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Property, plant and equipment Property, plant and equipment (Tables)
 12 Months Ended
Dec. 31, 2019
Property, plant and equipment [abstract]  
Schedule of information about 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.