20-F

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)

[ ] REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

[X]	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the fiscal year ended December 31, 2020

OR

[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from _________________ to _________________

OR

[ ]	SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	Date of event requiring this shell company report _________________

Commission file number 001-36810

EURONAV NV

(Exact name of Registrant as specified in its charter)

(Translation of Registrant's name into English)

Belgium

(Jurisdiction of incorporation or organization)

De Gerlachekaai 20, 2000 Antwerpen, Belgium

(Address of principal executive offices)

Hugo De Stoop, Tel: +32-3-247-4411, management@euronav.com,

 De Gerlachekaai 20, 2000 Antwerpen, Belgium

(Name, Telephone, E-mail and/or Facsimile, and address of Company Contact Person)

Securities registered or to be registered pursuant to section 12(b) of the Act.

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Ordinary Shares, no par value	EURN	New York Stock Exchange

Securities registered or to be registered pursuant to section 12(g) of the Act.

NONE

(Title of class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

NONE

(Title of class)

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.

220,024,713 ordinary shares, no par value

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes X No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes No X

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes X No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer , a non-accelerated filer or an emerging growth company..  See the definitions of "large accelerated filer","accelerated filer", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer  x Accelerated filer  ☐ Non-accelerated filer  ☐ Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.     ☐

    † The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report: x

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP

X International Financial Reporting Standards as issued by the International Accounting Standards Board

Other

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:

Item 17 Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No X

TABLE OF CONTENTS

		Page
ITEM 1.	IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS	1
ITEM 2.	OFFER STATISTICS AND EXPECTED TIMETABLE	1
ITEM 3.	KEY INFORMATION	1
ITEM 4.	INFORMATION ON THE COMPANY	38
ITEM 4A.	UNRESOLVED STAFF COMMENTS	88
ITEM 5.	OPERATING AND FINANCIAL REVIEW AND PROSPECTS	89
ITEM 6.	DIRECTORS, SENIOR MANAGEMENTAND EMPLOYEES	112
ITEM 7.	MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS.	128
ITEM 8.	FINANCIAL INFORMATION	129
ITEM 9.	OFFER AND THE LISTING	130
ITEM 10.	ADDITIONAL INFORMATION	132
ITEM 11.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	154
ITEM 12.	DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES	154
ITEM 13.	DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES	154
ITEM 14.	MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS	154
ITEM 15.	CONTROLS AND PROCEDURES	154
ITEM 16A.	AUDIT COMMITTEE FINANCIAL EXPERT	155
ITEM 16B.	CODE OF ETHICS	155
ITEM 16C.	PRINCIPAL ACCOUNTING FEES AND SERVICES	156
ITEM 16D.	EXEMPTIONS FROM LISTING STANDARDS FOR AUDIT COMMITTEES	156
ITEM 16E.	PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASES	157
ITEM 16F.	CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT	159
ITEM 16G.	CORPORATE GOVERNANCE	159
ITEM 16H.	MINE SAFETY DISCLOSURE	160
ITEM 17.	FINANCIAL STATEMENTS	161
ITEM 18.	FINANCIAL STATEMENTS	161
ITEM 19.	EXHIBITS	162

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,” “seek”, “plan,” “target,” “project,” “potential”, “continue”, “contemplate”, “possible”, “likely,” “may,” “might”, “will,” “would,” “could” and similar expressions, terms, or phrases may identify forward-looking statements.

These forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about the business and our future financial results and readers should not place undue reliance on them. 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;

•fluctuations in interest rates and foreign exchange rates;

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

•availability of financing and refinancing, as well as the Company’s ability to obtain such financing or refinancing in the future;

•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;

•planned, pending or recent acquisitions, business strategy and expected capital spending or operating expenses, including drydocking, surveys, upgrades and insurance costs;

•our ability to realize the expected benefits from acquisitions;

•potential liability from pending or future litigations;

•general domestic and international political conditions, including trade wars and disagreements between oil producing countries;

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

•the length and severity of the ongoing coronavirus (“COVID-19”) outbreak and governmental response thereto, including its impacts across our business on demand for our vessels, our global operations, counterparty risk as well as its disruption to the global economy;

•vessel breakdowns and instances of off-hire;

•competition within our industry;

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

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

•delays and cost overruns in construction projects;

•our level of indebtedness;

•the impact of the discontinuance of the London Interbank Offered Rate, or LIBOR, after 2021 on interest rates of our debt that reference LIBOR;

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

•our ability to generate cash to meet our debt service obligations;

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

•reputational risks;

•availability of skilled workers and the related labor costs;

•compliance with governmental, tax, environmental and safety regulations and related costs;

•Environmental, Social and Governance (ESG) expectations of investors, banks and other stakeholders and related costs related to compliance with ESG measures;

•any non-compliance with the amendments by the International Maritime Organization, the United Nations agency for maritime safety and the prevention of pollution by vessels, or IMO, (the amendments hereinafter referred to as IMO 2020), to Annex VI to the International Convention for the Prevention of Pollution from Ships, 1973, as modified by the Protocol of 1978 relating thereto, collectively referred to as MARPOL 73/78 and herein as MARPOL, which will reduce the maximum amount of sulfur that vessels may emit into the air and applies to us as of January 1, 2020;

•any non-compliance with the International Convention for the Control and Management of Ships' Ballast Water and Sediments or BWM which applies to us as of September 2019;

•any non-compliance with the European Ship Recycling regulation for large commercial seagoing vessels flying the flag of an European Union or EU, Member State which forces shipowners to recycle their vessels only in safe and sound vessel recycling facilities included in the European List of ship recycling facilities which is applicable as of January 1, 2019;

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

•our incorporation under the laws of Belgium and the different rights to relief that may be available compared to other counties, including the United States;

•treatment of the Company as a “passive foreign investment company” by U.S. tax authorities;

•being required to pay taxes on U.S. source income;

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

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

•the failure to protect our information systems against security breaches, or the failure or unavailability of these systems for a significant period of time;

•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; and

•other factors that may affect future results of Euronav.

These factors and the other risk factors described in this annual report and other reports that we furnish or file with the U.S. Securities and Exchange Commission or the SEC, 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 made only as of the date of this annual report. 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.

PART I

ITEM 1.    IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not applicable.

ITEM 2.    OFFER STATISTICS AND EXPECTED TIMETABLE

Not applicable.

ITEM 3.    KEY INFORMATION

Throughout this report, all references to "Euronav", the "Company", "we", "our", and "us" refer to Euronav NV and its subsidiaries and all references to “Euronav NV” refer to Euronav NV and not to 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.

We refer to our "U.S. Shares" as those shares of Euronav with no par value that are reflected in the U.S. component of our share register, or the U.S. Register, that is maintained by Computershare Trust Company N.A, or Computershare, our U.S. transfer agent and registrar, and are formatted for trading on the New York Stock Exchange, or the NYSE. The U.S. Shares are identified by CUSIP B38564 108.  We refer to our "Belgian Shares" as those shares of Euronav with no par value that are reflected in the Belgian component of our share register, or the Belgian Register, that is maintained by De Interprofessionele Effectendeposito- en Girokas (CIK) NV (acting under the commercial name Euroclear Belgium), or Euroclear Belgium, our agent, and are formatted for trading on Euronext Brussels. The Belgian Shares are identified by ISIN BE0003816338.  Our U.S. Shares and our Belgian Shares taken together are collectively referred to as our "ordinary shares." For further discussion of the maintenance of our share register, please see "Item 10. Additional Information —B. Memorandum and Coordinated Articles of Association—Share Register."

A.           Selected Financial Data 

The following tables set forth, in each case for the periods and as of the dates indicated, our selected consolidated financial data and other operating data as of and for the years ended December 31, 2020, 2019, 2018, 2017 and 2016. The selected data is derived from our audited consolidated financial statements, except where noted, which have been prepared in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB.  The selected historical financial information presented in the tables below should be read in conjunction with and is qualified in its entirety by reference to our audited consolidated financial statements and the accompanying notes. The audited consolidated financial statements and the accompanying notes as of December 31, 2020 and December 31, 2019 and for the years ended December 31, 2020, 2019 and 2018 are included in this annual report.

1

	Year Ended December 31,
Consolidated Statement of Profit or Loss Data	2020	2019	2018*	2017*	2016*
(USD in thousands, except per share data)
Revenue	1,230,750	932,377	600,024	513,368	684,265
Gains on disposal of vessels/other tangible assets	22,728	14,879	19,138	36,538	50,397
Other operating income	10,112	10,094	4,775	4,902	6,996
Voyage expenses and commissions	(125,430)	(144,681)	(141,416)	(62,035)	(59,560)
Vessel operating expenses	(210,634)	(211,795)	(185,792)	(150,427)	(160,199)
Charter hire expenses	(7,954)	(604)	(31,114)	(31,173)	(17,713)
Losses on disposal of vessels	(1)	(75)	(273)	(21,027)	(2)
Impairment on non-current assets held for sale	—	—	(2,995)	—	—
Loss on disposal of investments in equity accounted investees	—	—	—	—	(24,150)
Depreciation tangible assets	(319,652)	(337,646)	(270,582)	(229,777)	(227,664)
Depreciation intangible assets	(99)	(56)	(111)	(95)	(99)
General and administrative expenses	(65,498)	(66,890)	(66,232)	(46,868)	(44,051)
Result from operating activities	534,322	195,603	(74,578)	13,406	208,220
Finance income	21,496	20,572	15,023	7,266	6,855
Finance expenses	(91,553)	(119,803)	(89,412)	(50,729)	(51,695)
Net finance expense	(70,057)	(99,231)	(74,389)	(43,463)	(44,840)
Gain on bargain purchase	—	—	23,059	—	—
Share of profit (loss) of equity accounted investees (net of income tax)	10,917	16,460	16,076	30,082	40,495
Profit (loss) before income tax	475,182	112,832	(109,832)	25	203,875
Income tax benefit/(expense)	(1,944)	(602)	(238)	1,358	174
Profit (loss) for the period	473,238	112,230	(110,070)	1,383	204,049
Attributable to:
Owners of the Company	473,238	112,230	(110,070)	1,383	204,049
Basic earnings per share	2.25	0.52	(0.57)	0.01	1.29
Diluted earnings per share	2.25	0.52	0.01	0.01	1.29
Dividends per share declared	1.40	0.35	0.12	0.12	0.77

*  We have initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. We initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated.

2

Consolidated Statement of Financial Position Data (at Period End)	Year Ended December 31,
(USD in thousands, except for per share and fleet data)	2020			2019			2018 *			2017 *			2016 *
Cash and cash equivalents	161,478			296,954			173,133			143,648			206,689
Vessels	2,865,308			3,177,262			3,520,067			2,271,500			2,383,163
Vessels under construction	207,069			—			—			63,668			86,136
Total assets	3,687,239			4,164,843			4,127,351			2,810,973			3,046,911
Current and non-current bank loans	856,860			1,223,451			1,560,002			701,091			1,085,562
Share capital	239,148			239,148			239,148			173,046			173,046
Equity attributable to Owners of the Company	2,311,786			2,311,855			2,260,523			1,846,361			1,887,956
Cash flow data
Net cash inflow/(outflow)
Operating activities	969,782			271,993			841			211,298			438,202
Investing activities	(117,106)			43,750			190,042			(40,243)			(100,615)
Financing activities	(999,701)			(191,187)			(160,165)			(234,976)			(261,160)
Fleet Data (Unaudited)
VLCCs
Average number of vessels(1)	43			44			38			31			30
Calendar days(2)	15,856			16,206			13,802			11,330			10,770
Vessel operating days(3)	15,201			15,575			13,175			10,859			10,553
Available days(4)	15,736			16,206			13,722			11,130			10,691
Fleet utilization(5)	96.6		%	96.1		%	96.0		%	97.6		%	98.7		%
Daily TCE charter rates(6)	$	52,549		$	35,678		$	24,073		$	29,827		$	42,243
Suezmaxes
Average number of vessels(1)	24			25			23			19			19
Calendar days(2)	8,671			9,125			8,232			6,868			7,002
Vessel operating days(3)	8,468			8,983			8,108			6,820			6,751
Available days(4)	8,611			9,060			8,173			6,826			6,882
Fleet utilization(5)	98.3		%	99.2		%	99.2		%	99.9		%	98.1		%
Daily TCE charter rates(6)	$	37,025		$	26,542		$	17,557		$	19,144		$	27,114
LR1
Average number of vessels(1)	—			—			1			—			—
Calendar days(2)	—			124			361			—			—
Vessel operating days(3)	—			124			360			—			—
Available days(4)	—			124			361			—			—
Fleet utilization(5)	—		%	100.0		%	99.9		%	—		%	—		%
Daily TCE charter rates(6)	$	—		$	12,471		$	6,403		$	—		$	—
Other data
EBITDA (unaudited)(7)	$	852,892		$	540,668		$	231,513		$	273,452		$	475,005
Adjusted EBITDA (unaudited)(8)	$	888,238		$	565,298		$	254,816		$	294,467		$	503,453
Time charter equivalents revenues (unaudited)	$	1,112,323		$	795,656		$	459,516		$	454,455		$	628,842
Basic weighted average shares outstanding	210,193,707			216,029,171			191,994,398			158,166,534			158,262,268
Diluted weighted average shares outstanding	210,206,403			216,029,171			191,994,398			158,297,057			158,429,057

* We have initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

3

(1)Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was part of our fleet during the period divided by the number of calendar days in that period.

(2)Calendar days are the total days the vessels were in our possession for the relevant period, including off-hire days (scheduled or unscheduled).

(3)Vessel operating days are the total days our vessels were in our possession for the relevant period net of all off-hire days (scheduled and unscheduled).

(4)Available days are the total days our 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.

(5)Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days and is determined by dividing Vessel operating days by available days for the relevant period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the number of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys or intermediate or vessel positioning.

(6)Time Charter Equivalent, or TCE, (a non-IFRS measure) is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating the TCE rate is consistent with industry standards and is determined by dividing total voyage revenues less voyage expenses by vessel operating days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract. The TCE rate is not a measure of financial performance under IFRS, and should not be considered as an alternative to voyage revenues, the most directly comparable IFRS measure, or any other measure of financial performance presented in accordance with IFRS. However, TCE rate is standard shipping industry performance measure used primarily to compare period-to-period changes in a company's performance and assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance. Our calculation of TCE rates may not be comparable to that reported by other companies and going forward, we will closely monitor the relevance of TCE within the industry. The new IMO 2020 legislation, which came into force as of January 1, 2020, allows the use of costly scrubbers to comply with the new legislation, allowing vessels retrofitted with such scrubbers to burn cheaper high-sulfur fuel compared to burning the more expensive low-sulfur fuel. This will reduce bunker cost and increase the net voyage revenues and TCE, but thereby foregoing the additional capital expenditure and depreciation of the new equipment.

(7)EBITDA (a non-IFRS measure) represents operating earnings before interest expense, income taxes and depreciation expense attributable to us. EBITDA is presented to provide investors with meaningful additional information that management uses to monitor ongoing operating results and evaluate trends over comparative periods. We believe that EBITDA is useful to investors as the shipping industry is capital intensive which often brings significant cost of financing. EBITDA should not be considered a substitute for profit/(loss) attributable to us or cash flow from operating activities prepared in accordance with IFRS as issued by the IASB or as a measure of profitability or liquidity. The definition of EBITDA used here may not be comparable to that used by other companies. Please see the reconciliation to Profit (loss) for the period, the nearest IFRS measure.

(8)Adjusted EBITDA (a non-IFRS measure) represents operating earnings including the share of EBITDA of equity accounted investees before interest expense, income taxes and depreciation expense attributable to us. Adjusted EBITDA provides investors with meaningful additional information that management uses to monitor ongoing operating results and evaluate trends over comparative periods as the shipping industry is a capital intensive industry which often brings significant cost of financing. We also believe that Adjusted EBITDA is useful to investors and equity analysts as a measure of our operating performance including our equity accounted investees and we use Adjusted EBITDA in our internal evaluation of operating effectiveness and decisions regarding the allocation of resources. Adjusted EBITDA should not be considered a substitute for profit/(loss) attributable to us or cash flow from operating activities prepared in accordance with IFRS as issued by the IASB or any other measure of operating performance. The definition of Adjusted EBITDA used here may not be comparable to that used by other companies. Please see the reconciliation to Profit (loss) for the period, the nearest IFRS measure.

4

The following table reflects the calculation of our TCE rates for the years ended December 31, 2020, 2019, 2018, 2017, and 2016:

(Unaudited)	2020		2019		2018		2017		2016
VLCC
Net VLCC revenues for all employment types	$	798,796,226	$	555,679,657	$	317,168,033	$	323,892,625	$	445,792,653
Total VLCC operating days	15,201		15,575		13,175		10,859		10,553
Daily VLCC TCE Rate	$	52,549	$	35,678	$	24,073	$	29,827	$	42,243
SUEZMAX
Net Suezmax revenues for all employment types	$	313,527,066	$	238,424,182	$	142,348,452	$	130,562,503	$	183,049,801
Total Suezmax operating days	8,468		8,983		8,108		6,820		6,751
Daily Suezmax rate	$	37,025	$	26,542	$	17,557	$	19,144	$	27,114
LR1
Net LR1 revenues for all employment types	$	—	$	1,552,227	$	2,307,222	$	—	$	—
Total LR1 operating days	—		124		360		—		—
Daily LR1 rate	$	—	$	12,471	$	6,403	$	—	$	—
Tanker Fleet
Net Tanker fleet revenues for all employment type	$	1,112,323,292	$	795,656,066	$	461,823,707	$	454,455,128	$	628,842,454
Total Fleet operating days	23,669		24,682		21,643		17,679		17,304
Daily Fleetwide TCE	$	46,995	$	32,236	$	21,338	$	25,706	$	36,341

The following table reflects the calculation of our net revenues for the years ended December 31, 2020, 2019, 2018, 2017, and 2016:

	Year Ended December 31,
(USD in thousands)	2020		2019		2018		2017		2016
Voyage charter revenues	$	1,116,863	$	842,068	$	524,786	$	394,663	$	544,038
Time charter revenues	$	113,887	$	90,309	$	75,238	$	118,705	$	140,227
Subtotal revenue	$	1,230,750	$	932,377	$	600,024	$	513,368	$	684,265
Other income	$	10,112	$	10,094	$	4,775	$	4,902	$	6,996
Total operating revenues	$	1,240,862	$	942,471	$	604,799	$	518,270	$	691,261
Less:
Other Income*	$	(3,109)	$	(2,134)	$	(1,559)	$	(1,780)	$	(2,858)
Tanker Fleet
Net Tanker Fleet Revenues reconciliation
Share of total Revenues attributable to ships owned by Euronav*	$	1,237,753	$	940,337	$	603,240	$	516,490	$	688,403
less voyage expenses and commissions	$	(125,430)	$	(144,681)	$	(141,416)	$	(62,035)	$	(59,560)
Net Total tanker fleet	$	1,112,323	$	795,656	$	461,824	$	454,455	$	628,843
of which Net VLCC Revenues for all employment types	$	798,796	$	555,680	$	317,168	$	323,893	$	445,793
of which Net Suezmax Revenues for all employment types	$	313,527	$	238,424	$	142,349	$	130,562	$	183,050
of which Net LR1 Revenues for all employment types	$	—	$	1,552	$	2,307	$	—	$	—

* Some revenues and costs are excluded because these do not relate directly to vessels, such as rental income and insurance rebates

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	Year Ended December 31,
	2020		2019		2018		2017		2016
EBITDA Reconciliation (unaudited)
Profit (loss) for the period	$	473,238	$	112,230	$	(110,070)	$	1,383	$	204,049
plus Net interest expenses	$	57,959	$	90,134	$	70,652	$	43,555	$	43,367
plus Depreciation of tangible and intangible assets	$	319,751	$	337,702	$	270,693	$	229,872	$	227,763
plus Income tax expense/(benefit)	$	1,944	$	602	$	238	$	(1,358)	$	(174)
EBITDA (unaudited)	$	852,892	$	540,668	$	231,513	$	273,452	$	475,005

	Year Ended December 31,
	2020		2019		2018		2017		2016
Adjusted EBITDA Reconciliation (unaudited)
Profit (loss) for the period	$	473,238	$	112,230	$	(110,070)	$	1,383	$	204,049
plus Net interest expenses	$	57,959	$	90,134	$	70,652	$	43,555	$	43,367
plus Net interest expenses JV	$	4,806	$	4,588	$	3,634	$	1,456	$	4,459
plus Depreciation of tangible and intangible assets	$	319,751	$	337,702	$	270,693	$	229,872	$	227,763
plus Depreciation of tangible and intangible assets JV	$	20,274	$	18,461	$	18,070	$	18,071	$	23,774
plus Income tax expense/(benefit)	$	1,944	$	602	$	238	$	(1,358)	$	(174)
plus Income tax expense/(benefit) JV	$	10,266	$	1,581	$	1,599	$	1,488	215
Adjusted EBITDA (unaudited)	$	888,238	$	565,298	$	254,816	$	294,467	$	503,453

B.          Capitalization and Indebtedness

Not applicable.

C.          Reasons for the Offer and Use of Proceeds

Not applicable.

D.          Risk Factors

The following risks relate principally to us and our business and the industry in which we operate, the securities market and ownership of our securities, including our ordinary shares. The risk factors summarized in the Cautionary Statement Regarding Forward Looking Statements and the Summary of Risk Factors below summarize the risks that may materially and negatively affect our business, financial condition or operating results.

Risk Factors Relating to Our Industry

The tanker industry is cyclical and volatile, which may lead to reductions and volatility in charter rates , vessel values, earnings and available cash flow.

The tanker industry is both cyclical and volatile in terms of charter rates and profitability. 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. A worsening of the current global economic conditions may adversely affect our ability to charter or re-charter our vessels or to sell them on the expiration or termination of their charters, or any renewal or replacement charters that we enter into may not be sufficient to allow us to operate our vessels profitably. Our revenues are 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. Our ability to renew expiring contracts or obtain new charters will depend on the prevailing market conditions at the time. If we are not able to obtain new contracts in direct continuation with existing charters or for newly acquired vessels, or if new contracts are entered into at charter rates substantially below the existing charter rates or on terms otherwise less favorable compared to existing contracts terms, our revenues and profitability could be adversely affected.

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Fluctuations in charter rates and vessel values result from changes in the supply and demand for tanker capacity caused by changes in the supply and demand for oil and oil products. The carrying values of our vessels or our floating, storage and offloading (FSO) vessels 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.

In general, the factors affecting the supply and demand for tankers are outside of our control, and the nature, timing and degree of changes in industry conditions are unpredictable.

The factors that influence demand for tanker capacity include:

•supply and demand for oil and petroleum products;

•competition from, and supply and demand for, alternative sources of energy;

•regional availability of refining capacity and inventories compared to geographies of oil production regions;

•national policies regarding strategic oil inventories (including if strategic reserves are set at a lower level in the future as oil decreases in the energy mix);

•global and regional economic and political conditions and developments, including armed conflicts, terrorist activities, trade wars, public health threats, tariffs embargoes and strikes;

•currency exchange rates, most importantly versus USD;

•changing trade patterns and the distance over which the oil and the oil products are to be moved by sea;

•changes in seaborne and other transportation patterns, including shifts in transportation demand between crude oil and refined oil products and the distance they are transported by sea;

•changes in governmental or maritime self-regulatory organizations’ rules and regulations or actions taken by regulatory authorities;

•environmental and other legal and regulatory developments;

•weather and natural disasters;

•developments in international trade, including those relating to the imposition of tariffs; and

•international sanctions, embargoes, import and export restrictions, nationalizations and wars.

The factors that influence the supply of tanker capacity include:

•the number of newbuilding orders and deliveries;

•the availability of financing for shipping activity;

•the number of vessel casualties;

•the degree of recycling of older vessels, depending, amongst other things, on recycling rates and international recycling regulations;

•the number of conversions of tankers to other uses;

•the number of vessels that are out of service, laid up, dry-docked or used as storage units;

•environmental concerns and regulations; and

•port or canal congestion.

Declines in oil and natural gas prices or decreases in demand for oil and natural gas for an extended period of time, or market expectations of potential decreases in these prices and demand, could negatively affect our future growth in the tanker and offshore sector. Sustained periods of low oil and natural gas prices typically result in reduced exploration and extraction because oil and natural gas companies’ capital expenditure budgets are subject to cash flow from such activities and are therefore sensitive to changes in energy prices. These changes in commodity prices can have a material effect on demand for our services, and periods of low demand can cause excess vessel supply and intensify the competition in the industry, which often results in vessels, particularly older and less technologically-advanced vessels, being idle for long periods of time. We cannot predict the future level of demand for our services or future conditions of the oil and natural gas industry. Any decrease in exploration, development or production expenditures by oil and natural gas companies or decrease in the demand for oil and natural gas could reduce our revenues and materially harm our business, results of operations and cash available for distribution (see also “Peak oil” below).    

A shift in consumer demand from oil towards other energy sources or changes to trade patterns for oil and oil products may have a material adverse effect on our business.

A significant portion of our earnings are related to the oil industry and our lack of diversification will potentially affect the demand for our vessels. We rely almost exclusively on the cash flows generated from charters for our vessels that operate in the tanker sector of the shipping industry. Due to our lack of diversification, adverse developments in the tanker shipping industry have a significantly greater impact on our financial condition and results of operations than if we maintained more diverse assets or lines of business. Adverse developments in the tanker business could therefore reduce our ability to meet our payment obligations and our profitability.

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“Peak oil” is the year when the maximum rate of extraction of oil is reached. Recent forecasts of “peak oil” range from 2019 to the 2040s, depending on economics and how governments respond to global warming. Irrespective of “peak oil”, the continuing shift in consumer demand from oil towards other energy resources such as wind energy, solar energy, hydrogen energy or nuclear energy, which shift appears to be accelerating as a result of the COVID situation, as well shift in government commitments and support for energy transition programs, may have a material adverse effect on our future performance, results of operations, cash flows and financial position.

Seaborne trading and distribution patterns are primarily influenced by the relative advantage of the various sources of production, locations of consumption, pricing differentials and seasonality. Changes to the trade patterns of oil and oil products may have a significant negative or positive impact on the ton-mile and therefore the demand for our tankers. This could have a material adverse effect on our future performance, results of operations, cash flows and financial position.

Any decrease in shipments of crude oil may adversely affect our financial performance.

The demand for our vessels and services in transporting oil derives primarily from demand for Arabian Gulf, West African, North Sea, Caribbean Gulf and Gulf of Mexico crude oil, which, in turn, primarily depends on the economies of the world’s industrial countries and competition from alternative energy sources. The world’s oil markets have experienced high levels of volatility in the last 25 years.

Any decrease in shipments of crude oil or changes in trade patterns from the above-mentioned geographical areas could have a material adverse effect on our financial performance. Among the factors which could lead to such a decrease are:

•increased crude oil production from other areas, including the exploitation of shale reserves in the United States and the growth in its domestic oil production and exportation;

•increased refining capacity in the Arabian Gulf or West Africa;

•increased use of existing and future crude oil pipelines;

•a decision by Arabian Gulf, Russia, US, West African or other oil-producing nations to further decrease or limit their crude oil production;

•armed conflict in the Arabian Gulf and West Africa and political or other factors;

•trade wars, tariffs, trade embargoes or other economic sanctions by the United States and other countries (including the economic sanctions against Russia as a result of continued political tension due to the situation in Ukraine and the economic sanctions against Iran and Venezuela); and

•the development and the relative costs of nuclear power, natural gas, coal and other alternative sources of energy.

In addition, conditions affecting the world economy generally and the economics of the United States, China and India specifically may result in reduced consumption of oil products a decreased demand for our vessels and lower charter rates, which could have a material adverse effect on our earnings and our ability to pay dividends.

The outlook for global oil and tanker demand is highly uncertain due to the continuing development of the COVID-19 outbreak and its impact on the global economy. The extent of the decline is unknown and will depend on how long current restrictions over travel and economic activity in many countries across the globe remain in place. Governments have approved large stimulus packages to mitigate the effects of the sudden decline in economic activity caused by the COVID-19 pandemic; however, we cannot predict the extent to which these measures will restore or sustain the business and financial condition of companies in the shipping industry. The timing of a potential recovery in economic activity, and therefore oil demand, is also uncertain at this time. The large build-up of oil inventories, both onshore and at sea, may result in period of reduced oil shipments and a decreased demand for our vessels and lower charter rates, which could have a material adverse effect on our business, results of operations, cash flows, financial condition and our ability to make dividend payments to our shareholders.

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The instability of the Euro or the inability of countries to refinance their debts could have a material adverse effect on our revenue, profitability and financial position.

As a result of the European credit crisis specifically in Greece, Italy, Ireland, Portugal and Spain, the European Commission created the European Financial Stability Facility, or the EFSF, and the European Financial Stability Mechanism, or the EFSM, to provide funding to Eurozone countries in financial difficulties that seek such support. In March 2011, the European Council agreed that Eurozone countries should establish a permanent stability mechanism, the European Stability Mechanism, or the ESM, which was activated by mutual agreement, to assume the role of the EFSF and the EFSM in providing external financial assistance to Eurozone countries entered into force in May 2013. Despite these measures, and against the background of the COVID-19 outbreak, concerns persist regarding the debt burden of certain Eurozone countries and their ability to meet future financial obligations and the overall stability of the Euro. An extended period of adverse development in the outlook for European countries could still reduce the overall demand for oil and thus for our services. These potential developments, or market perceptions concerning these and related issues, could affect our financial position, results of operations and cash flow.

