the cash held on the debt service account will no longer be restricted.

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Subsequent events

6 Months Ended

Jun. 30, 2018

Subsequent Events Disclosure [Abstract]

Subsequent events

Subsequent events

On September 7, 2018, the Group entered into a $200.0 million senior secured amortizing revolving credit facility with a syndicate of banks and Nordea Bank Norge SA, as Agent and Security Agent. The Group will use the proceeds of this facility to refinance all remaining indebtedness under our $581.0 million Senior Secured Loan Facility, our $67.5 million Secured Loan Facility (Larvotto) and our $76.0 million Secured Loan Facility (Fiorano). This facility will be secured by 9 of our wholly-owned vessels. The revolving credit facility is reduced in 12 installments of consecutive six-month interval and a final $55.1 million repayment is due at maturity in 2025. This facility bears interest at LIBOR plus a margin of 2.00% per annum plus applicable mandatory costs.

Subsequently the Group repaid in full the $581.0 million Senior Secured Loan Facility and the $76.0 million Secured Loan Facility (Fiorano) on September 17, 2018 and September 25, 2018 respectively. It is the Group's intention to repay in full the $67.5 million Secured Loan Facility (Larvotto) by the end of the year.

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Standards Issued but not yet effective

6 Months Ended

Jun. 30, 2018

Disclosure Of Changes In Accounting Policies, Accounting Estimates And Errors [Abstract]

Standards issued but not yet effective

Standards issued but not yet effective

A number of new standards and amendments to standards are effective for annual periods beginning after 1 January 2018 and early application is permitted. However, the Group has not early adopted the following new or amended standards in preparing these condensed consolidated interim financial statements.

The Group has the following updates to information provided in the consolidated financial statements for the year ended December 31, 2017 about the standards issued but not yet effective that may have a significant impact on the Group’s consolidated financial statements.

IFRS 16 Leases

IFRS 16 Leases published on January 13, 2016 makes a distinction between a service contract and a lease based on whether the contract conveys the right to control the use of an identified asset and introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognizes a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. There are optional exemptions for shortterm leases and leases of low value items. Lessor accounting remains similar to the current standard – i.e. lessors continue to classify leases as finance or operating leases. IFRS 16 replaces existing leases guidance including IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC-15 Operating Leases—Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. The standard is effective for annual periods beginning on or after January 1, 2019. The Group will adopt IFRS 16 as of January 1, 2019.

The Group has completed an initial assessment of the potential impact on its consolidated financial statements but has not yet completed its detailed assessment. The actual impact of applying IFRS 16 on the financial statements in the period of initial application will depend on future economic conditions, including the Group's borrowing rate at January 1, 2019, the composition of the Group's lease portfolio at that date, the Group's latest assessment of whether it will exercise any lease renewal options and the extent to which the Group chooses to use practical expedients and recognition exemptions. The Group expects that the most significant impact will be that the Group will recognize new assets and liabilities for its operating leases as lessee. In addition, the nature and recognition of expenses related to those leases will change as IFRS 16 replaces the straight-line operating lease expense with a depreciation charge for right-of-use assets and interest expense on lease liabilities. No significant impact is expected for the Group's finance leases. The Group does not expect the adoption of IFRS 16 to impact its ability to comply with loan covenants.

As a lessee, the Group can either apply the standard using a retrospective approach or a modified retrospective approach with optional practical expedients. The Group currently anticipates adopting the standard on January 1, 2019, using the modified retrospective approach. Therefore, the cumulative effect of adopting IFRS 16 will be recognized as an adjustment to the opening balance of retained earnings at January 1, 2019, with no restatement of comparative information.

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Use of judgments and estimates (Policies)

6 Months Ended

Jun. 30, 2018

Disclosure Of Changes In Accounting Policies, Accounting Estimates And Errors [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.

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Changes in significant accounting policies (Tables)

6 Months Ended

Jun. 30, 2018

Disclosure Of Changes In Accounting Policies, Accounting Estimates And Errors [Abstract]

Disclosure of initial application of standards or interpretations

The following table summarizes the impact, net of tax, of transition to IFRS 9 on the opening balance of retained earnings.

(in thousands of USD)	Impact of adopting IFRS 9 at January 1, 2018
Retained earnings
Recognition of expected credit losses under IFRS 9	(16)
Impact at January 1, 2018	(16)

The following table summarizes the impact, net of tax, of transition to IFRS 15 on retained earnings at January 1, 2018.

(in thousands of USD)	Impact of adopting IFRS 15 at January 1, 2018
Retained earnings
Revenue on a load-to-discharge basis	(4,422)
Recognition capitalized fulfillment costs	2,693
Impact at January 1, 2018	(1,729)

The Group has determined that the application of IFRS 9's impairment requirements at January 1, 2018, results in an additional impairment allowance as follows.

(in thousands of USD)
Loss allowance at December 31, 2017 under IAS 39	0
Additional impairment recognized at January 1, 2018 on:
Trade and other receivables as at December 31, 2017	16
Additional trade receivables recognized on adoption of IFRS 15	0
Loss allowance at January 1, 2018 under IFRS 9	16

The following accounting policies apply to the subsequent measurement of financial assets.

Financial assets at FVTPL	These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss.
Financial assets at amortized cost	These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses (see (ii) below). Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss.
Debt investments at FVOCI	These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.
Equity investments at FVOCI	These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss.

The following table and the accompanying notes below explain the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the Group's financial assets as at January 1, 2018.

(in thousands of USD)	Original classification under IAS 39	New classification under IFRS 9	Original carrying amount under IAS 39	New carrying amount under IFRS 9
Financial assets
Forward exchange contracts used for hedging	Fair value - hedging instrument	Fair value - hedging instrument	467	467
Non-current receivables	Loans and receivables	Amortized cost	160,352	160,352
Trade and other receivables	Loans and receivables	Amortized cost	112,000	111,984
Cash and cash equivalents	Loans and receivables	Amortized cost	143,648	143,648
Total financial assets			416,467	416,451

The following tables summarize the impacts of adopting IFRS 15 on the Group's interim statement of financial position as at June 30, 2018 and its interim statement of profit or loss and OCI for the six months then ended for each of the line items affected. There was no material impact on the Group's interim statement of cash flows for the six-month period ended June 30, 2018.

Impact on the condensed interim consolidated statement of financial position

(in thousands of USD)	Amounts after adoption of IFRS 15	Adjustments	Amounts without adoption of IFRS 15
ASSETS
Non-current assets	3,739,491	—	3,739,491
Current assets	447,618	(6,591)	454,209
Trade and other receivables	239,819	(6,591)	246,410
TOTAL ASSETS	4,187,109	(6,591)	4,193,700
EQUITY AND LIABILITIES
Equity
Retained earnings	410,662	(2,092)	412,754
Equity attributable to owners of the Company	2,336,580	(2,092)	2,338,672
Non-current liabilities	1,428,312	—	1,428,312
Current liabilities	422,217	(4,499)	426,716
Trade and other payables	87,067	(4,499)	91,566
TOTAL EQUITY AND LIABILITIES	4,187,109	(6,591)	4,193,700

Impact on the condensed interim consolidated statement of profit or loss

(in thousands of USD)	Amounts after adoption of IFRS 15	Adjustments	Amounts without adoption of IFRS 15
Shipping income
Revenue	202,748	(2,168)	204,916
Total shipping income	215,056	(2,168)	217,224
Operating expenses
Voyage expenses and commissions	(46,277)	1,805	(48,082)
Total operating expenses	(284,706)	1,805	(286,511)
RESULT FROM OPERATING ACTIVITIES	(69,650)	(363)	(69,287)
PROFIT (LOSS) FOR THE PERIOD	(51,602)	(363)	(51,239)
TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD	(52,007)	(363)	(51,644)

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Segment reporting (Tables)

6 Months Ended

Jun. 30, 2018

Operating Segments [Abstract]

Schedule Financial Information by Segment

The Group did not identify any relevant geographic areas.

(in thousands of USD)	For the six month period ended				For the six month period ended
	June 30, 2018					June 30, 2017
	Tankers	FSO	Less: Equity-accounted investees	Total		Tankers	FSO	Less: Equity-accounted investees	Total
Revenue	202,746	24,323	(24,321)	202,748		290,620	32,437	(32,466)	290,591
Profit (loss) before income tax	(60,168)	9,279	(854)	(51,743)		(11,446)	18,445	2,563	9,562
(in thousands of USD)	June 30, 2018					December 31, 2017
	Tankers	FSO	Less: Equity-accounted investees	Total		Tankers	FSO	Less: Equity-accounted investees	Total
Non-current assets	3,705,362	170,603	(136,474)	3,739,491		2,504,467	179,062	(153,192)	2,530,337
Current assets	448,021	14,421	(14,824)	447,618		281,132	11,581	(12,077)	280,636
TOTAL ASSETS	4,153,383	185,024	(151,298)	4,187,109		2,785,599	190,643	(165,269)	2,810,973
Equity	2,302,842	33,737	1	2,336,580		1,820,887	25,473	1	1,846,361
Non-current liabilities	1,428,312	127,417	(127,417)	1,428,312		805,872	164,442	(164,442)	805,872
Current liabilities	422,229	23,870	(23,882)	422,217		158,840	728	(828)	158,740
TOTAL LIABILITIES	4,153,383	185,024	(151,298)	4,187,109		2,785,599	190,643	(165,269)	2,810,973

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Assets and liabilities held for sale and discontinued operations (Tables)

6 Months Ended

Jun. 30, 2018

Non-Current Assets Held For Sale And Discontinued Operations [Abstract]

Assets held for sale

The assets held for sale can be detailed as follows:

(in thousands of USD)	June 30, 2018	December 31, 2017
Vessels	1,319	—
Of which in Tankers segment	1,319	—
Of which in FSO segment	—	—

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Revenue and other operating income (Tables)

6 Months Ended

Jun. 30, 2018

Analysis of income and expense [abstract]

Schedule Of Revenue Sources

In the following table, revenue is disaggregated by type of contract.

	For the six month period ended
(in thousands of USD)	June 30, 2018				June 30, 2017
	Tankers	FSO	Less: Equity-accounted investees	Total	Tankers	FSO	Less: Equity-accounted investees	Total
Pool Revenue	80,085	—	2	80,087	146,701	—	(29)	146,672
Spot Voyages	83,218	—	—	83,218	78,204	—	—	78,204
Time Charters	39,443	24,323	(24,323)	39,443	65,715	32,437	(32,437)	65,715
Total revenue	202,746	24,323	(24,321)	202,748	290,620	32,437	(32,466)	290,591
Other operating income	—	—	—	2,133	—	—	—	2,775

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Expenses for shipping activities (Tables)

6 Months Ended

Jun. 30, 2018

Analysis of income and expense [abstract]

Schedule of Voyage Expenses and Commissions

Voyage expenses and commissions

	For the six month period ended
(in thousands of USD)		June 30, 2018	June 30, 2017
Voyage related expenses		(43,535)	(29,571)
Commissions paid		(2,742)	(2,712)
Total voyage expenses and commissions		(46,277)	(32,283)

Schedule of Vessel Operating Expenses

Vessel operating expenses

	For the six month period ended
(in thousands of USD)		June 30, 2018	June 30, 2017
Operating expenses		(71,456)	(73,105)
Insurance		(7,414)	(5,383)
Total vessel operating expenses		(78,870)	(78,488)

Schedule of Charter Hire Expenses

Charter hire expenses

	For the six month period ended
(in thousands of USD)		June 30, 2018	June 30, 2017
Charter hire		—	(62)
Bare boat hire		(15,432)	(15,423)
Total charter hire expenses		(15,432)	(15,485)

Disclosure of General and Administrative Expenses

	For the six month period ended
(in thousands of USD)		June 30, 2018	June 30, 2017
Wages and salaries		(7,929)	(5,772)
Social security costs		(1,863)	(1,144)
Provision for employee benefits		(319)	(310)
Equity-settled share-based payments		(37)	(161)
Other employee benefits		(1,836)	(1,101)
Employee benefits		(11,984)	(8,488)
Administrative expenses		(17,083)	(11,196)
Tonnage Tax		(2,086)	(2,693)
Claims		—	(32)
Provisions		3	58
Total general and administrative expenses		(31,150)	(22,351)

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Net finance expense (Tables)

6 Months Ended

Jun. 30, 2018

Financial Instruments [Abstract]

