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Leases (Tables)
 12 Months Ended
Dec. 31, 2019
Disclosure Of Leases [Abstract]  
Schedule of future lease payments for leaseback agreement
The future lease payments for these leaseback agreements are as follows:

(in thousands of USD)
 
December 31, 2019

 
 
 
Less than one year
 
22,853

Between one and five years
 
79,211

Total future lease payables
 
102,064

 
 
 
The future lease payments for these leaseback agreements are as follows:
(in thousands of USD)
 
December 31, 2019
Less than 1 year
 
32,903

Between 1 and 5 years
 
31,870

Total future lease payments
 
64,773
Schedule of right-of-use assets
Right-of-use assets
(in thousands of USD)
 
Bare boats
 
Office rental
 
Company cars
 
Total
 
 
 
 
 
 
 
 
 
Balance at January 1, 2019
 
83,698

 
3,711

 
189

 
87,598

Additions to right-of-use assets
 
—

 
—

 
653

 
653

Depreciation charge for the year
 
(28,287
)
 
(900
)
 
(78
)
 
(29,265
)
Derecognition of right-of-use assets
 
—

 
(78
)
 
—

 
(78
)
 
 
 
 
 
 
 
 
 
Balance at December 31, 2019
 
55,411

 
2,733

 
764

 
58,908

 
 
 
 
 
 
 
 
 
Operating lease expenses recognized in profit and loss
Amounts recognized in profit or loss
(in thousands of USD)
 
 
 
 
 
2019 - Leases under IFRS 16
 
2019

Interest on lease liabilities
 
(4,811
)
Depreciation right-of-use assets
 
(29,265
)
Expenses relating to short-term leases
 
(103
)
 
 
 
2018 - Operating leases under IAS 17
 
2018

Lease expense
 
(34,598
)
Sub-lease income presented in 'other operating income'
 
846

 
 
 
Amounts recognized in the statement of cash flows
Amounts recognized in statement of cash flows
(in thousands of USD)
 
2019

 
 
 
Total cash outflow for leases
 
(30,214
)
Total cash inflow for leases
 
1,251

 
 
 
Future minimum lease receivables for operating leases
The following table sets out a maturity analysis of the lease receivables related to the subleased office space, showing the undiscounted sublease payments to be received after the reporting date.


(in thousands of USD)
 
December 31, 2019
Less than 1 year
 
2,229

One to two years
 
2,304

Two to three years
 
2,335

Three to four years
 
1,890

Four to five years
 
1,689

More than 5 years
 
1,285

Total undiscounted lease receivables
 
11,776


The Group leases out some of its vessels under time charter agreements. The future undiscounted lease payments to be received are as follows:
(in thousands of USD)
 
December 31, 2019
Less than 1 year
 
184,157

Between 1 and 5 years
 
344,796

More than 5 years
 
27,362

Total future lease receivables
 
556,359