Our results of operations are subject to seasonal fluctuations, which may adversely affect our financial condition.

We operate our vessels in markets that have historically exhibited seasonal variations in demand and, as a result, charter rates. Peaks in tanker demand quite often precede seasonal oil consumption peaks, as refiners and suppliers anticipate consumer demand. Seasonal peaks in oil demand can broadly be classified into two main categories: (1) increased demand prior to Northern Hemisphere winters as heating oil consumption increases and (2) increased demand for gasoline prior to the summer driving season in the United States. Unpredictable weather patterns and variations in oil reserves disrupt tanker scheduling. This seasonality may cause quarter-to-quarter volatility in our operating results, as many of our vessels trade in the spot market. Seasonal variations in tanker demand will affect any spot market related rates that we may receive.

Acts of piracy on ocean-going vessels could adversely affect our business.

Acts of piracy have historically affected ocean-going vessels trading in regions of the world such as the South China Sea, the Indian Ocean, the Gulf of Aden off the coast of Somalia and in particular the Gulf of Guinea region off Nigeria, which continues to experience increased and more violent incidents of piracy in 2020 and so far into 2021. If these piracy attacks occur in regions in which our vessels are deployed being characterized by insurers as “enhanced risk” zones or “war risk” zones or “war and strikes” listed areas by the Joint War Committee, premiums payable for such coverage could increase significantly and such insurance coverage may be more difficult to obtain. In addition, crew and security equipment costs, as well as costs which may be incurred to the extent we employ onboard security armed guards or to the extent we hire in military patrol boats to escort the vessels, could increase in such circumstances. We may not be adequately insured to cover losses from these incidents, which could have a material adverse effect on us. In addition, detention or hijacking as a result of an act of piracy against our vessels, or increases in cost associated with seeking to avoid such events (including increased bunker costs resulting from vessels being rerouted or traveling at increased speeds as recommended by BMP5), or unavailability of insurance for our vessels, could have a material adverse impact on our business, results of operations, ability to pay dividends, cash flows and financial condition and may result in loss of revenues, increased costs and decreased cash flows to our customers, which could impair their ability to make payments to us under our charters.

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Political instability, terrorist attacks, international hostilities and global public health threats can affect the seaborne transportation industry, which could adversely affect our business.

We conduct most of our operations outside of the United States, and our business, results of operations, cash flows, financial condition and ability to pay dividends, if any, in the future may be adversely affected by changing economic, political and government conditions in the countries and regions where our vessels are employed or registered. Moreover, we operate in a sector of the economy that is likely to be adversely impacted by the effects of political conflicts.

Currently, the world economy faces a number of challenges, including the effects of volatile oil prices, trade tensions between the United States and China and between the United States and the European Union, continuing turmoil and hostilities in the Middle East, the Korean Peninsula, North Africa, Venezuela, Iran and other geographic areas and countries, continuing economic weakness in the European Union, geopolitical events such as the withdrawal of the U.K. from the European Union ("Brexit"), continuing threat of terrorist attacks around the world, continuing instability and conflicts and other recent occurrences in the Middle East and in other geographic areas and countries such as those between the United States and North Korea or Iran, or between the Houthi and Arab counties in Yemen, or internally in Libya, and stabilizing growth in China, as well as the public health concerns stemming from the COVID-19 outbreak.

The threat of future terrorist attacks around the world, continues to cause uncertainty in the world's financial markets and international commerce and may affect our business, operating results and financial condition. Continuing conflicts and recent developments in the Middle East, may lead to additional acts of terrorism and armed conflict around the world, which may contribute to further economic instability in the global financial markets and international commerce. Additionally, any escalations between the United States and Iran could result in retaliation from Iran that could potentially affect the shipping industry, through increased attacks on vessels in the Strait of Hormuz (which already experienced an increased number of attacks on and seizures of vessels in 2019 and 2020). These uncertainties could also adversely affect our ability to obtain additional financing or insurance on terms acceptable to us or at all. Any of these occurrences could have a material adverse impact on our operating results, revenues and costs.

Additionally, in Europe, large sovereign debts and fiscal deficits, low growth prospects and high unemployment rates in a number of countries have contributed to the rise of Eurosceptic parties, which advocate for their countries to leave the Euro. Brexit further increases the risk of additional trade protectionism. Brexit, or similar events in other jurisdictions, could impact global markets, including foreign exchange and securities markets; any resulting changes in currency exchange rates, tariffs, treaties and other regulatory matters could in turn adversely impact our business and operations.

In June 2016, a majority of voters in the U.K. elected to withdraw from the EU in a national referendum (informally known as “Brexit”), a process that the government of the U.K. formally initiated in March 2017. Since then, the U.K. and the EU have been negotiating the terms of a withdrawal agreement, which was approved in October 2019 and ratified in January 2020. The U.K. formally exited the EU on January 31, 2020, although a transition period remained in place until December 2020, during which the U.K. was subject to the rules and regulations of the EU. On December 24, 2020, the U.K. and the EU entered into a trade and cooperation agreement (the “Trade and Cooperation Agreement”), which was applied on a provisional basis from January 1, 2021. While the new economic relationship does not match the relationship that existed while the U.K. was a member state of the EU, the Trade and Cooperation Agreement sets out preferential arrangements in certain areas such as trade in goods and in services, digital trade and intellectual property. Negotiations between the U.K. and the EU are expected to continue in relation to other areas which are not covered by the Trade and Cooperation Agreement. The long term effects of Brexit will depend on the effects of the implementation and application of the Trade and Cooperation Agreement and any other relevant agreements between the U.K. and EU.

Brexit has also given rise to calls for the governments of other EU member states to consider withdrawal. These developments and uncertainties, or the perception that any of them may occur, have had and may continue to have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global market liquidity and restrict the ability of key market participants to operate in certain financial markets. Any of these factors could depress economic activity and restrict our access to capital, which could have a material adverse effect on our business and on our consolidated financial position, results of operations and our ability to pay distributions. Additionally, Brexit or similar events in other jurisdictions, could impact global markets, including foreign exchange and securities markets; any resulting changes in currency exchange rates, tariffs, treaties and other regulatory matters could in turn adversely impact our business and operations.

Brexit contributes to considerable uncertainty concerning the current and future economic environment. Brexit could adversely affect European or worldwide political, regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financial markets.

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Further, governments may turn to trade barriers to protect their domestic industries against foreign imports, thereby depressing shipping demand. In particular, leaders in the United States have indicated that the United States may seek to implement more protective trade measures. The results of the 2020 presidential election in the United States have created significant uncertainty about the future relationship between the United States, China and other exporting countries, including with respect to trade policies, treaties, government regulations and tariffs. For example, in March 2018, former President Trump announced tariffs on imported steel and aluminum into the United States that could have a negative impact on international trade generally and in January 2019, the United States announced sanctions against Venezuela, which may have an effect on its oil output and in turn affect global oil supply. However, it is not yet clear how the United States administration under President Biden may deviate from the former administration’s protectionist foreign trade policies. Protectionist developments, or the perception that they may occur, may have a material adverse effect on global economic conditions, and may significantly reduce global trade. Moreover, increasing trade protectionism may cause an increase in (a) the cost of goods exported from regions globally, (b) the length of time required to transport goods and (c) the risks associated with exporting goods. Such increases may significantly affect the quantity of goods to be shipped, shipping time schedules, voyage costs and other associated costs, which could have an adverse impact on the shipping industry, and therefore, our charterers and their business, operating results and financial condition and could thereby affect their ability to make timely charter hire payments to us and to renew and increase the number of their time charters with us. This could have a material adverse effect on our business, results of operations, financial condition and our ability to pay any cash distributions to our shareholders.

In addition, public health threats such as influenza and other highly communicable diseases or viruses, outbreaks of which have from time to time occurred in various parts of the world in which we operate, including China, Japan and South Korea. Such outbreaks may even develop into pandemics, as the COVID-19 virus has, which could lead to a significant decrease of demand for the transportation of crude oil. Such events may also adversely impact our operations, including timely rotation of our crews, the timing of completion of any outstanding or future newbuilding projects or repair works in drydock as well as the operations of our customers. Delayed rotation of crew may adversely affect the mental and physical health of our crew and the safe operation of our vessels as a consequence.

An economic slowdown or changes in the economic and political environment in the Asia Pacific region could have a material adverse effect on our business, financial condition and results of operations.

We anticipate a significant number of the port calls made by our vessels will continue to involve loading or discharging operations in ports in the Asia Pacific region. As a result, any negative changes in economic conditions in any Asia Pacific country, particularly in China, may have a material adverse effect on our business, financial condition and results of operations, as well as our future prospects. Before the global economic financial crisis that began in 2008, China had one of the world's fastest growing economies in terms of gross domestic product, or GDP, which had a significant impact on shipping demand. The quarterly year-over-year growth rate of China's GDP decreased to 2.3% for the year ended December 31, 2020, as compared to 6.0% for the year ended December 31, 2019, and continues to remain below pre-2008 levels. We can provide no assurances that the Chinese economy will not continue to contract in the future. Furthermore, there is a rising threat of a Chinese financial crisis resulting from massive personal and corporate indebtedness and “trade wars”. Additionally, following the emergence of COVID-19, China experienced reduced industrial activity with temporary closures of factories and other facilities, labor shortages and restrictions on travel. The outbreak of COVID-19 is a very negative development for the global economy and has led to a worldwide economic contraction. We cannot assure you that the global economy will not continue to contract in the future or that global GDP will not be affected beyond the IMF’s initial forecast.

Although state-owned enterprises still account for a substantial portion of the Chinese industrial output, in general, the Chinese government is reducing the level of direct control that it exercises over the economy through state plans and other measures. There is an increasing level of freedom and autonomy in areas such as allocation of resources, production, pricing and management and a gradual shift in emphasis to a "market economy" and enterprise reform. If the Chinese government does not continue to pursue a policy of economic reform, the level of imports to and exports from China could be adversely affected by changes to these economic reforms by the Chinese government, as well as by changes in political, economic and social conditions or other relevant policies of the Chinese government, such as changes in laws, regulations or export and import restrictions.

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Notwithstanding economic reform, the Chinese government may adopt policies that favor domestic oil tanker companies and may hinder our ability to compete with them effectively. For example, China imposes a tax for non-resident international transportation enterprises engaged in the provision of services of passengers or cargo, among other items, in and out of China using their own, chartered or leased vessels. The regulation may subject international transportation companies to Chinese enterprise income tax on profits generated from international transportation services passing through Chinese ports. This tax or similar regulations, such as the recently promoted environmental taxes on coal, by China may result in an increase in the cost of raw materials imported to China and the risks associated with importing raw materials to China, as well as a decrease in any raw materials shipped from our charterers to China. This could have an adverse impact on our charterers’ business, operating results and financial condition and could thereby affect their ability to make timely charter hire payments to us and to renew and increase the number of their time charters with us. Moreover, an economic slowdown in the economies of the European Union and other Asian countries may further adversely affect economic growth in China and elsewhere.

In addition, President Xi Jinping committed his country to achieving carbon neutrality by 2060 at the United Nations ("the UN") General Assembly despite carbon emissions currently being a prominent part of China’s economic and industrial structure as it relies heavily on nonrenewable energy sources, generally lacks of energy efficiency, and has a rapidly growing energy demand. Depending on how China attempts to achieve carbon neutrality by 2060, including through the reduction in the use of oil, an overall increase in the use of nonrenewable energy as part of the energy consumption mix and through other means, any reduction in the demand for oil and oil products and our tanker vessels could have a material adverse effect on our business, cash flows and results of operations.

Outbreaks of epidemic and pandemic diseases and governmental responses thereto could adversely affect our business.

The outbreak of COVID-19 has negatively affected economic conditions, the supply chain, the labor market, the demand for shipping regionally as well as globally and may otherwise impact our operations and the operations of our customers and suppliers. In March 2020, the outbreak of COVID-19 was declared a pandemic by the World Health Organization (“WHO”). Governments in affected countries have been and continue to impose travel bans, quarantines and other emergency public health measures. With the second and third wave of COVID-19 in 2020 and beginning of 2021, companies continue to take precautions, such as requiring employees to work remotely, imposing travel restrictions and temporarily closing businesses. These restrictions, and future prevention and mitigation measures, are likely to have an adverse impact on global economic conditions, which could materially and adversely affect our future operations. Continuing uncertainties regarding the economic impact of the COVID-19 outbreak are likely to result in sustained market turmoil, which could also negatively impact our business, financial condition and cash flows. Governments are approving large stimulus packages to mitigate the effects of the sudden decline in economic activity caused by the pandemic; however, we cannot predict the extent to which these measures will be sufficient to restore or sustain the business and financial condition of companies in the shipping industry.

Effects of the current pandemic may include, among others: deterioration of economic conditions and activity and of demand for oil and other petroleum products; operational disruptions to us (such as but not limited to crew rotation and crew fatigue) or our customers due to worker health risks and the effects of new regulations, directives or practices implemented in response to the pandemic (such as travel restrictions for individuals and vessels and quarantining and physical distancing); potential delays in (a) the loading and discharging of cargo on or from our vessels, (b) vessel inspections and related certifications by class societies, customers or government agencies and (c) maintenance (including access to spare parts), modifications or repairs to, or drydocking of, our existing vessels due to worker health or other business disruptions; reduced cash flow and financial condition, including potential liquidity constraints; potential reduced access to capital as a result of any credit tightening generally or due to continued declines in global financial markets; potential reduced ability to opportunistically sell any of our vessels on the second-hand market, either as a result of a lack of buyers or a general decline in the value of second -hand vessels; potential decreases in the market values of our vessels and any related impairment charges or breaches relating to vessel-to-loan financial covenants; potential disruptions, delays or cancellations in the construction of new vessels, which could reduce our future growth opportunities; potential non-performance by counterparties relying on force majeure clauses and potential deterioration in the financial condition and prospects of our customers, joint venture partners or other business partners. Although disruption and effects from the COVID-19 pandemic may be temporary, given the dynamic nature of these circumstances, the duration of business disruption and the related financial impact can still not be reasonably estimated at this time, but could materially affect our business, results of operations and financial condition.

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More concretely however in 2020, the biggest operational challenge was conducting crew changes. Apart from serious humanitarian and crew welfare concerns, and issues of regulatory compliance, there is an increasing risk that fatigue will lead to serious maritime accidents. As well as restrictions placed on the movement of seafarers by national and local authorities, there is also the problem of the continued suspension of the majority of flights between major crew change ports and the home country of the Company’s crew. In order to resolve the difficult situation, Euronav’s management decided to accommodate deviations by ships to facilitate crew changes, resulting in an extra cost (USD 1.8 million) and less revenues because of off hire ( USD 4.2 million) .

If economic conditions throughout the world decline, this will impede our results of operations, financial condition and cash flows.

There has historically been a strong link between the development of the world economy and demand for energy, including oil and gas. An extended period of deterioration in the outlook for the world economy could reduce the overall demand for oil and gas and for our services. Such changes could adversely affect our results of operations and cash flows.

We face risks attendant to changes in economic environments, changes in interest rates, and instability in the banking and securities markets around the world, among other factors. Major market disruptions may adversely affect our business or impair our ability to borrow amounts under our credit facilities or any future financial arrangements. In the absence of available financing, we also may be unable to take advantage of business opportunities or respond to competitive pressures.

As a result of any renewed concerns about the stability of financial markets generally and the solvency of counterparties specifically, the cost of obtaining money from the credit markets may increase as many lenders will increase margins or interest rates, enact tighter lending standards, refuse to refinance existing debt at all or on terms similar to current debt and reduce, and in some cases cease, to provide funding to borrowers. Furthermore, certain banks that have historically been significant lenders to the shipping industry have reduced or ceased lending to the shipping industry. Due to these factors, we cannot be certain that additional financing will be available if needed and to the extent required, on acceptable terms or at all. If additional financing is not available when needed, or is available only on unfavorable terms, we may be unable to meet our obligations as they come due or we may be unable to enhance our existing business or otherwise take advantage of business opportunities as they arise. Relatedly, certain banks have reduced or ceased lending for oil cargoes, which could have an adverse economic impact on our customers.

In addition, concerns regarding the possibility of sovereign debt defaults by European Union member countries have in the past disrupted financial markets throughout the world, and may lead to weaker consumer demand in the European Union, the United States, and other parts of the world. The possibility of sovereign debt defaults by European Union member countries and the possibility of market reforms to float the Chinese renminbi, either of which development could weaken the Euro against the Chinese renminbi, could adversely affect consumer demand in the European Union. Moreover, the revaluation of the renminbi may negatively impact the United States' demand for imported goods, many of which are shipped from China. Future weak economic conditions could have a material adverse effect on our business, results of operations and financial condition and our ability to pay dividends to our stockholders.

Consolidation and governmental regulation of suppliers may increase the cost of obtaining supplies or restrict our ability to obtain needed supplies, which may have a material adverse effect on our results of operations and financial condition.

We rely on third-parties to provide supplies and services necessary for our operations, including equipment suppliers, caterers and machinery suppliers, and are generally dependent on original manufacturers for repair and replacement of equipment. Ongoing consolidation has reduced the number of available suppliers, resulting in fewer alternatives for sourcing key supplies. Such consolidation may result in a shortage of supplies and services thereby increasing the cost of supplies and/or potentially inhibiting the ability of suppliers to deliver on time. These cost increases or delays could have a material adverse effect on our results of operations and result in downtime, and delays in the repair and maintenance of our vessels and FSOs. Furthermore, many of our suppliers are U.S. companies or non-U.S. subsidiaries owned or controlled by U.S. companies, which means that in the event a U.S. supplier was debarred or otherwise restricted by the U.S. government from delivering products, our ability to supply and service our operations could be materially impacted. In addition, through regulation and permitting, certain foreign governments effectively restrict the number of suppliers and technicians available to supply and service our operations in those jurisdictions, which could materially impact our operations and financial condition.

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Our international operations expose us to additional costs and legal and regulatory risks, which could have a material adverse effect on our business, results of operations and financial conditions

We operate worldwide, where appropriate, through agents or other intermediaries. Compliance with complex local, foreign and U.S. laws and regulations that apply to our international operations increases our cost of doing business. These numerous and sometimes conflicting laws and regulations include, among others, data privacy requirements (in particular the European General Data Protection Regulation, enforceable as from May 25, 2018 and the EU-US Privacy Shield Framework, as adopted by the European Commission on July 12, 2016), labor relations laws, tax laws, anti-competition regulations, import and trade restrictions, export requirements, U.S. laws such as the FCPA and other U.S. federal laws and regulations established by the office of Foreign Asset Control, local laws such as the UK Bribery Act 2010 or other local laws which prohibit corrupt payments to governmental officials or certain payments or remunerations to customers.

Given the high level of complexity of these laws, there is a risk that we, our agent or other intermediaries may inadvertently breach certain provisions thereunder. Violations of these laws and regulations could result in fines, criminal sanctions against us, our officers or our employees, requirements to obtain export licenses, cessation of business activities in sanctioned countries, implementation of compliance programs, and prohibitions on the conduct of our business. Violations of laws and regulations also could result in prohibitions on our ability to operate in one or more countries and could materially damage our reputation, our ability to attract and retain employees, or our business, results of operations and financial condition. Furthermore, detecting, investigating and resolving actual or alleged violations is expensive and can consume significant time and attention of our senior management. Though we have implemented monitoring procedures and required policies, guidelines, contractual terms and audits, these measures may not prevent or detect failures by our agents or intermediaries regarding compliance.

The worldwide operation of an ocean-going vessel carries inherent operational risks as well. Our vessels and their cargoes are at risk of being damaged or lost because of events such as marine disasters, bad weather, and acts of God, business interruptions caused by mechanical failures, grounding, fire, explosions and collisions, human error, war, terrorism, piracy, disease, quarantine and other circumstances or events.

Furthermore, changing economic, regulatory and political conditions in some countries, including political and military conflicts, have from time to time resulted in attacks on vessels, mining of waterways, piracy, terrorism, labor strikes and boycotts. Compared to other types of vessels, tankers are exposed to a higher risk of damage and loss by fire, whether ignited by a terrorist attack, collision, or other cause, due to the high flammability and high volume of the oil transported in tankers.

If our vessels suffer damage, they may need to be repaired at a drydocking facility. The costs of drydock repairs and maintenance are unpredictable and may be substantial, or it may be difficult to find space at a suitable drydocking facility. We may have to pay drydocking costs that our insurance does not cover in full. The loss of revenues while these vessels are being repaired and repositioned, as well as the actual cost of these repairs, may adversely affect our business and financial condition. The total loss of any of our vessels could harm our reputation as a safe and reliable vessel owner and operator. If we are unable to adequately maintain or safeguard our vessels, we may be unable to prevent any such damage, costs, or loss which could negatively impact our business, financial condition, results of operations and available cash.

In addition, international shipping is subject to various security and customs inspection and related procedures in countries of origin and destination and trans-shipment points. Inspection procedures can result in the seizure of the cargo and/or our vessels, delays in the loading, offloading or delivery and the levying of customs duties, fines or other penalties against us. It is possible that changes to inspection procedures could impose additional financial and legal obligations on us. Furthermore, changes to inspection procedures could also impose additional costs and obligations on our customers and may, in certain cases, render the shipment of certain types of cargo uneconomical or impractical. Any such changes or developments may have a material adverse effect on our business, results of operations, cash flows, financial condition and available cash.

We are subject to complex laws and regulations, including environmental laws and regulations that can adversely affect our business, results of operations, cash flows, financial condition, and our available cash.

Our operations are subject to numerous laws and regulations in the form of international conventions and treaties, national, state and local laws and national and international regulations in force in the jurisdictions in which our vessels operate or are registered, which can significantly affect the ownership and operation of our vessels. Compliance with such laws and regulations, where applicable, may require installation of costly equipment or operational changes and may affect the resale value or useful lives of our vessels. We may also incur additional costs in order to comply with other existing and future regulatory obligations, including, but not limited to, costs relating to air emissions including greenhouse gases, the management of ballast waters, maintenance and inspection, development and implementation of emergency procedures and insurance coverage or other financial assurance of our ability to address pollution incidents. Oil spills that occur from time to time may also result in additional legislative or regulatory initiatives that may affect our operations or require us to incur additional expenses to comply with such new laws or regulations.

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These costs could have a material adverse effect on our business, results of operations, cash flows and financial condition and our available cash. A failure to comply with applicable laws and regulations may result in administrative and civil penalties, criminal sanctions or the suspension or termination of our operations.

Environmental requirements can also affect the resale value or useful lives of our vessels, could require a reduction in cargo capacity, ship modifications or operational changes or restrictions, could lead to decreased availability of insurance coverage for environmental matters or could result in the denial of access to certain jurisdictional waters or ports or detention in certain ports. Under local, national and foreign laws, as well as international treaties and conventions, we could incur material liabilities, including clean-up obligations and natural resource damages liability, in the event that there is a release of hazardous materials from our vessels or otherwise in connection with our operations. Environmental laws often impose strict liability for remediation of spills and releases of hazardous substances, which could subject us to liability without regard to whether we were negligent or at fault. We could also become subject to personal injury or property damage claims relating to the release of hazardous substances associated with our existing or historic operations. Violations of, or liabilities under, environmental requirements can result in substantial penalties, fines and other sanctions, including, in certain instances, seizure or detention of our vessels and could harm our reputation with current or potential charterers of our tankers. We are required to satisfy insurance and financial responsibility requirements for potential oil (including marine fuel) spills and other pollution incidents. Although we have arranged insurance to cover certain environmental risks, there can be no assurance that such insurance will be sufficient to cover all such risks or that any claims will not have a material adverse effect on our business, results of operations, cash flows, financial condition and available cash.

In addition, many environmental requirements are designed to reduce the risk of pollution, such as from oil spills, and our compliance with these requirements could be costly. To comply with these and other regulations, including: (i) the sulfur emission requirements of Annex VI of the International Convention for the Prevention of Marine Pollution from Ships, or "MARPOL", which instituted a global 0.5% (lowered from 3.5% as of January 1, 2020) sulfur cap on marine fuel consumed by a vessel, unless the vessel is equipped with a scrubber, and (ii) the International Convention for the Control and Management of Ships' Ballast Water and Sediments of the International Maritime Organization, or "IMO", which requires vessels to install expensive ballast water treatment systems, we may be required to incur additional costs to meet new maintenance and inspection requirements, develop contingency plans for potential spills, and obtain insurance coverage. The increased demand for low sulfur fuels may increase the costs of fuel for our vessels that do not have scrubbers. Additional conventions, laws and regulations may be adopted that could limit our ability to do business or increase the cost of doing business and which may materially and adversely affect our operations.

Please see “Item 4. Information on the Company—B. Business Overview—Environmental and Other Regulations on Tankers and FSO's” for a discussion of the environmental and other regulations applicable to us.

We are subject to international safety regulation and if we fail to comply with international safety regulations, we may be subject to increased liability, which may adversely affect our insurance coverage and may result in a denial of access to, or detention in, certain ports.

The operation of our vessels is affected by government regulations in the form of international conventions, national, state and local laws and regulations in force in the jurisdictions in which the vessels operate, as well as in the country or countries of their registration. As such, we are subject to the requirements set forth in the IMO’s International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention, or the ISM Code, the International Ship & Port Facility Security Code. or ISPS Code, promulgated by the IMO under the International Convention for the Safety of Life at Sea of 1974, or SOLAS, as well as to other conventions, mainly MARPOL, the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, or STCW, etc. Failure to comply with these requirements may subject us to increased liability, may decrease available insurance coverage for the affected ships, and may result in denial of access to, or detention in, certain ports. The U.S. Coast Guard or USCG and E.U. Authorities enforce compliance with the ISM and ISPS Codes and prohibit non-compliant vessels from trading in U.S. and E.U. ports. This could have a material adverse effect on our future performance, results of operations, cash flows and financial position. The IMO continues to review and introduce new regulations. It is impossible to predict what additional regulations, if any, may be passed by the IMO and what effect, if any, such regulations might have on our operations.

Because such conventions, laws, and regulations are often revised, we cannot predict the ultimate cost of complying with such conventions, laws and regulations or the impact thereof on the resale prices or useful lives of our vessels. Additional conventions, laws and regulations may be adopted which could limit our ability to do business or increase the cost of our doing business and which may materially adversely affect our operations. We are required by various governmental and quasi-governmental agencies to obtain certain permits, licenses, certificates, and financial assurances with respect to our operations.

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Recent action by the IMO’s Maritime Safety Committee and United States agencies indicate that cybersecurity regulations for the maritime industry are likely to be further developed in the near future in an attempt to combat cybersecurity threats. For example, cyber-risk management systems must be incorporated by ship-owners and managers by 2021. This might cause companies to cultivate additional procedures for monitoring cybersecurity, which could require additional expenses and/or capital expenditures. However, the impact of such regulations is difficult to predict at this time.

Please see “Item 4. Information on the Company—B. Business Overview—Environmental and Other Regulations on Tankers and FSO's” for a discussion of the environmental and other regulations applicable to us.

Developments in safety and environmental requirements relating to the recycling of vessels may result in escalated and unexpected costs.

The 2009 Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, or the Hong Kong Convention, aims to ensure ships, being recycled once they reach the end of their operational lives, do not pose any unnecessary risks to the environment, human health and safety. The Hong Kong Convention, which would enter into force 24 months after the date on which 15 IMO Member States have ratified or approved, has yet to be ratified by the required number of countries to enter into force. Upon the Hong Kong Convention's entry into force, each ship sent for recycling will have to carry an inventory of its hazardous materials. The hazardous materials, whose use or installation are prohibited in certain circumstances, are listed in an appendix to the Hong Kong Convention. Ships will be required to have surveys to verify their inventory of hazardous materials initially, throughout their lives and prior to the ship being recycled.

On November 20, 2013, the European Parliament and the Council of the EU adopted the Ship Recycling Regulation, which retains the requirements of the Hong Kong Convention and requires that certain commercial seagoing vessels flying the flag of an EU Member State may be recycled only in facilities included on the European list of permitted ship recycling facilities.

These regulatory requirements may lead to cost escalation by shipyards, repair yards and recycling yards. This may then result in a decrease in the residual recycling value of a vessel which could potentially not cover the cost to comply with the latest requirements, which may have an adverse effect on our future performance, results of operations, cash flows and financial position.

Climate change and greenhouse gas restrictions may adversely impact our operations and markets.

Due to concern over the risk of climate change, a number of countries and the IMO have adopted, or are considering the adoption of, regulatory frameworks to reduce greenhouse gas emissions. These regulatory measures may include, among others, adoption of cap and trade regimes, carbon taxes, increased efficiency standards and incentives or mandates for renewable energy. More specifically, on October 27, 2016, IMO's Marine Environment Protection Committee ("MEPC") announced its decision concerning the implementation of regulations mandating a reduction in sulfur emissions from 3.5% currently to 0.5% as of the beginning of January 1, 2020. Additionally, in April 2018, nations at the MEPC 72 adopted an initial strategy to reduce greenhouse gas emissions from ships. The initial strategy identifies levels of ambition to reducing greenhouse gas emissions, including (1) decreasing the carbon intensity from ships through implementation of further phases of the Energy Efficiency Design Index (EEDI) for new ships; (2) reducing carbon dioxide emissions per transport work, as an average across international shipping, by at least 40% by 2030, pursuing efforts towards 70% by 2050, compared to 2008 emission levels; and (3) reducing the total annual greenhouse emissions by at least 50% by 2050 compared to 2008 while pursuing efforts towards phasing them out entirely. The European Union on the other hand has indicated that it intends to accelerate its plans to include shipping into the emissions trading scheme.