Disclosure of Net Finance Expense Recognized in Profit or Loss

	For the six month period ended
(in thousands of USD)	June 30, 2018		June 30, 2017
Interest income	545		281
Foreign exchange gains	6,640		2,112
Finance income	7,185		2,393
Interest expense on financial liabilities measured at amortized cost	(23,203	)	(17,791	)
Fair value adjustment on interest rate swaps	(38	)	—
Amortization other Notes	—		—
Other financial charges	(3,539	)	(2,512	)
Foreign exchange losses	(7,198	)	(1,731	)
Finance expense	(33,978	)	(22,034	)
Net finance expense recognized in profit or loss	(26,793	)	(19,641	)

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Property, plant and equipment (Tables)

6 Months Ended

Jun. 30, 2018

Property, plant and equipment [abstract]

Schedule of information about property, plant and equipment

As at June 30, 2018 the Group's total capital commitments amount to USD 86.6 million (2017: USD 185.9 million). These can be detailed as follows:

(in thousands of USD)	As at December 31, 2017 payments scheduled for
	TOTAL	2018	2019	2020
Commitments in respect of VLCCs	—	—	—	—
Commitments in respect of Suezmaxes	185,922	185,922	—	—
Commitments in respect of FSOs	—	—	—	—
Total	185,922	185,922	—	—
	As at June 30, 2018 payments scheduled for
	TOTAL	2018	2019	2020
Commitments in respect of VLCCs	—	—	—	—
Commitments in respect of Suezmaxes	86,600	86,600	—	—
Commitments in respect of FSOs	—	—	—	—
Total	86,600	86,600	—	—

(in thousands of USD)	Acquisitions	Sale price	Book Value	Gain	Deferred Gain	Loss
TI Topaz - Sale	—	20,790	41,817	—	—	(21,027)
Other	—	28	8	20	—	—
At June 30, 2017		20,818	41,825	20	—	(21,027)
	Acquisitions	Sale price	Book Value	Gain	Deferred Gain	Loss
Cap Jean - Sale	—	10,175	—	10,175	—	—
At June 30, 2018		10,175	—	10,175	—	—

(in thousands of USD)	Vessels	Vessels under construction	Other tangible assets	Total PPE
At January 1, 2018
Cost	3,595,692	63,668	3,545	3,662,905
Depreciation & impairment losses	(1,324,192)		(1,882)	(1,326,074)
Net carrying amount	2,271,500	63,668	1,663	2,336,831
Acquisitions	42,055	105,371	272	147,698
Acquisitions through business combinations (Note 22)	1,710,250	—	345	1,710,595
Disposals and cancellations (Note 22)	(434,000)	—	—	(434,000)
Depreciation charges	(112,666)	—	(260)	(112,926)
Transfer to assets held for sale (Note 8)	(1,319)	—	—	(1,319)
Transfers	129,791	(129,791)	—	—
Translation differences	—	—	(8)	(8)
Balance at June 30, 2018	3,605,611	39,248	2,012	3,646,871
At June 30, 2018
Cost	4,898,292	39,248	4,113	4,941,653
Depreciation & impairment losses	(1,292,681)	—	(2,101)	(1,294,782)
Net carrying amount	3,605,611	39,248	2,012	3,646,871

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Earnings per share (Tables)

6 Months Ended

Jun. 30, 2018

Earnings per share [abstract]

Schedule of Earnings per share

(in shares)	Shares issued	Treasury shares	Shares outstanding	Weighted number of shares
On issue at January 1, 2018	159,208,949	1,042,415	158,166,534	158,166,534
Issuance of shares	60,815,764	—	60,815,764	6,383,975
Purchases of treasury shares	—	—	—	—
Withdrawal of treasury shares	—	—	—	—
Sales of treasury shares	—	—	—	—
On issue at June 30, 2018	220,024,713	1,042,415	218,982,298	164,550,509

Result attributable to ordinary shares

	For the six month period ended
(in thousands of USD except share and per share information)		June 30, 2018	June 30, 2017
Result for the period		(51,602)	10,088
Weighted average		164,550,509	158,166,534
Basic earnings per share (in USD)		(0.31)	0.06

The table below shows the potential weighted number of shares that could be created if all stock options and restricted stock units were to be converted into ordinary shares.

(in shares)	June 30, 2018	June 30, 2017
Weighted average of ordinary shares outstanding (basic)	164,550,509	158,166,534
Effect of share-based payment arrangements	84,164	137,991
Weighted average number of ordinary shares (diluted)	164,634,673	158,304,525

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Interest-bearing loans and borrowings (Tables)

6 Months Ended

Jun. 30, 2018

Financial Instruments [Abstract]

Schedule of financial liabilities activity by maturity

	Bank loans	Convertible and other Notes	Total
More than 5 years	157,180	—	157,180
Between 1 and 5 years	496,550	147,619	644,169
More than 1 year	653,730	147,619	801,349
Less than 1 year	47,361	—	47,361
At January 1, 2018	701,091	147,619	848,710
New loans	471,776	—	471,776
Scheduled repayments	(23,681)	—	(23,681)
Early repayments (Note 22)	(392,500)	(205,710)	(598,210)
Acquisitions through business combinations (Note 22)	1,106,736	205,710	1,312,446
Other changes (Note 22)	(310,861)	271	(310,590)
Balance at June 30, 2018	1,552,561	147,890	1,700,451
More than 5 years	330,003	—	330,003
Between 1 and 5 years	945,709	147,890	1,093,599
More than 1 year	1,275,712	147,890	1,423,602
Less than 1 year	276,849	—	276,849
Balance at June 30, 2018	1,552,561	147,890	1,700,451

Schedule of interest-bearing loans and borrowings

(in thousands of USD)				June 30, 2018			December 31, 2017
	Curr.	Nominal interest rate	Year of mat.	Facility size	Drawn	Carrying value	Facility size	Drawn	Carrying value
Unsecured notes	USD	7.50%	2022	150,000	150,000	147,890	150,000	150,000	147,619
Total other notes				150,000	150,000	147,890	150,000	150,000	147,619

The terms and conditions of outstanding loans were as follows:

(in thousands of USD)				June 30, 2018			December 31, 2017
	Curr.	Nominal interest rate	Year of mat.	Facility size	Drawn	Carrying value	Facility size	Drawn	Carrying value
Secured vessels loan 192M	USD	libor +2.25%	2021	95,714	95,714	94,457	111,666	111,666	110,156
Secured vessels Revolving loan 148M*	USD	libor +2.25%	2021	147,559	105,000	105,000	147,559	—	—
Secured vessels Revolving loan 750M*	USD	libor +1.95%	2022	439,166	110,000	106,289	485,017	330,000	325,519
Secured vessels Revolving loan 409.5M*	USD	libor +2.25%	2023	339,420	185,500	182,598	362,780	118,000	114,634
Secured vessels loan 76M	USD	libor +1.95%	2020	21,438	21,438	21,438	23,563	23,563	23,563
Secured vessels loan 67.5M	USD	libor +1.5%	2020	23,188	23,188	23,188	25,173	25,173	25,173
Secured vessels loan 27.1M	USD	libor +1.95%	2029	26,685	26,685	24,795	26,911	26,911	24,876
Secured vessels loan 81.4M	USD	libor +1.50%	2029	74,628	74,628	73,839	78,020	78,020	77,171
Secured vessels loan 69.4M	USD	libor + 2.0%	2030	34,710	34,710	34,710	—	—	—
Secured vessels loan 104.2M	USD	libor + 2.0%	2030	52,065	52,065	50,479	—	—	—
Secured vessels loan 162.2M	USD	libor + 3.75%	2020	162,219	162,219	162,219	—	—	—
Secured vessels loan 633.5M	USD	libor + 2.75%	2028	633,549	633,549	633,549	—	—	—
Unsecured bank facility 60M	USD	libor +2.25%	2020	60,000	40,000	40,000	60,000	—	—
Total interest-bearing bank loans				2,110,340	1,564,695	1,552,561	1,320,688	713,332	701,091

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.

* The total amount available under the Revolving Credit Facility depends on the total value of the fleet of tankers securing the facility.

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Trade and other payables (Tables)

6 Months Ended

Jun. 30, 2018

Subclassifications of assets, liabilities and equities [abstract]

Schedule of trade and other payables

(in thousands of USD)	June 30, 2018	December 31, 2017
Advances received on contracts in progress, between 1 and 5 years	413	539
Total non-current other payables	413	539
Trade payables	23,610	19,274
Accrued payroll	3,557	3,596
Dividends payable	148	160
Accrued expenses	37,065	22,518
Accrued interest	9,686	1,762
Deferred income	4,911	10,020
Other payables	8,090	4,025
Total current trade and other payables	87,067	61,355

XML

Financial instruments (Tables)

6 Months Ended

Jun. 30, 2018

Financial Instruments [Abstract]

Disclosure of financial liabilities

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value, such as trade and other receivables and payables.

	Carrying amount				Fair value
(in thousands of USD)	Hedging instruments	Loans and receivables	Other financial liabilities	Total	Level 1	Level 2	Level 3	Total
December 31, 2017
Financial assets measured at fair value
Forward exchange contracts	467	—	—	467	—	467	—	467
	467	—	—	467
Financial assets not measured at fair value
Non-current receivables	—	160,352	—	160,352	—	—	128,427	128,427
Trade and other receivables (Note 20) *	—	112,000	—	112,000	—	—	—	—
Cash and cash equivalents	—	143,648	—	143,648	—	—	—	—
	—	416,000	—	416,000
Financial liabilities not measured at fair value
Secured bank loans (Note 15)	—	—	701,091	701,091	—	706,056	—	706,056
Unsecured bank loans (Note 15)	—	—	—	—	—	—	—	—
Unsecured notes (Note 15)	—	—	147,619	147,619	149,630	—	—	149,630
Unsecured other borrowings (Note 15)	—	—	50,010	50,010	—	—	—	—
Trade and other payables (Note 16) *	—	—	51,335	51,335	—	—	—	—
Advances received on contracts (Note 16)	—	—	539	539	—	—	—	—
	—	—	950,594	950,594

	Carrying amount				Fair value
(in thousands of USD)	Hedging instruments	Loans and receivables	Other financial liabilities	Total	Level 1	Level 2	Level 3	Total
June 30, 2018
Financial assets measured at fair value
Forward exchange contracts	(562)	—	—	(562)	—	(562)	—	(562)
Interest rate swaps	11,040	—	—	11,040	—	11,040	—	11,040
	10,478	—	—	10,478
Financial assets not measured at fair value
Non-current receivables	—	54,022	—	54,022	—	—	45,134	45,134
Trade and other receivables (Note 20) *	—	188,172	—	188,172	—	—	—	—
Cash and cash equivalents	—	206,279	—	206,279	—	—	—	—
	—	448,473	—	448,473
Financial liabilities not measured at fair value
Secured bank loans (Note 15)	—	—	1,552,561	1,552,561	—	1,575,793	—	1,575,793
Unsecured bank loans (Note 15)	—	—	—	—	—	—	—	—
Unsecured notes (Note 15)	—	—	147,890	147,890	151,110	—	—	151,110
Unsecured other borrowings (Note 15)	—	—	58,290	58,290	—	—	—	—
Trade and other payables (Note 16) *	—	—	82,156	82,156	—	—	—	—
Advances received on contracts (Note 16)	—	—	413	413	—	—	—	—
	—	—	1,841,310	1,841,310

* Deferred charges (see Note 20) and deferred income (see Note 16), which are not financial assets (liabilities) are not included.

Disclosure of financial assets

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value, such as trade and other receivables and payables.

