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Property, plant and equipment
 12 Months Ended
Dec. 31, 2019
Property, plant and equipment [abstract]  
Property, plant and equipment
Property, plant and equipment
(in thousands of USD)
 
Vessels
 
Vessels under construction
 
Right-of-use assets
 
Other tangible assets
 
Total PPE
At January 1, 2017
 
 
 
 
 
 
 
 
 
 
Cost
 
3,748,135

 
86,136

 
—

 
2,373

 
3,836,644

Depreciation & impairment losses
 
(1,364,972
)
 
—

 
—

 
(1,596
)
 
(1,366,568
)
Net carrying amount
 
2,383,163

 
86,136

 
—

 
777

 
2,470,076

 
 
 
 
 
 
 
 
 
 
 
Acquisitions
 
125,486

 
51,201

 
—

 
1,203

 
177,890

Disposals and cancellations
 
(81,389
)
 
—

 
—

 
(9
)
 
(81,398
)
Depreciation charges
 
(229,429
)
 
—

 
—

 
(348
)
 
(229,777
)
Transfers
 
73,669

 
(73,669
)
 
—

 
—

 
—

Translation differences
 
—

 
—

 
—

 
40

 
40

Balance at December 31, 2017
 
2,271,500

 
63,668

 
—

 
1,663

 
2,336,831

 
 
 
 
 
 
—

 
 
 
 
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
 
45,750

 
191,726

 
—

 
588

 
238,064

Acquisitions through business combinations (Note 25)
 
1,704,250

 
—

 
—

 
345

 
1,704,595

Disposals and cancellations
 
(7,814
)
 
—

 
—

 
(75
)
 
(7,889
)
Disposals and cancellations through business combinations (Note 25)
 
(434,000
)
 
—

 
 
 
—

 
(434,000
)
Depreciation charges
 
(270,018
)
 
—

 
—

 
(564
)
 
(270,582
)
Transfer to assets held for sale
 
(44,995
)
 
—

 
—

 
—

 
(44,995
)
Transfers
 
255,394

 
(255,394
)
 
—

 
—

 
—

Translation differences
 
—

 
—

 
—

 
(14
)
 
(14
)
Balance at December 31, 2018
 
3,520,067

 
—

 
—

 
1,943

 
3,522,010

 
 
 
 
 
 
 
 
 
 
 
At January 1, 2019
 
 
 
 
 
 
 
 
 
 
Cost
 
4,927,324

 
—

 
—

 
4,274

 
4,931,598

Depreciation & impairment losses
 
(1,407,257
)
 
—

 
—

 
(2,331
)
 
(1,409,588
)
Net carrying amount
 
3,520,067

 
—

 
—

 
1,943

 
3,522,010

 
 
 
 
 
 
 
 
 
 
 
Acquisitions
 
7,024

 
—

 
549

 
1,012

 
8,585

Adoption IFRS 16
 
—

 
—

 
87,598

 
—

 
87,598

Disposals and cancellations
 
(29,386
)
 
—

 
—

 
(52
)
 
(29,438
)
Depreciation charges
 
(307,738
)
 
—

 
(29,265
)
 
(643
)
 
(337,646
)
Transfer to assets held for sale (Note 3)
 
(12,705
)
 
—

 
—

 
—

 
(12,705
)
Translation differences
 
—

 
—

 
26

 
5

 
31

Balance at December 31, 2019
 
3,177,262

 
—

 
58,908

 
2,265

 
3,238,435

 
 
 
 
 
 
 
 
 
 
 
At December 31, 2019
 
 

 
 

 
 
 
 

 
 

Cost
 
4,815,910

 
—

 
88,182

 
5,042

 
4,909,134

Depreciation & impairment losses
 
(1,638,648
)
 
—

 
(29,274
)
 
(2,777
)
 
(1,670,699
)
Net carrying amount
 
3,177,262

 
—

 
58,908

 
2,265

 
3,238,435


In 2019, the Cap Theodora, Cap Pierre, Cap Diamant and Fraternity have been dry-docked. The cost of planned repairs and maintenance is capitalized and included under the heading Acquisitions.

The adoption of IFRS 16 as of January 1, 2019 (see Note 1.19), resulted in the recognition of right-of-use assets of $87.6 million on the balance sheet which are included under the heading Adoption IFRS 16.

Disposal of assets – Gains/losses
(in thousands of USD)
 
Sale price
 
Book Value
 
Gain
 
Loss
TI Topaz - Sale
 
20,790

 
41,817

 
—

 
(21,027
)
Flandre - Sale
 
45,000

 
24,693.3

 
20,306.7

 
—

Cap Georges - Sale
 
9,310

 
801.4

 
8,508.6

 
—

Artois - Sale
 
21,780

 
14,077

 
7,703

 
—

Other
 
29

 
9

 
20

 
—

At December 31, 2017
 
96,909

 
81,397.7

 
36,538.3

 
(21,027
)
 
 
 
 
 
 
 
 
 
 
 
Sale price
 
Book Value
 
Gain
 
Loss
Cap Jean - Sale
 
10,175

 
—

 
10,175

 
—

Cap Romuald - Sale
 
10,282

 
1,319

 
8,963

 
—

Gener8 Companion - Sale
 
6,305

 
6,495

 
—

 
(190
)
Other
 
—

 
—

 
—

 
(83
)
At December 31, 2018
 
26,762

 
7,814

 
19,138

 
(273
)
 
 
 
 
 
 
 
 
 
 
 
Sale price
 
Book Value
 
Gain
 
Loss
Felicity - Sale
 
42,000

 
42,000

 
—

 
—

Compatriot - Sale
 
6,615

 
6,173

 
442

 
—

VK Eddie - Sale
 
37,620

 
23,212

 
14,408

 
—

Other
 
29

 
—

 
29

 
(75
)
At December 31, 2019
 
86,264

 
71,385

 
14,879

 
(75
)

On October 31, 2018, the group sold the Suezmax Felicity (2009 - 157,667 dwt), for $42.0 million. This vessel was accounted
for as a non-current asset held for sale as at December 31, 2018 and had a carrying value of $45.0 million. The vessel was delivered to its new owner on January 9, 2019 and the impairment loss of $3.0 million was recorded in 2018.

On February 11, 2019, Euronav sold the LR1 Genmar Compatriot (2004 – 72,768 dwt) for a net sale price of $6.6 million. The Company recorded a capital gain of $0.4 million in the second quarter of 2019 upon delivery to its new owner on May 21, 2019.

On July 12, 2019, the group sold the VLCC VK Eddie (2005 - 305,261 dwt) for $37.6 million. A capital gain on the sale of $14.4 million was recorded during the third quarter of 2019 upon delivery to its new owner on August 5, 2019.


Impairment
The Group performed a review of the internal as well as external indicators of impairment to consider whether further testing was necessary, and determined that there were no indicators present as of December 31, 2019 that would trigger the requirement to perform a more in-depth impairment analysis. Refer to accounting policy 12.2 for a description of the indicators that the Group used in its assessment. Such computation will be implemented in future periods when events and changes in circumstances indicate that an impairment might exist and the carrying amount of the assets might not be recovered.


Security
All tankers financed are subject to a mortgage to secure bank loans (see Note 16).
Vessels on order or under construction
The group had no vessels under construction as at December 31, 2019 and December 31, 2018.
Capital commitment
As at December 31, 2019 and December 31, 2018 the Group had no capital commitments.