Since January 1, 2020, ships must either remove sulfur from emissions or buy fuel with low sulfur content, which may lead to increased costs and supplementary investments for ship owners. The interpretation of "fuel oil used on board" includes use in main engine, auxiliary engines and boilers. Shipowners may comply with this regulation by (i) using 0.5% sulfur fuels on board, which are available around the world but at a higher cost; (ii) installing scrubbers for cleaning of the exhaust gas; or (iii) by retrofitting vessels to be powered by liquefied natural gas or other alternative energy sources, which may not be a viable option due to the lack of supply network and high costs involved in this process. Costs of compliance with these regulatory changes may be significant and may have a material adverse effect on our future performance, results of operations, cash flows and financial position.

In addition, although the emissions of greenhouse gases from international shipping currently are not subject to the Kyoto Protocol to the United Nations Framework Convention on Climate Change, which required adopting countries to implement national programs to reduce emissions of certain gases, or the Paris Agreement (discussed further below), a new treaty may be adopted in the future that includes restrictions on shipping emissions. Compliance with changes in laws, regulations and obligations relating to climate change could increase our costs related to operating and maintaining our vessels and require us to install new emission controls, acquire allowances or pay taxes related to our greenhouse gas emissions or administer and manage a greenhouse gas emissions program. Revenue generation and strategic growth opportunities may also be adversely affected.

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Adverse effects upon the oil and gas industry relating to climate change, including growing public concern about the environmental impact of climate change, may also adversely affect demand for our services. For example, increased regulation of greenhouse gases or other concerns relating to climate change may reduce the demand for oil and gas in the future or create greater incentives for use of alternative energy sources. In addition to the peak oil risk from a demand perspective, the physical effects of climate change, including changes in weather patterns, extreme weather events, rising sea levels, scarcity of water resources, may negatively impact our operations. Any long-term material adverse effect on the oil and gas industry could have a significant financial and operational adverse impact on our business that we cannot predict with certainty at this time.

Declines in charter rates, vessel values and other market deterioration could cause us to incur impairment charges.

We evaluate the carrying amounts of our vessels to determine if events have occurred that would require an impairment of their carrying amounts. The recoverable amount of vessels is reviewed based on events and changes in circumstances that would indicate that the carrying amount of the assets might not be recovered. The review for potential impairment indicators and projection of future cash flows related to the vessels is complex and requires us to make various estimates relating to, among other things, vessel values, future freight rates, earnings from the vessels, discount rates, residual values and economic life of vessels. Many of these items have historically experienced volatility and both charter rates and vessel values tend to be cyclical.

We evaluate the recoverable amount as the higher of fair value less costs to sell or value in use. Individual vessels are deemed to constitute a cash generating unit, or a CGU unless they are operated in a net revenue sharing pool. If the recoverable amount is less than the carrying amount of the vessel, the vessel is deemed impaired. The carrying values of our vessels may not represent their fair market value at any point in time because the new market prices of secondhand vessels tend to fluctuate with changes in charter rates and the cost of newbuildings. For the year December 31, 2020, we evaluated the recoverable amount of our vessels and we did not recognize an impairment loss. 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, and / or not being part of a pool anymore. Factors that we considered in our estimate are described in the Critical Accounting policies.

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 of expenses and potential investments pursuant to upcoming regulations, which can be difficult to predict. 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. Management is continuously assessing the resilience of its projections to the business cycles that can be observed in the tanker market, and it concluded that a business cycle approach provides a good long-term view of the dynamics at play in the industry. By defining a shipping cycle from peak to peak over the last 20 years and including management's expectation of the completion of the current cycle, management is able to capture the full length of a business cycle while also giving more weight to recent and current market experience. The current cycle is forecasted based on management judgment, analyst reports, taking into considerations the length of recovery post Covid - 19 and past experience.

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We may be subject to risks inherent in the conversion of vessels into FSOs and the operation of FSO activities.

Our FSO activities are subject to various risks, including delays, cost overruns, unavailability of supplies, employee negligence, defects in machinery, collisions, service damage to vessels, damage or loss to freight, piracy, war, political tensions or strikes. In case of delays in delivering an FSO vessel under service contract to the end-user, contracts can be amended and/or canceled. Moreover, the operation of FSO vessels is subject to the inherent possibility of maritime disasters, such as oil spills and other environmental accidents, and to the obligations arising from the ownership and management of vessels in international trade. We have established current insurance against possible accidents and environmental damage and pollution that complies with applicable law and standard practices in the sector. However, there is no guarantee that such insurance will remain available at rates which are regarded as reasonable by us or that such insurance will remain sufficient to cover all losses incurred or the cost of each compensation claim made against us. Our insurance policies do not cover the loss of income resulting from a vessel becoming non-operational. Should compensation claims be made against us, our vessels may be impounded or subject to other judicial procedures, which would adversely affect our results of operations and financial condition.

If labor interruptions are not resolved in a timely manner, they could have a material adverse effect on our business, results of operations, cash flows, financial condition and ability to pay dividends.

We employ masters, officers and crews to man our vessels. If not resolved in a timely and cost-effective manner, industrial action or other labor unrest could prevent or hinder our operations from being carried out as we expect and could have a material adverse effect on our business, results of operations, cash flows, financial condition and ability to pay dividends.

The majority of our employees (land-based and offshore) are represented by collective bargaining agreements in Belgium, Greece, France and the Philippines. For a limited number of vessels, the employment of onboard staff is based on internationally negotiated collective bargaining agreements. In addition, many of these represented individuals are working under agreements that are subject to salary negotiation. These negotiations could result in higher personnel costs, other increased costs or increased operating restrictions that could adversely affect our financial performance. In addition, as part of our legal obligations, we are required to contribute certain amounts to retirement funds and pension plans (with insurance companies or integrated in a national social security scheme) and are bound to legal restrictions in our ability to dismiss employees. Any disagreements concerning ordinary or extraordinary collective bargaining may damage our reputation and the relationship with our employees and lead to labor disputes, including work stoppages, strikes and/or work disruptions, which could hinder our operations from being carried out normally, and if not resolved in a timely cost-effective manner, could have a material effect on our business.

If our vessels call on ports located in countries or territories that are the subject of sanctions or embargoes imposed by the U.S. government, the European Union, the United Nations, or other applicable governmental authorities, it could lead to monetary fines or penalties and adversely affect our reputation and the market for our ordinary shares.

Although no vessels owned or operated by us carry cargo from or have called on ports located in countries or territories that are the subject of country-wide or territory-wide comprehensive sanctions and/or embargoes imposed by the U.S. government or other applicable governmental authorities (“Sanctioned Jurisdictions”) in violation of sanctions or embargo laws during 2020, and we endeavor to take precautions reasonably designed to mitigate such risks, it is possible that, in the future, our vessels may carry cargo from or call on ports in Sanctioned Jurisdictions on charterers’ instructions and/or without our consent. If such activities result in violation of applicable sanctions or embargo laws, we could be subject to monetary fines, penalties, or other sanctions, and our reputation and the market for our ordinary shares could adversely affected.

The sanctions and embargo laws and regulations vary in their application, as they do not all apply to the same covered persons or proscribe the same activities, and such sanctions and embargo laws and regulations may be amended or expanded over time. Current or future counterparties of ours may be or become affiliated with persons or entities that are now or may in the future be the subject of sanctions imposed by the U.S. Government, the European Union, and/or other international bodies. If we determine that such sanctions or embargoes require us to terminate existing or future contracts to which we, or our subsidiaries are a party or if we are found to be in violation of such applicable sanctions or embargoes, we could face monetary fines, we may suffer reputational harm and our results of operations may be adversely affected.

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Although we believe that we have been in compliance with all applicable sanctions and embargo laws and regulations, and intend to maintain such compliance, there can be no assurance that we will be in compliance in the future, particularly as the scope of certain laws may be unclear and may be subject to changing interpretations. Any such violation could result in fines, penalties or other sanctions that could severely impact our ability to access U.S. capital markets and conduct our business and could result in some investors deciding, or being required, to divest their interest, or not to invest, in us. In addition, certain institutional investors may have investment policies or restrictions that prevent them from holding securities of companies that have contracts with countries identified by the U.S. government as state sponsors of terrorism. The determination by these investors not to invest in, or to divest from, our ordinary shares may adversely affect the price at which our ordinary shares trade. Additionally, some investors may decide to divest their interest, or not to invest, in our company simply because we do business with companies that do business in sanctioned countries or territories. Moreover, our charterers may violate applicable sanctions and embargo laws and regulations as a result of actions that do not involve us or our vessels, and those violations could in turn negatively affect our reputation. In addition, our reputation and the market for our securities may be adversely affected if we engage in certain other activities, such as entering into charters with individuals or entities that are not controlled by the governments of countries or territories that are the subject of certain U.S. sanctions or embargo laws, or engaging in operations associated with those countries or territories pursuant to contracts with third-parties that are unrelated to those countries or territories or entities controlled by their government. Investor perception of the value of our ordinary shares may also be adversely affected by the consequences of war, trade war, the effects of terrorism, civil unrest and governmental actions in the countries or territories that we operate in.

Lack of technological innovation to meet quality and efficiency requirements could reduce our charter hire income and the value of our vessels.

Our customers, in particular those in the oil industry, have a high and increasing focus on quality and compliance standards with their suppliers across the entire supply chain, including the shipping and transportation segment. Our continued compliance with these standards and quality requirements is vital for our operations. The charter hire rates and the value and operational life of a vessel are determined by a number of factors including the vessel’s efficiency, operational flexibility and physical life. Efficiency includes speed, fuel economy and the ability to load and discharge cargo quickly. Flexibility includes the ability to enter harbors, use different means of propulsion and fuels, utilize related docking facilities and pass through canals and straits. The length of a vessel’s physical life is related to its original design and construction, its maintenance and the impact of the stress of operations. If new tankers are built that are more efficient or more flexible or have longer physical lives than our vessels, competition from these more technologically advanced vessels could adversely affect the amount of charter hire payments we receive for our vessels and the resale value of our vessels could significantly decrease. This could have an adverse effect on our results of operations, cash flows, financial condition and ability to pay dividends.

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Risk Factors Relating to Our Company

Dependency on spot charters

As of April 1, 2021 we employed 63 of our vessels in either the spot market or in a spot market-oriented tanker pool, including 41 vessels in the Tankers International Pool, or the TI Pool, a spot market-oriented pool in which we were a founding member in 2000, exposing us to fluctuations in spot market charter rates. We will also enter into spot charters in the future. The spot charter market may fluctuate significantly based upon tanker and oil supply and demand. The successful operation of our vessels in the competitive spot charter market depends on, among other things, obtaining profitable spot charters and minimizing, to the extent possible, time spent waiting for charters and time spent traveling in ballast to pick up cargo. The spot market is very volatile and there have been and will be periods when spot charter rates decline below the operating cost of vessels. If future spot charter rates decline, we may be unable to operate our vessels trading in the spot market profitably, meet our obligations, including payments on indebtedness, or pay dividends in the future. Furthermore, as charter rates for spot charters are fixed for a single voyage which may last up to several weeks, during periods in which spot charter rates are rising, we will generally experience delays in realizing the benefits from such increases.

We are subject to certain risks with respect to our counterparties and failure of our counterparties to meet their obligations could cause us to suffer losses or negatively impact our results of operations and cash flows

We have entered into, and may enter in the future, various contracts, including shipbuilding contracts or long term contracts such as the FSO vessels operating offshore Qatar, credit facilities, insurance agreements, voyage and time charter agreements and other agreements associated with the operation of our vessels. Such agreements subject us to counterparty risks. The ability of each of our counterparties to perform its payment and other obligations under a contract with us will depend on a number of factors that are beyond our control and may include, among other things, general economic conditions, the condition of the maritime and offshore industries, the overall financial condition of the counterparty, charter rates received for specific types of vessels, work stoppages or other labor disturbances, including as a result of the outbreak of COVID-19 and various expenses. Charterers are sensitive to the commodity markets and may be impacted by market forces affecting commodities such as oil.

The current state of the global financial markets and current economic conditions may adversely impact our results of operation, financial condition, cash flows, ability to obtain financing or refinance our existing and future credit facilities on acceptable terms, which may negatively impact our business.

Global financial markets and economic conditions have been, and continue to be, volatile. Beginning in February 2020, due mainly to the COVID-19 outbreak, global financial markets, including in the U.S., experienced volatility and a steep and abrupt downturn. The ultimate impact on the global financial markets and the disruption to the global economy are dependent on, among other things, the length and severity of the COVID-19 outbreak. COVID-19 also accelerated the attention given by the financial sector globally to ESG matters which may reduce the availability of financing at acceptable terms and may lead to divestment in fossil fuel related activities such as ours. Credit markets and the debt and equity capital markets have been distressed and the uncertainty surrounding the future of the global credit markets has resulted in reduced access to credit worldwide, particularly for the shipping industry. These issues, along with significant write-offs in the financial services sector, the re-pricing of credit risk and the current weak economic conditions, have made, and will likely continue to make, it difficult to obtain additional financing. The current state of global financial markets and current economic conditions might adversely impact our ability to issue additional equity at prices that will not be dilutive to our existing shareholders or preclude us from issuing equity at all. Economic conditions and the economic slow-down resulting from COVID-19 and the international governmental responses to the virus may also adversely affect the market price of our ordinary shares.

Concerns about the stability of financial markets generally and the solvency of counterparties specifically may increase the cost of obtaining money from the credit markets and lenders may increase interest rates, enact tighter lending standards, refuse to refinance existing debt at all or on terms similar to current debt and reduce, and in some cases cease, to provide funding to borrowers. Due to these factors, we cannot be certain that financing will be available to the extent required, or that we will be able to refinance our existing and future credit facilities, on acceptable terms or at all. If financing or refinancing is not available when needed, or is available only on unfavorable terms, we may be unable to meet our obligations as they come due or we may be unable to enhance our existing business, pay dividends, complete the acquisition of our newbuildings and additional vessel acquisitions or otherwise take advantage of business opportunities as they arise. The COVID-19 outbreak has negatively impacted, and may continue to negatively impact, global economic activity, demand for energy, and funds flows and sentiment in the global financial markets. Continued economic disruption caused by the continued failure to control the spread of the virus could significantly impact our ability to obtain additional debt (and equity) financing until COVID-19 is resolved and the markets normalize.

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Newbuilding projects are subject to risks that could cause delays, cost overruns or cancellation of our newbuilding contracts.

We currently have two Suezmax vessels under construction which were acquired under a resale agreement in the first quarter of 2021. These construction projects are subject to risks of delay or cost overruns inherent in any large construction project from numerous factors, including shortages of equipment, materials or skilled labor, unscheduled delays in the delivery of ordered materials and equipment or shipyard construction, failure of equipment to meet quality and/or performance standards, financial or operating difficulties experienced by equipment vendors or the shipyard, unanticipated actual or purported change orders, inability to obtain required permits or approvals, unanticipated cost increases between order and delivery, design or engineering changes and work stoppages and other labor disputes, public health threats, adverse weather conditions or any other potential events of force majeure. Significant cost overruns or delays could adversely affect our financial position, results of operations and cash flows. Additionally, failure to complete a project on time may result in the delay of revenue from that vessel.

If for any reason we default under any of our newbuilding contracts, or otherwise fail to take delivery of our newbuilding vessels, we would be prevented from realizing potential revenues from such vessels, we could also lose all or a portion of our investment, including any installment payments made, and we could be liable for penalties and damages under such contracts. as well as suffer reputational damage.

In addition, in the event a shipyard does not perform under its contract, we may lose all or part of our investment, which would have a material adverse effect on our results of operations, financial condition and cash flows.

In addition, we will incur significant maintenance costs as a newbuilding vessel must be drydocked within five years of its delivery from a shipyard, with survey cycles of no more than 60 months for the first three surveys, and 30 months thereafter, not including any unexpected repairs. In 2020, the Hakata, Hakone, Filikon, Sofia, Statia and Dia have been dry-docked and a portion of the cost of planned repairs and maintenance was capitalized. The estimated total cost to drydock a vessel are between $1 million and $2.5 million, depending on the size, age and condition of the vessel and the location of drydocking and the special surveys to be performed.

Inherent risks to acquisition of secondhand vessels

Our current business strategy includes additional growth through the acquisition of new and secondhand vessels. While we try to inspect secondhand vessels prior to purchase, such inspection does not provide us with the same knowledge about their condition that we would have had if these vessels had been built for and operated exclusively by us. Generally, as is customary in the shipping sector, we do not receive the benefit of warranties from the builders for the secondhand vessels that we acquire. Additionally, there may be increased costs associated with these vessels to maintain them in good operating order and they are generally less fuel efficient, which makes them less desirable for charterers.

Governmental regulations, safety or other equipment standards related to the age of vessels may require expenditures for alterations or the addition of new equipment to our vessels and may restrict the type of activities in which the vessels may engage. Those expenditures or restrictions might cause us to operate our vessels below profitability during the remainder of their useful lives.

If we do not identify suitable tankers for acquisition or successfully integrate any acquired tankers, we may not be able to grow or to effectively manage our growth.

Our current business strategy includes additional growth through the acquisition of new and secondhand vessels at attractive points in the cycle, including through mergers, strategic alliances or joint ventures. Our future growth will depend upon a number of factors, some of which may not be within our control. Growing any business by acquisition presents numerous risks, such as managing relationships with customers and integrating newly acquired assets into existing infrastructure. We cannot give any assurance that we will be successful in executing any growth plans or that we will not incur significant expenses and losses in connection with any future growth efforts.

Our failure to effectively identify, purchase, develop and integrate any tankers or businesses could adversely affect our business, financial condition and results of operations.

The number and competencies of employees that perform services for us and our current operating and financial systems may not be adequate as we implement our plan to expand the size of our fleet, and we may not be able to effectively hire more employees or adequately improve those systems. We may incur unanticipated expenses as an operating company.

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Our growth strategy is partially based as well on expansion in the offshore FSO sector, which highly depends on the level of activity in oil and natural gas exploration, development and production in offshore areas worldwide. The availability of quality FSO prospects, exploration success, relative production costs, the stage of reservoir development (such as in Qatar where we operate, which has fields whose production lives deplete over time, and as a result, the overall activity in such fields may decline faster than anticipated) and political and regulatory environments affect customers’ FSO programs. Oil and natural gas prices and market expectations of potential changes in these prices or decreases in the demand for oil and gas also significantly affect this level of activity and demand for offshore units as does the difference in cost between a floating vessel compared to a fixed installation connected through pipelines.

If we are unable to execute the points noted above, our financial condition may be adversely affected.

If we are unable to fulfill our obligations under any memorandum of agreement or newbuilding construction contract for future vessel/FSO acquisitions, the sellers of such vessels/FSO may be permitted to terminate such contracts and we may forfeit all or a portion of the down payments we already made under such contracts and we may be sued for any outstanding balance.

Rising fuel prices may adversely affect our profits

While we do not directly bear the cost of fuel or bunkers under our time charters, fuel is a significant factor in negotiating charter rates. The price and supply of fuel is unpredictable due to events outside of our control.

Fuel is also a significant, if not the largest, expense in our shipping operations when vessels are operated on the spot market under voyage charter. As a result, an increase in the price of fuel beyond our expectations may adversely affect our profitability at the time of charter negotiation. Further, fuel has become much more expensive as a result of regulations mandating a reduction in sulfur emissions to 0.5% as of January 2020, which may reduce the profitability and competitiveness of our business versus other forms of transportation, such as truck or rail. Other future regulations may have a similar impact.

The IMO 2020 regulations cause us to incur substantial costs and procure low-sulfur fuel oil directly on the wholesale market and our strategy to procure such low-sulfur fuel oil directly on the wholesale market for storage at sea and onward consumption on our vessels exposes us to additional risks, and may fail.

Effective January 1, 2020, the IMO implemented a new regulation for a 0.50% global sulfur cap on emissions from vessels. Under this new global cap, vessels must use marine fuels with a sulfur content of no more than 0.50% against the former regulations specifying a maximum of 3.50% sulfur in an effort to reduce the emission of sulfur oxide into the atmosphere or use exhaust gas cleaning systems or 'scrubbers'.

We will incur costs to comply with these revised standards. Additional or new conventions, laws and regulations may be adopted that could require, among others, the installation of expensive emission control systems and could adversely affect our business, results of operations, cash flows and financial condition.

With the exception of the four VLCC vessels delivered to us from the Daewoo Shipbuilding & Marine Engineering Co., Ltd., or DSME shipyard in 2021, two Suezmax vessels on time charter in and the two newbuilding Suezmax vessels under construction at Daehan Shipbuilding Co Ltd shipyard in South Korea, none of our vessels are equipped with scrubbers and as of January 1, 2020 we have transitioned to burning IMO compliant fuels. We continue to evaluate different options in complying with IMO and other rules and regulations and continue to work closely with suppliers and producers of both scrubbers and alternative mechanisms. We currently procure physical low sulfur fuel oil directly on the wholesale market with a view to secure availability of qualitative compliant fuel and to capture volatility in prices between high sulfur and low sulfur fuel oil. The procurement of large quantities of low sulfur fuel oil implies a commodity price risk because of fluctuations in price between the time of purchase and consumption. Whilst we may implement financial strategies with a view to limiting this risk, we cannot give assurance that such strategies will be successful in which case we could sustain significant losses which could have a material impact on our business, financial condition, results of operation and cash flow. The storage of and onward consumption on our vessels of the procured commodity may require us to blend, co-mingle or otherwise combine, handle or manipulate such commodities which implies certain operational risks that may result in loss of or damage to the procured commodities or the vessels and their machinery.

Low sulfur fuel is more expensive than standard marine fuel containing 3.5% sulfur content and may become more expensive or difficult to obtain as a result of increased demand. If the cost differential between low sulfur fuel and high sulfur fuel is significantly higher than anticipated, or if low sulfur fuel is not available at ports on certain trading routes, it may not be feasible or competitive to operate our vessels on certain trading routes without installing scrubbers or without incurring deviation time to obtain compliant fuel. Scrubbers may not be available to be installed on such vessels at a favorable cost or at all if we seek them at a later date.

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While we carry cargo insurance to protect us against certain risks of loss of or damage to the procured commodities, we may not be adequately insured to cover any losses from such operational risks, which could have a material adverse effect on us. Any significant uninsured or under-insured loss or liability could have a material adverse effect on our business, results of operations, cash flows and financial condition and our available cash.

If we are unable to operate our vessels profitably, we may be unsuccessful in competing in the highly competitive international tanker market, which would negatively affect our financial condition and our ability to expand our business.

The operation of tanker vessels and transportation of crude and petroleum products is extremely competitive and reduced demand for transportation of oil and oil products could lead to increased competition. Competition arises primarily from other tanker owners, including major oil companies and national oil companies or companies linked to authorities of oil producing or importing countries, as well as independent tanker companies, some of whom have substantially greater resources than we do. Our ability to operate our vessels profitably depends on a variety of factors, including, but not limited to the (i) loss or reduction in business from significant customers, (ii) loss in the credit quality of our customers (iii) unanticipated changes in demand for transportation of crude oil and petroleum products, (iv) changes in production of or demand for oil and petroleum products, generally or in particular regions, (v) greater than anticipated levels of tanker newbuilding orders or lower than anticipated levels of tanker recyclings, and (vi) 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.

Our market share may decrease in the future. If we expand our business or provide new services in new geographic regions, we may not be able to compete profitably.

A substantial portion of our revenue is derived from a limited number of customers and the loss of any of these customers could result in a significant loss of revenues and cash flow.

We currently derive a substantial portion of our revenue from a limited number of customers. For the year ended December 31, 2020, Valero Energy Corporation, or Valero, accounted for 6 % of our total revenues in our tankers segment. In addition, our only FSO customer as of December 31, 2020 was North Oil Company. All of our charter agreements have fixed terms, but may be terminated early due to certain events, such as a charterer’s failure to make charter payments to us because of financial inability, disagreements with us or otherwise.

In addition, a charterer may exercise its right to terminate the charter if, among other things:

•the vessel suffers a total loss or is damaged beyond repair;

•we default on our obligations under the charter, including prolonged periods of vessel off-hire;

•war, sanctions, or hostilities significantly disrupt the free trade of the vessel;

•the vessel is requisitioned by any governmental authority; or

•a prolonged force majeure event occurs, such as war, piracy, terrorism, global pandemic or political unrest, which prevents the chartering of the vessel, in each case in accordance with the terms and conditions of the respective charter.

In addition, the charter payments we receive may be reduced if the vessel does not perform according to certain contractual specifications. such as if average vessel speed falls below the speed we have guaranteed or if the amount of fuel consumed to power the vessel exceeds the guaranteed amount. Additionally, compensation under our FSO service contracts is based on daily performance and/or availability of each FSO in accordance with the requirements specified in the applicable FSO service contracts. The charter payments we receive under our FSO service contracts may be reduced or suspended (as applicable) if the vessel is idle, but available for operation, or if a force majeure event occurs, or we may not be entitled to receive charter payments if the FSO is taken out of service for maintenance for an extended period, or the charter may be terminated if these events continue for an extended period. In addition, our FSO service contracts have day rates that are fixed over the contract term. In order to mitigate the effects of inflation on revenues from these term contracts, our FSO service contracts include yearly escalation provisions. These provisions are designed to recompense us for certain cost increases, including wages, insurance and maintenance costs. However, actual cost increases may result from events or conditions that do not cause correlative changes to the applicable escalation provisions.

If any of our charters are terminated, we may be unable to re-deploy the related vessel on terms as favorable to us as our current charters, or at all. We are exposed to changes in the spot market rates associated with the deployment of our vessels. If we are unable to re-deploy a vessel for which the charter has been terminated, we will not receive any revenues from that vessel and we may be required to pay ongoing expenses necessary to maintain the vessel in proper operating condition. Any of these factors may decrease our revenue and cash flows. Further, the loss of any of our charterers, charters or vessels, or a decline in charter hire under any of our charters, could have a material adverse effect on our business, results of operations, financial condition and ability to pay dividends, if any, to our shareholders.

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Regulations relating to ballast water discharge came into effect during September 2019 and may adversely affect our revenues and profitability.

The IMO has imposed updated guidelines for ballast water management systems specifying the maximum amount of viable organisms allowed to be discharged from a vessel’s ballast water. Depending on the date of the International Oil Pollution Prevention or IOPP renewal survey, existing vessels constructed before September 8, 2017 are required to comply with the updated D-2 standard on or after September 8, 2019. For most vessels, compliance with the D-2 standard will involve installing on-board systems to treat ballast water and eliminate unwanted organisms. Vessels constructed (keel-laid) on or after September 8, 2017 are required to comply with the D-2 standards on or after September 8, 2017. We currently have 23 vessels that do not comply with the updated guideline and costs of compliance may be substantial and adversely affect our revenues and profitability.

Furthermore, United States regulations are currently changing. Although the 2013 Vessel General Permit (VGP) program and U.S. National Invasive Species Act (NISA) are currently in effect to regulate ballast discharge, exchange and installation, the Vessel Incidental Discharge Act or VIDA, which was signed into law on December 4, 2018, requires that the EPA develop national standards of performance for approximately 30 discharges, similar to those found in the VGP within two years.On October 26, 2020, the EPA published a Notice of Proposed Rulemaking for Vessel Incident Discharge National Standards of Performance under VIDA. By approximately 2022, the U.S. Coast Guard must develop corresponding implementation, compliance, and enforcement regulations regarding ballast water. The new regulations could require the installation of new equipment, which may cause us to incur substantial additional costs which may adversely affect our profitability.

We depend on our executive officers and other key employees, and the loss of their services could, in the short term, have a material adverse effect on our business, results and financial condition.

We depend on the efforts, knowledge, skill, reputations and business contacts of our executive officers and other key employees. Accordingly, our success will depend on the continued service of these individuals. We may experience departures of senior executive officers and other key employees, and we cannot predict the impact that any of their departures would have on our ability to achieve our financial objectives. The loss of the services of any of them could, in the short term, have a material adverse effect on our business, results of operations and financial condition.

United States tax authorities could treat us as a “passive foreign investment company,” which could have adverse United States federal income tax consequences to United States shareholders.

A foreign corporation will be treated as a “passive foreign investment company,” or PFIC, for United States federal income tax purposes if either (1) at least 75% of its gross income for any taxable year consists of certain types of “passive income” or (2) at least 50% of the average value of the corporation’s assets produce or are held for the production of those types of “passive income.” For purposes of these tests, “passive income” includes dividends, interest, and gains from the sale or exchange of investment property and rents and royalties other than rents and royalties which are received from unrelated parties in connection with the active conduct of a trade or business. For purposes of these tests, income derived from the performance of services does not constitute “passive income.” United States shareholders of a PFIC are subject to a disadvantageous United States federal income tax regime with respect to the income derived by the PFIC, the distributions they receive from the PFIC and the gain, if any, they derive from the sale or other disposition of their shares in the PFIC.

Based on our current and proposed method of operation, we do not believe that we will be a PFIC with respect to any taxable year. In this regard, we treat the gross income we derive or are deemed to derive from our time chartering activities as services income, rather than rental income. Accordingly, our income from our time and voyage chartering activities should not constitute “passive income,” and the assets that we own and operate in connection with the production of that income should not constitute assets that produce or are held for the production of “passive income.”