	Carrying amount				Fair value
(in thousands of USD)	Hedging instruments	Loans and receivables	Other financial liabilities	Total	Level 1	Level 2	Level 3	Total
December 31, 2017
Financial assets measured at fair value
Forward exchange contracts	467	—	—	467	—	467	—	467
	467	—	—	467
Financial assets not measured at fair value
Non-current receivables	—	160,352	—	160,352	—	—	128,427	128,427
Trade and other receivables (Note 20) *	—	112,000	—	112,000	—	—	—	—
Cash and cash equivalents	—	143,648	—	143,648	—	—	—	—
	—	416,000	—	416,000
Financial liabilities not measured at fair value
Secured bank loans (Note 15)	—	—	701,091	701,091	—	706,056	—	706,056
Unsecured bank loans (Note 15)	—	—	—	—	—	—	—	—
Unsecured notes (Note 15)	—	—	147,619	147,619	149,630	—	—	149,630
Unsecured other borrowings (Note 15)	—	—	50,010	50,010	—	—	—	—
Trade and other payables (Note 16) *	—	—	51,335	51,335	—	—	—	—
Advances received on contracts (Note 16)	—	—	539	539	—	—	—	—
	—	—	950,594	950,594

	Carrying amount				Fair value
(in thousands of USD)	Hedging instruments	Loans and receivables	Other financial liabilities	Total	Level 1	Level 2	Level 3	Total
June 30, 2018
Financial assets measured at fair value
Forward exchange contracts	(562)	—	—	(562)	—	(562)	—	(562)
Interest rate swaps	11,040	—	—	11,040	—	11,040	—	11,040
	10,478	—	—	10,478
Financial assets not measured at fair value
Non-current receivables	—	54,022	—	54,022	—	—	45,134	45,134
Trade and other receivables (Note 20) *	—	188,172	—	188,172	—	—	—	—
Cash and cash equivalents	—	206,279	—	206,279	—	—	—	—
	—	448,473	—	448,473
Financial liabilities not measured at fair value
Secured bank loans (Note 15)	—	—	1,552,561	1,552,561	—	1,575,793	—	1,575,793
Unsecured bank loans (Note 15)	—	—	—	—	—	—	—	—
Unsecured notes (Note 15)	—	—	147,890	147,890	151,110	—	—	151,110
Unsecured other borrowings (Note 15)	—	—	58,290	58,290	—	—	—	—
Trade and other payables (Note 16) *	—	—	82,156	82,156	—	—	—	—
Advances received on contracts (Note 16)	—	—	413	413	—	—	—	—
	—	—	1,841,310	1,841,310

* Deferred charges (see Note 20) and deferred income (see Note 16), which are not financial assets (liabilities) are not included.

The following table shows a reconciliation from the opening balance to the closing balance for Level 3 fair values.

(in thousands of USD)	Non-current receivables
At January 1, 2018	128,427
Settlement shareholders loans (Note 23)	(115,671)
Net change in fair value (unrealized)	23,038
Net change in other non-current receivables (Note 19)	1,445
LT Portion of FMV derivatives (change) (Note 19)	7,895
Balance at June 30, 2018	45,134

Disclosure of financial instruments not measured at fair value

Financial instruments measured at fair value
Type	Valuation Techniques	Significant unobservable inputs
Forward exchange contracts	Forward pricing: the fair value is determined using quoted forward exchange rates at the reporting date and present value calculations based on high credit quality yield curve in the respective currencies.	Not applicable
Financial instruments not measured at fair value
Type	Valuation Techniques	Significant unobservable inputs
Non-current receivables (consisting of shareholders' loans)	Discounted cash flow	Discount rate
Other financial liabilities (consisting of secured and unsecured bank loans)	Discounted cash flow	Discount rate
Other financial notes (consisting of unsecured notes)		Not applicable

Schedule and maturity of non-derivative liabilities

The following are the remaining contractual maturities of financial liabilities:

	Contractual cash flows December 31, 2017
(in thousands of USD)	Carrying Amount	Total	Less than 1 year	Between 1 and 5 years	More than 5 years
Non derivative financial liabilities
Bank loans and other notes (Note 15)	848,710	1,009,508	83,039	750,722	175,747
Other borrowings (Note 15)	50,010	50,010	50,010	—	—
Current trade and other payables (Note 16) *	51,335	51,335	51,335	—	—
Non-current other payables	—	—	—	—	—
	950,055	1,110,853	184,384	750,722	175,747
Derivative financial liabilities
Interest rate swaps	—	—	—	—	—
Forward exchange contracts	—	—	—	—	—
	—	—	—	—	—
	Contractual cash flows June 30, 2018
	Carrying Amount	Total	Less than 1 year	Between 1 and 5 years	More than 5 years
Non derivative financial liabilities
Bank loans and other notes (Note 15)	1,700,451	2,132,817	260,341	1,491,831	380,645
Other borrowings (Note 15)	58,290	58,290	58,290	—	—
Current trade and other payables (Note 16) *	82,156	82,156	82,156	—	—
Non-current other payables	—	—	—	—	—
	1,840,897	2,273,263	400,787	1,491,831	380,645
Derivative financial liabilities
Interest rate swaps	—	—	—	—	—
Forward exchange contracts	—	—	—	—	—
	—	—	—	—	—

* Deferred income (see Note 16), which are not financial liabilities, are not included.

XML

Non-current receivables (Tables)

6 Months Ended

Jun. 30, 2018

Subclassifications of assets, liabilities and equities [abstract]

Schedule of Non-Current Receivables

(in thousands of USD)	June 30, 2018	December 31, 2017
Shareholders loans to joint ventures	44,062	159,733
LT portion of FMV derivatives	7,896	—
Other non-current receivables	2,063	618
Investment	1	1
Total non-current receivables	54,022	160,352

XML

Trade and other receivables (Tables)

6 Months Ended

Jun. 30, 2018

Subclassifications of assets, liabilities and equities [abstract]

Schedule of trade and other current receivables

(in thousands of USD)	June 30, 2018	December 31, 2017
Trade receivables	41,660	32,758
Accrued income	14,168	12,465
Accrued interest	50	52
Deferred charges	51,647	24,797
Other receivables	132,294	66,725
Total trade and other receivables	239,819	136,797

XML

Business Combinations (Tables)

6 Months Ended

Jun. 30, 2018

Business Combinations1 [Abstract]

Disclosure of detailed information about business combinations

Consideration transferred

in USD	Total Business combinations
Gener8 shares outstanding	83,267,426
RSU	362,613
Total Gener8 shares	83,630,039
Ratio	0.7272
Issued Euronav shares	60,815,764
Closing price Euronav on June 11, 2018	9.1
Total consideration transferred	553,423,452

The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the acquisition date.

(in thousands of USD)	Total	Gener8 Subsidiaries	INSW Subsidiaries
Vessels (Note 12)	1,710,250	1,276,250	434,000
Other tangible assets	345	345	—
Intangible assets	152	152	—
Receivables	16,769	9,599	7,170
Current assets	81,357	66,728	14,629
Cash and cash equivalents	126,288	126,288	—
Loans and borrowings (Note 15)	(1,312,446)	(1,001,478)	(310,968)
Current liabilities	(33,012)	(29,160)	(3,852)
Total identifiable net assets acquired	589,703	448,724	140,979
(in thousands of USD)	Fair value at acquisition date
Consideration transferred	553,423
Total identifiable net assets acquired	589,703
Bargain Purchase	36,280

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Equity-accounted investees (Tables)

6 Months Ended

Jun. 30, 2018

Interests in Other Entities [Abstract]

Disclosure of interests in joint ventures

(in thousands of USD)	June 30, 2018	December 31, 2017
Assets
Interest in joint ventures	35,824	30,595
Interest in associates	—	—
TOTAL ASSETS	35,824	30,595

Disclosure of interests in associates

(in thousands of USD)	June 30, 2018	December 31, 2017
Assets
Interest in joint ventures	35,824	30,595
Interest in associates	—	—
TOTAL ASSETS	35,824	30,595

Disclosure of reconciliation of summarised financial information of associate accounted for using equity method to carrying amount of interest in associate

(in thousands of USD)	June 30, 2018	December 31, 2017
Carrying amount of interest at the beginning of the period	—	1,546
Group's share of profit (loss) for the period	—	149
Dividend in kind (shares TUKA) distributed by associate	—	(1,559)
Reclassification of associate to joint venture	—	(136)
Carrying amount of interest at the end of the period	—	—

Disclosure of reconciliation of summarised financial information of joint venture accounted for using equity method to carrying amount of interest in joint venture

The following table contains a roll forward of the balance sheet amounts with respect to the Group’s joint ventures:

	ASSET		LIABILITY
(in thousands of USD)	Investments in equity accounted investees	Shareholders loans	Investments in equity accounted investees	Shareholders loans
Gross balance	(3,298)	203,512	—	—
Offset investment with shareholders loan	20,165	(20,165)	—	—
Balance at January 1, 2017	16,867	183,348	—	—
Group's share of profit (loss) for the period	29,933	—	—	—
Group's share of other comprehensive income	483	—	—	—
Dividends received from joint ventures	(1,250)	—	—	—
Dividend in kind (shares TUKA) received from associate	1,559	—	—	—
Reclassification of associate to joint venture	136	—	—	—
Movement shareholders loans to joint ventures	—	(40,750)	—	—
Gross balance	27,565	162,763	—	—
Offset investment with shareholders loan	3,030	(3,030)	—	—
Balance at December 31, 2017	30,595	159,733	—	—
Group's share of profit (loss) for the period	8,419	—	—	—
Group's share of other comprehensive income	(160)	—	—	—
Movement shareholders loans to joint ventures	—	(118,701)	—	—
Gross balance	35,824	44,062	—	—
Offset investment with shareholders loan	—	—	—	—
Balance at June 30, 2018	35,824	44,062	—	—

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Restricted Cash (Tables)

6 Months Ended

Jun. 30, 2018

Restricted Cash1 [Abstract]

Schedule of Restricted Cash

(in thousands of USD)	June 30, 2018	December 31, 2017
Restricted Cash	96,689	115

XML

Changes in significant accounting policies - Summary of impact, net of tax, of transition to IFRS 15 on retained earnings (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017	[1]
Disclosure of initial application of standards or interpretations [line items]
Retained earnings	$ 410,662		$ 473,622
Increase (decrease) due to application of IFRS 15
Disclosure of initial application of standards or interpretations [line items]
Retained earnings	$ (2,092)	$ (1,729)
Revenue on a load-to-discharge basis | Increase (decrease) due to application of IFRS 15
Disclosure of initial application of standards or interpretations [line items]
Retained earnings		(4,422)
Recognition capitalized fulfillment costs | Increase (decrease) due to application of IFRS 15
Disclosure of initial application of standards or interpretations [line items]
Retained earnings		$ 2,693

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

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Changes in significant accounting policies - Impact of IFRS 15 on consolidated statement of financial position (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017	[1]	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Non-current assets	$ 3,739,491		$ 2,530,337
Current assets	447,618		280,636
Trade and other receivables	239,819		136,797
TOTAL ASSETS	4,187,109		2,810,973
Equity
Retained earnings	410,662		473,622
Equity attributable to owners of the Company	2,336,580		1,846,361		$ 1,864,188	$ 1,887,956
Non-current liabilities	1,428,312		805,872
Current liabilities	422,217		158,740
Trade and other payables	87,067		61,355
TOTAL EQUITY AND LIABILITIES	4,187,109		$ 2,810,973
Adjustments
ASSETS
Non-current assets	0
Current assets	(6,591)
Trade and other receivables	(6,591)	$ 4,400
TOTAL ASSETS	(6,591)
Equity
Retained earnings	(2,092)	$ (1,729)
Equity attributable to owners of the Company	(2,092)
Non-current liabilities	0
Current liabilities	(4,499)
Trade and other payables	(4,499)
TOTAL EQUITY AND LIABILITIES	(6,591)
Amounts without adoption of IFRS 15
ASSETS
Non-current assets	3,739,491
Current assets	454,209
Trade and other receivables	246,410
TOTAL ASSETS	4,193,700
Equity
Retained earnings	412,754
Equity attributable to owners of the Company	2,338,672
Non-current liabilities	1,428,312
Current liabilities	426,716
Trade and other payables	91,566
TOTAL EQUITY AND LIABILITIES	$ 4,193,700

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

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Changes in significant accounting policies - Impact of IFRS 15 on consolidated statement of profit or loss (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Shipping income
Revenue	$ 202,748	$ 290,591	[1]
Total shipping income	215,056	293,386	[1]
Operating expenses
Voyage expenses and commissions	(46,277)	(32,283)	[1]
Total operating expenses	284,706	285,207	[1]
RESULT FROM OPERATING ACTIVITIES	(69,650)	8,179	[1]
Profit (loss) for the period	(51,602)	10,088	[1],[2],[3]
TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD	(52,007)	$ 10,868	[2]
Adjustments
Shipping income
Revenue	(2,168)
Total shipping income	(2,168)
Operating expenses
Voyage expenses and commissions	1,805
Total operating expenses	(1,805)
RESULT FROM OPERATING ACTIVITIES	(363)
Profit (loss) for the period	(363)
TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD	(363)
Amounts without adoption of IFRS 15
Shipping income
Revenue	204,916
Total shipping income	217,224
Operating expenses
Voyage expenses and commissions	(48,082)
Total operating expenses	286,511
RESULT FROM OPERATING ACTIVITIES	(69,287)
Profit (loss) for the period	(51,239)
TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD	$ (51,644)

