Significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2019

Corporate Information And Statement Of IFRS Compliance [Abstract]

Disclosure of initial application of standards or interpretations

The impact on transition is summarized below.

(in million of USD)	January 1, 2019
Retained earnings	—
Right-of-use assets	87.6
Lease receivables	11.4
Lease liabilities	105.3

(in thousands of USD)	January 1, 2019
Operating lease commitments at 31 December 2018 as disclosed under IAS 17	120,304
- Recognition exemption for leases with less than 12 months of lease term at transition	(40	)
- Separation of non-lease component	(761	)
Lease liabilities, not discounted	119,503
Discount effect	(14,235	)
Lease liabilities recognized at January 1, 2019	105,268

Schedule of FV Determination

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.

Estimated useful lives of property, plant and equipment

The estimated useful lives of significant items of property, plant and equipment are as follows:

•	tankers	20 years
•	FSO/FpSO/FPSO	25 years
•	plant and equipment	5 - 20 years
•	fixtures and fittings	5 - 10 years
•	other tangible assets	3 - 20 years
•	dry-docking	2.5 - 5 years

Vessels are estimated to have a zero residual value.

(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

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	)

As at December 31, 2019 and December 31, 2018 the Group had no capital commitments.