There is substantial legal authority supporting this position, consisting of case law and United States Internal Revenue Service, or IRS, pronouncements concerning the characterization of income derived from time charters and voyage charters as services income for other tax purposes. However, it should be noted that there is also authority that characterizes time charter income as rental income rather than services income for other tax purposes. Accordingly, no assurance can be given that the IRS or a court of law will accept this position, and there is a risk that the IRS or a court of law could determine that we are a PFIC. Moreover, no assurance can be given that we would not constitute a PFIC for any future taxable year if the nature and extent of our operations change.

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If the IRS were to find that we are or have been a PFIC for any taxable year, our United States shareholders would face adverse United States federal income tax consequences and incur certain information reporting obligations. Under the PFIC rules, unless those shareholders make an election available under the United States Internal Revenue Code of 1986, as amended, or the Code (which election could itself have adverse consequences for such shareholders), such shareholders would be subject to United States federal income tax at the then prevailing rates on ordinary income plus interest, in respect of excess distributions and upon any gain from the disposition of their ordinary shares, as if the excess distribution or gain had been recognized ratably over the shareholder’s holding period of the ordinary shares. See “Item 10. Additional Information E. Taxation-Passive Foreign Investment Company Status and Significant Tax Consequences” for a more comprehensive discussion of the United States federal income tax consequences to United States shareholders if we are treated as a PFIC.

We may have to pay tax on United States source shipping income, or taxes in other jurisdictions, which would reduce our net earnings.

Under the Code, 50% of the gross shipping income of a corporation that owns or charters vessels, as we and our subsidiaries do, that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States may be subject to a 4% United States federal income tax without allowance for deductions, unless that corporation qualifies for exemption from tax under Section 883 of the Code and the regulations promulgated thereunder by the United States Department of the Treasury or an applicable U.S. income tax treaty.

We and our subsidiaries continue to take the position that we qualify for either this statutory tax exemption or exemption under an income tax treaty for United States federal income tax return reporting purposes. However, there are factual circumstances beyond our control that could cause us to lose the benefit of this tax exemption and thereby become subject to United States federal income tax on our United States source shipping income. For example, we may no longer qualify for exemption under Section 883 of the Code for a particular taxable year if shareholders with a five percent or greater interest in our ordinary shares, or “5% Shareholders,” owned, in the aggregate, 50% or more of our outstanding ordinary shares for more than half the days during the taxable year, and there does not exist sufficient 5% Shareholders that are qualified shareholders for purposes of Section 883 of the Code to preclude non-qualified 5% Shareholders from owning 50% or more of our ordinary shares for more than half the number of days during such taxable year or we are unable to satisfy certain substantiation requirements with regard to our 5% Shareholders. Due to the factual nature of the issues involved, there can be no assurances on the tax-exempt status of us or any of our subsidiaries.

If we or our subsidiaries were not entitled to exemption under Section 883 of the Code for any taxable year, we or our subsidiaries could be subject for such year to an effective 2% United States federal income tax on the shipping income we or they derive during such year which is attributable to the transport of cargoes to or from the United States. The imposition of this taxation would have a negative effect on our business and would decrease our earnings available for distribution to our shareholders.

We may also be subject to tax in other jurisdictions, which could reduce our earnings.

Our shareholders residing in countries other than Belgium may be subject to double withholding taxation with respect to dividends or other distributions made by us.

Any dividends or other distributions we make to shareholders will, in principle, be subject to withholding tax in Belgium at a rate of 30%, except for shareholders which qualify for an exemption of withholding tax such as, amongst others, qualifying pension funds or a company qualifying as a parent company in the sense of the Council Directive (90/435/EEC) of July 23, 1990, or the Parent-Subsidiary Directive or that qualify for a lower withholding tax rate or an exemption by virtue of a tax treaty. Various conditions may apply and shareholders residing in countries other than Belgium are advised to consult their advisers regarding the tax consequences of dividends or other distributions made by us. Our shareholders residing in countries other than Belgium may not be able to credit the amount of such withholding tax to any tax due on such dividends or other distributions in any other country than Belgium. As a result, such shareholders may be subject to double taxation in respect of such dividends or other distributions.

Belgium and the United States have concluded a double tax treaty concerning the avoidance of double taxation, or the U.S.-Belgium Treaty. The U.S.-Belgium Treaty reduces the applicability of Belgian withholding tax to 15%, 5% or 0% for U.S. taxpayers, provided that the U.S. taxpayer meets the limitation of benefits conditions imposed by the U.S.-Belgium Treaty. The Belgian withholding tax is generally reduced to 15% under the U.S.-Belgium Treaty. The 5% withholding tax applies in cases where the U.S. shareholder is a company which holds at least 10% of the shares in the Company. A 0% Belgian withholding tax applies when the shareholder is a company which has held at least 10% of the shares in the Company for at least 12 months, or is, subject to certain conditions, a U.S. pension fund. The U.S. shareholders are encouraged to consult their own tax advisers to determine whether they can invoke the benefits and meet the limitation of benefits conditions as imposed by the U.S.-Belgium Treaty.

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Changes to the tonnage tax or the corporate tax regimes applicable to us, or to the interpretation thereof, may impact our future operating results.

Shortly after its incorporation in 2003, Euronav applied for treatment under the Belgian tonnage tax regime. It was declared eligible for this regime by the Federal Finance Department on 23 October 2003 for a ten-year period. In line with the tonnage tax regulations, which are part of the normal corporate tax regime in Belgium, profits from the operation of seagoing vessels are determined on a lump sum basis based on the net registered tonnage of the particular vessels. After this first ten-year period had elapsed, the tonnage tax regime has been automatically renewed for another ten-year period. This tonnage tax replaces all factors that are normally taken into account in traditional tax calculations, such as profit or loss, operating costs, depreciation, gains and the offsetting of past losses of the revenues taxable in Belgium. Two of Euronav’s subsidiaries (Euronav Shipping NV and Euronav Tankers NV) also applied for the Belgian tonnage tax regime as from 2016 which application has been successfully obtained. In 2019 Euronav Shipping NV left the tonnage tax regime on a voluntary basis because no vessels were operated by that subsidiary for the period 2020 and 2019.

Changes to the tax regimes applicable to us, or the interpretation thereof, may impact our future operating results. In 2017 and early 2018 the Company took note of the correspondence between the Belgian authorities and the European Commission within the framework of request for extension of the state aid to the maritime industry by Belgium. Belgium extended the state aid to the maritime industry up to, and including, December 31, 2022. Belgium decided to adjust the tonnage tax law which entered into force retroactively as from January 1, 2018 to comply with the recommendations from the European Commission. The changes to the tonnage tax regulations were reviewed but did or do not have any adverse effect to our existing tonnage tax regime or on the operations of the Company.

Euronav is also operating vessels under Greek, Marshall Island and Liberian Flag for which the Company is paying the required tonnage tax in these particular jurisdictions.

There is, however, no guarantee that the tonnage tax regime will not be reversed or that other forms of taxation will not be imposed such as, but not limited to, a carbon tax or emissions trading system in the context of the discouragement of the use of fossil fuels. To the extent such changes would be implemented on the EU level only, the global level playing field may be distorted and put the company in a weaker competitive position compared to its non-EU peer companies.

Insurance may be difficult to obtain, or if obtained, may not be adequate to cover our losses that may result from our operations due to the inherent operational risks of the tanker industry.

We take out insurance to protect us against most of the accident-related risks involved in the conduct of our business, including marine hull and machinery insurance, protection and indemnity insurance, which include pollution risks, crew insurance and war risk insurance. However, we may not be adequately insured to cover losses from our operational risks, which could have a material adverse effect on us. Additionally, our insurers may refuse to pay particular claims and our insurance may be voidable by the insurers if we take, or fail to take, certain action, such as failing to maintain certification of our vessels with applicable maritime regulatory organizations. Any significant uninsured or under-insured loss or liability could have a material adverse effect on our business, results of operations, cash flows and financial condition and our available cash. In addition, we may not be able to obtain adequate insurance coverage at reasonable rates in the future during adverse insurance market conditions.

Because we obtain some of our insurance through protection and indemnity associations, which result in significant expenses to us, we may be required to make additional premium payments.

We may be subject to increased premium payments, or calls, in amounts based on our claim records, the claim records of our managers, as well as the claim records of other members of the protection and indemnity associations through which we receive insurance coverage for tort liability, including pollution-related liability. In addition, our protection and indemnity associations may not have enough resources to cover claims made against them. Our payment of these calls could result in significant expense to us, which could have a material adverse effect on our business, results of operations, cash flows, financial condition and available cash.

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Servicing our current or future indebtedness limits funds available for other purposes and if we cannot service our debt, we may lose our vessels.

We had $1,375.5 million and $1,853.0 million of indebtedness as of December 31, 2020 and December 31, 2019, respectively, and expect to incur additional indebtedness as we further expand our fleet. Borrowing under our credit facilities are secured by our vessels and certain of our vessel owning subsidiaries’ bank accounts and if we cannot service our debt, we may lose our vessels or certain of our pledged accounts. Borrowings under our credit facilities and other debt agreements requires us to dedicate a part of our cash flow from operations to paying interest and principal on our indebtedness. These payments limit funds available for working capital, capital expenditures and other purposes, including further equity or debt financing in the future. Amounts borrowed under our credit facilities bear interest at variable rates. Increases in prevailing rates could increase the amounts that we would have to pay to our lenders, even though the outstanding principal amount remains the same and our net income and cash flows would decrease. We expect our earnings and cash flow to vary from year to year due to the cyclical nature of the tanker industry. If we do not generate or reserve enough cash flow from operations to enable us to satisfy our short-term or medium- to long-term liquidity requirements or to otherwise satisfy our debt obligations, we may have to undertake alternative financing plans, which could dilute shareholders or negatively impact our financial results, depending on market conditions at the time, such as:

•seeking to raise additional capital or equity;

•refinancing or restructuring our debt;

•establish new loans;

•selling tankers or assets (including investments); or

•reducing or delaying capital investments.

However, these alternative financing plans, if necessary, may not be sufficient to allow us to meet our debt obligations. If we are unable to meet our debt obligations or if some other default occurs under our credit facilities, our lenders could elect to declare that our debt, totally or partially, together with accrued interest and fees, to be immediately due and payable and proceed against the collateral vessels securing that debt even though the majority of the proceeds used to purchase the collateral vessels did not come from our credit facilities.

Our agreements governing our indebtedness, also impose certain operating and financial restrictions on us, mainly to ensure that the market value of the mortgaged vessel under the applicable credit facility does not fall below a certain percentage of the outstanding amount of the loan, which we refer to as the asset coverage ratio which means that 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 as a result of which a repayment in the same amount may be required. In addition, certain of our credit facilities will require us to satisfy certain financial covenants, which require us to, among other things, maintain:

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

•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%.

In general, the operating restrictions that are contained in our credit facilities may prohibit or otherwise limit our 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 if there is or will be, as a result of the dividend, an event of default or breach of a loan covenant; 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.

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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, or those of our 50%-owned joint ventures. 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. Our credit facilities contain provisions that entitle the lenders to require us to prepay to the lenders their respective portion of any advances granted to us under the facility, which could negatively impact our financial results.

As of December 31, 2020 and as of the date of this annual report, we were in compliance with the financial covenants contained and other restrictions in our debt agreements. For more information, please read "Item 5. Operating and Financial Review and Prospects."

Adverse market conditions could cause us to breach covenants in our credit facilities and adversely affect our operating results.

Notwithstanding a degree of volatility in vessel values, the market values of tankers have generally been depressed. The market prices for tankers declined significantly from historically high levels reached in early 2008, and remain at relatively low levels. You should expect the market value of our vessels to fluctuate depending on general economic and market conditions affecting the shipping industry and prevailing charter hire rates, competition from other tanker companies and other modes of transportation, types, sizes, propulsion mode, fuel consumption and ages of vessels, applicable governmental regulations and the cost of newbuildings. Our credit facilities generally require that the fair market value of the vessels pledged as collateral never be less than 125% of the aggregate principal amount outstanding under the loan. We were in compliance with these requirements as of December 31, 2020 and as of the date of this annual report.

A decrease in vessel values or a failure to meet this ratio could cause us to breach certain covenants in our existing credit facilities and future financing agreements that we may enter into from time to time. If we breach such covenants and are unable to remedy the relevant breach or obtain a waiver, our lenders could accelerate our debt and foreclose on our owned vessels. Additionally, if we sell one or more of our vessels at a time when vessel prices have fallen, the sale price may be less than the vessel’s carrying value on our consolidated financial statements, resulting in a loss on sale or an impairment loss being recognized, ultimately leading to a reduction in earnings. In addition, because 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. Additionally, events beyond our control, including changes in the economic and business conditions in the shipping markets in which we operate, interest rate developments, changes in the funding costs of our banks and changes in vessel earnings and asset valuations and outbreaks of epidemic and pandemic of diseases, such as the COVID-19 pandemic, may affect our ability to comply with these covenants.

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The contribution of our joint ventures to our profits and losses may fluctuate, which could have a material adverse effect on our business, financial condition, results of operation and cash flows.

We currently own an interest in three of our vessels, Bari, FSO Asia and FSO Africa, through 50%-owned joint ventures, together with other third-party vessel owners and operators in our industry. Our ownership in these joint ventures is accounted for using the equity method, which means that our allocation of profits and losses of the applicable joint venture is included in our consolidated financial statements. The joint ventures for FSO Asia and FSO Africa have entered into certain credit facilities, for which we have provided a guarantee for the revolving credit facility tranche and are secured by the FSO vessels. A violation of any of our financial covenants or operating restrictions contained in the credit facilities for the FSO Africa and the FSO Asia may constitute an event of default thereunder, which may provide 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. The joint venture for Bari has entered into various agreements including a term loan with Euronav Hong Kong as lender, secured by the vessel. A violation of any of the financial covenants or operations restrictions contained in the term loan for Bari may constitute an event of default thereunder, which may provide us with the right to, among other things, call all the issued shares in the joint venture. The contribution of our joint ventures to our profits and losses may fluctuate, including the dividends that we may receive from such entities, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

In addition, we have provided, and may continue to provide in the future, unsecured loans to our joint ventures which we treat as additional 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.

We are exposed to volatility in LIBOR, and we have and we intend to selectively enter into derivative contracts, which can result in higher than market interest rates and charges against our income. If volatility in LIBOR occurs, it could affect our profitability, earnings and cash flow.

LIBOR is the subject of recent national, international and other regulatory guidance and proposals for reform. These reforms and other pressures may cause LIBOR to be eliminated or to perform differently than in the past. The consequences of these developments cannot be entirely predicted, but could include an increase in the cost of our variable rate indebtedness and obligations. The amounts outstanding under our senior secured credit facilities have been, and amounts under additional credit facilities that we may enter in the future will generally be, advanced at a floating rate based on LIBOR, which has been volatile in prior years, which can affect the amount of interest payable on our debt, and which, in turn, could have an adverse effect on our earnings and cash flow. In addition, in recent years, LIBOR has been at relatively low levels, and may rise in the future as the current low interest rate environment comes to an end. Our financial condition could be materially adversely affected at any time that we have not entered into interest rate hedging arrangements to hedge our exposure to the interest rates applicable to our credit facilities and any other financing arrangements we may enter into in the future. Moreover, even if we have entered into interest rate swaps or other derivative instruments for purposes of managing our interest rate exposure, our hedging strategies may not be effective and we may incur substantial losses.

LIBOR has historically been volatile, with the spread between LIBOR and the prime lending rate widening significantly at times. These conditions are the result of the disruptions in the international credit markets. Because the interest rates borne by our outstanding indebtedness fluctuate with changes in LIBOR, if this volatility were to occur, it would affect the amount of interest payable on our debt, which in turn, could have an adverse effect on our profitability, earnings and cash flow.

Furthermore, the calculation of interest in most financing agreements in our industry has been based on published LIBOR rates. Due in part to uncertainty relating to the LIBOR calculation process in recent years, it is likely that LIBOR will be phased out in the future. As a result, lenders have insisted on provisions that entitle the lenders, in their discretion, to replace published LIBOR as the base for the interest calculation with their cost-of-funds rate. If we are required to agree to such a provision in future financing agreements, our borrowing costs could increase significantly, which would have an adverse effect on our profitability, earnings and cash flow.

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In addition, on November 30, 2020, ICE Benchmark Administration, the administrator of LIBOR, with the support of the United States Federal Reserve and the United Kingdom’s Financial Conduct Authority, announced plans to consult on ceasing publication of U.S. Dollar LIBOR on December 31, 2021 for only the one-week and two-month U.S. Dollar LIBOR tenors, and on June 30, 2023 for all other U.S. Dollar LIBOR tenors. The United States Federal Reserve concurrently issued a statement advising banks to stop new U.S. Dollar LIBOR issuances by the end of 2021. Such announcements indicate that the continuation of LIBOR on the current basis will not be guaranteed after 2021. The Alternative Reference Rate Committee, a committee convened by the Federal Reserve that includes major market participants, has proposed an alternative rate to replace U.S. Dollar LIBOR with: the Secured Overnight Financing Rate, or “SOFR.” The impact of such a transition from LIBOR to SOFR or another alternative rate could be significant for us.

In order to manage our exposure to interest rate fluctuations, we may from time to time use interest rate derivatives to effectively fix some of our floating rate debt obligations. No assurance can however be given that the use of these derivative instruments, if any, may effectively protect us from adverse interest rate movements. The use of interest rate derivatives may affect our results through mark to market valuation of these derivatives. Also, adverse movements in interest rate derivatives may require us to post cash as collateral, which may impact our free cash position. Interest rate derivatives may also be impacted by the transition from LIBOR to SOFR or other alternative rates.

We have entered into and may selectively in the future enter into additional derivative contracts to hedge our overall exposure to interest rate risk exposure. Entering into swaps and derivatives transactions is inherently risky and presents various possibilities for incurring significant expenses. The derivatives strategies that we employ currently or in the future may not be successful or effective, and we could, as a result, incur substantial additional interest costs and recognize losses on such arrangements in our financial statements. Such risk may have an adverse effect on our financial condition and results of operations. See “Item 5. Operating and Financial Review and Prospects” for a description of our interest rate swap arrangements.

Fluctuations in exchange rates and non-convertibility of currencies could result in losses to us.

As a result of our international operations, we are exposed to fluctuations in foreign exchange rates due to parts of our operating costs being expressed in currencies other than U.S. dollars, primarily in Euro. As a result, there is transactional risk to us that currency fluctuations will have a negative effect on the value of our cash flows and our financial condition. Accordingly, we may experience currency exchange losses if we have not fully hedged our exposure to a foreign currency, which could lead to fluctuations in our results of operations.

Our costs of operating as a public company are significant, and our management is required to devote substantial time to complying with public company regulations. If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, shareholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our common stock.

In January 2015, we became subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the other rules and regulations of the SEC, including the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, and as such, we have significant legal, accounting and other expenses that we did not incur previously. In 2016, we became subject to the requirements as directed by Section 404(b) of the Sarbanes-Oxley Act of 2002, requiring an auditor attestation with respect to our internal control over financial reporting or ICOFR. These reporting obligations impose various requirements on US registered public companies, including changes in corporate governance practices, and these requirements may continue to evolve. We, our management and other personnel devote a substantial amount of time to comply with these requirements. Moreover, these rules and regulations increase our legal and financial compliance costs and make some activities more time-consuming and costly.

Sarbanes-Oxley requires, among other things, that we maintain and periodically evaluate our internal control over financial reporting and disclosure controls and procedures. In particular, we need to perform system and process evaluation and testing of our internal control over financial reporting to allow management and our independent registered public accounting firm to report on the effectiveness of our internal control over financial reporting, as required by Section 404 of Sarbanes-Oxley. Effective internal controls over financial reporting, together with adequate disclosure controls and procedures, are necessary for us to provide reliable financial reports and are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in their implementation, could cause us to fail to meet our reporting obligations. In addition, any testing we conduct in connection with Section 404 of the Sarbanes-Oxley Act of 2002, or any testing conducted by our independent registered public accounting firm, may reveal deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses or that may require prospective or retroactive changes to our financial statements or identify other areas for further attention or improvement. Inferior internal controls could also cause investors to lose confidence in our reported financial information, which could have a negative effect on the trading price of our securities. Our compliance with Section 404 has and may continue to require us to incur substantial expenses and significant management efforts.

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Increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to our Environmental, Social and Governance (“ESG”) policies may impose additional costs on us or expose us to additional risks.

Companies across all industries are facing increasing scrutiny relating to their ESG policies. Investor advocacy groups, certain institutional investors, investment funds, lenders and other market participants are increasingly focused on ESG practices and in recent years have placed increasing importance on the implications and social cost of their investments. The increased focus and activism related to ESG and similar matters may hinder access to capital, as investors and lenders may decide to reallocate capital or to not commit capital as a result of their assessment of a company’s ESG practices. Companies which do not adapt to or comply with investor, lender or other industry shareholder expectations and standards, which are evolving, or which are perceived to have not responded appropriately to the growing concern for ESG issues, regardless of whether there is a legal requirement to do so, may suffer from reputational damage and the business, financial condition, and/or stock price of such a company could be materially and adversely affected.

We may face increasing pressures from investors, lenders and other market participants, who are increasingly focused on climate change, to prioritize sustainable energy practices, reduce our carbon footprint and promote sustainability. As a result, we may be required to implement more stringent ESG procedures or standards so that our existing and future investors and lenders remain invested in us and make further investments in us, especially given the highly focused and specific trade of crude oil transportation in which we are engaged. If we do not meet these standards, our business and/or our ability to access capital could be harmed.

Additionally, certain investors and lenders may exclude oil transport companies, such as us, from their investing portfolios altogether due to environmental, social and governance factors. These limitations in both the debt and equity capital markets may affect our ability to grow as our plans for growth may include accessing the equity and debt capital markets. If those markets are unavailable, or if we are unable to access alternative means of financing on acceptable terms, or at all, we may be unable to implement our business strategy, which would have a material adverse effect on our financial condition and results of operations and impair our ability to service our indebtedness. Further, it is likely that we will incur additional costs and require additional resources to monitor, report and comply with wide ranging ESG requirements. The occurrence of any of the foregoing could have a material adverse effect on our business and financial condition.

We rely on our information systems to conduct our business, and failure to protect these systems against security breaches could adversely affect our business and results of operations. Additionally, if these systems fail or become unavailable for any significant period of time, our business could be harmed.

The efficient operation of our business is dependent on computer hardware and software systems. Information systems are vulnerable to security breaches by computer hackers and cyber-terrorists. Like other global companies, we have, from time to time, experienced threats to our data and systems, including malware and computer virus attacks, internet network scans, systems failures and disruptions. A cyberattack that bypasses our IT security systems, causing an IT security breach, could lead to a material disruption of our IT systems and adversely impact our daily operations and cause the loss of sensitive information, including our own proprietary information and that of our customers, suppliers and employees. Such losses could harm our reputation and result in competitive disadvantages, litigation, regulatory enforcement actions, lost revenues, additional costs and liability. While we devote substantial resources to maintaining adequate levels of cybersecurity, our resources and technical sophistication may not be adequate to prevent all types of cyberattacks.

We rely on industry accepted security & control frameworks and technology to securely maintain confidential and proprietary information and personal data maintained on our information systems. However, these measures and technology may not adequately prevent security breaches. In addition, the unavailability of the information systems or the failure of these systems to perform as anticipated for any reason could disrupt our business and could result in decreased performance and increased operating costs, causing our business and results of operations to suffer. Any significant interruption or failure of our information systems or any significant breach of security could adversely affect our business, results of operations and financial condition, as well as our cash flows. Furthermore, as from May 25, 2018, data breaches on personal data as defined in the General Data Protection Regulation 2016/679 (EU), could lead to administrative fines up to €20 million or up to 4% of the total worldwide annual turnover of the company, whichever is higher.

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We depend on directors who are associated with major shareholders, which may create conflicts of interest.

Certain of our directors are associated with major shareholders, which may create conflicts of interest. Because these directors owe fiduciary duties to both us and those shareholders, conflicts of interest may result in matters involving or affecting us and our customers. In addition, they may have conflicts of interest when faced with decisions that could have different implications for those shareholders than they do for us. Any such conflicts of interest could adversely affect our business, financial condition and results of operations and the trading price of our ordinary shares. For further discussion of transactions with, or involving, our directors that may give rise to potential conflicts of interest, please see "Item 6.A and F/S note 22 “Related Parties”: Relationship with CMB - Properties - Registration Rights”.

An inability to effectively time investments in and divestments of vessels could prevent the implementation of our business strategy and negatively impact our results of operations and financial condition.

Our strategy is to own and operate a fleet large enough to provide global coverage, but no larger than what the demand for our services can support over a longer period by both contracting newbuildings and through acquisitions and disposals in the secondhand market. Our business is greatly influenced by the timing of investments and/or divestments and contracting of newbuildings. In general, the cost of maintaining a vessel in good operating condition increases with the age of the vessel. As our fleet ages, we may incur increased costs. Older vessels are typically less fuel efficient and more costly to maintain than more recently constructed vessels due to improvements in engine technology. Cargo insurance rates also increase with the age of a vessel, making older vessels less desirable to charterers. Governmental regulations and safety or other equipment standards related to the age of a vessel may also require expenditures for alterations or the addition of new equipment to our vessels, and may restrict the type of activities in which our vessels may engage. Although our current fleet of 75 vessels has an average age of approximately 9.35 years as of April 1, 2021, we cannot assure you that, as our vessels age, market conditions will justify such expenditures or will enable us to profitably operate our vessels during the remainder of their expected useful lives. The increased operating costs in the future could adversely affect our earnings.

If we are unable to identify the optimal timing of such investments, divestments or contracting of newbuildings in relation to the shipping value cycle due to capital restraints, this could have a material adverse effect on our competitive position, future performance, results of operations, cash flows and financial position.

Dependence on third party service providers

The Company currently outsources to third party service providers, certain management services of its fleet, including certain aspects of technical, commercial and crew management. In particular, the Company has entered into ship management agreements that assign technical and crew management responsibilities to a third party technical manager for 20% of the Company’s fleet (collectively, the “Ship Management Agreements”) and the Company has transferred commercial management of part of its fleet to TI Pool.

In such outsourcing arrangements, the Company has transferred direct control over technical, crew and commercial management of the relevant vessels, while maintaining significant oversight and audit rights, and must rely on third party service providers to, among other things:

•comply with contractual commitments to the Company, including with respect to safety, security, quality, proper crew management and environmental compliance of the operations of the Company’s vessels;

•comply with requirements imposed by the U.S. government, the UN and the EU (i) restricting certain transaction that may be and calls on ports located in countries that are, subject to sanctions and embargoes and (ii) prohibiting bribery and other corrupt practices;

•respond to changes in customer demands for the Company’s vessels;

•obtain supplies and materials necessary for the operation and maintenance of the Company’s vessels; and

•mitigate the impact of labor shortages and/or disruptions relating to crews on the Company’s vessels.

The failure of third-party service providers to meet such commitments could lead to legal liability or other damages to the Company. The third-party service providers the Company has selected may not provide a standard of service comparable to that which the Company would provide for such vessels if the Company directly provided such service. The Company relies on its third-party service providers to comply with applicable law, and a failure by such providers to comply with such laws may subject the Company to liability or damage its reputation even if the Company did not engage in the conduct itself. Furthermore, damage to any such third party’s reputation, relationships or business may reflect on the Company directly or indirectly, and could have a material adverse effect on the Company’s reputation and business.

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The third-party managers have the right to terminate their agreements. If the third-party manager exercises that right, the Company will be required either to enter into substitute agreements with other third parties or to assume those management duties. The Company may not succeed in negotiating and entering into such agreements with other third parties and, even if it does so, the terms and conditions of such agreements may be less favorable to the Company. Furthermore, if the Company is required to dedicate internal resources to managing its fleet (including, but not limited to, hiring additional qualified personnel or diverting existing resources), that could result in increased costs and reduced efficiency and profitability. Any such changes could result in a temporary loss of customer approvals, could disrupt the Company’s business and have a material adverse effect on the Company’s business, results of operations and financial condition.

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Risk Factors Relating to an Investment in Our Ordinary Shares

Our share price may be highly volatile and future sales of our ordinary shares could cause the market price of our ordinary shares to decline.

The market price of our ordinary shares has historically fluctuated over a wide range and may continue to fluctuate significantly in response to many factors, such as actual or anticipated fluctuations in our operating results, changes in financial estimates by securities analysts, economic, regulatory and ESG trends, general market conditions, rumors, fabricated news, business interruptions caused by the outbreak of COVID-19 and other factors, many of which are beyond our control. Since 2008, the stock market has experienced extreme price and volume fluctuations. If the volatility in the market continues or worsens, it could have an adverse effect on the market price of our ordinary shares and impact a potential sale price if holders of our ordinary shares decide to sell their shares.

The price of our common shares has fluctuated in the past, has recently been volatile and may be volatile in the future, and as a result, investors in our common shares could incur substantial losses.