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

[2] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

[3] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Changes in significant accounting policies - Summary of the impact, net of tax, of transition to IFRS 9 on retained earnings (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017	[1]
Disclosure of initial application of standards or interpretations [line items]
Retained earnings	$ 410,662		$ 473,622
Increase (Decrease) Due To Application Of IFRS 9
Disclosure of initial application of standards or interpretations [line items]
Retained earnings		$ (16)

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Changes in significant accounting policies - Summary of original measurement categories under IAS 39 and the new measurement categories under IFRS 9 (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Disclosure of initial application of standards or interpretations [line items]
Original carrying amount under IAS 39			$ 416,467
New carrying amount under IFRS 9		$ 416,451
Trade and other receivables (Note 20)	$ 239,819		136,797	[1]
Forward exchange contracts used for hedging
Disclosure of initial application of standards or interpretations [line items]
Original carrying amount under IAS 39			467
New carrying amount under IFRS 9		467
Non-current receivables
Disclosure of initial application of standards or interpretations [line items]
Original carrying amount under IAS 39			160,352
New carrying amount under IFRS 9		160,352
Trade and other receivables
Disclosure of initial application of standards or interpretations [line items]
Original carrying amount under IAS 39			112,000
New carrying amount under IFRS 9		111,984
Increase in the allowance for impairment		16
Cash and cash equivalents
Disclosure of initial application of standards or interpretations [line items]
Original carrying amount under IAS 39			$ 143,648
New carrying amount under IFRS 9		143,648
Increase (decrease) due to application of IFRS 15
Disclosure of initial application of standards or interpretations [line items]
Trade and other receivables (Note 20)	$ (6,591)	4,400
Increase (decrease) due to application of IFRS 15 | Trade and other receivables
Disclosure of initial application of standards or interpretations [line items]
Increase in the allowance for impairment		$ 0

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Changes in significant accounting policies - Impact of the new impairment model (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Disclosure of initial application of standards or interpretations [line items]
Allowance account for credit losses of financial assets		$ 16	$ 0
Actual credit loss experience period, to calculate ECLs	10 years
Trade and other receivables
Disclosure of initial application of standards or interpretations [line items]
Increase in the allowance for impairment		16
Increase (decrease) due to application of IFRS 15 | Trade and other receivables
Disclosure of initial application of standards or interpretations [line items]
Increase in the allowance for impairment		$ 0

XML

Changes in consolidation scope - Narrative (Details)	6 Months Ended
	Jun. 30, 2018 subsidiary
Disclosure Of General Information About Financial Statements [Abstract]
Number of subsidiaries sold	6
Number of subsidiaries established or acquired during the period	0

XML

Significant events - (Details)										1 Months Ended	6 Months Ended
	Jun. 29, 2018 USD ($) T	Jun. 25, 2018 USD ($) T	Jun. 15, 2018 USD ($) ship T	Jun. 12, 2018 shares	Jun. 11, 2018 shares	May 08, 2018 USD ($) T	Apr. 25, 2018 T	Mar. 26, 2018 T	Mar. 22, 2018 USD ($) vessel	Apr. 25, 2018 vessel	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2018 USD ($)	Mar. 29, 2018 USD ($)	Dec. 31, 2017 USD ($)
Disclosure of detailed information about borrowings [line items]
Proceeds from sale of vessel												$ 20,818,000
Gains on disposals of property, plant and equipment												$ 20,000
Number of VLCC sold | ship			6
Consideration for sale of vessel, debt assumed			$ 311,000,000
Target leverage percentage			50.00%
Assets held for sale											$ 1,319,000				$ 0	[1]
Acquisitions	$ 32,500,000										147,698,000
Ice Class Suezmax Vessels
Disclosure of detailed information about borrowings [line items]
Facility size									$ 173,600,000.0
Suezmax Cap Jean
Disclosure of detailed information about borrowings [line items]
Proceeds from sale of vessel						$ 10,600,000
Gains on disposals of property, plant and equipment						$ 10,200,000
Vessels
Disclosure of detailed information about borrowings [line items]
Consideration from sale of VLCC			$ 434,000,000
Proceeds from sales of vessels			$ 123,000,000
Assets held for sale											1,319,000				$ 0
Acquisitions											$ 42,055,000
Vessels | Ice Class Suezmax Vessels
Disclosure of detailed information about borrowings [line items]
Number of additional vessels available through purchase option | vessel									4
Vessels delivered | vessel										2
Vessels | Ice Class Suezmax Cap Quebec
Disclosure of detailed information about borrowings [line items]
VLCC weight (in deadweight tons) | T								156,600
Vessels | Cap Pembroke
Disclosure of detailed information about borrowings [line items]
VLCC weight (in deadweight tons) | T							156,600
Vessels | Suezmax Cap Quebec And Cap Pembroke
Disclosure of detailed information about borrowings [line items]
Contract service term											7 years
Vessels | Suezmax Cap Jean
Disclosure of detailed information about borrowings [line items]
VLCC weight (in deadweight tons) | T						146,643
Vessels | Gener8 Miltiades
Disclosure of detailed information about borrowings [line items]
VLCC weight (in deadweight tons) | T			301,038
Vessels | Gener8 Chiotis
Disclosure of detailed information about borrowings [line items]
VLCC weight (in deadweight tons) | T			300,973
Vessels | Gener8 Success
Disclosure of detailed information about borrowings [line items]
VLCC weight (in deadweight tons) | T			300,932
Vessels | Gener8 Andriotis
Disclosure of detailed information about borrowings [line items]
VLCC weight (in deadweight tons) | T			301,014
Vessels | Gener8 Strength
Disclosure of detailed information about borrowings [line items]
VLCC weight (in deadweight tons) | T			300,960
Vessels | Gener8 Supreme
Disclosure of detailed information about borrowings [line items]
VLCC weight (in deadweight tons) | T			300,933
Vessels | Suezmax Cap Romuald
Disclosure of detailed information about borrowings [line items]
VLCC weight (in deadweight tons) | T		146,640
Proceeds from sales of vessels		$ 10,600,000
Selling expense		300,000
Gains on disposals of non-current assets		$ 9,000,000
Vessels | ULCC Seaways Laura Lynn
Disclosure of detailed information about borrowings [line items]
VLCC weight (in deadweight tons) | T	441,561
Carrying value | Vessels | Suezmax Cap Romuald
Disclosure of detailed information about borrowings [line items]
Assets held for sale											$ 1,300,000
Maximum | Ice Class Suezmax Vessels
Disclosure of detailed information about borrowings [line items]
Maximum portion of contract to be financed									70.00%
Senior Secured Loans
Disclosure of detailed information about borrowings [line items]
Notional amount													$ 220,000,000.0	$ 220,000,000.0
Senior Secured Loans | Ice Class Suezmax Vessels
Disclosure of detailed information about borrowings [line items]
Facility size									$ 173,600,000.0
Term Loan Facility
Disclosure of detailed information about borrowings [line items]
Notional amount														110,000,000.0
Revolving Credit Facility
Disclosure of detailed information about borrowings [line items]
Notional amount						$ 750,000,000								$ 110,000,000.0
Decrease in available credit facility						$ 7,400,000
Gener8 Maritime, Inc.
Disclosure of detailed information about borrowings [line items]
Issue of ordinary shares related to business combinations (Note 13) | shares				60,815,764	60,900,000
Gener8 Maritime, Inc.
Disclosure of detailed information about borrowings [line items]
Portion of outstanding shares cast vote					81.00%
Portion of outstanding shares vote to approve measure					98.00%

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

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Segment reporting - Narrative (Details)	6 Months Ended
	Jun. 30, 2018 segment
Disclosure of operating segments [line items]
Number of operating segments	2
Tankers
Disclosure of operating segments [line items]
Contract duration of project (less than)	2 years

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Segment reporting - Financial information by segment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017		Dec. 31, 2017		Dec. 31, 2016
Disclosure of operating segments [line items]
Revenue	$ 202,748	$ 290,591	[1]
Profit (loss) before income tax	(51,743)	9,562	[1]
Non-current assets	3,739,491			$ 2,530,337	[2]
Current assets	447,618			280,636	[2]
TOTAL ASSETS	4,187,109			2,810,973	[2]
Equity	2,336,580	1,864,188		1,846,361	[2]	$ 1,887,956
Non-current liabilities	1,428,312			805,872	[2]
Current liabilities	422,217			158,740	[2]
TOTAL EQUITY and LIABILITIES	4,187,109			2,810,973	[2]
Operating segments | Tankers
Disclosure of operating segments [line items]
Revenue	202,746	290,620
Profit (loss) before income tax	(60,168)	(11,446)
Non-current assets	3,705,362			2,504,467
Current assets	448,021			281,132
TOTAL ASSETS	4,153,383			2,785,599
Equity	2,302,842			1,820,887
Non-current liabilities	1,428,312			805,872
Current liabilities	422,229			158,840
TOTAL EQUITY and LIABILITIES	4,153,383			2,785,599
Operating segments | FSO
Disclosure of operating segments [line items]
Revenue	24,323	32,437
Profit (loss) before income tax	9,279	18,445
Non-current assets	170,603			179,062
Current assets	14,421			11,581
TOTAL ASSETS	185,024			190,643
Equity	33,737			25,473
Non-current liabilities	127,417			164,442
Current liabilities	23,870			728
TOTAL EQUITY and LIABILITIES	185,024			190,643
Less: Equity-accounted investees
Disclosure of operating segments [line items]
Revenue	24,321	32,466
Profit (loss) before income tax	854	$ (2,563)
Non-current assets	136,474			153,192
Current assets	14,824			12,077
TOTAL ASSETS	151,298			165,269
Equity	(1)			(1)
Non-current liabilities	127,417			164,442
Current liabilities	23,882			828
TOTAL EQUITY and LIABILITIES	$ 151,298			$ 165,269

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

[2] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Assets and liabilities held for sale and discontinued operations - Schedule of assets held for sale (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale	$ 1,319	$ 0	[1]
Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale	1,319	0
Tankers | Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale	1,319	0
FSO | Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale	$ 0	$ 0

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Assets and liabilities held for sale and discontinued operations - Narrative (Details) $ in Thousands	Jun. 25, 2018 USD ($) T	Jun. 15, 2018 USD ($)	Jun. 30, 2018 USD ($) operation	Dec. 31, 2017 USD ($) operation
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale			$ 1,319	$ 0	[1]
Number of discontinued operations | operation			0	0
Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Proceeds from sales of vessels previously held for sale		$ 123,000
Assets held for sale			$ 1,319	$ 0
Vessels | Suezmax Cap Romuald
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
VLCC weight (in deadweight tons) | T	146,640
Proceeds from sales of vessels previously held for sale	$ 10,600
Costs to sell	300
Gain from sale of vessel	$ 9,000
Cost | Vessels | Suezmax Cap Romuald
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale			$ 1,300

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Revenue and other operating income - Schedule of revenue (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Disclosure Of Revenue Sources [Line Items]
Revenue	$ 202,748	$ 290,591	[1]
Other operating income	2,133	2,775	[1]
Pool Revenue
Disclosure Of Revenue Sources [Line Items]
Revenue	80,087	146,672
Spot Voyages
Disclosure Of Revenue Sources [Line Items]
Revenue	83,218	78,204
Time Charters
Disclosure Of Revenue Sources [Line Items]
Revenue	39,443	65,715
Operating segments | Tankers
Disclosure Of Revenue Sources [Line Items]
Revenue	202,746	290,620
Other operating income	0	0
Operating segments | Tankers | Pool Revenue
Disclosure Of Revenue Sources [Line Items]
Revenue	80,085	146,701
Operating segments | Tankers | Spot Voyages
Disclosure Of Revenue Sources [Line Items]
Revenue	83,218	78,204
Operating segments | Tankers | Time Charters
Disclosure Of Revenue Sources [Line Items]
Revenue	39,443	65,715
Operating segments | FSO
Disclosure Of Revenue Sources [Line Items]
Revenue	24,323	32,437
Other operating income	0	0
Operating segments | FSO | Pool Revenue
Disclosure Of Revenue Sources [Line Items]
Revenue	0	0
Operating segments | FSO | Spot Voyages
Disclosure Of Revenue Sources [Line Items]
Revenue	0	0
Operating segments | FSO | Time Charters
Disclosure Of Revenue Sources [Line Items]
Revenue	24,323	32,437
Less: Equity-accounted investees
Disclosure Of Revenue Sources [Line Items]
Revenue	24,321	32,466
Other operating income	0	0
Less: Equity-accounted investees | Pool Revenue
Disclosure Of Revenue Sources [Line Items]
Revenue	(2)	29
Less: Equity-accounted investees | Spot Voyages
Disclosure Of Revenue Sources [Line Items]
Revenue	0	0
Less: Equity-accounted investees | Time Charters
Disclosure Of Revenue Sources [Line Items]
Revenue	$ 24,323	$ 32,437