Our stock price has fluctuated in the past, has recently been volatile and may be volatile in the future. The price of our common shares has ranged from a price of between $13.09 and $7.36 between 1 January 2020 and 31 December 2020 without any discernable announcements or developments by the company or third parties to substantiate the movement of our stock price. Out stock prices may experience rapid and substantial decreases or increases in the foreseeable future that are unrelated to our operating performance or prospects. In addition, the ongoing outbreak of the novel COVID-19 virus has caused broad stock market and industry fluctuations. The stock market in general and the market for shipping companies in particular have experienced extreme volatility that has often been unrelated to the operating performance of particular companies. As a result of this volatility, investors may experience substantial losses on their investment in our common shares. The market price for our common shares may be influenced by many factors, including the following:

•investor reaction to our business strategy;

•our continued compliance with the listing standards of NYSE and/or Euronext;

•regulatory or legal developments in the United States and other countries, especially changes in laws or regulations applicable to our industry;

•variations in our financial results or those of companies that are perceived to be similar to us;

•our ability or inability to raise additional capital and the terms on which we raise it;

•declines in the market prices of stocks generally;

•trading volume of our common shares;

•sales of our common shares by us or our stockholders;

•general economic, industry and market conditions; and

•other events or factors, including those resulting from such events, or the prospect of such events, including war, terrorism and other international conflicts, public health issues including health epidemics or pandemics, such as the ongoing COVID-19 pandemic, adverse weather and climate conditions could disrupt our operations or result in political or economic instability.

These broad market and industry factors may seriously harm the market price of our common shares, regardless of our operating performance, and may be inconsistent with any improvements in actual or expected operating performance, financial condition or other indicators of value. Since the stock price of our common shares has fluctuated in the past, has been recently volatile and may be volatile in the future, investors in our common shares could incur substantial losses. In the past, following periods of volatility in the market, securities class-action litigation has often been instituted against companies. Such litigation, if instituted against us, could result in substantial costs and diversion of management’s attention and resources, which could materially and adversely affect our business, financial condition, results of operations and growth prospects. There can be no guarantee that our stock price will remain at current prices.

Additionally, recently, securities of certain companies have experienced significant and extreme volatility in stock price due short sellers of shares of common shares, known as a “short squeeze”. These short squeezes have caused extreme volatility in those companies and in the market and have led to the price per share of those companies to trade at a significantly inflated rate that is disconnected from the underlying value of the company. Many investors who have purchased shares in those companies at an inflated rate face the risk of losing a significant portion of their original investment as the price per share has declined steadily as interest in those stocks have abated. While we have no reason to believe our shares would be the target of a short squeeze, there can be no assurance that we will not be in the future, and you may lose a significant portion or all of your investment if you purchase our shares at a rate that is significantly disconnected from our underlying value.

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From time to time our Supervisory Board may authorize a share buyback within the Belgian legal framework. There is no guarantee that we will repurchase shares at a level anticipated by stockholders or at all, which could reduce returns to our stockholders. Once authorized, decisions to repurchase our common stock will be at the discretion of our Management Board, based upon a review of relevant considerations.

In accordance with the authorization granted by a general meeting of shareholders held on 20 May 2020, we have the option but not the obligation until June 2025 of buying our own shares back should we believe there is a substantial value disconnect between the share price and the real value of the Company. During 2020 we bought back shares from June 2020 until December 2020. During 2021 as of the date of this annual report, we did not buy back shares.

Following these transactions, as of April 1, 2021 we owned 18,346,732 of our own shares (8,43% of the total outstanding shares). We may continue to buy back our shares opportunistically under the conditions laid down by law and subject to a valid authorization. The extent to which we do so and the timing of these purchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations.

The Supervisory Board’s determination to repurchase shares of our common stock will depend upon our profitability and financial condition, contractual restrictions, restrictions imposed by applicable law and other factors that the Supervisory Board deems relevant. Based on an evaluation of these factors, the Supervisory Board may determine not to repurchase shares or to repurchase shares at reduced levels compared to historical levels, any or all of which could reduce returns to our stockholders.

Although we have a dividend policy that includes a fixed component, we cannot assure you that we will declare or pay any dividends. The tanker industry is volatile and we cannot predict with certainty the amount of cash, if any, that will be available for distribution as dividends in any period.

Our Supervisory Board may from time to time, declare and pay cash dividends in accordance with our Coordinated Articles of Association and applicable Belgian law. The declaration and payment of dividends, if any, will always be subject to the approval of either our Supervisory Board (in the case of “interim dividends”) or of the shareholders (in the case of “regular dividends” or "intermediary dividends").

Our current dividend policy is the following: we intend to pay a minimum fixed dividend of at least $0.12 in total per share per year provided (a) the Company has in the view of the Supervisory Board, sufficient balance sheet strength and liquidity combined (b) with sufficient earnings visibility from fixed income contracts. In addition, if the results per share are positive and exceed the amount of the fixed dividend, that excess income will be allocated to either: additional cash dividends, share buy-back, accelerated amortization of debt or the acquisition of vessels which the Supervisory Board considers at that time to be accretive to shareholders’ value.

Additional guidance to the above stated policy as applied to our final results for the year ended on December 31, 2019 and to our quarterly results as from 2020 onwards, was provided by our Supervisory Board by way of a press release dated January 9, 2020, as follows:

•Each quarter the Company will target to return 80% of net income (including the fixed element of $0.03 per quarter) to shareholders.

•This return to shareholders will primarily be in the form of a cash dividend and the Company will always look at stock repurchase as an alternative if it believes more value can be created for shareholders.

•The Company retains the right to return more than 80% should the circumstances allow it.

As part of its distribution policy the Company will continue to include exceptional capital losses when assessing additional dividends but also continue to exclude exceptional capital gains when assessing additional dividend payments. As part of its distribution policy the Company will not include non-cash items affecting the results such as deferred tax assets or deferred tax liabilities.

Our Supervisory Board will continue to assess the declaration and payment of dividends upon consideration of our financial results and earnings, restrictions in our debt agreements, market prospects, current capital expenditures, commitments, investment opportunities, and the provisions of Belgian law affecting the payment of dividends to shareholders and other factors. We may stop paying dividends at any time and cannot assure you that we will pay any dividends in the future or of the amount of such dividends. For instance, we did not declare or pay any dividends from 2010 until 2014.

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In general, under the terms of our debt agreements, we are not permitted to pay dividends if there is or will be a default or a breach of a loan covenant as a result of the dividend. Our credit facilities also contain restrictions and undertakings which may limit our and our subsidiaries' ability to declare and pay dividends (for instance, with respect to each of our joint ventures, no dividend may be distributed before its loan agreement, as applicable, is repaid in full). Please see “Item 5. Operating and Financial Review and Prospects” for more information relating to restrictions on our ability to pay dividends under the terms of the agreements governing our indebtedness. Belgian law generally prohibits the payment of dividends unless net assets on the closing date of the last financial year do not fall beneath the amount of the registered capital and, before the dividend is paid out, 5% of the net profit is allocated to the legal reserve until this legal reserve amounts to 10% of the share capital. No distributions may occur if, as a result of such distribution, our net assets would fall below the sum of (i) the amount of our registered capital, (ii) the amount of such aforementioned legal reserves, and (iii) other reserves which may be required by our Coordinated Articles of Association or by law, such as the reserves not available for distribution in the event we hold treasury shares. We may not have sufficient surplus in the future to pay dividends and our subsidiaries may not have sufficient funds or surplus to make distributions to us. We can give no assurance that dividends will be paid at a level anticipated by stockholders or at all. In addition, the corporate law of jurisdictions in which our subsidiaries are organized may impose restrictions on the payment or source of dividends under certain circumstances.

Future issuances and sales of our ordinary shares could cause the market price of our ordinary shares to decline.

As of December 31, 2020, our issued (and fully paid up) share capital was $239,147,506.82 which was represented by 220,024,713 shares. By decision at our Shareholders’ Special Meeting held on May 20, 2020, our Supervisory Board has been authorized to acquire a maximum of 10% of the existing shares or profit shares during a period of five years, at a price per share not exceeding the maximum price allowed under applicable law and not to be less than EUR 0.01. Shares bought back by must not be cancelled and can be held as treasury shares. Under Belgian corporate laws, the voting rights related to treasury shares are suspended and treasury shares give no entitlement to dividend. We may at any time transfer all or part of our treasury shares to a third party, at which time the corresponding voting rights will cease to be suspended and the shares will again give their holder entitlement to dividend. Our shareholders may incur dilution from any such future transfer. Additionally, by decision of our shareholders’ meeting held on February 20, 2020, our Supervisory Board has been authorized to increase our share capital in one or several times by a total maximum amount of $25,000,000 (with possibility for our Supervisory Board to restrict or suspend the preferential subscription rights of our existing shareholders) or $120,000,000 (without the possibility for our Supervisory Board to restrict or suspend the preferential subscription rights of our existing shareholders) during a period of five years as from the date of publication of the decision, subject to the terms and conditions to be determined by our Supervisory Board. Issuances and sales of a substantial number of ordinary shares in the public market, or the perception that these issuances or sales could occur, may depress the market price for our ordinary shares. These sales could also impair our ability to raise additional capital through the sale of our equity securities in the future. We intend to issue additional ordinary shares in the future. Our shareholders may incur dilution from any future equity offering.

We are incorporated in Belgium, which provides for different and in some cases more limited shareholder rights than the laws of jurisdictions in the United States.

We are a Belgian company and our corporate affairs are governed by Belgian corporate law. Principles of law relating to such matters as the validity of corporate procedures, the fiduciary duties of management, the dividend payment dates and the rights of shareholders may differ from those that would apply if we were incorporated in a jurisdiction within the United States.

For example, there are no statutory dissenters’ rights under Belgian law with respect to share exchanges, mergers and other similar transactions, and the rights of shareholders of a Belgian company to sue derivatively, on the company’s behalf, are more limited than in the United States.

Civil liabilities based upon the securities and other laws of the United States may not be enforceable in original actions instituted in Belgium or in actions instituted in Belgium to enforce judgments of U.S. courts.

Civil liabilities based upon the securities and other laws of the United States may not be enforceable in original actions instituted in Belgium or in actions instituted in Belgium to enforce judgments of U.S. courts. Actions for the enforcement of judgments of U.S. courts might be successful only if the Belgian court confirms the substantive correctness of the judgment of the U.S. court and is satisfied that:

•the effect of the enforcement judgment is not manifestly incompatible with Belgian public policy;

•the judgment did not violate the rights of the defendant;

•the judgment was not rendered in a matter where the parties transferred rights subject to transfer restrictions with the sole purpose of avoiding the application of the law applicable according to Belgian international private law;

•the judgment is not subject to further recourse under U.S. law;

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•the judgment is not incompatible with a judgment rendered in Belgium or with a subsequent judgment rendered abroad that might be enforced in Belgium;

•a claim was not filed outside Belgium after the same claim was filed in Belgium, while the claim filed in Belgium is still pending;

•the Belgian courts did not have exclusive jurisdiction to rule on the matter;

•the U.S. court did not accept its jurisdiction solely on the basis of either the nationality of the plaintiff or the location of the disputed goods; and

•the judgment submitted to the Belgian court is authentic.

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ITEM 4.    INFORMATION ON THE COMPANY

A.          History and Development of the Company

Euronav NV was incorporated under the laws of Belgium on June 26, 2003 for an indefinite term. Our Company has the legal form of a public limited liability company (naamloze vennootschap/ société anonyme). Our registered office is located at De Gerlachekaai 20, 2000 Antwerpen, Belgium and our telephone number is +32 3 247 44 11.

Our ordinary shares have traded on Euronext Brussels since December 2004.  In January 2015, we completed our underwritten initial public offering in the United States of 18,699,000 ordinary shares at $12.25 per share, and our ordinary shares commenced trading on the New York Stock Exchange, or NYSE. In March 2015, we completed our offer to exchange unregistered ordinary shares that were previously issued in Belgium (other than ordinary shares owned by our affiliates) for ordinary shares that were registered under the Securities Act of 1933, as amended, or the U.S. Exchange Offer, in which an aggregate of 42,919,647 ordinary shares were validly tendered and exchanged.  Our ordinary shares currently trade on the NYSE and Euronext Brussels under the symbol "EURN."

On June 12, 2018 we completed the merger with Gener8 Maritime Inc., a corporation organized under the laws of the Republic of the Marshall Islands ("Gener8") whereby Gener8 became our wholly-owned subsidiary. Prior to the merger, Gener8 was a leading U.S.-based provider of international seaborne crude oil transportation services that resulted from a 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. At the date of the merger with Gener8, Gener8 owned a fleet of 29 tankers on the water, consisting of 21 VLCC vessels, six Suezmax vessels, and two LR1 vessels, with an aggregate carrying capacity of approximately 7.4 million deadweight tons or DWT, which included 19 “eco” VLCC newbuildings delivered from 2015 through 2017 equipped with advanced, fuel-saving technology, that were constructed at reputable shipyards.

The merger with Gener8 created a world 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 provides tangible economies of scale via pooling arrangements, procurement opportunities, reduced overhead and enhanced access to capital. Furthermore the combined company offers investors a well-capitalized and more liquid company in the tanker market.

The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, which can be accessed at http://www.sec.gov. Our website address is https://www.euronav.com/en/. The information contained on these websites do not form a part of this annual report.

For information about the development of our fleet, please see Item 5. Operating and Financial Review and Prospects—Fleet Development."

B.          Business Overview

We are a fully-integrated provider of international maritime shipping and offshore services engaged primarily in the transportation and storage of crude oil. As of April 1, 2021, we owned or operated a modern fleet of 77 vessels (including 10 chartered-in vessels) with an aggregate carrying capacity of approximately 19.5 million deadweight tons, or dwt, consisting of 45 very large crude carriers, or VLCCs, two V-plus, 28 Suezmax vessels (including two under construction as of April 1, 2021), and two floating, storage and offloading vessels, or FSOs (both owned through 50/50 joint ventures). The average age of our fleet as of April 1, 2021 was approximately 7.97 years for our VLCC fleet and 11.09 years for our Suezmax fleet, as compared to an industry average age as of April 1, 2020 of approximately 10.1 years for the VLCC fleet and 10.6 years for the Suezmax fleet.

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We currently charter our vessels, non-exclusively, to leading international energy companies, such as North Oil Company, or NOC, (whose shareholders are Qatar Petroleum Oil & Gas Limited and Total E&P Golfe Limited) and Valero or their respective subsidiaries, although there is no guarantee that these companies will continue their relationships with us. We pursue a chartering strategy that seeks an optimal mix of employment of our vessels depending on the fluctuations of freight rates in the market and our own judgment as to the direction of those rates in the future. Our vessels are therefore routinely employed on a combination of spot market voyages, fixed-rate contracts and long-term time charters, which typically include a profit sharing component. We principally employ our VLCCs through the TI Pool, a spot market-oriented pool in which we were a founding member in 2000. As of April 1, 2021, 22 of our vessels were employed directly in the spot market, 41 of our vessels were employed in the TI Pool, 12 of our vessels were employed on long-term charters, of which the average remaining duration is 2 years, including four with profit sharing components, and our two FSOs owned in joint venture were employed on long-term service contracts. While we believe that our chartering strategy allows us to capitalize  on opportunities in an environment of increasing rates by maximizing our exposure to the spot market, our vessels operating in the spot market may be subject to market downturns to the extent spot market rates or need for spot voyages decline. At times when the freight market may become more challenging, we will try to timely shift our exposure to more time charter contracts and potentially dispose of some of our assets which should provide us with incremental stable cash flows and stronger utilization rates supporting our business during periods of market weakness. We believe that our chartering strategy and our fleet size management, combined with the leadership of our experienced management team should enable us to capture value during cyclical upswings and to withstand the challenging operating environment such as the one seen in the years from 2010 to 2013 and seen in 2018.

    Developments in 2020

        For information about acquisitions and dispositions of our vessels during 2020, please see Item. 5. Operating and Financial Review and Prospects-Fleet Development.

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Our Fleet

Set forth below is certain information regarding our fleet as of April 1, 2021.

Vessel Name	Type	Deadweight Tons (dwt)	Year Built	Shipyard (1)	Charterer	Employment	Charter Expiry Date (2)
Owned Vessels
Europe	V-Plus	441,561	2002	Daewoo	ST Shipping	Time Charter	May-21
Oceania	V-Plus	441,561	2003	Daewoo		Spot	N/A
Aegean	VLCC	299,999	2016	Hyundai		TI Pool	N/A
Alboran	VLCC	298,991	2016	Hyundai		TI Pool	N/A
Alex	VLCC	299,445	2016	Hyundai		TI Pool	N/A
Alice	VLCC	299,320	2016	Hyundai		TI Pool	N/A
Alsace	VLCC	320,350	2012	Samsung		TI Pool	N/A
Amundsen	VLCC	298,991	2017	Hyundai		TI Pool	N/A
Andaman	VLCC	299,392	2016	Hyundai		TI Pool	N/A
Anne	VLCC	299,533	2016	Hyundai		TI Pool	N/A
Antigone	VLCC	299,421	2015	Hyundai		TI Pool	N/A
Aquitaine	VLCC	298,767	2017	Hyundai		TI Pool	N/A
Arafura	VLCC	298,991	2016	Hyundai		TI Pool	N/A
Aral	VLCC	299,999	2016	Hyundai		TI Pool	N/A
Ardeche	VLCC	298,642	2017	Hyundai		TI Pool	N/A
Daishan	VLCC	306,005	2007	Daewoo		TI Pool	N/A
Dalma	VLCC	306,543	2007	Daewoo		TI Pool	N/A
Delos	VLCC	300,200	2021	Daewoo		TI Pool	N/A
Desirade	VLCC	299,999	2016	Daewoo		TI Pool	N/A
Dia	VLCC	299,999	2015	Daewoo		TI Pool	N/A
Dickens	VLCC	300,200	2021	Daewoo	Trafigura	Time Charter	Jun-21
Diodorus	VLCC	300,200	2021	Daewoo	ST Shipping	Time Charter	April-21
Dominica	VLCC	299,999	2015	Daewoo		TI Pool	N/A
Donoussa	VLCC	299,999	2016	Daewoo		TI Pool	N/A
Doris	VLCC	300,200	2021	Daewoo	Trafigura	Time Charter	May-21
Drenec	VLCC	299,999	2016	Daewoo		TI Pool	N/A
Hakata	VLCC	302,550	2010	Universal		TI Pool	N/A
Hakone	VLCC	302,624	2010	Universal		TI Pool	N/A
Hatteras	VLCC	297,363	2017	Hanjin Subic		TI Pool	N/A
Heron	VLCC	297,363	2017	Hanjin Subic		TI Pool	N/A
Hirado	VLCC	302,550	2011	Universal		TI Pool	N/A
Hojo	VLCC	302,965	2013	JMU		TI Pool	N/A
Ilma	VLCC	314,000	2012	Hyundai		TI Pool	N/A
Ingrid	VLCC	314,000	2012	Hyundai		TI Pool	N/A
Iris	VLCC	314,000	2012	Hyundai		TI Pool	N/A
Sandra	VLCC	323,527	2011	STX		TI Pool	N/A
Sara	VLCC	323,183	2011	STX		TI Pool	N/A
Simone	VLCC	313,988	2012	STX	Petrobras	Time Charter	June-22
Sonia	VLCC	314,000	2012	STX		TI Pool	N/A
Bari	Suezmax	159,186	2005	Hyundai		Spot	N/A
Cap Charles	Suezmax	158,881	2006	Samsung		Spot	N/A
Cap Corpus Christi	Suezmax	156,600	2018	Hyundai	Valero	Time Charter (3)	Oct-25
Cap Felix	Suezmax	158,765	2008	Samsung		Spot	N/A

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Cap Guillaume	Suezmax	158,889	2006	Samsung	Oceanic Marine	Time Charter	Sep-21
Cap Lara	Suezmax	158,826	2007	Samsung		Spot	N/A
Cap Leon	Suezmax	159,049	2003	Samsung		Spot	N/A
Cap Pembroke	Suezmax	156,600	2018	Hyundai	Valero	Time Charter (3)	Jun-25
Cap Philippe	Suezmax	158,920	2006	Samsung		Spot	N/A
Cap Pierre	Suezmax	159,083	2004	Samsung		Spot	N/A
Cap Port Arthur	Suezmax	156,600	2018	Hyundai	Valero	Time Charter (3)	Oct-25
Cap Quebec	Suezmax	156,600	2018	Hyundai	Valero	Time Charter (3)	Jun-25
Cap Theodora	Suezmax	158,819	2008	Samsung		Spot	N/A
Cap Victor	Suezmax	158,853	2007	Samsung		Spot	N/A
Captain Michael	Suezmax	157,648	2012	Samsung		Spot	N/A
Filikon	Suezmax	149,989	2002	Universal		Spot	N/A
Fraternity	Suezmax	157,714	2009	Samsung		Spot	N/A
Maria	Suezmax	157,523	2012	Samsung		Spot	N/A
Sapphira	Suezmax	150,205	2008	Universal		Spot	N/A
Selena	Suezmax	150,205	2007	Universal		Spot	N/A
Sienna	Suezmax	150,205	2007	Universal		Spot	N/A
Statia	Suezmax	150,205	2006	Universal		Spot	N/A
Stella	Suezmax	165,000	2011	Hyundai		Spot	N/A
Sofia	Suezmax	165,000	2010	Hyundai		Spot	N/A
Total DWT—Owned Vessels		15,899,784

Vessel Name	Type	Deadweight Tons (dwt)	Year Built	Shipyard (1)	Charterer	Employment	Chartered-In Expiry Date
Chartered-In Vessels
Chartered-In Vessels
Nucleus	VLCC	307,284	2007	Dalian		TI Pool	Dec-21
Nautilus	VLCC	307,284	2006	Dalian		TI Pool	Dec-21
Navarin	VLCC	307,284	2007	Dalian		TI Pool	Dec-21
Neptun	VLCC	307,284	2007	Dalian		TI Pool	Dec-21
Nautica	VLCC	307,284	2008	Dalian		TI Pool	Jun-24
Nectar	VLCC	307,284	2008	Dalian		TI Pool	Jun-24
Noble	VLCC	307,284	2008	Dalian		TI Pool	Jun-24
Newton	VLCC	307,284	2009	Dalian		TI Pool	Feb-24
Marlin Sardinia	Suezmax	156,607	2019	New Times Shipbuilding		Spot	Oct-22
Marlin Somerset	Suezmax	156,620	2019	New Times Shipbuilding		Spot	Nov-22
Total DWT Chartered-In Vessels		2,771,499
FSO Vessels
FSO Africa (4)	FSO	442,000	2002	Daewoo	NOC	Service Contract	Sep-32
FSO Asia (4)	FSO	442,000	2002	Daewoo	NOC	Service Contract	Jul-32
Total DWT FSO Vessels		442,000

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(1)As used in this report, "Samsung" refers to Samsung Heavy Industries Co., Ltd, "Hyundai" refers to Hyundai Heavy Industries Co., Ltd., "Universal" refers to Universal Shipbuilding Corporation, "Hitachi refers to Hitachi Zosen Corporation, "Daewoo" refers to Daewoo Shipbuilding and Marine Engineering S.A., "JMU" refers to Japan Marine United Corp., Ariake Shipyard, Japan, "Dalian" refers to Dalian Shipbuilding Industry Co. Ltd., "STX" refers to STX Offshore and Shipbuilding Co. Ltd., and "Hanjin" refers to Hanjin Heavy Industry Co. Ltd.

(2)Assumes no exercise by the charterer of any option to extend (if applicable).

(3)Profit sharing component under time charter contracts.

(4)Vessels in which we hold a 50% ownership interest and are only accounted for the share of DWT corresponding to such ownership interest.

Employment of Our Fleet

Our tanker fleet is employed worldwide through a combination of primarily spot market voyage fixtures, including through the TI Pool, fixed-rate contracts and time charters. We deploy our two FSOs as floating storage units under fixed-rate service contracts in the offshore services sector. For the year 2021, our fleet is currently expected to have approximately 25,668 available days for hire, of which, as of April 1, 2021, 90.18% are expected to be available to be employed on the spot market, either directly or through the TI Pool, 5.7% are expected to be available to be employed on fixed time charters with a profit sharing element and 2.7% are expected to be available to be employed on fixed time charters without a profit sharing element.

Spot Market

A spot market voyage charter is a contract to carry a specific cargo from a load port to a discharge port for an agreed freight per ton of cargo or a specified total amount. Under spot market voyage charters, we pay voyage expenses such as port, canal and bunker costs. Spot charter rates have historically been volatile and fluctuate due to seasonal changes, as well as general supply and demand dynamics in the crude oil marine transportation sector. Although the revenue we generate in the spot market is less predictable, we believe our exposure to this market provides us with the opportunity to capture better profit margins during periods when vessel demand exceeds supply leading to improvements in tanker charter rates. As of April 1, 2021, we employed 22 of our vessels directly in the spot market.

Tankers International Pool

Euronav principally employs and commercially manages its VLCCs through the TI Pool, a leading spot market-oriented VLCC pool in which other shipowners with vessels of similar size and quality participate along with us. We participated in the formation of the TI Pool in 2000 to allow it and other TI Pool participants, consisting of unaffiliated third-party owners and operators of similarly sized vessels, or Pool Participants, to gain economies of scale, obtain increased cargo, flow of information, logistical efficiency and greater vessel utilization. As of April 1, 2021, the TI Pool was comprised of 57 vessels, including 41 of Euronav’s VLCCs.

    By pooling its VLCCs with those of other shipowners, Euronav is able to derive synergies, including (i) the potential for increased vessel utilization by securing backhaul voyages for its vessels, and (ii) the performance of the Contracts of Affreightment, or COAs. Backhaul voyages involve the transportation of cargo on part of the return leg of a voyage. COAs, which can involve backhauls, may generate higher effective time charter equivalent, or TCE, revenues than otherwise might be obtainable directly in the spot market. Additionally, by operating a large number of vessels as an integrated transportation system, the TI Pool offers customers greater flexibility and an additional level of service while achieving scheduling efficiencies. The TI Pool is an owner-focused pool that does not charge commissions to its members, a practice that differs from that of other commercial pools; rather, the TI Pool aggregates gross charter revenues it receives and deducts voyage expenses and administrative costs before distributing net revenues to the pool members in accordance with their allocated pool points, which are based on each vessel's speed, fuel consumption and cargo-carrying capacity. We believe this results in lower TI Pool membership costs, compared to other similarly sized pools. In 2020, TI Pool membership costs were approximately $742.4 per vessel per day (with each vessel receiving its proportional share of pool membership expenses, excluding pool credit line costs).

    In 2017, the corporate structure of the TI Pool was rationalized. This new structure allowed the TI Pool to arrange for a credit line financing. This credit line is used to fund the working capital in the ordinary course of TI Pool's business of operating a pool of tankers vessels, including but not limited to the purchase of bunker fuel, the payment of expenses relating to specific voyages and supplies of pool vessels, commissions payable on fixtures, port costs, expenses for hull and propeller cleaning, canal costs, insurance costs for the account of the pool, and insurance and fees payable for towage of vessels.

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    Tankers (UK) Agencies Limited., of which Euronav owns 50% of the outstanding voting shares, is the manager of the pool and is also responsible for the commercial management of the Pool Participants, including negotiating and entering into vessel employment agreements on behalf of the Pool Participants. Technical management of the pooled vessels is performed by each shipowner, who bears the operating costs for its vessels.

    Time Charters

Time charters provide us with a fixed and stable cash flow for a known period of time. Time charters may help Euronav mitigate, in part, its exposure to the spot market, which tends to be volatile in nature, being seasonal and generally weaker in the second and third quarters of the year due to refinery shutdowns and related maintenance during the warmer summer months. In the future, Euronav may when the cycle matures or otherwise opportunistically employ more of its vessels under time charter contracts as the available rates for time charters improve. Euronav may also enter into time-charter contracts with profit-sharing arrangements, which it believes will enable Euronav to benefit if the spot market increases above a base charter rate as calculated either by sharing sub charter profits of the charterer or by reference to a market index and in accordance with a formula provided in the applicable charter contract. As of April 1, 2021, Euronav employed 12 of its vessels on fixed-rate time charters with an average remaining duration of 2 years, including four with profit-sharing components based on a percentage of the excess between the prevailing applicable market rate and the base charter rate.

FSOs and Offshore Service Contracts

We currently deploy our two FSOs as floating storage units under service contracts with North Oil Company, in the offshore services sector. As our tanker vessels age, we may seek to extend their useful lives by employing such vessels on long-term offshore projects at rates higher than may otherwise be achieved in the time charter market, or sell such vessels to third-party owners in the offshore conversion market at a premium.

Technical and Commercial Management of our Vessels

A majority of Euronav’s vessels are technically managed in-house through our wholly-owned subsidiaries, Euronav Ship Management SAS, Euronav SAS and Euronav Ship Management (Hellas) Ltd. Its in-house technical management services include providing technical expertise necessary for all vessel operations, supervising the maintenance, upkeep and general efficiency of vessels, arranging and supervising newbuilding construction, drydocking, repairs and alterations, and developing, implementing, certifying and maintaining a safety management system.

In addition to Euronav’s in-house fully integrated technical management, Euronav utilizes the services of experienced third party managers. The independent technical managers typically have specific teams dedicated to Euronav’s vessels and are supervised by an experienced in-house oversight team. Euronav currently contracts Northern Marine Management Limited (part of Northern Marine Group) and Anglo Eastern group of companies (through some of their wholly-owned subsidiaries) The services provided by Euronav’s third party technical management are very similar to Euronav’s own technical management and involves part or all of the day-to-day management of vessels.

 Euronav’s VLCCs are commercially managed by Tankers International while operating in the TI Pool. All of the participants in the TI Pool collectively pay a pool management fee equivalent to the costs of running the pool business, excluding voyage expenses, interest adjustments and administration costs, including legal, banking and other professional fees. The net charge is the pool administration cost, which is apportioned to each vessel by calendar days. During the year ended December 31, 2020, Euronav paid an aggregate of $10.1 million for the commercial management of Euronav’s vessels operating in the TI Pool.

 Euronav’s Suezmax vessels trading in the spot market are commercially managed by Euronav (UK) Agencies Ltd., our London commercial department. Commercial management services include securing employment for Euronav’s vessels.

 Euronav’s time chartered vessels are managed by Euronav’s operations department based in Antwerp.

Principal Executive Offices

Our principal executive headquarters are located at De Gerlachekaai 20, 2000 Antwerpen, Belgium. Our telephone number at that address is 011-32-3-247-4411. We also have offices located in the United Kingdom, France, Greece, Hong Kong, Switzerland (canton Geneva) and Singapore. Our website is www.euronav.com. The information contained on our website does not form a part of this annual report.

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Competition

The operation of tanker vessels and transportation of crude and petroleum products is extremely competitive. We compete with other tanker owners, including major oil companies as well as independent tanker companies. Competition arises primarily from other tanker owners, including major oil companies as well as independent tanker companies, some of whom have substantially greater resources than we do. We compete for charters on the basis of price, vessel location, size, age and condition of the vessel, as well as on our reputation as an operator. Competition is also affected by the availability of other size vessels to compete in the trades in which we engage. We currently operate all of our vessels in the spot market, either directly or through the TI Pool, or on time charter. For our vessels that operate in the TI Pool, Tankers UK Agencies Ltd. (TUKA), the pool manager, is responsible for their commercial management, including marketing, chartering, operating and purchasing bunker (fuel oil) for the vessels. From time to time, we may also arrange our time charters and voyage charters in the spot market through the use of brokers, who negotiate the terms of the charters based on market conditions.

Seasonality

We operate our vessels in markets that have historically exhibited seasonal variations in demand and, as a result, charter rates. Peaks in tanker demand quite often precede seasonal oil consumption peaks, as refiners and suppliers anticipate consumer demand. Seasonal peaks in oil demand can broadly be classified into two main categories: (1) increased demand prior to Northern Hemisphere winters as heating oil consumption increases and (2) increased demand for gasoline prior to the summer driving season in the United States. Unpredictable weather patterns and variations in oil reserves disrupt tanker scheduling. This seasonality may result in quarter-to-quarter volatility in our operating results, as many of our vessels trade in the spot market. Seasonal variations in tanker demand will affect any spot market related rates that we may receive.

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Industry and Market Conditions

THE INTERNATIONAL OIL TANKER SHIPPING INDUSTRY

All the information and data presented in this section, including the analysis of the international oil tanker shipping industry has been provided by Drewry. Drewry has advised us that the statistical and graphical information contained herein is drawn from its database and other sources. In connection therewith, Drewry has advised that: (i) certain information in Drewry’s database is derived from estimates or subjective judgments; (ii) the information in the databases of other maritime data collection agencies may differ from the information in Drewry’s database; (iii) while Drewry has taken reasonable care in the compilation of the statistical and graphical information and believes it to be accurate and correct, data compilation is subject to limited audit and validation procedures. The company believes and acts as though the industry and market data presented in this section is reliable.

Overview

The maritime transport industry is fundamental to international trade as it is the only practicable and economic way of transporting large volumes of many essential commodities and finished goods around the world. In turn, the oil tanker shipping industry represents a vital link in the global energy supply chain, in which larger vessels, such as VLCC, Suezmax and Aframax tankers, play an important role, given their capability to carry large quantities of crude oil.

The oil tanker shipping industry is divided between crude tankers that carry either crude oil or residual fuel oil and product tankers that carry refined petroleum products. The following review specifically focuses on the crude sector. Revenue for an oil tanker shipping company is primarily driven by freight rates paid for transportation capacity. Freight is paid for the movement of cargo between a load port and a discharge port. The cost of moving the ship from a discharge port to the next load port is not directly compensated by the charterers in the freight payment but is an expense of the owners if not on time charter.

In broad terms, the volume of seaborne oil trade is primarily dependent on global and regional economic growth, and to a lesser extent other factors such as changes in regional oil prices. Overall, there is a close relationship between changes in the level of economic activity and changes in the volume of oil moved by sea. With continued strong GDP growth in Asia, seaborne oil trade to emerging Asian markets has been growing significantly. Chinese oil consumption grew at a compound average growth rate (CAGR) of 4.5% from 8.9 mbpd in 2010 to 13.8 mbpd in 2020. Asian (excluding China) oil consumption increased at a CAGR of 1.7% during the same period. In 2020, the total seaborne trade in crude oil was equivalent to 1.9 billion tons as per provisional estimates.

The outbreak of COVID-19 severely affected demand of crude oil and refined petroleum products as several major economies enforced lockdowns to contain the spread of the virus and mitigate the damage caused by the pandemic. Accordingly, the world seaborne tanker trade, including crude oil and refined products fell 8.9% to 2,820 million tons. Seaborne crude oil trade fell 6.6% year on year to 93.9 mbpd in 2020 primarily due to demand destruction in 2020 because of mobility restrictions enforced by state authorities in several major economies and can be seen as an outlier. Oil demand and trade started a gradual recovery in 2H20 on the back of easing of lockdown restriction in major parts of the world. Moreover, several countries have authorised emergency use of various COVID-19 vaccines and a widespread availability of these vaccines would play a key role in containing the pandemic, which will support the seaborne trade and tanker demand.

 

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Changes in regional oil consumption, as well as a shift in global refinery capacity from the developed to the developing world, is also translating into growing seaborne oil trade distances. For example, a VLCC’s voyage from West Africa to the US Gulf takes 40 days, but a trip from West Africa to China (a trade which is expanding) takes 65 days, and a trip from the US Gulf to Far East (a key trade route with growing US crude exports) takes nearly 100 days. The increase in oil trade distances, coupled with increases in world oil demand, has had a positive impact on tanker demand in ton miles (crude and products), which has increased from 11.4 to 12.0 trillion ton miles in the period 2010 to 2020. In 2020, ton miles demand declined 8.6% year on year due to sharp slump in demand due to COVID-19.

Supply in the tanker sector, as measured by its deadweight (dwt) cargo carrying capacity, is primarily influenced by the rate of deliveries of newbuilds from the shipyards in line with their orderbook, as well as the rate of removals from the fleet via vessel scrapping or conversion. After a period of rapid expansion, supply growth in the tanker sector moderated in 2013-14 and the overall tanker fleet expanded just 0.6% in 2014, and a relatively modest 2.7% in 2015. However, in 2016, the crude oil tanker fleet expanded 5.8% due to a high level of newbuilding deliveries during the year and lower levels of scrapping. A further round of newbuilding deliveries took place in 2017 and the world tanker fleet increased another 4.8% despite a rise in scrapping in the second half of the year. Record high demolitions kept a check on fleet growth, and global crude tanker fleet expanded by a marginal 0.3% in 2018 despite the delivery of 101 newbuilds with aggregate capacity of 20.3 mdwt. Global world tanker fleet rose 7.1% year on year to 412.3 mdwt in 2019 primarily due to 39.1% year on year increase in deliveries to 28.3 mdwt. Demolitions declined sharply to 2 mdwt in 2019 compared with 17.4 mdwt in 2018. Global tanker fleet increased 1.3% to 417.6 mdwt in 2020.

In terms of ordering activity, new tanker orders from 2010 to 2014 were limited due to the lack of available bank financing and a challenged rate environment, which contributed to the total crude tanker orderbook declining to 13.9% of the existing global tanker fleet capacity as of December 2014, compared with nearly 50% of the existing fleet at its peak in 2008. However, new ordering picked up in the VLCC and Suezmax sectors in late 2014 and 2015 because of the continued strength in the tanker freight market and the exemption from compliance to Tier III NOx emission norms for vessels ordered before 1 January 2016. Ordering activity fell substantially in 2016 and only 39 crude tankers were ordered, compared with 244 in 2015. However, ordering activity picked up again in 2017 with 93 new contracts placed for crude tankers during the year. Weak newbuilding prices were one of the main factors stimulating new ordering. Ordering activity took a backseat in a depressed tanker market, and a total of 73 crude tankers were ordered in 2018. The crude tanker orderbook thinned down significantly in 2019 and 2020 as deliveries outpaced new ordering. The orderbook as a percentage of the fleet also slipped from 12.3% at the start of 2019 to 7.9% at the end of 2020.

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The tanker freight market remained buoyant throughout 2015 and 1H16 on the back of favourable supply/demand dynamics. However, in 2H16, rising newbuilding deliveries outpaced the growth in tanker demand, and hence, there was downward pressure on freight rates. A deluge of newbuilding in 2017 aggravated the situation further and rates fell. For example, the average VLCC spot rate on the Arabian Gulf (AG)-Japan route was US$ 22,617pd in 2017 compared with US$ 42,183pd in 2016. Oil tanker freight rates declined in 2H16 and 2017 due to a number of factors, including:

i.A surge in newbuilding deliveries that outpaced the growth in tanker demand in 2016 as well as 2017,

ii.Oil production cuts announced by OPEC and higher compliance by the member countries, and

iii.Reduced stockpiling activity by major Asian economies.

Freight rates across vessel class averaged well below breakeven rates for the first nine months of 2018. Suppressed vessel earnings prompted demolitions and 103 crude tankers with aggregate capacity of 17.4 mdwt were sold to scrapyards in 2018. Sluggish fleet growth—because of record high demolitions and steady increase in the demand for tankers—improved supply-demand dynamics in the last quarter of 2018 to an extent. Vessel earnings surged substantially in the last four months of 2018. Second-hand asset prices moved up in 4Q18, as a result of higher charter rates.

In 2019, crude tanker freight rates benefited from the US sanctions on Cosco Shipping Tanker (Dalian) Co., geopolitical tensions and tight supply. In addition, crude tanker vessel supply was reduced by 1.2% as vessels moved out of trade to fit scrubbers. New orders were constrained as shipowners wanted more clarity to emerge on the availability of HSFO for scrubber-fitted vessels and LSFO prices. Scrapping came down sharply as owners wanted to benefit from higher freight rates in 2H19. Second-hand asset prices reacted positively to buoyant charter rates.

Crude tanker freight rates saw a sudden spike in 1H20 due to a surge in demand of VLCCs for floating storage. The global oil demand plunged substantially due to lockdown measure adopted by several major economies. However, the rates have normalized since then as OPEC+ and several other key producers curtailed their production to rebalance the oil market. As of January 2021, one-year time charter rate for a five-year-old VLCC was US$ 26,500pd. Second-hand prices of VLCC increased in March and April 2020 with a surge in earnings. However, second-hand asset prices have declined in the last few months as freight rates have weakened.

World Oil Demand and Production

In 2019, oil accounted for around one-third of global energy consumption. With the exception of 2008, 2009 and 2020, world oil consumption has increased steadily over the past two decades, as a result of increasing global economic activity and industrial production. In recent years, the growth in oil demand has been largely driven by developing countries in Asia and growing Chinese consumption, but some developed economies also recorded increases in demand between 2014 and 2018. In 2019, world oil demand increased to 100.3 mbpd, which represents a 1.0% increase from 2018 and 17.3% higher than the recent low recorded in 2009 following the global financial crisis of 2008-09. Global oil demand has been hampered in 2020 due to COVID-19 but is expected to bounce back strongly in 2021 as the global economy revives. According to the IMF, global economy is projected to grow at 5.5% in 2021 after shrinking by 4.4% in 2020. On the other hand, China, the key growth driver of tankers, is expected to grow by 8.1% in 2021 after growing at 2.3% in 2020. respectively.

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Seasonal trends also affect world oil consumption, and consequently, oil tanker demand. While trends in consumption vary with the specific season each year, peaks in tanker demand often precede seasonal consumption peaks as refiners and suppliers anticipate consumer demand. Seasonal peaks in oil demand can be classified broadly into two main categories: increased demand before the Northern Hemisphere winters as heating oil consumption increases and increased demand for gasoline before the summer driving season in the US.

Global trends in oil production have naturally followed the growth in oil consumption, allowing for the fact that changes in the level of oil inventories also play an integral role in determining production levels and tie in with the seasonal peaks in demand. Changes in world crude oil production by region from 2010 to 2020 are shown in the table below.

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At the beginning of 2020, proven global oil reserves totaled 1,733 billion barrels – about 47 times the current rates of annual production (based on 2019 crude production). These reserves tend to be located in regions far from the major consuming countries separated by large expanses of water, and this geographical barrier creates the demand for crude tanker shipping. However, the development of light tight oil (LTO) or shale oil reserves in the US had a negative impact on the volume of US crude oil imports as well as the demand for crude tankers from 2004 to 2014. However, rising US crude exports on long-haul routes to China and India is a positive development for shipowners as every additional barrel exported from the country will open avenues for equal imports as the US is a net importer of crude oil.

New technologies, such as horizontal drilling and hydraulic fracturing, triggered a shale oil revolution in the US, and in 2013, for the first time in the previous two decades, the US produced more oil than it imported. In view of the rising surplus in oil production, the US Congress lifted a 40 year-old ban on crude oil exports in 2015 that was put in place after the Arab oil embargo in 1973. Thereby, this allowed US oil producers access to international markets.

The first shipments of the US crude were sent to Europe immediately after the lifting of the ban, and since then, other destinations have followed. The US exported 0.5 mbpd of crude oil in 2015 and 2016. However, 2017 marked a very important development for the US crude producers as the country exported crude to every major importer, including China, India, South Korea and several European countries. In October 2017, US crude exports surpassed 2 mbpd, and on average, the country’s crude exports more than doubled in 2017 to 1.2 mbpd. The US crude exports jumped further to 2.1 mbpd in 2018 and 3.0 mbpd in 2019 on the back of rising domestic crude oil production and nearly flat domestic demand. US crude oil exports increased slightly to 3.2 mbpd in 2020 as the outbreak of COVID-19 and steep decline in crude oil prices in 2020 adversely affected oil production, thereby reducing exports momentum. However, this is still well below the exports of major exporters such as Saudi Arabia, Russia and other Middle Eastern exporters. Nevertheless, the US Gulf to Asia could be a key trading route for VLCC with growing US exports.

In the meantime, much of the oil from West Africa and the Caribbean, which was historically imported by the US, is now shipped in VLCC to China and other Asian economies, which has a positive impact on tanker demand due to increased ton miles, given the longer distances the oil needs to travel. Production and exports from the Middle East (largely from OPEC suppliers) and West Africa have historically had a significant impact on the demand for tanker capacity, and consequently, on tanker charter hire rates due to the long distances between these supply sources and demand centers. Oil exports from short-haul regions, such as the North Sea, are significantly closer to ports used by the primary consumers of such exports, which results in shorter average voyages.

Overall, the volume of crude oil moved by sea each year reflects the underlying changes in world oil consumption and production. Driven by increased world oil demand and production, especially in developing countries, seaborne trade in crude oil in 2020 is provisionally estimated at 1.9 billion tons or 66.9% of all seaborne oil trade (crude oil and refined petroleum products). The chart below illustrates changes in global seaborne movements of crude oil between 1983 and 2020.

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World seaborne oil trade is the result of geographical imbalances between areas of oil consumption and production. Historically, certain developed economies have acted as the primary drivers of these seaborne oil trade patterns. The regional growth rates in oil consumption shown in the chart below indicate that the developing world is driving recent trends in oil demand and trade. In Asia, the Middle East and Africa, oil consumption during 2010 to 2020 grew at annual rates of 1.1%, and at an annual growth rate of 4.5% in the case of China. Strong demand for oil in these regions is driving both increased volume of seaborne oil trades and increased voyage distances as more oil is being transported on long-haul routes. Excluding 2020 when COVID-19 severely affected crude oil demand, crude oil consumption during 2010 to 2019 increased at a CAGR of 2.3% in Asia, the Middle East and Africa. Chinese crude oil consumption increased at a CAGR of 4.9% during the same period.

Furthermore, consumption on a per capita basis remains low in many parts of the developing world, and as many of these regions have insufficient domestic supplies, the rising demand for oil will have to be satisfied by increased imports.

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In the case of China and India, seaborne crude oil imports have risen significantly in the last decade in order to meet an increasing demand for energy. During 2010 to 2020, Chinese crude oil imports increased from 239.3 to 542.4 million tons and Indian imports increased from 155.6 to 181 million tons. Conversely, Japanese imports declined from 178.7 to 119.9 million tons over the same period. In the US, crude oil imports declined between 2007 and 2015, but in 2016, the trend was reversed and average US crude imports increased 0.5 mbpd due to declining shale output. In 2017, US imports inched up by another 0.4% to reach 7.9 mbpd on the back of rising crude oil consumption. In 2018, the US crude oil imports declined 2.5% year on year to 7.8 mbpd, whereas the country’s crude oil imports declined 12.6% year on year to 6.8 mbpd in 2019. US crude oil imports declined 13.6% year on year to 5.9 mbpd in 2020. US crude oil imports have declined in the last three years because of the country’s rising crude oil production. In 2020, crude oil imports for almost all countries have been adversely impacted by the pandemic.

A vital factor, which is affecting both the volume and pattern of world oil trades, is the shift in global refinery capacity from the developed to the developing world, which is increasing the distances from oil production sources to refineries. The distribution of refinery throughput by region from 2010 to 2020 is shown in the following table.

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Changes in refinery throughput are largely driven by changes in the location of capacity. Capacity increases are taking place mostly in the developing world, especially in Asia. In response to growing domestic demand, coupled with export ambitions, Chinese refinery throughput has grown at a faster rate than that of any other global region in the last decade, with refinery throughput in India, the Middle East and other emerging economies following a similar pattern. The shift in refinery capacity is likely to continue as refinery development plans are heavily focused on areas such as Asia and the Middle East and few new refineries are planned for North America and Europe.

As a result of changes in trade patterns, as well as shifts in refinery locations, average voyage distances in the crude sector have increased. From 2010 to 2020, ton-mile demand in the crude tanker sector grew from 8.8 to 9.1 trillion ton miles. The table below shows changes in tanker demand expressed in ton miles, which is measured as the product of the volume of oil carried (measured in metric tons) multiplied by the distance over which it is carried (measured in miles).

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Another aspect which has impacted crude tanker demand in recent years has been the use of tankers for floating storage. In the closing weeks of 2014 and the opening weeks of 2015, commodity traders hired VLCCs in the expectation that profits could be made by storing oil at sea to create a contango, that is, where the current or spot price for the oil was below the price of oil for delivery in the futures market. As a result, several fixtures for long-term storage were reported by oil majors and commodity traders for periods up to 12 months in late 2014 and 1H15. Floating crude oil storage reached a high of 197 million barrels in May 2015, and thereafter, it declined because of a narrowing of the contango and shrinking arbitrage in crude oil futures.

The use of large tankers for offshore storage rebounded somewhat in 2016 because of logistical considerations, marketing issues and inventory drawdown. Similar patterns were seen when floating storage peaked in June 2017, when more than 200 million barrels were reported to be stored in crude tankers. Floating storage declined gradually in 2H17. Production cuts pursued by OPEC, Russia and its allies encouraged inventory drawdown and floating storage dropped further in 2018. In 2019, demand for floating storage increased as owners stored LSFO and HSFO to avoid uncertainty of availability of these fuels and hedge them from price increase. Demand for VLCC for oil storage increased as well with 28 VLCCs being used in the Middle East Gulf to store oil.

In early 2020, the oil supply shock as a result of the price war between Russia and Saudi Arabia coupled with demand destruction due to the outbreak of COVID-19 led to a sharp decline in crude oil prices and a contango in oil futures. The demand for VLCCs for floating storage surged with arbitrage opportunities in the oil market and operational limitations of several oil producers. As of January 2021, nearly 63 VLCCs were employed in floating storage, which account for ~7.6% of the fleet. This figure was lower than the 105 VLCCs deployed for floating storage at the peak of the contango opportunities in oil market in April 2020, indicating a declining trend in on-the-water storage of crude oil.

Crude Tanker Fleet Overview

The world crude tanker fleet is generally classified into three major types of vessel categories, based on carrying capacity. The main crude tanker vessel types are:

•     VLCCs, with an oil cargo carrying capacity in excess of 200,000 dwt (typically 300,000 to 320,000 dwt or around two million barrels). VLCCs generally trade on long-haul routes from the Middle East and West Africa to Asia, Europe and the US Gulf or the Caribbean. Tankers in excess of 320,000 dwt are known as Ultra Large Crude Carriers (ULCCs), although for the purposes of this report, they are included within the VLCC category.

•     Suezmax tankers, with an oil cargo carrying capacity of about 120,000 to 200,000 dwt (typically 150,000 to 160,000 dwt or around one million barrels). Suezmax tankers are engaged in a range of crude oil trades across a number of major loading zones. Within the Suezmax sector, there are a number of product and shuttle tankers (shuttle tankers are specialized ships built to transport crude oil and condensates from offshore oil field installations to onshore terminals and refineries and are often referred to as ‘floating pipelines’), which do not participate in the crude oil trades.

•    Aframax tankers, with an oil cargo carrying capacity of around 80,000 to 120,000 dwt (or about 500,000 barrels). Aframax tankers are employed in shorter regional trades, mainly in Northwest Europe, the Caribbean, the Mediterranean and Asia.

There are also a relatively small number of ships below 80,000 dwt which operate in crude oil trades. However, many such ships operate in cabotage type trades, and therefore, do not form part of the open market. For this reason, the following analysis of supply concentrates on the VLCC, Suezmax and Aframax vessels. As of January 31, 2021, the crude tanker fleet consisted of 2,082 vessels with a combined capacity of 420.1 mdwt.

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The table below shows principal routes for crude oil tankers and where these vessels are deployed.

VLCCs are built to carry cargo parcels of two million barrels, and Suezmax tankers are built to carry cargo parcels of one million barrels, which are the most commonly traded parcel sizes in the crude oil trading markets. Their carrying capacities make VLCCs and Suezmax tankers the most appropriate asset class globally for long and medium haul trades. While traditional VLCC and Suezmax trading routes have typically originated in the Middle East and the Atlantic Basin, increased Asian demand for crude oil has opened up new trading routes for both classes of vessels. The map below shows the main VLCC and Suezmax tanker seaborne trade routes.

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VLCC/Suezmax Fleet Development

After growing at a record 6.5% year on year in 2019, crude tanker fleet growth moderated to 3.1% year on year in 2020 to 417.6 mdwt. Deliveries declined by 46.1% year on year as orderbook was small. Demolition also declined 18.8% year on year in 2020 as sharp decline in bunker prices made life easy for old vessels. An unprecedented surge in freight rates in 1H20 also kept scrapping activity muted. Moreover, activity in ship-breaking yards in Southeast Asia was also hampered by the lockdowns and corresponding volatility in steel prices.

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    The chart below indicates the volume of new orders placed in the VLCC and Suezmax sectors from 2010 to January 2021. Tight supply-demand dynamics in the tanker market, firm freight rates and exemption from compliance to Tier III NOx emission norms for vessels ordered before 1 January 2016, were the reasons for high new ordering activity in 2015, and a total of 62 VLCCs and 51 Suezmaxes contracts were placed during the year. New ordering activity then declined in 2016, with only 14 VLCCs ordered during the year compared with 62 during 2015. Ordering activity picked up again in 2017 as shipowners took advantage of low newbuild prices to embark on fleet renewal. However, newbuilding activity took a back seat in the depressed freight market, and 39 VLCCs and 12 Suezmaxes were ordered in 2018 compared with 48 VLCCs and 19 Suezmaxes in 2017. Uncertainty over the price and availability of new bunker fuel resulted in lower orders in 2019. New orders remained subdued in 2020. Apart from the weak market outlook, the upcoming IMO regulations on decarbonisation are holding back newbuilding activity as the new regulations will affect the choice of propulsion systems and fuels in the future.

In the last few years, delays in new vessel deliveries, often referred to as ‘slippage’, have become a regular feature of the market. Slippage is the result of a combination of several factors, including cancellations of orders, issues in obtaining vessel financing, owners seeking to defer delivery during weak markets, shipyards quoting over-optimistic delivery times, and in some cases, shipyards experiencing financial difficulty. A number of Chinese yards, including yards at which crude tankers are currently on order, are experiencing financial problems which have led to both cancellations and delays in deliveries. New order cancellations have been a feature of most shipping markets during the market downturn. For obvious reasons, shipyards are reluctant to openly report such events, making the tracking of the true size of the orderbook at any given point in time difficult. The difference between actual and scheduled deliveries reflects the fact that orderbooks are often overstated. Slippage has affected both the VLCC and Suezmax sectors. The table below indicates the relationship between scheduled and actual deliveries for both asset classes from 2011 to 2020. Since slippage has occurred in recent years, it is not unreasonable to expect that some of the VLCC and Suezmax tankers currently on order will not be delivered on time.

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In 2020, VLCC and Suezmax deliveries amounted to 11.3 and 2.8 mdwt respectively, compared with 21.1 and 3.9 mdwt respectively in 2019. As a result of these deliveries, the VLCC and Suezmax fleets expanded 3.6% and 3.3% year on year respectively in 2020.

    At its peak in 2008, the VLCC and Suezmax tanker orderbooks were each equivalent to 50% of the existing fleets, which led to high levels of new deliveries in both sectors between 2009 and 2012. The orderbook as a percentage of the existing fleet declined in the period 2010-13 due to low levels of new ordering. However, with the upturn in new ordering activity in 2014 and 2015, the VLCC and Suezmax orderbook to fleet ratios rose to 19.4% and 24.7% respectively in December 2015. As a result of lower levels of new ordering and elevated deliveries during 2016-19, the orderbooks for VLCC and Suezmax vessels as of 31 January 2021 were equivalent to 7.0% and 8.1% of the existing fleets, respectively. The VLCC and Suezmax orderbook to fleet ratio are at their lowest level since 2008.

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As of 31 January 2021, the total crude tanker orderbook consisted of 164 vessels with aggregate capacity of 35.2 mdwt. The orderbook for Suezmax tankers was 39 vessels representing 6.1 mdwt (excluding shuttle tankers), and for VLCCs, the orderbook was 78 vessels representing 23.7 mdwt.

Tanker supply is also affected by vessel scrapping. As an oil tanker ages, vessel owners often conclude that it is more economical to scrap a vessel that has exhausted its useful life than to upgrade it to maintain its ’in-class’ status. Often, particularly when tankers reach about 25 years of age, the costs of conducting the class survey and performing required repairs become economically inefficient. In recent years, most oil tankers that have been demolished were between 25 and 30 years of age. The average demolition age of VLCC has been around 21 years.

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In addition to vessel age, scrapping activity is influenced by freight markets. Demolitions tend to decrease during periods of high freight rates and increase when freight rates are low. The chart below indicates that vessel scrapping was significantly higher from 2010 to 2014 than in the preceding five years. Firm freight rates in 2015 and 2016 also encouraged shipowners to defer the scrapping of older vessels, and demolitions in these two years were substantially lower compared with those during 2010-14. However, weak freight rates in 3Q17 accelerated demolitions and a total of 58 crude tankers totaling 8.5 mdwt were sold to scrapyards in 2017. Scrapping activity reached a record high as a weak freight market forced shipowners to phase out vessels below 20 years of age. Consequently, 108 crude carriers aggregating 18.6 mdwt were demolished in 2018. In 2019, demolitions remained muted as shipowners preferred holding on their old vessels due to higher freight rates in 2H19. Scrapping in 2020 continued to be muted due to a sharp decline in bunker prices and surge freight rates in 1H20. Moreover, activity in ship-breaking yards in Southeast Asia was also hampered by the lockdowns and corresponding volatility in steel prices. Lower freight rates in 2H20 failed to underpin scrapping activity as many old vessels were employed in oil storage.

Two other important factors are likely to affect crude tanker supply in the future. The first is the requirement to retrofit ballast water management systems (BWMS) to existing vessels. In February 2004, the IMO adopted the International Convention for the Control and Management of Ships’ Ballast Water and Sediments. The IMO Ballast Water Management (BWM) Convention contains an environmentally protective numeric standard for the treatment of a ship’s ballast water before it is discharged. This standard, detailed in Regulation ‘D-2’ of the International Convention for the Control and Management of Ships' Ballast Water and Sediments (the "BWM Convention"), sets out the numbers of organisms allowed in specific volumes of treated discharge water. The IMO ‘D-2’ standard is also the standard that has been adopted by the US Coast Guard’s ballast water regulations and the US EPA’s Vessel General Permit. The BWM Convention also contains an implementation schedule for the installation of IMO member state type approved treatment systems in existing ships and in new vessels, requirements for the development of vessel ballast water management plans, requirements for the safe removal of sediments from ballast tanks, and guidelines for the testing and type approval of ballast water treatment technologies. In July 2017, the IMO extended the regulatory requirement of compliance to BWM Convention from 8 September 2017 to 8 September 2019. Vessels trading internationally will have to comply with the BWM Convention upon their next special survey after that date. For a VLCC tanker, the retrofit cost could be as much as US$2.0 million per vessel, including labor. Expenditure of this kind has become another factor impacting the decision to scrap older vessels after the BWM Convention came into force in 2019.