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

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Expenses for shipping activities - Voyage commissions and expenses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Analysis of income and expense [abstract]
Voyage related expenses	$ (43,535)	$ (29,571)
Commissions paid	(2,742)	(2,712)
Total voyage expenses and commissions	$ (46,277)	$ (32,283)	[1]

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Expenses for shipping activities - Vessel operating expenses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Analysis of income and expense [abstract]
Operating expenses	$ (71,456)	$ (73,105)
Insurance	(7,414)	(5,383)
Total vessel operating expenses	$ (78,870)	$ (78,488)	[1]

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

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Expenses for shipping activities - Charter hire expenses (Details) $ in Thousands		6 Months Ended
	Dec. 16, 2016 vessel	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)
Disclosure of operating segments [line items]
Total charter hire expenses		$ (15,432)	$ (15,485)	[1]
Charter hire
Disclosure of operating segments [line items]
Total charter hire expenses		0	(62)
Bare boat hire
Disclosure of operating segments [line items]
Total charter hire expenses		$ (15,432)	$ (15,423)
Vessels | Sale And Leaseback Agreement - Bare Boat Hire
Disclosure of operating segments [line items]
Number of VLCCs delivered | vessel	4
Leaseback term	5 years

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Expenses for shipping activities - General and administrative expenses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Disclosure of other provisions [line items]
Wages and salaries	$ (7,929)	$ (5,772)
Social security costs	(1,863)	(1,144)
Provision for employee benefits	(319)	(310)
Equity-settled share-based payments	(37)	(161)
Other employee benefits	(1,836)	(1,101)
Employee benefits	(11,984)	(8,488)
Administrative expenses	(17,083)	(11,196)
Tonnage Tax	(2,086)	(2,693)
Claims	0	(32)
Provisions	3	58
Total general and administrative expenses	(31,150)	$ (22,351)	[1]
Gener8 Maritime, Inc. | Legal proceedings provision
Disclosure of other provisions [line items]
Legal fees	$ 3,700

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Net finance expense - Net finance expense recognized in profit or loss (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Financial Instruments [Abstract]
Interest income	$ 545	$ 281
Foreign exchange gains	6,640	2,112
Finance income	7,185	2,393	[1]
Interest expense on financial liabilities measured at amortized cost	(23,203)	(17,791)
Losses on change in fair value of derivatives	(38)	0
Amortization other Notes	0	0
Other financial charges	(3,539)	(2,512)
Foreign exchange losses	(7,198)	(1,731)
Finance expense	(33,978)	(22,034)	[1]
Net finance expenses	$ (26,793)	$ (19,641)	[1]

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Net finance expense - Narrative (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017	May 31, 2017
Unsecured Note Due 2022 With Fixed Coupon Rate 7.50%
Disclosure of detailed information about borrowings [line items]
Notional amount	$ 150,000,000	$ 150,000,000	$ 150,000,000

XML

Property, plant and equipment - Schedule of property, plant and equipment (Details) - USD ($) $ in Thousands		6 Months Ended
	Jun. 29, 2018	Jun. 30, 2018
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance		$ 2,336,831
Acquisitions	$ 32,500	147,698
Acquisitions through business combinations, property		1,710,595
Disposals and cancellations		(434,000)
Depreciation charges		(112,926)
Transfer to assets held for sale		(1,319)
Transfers		0
Translation differences		(8)
Property, plant and equipment, ending balance		3,646,871
Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance		3,662,905
Property, plant and equipment, ending balance		4,941,653
Depreciation & impairment losses
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance		1,326,074
Property, plant and equipment, ending balance		1,294,782
Vessels
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance		2,271,500
Acquisitions		42,055
Acquisitions through business combinations, property		1,710,250
Disposals and cancellations		(434,000)
Depreciation charges		(112,666)
Transfer to assets held for sale		(1,319)
Transfers		129,791
Translation differences		0
Property, plant and equipment, ending balance		3,605,611
Vessels | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance		3,595,692
Property, plant and equipment, ending balance		4,898,292
Vessels | Depreciation & impairment losses
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance		1,324,192
Property, plant and equipment, ending balance		1,292,681
Vessels under construction
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance		63,668
Acquisitions		105,371
Acquisitions through business combinations, property		0
Disposals and cancellations		0
Depreciation charges		0
Transfer to assets held for sale		0
Transfers		(129,791)
Translation differences		0
Property, plant and equipment, ending balance		39,248
Vessels under construction | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance		63,668
Property, plant and equipment, ending balance		39,248
Vessels under construction | Depreciation & impairment losses
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, ending balance		0
Other tangible assets
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance		1,663
Acquisitions		272
Acquisitions through business combinations, property		345
Disposals and cancellations		0
Depreciation charges		(260)
Transfer to assets held for sale		0
Transfers		0
Translation differences		(8)
Property, plant and equipment, ending balance		2,012
Other tangible assets | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance		3,545
Property, plant and equipment, ending balance		4,113
Other tangible assets | Depreciation & impairment losses
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance		1,882
Property, plant and equipment, ending balance		$ 2,101

XML

Property, plant and equipment - Narrative (Details)					6 Months Ended		12 Months Ended
	Jun. 29, 2018 T	May 08, 2018 USD ($) T	Apr. 25, 2018 T	Mar. 26, 2018 T	Jun. 30, 2018 USD ($) ship contract	Jun. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Gains on disposals of property, plant and equipment						$ 20,000
Number of long-term time charter contracts | contract					2
Number of vessels under construction | ship					2
Assets under construction					$ 39,248,000		$ 63,668,000	[1]
Agreement to purchase property, plant and equipment					$ 86,600,000		185,922,000
Suezmax Cap Jean
Disclosure of detailed information about property, plant and equipment [line items]
Sales price, net of sale commissions		$ 10,200,000
Gains on disposals of property, plant and equipment		$ 10,200,000
Vessels | Ice Class Suezmax Cap Quebec
Disclosure of detailed information about property, plant and equipment [line items]
VLCC weight (in deadweight tons) | T				156,600
Vessels | Cap Pembroke
Disclosure of detailed information about property, plant and equipment [line items]
VLCC weight (in deadweight tons) | T			156,600
Vessels | ULCC Seaways Laura Lynn
Disclosure of detailed information about property, plant and equipment [line items]
VLCC weight (in deadweight tons) | T	441,561
Vessels | Suezmax Cap Jean
Disclosure of detailed information about property, plant and equipment [line items]
VLCC weight (in deadweight tons) | T		146,643
Vessels | Tankers
Disclosure of detailed information about property, plant and equipment [line items]
Weighted average cost of capital for cash flow projections					7.65%
Estimated useful life					20 years
Residual value					$ 0
Increase in weighted average cost of capital					2.26%
Vessels | Tankers | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Increase in weighted average cost of capital					10.65%
Vessels | Tankers | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Increase in weighted average cost of capital					3.00%
Vessels | Tanker fleet, fifteen-year historical charter rates
Disclosure of detailed information about property, plant and equipment [line items]
Historical charter rates					15 years
15 year historical rate high end adjustment					5.00%
15 year historical rate low end adjustment					5.00%
Vessels | Tanker fleet, ten-year historical charter rates
Disclosure of detailed information about property, plant and equipment [line items]
Historical charter rates					10 years
Impairment of tanker fleet					$ 500,000		0
Vessels | Tanker fleet, five-year historical charter rates
Disclosure of detailed information about property, plant and equipment [line items]
Historical charter rates					5 years
Impairment of tanker fleet					$ 0		5,700,000.0
Vessels | Tanker fleet, one-year historical charter rates
Disclosure of detailed information about property, plant and equipment [line items]
Historical charter rates					1 year
Impairment of tanker fleet					$ 219,100,000		$ 427,300,000
Vessels | Floating Storage And Offloading
Disclosure of detailed information about property, plant and equipment [line items]
Weighted average cost of capital for cash flow projections					7.65%		9.70%
Estimated useful life					25 years
Residual value					$ 0
Increase in weighted average cost of capital					3.00%

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Property, plant and equipment - Schedule of disposal of assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017		Dec. 31, 2017
Disclosure of detailed information about property, plant and equipment [line items]
Sale price		$ 20,818
Book Value	$ 3,646,871			$ 2,336,831
Gain		20
Deferred Gain		0
Loss	0	(21,027)	[1]
TI Topaz
Disclosure of detailed information about property, plant and equipment [line items]
Sale price		20,790
Gain		0
Deferred Gain		0
Loss		(21,027)
Other
Disclosure of detailed information about property, plant and equipment [line items]
Sale price		28
Gain		20
Deferred Gain		0
Loss		0
Cap Jean
Disclosure of detailed information about property, plant and equipment [line items]
Sale price	10,175
Gain	10,175
Deferred Gain	0
Loss	0
Book Value
Disclosure of detailed information about property, plant and equipment [line items]
Book Value	4,941,653	41,825		$ 3,662,905
Book Value | TI Topaz
Disclosure of detailed information about property, plant and equipment [line items]
Book Value		41,817
Book Value | Other
Disclosure of detailed information about property, plant and equipment [line items]
Book Value		$ 8
Book Value | Cap Jean
Disclosure of detailed information about property, plant and equipment [line items]
Book Value	$ 0

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Property, plant and equipment - Capital commitments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	$ 86,600	$ 185,922
VLCCs
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	0	0
Suezmaxes
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	86,600	185,922
FSOs
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	0	0
2018
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	86,600	185,922
2018 | VLCCs
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	0	0
2018 | Suezmaxes
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	86,600	185,922
2018 | FSOs
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	0	0
2019
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	0	0
2019 | VLCCs
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	0	0
2019 | Suezmaxes
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	0	0
2019 | FSOs
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	0	0
2020
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	0	0
2020 | VLCCs
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	0	0
2020 | Suezmaxes
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	0	0
2020 | FSOs
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	$ 0	$ 0