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The second factor that is likely to impact future vessel supply is the drive to lower emission from ships. For many years, heavy-fuel oil (HFO) has been the main fuel of the shipping industry. It is relatively inexpensive and widely available, but it is ‘dirty’ from an environmental point of view. The sulphur content of HFO is about 3.5%. In some port cities, such as Hong Kong, shipping is the largest single source of SO2 emissions, as well as emissions of particulate matter (PM), which are directly tied to the sulphur content of the fuel.

The IMO, the governing body of international shipping, has made a concerted effort to diversify the industry away from HFO into cleaner fuels with less harmful effects on the environment and human health. Effective in 2015, ships operating within the Emission Control Areas (ECAs) covering the Economic Exclusive Zone of North America, the Baltic Sea, the North Sea, and the English Channel are required to use marine gas oil with allowable sulphur content up to 0.1%. The IMO implemented emission control regulation globally with effect from 1 January, 2020. It stipulates that ships sailing outside ECAs will switch to an alternate fuel with permitted sulphur content up to 0.5% or will retrofit scrubber in order to reduce emission. This has created demand for Very Low Sulphur Fuel Oil (VLSFO) with 0.5% Sulphur content. Some of the owners of large vessels have also opted for scrubbers retrofitting on existing ships. As such the emission regulation will be another factor hastening the eventual demolition of older ships. Within the context of the wider market, increased vessel scrapping is a positive development as it helps to counterbalance new ship deliveries and moderates the fleet growth.

Starting 2020, high and low sulfur fuel demand (originating from the shipping industry) reported significant variation. The fuel price spread largely oscillated between $300 and $350 per metric ton during the initial days and hovered around $190-200 per tonne in February 2020. Despite the initial speculation, the shipping industry did not see any systemic shortage of the new low sulfur fuel, which came out as a relief. The premium commanded by low sulphur fuel reduced to around $90 per ton by January 2021 as the availability of compliant fuel is not an issue due to reduced demand and increased supply across major bunkering ports. The narrowing premium diluted shipowners’ incentive to invest in scrubbers and prolonged the period for the return on investment for those who had already invested in scrubbers. Overall, installation of scrubbers and new fuel regulations turned out to be a non-event in the backdrop of COVID-19 and low fuel prices.

As of January 31, 2021, owners have opted to fit scrubbers in about 140.2 mdwt of crude tonnage (includes UL/ VLCC, Suezmax and Aframax), which constitutes about 33.4% of the existing fleet (based on capacity in dwt). As per our estimate, 337 UL/ VLCCs are currently fitted with scrubbers, including 99 UL/ VLCC delivered as newbuilds. In addition, 32 UL/ VLCCs are pending retrofitting. Altogether, about 40.6s% of UL/ VLCC fleet is fitted with scrubbers (based on dwt capacity and includes pending retrofits). In the existing fleet, 159 Suezmax are fitted with scrubbers (96 retrofitted, 39 fitted at newbuilding and 24 retrofit pending). In total, 28.3% of the total Suezmax fleet is fitted with scrubbers (based on dwt capacity and includes pending retrofit). Vessels moving out of trade to retrofit scrubbers impede supply growth and support freight rates.

IMO 2030, IMO 2050 and Sea Cargo Charter

In addition to recently implemented emission control regulations, IMO has been devising strategies to reduce greenhouse gases (“GHG”) and carbon emissions from ships. According to the latest announcement, IMO plans to initiate measures to reduce CO2 emissions by at least 40% by 2030 and 70% by 2050 from the levels in 2008. It also plans to introduce measures to reduce GHG emissions by 50% by 2050 from the 2008 levels. These are likely to be achieved by setting energy efficiency requirements and encouraging ship owners to use alternative fuels such as biofuels, and electro-/synthetic fuels such as hydrogen or ammonia. It may include limiting the speed of the ships. Currently, there is uncertainty regarding the exact measures that the IMO will undertake to achieve these targets. Although the current macroeconomic environment constitutes the main deterrent, IMO-related uncertainty is also one of the factors deterring ship owners from ordering newbuild vessels, as these vessels may have a high environmental compliance cost in the future. As mentioned above, some shipowners are ahead of the curve by having ordered LNG-fueled ships in order to comply with stricter regulations that may be announced in future.

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In November 2020, MEPC approved a draft for the new mandatory regulations to cut the carbon intensity of existing ships. Formal adoption of the proposal for GHG and CO2 emissions reduction action plan is expected in June 2021. It will be a combination of technical and operational measures. These will be monitored by the flag administration and corrective actions will be required in the event of constant non-compliance. The draft amendments would require the IMO to review the effectiveness of the implementation of the Carbon Intensity Indicator (“CII”) and Energy Efficiency Existing Ship Index (“EEXI”) requirements, by January 1, 2026 at the latest. EEXI is a technical measure and would apply to ships above 400 gross tonnage. It indicates the energy efficiency of the ship compared to a baseline and is based on a required reduction factor (expressed as a percentage relative to the Energy Efficiency Design Index baseline). On the other hand, CII is an operational measure which specifies carbon intensity reduction requirements for vessels with 5,000 gross tonnage and above. The CII determines the annual reduction factor needed to ensure continuous improvement of the ship’s operational carbon intensity within a specific rating level. The operational carbon intensity rating would be given on a scale of A, B, C, D or E indicating a major superior, minor superior, moderate, minor inferior, or inferior performance level, respectively. The performance level would be recorded in the ship’s Ship Energy Efficiency Management Plan (SEEMP). A ship rated D for three consecutive years, or E, would have to submit a corrective action plan, to show how the required index (C or above) would be achieved. Further, the European Union has endorsed a binding target of at least 55% domestic reduction in economy-wide GHG reduction by 2030 compared to 1990. EU shipowners are required to comply with this regulation.

The Sea Cargo Charter, applicable to bulk ship charterers, is a global framework that allows for the integration of climate considerations into chartering decisions to favor climate-aligned maritime transport. At present, 18 charterers are signatories to the sea cargo charter. These charterers have vowed to make the details of their shipping carbon footprint public.

We expect these regulations to affect old tonnage more, which would need to slow steam or carry out energy efficiency improvements to remain viable. They are likely to make the very old tonnage uneconomical.

The Crude Oil Tanker Freight Market

Types of Charter

Oil tankers are employed in the market through a number of different chartering options, described below.

•A bareboat charter involves the use of a vessel usually over longer periods of up to several years. All voyage related costs, including vessel fuel, or bunkers, and port dues as well as all vessel operating expenses, such as day-to-day operations, maintenance, crewing and insurance, transfer to the charterer’s account. The owner of the vessel receives monthly charter hire payments on a per day basis and is responsible only for the payment of capital costs related to the vessel.

•A time charter involves the use of the vessel, either for a number of months or years or for a trip between specific delivery and redelivery positions, known as a trip charter. The charterer pays all voyage related costs. The owner of the vessel receives monthly charter hire payments on a per day basis and is responsible for the payment of all vessel operating expenses and capital costs of the vessel.

• A single or spot voyage charter involves the carriage of a specific amount and type of cargo on a load port to discharge port basis, subject to various cargo-handling terms. Most of these charters are of a single or spot voyage nature. The cost of repositioning the ship to load the next cargo falls outside the charter and is at the cost and discretion of the owner. The owner of the vessel receives one payment derived by multiplying the tons of cargo loaded on board by the agreed upon freight rate expressed on a per cargo ton basis. The owner is responsible for the payment of all expenses, including voyage, operating and capital costs of the vessel.

• A contract of affreightment, or COA, relates to the carriage of multiple cargoes over the same route and enables the COA holder to nominate different ships to perform individual voyages. This arrangement constitutes a number of voyage charters to carry a specified amount of cargo during the term of the COA, which usually spans a number of years. All of the ship’s operating, voyage and capital costs are borne by the shipowner. The freight rate is normally agreed on a per cargo ton basis.

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 Tanker Freight Rates

Worldscale is the tanker industry’s standard reference for calculating freight rates. Worldscale is used because it provides the flexibility required for oil trade. Oil is a fairly homogenous commodity as it does not vary significantly in quality and it is relatively easy to transport by a variety of methods. These attributes, combined with the volatility of the world oil markets, means that an oil cargo may be bought and sold many times while at sea, and therefore, the cargo owner requires great flexibility in its choice of discharge options. If tanker fixtures were priced in the same way as dry cargo fixtures, this would involve the shipowner calculating separate individual freights for a wide variety of discharge points. Worldscale provides a set of nominal rates designed to provide roughly the same daily income irrespective of discharge point.

Time charter equivalent (TCE) is the measurement that describes the earnings potential of any spot market voyage based on the quoted Worldscale rate. As described above, the Worldscale rate is set and can then be converted into dollars per cargo ton. A voyage calculation is then performed, which removes all expenses (port costs, bunkers and commission) from the gross revenue, resulting in a net revenue that is then divided by the total voyage days, including the days from discharge of the prior cargo until discharge of the cargo for which the freight is paid (at sea and/or in port), to give a daily TCE rate.

The supply and demand for tanker capacity influences tanker charter hire rates and vessel values. In general, time charter rates are less volatile than spot rates as they reflect the fact that the vessel is fixed for a longer period of time. In the spot market, rates will reflect the immediate underlying conditions in vessel supply and demand, and are thus more prone to volatility. Small changes in tanker utilization have historically led to relatively large fluctuations in tanker charter rates for VLCCs, with more moderate price volatility in the Suezmax, Aframax and Panamax markets and less volatility in the Handysize market, as compared with the tanker market as a whole. The chart below illustrates monthly changes in TCE rates for VLCC and Suezmax tankers during January 2010 to January 2021.

VLCC TCE saw a spike during 1H20 due to a surge in demand for VLCCs for floating storage when the global oil demand plunged substantially as a result of the lockdown measures adopted by several major economies to curb the spread of COVID-19. This led to unprecedented oversupply of crude oil. As a result, the average VLCC TCE rate spiked to about US$ 200,000pd in April 2020. However, the production cut by OPEC+ and other major companies has facilitated the gradual clearing of supply glut and TCE rates came down to US$ 15,800pd in December. High inventories of crude and refined products, as well as the second wave of COVID-19, has dented the crude oil trade and tonnage demand. Meanwhile, the return of vessels from floating storage has inflated vessel supply.

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After a weak phase between 2009 and 1H14, tanker freight rates started rising in 2H14, the main stimulus being the fall in oil prices and rising oil consumption. In addition, key oil-importing countries, such as India and China, started building Strategic Petroleum Reserves (SPRs).

In 4Q15, VLCC spot rates surged, benefiting from seasonal demand and low growth in the global crude tanker fleet. However, a wave of newbuilding deliveries in 2016 outpaced demand, and average TCE rates in 2016 were around 40% lower than in 2015. A spate of newbuilding deliveries in 2017 aggravated the situation further and the average TCE rates dropped by a further 45% in 2017. The situation worsened further and TCE rates were below breakeven rates for the first nine months of 2018. However, vessel earnings improved in the later months of the year and TCE rates for VLCCs on Arabian Gulf–Japan averaged at about US$ 21,500pd in 2018, which is nearly 5% lower than the rates realized in 2017.

VLCC TCE rates rose 2.1x in 2019, compared with 2018, on the back of the US sanctions on Cosco Shipping Tanker (Dalian) Co, geopolitical tensions and tight supply. VLCC rates surged to record high levels in October 2019 due to tight supply as US sanctions on Cosco subsidiaries in late September 2019 made a substantial number of Cosco’s 43 VLCCs difficult to trade. The US sanctions on Iran and the corresponding decline in Iran’s crude exports have also trimmed the availability of National Iranian Tanker Company (NITC) vessels for international trade. Effective vessel supply was also squeezed, with vessels moving out of trade to retrofit scrubbers.

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In the tanker market, independent shipowners have two principal employment options – either the spot or time charter markets or a combination of both. How tankers are deployed varies from operator to operator, and are also influenced by market conditions. In a buoyant market, the companies that prefer to deploy vessels on the spot market will gain more as they will benefit from the rise in freight rates. Broadly speaking, a shipowner with an operating strategy, which is focused on the time charter market, will experience a more stable income stream and they will be relatively insulated against the volatility in spot rates.

Newbuilding Prices

Global shipbuilding is concentrated in South Korea, China and Japan. This concentration is the result of economies of scale, construction techniques and the prohibitive costs of building ships in other parts of the world. Collectively, these three countries account for about 90% of the global shipbuilding market.

Vessels constructed at shipyards are of varying size and technical sophistication. Dry bulk carriers generally require less technical know-how to construct, while oil tankers, container vessels and LNG carriers require technically advanced manufacturing processes.

The actual construction of a vessel can take place in 9 to 12 months and can be partitioned into five stages: contract signing, steel cutting, keel laying, launching and delivery. The amount of time between signing a newbuilding contract and the date of delivery is usually at least 16-20 months, but in times of high shipbuilding demand, it can extend up to 2 to 3 years.

Newbuilding prices for tankers of all sizes rose steadily between 2004 and mid-2008. This was due to a number of factors, including high levels of new ordering, a shortage in newbuilding capacity during a period of high charter rates, and increased shipbuilders’ costs as a result of strengthening steel prices and the weakening US dollar. Prices weakened in 2009 following a downturn in new ordering and remained weak until 2H13, when they slowly started to rise.

Newbuild prices increased by an average of 10% across vessel classes in 2014, but they declined marginally in 2015 due to weaker steel prices and spare capacity at shipyards because of negligible activity in other sectors of the maritime industry. The average newbuilding prices for VLCCs in 2015 dropped 2.4% year on year, while prices were flat for Suezmax tankers between 2014 and 2015. Spare capacity at shipyards, coupled with low ordering in 2016, led to a further decline of 10% to 12% in newbuilding prices of crude tankers. Newbuild prices remained stable throughout 2017. However, newbuild prices increased steadily in 2018 primarily on the back of optimism about a recovery in the tanker market. VLCC and Suezmax newbuild prices increased in 2019 with an increase in charter rates. In 2020 newbuilding prices for VLCC and Suezmax declined 7.4% on average because of lower new orders and weak freight market in 2H20.

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Second-hand Prices

Second-hand prices are generally influenced by potential vessel earnings, which in turn are influenced by trends in the supply of and demand for shipping capacity. The second-hand vessel prices follow the prevailing freight rates and they provide a better assessment of the existing supply-demand dynamics in the market. Vessel values are also dependent on other factors, including the age of the vessel, shipyard etc. Prices for young vessels, those around five-years old or under are also influenced by newbuilding prices. Prices for old vessels, those that are in excess of 20 years of age and near the end of their useful economic lives, are swayed by the value of scrap steel. In addition, the values for younger vessels tend to fluctuate less on a percentage basis than the values for older vessels. This is attributed to the finite useful economic life of older vessels that makes the price of younger vessels less sensitive to freight rates in the short term.

Vessel values are determined on a daily basis in the sale and purchase (S&P) market, where vessels are sold and bought through specialized sale and purchase brokers who regularly report these transactions to participants in the seaborne transportation industry. The S&P market for oil tankers is transparent and quite liquid, with a large number of vessels changing hands on a regular basis.

The chart below illustrates the movements of prices for second-hand (5-year old) oil tankers between 2010 and January 2021. After remaining range-bound between 2010 and 2013, second-hand vessel prices started recovering in 2014-15, but a sharp decline in the earning capabilities of vessels in 2016 reversed the trend, and second-hand prices plunged 25-30% during the year. However, second-hand prices remained stable for much of 2017 and started to move up slowly from the beginning of 2018 due to increased demand for modern fuel-efficient vessels in the S&P market. Nevertheless, the second-hand prices of crude tankers are well below the last peak recorded in 2008. In 2019, the second-hand prices of VLCC and Suezmax vessels increased in tandem with a surge in charter rates. The average second-hand prices of VLCCs increased 10.1% year on year to US$ 70.8 million, while the average Suezmax second-hand prices increased 14.1% year on year to US$ 49.7 million. Second-hand prices of VLCC and Suezmax declined 15.8% on an average as freight rates plunged in 2H20.

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OVERVIEW OF THE OFFSHORE OIL AND GAS INDUSTRY

All the information and data in this annual report about the offshore oil industry has been provided by Energy Maritime Associates (EMA), an independent strategic planning and consulting firm focused on the marine and offshore sectors. EMA has advised that the statistical and graphical information contained herein is drawn from its database and other sources. In connection therewith, EMA has advised that: (a) certain information in EMA’s database is derived from estimates or subjective judgments; (b) the information in the databases of other maritime data collection agencies may differ from the information in EMA’s database; (c) while EMA has taken reasonable care in the compilation of the statistical and graphical information and believes it to be accurate and correct, data compilation is subject to limited audit and validation procedures.

Brief History of the Offshore Industry

The offshore oil and gas industry can generally be defined as the extraction and production of oil and gas offshore. From a more nuanced perspective, it is a highly technical industry with significant risks, but whose rewards are high. Unlike on-shore developments, where drilling and processing equipment be constructed onsite, often with access to existing infrastructure, offshore developments have additional engineering and logistical requirements in designing, transporting, installing and operating facilities in remote offshore environments. Because of this, each production unit is unique and designed for the specific field’s geological and environmental characteristics including hydrocarbon specifications, reservoir requirements (water/gas/chemical injection), well/subsea configuration, water depth, and weather conditions (above and below the water).

The water depth of offshore developments has increased dramatically since its start from piers extended from shore in just a few meters of water. In 1947, Kerr-McGee drilled the first well beyond the sight of land. This well was in only 5.5 meters of water, but was 17 kilometers off the Louisiana coast. Offshore developments have continued to move further from land and into increasingly deeper waters using fixed platforms that extended from the seabed to the surface.

Floating Production and Storage (or FPS) and Floating, Production, Storage and Offloading unit (or FPSO) units emerged in the 1970s. Since that time, FPS units have been installed in increasing water depths, with the deepest unit now operating in 2,900 meters of water. Water depths are currently defined as shallow (less than 1,000 meters), deepwater (between 1,000 meters and 1,500 meters), and ultra-deepwater (greater than 1,500 meters). Units installed before 2000 were almost all shallow water. Since 2000, 45% of units have been installed in deepwater including 20% in ultra-deepwater. For units currently on order, over half are in deepwater, including 40% in ultra-deepwater. Other types of FPS units include Spar, Tension-Leg Platform (TLP), and Semi-submersible (Semi), which are well suited to deepwater. For liquefying gas and then converting it back to gas, Floating Liquefied Natural Gas (FLNG) and Floating Storage Regas Unit (FSRU) can be used. Mobile Offshore Production Units (MOPU), and Floating Storage Offloading Units (FSO) are popular for shallow water developments.

The geographical range of the FPS industry has also changed over the years. For the first few decades of industry activity, projects were concentrated in the Gulf of Mexico and the North Sea. However, with discoveries of new hydrocarbon basins, the location of offshore developments expanded to include most parts of the world, with Brazil, West Africa, and Southeast Asia now leading the way.

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Along with increasing water depth, the size and complexity of these offshore developments has also grown, which in turn has increased the size and complexity of the FPS units. Project development cycles have increased in time, complexity, and cost. In particular, the time between initial discovery and starting production is now five to ten years. However, over the past few years there has been a concerted effort to reduce field development costs by reducing the number of interfaces and re-using standardized designs as much as possible. It remains to be seen how sustainable and lasting these changes will be.

Contract Awards and Orderbook

Approval of these projects depends largely on the oil price expectation at the time and the related production potential associated with the specific project. As a result, the orders for FPS units generally follow the price of oil. However, oil price is not the only factor. Development costs also play a major role in determining the economic viability of a project. After the price of Brent crude dropped to $34 per barrel in 2008, only 10 FPS units were awarded in 2009. As the price of Brent crude recovered to over $100 per barrel, 25-33 FPS units were awarded each year from 2010-2014. Following the sharp decline in oil prices, FPS orders dropped to 15 units in 2015 and 17 in 2016. As oil prices recovered from 2017-2019, so did orders, particularly for FPSOs, which rose from 6 in 2017 to 13, a level not seen since 2013. However, with the global outbreak of COVID-19 and decline in oil demand and prices, orders came to a halt in Q2 2020 as companies cut Capex and deferred investment decisions into 2021. One FPSO order was placed by Petrobras in August 2020.

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Currently Installed Units

As of January 2021, there are 296 FPS systems in service worldwide comprised of FPSOs (56%) of the current total, Production Semis (13%), FSRUs (10%), TLPs (9%), Production Spars (7%), Production Barges (3%), and FLNGs (1%). This does not include 40 production units and two floating storage/offloading units that are available for re-use. Another 107 floating storage/offloading units (without production capability) are in service.

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Global Distribution of Installed Units by Type:

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Markets

The top five regions for floating production systems are Southeast Asia (23%), Africa (18%), Brazil (17%), Gulf of Mexico (“GOM”) (13%), and Northern Europe (“NE”) (12%). The type of systems varies widely from region to region – FSOs are the dominant type in Southeast Asia (“SEA”) due to the relatively shallow water depths and lack of infrastructure. In this type of environments, a fixed production platform and FSO is often the most economic development option.

The current order backlog consists of 42 production floaters, 8 FSOs (2 Oil and 6 LNG) and 3 Mobile Offshore Production Units, or MOPUs. Within the backlog, 27 units are utilizing purpose-built hulls, 20 units are based on converted hulls, 4 redeployments and 2 major upgrades. Of the production floaters being built, 26 are owned by field operators, 27 by leasing contractors, including two FPSOs which may be leased or owned (SBM’s Fast4Ward Hull #4 &5).

Since 1997, the production floater order backlog has ranged from a low of 17 units in 1999 to a peak of 70 units in the first half of 2013. Within this period, there have been multiple cycles: a downturn in 1998 and 1999 followed by an upturn from 2000 to 2002 of 17 to 39 units, relative stability in 2003 and 2004, an upturn from 2005 to 2007 from 35 to 67 units followed by a downturn from 2008 to 2009 down to 32 units, an upturn between 2010 and 2013 to 70 units, and a gradual decline to around 50 units where it has remained since 2017. In Q1 2021 the orderbook dropped to 42 and may mark the beginning of a period where deliveries outpace orders.

The destinations for the oil FSOs currently on order are Northern Europe and Southwest Asia/Middle East.

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Most Attractive Growth Regions

Between 2025 and 2030, Brazil is expected to remain the most attractive area for offshore projects and presents ample investment opportunities according to respondents of EMA’s 2021 industry sentiment survey. As of January 2021, Brazil accounts for 15% (30 out of 202) potential floating production projects in the planning process. South America (excluding Brazil) and West Africa present the next largest growth opportunities globally. Guyana is rapidly becoming a prime destination, with up to 10 FPSOs planned by ExxonMobil and other exploration activity underway in Suriname.

Other industry participants remain optimistic about the Mexican and US sides of the GOM, buoyed by greenfield and brownfield deepwater developments. Foreign companies in Mexico have begun developing new shallow and deepwater projects requiring FPSOs and FSOs.

The FSO Market

FSOs provide field storage and offloading in a variety of situations. FSOs are primarily used in conjunction with fixed platforms, MOPUs and production floaters (Semis, TLPs, Spars) to provide offshore field storage of oil and condensate. They are also used as offshore storage/export facilities for onshore production fields and as storage/blending/transshipment terminals for crude oil or refined products. Most FSOs store oil, although there are a few FSOs that store liquefied natural gas (LNG) or liquefied petroleum gas (LPG).

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FSOs range from simple tankers with few modifications to purpose built and extensively modified tankers with significant additional equipment at a total cost ranging between $250 and $300 million. Oil storage capacity on FSOs varies from 60,000 barrels to 3 million barrels. FSO Asia and the FSO Africa, which are co-owned by Euronav, are among the largest and most complex FSOs in operation. Water depth ranges from 15 meters to 380 meters except for an FSO located in Brazil’s Marlim Sul field (1,180 meters). There is no inherent limitation on water depth for FSOs.

Most FSOs currently in operation are older single-hull tankers modified for storage/offloading use. Over 60% of the FSOs now operating are at least 20 years old, with almost 30% over 30 years old. Production continues on many of these fields, therefore requiring life extension or replacement of these older hulls. Around 40% of the FSOs in service are Aframax or Suezmax-size (600,000 to 1 million barrels). VLCC or ULCC size units (up to 3 million barrels) account for another 40%. The remaining 20% of FSOs is comprised of smaller units.

Approximately 50% of FSOs in service are positioned in Southeast Asia. Around another 15% are in West Africa. The others are spread over the Middle East, India, Northern Europe, Mediterranean, Brazil, and elsewhere.

Large storage capacity and ability to be moored in almost any water depth makes FSOs ideal for areas without pipeline infrastructure and where the production platform has no storage capabilities (fixed platforms, MOPU, Spar, TLP, Semi-submersible platform). FSOs have no or limited process topsides, which make them relatively simple to convert from old tankers, as compared to an FPSO. FSOs can be relocated to other fields and some have also later been converted to FPSOs.

The Key Components of an FSO

Unlike other FPS systems, the hull is the primary component of an FSO. Topsides are normally simple and feature primarily accommodation, helicopter landing facilities, crude metering equipment, and sometimes power generation. However some FSOs, including the FSO Asia and the FSO Africa, which are co-owned by Euronav, have more sophisticated topsides (which are described below). Mooring systems are the same as for an FPSO: spread-mooring or turret-moored (internal and external). In addition, some simple storage units are moored by their own anchor or alongside a jetty. In benign environments, an FSO can be moored to a Catenary Anchor Leg Mooring buoy (soft mooring), where the buoy is fixed to the seabed and attached to the FSO by mooring ropes.

Some FSOs, such as FSO Asia and FSO Africa, include a small part of the production process, particularly water separation/treatment and chemical injection. For example, after initial processing on the platform, the FSO Asia and FSO Africa may provide additional processing of the platform fluids and separate the water from the crude oil. The oil and water are usually heated, accelerating the separation of the two organic compounds. Once separated, oil is transferred to separate storage cargo tanks and then offloaded to export vessels. Water is treated, purified and returned to the underwater source reservoir or directly to the sea.

Trends in FSO orders

54 orders for FSOs have been placed over the past ten years, an average of 5.4 annually. While the majority of FSOs were converted from oil tankers, approximately 25% of these units were purpose-built as FSOs. This is in line with the currently installed fleet profile.

Forecast Summary

EMA is tracking 31 potential projects in the planning stage that may require an FSO. The number of FSO projects in the planning pipeline is relatively steady. FSO projects can typically be developed more quickly than other FPS developments and therefore there are a number of projects to be awarded in the next five years that are not yet visible.

The prospects for the FSO sector remain promising, supported by the number of visible projects in the planning stage, low development costs for offshore fields, and prospects for higher oil prices. Utilization of drilling rigs has begun to increase, but rates are expected to remain low for some time due to competition. In Southeast Asia, the most popular development option is an FSO, in conjunction with a fixed platform or MOPU.

The vast majority of FSO orders will continue to go to Southeast Asian countries including Thailand, Vietnam, Indonesia, and Malaysia, but there has been increased activity in Africa and Mexico as well. Two large projects in Mexico, BHP’s Trion and Talos’s Zama, are currently progressing with developments that require FSOs.

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From 2021-2025, converted oil tankers will remain the dominant choice for FSOs. Newbuilt units will be used for some projects with high specifications as well as for condensate FSOs on gas fields. We expect between 10-25 conversion and 1-4 newbuilding orders over the next five years. In addition, we expect 4-6 FSO orders to be filled by redeployed units. Currently there are 31 idle FPSOs and 4 idle FSOs. More than 20 units that could potentially be redeployed may come available over the next five years.

Between $1.4 and $3.5 billion is expected to be spent on FSO orders over the next five years, with the mid-case being $2.5 billion. Around 71% will be spent on conversions, 14% on newbuildings, and 15% on redeployments. The purpose-built units will cost in the range of $150 to $600 million. Converted units will cost an average of around $100 million. Capital cost for redeployed units would depend on the value assigned to the existing asset but should be slightly less than a converted unit. Where the capex falls in this range depends on the hull size, design life and mooring/ offloading system needed.

In the past, the majority of vessels chosen for conversion were between 20 and 25 years old. However, this trend is changing as companies increasingly scrutinize the quality and hull fatigue of the units earmarked as conversion candidates. Some recent FPSO conversion projects have selected newbuilt intercepts or units as young as 5 years old.

FSO conversion work is being carried out mainly in Chinese yards, but some of the more complex FSO projects may be performed in Singapore and Malaysia. Most newbuilt units have been constructed by the Chinese and Korean yards. However, Sembcorp shipyard in Singapore completed a high spec unit for the UK’s Culzean field in 2018.

Competition

Competition in the FSO market includes tanker owners, specialized FSO/FPSO contractors, and engineering/construction companies in the floating production sector. Tanker owners tend to compete for projects which require less modification and investment. Companies such as Altera Infrastructure (formerly Teekay Offshore Partners L.P.), Knutsen NYK Offshore Tankers AS, Malaysia International Shipping Corporation Berhad, and Omni Offshore Terminals Pte. Ltd target more complex FSO projects with higher specifications and client requirements. FPSO contractors such as MODEC Inc, SBM Offshore N.V., and BW Offshore Limited had competed in the FSO market in the past, but are now primarily focused on large FPSO projects.

Most clients conduct a detailed pre-qualification screening before accepting proposals. Pre-qualification requirements include: FSO conversion and operation experience, health, safety, environment systems and procedures, access to tanker for conversion, and financial resources.