XML

Equity - (Details)								1 Months Ended	6 Months Ended		12 Months Ended
	Jun. 12, 2018 USD ($) $ / shares shares	Jun. 11, 2018 $ / shares shares	May 09, 2018 $ / shares	Feb. 16, 2018 shares	Feb. 09, 2017 shares	Feb. 02, 2016 shares	Feb. 12, 2015 EUR (€) shares	Aug. 31, 2017 $ / shares	Jun. 30, 2018 USD ($) shares	Jun. 30, 2017 USD ($)	Dec. 31, 2017 shares	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2018 USD ($)	Mar. 29, 2018 USD ($)
Disclosure of classes of share capital [line items]
Number of shares outstanding (in shares) | shares									218,982,298		158,166,534
Issue of ordinary shares related to business combinations									$ 553,424,000
Dividend payables (in dollars per share) | $ / shares			$ 0.12					$ 0.06
Dividends paid, ordinary shares									$ 9,500,000
Options outstanding (in shares) | shares									350,000
Expense from share-based payment transactions with employees									$ 37,000	$ 161,000
Share capital
Disclosure of classes of share capital [line items]
Number of shares outstanding (in shares) | shares									220,024,713		159,208,949
Issue of ordinary shares related to business combinations									$ 66,102,000
Share premium
Disclosure of classes of share capital [line items]
Issue of ordinary shares related to business combinations									$ 487,322,000
Treasury shares
Disclosure of classes of share capital [line items]
Number of shares outstanding (in shares) | shares									1,042,415		1,042,415
Long term incentive plan 2015
Disclosure of classes of share capital [line items]
Number of options granted (in shares) | shares							236,590
Exercise price, share options granted (in dollars per share) | €							€ 10.0475
Expense from share-based payment transactions with employees									$ 37,000
Long term incentive plan 2015 | Stock Option
Disclosure of classes of share capital [line items]
Percentage of stock obtained by beneficiaries													40.00%
Vesting period													3 years
Share based payment award expiration period							13 years
Long term incentive plan 2015 | Restricted stock units
Disclosure of classes of share capital [line items]
Percentage of stock obtained by beneficiaries													60.00%
Equity instruments granted (in shares) | shares							65,433
Long term incentive plan 2016 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Equity instruments granted (in shares) | shares						54,616			36,411
Expense from share-based payment transactions with employees									$ (100,000)
Long term incentive plan 2017 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Equity instruments granted (in shares) | shares					66,449
Expense from share-based payment transactions with employees									200,000
Long term incentive plan 2018 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Equity instruments granted (in shares) | shares				154,432
Expense from share-based payment transactions with employees									$ 300,000
Senior Secured Loans
Disclosure of classes of share capital [line items]
Notional amount														$ 220,000,000.0	$ 220,000,000.0
Tranche 1 | Long term incentive plan 2016 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Percentage of stock obtained by beneficiaries												33.33%
Tranche 1 | Long term incentive plan 2017 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Percentage of stock obtained by beneficiaries											33.33%
Tranche 1 | Long term incentive plan 2018 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Percentage of stock obtained by beneficiaries									33.33%
Tranche 2 | Long term incentive plan 2016 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Percentage of stock obtained by beneficiaries												33.33%
Tranche 2 | Long term incentive plan 2017 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Percentage of stock obtained by beneficiaries											33.33%
Tranche 2 | Long term incentive plan 2018 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Percentage of stock obtained by beneficiaries									33.33%
Tranche 3 | Long term incentive plan 2016 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Percentage of stock obtained by beneficiaries												33.33%
Tranche 3 | Long term incentive plan 2017 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Percentage of stock obtained by beneficiaries											33.33%
Tranche 3 | Long term incentive plan 2018 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Percentage of stock obtained by beneficiaries									33.33%
Gener8 Maritime, Inc.
Disclosure of classes of share capital [line items]
Issued Euronav shares (in shares) | shares	60,815,764	60,900,000
Share price (in dollars per share) | $ / shares	$ 9.10	$ 9.1
Gener8 Maritime, Inc. | Share capital
Disclosure of classes of share capital [line items]
Issue of ordinary shares related to business combinations	$ 66,100,000
Gener8 Maritime, Inc. | Share premium
Disclosure of classes of share capital [line items]
Issue of ordinary shares related to business combinations	487,300,000
Interest rate swaps | Gener8 Maritime, Inc.
Disclosure of classes of share capital [line items]
Notional amount	$ 668,000,000
Derivative instrument remaining term	2 years
Financial instruments fair value									$ 11,000,000
Financial assets at fair value through other comprehensive income									201,000
Joint ventures | Interest rate swaps
Disclosure of classes of share capital [line items]
Derivative notional amount									$ 208,800,000.0
Percent ownership in derivative									50.00%
Derivative instrument remaining term									4 years
Financial instruments fair value									$ 320,774

XML

Earnings per share - Narrative (Details) - USD ($)				6 Months Ended
	Jun. 30, 2018	Jan. 01, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	[1]
Earnings per share [line items]
Result for the period				$ (51,602,299)	$ 10,087,987
Weighted average number of ordinary shares outstanding (in shares)		158,166,534		164,550,509	158,166,534
Diluted earnings per share (in dollars per share)				$ (0.31)	$ 0.06
Long term incentive plan 2015
Earnings per share [line items]
Anti-dilutive securities excluded (in shares)	236,590		236,590

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Earnings per share - Result attributable to ordinary shares (Details) - USD ($)		6 Months Ended
	Jan. 01, 2018	Jun. 30, 2018	Jun. 30, 2017	[1]
Earnings per share [abstract]
Result for the period		$ (51,602,299)	$ 10,087,987
Weighted average number of shares (basic) (in shares)	158,166,534	164,550,509	158,166,534
Basic earnings per share (in dollars per share)		$ (0.31)	$ 0.06

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Earnings per share - Weighted average number of ordinary share (Details) - shares		6 Months Ended
	Jan. 01, 2018	Jun. 30, 2018	Jun. 30, 2017	[1]
Earnings per share [line items]
Beginning of period (in shares)	158,166,534	158,166,534
Issuance of shares (in shares)		60,815,764
End of period (in shares)		218,982,298
Reconciliation Of Changes In Weighted Average Shares Outstanding [Roll Forward]
Weighted average number of shares (basic) (in shares)	158,166,534	164,550,509	158,166,534
Issuance of shares (in shares)		6,383,975
Shares issued
Earnings per share [line items]
Beginning of period (in shares)	159,208,949	159,208,949
Issuance of shares (in shares)		60,815,764
End of period (in shares)		220,024,713
Treasury shares
Earnings per share [line items]
Beginning of period (in shares)	1,042,415	1,042,415
End of period (in shares)		1,042,415

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Earnings per share - Weighted average number of ordinary shares (diluted) (Details) - shares		6 Months Ended
	Jan. 01, 2018	Jun. 30, 2018	Jun. 30, 2017
Earnings per share [abstract]
Weighted average number of shares (basic) (in shares)	158,166,534	164,550,509	158,166,534	[1]
Effect of Share-based Payment arrangements (in shares)		84,164	137,991
Weighted average number of ordinary shares (diluted) (in shares)		164,634,673	158,304,525	[1]

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Interest-bearing loans and borrowings - Schedule and maturity of borrowings (Details) - USD ($) $ in Thousands		6 Months Ended
	Jun. 12, 2018	Jun. 30, 2018
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		$ 848,710
New loans		471,776
Scheduled repayments		(23,681)
Early repayments		(598,210)
Acquisitions through business combinations		1,312,446
Other changes		(310,590)
Carrying amount of liability at the end of the period		1,700,451
More than 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		157,180
Carrying amount of liability at the end of the period		330,003
Between 1 and 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		644,169
Carrying amount of liability at the end of the period		1,093,599
More than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		801,349
Carrying amount of liability at the end of the period		1,423,602
Less than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		47,361
Carrying amount of liability at the end of the period		276,849
Bank loans
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		701,091
New loans		471,776
Scheduled repayments		(23,681)
Early repayments		(392,500)
Acquisitions through business combinations		1,106,736
Other changes		(310,861)
Carrying amount of liability at the end of the period		1,552,561
Bank loans | More than 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		157,180
Carrying amount of liability at the end of the period		330,003
Bank loans | Between 1 and 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		496,550
Carrying amount of liability at the end of the period		945,709
Bank loans | More than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		653,730
Carrying amount of liability at the end of the period		1,275,712
Bank loans | Less than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		47,361
Carrying amount of liability at the end of the period		276,849
Convertible and other Notes
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		147,619
New loans		0
Scheduled repayments		0
Early repayments	$ (205,700)	(205,710)
Acquisitions through business combinations		205,710
Other changes		271
Carrying amount of liability at the end of the period		147,890
Convertible and other Notes | More than 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0
Carrying amount of liability at the end of the period		0
Convertible and other Notes | Between 1 and 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		147,619
Carrying amount of liability at the end of the period		147,890
Convertible and other Notes | More than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		147,619
Carrying amount of liability at the end of the period		147,890
Convertible and other Notes | Less than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0
Carrying amount of liability at the end of the period		$ 0

XML

Interest-bearing loans and borrowings - Terms and conditions of outstanding loans (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 1,700,451,000	$ 848,710,000
Secured vessels loan due 2021
Disclosure of detailed information about borrowings [line items]
Face amount	192,000,000
Facility size	95,714,000	111,666,000
Outstanding	$ 95,714,000	111,666,000
Secured vessels loan due 2021 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	2.25%
Secured vessels loan due 2021 | Carrying value
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 94,457,000	110,156,000
Secured vessels revolving loan due 2021
Disclosure of detailed information about borrowings [line items]
Face amount	148,000,000
Facility size	147,559,000	147,559,000
Outstanding	$ 105,000,000	0
Secured vessels revolving loan due 2021 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	2.25%
Secured vessels revolving loan due 2021 | Carrying value
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 105,000,000	0
Secured vessels revolving loan due 2022
Disclosure of detailed information about borrowings [line items]
Face amount	750,000,000
Facility size	439,166,000	485,017,000
Outstanding	$ 110,000,000	330,000,000
Secured vessels revolving loan due 2022 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	1.95%
Secured vessels revolving loan due 2022 | Carrying value
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 106,289,000	325,519,000
Secured vessels revolving loan due 2023
Disclosure of detailed information about borrowings [line items]
Face amount	409,500,000.0
Facility size	339,420,000	362,780,000
Outstanding	$ 185,500,000	118,000,000
Secured vessels revolving loan due 2023 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	2.25%
Secured vessels revolving loan due 2023 | Carrying value
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 182,598,000	114,634,000
Secured vessels loan due 2020
Disclosure of detailed information about borrowings [line items]
Face amount	76,000,000
Facility size	21,438,000	23,563,000
Outstanding	$ 21,438,000	23,563,000
Secured vessels loan due 2020 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	1.95%
Secured vessels loan due 2020 | Carrying value
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 21,438,000	23,563,000
Secured vessels loan due 2020
Disclosure of detailed information about borrowings [line items]
Face amount	67,500,000.0
Facility size	23,188,000	25,173,000
Outstanding	$ 23,188,000	25,173,000
Secured vessels loan due 2020 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	1.50%
Secured vessels loan due 2020 | Carrying value
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 23,188,000	25,173,000
Secured vessels loan due 2029
Disclosure of detailed information about borrowings [line items]
Face amount	27,100,000.0
Facility size	26,685,000	26,911,000
Outstanding	$ 26,685,000	26,911,000
Secured vessels loan due 2029 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	1.95%
Secured vessels loan due 2029 | Carrying value
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 24,795,000	24,876,000
Secured vessels loan due 2029
Disclosure of detailed information about borrowings [line items]
Face amount	81,400,000.0
Facility size	74,628,000	78,020,000
Outstanding	$ 74,628,000	78,020,000
Secured vessels loan due 2029 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	1.50%
Secured vessels loan due 2029 | Carrying value
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 73,839,000	77,171,000
Secured vessels loan due 2030
Disclosure of detailed information about borrowings [line items]
Face amount	69,400,000.0
Facility size	34,710,000
Outstanding	$ 34,710,000
Secured vessels loan due 2030 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	2.00%
Secured vessels loan due 2030 | Carrying value
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 34,710,000
Secured vessels loan due 2030
Disclosure of detailed information about borrowings [line items]
Face amount	104,200,000.0
Facility size	52,065,000
Outstanding	$ 52,065,000
Secured vessels loan due 2030 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	2.00%
Secured vessels loan due 2030 | Carrying value
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 50,479,000
Secured vessels loan due 2020
Disclosure of detailed information about borrowings [line items]
Face amount	162,200,000.0
Facility size	162,219,000
Outstanding	$ 162,219,000
Secured vessels loan due 2020 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	3.75%
Secured vessels loan due 2020 | Carrying value
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 162,219,000
Secured vessels loan due 2028
Disclosure of detailed information about borrowings [line items]
Face amount	633,500,000.0
Facility size	633,549,000
Outstanding	$ 633,549,000
Secured vessels loan due 2028 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	2.75%
Secured vessels loan due 2028 | Carrying value
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 633,549,000
Unsecured bank facility due 2020
Disclosure of detailed information about borrowings [line items]
Face amount	60,000,000
Facility size	60,000,000	60,000,000
Outstanding	$ 40,000,000	0
Unsecured bank facility due 2020 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	2.25%
Unsecured bank facility due 2020 | Carrying value
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 40,000,000	0
Total interest-bearing bank loans
Disclosure of detailed information about borrowings [line items]
Facility size	2,110,340,000	1,320,688,000
Outstanding	1,564,695,000	713,332,000
Total interest-bearing bank loans | Carrying value
Disclosure of detailed information about borrowings [line items]
Outstanding	$ 1,552,561,000	$ 701,091,000

XML

Interest-bearing loans and borrowings - Narrative (Details) € in Millions		6 Months Ended
	Mar. 22, 2018 USD ($) vessel installment	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Mar. 29, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jun. 06, 2017 EUR (€)	May 31, 2017 USD ($)
Disclosure of detailed information about borrowings [line items]
Periodic payment		$ 23,681,000
Senior Secured Loans
Disclosure of detailed information about borrowings [line items]
Face amount			$ 220,000,000.0	$ 220,000,000.0
Borrowing costs capitalised	$ 1,600,000
Repayment notification term	13 months
Senior Secured Credit Facility - ECA Tranche
Disclosure of detailed information about borrowings [line items]
Face amount	$ 104,200,000.0
Number of installment payments | installment	24
Periodic payment	$ 1,100,000
Senior Secured Credit Facility - ECA Tranche | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	2.00%
Senior Secured Credit Facility - Commercial Tranche
Disclosure of detailed information about borrowings [line items]
Face amount	$ 69,400,000.0
Number of installment payments | installment	24
Periodic payment	$ 600,000
Balloon installment to be paid	$ 3,500,000
Senior Secured Credit Facility - Commercial Tranche | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	2.00%
Unsecured Note Due 2022 With Fixed Coupon Rate 7.50%
Disclosure of detailed information about borrowings [line items]
Face amount		150,000,000			$ 150,000,000		$ 150,000,000
Borrowing costs capitalised		$ 2,700,000
Unsecured Note Due 2022 With Fixed Coupon Rate 7.50% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		7.50%					7.50%
Treasury Notes
Disclosure of detailed information about borrowings [line items]
Current borrowings | €						€ 50
Treasury Notes | Euro Interbank Offered Rate
Disclosure of detailed information about borrowings [line items]
Margin rate						0.60%
Hedging instruments
Disclosure of detailed information about borrowings [line items]
Financial assets		$ 10,478,000			467,000
Hedging instruments | Forward exchange contracts
Disclosure of detailed information about borrowings [line items]
Financial assets		$ (562,000)			$ 467,000
Ice Class Suezmax Vessels
Disclosure of detailed information about borrowings [line items]
Facility size	$ 173,600,000.0
Ice Class Suezmax Vessels | Vessels
Disclosure of detailed information about borrowings [line items]
Number of additional vessels available through purchase option | vessel	4
Ice Class Suezmax Vessels | Senior Secured Loans
Disclosure of detailed information about borrowings [line items]
Facility size	$ 173,600,000.0
Maximum | Ice Class Suezmax Vessels
Disclosure of detailed information about borrowings [line items]
Maximum portion of contract to be financed	70.00%

XML

Interest-bearing loans and borrowings - Other notes (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017	May 31, 2017
Unsecured Note Due 2022 With Fixed Coupon Rate 7.50%
Disclosure of detailed information about borrowings [line items]
Face amount	$ 150,000,000	$ 150,000,000	$ 150,000,000
Other notes	$ 150,000,000	150,000,000
Unsecured Note Due 2022 With Fixed Coupon Rate 7.50% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Other notes, interest rate	7.50%		7.50%
Unsecured Note Due 2022 With Fixed Coupon Rate 7.50% | Carrying value
Disclosure of detailed information about borrowings [line items]
Other notes	$ 147,890,000	147,619,000
Other borrowings
Disclosure of detailed information about borrowings [line items]
Face amount	150,000,000	150,000,000
Other notes	150,000,000	150,000,000
Other borrowings | Carrying value
Disclosure of detailed information about borrowings [line items]
Other notes	$ 147,890,000	$ 147,619,000

XML

Trade and other payables - Schedule of trade and other payables (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Subclassifications of assets, liabilities and equities [abstract]
Advances received on contracts in progress, between 1 and 5 years	$ 413	$ 539
Total non-current other payables	413	539	[1]
Trade payables	23,610	19,274
Accrued payroll	3,557	3,596
Dividends payable	148	160
Accrued expenses	37,065	22,518
Accrued interest	9,686	1,762
Deferred income	4,911	10,020
Other payables	8,090	4,025
Total current trade and other payables	$ 87,067	$ 61,355	[1]

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Financial instruments - Carrying amounts and fair values (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Level 3
Disclosure of financial assets and liabilities [Line Items]
Fair value	$ 45,134	$ 128,427
Secured bank loans
Disclosure of financial assets and liabilities [Line Items]
Fair value	1,575,793	706,056
Secured bank loans | Level 1
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Secured bank loans | Level 2
Disclosure of financial assets and liabilities [Line Items]
Fair value	1,575,793	706,056
Secured bank loans | Level 3
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Unsecured bank loans
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Unsecured bank loans | Level 1
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Unsecured bank loans | Level 2
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Unsecured bank loans | Level 3
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Unsecured notes
Disclosure of financial assets and liabilities [Line Items]
Fair value	151,110	149,630
Unsecured notes | Level 1
Disclosure of financial assets and liabilities [Line Items]
Fair value	151,110	149,630
Unsecured notes | Level 2
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Unsecured notes | Level 3
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Unsecured other borrowings
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Unsecured other borrowings | Level 1
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Unsecured other borrowings | Level 2
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Unsecured other borrowings | Level 3
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Trade and other payables
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Trade and other payables | Level 1
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Trade and other payables | Level 2
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Trade and other payables | Level 3
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Advances received on contracts
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Advances received on contracts | Level 1
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Advances received on contracts | Level 2
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Advances received on contracts | Level 3
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Forward exchange contracts
Disclosure of financial assets and liabilities [Line Items]
Fair value	(562)	467
Forward exchange contracts | Level 1
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Forward exchange contracts | Level 2
Disclosure of financial assets and liabilities [Line Items]
Fair value	(562)	467
Forward exchange contracts | Level 3
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Interest rate swaps
Disclosure of financial assets and liabilities [Line Items]
Fair value	11,040
Interest rate swaps | Level 1
Disclosure of financial assets and liabilities [Line Items]
Fair value	0
Interest rate swaps | Level 2
Disclosure of financial assets and liabilities [Line Items]
Fair value	11,040
Interest rate swaps | Level 3
Disclosure of financial assets and liabilities [Line Items]
Fair value	0
Non-current receivables
Disclosure of financial assets and liabilities [Line Items]
Fair value	45,134	128,427
Non-current receivables | Level 1
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Non-current receivables | Level 2
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Non-current receivables | Level 3
Disclosure of financial assets and liabilities [Line Items]
Fair value	45,134	128,427
Trade and other receivables
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Trade and other receivables | Level 1
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Trade and other receivables | Level 2
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Trade and other receivables | Level 3
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Cash and cash equivalents
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Cash and cash equivalents | Level 1
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Cash and cash equivalents | Level 2
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Cash and cash equivalents | Level 3
Disclosure of financial assets and liabilities [Line Items]
Fair value	0	0
Other Financial Liabilities
Disclosure of financial assets and liabilities [Line Items]
Carrying amount	1,841,310	950,594
Other Financial Liabilities | Secured bank loans
Disclosure of financial assets and liabilities [Line Items]
Carrying amount	1,552,561	701,091
Other Financial Liabilities | Unsecured bank loans
Disclosure of financial assets and liabilities [Line Items]
Carrying amount	0	0
Other Financial Liabilities | Unsecured notes
Disclosure of financial assets and liabilities [Line Items]
Carrying amount	147,890	147,619
Other Financial Liabilities | Unsecured other borrowings
Disclosure of financial assets and liabilities [Line Items]
Carrying amount	58,290	50,010
Other Financial Liabilities | Trade and other payables
Disclosure of financial assets and liabilities [Line Items]
Carrying amount	82,156	51,335
Other Financial Liabilities | Advances received on contracts
Disclosure of financial assets and liabilities [Line Items]
Carrying amount	413	539
Hedging instruments
Disclosure of financial assets and liabilities [Line Items]
Carrying amount	10,478	467
Hedging instruments | Forward exchange contracts
Disclosure of financial assets and liabilities [Line Items]
Carrying amount	(562)	467
Hedging instruments | Interest rate swaps
Disclosure of financial assets and liabilities [Line Items]
Carrying amount	11,040
Loans and receivables
Disclosure of financial assets and liabilities [Line Items]
Carrying amount	448,473	416,000
Loans and receivables | Non-current receivables
Disclosure of financial assets and liabilities [Line Items]
Carrying amount	54,022	160,352
Loans and receivables | Trade and other receivables
Disclosure of financial assets and liabilities [Line Items]
Carrying amount	188,172	112,000
Loans and receivables | Cash and cash equivalents
Disclosure of financial assets and liabilities [Line Items]
Carrying amount	$ 206,279	$ 143,648

XML

Financial instruments - Reconciliation of level three (Details) - Level 3 $ in Thousands	6 Months Ended
	Jun. 30, 2018 USD ($)
Reconciliation Of Level Three Opening And Closing Balance [Abstract]
Beginning balance	$ 128,427
Settlement shareholders loans	(115,671)
Net change in fair value (unrealized)	23,038
Ending balance	45,134
Non-current receivables
Reconciliation Of Level Three Opening And Closing Balance [Abstract]
Change in fair value	1,445
LT Portion of FMV derivatives
Reconciliation Of Level Three Opening And Closing Balance [Abstract]
Change in fair value	$ 7,895

XML

Financial instruments - Schedule and maturity of non-derivative liabilities (Details) - Liquidity risk - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	$ 2,273,263	$ 1,110,853
Derivative financial liabilities, undiscounted cash flows	0	0
Bank loans
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	2,132,817	1,009,508
Other borrowings
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	58,290	50,010
Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	82,156	51,335
Non-current Other Payables
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	0	0
Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	0	0
Forward Contract Liability
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	0	0
Carrying Amount
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,840,897	950,055
Derivative financial liabilities	0	0
Carrying Amount | Bank loans
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,700,451	848,710
Carrying Amount | Other borrowings
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	58,290	50,010
Carrying Amount | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	82,156	51,335
Carrying Amount | Non-current Other Payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	0
Carrying Amount | Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities	0	0
Carrying Amount | Forward Contract Liability
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities	0	0
Less than 1 year
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	400,787	184,384
Derivative financial liabilities, undiscounted cash flows	0	0
Less than 1 year | Bank loans
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	260,341	83,039
Less than 1 year | Other borrowings
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	58,290	50,010
Less than 1 year | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	82,156	51,335
Less than 1 year | Non-current Other Payables
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	0	0
Less than 1 year | Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	0	0
Less than 1 year | Forward Contract Liability
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	0	0
Between 1 and 5 years
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	1,491,831	750,722
Derivative financial liabilities, undiscounted cash flows	0	0
Between 1 and 5 years | Bank loans
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	1,491,831	750,722
Between 1 and 5 years | Other borrowings
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	0	0
Between 1 and 5 years | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	0	0
Between 1 and 5 years | Non-current Other Payables
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	0	0
Between 1 and 5 years | Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	0	0
Between 1 and 5 years | Forward Contract Liability
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	0	0
More than five years
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	380,645	175,747
Derivative financial liabilities, undiscounted cash flows	0	0
More than five years | Bank loans
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	380,645	175,747
More than five years | Other borrowings
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	0	0
More than five years | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	0	0
More than five years | Non-current Other Payables
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	0	0
More than five years | Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	0	0
More than five years | Forward Contract Liability
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	$ 0	$ 0

XML

Deferred tax assets and liabilities - Components of deferred tax assets and liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	$ 88.2	$ 89.0
Unused tax losses & tax credits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	$ 354.1	$ 363.9

XML

Non-current receivables - Schedule of non-current receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Subclassifications of assets, liabilities and equities [abstract]
Shareholders loans to joint ventures	$ 44,062	$ 159,733
LT portion of FMV derivatives	7,896	0
Other non-current receivables	2,063	618
Investment	1	1
Total non-current receivables	$ 54,022	$ 160,352	[1]

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Trade and other receivables - Schedule of trade and other current receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Subclassifications of assets, liabilities and equities [abstract]
Trade receivables	$ 41,660	$ 32,758
Accrued income	14,168	12,465
Accrued interest	50	52
Deferred charges	51,647	24,797
Other receivables	132,294	66,725
Total trade and other receivables	$ 239,819	$ 136,797	[1]

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Trade and other receivables - Narrative (Details) $ in Thousands			6 Months Ended
	Jun. 15, 2018 ship	Jun. 14, 2018 USD ($)	Jun. 30, 2018 USD ($) ship	Jun. 30, 2017 USD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Number of bareboat-in vessels | ship			4
Number of VLCC sold | ship	6
Proceeds from sale of vessel				$ 20,818
VLCCs
Disclosure of detailed information about property, plant and equipment [line items]
Increase in other receivable from sale of vessel			$ 21,000
Proceeds from sale of vessel		$ 120,000

XML

Business Combinations - Narrative (Details) $ in Thousands					1 Months Ended	6 Months Ended
	Jun. 15, 2018 ship credit_facility T	Jun. 14, 2018 USD ($)	Jun. 12, 2018 USD ($) shares	Jun. 11, 2018 USD ($) ship T shares	Jun. 30, 2018 USD ($) ship	Jun. 30, 2018 USD ($) ship	Jun. 30, 2017 USD ($)
Disclosure of detailed information about business combination [line items]
Number of VLCC sold | ship	6
Identifiable assets acquired (liabilities assumed)					$ 589,703	$ 589,703
Proceeds from sale of vessel							$ 20,818
Target leverage percentage	50.00%
Early repayments						598,210
Bargain purchase						36,280	$ 0	[1],[2]
Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Portion of outstanding shares cast vote				81.00%
Portion of outstanding shares vote to approve measure				98.00%
Number of credit facilities | credit_facility	3
Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Ratio				0.7272
Issued Euronav shares (in shares) | shares			60,815,764	60,900,000
Premium on stock exchange ratio				35.00%
Proportion of ownership interest in subsidiary			72.00%
Proportion of ownership interests held by non-controlling interests			28.00%
Identifiable assets acquired (liabilities assumed)				$ 448,724
Revenue of acquiree since acquisition date					6,990
Profit of acquiree since acquisition date					$ (3,400)
Profit of combined entity as if combination occurred at beginning of period						(100,840)
Legal fees						5,000
Number of credit facilities assumed in business combination | credit_facility	2
Revenue of combined entity as if combination occurred at beginning of period						268,250
Tankers | Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Number of vessels assumed | ship				29
Vessel, mass | T				7,400,000
VLCCs
Disclosure of detailed information about business combination [line items]
Proceeds from sale of vessel		$ 120,000
Increase in other receivable from sale of vessel						$ 21,000
VLCCs | Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Number of vessels assumed | ship				21
Suezmax Vessels | Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Number of vessels assumed | ship				6
Panamax Vessels | Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Number of vessels assumed | ship				2
Eco VLCC | Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Number of vessels assumed | ship				19
Very Large Crude Carrier And Suezmax
Disclosure of detailed information about business combination [line items]
Number of ships | ship					74	74
Floating Storage And Offloading
Disclosure of detailed information about business combination [line items]
Number of ships | ship					2	2
Gener8 Miltiades | Vessels
Disclosure of detailed information about business combination [line items]
Vessel, mass | T	301,038
Gener8 Chiotis | Vessels
Disclosure of detailed information about business combination [line items]
Vessel, mass | T	300,973
Gener8 Success | Vessels
Disclosure of detailed information about business combination [line items]
Vessel, mass | T	300,932
Gener8 Andriotis | Vessels
Disclosure of detailed information about business combination [line items]
Vessel, mass | T	301,014
Gener8 Strength | Vessels
Disclosure of detailed information about business combination [line items]
Vessel, mass | T	300,960
Gener8 Supreme | Vessels
Disclosure of detailed information about business combination [line items]
Vessel, mass | T	300,933
Convertible and other Notes
Disclosure of detailed information about business combination [line items]
Early repayments			$ 205,700			$ 205,710

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

[2] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Business Combinations - Consideration transferred (Details)	Jun. 12, 2018 $ / shares shares	Jun. 11, 2018 USD ($) shares $ / shares	Jun. 30, 2018 USD ($) shares	Dec. 31, 2017 shares
Disclosure of detailed information about business combination [line items]
Gener8 shares outstanding (in shares)			218,982,298	158,166,534
Consideration transferred | $			$ 553,423,000
Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Ratio		0.7272
Issued Euronav shares (in shares)	60,815,764	60,900,000
Closing price Euronav on June 11, 2018 (in dollars per share) | $ / shares	$ 9.10	$ 9.1
Consideration transferred | $		$ 553,423,452
Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Gener8 shares outstanding (in shares)		83,267,426
RSU (in shares)		362,613
Total Gener8 shares (in shares)		83,630,039

XML

Business Combinations - Identifiable assets acquired and liabilities assumed (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	[1],[2]	Jun. 15, 2018	Jun. 11, 2018
Disclosure of detailed information about business combination [line items]
Vessels (Note 12)	$ 1,710,250,000
Other tangible assets	345,000
Intangible assets	152,000
Receivables	16,769,000
Current assets	81,357,000
Cash and cash equivalents	126,288,000
Loans and borrowings (Note 15)	(1,312,446,000)
Current liabilities	(33,012,000)
Total identifiable net assets acquired	589,703,000
Consideration transferred	553,423,000
Bargain purchase	$ 36,280,000	$ 0
Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Vessels (Note 12)					$ 1,276,250,000
Other tangible assets					345,000
Intangible assets					152,000
Receivables					9,599,000
Current assets					66,728,000
Cash and cash equivalents					126,288,000
Loans and borrowings (Note 15)					(1,001,478,000)
Current liabilities					(29,160,000)
Total identifiable net assets acquired					448,724,000
Consideration transferred					553,423,452
International Seaways
Disclosure of detailed information about business combination [line items]
Vessels (Note 12)				$ 434,000,000
Other tangible assets				0
Intangible assets				0
Receivables				7,170,000
Current assets				14,629,000
Cash and cash equivalents				0
Loans and borrowings (Note 15)				(310,968,000)
Current liabilities				$ (3,852,000)
Total identifiable net assets acquired					$ 140,979,000

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

[2] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Equity-accounted investees - Interests in total assets and liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure of Associates and Joint Ventures [Line Items]
TOTAL ASSETS	$ 35,824	$ 30,595	[1]
Joint ventures
Disclosure of Associates and Joint Ventures [Line Items]
TOTAL ASSETS	35,824	30,595
Associates
Disclosure of Associates and Joint Ventures [Line Items]
TOTAL ASSETS	0	0		$ 1,546
Associates | Joint ventures
Disclosure of Associates and Joint Ventures [Line Items]
TOTAL ASSETS	$ 35,824	$ 30,595

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Equity-accounted investees - Reconciliation of changes in interests in associates (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2018	Dec. 31, 2017
Reconciliation of Changes in Interests in Associates [Roll Forward]
Carrying amount of interest at the beginning of the period	[1]	$ 30,595
Carrying amount of interest at the end of the period		35,824	$ 30,595	[1]
Associates
Reconciliation of Changes in Interests in Associates [Roll Forward]
Carrying amount of interest at the beginning of the period		0	1,546
Group's share of profit (loss) for the period		0	149
Dividend in kind (shares TUKA) distributed by associate		0	(1,559)
Reclassification of associate to joint venture		0	(136)
Carrying amount of interest at the end of the period		$ 0	$ 0

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Equity-accounted investees - Reconciliation of changes in interests in joint ventures (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure of joint ventures [line items]
Carrying amount of interest at the beginning of the period	[1]	$ 30,595
Carrying amount of interest at the end of the period		35,824	$ 30,595	[1]
Joint ventures
Disclosure of joint ventures [line items]
Carrying amount of interest at the beginning of the period		30,595
Carrying amount of interest at the end of the period		35,824	30,595
Investments in equity accounted investees | Joint ventures
Disclosure of joint ventures [line items]
Gross balance		35,824	27,565		$ (3,298)
Offset investment with shareholders loan		0	3,030		20,165
Carrying amount of interest at the beginning of the period		30,595	16,867
Group's share of profit (loss) for the period		8,419	29,933
Group's share of other comprehensive income		(160)	483
Dividends received from joint ventures			(1,250)
Movement shareholders loans to joint ventures		0	0
Carrying amount of interest at the end of the period		35,824	30,595
Shareholders loans | Joint ventures
Disclosure of joint ventures [line items]
Gross balance		44,062	162,763		203,512
Offset investment with shareholders loan		0	(3,030)		(20,165)
Carrying amount of interest at the beginning of the period		159,733	183,348
Group's share of profit (loss) for the period		0	0
Group's share of other comprehensive income		0	0
Dividends received from joint ventures			0
Movement shareholders loans to joint ventures		(118,701)	(40,750)
Carrying amount of interest at the end of the period		44,062	159,733
Investments in equity accounted investees | Joint ventures
Disclosure of joint ventures [line items]
Gross balance		0	0		0
Offset investment with shareholders loan		0	0		0
Carrying amount of interest at the beginning of the period		0	0
Group's share of profit (loss) for the period		0	0
Group's share of other comprehensive income		0	0
Dividends received from joint ventures			0
Movement shareholders loans to joint ventures		0	0
Carrying amount of interest at the end of the period		0	0
Shareholders loans | Joint ventures
Disclosure of joint ventures [line items]
Gross balance		0	0		0
Offset investment with shareholders loan		0	0		$ 0
Carrying amount of interest at the beginning of the period		0	0
Group's share of profit (loss) for the period		0	0
Group's share of other comprehensive income		0	0
Dividends received from joint ventures			0
Movement shareholders loans to joint ventures		0	0
Carrying amount of interest at the end of the period		0	0
Associates
Disclosure of joint ventures [line items]
Carrying amount of interest at the beginning of the period		0	1,546
Group's share of profit (loss) for the period		0	149
Dividend in kind (shares TUKA) distributed by associate		0	1,559
Reclassification of associate to joint venture		0	136
Carrying amount of interest at the end of the period		0	0
Associates | Joint ventures
Disclosure of joint ventures [line items]
Carrying amount of interest at the beginning of the period		30,595
Carrying amount of interest at the end of the period		$ 35,824	30,595
Associates | Investments in equity accounted investees
Disclosure of joint ventures [line items]
Dividend in kind (shares TUKA) distributed by associate			1,559
Reclassification of associate to joint venture			136
Associates | Shareholders loans
Disclosure of joint ventures [line items]
Dividend in kind (shares TUKA) distributed by associate			0
Reclassification of associate to joint venture			0
Associates | Investments in equity accounted investees
Disclosure of joint ventures [line items]
Dividend in kind (shares TUKA) distributed by associate			0
Reclassification of associate to joint venture			0
Associates | Shareholders loans
Disclosure of joint ventures [line items]
Dividend in kind (shares TUKA) distributed by associate			0
Reclassification of associate to joint venture			$ 0

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Equity-accounted investees - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Mar. 29, 2018
Senior Secured Loans
Disclosure of joint ventures [line items]
Notional amount		$ 220,000,000.0	$ 220,000,000.0
Interest rate swaps | Joint ventures
Disclosure of joint ventures [line items]
Derivative notional amount	$ 208,800,000.0
Percent ownership in derivative	50.00%
Derivative instrument remaining term	4 years

XML

Restricted Cash - Schedule of restricted cash (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Restricted Cash1 [Abstract]
Restricted cash and cash equivalents	$ 96,689	$ 115	$ 115	[1]

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

XML

Restricted Cash - Narrative (Details) $ in Thousands	Jun. 30, 2018 USD ($)
Credit Facility
Disclosure of detailed information about borrowings [line items]
Facility size	$ 581,000
Secured vessels loan due 2028
Disclosure of detailed information about borrowings [line items]
Facility size	$ 633,549

XML

Subsequent events - Narrative (Details)				6 Months Ended
	Sep. 25, 2018 USD ($)	Sep. 17, 2018 USD ($)	Sep. 07, 2018 USD ($) installment	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	[1]	Mar. 31, 2018 USD ($)	Mar. 29, 2018 USD ($)
Disclosure of non-adjusting events after reporting period [line items]
Repayment of borrowings				$ 621,890,000	$ 495,012,000
Senior Secured Loans
Disclosure of non-adjusting events after reporting period [line items]
Notional amount							$ 220,000,000.0	$ 220,000,000.0
Senior Secured Loans | Entering into significant commitments or contingent liabilities
Disclosure of non-adjusting events after reporting period [line items]
Notional amount		$ 200,000,000.0
Number of semi annual installment payments | installment			12
Expected future debt payment			$ 55,100,000
Secured vessels loan due 2020
Disclosure of non-adjusting events after reporting period [line items]
Notional amount				67,500,000.0
Secured vessels loan due 2020
Disclosure of non-adjusting events after reporting period [line items]
Notional amount				76,000,000
Secured vessels loan due 2020 | Entering into significant commitments or contingent liabilities
Disclosure of non-adjusting events after reporting period [line items]
Repayment of borrowings	$ 76,000,000.0
Senior Secured Loan Facility
Disclosure of non-adjusting events after reporting period [line items]
Notional amount				$ 581,000,000.0
Senior Secured Loan Facility | Entering into significant commitments or contingent liabilities
Disclosure of non-adjusting events after reporting period [line items]
Repayment of borrowings		$ 581,000,000.0
LIBOR | Senior Secured Loans | Entering into significant commitments or contingent liabilities
Disclosure of non-adjusting events after reporting period [line items]
Margin rate			2.00%
LIBOR | Secured vessels loan due 2020
Disclosure of non-adjusting events after reporting period [line items]
Margin rate				1.50%
LIBOR | Secured vessels loan due 2020
Disclosure of non-adjusting events after reporting period [line items]
Margin rate				1.95%

[1] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.