Contract Structure

As part of the overall offshore field development, most FSOs are leased on long-term (5 to 15 years), fixed rate service contracts (normally structured as either a time charter or a bareboat contract). The FSO is essential to the field production as oil is exported via the FSO. Typically, the FSO contract has a fixed period as well as additional extension periods (at the charterer’s option) depending on the projected life of the development project. The FSO is designed to remain offshore for the duration of the contact, as opposed to conventional tankers, which have scheduled drydocking repairs every 2 to 3 years. Depending on tax treatment and local regulations, some oil companies elect to purchase the FSO rather than lease it, particularly when the unit is expected to remain on site for over 20 years. However, there have been FSO lease contracts for 20 or even 25 years.

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Environmental and Other Regulations on Tankers and FSO's

Government regulation and laws significantly affect the ownership and operation of our fleet. We are subject to international conventions and treaties, national, state and local laws and regulations in force in the countries in which our vessels may operate or are registered relating to safety and health and environmental protection including the storage, handling, emission, transportation and discharge of hazardous and non-hazardous materials, and the remediation of contamination and liability for damage to natural resources. Compliance with such laws, regulations and other requirements entails significant expense, including vessel modifications (where applicable) and implementation of certain operating procedures.

A variety of government and private entities subject our vessels to both scheduled and unscheduled inspections. These entities include the local port authorities (applicable national authorities such as the United States Coast Guard or USCG, Captain of the Port or equivalent), classification societies, flag state administrations (countries of registry) and charterers, particularly terminal operators. Certain of these entities require us to obtain permits, licenses, certificates and other authorizations for the operation of our vessels. Failure to maintain necessary permits or approvals could require us to incur substantial costs or result in the temporary suspension of the operation of one or more of our vessels.

Increasing environmental concerns have created a demand for vessels that conform to stricter environmental standards. We are required to maintain operating standards for all of our vessels that emphasize operational safety, quality maintenance, continuous training of our officers and crews and compliance with United States and international regulations. We believe that the operation of our vessels is in full compliance with applicable environmental laws and regulations and that our vessels have all material permits, licenses, certificates or other authorizations necessary for the conduct of our operations. However, because such laws and regulations frequently change and may impose increasingly stricter requirements, we cannot predict the ultimate cost of complying with these requirements, or the impact of these requirements on the resale value or useful lives of our vessels. In addition, a future serious marine incident that causes significant adverse environmental impact could result in additional legislation or regulation that could negatively affect our profitability.

International Maritime Organization

The IMO had adopted the International Convention for the Prevention of Pollution from Ships or “MARPOL”, the International Convention for the Safety of Life at Sea of 1974 or “SOLAS Convention”, and the International Convention on Load Lines of 1966 or the “LL Convention”. MARPOL establishes structural and operational environmental standards relating to oil leakage or spilling, garbage management, sewage, air emissions, handling and disposal of noxious liquids and the handling of harmful substances in packaged forms. MARPOL is applicable to all tankers, among other vessels, and is broken into six Annexes, each of which regulates a different source of pollution. Annex I relates to prevention of pollution by oil; Annexes II and III relate to harmful substances carried in bulk in liquid or in packaged form, respectively; Annexes IV and V relate to sewage and garbage management, respectively; and Annex VI, lastly, relates to prevention of air pollution from ships. Annex VI was separately adopted by the IMO in September of 1997; new emissions standards, titled IMO-2020, took effect on January 1, 2020.

In 2013, the IMO’s Marine Environmental Protection Committee, or the “MEPC,” adopted a resolution amending MARPOL Annex I Condition Assessment Scheme, or “CAS”. These amendments became effective on October 1, 2014, and require compliance with the 2011 International Code on the Enhanced Programme of Inspections during Surveys of Bulk Carriers and Oil Tankers, or “ESP Code”, which provides for enhanced inspection programs.

Air Emissions

In September of 1997, the IMO adopted Annex VI to MARPOL to address air pollution from vessels. Effective May 2005, Annex VI sets limits on sulfur oxide and nitrogen oxide emissions from all commercial vessel exhausts and prohibits “deliberate emissions” of ozone depleting substances (such as halons and chlorofluorocarbons), emissions of volatile compounds from cargo tanks, and the shipboard incineration of specific substances. Annex VI also includes a global cap on the sulfur content of fuel oil and allows for special areas to be established with more stringent controls on sulfur emissions, as explained below. Emissions of “volatile organic compounds” from certain vessels, and the shipboard incineration (from incinerators installed after January 1, 2000) of certain substances (such as polychlorinated biphenyls, or PCBs) are also prohibited. We believe that all our vessels are currently compliant in all material respects with these regulations.

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The MEPC adopted amendments to Annex VI regarding emissions of sulfur oxide, nitrogen oxide, particulate matter and ozone depleting substances, which entered into force on July 1, 2010. The amended Annex VI seeks to further reduce air pollution by, among other things, implementing a progressive reduction of the amount of sulfur contained in any fuel oil used onboard vessels. On October 27, 2016, the MEPC agreed to implement a global 0.5% m/m sulfur oxide emissions limit (reduced from 3.50%) starting from January 1, 2020. This limitation can be met by using low-sulfur compliant fuel oil, alternative fuels, or certain exhaust gas cleaning systems. Vessels are now required to obtain bunker delivery notes and International Air Pollution Prevention or “IAPP” Certificates from their flag states that specify sulfur content. Additionally, at MEPC 73, amendments to Annex VI to prohibit the carriage of bunkers above 0.5% sulfur on vessels were adopted and took effect March 1, 2020. These regulations subject ocean-going vessels to stringent emissions controls, and may cause us to incur substantial costs.

Sulfur content standards are even stricter within certain “Emission Control Areas,” or ECAs. As of January 1, 2015, vessels operating within an ECA were not permitted to use fuel with sulfur content in excess of 0.1% m/m. Amended Annex VI establishes procedures for designating new ECAs. Currently, the IMO has designated four ECAs, including specified portions of the Baltic Sea area, North Sea area, North American area and United States Caribbean area. In addition, several Chinese ports have established a similar system. Ocean-going vessels in these areas will be subject to stringent emission controls and may cause us to incur additional costs. Other areas in China are subject to local regulations that impose stricter emission controls. If other ECAs are approved by the IMO, or other new or more stringent requirements relating to emissions from marine diesel engines or port operations by vessels are adopted by the U.S. Environmental Protection Agency “EPA”, or the states where we operate, compliance with these regulations could entail significant capital expenditures or otherwise increase the costs of our operations.

Amended Annex VI also establishes new tiers of stringent nitrogen oxide emissions standards for marine diesel engines, depending on their date of installation. At the MEPC meeting held from March to April 2014, amendments to Annex VI were adopted which address the date on which Tier III Nitrogen Oxide (NOx) standards in ECAs will go into effect. Under the amendments, Tier III NOx standards apply to vessels that operate in the North American and U.S. Caribbean Sea ECAs designed for the control of NOx produced by vessels with a marine diesel engine installed and constructed on or after January 1, 2016. Tier III requirements could apply to areas that will be designated for Tier III NOx in the future. At MEPC 70 and MEPC 71, the MEPC approved the North Sea and Baltic Sea as ECAs for nitrogen oxide for vessels built on or after January 1, 2021. The EPA promulgated equivalent (and in some senses stricter) emissions standards in 2010. As a result of these designations or similar future designations, we may be required to incur additional operating or other costs.

As determined at the MEPC 70, the new Regulation 22A of MARPOL Annex VI became effective as of March 1, 2018 and requires vessels above 5,000 gross tonnage to collect and report annual data on fuel oil consumption to an IMO database, with the first year of data collection commencing on January 1, 2019. The IMO intends to use such data as the first step in its roadmap (through 2023) for developing its strategy to reduce greenhouse gas emissions from vessels, as discussed further below.

As of January 1, 2013, MARPOL made mandatory certain measures relating to energy efficiency for vessels. All vessels are now required to develop and implement Ship Energy Efficiency Management Plans (“SEEMP”), and new vessels must be designed in compliance with minimum energy efficiency levels per capacity mile as defined by the Energy Efficiency Design Index or “EEDI”. Under these measures, by 2025, all new vessels built will be 30% more energy efficient than those built in 2014. Additionally, MEPC 75 adopted amendments to MARPOL Annex VI which brings forward the effective date of the EEDI’s “phase 3” requirements from January 1, 2025 to April 1, 2022 for several ship types, including gas carriers, general cargo ships, and LNG carriers.

Additionally, MEPC 75 introduced draft amendments to Annex VI which impose new regulations to reduce greenhouse gas emissions from ships. These amendments introduce requirements to assess and measure the energy efficiency of all ships and set the required attainment values, with the goal of reducing the carbon intensity of international shipping. The requirements include (1) a technical requirement to reduce carbon intensity based on a new Energy Efficiency Existing Ship Index (“EEXI”), and (2) operational carbon intensity reduction requirements, based on a new operational carbon intensity indicator (“CII”). The attained EEXI is required to be calculated for ships of 400 gross tonnage and above, in accordance with different values set for ship types and categories. With respect to the CII, the draft amendments would require ships of 5,000 gross tonnage to document and verify their actual annual operational CII achieved against a determined required annual operational CII. Additionally, MEPC 75 proposed draft amendments requiring that, on or before January 1, 2023, all ships above 400 gross tonnage must have an approved SEEMP on board. For ships above 5,000 gross tonnage, the SEEMP would need to include certain mandatory content. MEPC 75 also approved draft amendments to MARPOL Annex I to prohibit the use and carriage for use as fuel of heavy fuel oil (“HFO”) by ships in Arctic waters on and after July 1, 2024. The draft amendments introduced at MEPC 75 may be adopted at the MEPC 76 session, to be held during 2021.

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We may incur costs to comply with these revised standards. Additional or new conventions, laws and regulations may be adopted that could require the installation of expensive emission control systems and could adversely affect our business, results of operations, cash flows and financial condition.

Safety Management System Requirements

The SOLAS Convention addresses issues related to the safe manning of vessels and emergency preparedness, training and drills.  The Convention of Limitation of Liability for Maritime Claims or the “LLMC” sets limitations of liability for a loss of life or personal injury claim or a property claim against vessel owners. We believe that our vessels are in full compliance with SOLAS and LLMC standards.

Under Chapter IX of the SOLAS Convention, or the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention or the “ISM Code”, our operations are also subject to environmental standards and requirements. The ISM Code requires the party with operational control of a vessel to develop an extensive safety management system that includes, among other things, the adoption of a safety and environmental protection policy setting forth instructions and procedures for operating its vessels safely and describing procedures for responding to emergencies. We rely upon the safety management system that we and our technical management team have developed for compliance with the ISM Code.

The failure of a vessel owner or bareboat charterer to comply with the ISM Code may subject such party to increased liability, may decrease available insurance coverage for the affected vessels and may result in a denial of access to, or detention in, certain ports.

The ISM Code requires that vessel operators obtain a safety management certificate or "SMC:" for each vessel they operate. This certificate evidences compliance by a vessel’s management with the ISM Code requirements for a safety management system. No vessel can obtain a safety management certificate unless its manager has been awarded a document of compliance or "DOC", issued by, or on behalf of, each flag state, under the ISM Code. We have obtained applicable documents of compliance for our ship management offices and safety management certificates for all of our vessels for which the certificates are required by the IMO. The document of compliance and safety management certificate are renewed as required.

Regulation II-1/3-10 of the SOLAS Convention governs vessel construction and stipulates that vessels over 150 meters in length must have adequate strength, integrity and stability to minimize risk of loss or pollution. Goal-based standards amendments in SOLAS regulation II-1/3-10 entered into force in 2012, with July 1, 2016 set for application to new oil tankers, among other vessels. The SOLAS Convention regulation II-1/3-10 on goal-based vessel construction standards for oil tankers, among other vessels, which entered into force on January 1, 2012, requires that all oil tankers, among other vessels, of 150 meters in length and above, for which the building contract is placed on or after July 1, 2016, satisfy applicable structural requirements conforming to the functional requirements of the International Goal-based Ship Construction Standards for Bulk Carriers and Oil Tankers (GBS Standards).

Amendments to the SOLAS Convention Chapter VII apply to vessels transporting dangerous goods and require those vessels be in compliance with the International Maritime Dangerous Goods Code or “IMDG Code”. Effective January 1, 2018, the IMDG Code includes (1) updates to the provisions for radioactive material, reflecting the latest provisions from the International Atomic Energy Agency, (2) new marking, packing and classification requirements for dangerous goods, and (3) new mandatory training requirements. Amendments which took effect on January 1, 2020 also reflect the latest material from the UN Recommendations on the Transport of Dangerous Goods, including (1) new provisions regarding IMO type 9 tank, (2) new abbreviations for segregation groups, and (3) special provisions for carriage of lithium batteries and of vehicles powered by flammable liquid or gas.

The IMO has also adopted the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers or “STCW”. As of February 2017, all seafarers are required to meet the STCW standards and be in possession of a valid STCW certificate. Flag states that have ratified SOLAS and STCW generally employ the classification societies, which have incorporated SOLAS and STCW requirements into their class rules, to undertake surveys to confirm compliance.

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The IMO's Maritime Safety Committee and MEPC, respectively, each adopted relevant parts of the International Code for Ships Operating in Polar Water (the “Polar Code”). The Polar Code, which entered into force on January 1, 2017, covers design, construction, equipment, operational, training, search and rescue as well as environmental protection matters relevant to ships operating in the waters surrounding the two poles. It also includes mandatory measures regarding safety and pollution prevention as well as recommendatory provisions. The Polar Code applies to new ships constructed after January 1, 2017, and after January 1, 2018, ships constructed before January 1, 2017 are required to meet the relevant requirements by the earlier of their first intermediate or renewal survey.

Furthermore, recent action by the IMO’s Maritime Safety Committee and United States agencies indicates that cybersecurity regulations for the maritime industry are likely to be further developed in the near future in an attempt to combat cybersecurity threats. For example, cyber-risk management systems are required to be incorporated by vessel-owners and managers by 2021. This may cause companies to create additional procedures for monitoring cybersecurity, which could require additional expenses and/or capital expenditures. The impact of such regulations is hard to predict at this time.

Pollution Control and Liability Requirements

The IMO has negotiated international conventions that impose liability for pollution in international waters and the territorial waters of the signatories to such conventions. For example, the IMO adopted an International Convention for the Control and Management of Ships’ Ballast Water and Sediments or the “BWM Convention” in 2004. The BWM Convention entered into force on September 8, 2017. The BWM Convention requires vessels to manage their ballast water to remove, render harmless, or avoid the uptake or discharge of new or invasive aquatic organisms and pathogens within ballast water and sediments. The BWM Convention’s implementing regulations call for a phased introduction of mandatory ballast water exchange requirements, to be replaced in time with mandatory concentration limits, and require all vessels to carry a ballast water record book and an international ballast water management certificate.

On December 4, 2013, the IMO Assembly passed a resolution revising the application dates of BWM Convention so that the dates are triggered by the entry into force date and not the dates originally in the BWM Convention. This, in effect, makes all vessels delivered before the entry into force date “existing vessels” and allows for the installation of ballast water management systems on such vessels at the first International Oil Pollution Prevention (or “IOPP”) renewal survey following entry into force of the convention. The MEPC adopted updated guidelines for approval of ballast water management systems (G8) at MEPC 70. At MEPC 71, the schedule regarding the BWM Convention’s implementation dates was also discussed and amendments were introduced to extend the date existing vessels are subject to certain ballast water standards. Those changes were adopted at MEPC 72. Vessels over 400 gross tons generally must comply with a “D-1 standard,” requiring the exchange of ballast water only in open seas and away from coastal waters. The “D-2 standard” specifies the maximum amount of viable organisms allowed to be discharged, and compliance dates vary depending on the IOPP renewal dates. Depending on the date of the IOPP renewal survey, ships constructed before September 8, 2017 must comply with the D-2 standard on or after September 8, 2019. Ships constructed on or after September 8, 2017 are to comply with the D-2 standards on or after September 8, 2017. For most vessels, compliance with the D-2 standard will involve installing on-board systems to treat ballast water and eliminate unwanted organisms. We currently have 38 vessels that do not comply with the updated guideline and costs of compliance may be substantial and adversely affect our revenues and profitability.

Ballast water management systems, which include systems that make use of chemical, biocides, organisms or biological mechanisms, or which alter the chemical or physical characteristics of the ballast water, must be approved in accordance with IMO Guidelines (Regulation D-3). As of October 13, 2019, MEPC 72’s amendments to the BWM Convention took effect, making the Code for Approval of Ballast Water Management Systems, which governs assessment of ballast water management systems, mandatory rather than permissive, and formalized an implementation schedule for the D-2 standard. Under these amendments, all ships must meet the D-2 standard by September 8, 2024. Costs of compliance with these regulations may be substantial. Additionally, in November 2020, MEPC 75 adopted amendments to the BWM Convention which would require a commissioning test of the ballast water management system for the initial survey or when performing an additional survey for retrofits. This analysis will not apply to ships that already have an installed BWM system certified under the BWM Convention. These amendments are expected to enter into force on June 1, 2022

Once mid-ocean exchange ballast water treatment requirements become mandatory under the BWM Convention, the cost of compliance could increase for ocean carriers and may have a material effect on our operations. However, many countries already regulate the discharge of ballast water carried by vessels from country to country to prevent the introduction of invasive and harmful species via such discharges. The U.S., for example, requires vessels entering its waters from another country to conduct mid-ocean ballast exchange, or undertake some alternate measure, and to comply with certain reporting requirements.

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The IMO adopted the International Convention on Civil Liability for Oil Pollution Damage of 1969, as amended by different Protocols in 1976, 1984, and 1992, and amended in 2000 or “the CLC”. Under the CLC and depending on whether the country in which the damage results is a party to the 1992 Protocol to the CLC, a vessel’s registered owner may be strictly liable for pollution damage caused in the territorial waters of a contracting state by discharge of persistent oil, subject to certain exceptions. The 1992 Protocol changed certain limits on liability expressed using the International Monetary Fund currency unit, the Special Drawing Rights. The limits on liability have since been amended so that the compensation limits on liability were raised. The right to limit liability is forfeited under the CLC where the spill is caused by the vessel owner’s actual fault and under the 1992 Protocol where the spill is caused by the vessel owner’s intentional or reckless act or omission where the vessel owner knew pollution damage would probably result. The CLC requires vessels over 2,000 tons covered by it to maintain insurance covering the liability of the owner in a sum equivalent to an owner’s liability for a single incident. We have protection and indemnity insurance for environmental incidents. P&I Clubs in the International Group issue the required Bunkers Convention “Blue Cards” to enable signatory states to issue certificates. All of our vessels are in possession of a CLC State issued certificate attesting that the required insurance coverage is in force.

The IMO also adopted the International Convention on Civil Liability for Bunker Oil Pollution Damage or the “Bunker Convention” to impose strict liability on vessel owners (including the registered owner, bareboat charterer, manager or operator) for pollution damage in jurisdictional waters of ratifying states caused by discharges of bunker fuel. The Bunker Convention requires registered owners of vessels over 1,000 gross tons to maintain insurance for pollution damage in an amount equal to the limits of liability under the applicable national or international limitation regime (but not exceeding the amount calculated in accordance with the LLMC). With respect to non-ratifying states, liability for spills or releases of oil carried as fuel in vessel’s bunkers typically is determined by the national or other domestic laws in the jurisdiction where the events or damages occur.

Vessels are required to maintain a certificate attesting that they maintain adequate insurance to cover an incident. In jurisdictions, such as the United States where the CLC or the Bunker Convention has not been adopted, various legislative schemes or common law govern, and liability is imposed either on the basis of fault or on a strict-liability basis.

Anti‑Fouling Requirements

In 2001, the IMO adopted the International Convention on the Control of Harmful Anti‑fouling Systems on Ships, or the “Anti‑fouling Convention.” The Anti‑fouling Convention, which entered into force on September 17, 2008, prohibits the use of organotin compound coatings to prevent the attachment of mollusks and other sea life to the hulls of vessels. Vessels of over 400 gross tons engaged in international voyages are required to undergo an initial survey before the vessel is put into service or before an International Anti‑fouling System Certificate is issued for the first time; and subsequent surveys when the anti‑fouling systems are altered or replaced. We have obtained Antifouling System Certificates for all of our vessels that are subject to the Antifouling Convention.

In November 2020, MEPC 75 approved draft amendments to the Anti-fouling Convention to prohibit antifouling systems containing cybutryne, which would apply to ships from January 1, 2023, or, for ships already bearing such an anti-fouling system, at the next scheduled renewal of the system after that date, but no later than 60 months following the last application to the ship of such a system. These amendments may be formally adopted at MEPC 76 in 2021.

We have obtained Anti-fouling System Certificates for all of our vessels that are subject to the Anti-fouling Convention.

Compliance Enforcement

Noncompliance with the ISM Code or other IMO regulations may subject the vessel owner or bareboat charterer to increased liability, may lead to decreases in available insurance coverage for affected vessels and may result in the denial of access to, or detention in, some ports. The USCG and European Union authorities have indicated that vessels not in compliance with the ISM Code by applicable deadlines will be prohibited from trading in U.S. and European Union ports, respectively. As of the date of this report, each of our vessels is ISM Code certified. However, there can be no assurance that such certificates will be maintained in the future. The IMO continues to review and introduce new regulations. It is impossible to predict what additional regulations, if any, may be passed by the IMO and what effect, if any, such regulations may have on our operations.

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United States Regulations

The U.S. Oil Pollution Act of 1990 and the Comprehensive Environmental Response, Compensation and Liability Act

The U.S. Oil Pollution Act of 1990 or “OPA” established an extensive regulatory and liability regime for the protection and cleanup of the environment from oil spills. OPA affects all “owners and operators” whose vessels trade or operate within the U.S., its territories and possessions or whose vessels operate in U.S. waters, which includes the U.S.’s territorial sea and its 200 nautical mile exclusive economic zone around the U.S. The U.S. has also enacted the Comprehensive Environmental Response, Compensation and Liability Act or “CERCLA”, which applies to the discharge of hazardous substances other than oil, except in limited circumstances, whether on land or at sea. OPA and CERCLA both define “owner and operator” in the case of a vessel as any person owning, operating or chartering by demise, the vessel. Both OPA and CERCLA impact our operations.

Under OPA, vessel owners and operators are “responsible parties” and are jointly, severally and strictly liable (unless the spill results solely from the act or omission of a third party, an act of God or an act of war) for all containment and clean-up costs and other damages arising from discharges or threatened discharges of oil from their vessels, including bunkers (fuel). OPA defines these other damages broadly to include:

(i)    injury to, destruction or loss of, or loss of use of, natural resources and related assessment costs;

(ii)    injury to, or economic losses resulting from, the destruction of real and personal property;

(iii)    loss of subsistence use of natural resources that are injured, destroyed or lost;

(iv)    net loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction or loss of real or personal property, or natural resources;

(v)    lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources; and

(vi)    net cost of increased or additional public services necessitated by removal activities following a discharge of oil, such as protection from fire, safety or health hazards, and loss of subsistence use of natural resources.

OPA contains statutory caps on liability and damages; such caps do not apply to direct cleanup costs. Effective November 12, 2019, the USCG adjusted the limits of OPA liability for tankers, other than a single-hull tanker, over 3,000 gross tons liability to the greater of $2,300 per gross ton or $19,943,400 (subject to periodic adjustment for inflation).  These limits of liability do not apply if an incident was proximately caused by the violation of an applicable U.S. federal safety, construction or operating regulation by a responsible party (or its agent, employee or a person acting pursuant to a contractual relationship), or a responsible party's gross negligence or willful misconduct. The limitation on liability similarly does not apply if the responsible party fails or refuses to (i) report the incident as required by law where the responsible party knows or has reason to know of the incident; (ii) reasonably cooperate and assist as requested in connection with oil removal activities; or (iii) without sufficient cause, comply with an order issued under the Federal Water Pollution Act (Section 311 (c), (e)) or the Intervention on the High Seas Act.

CERCLA contains a similar liability regime whereby owners and operators of vessels are liable for cleanup, removal and remedial costs, as well as damages for injury to, or destruction or loss of, natural resources, including the reasonable costs associated with assessing the same, and health assessments or health effects studies. There is no liability if the discharge of a hazardous substance results solely from the act or omission of a third party, an act of God or an act of war. Liability under CERCLA is limited to the greater of $300 per gross ton or $5.0 million for vessels carrying a hazardous substance as cargo and the greater of $300 per gross ton or $500,000 for any other vessel. These limits do not apply (rendering the responsible person liable for the total cost of response and damages) if the release or threat of release of a hazardous substance resulted from willful misconduct or negligence, or the primary cause of the release was a violation of applicable safety, construction or operating standards or regulations. The limitation on liability also does not apply if the responsible person fails or refused to provide all reasonable cooperation and assistance as requested in connection with response activities where the vessel is subject to OPA.

OPA and CERCLA each preserve the right to recover damages under existing law, including maritime tort law. OPA and CERCLA both require owners and operators of vessels to establish and maintain with the USCG evidence of financial responsibility sufficient to meet the maximum amount of liability to which the particular responsible person may be subject. Vessel owners and operators may satisfy their financial responsibility obligations by providing a proof of insurance, a surety bond, qualification as a self-insurer or a guarantee. We comply and plan to comply going forward with the USCG’s financial responsibility regulations by providing applicable certificates of financial responsibility.

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The 2010 Deepwater Horizon oil spill in the Gulf of Mexico resulted in additional regulatory initiatives or statutes, including higher liability caps under OPA, new regulations regarding offshore oil and gas drilling and a pilot inspection program for offshore facilities. However, several of these initiatives and regulations have been or may be revised. For example, the U.S. Bureau of Safety and Environmental Enforcement’s (“BSEE”) revised Production Safety Systems Rule (“PSSR”), effective December 27, 2018, modified and relaxed certain environmental and safety protections under the 2016 PSSR. Additionally, the BSEE amended the Well Control Rule, effective July 15, 2019, which rolled back certain reforms regarding the safety of drilling operations, and the former U.S. President Trump had proposed leasing new sections of U.S. waters to oil and gas companies for offshore drilling. The effects of these proposals and changes are currently unknown, and recently, current U.S. President Biden signed an executive order temporarily blocking new leases for oil and gas drilling in federal waters. Compliance with any new requirements of OPA and future legislation or regulations applicable to the operation of our vessels could impact the cost of our operations and adversely affect our business.

OPA specifically permits individual states to impose their own liability regimes with regard to oil pollution incidents occurring within their boundaries, provided they accept, at a minimum, the levels of liability established under OPA and some states have enacted legislation providing for unlimited liability for oil spills. Many U.S. states that border a navigable waterway have enacted environmental pollution laws that impose strict liability on a person for removal costs and damages resulting from a discharge of oil or a release of a hazardous substance. These laws may be more stringent than U.S. federal law. Moreover, some states have enacted legislation providing for unlimited liability for discharge of pollutants within their waters, although in some cases, states which have enacted this type of legislation have not yet issued implementing regulations defining vessel owners’ responsibilities under these laws. The Company intends to comply with all applicable state regulations in the ports where the Company’s vessels call.

We currently maintain pollution liability coverage insurance in the amount of $1 billion per incident for each of our vessels. If the damages from a catastrophic spill were to exceed our insurance coverage, it could have an adverse effect on our business and results of operation.

Other United States Environmental Initiatives

The U.S. Clean Air Act of 1970 (including its amendments of 1977 and 1990) or “CAA” requires the EPA to promulgate standards applicable to emissions of volatile organic compounds and other air contaminants. Our vessels are subject to vapor control and recovery requirements for certain cargoes when loading, unloading, ballasting, cleaning and conducting other operations in regulated port areas. The CAA also requires states to draft State Implementation Plans, or SIPs, designed to attain national health-based air quality standards in each state. Although state-specific, SIPs may include regulations concerning emissions resulting from vessel loading and unloading operations by requiring the installation of vapor control equipment. Our vessels operating in such regulated port areas with restricted cargoes are equipped with vapor recovery systems that satisfy these existing requirements.

The U.S. Clean Water Act or “CWA” prohibits the discharge of oil, hazardous substances and ballast water in U.S. navigable waters unless authorized by a duly-issued permit or exemption, and imposes strict liability in the form of penalties for any unauthorized discharges. The CWA also imposes substantial liability for the costs of removal, remediation and damages and complements the remedies available under OPA and CERCLA. In 2015, the EPA expanded the definition of “waters of the United States” or “WOTUS”, thereby expanding federal authority under the CWA. Following litigation on the revised WOTUS rule, in December 2018, the EPA and Department of the Army proposed a revised, limited definition of “waters of the United States.” The proposed rule was published in the Federal Register on February 14, 2019 and was subject to public comment. On October 22, 2019, the agencies published a final rule repealing the 2015 Rule defining “waters of the United States” and recodified the regulatory text that existed prior to the 2015 Rule. The final rule became effective on December 23, 2019. On January 23, 2020, the EPA published the “Navigable Waters Protection Rule,” which replaces the rule published on October 22, 2019, and redefines “waters of the United States.” This rule became effective on June 22, 2020, although the effective date has been stayed in at least one U.S. state pursuant to court order.The effect of this rule is currently unknown.

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The EPA and the USCG have also enacted rules relating to ballast water discharge, compliance with which requires the installation of equipment on our vessels to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements or procedures at potentially substantial costs, and/or otherwise restrict our vessels from entering U.S. Waters. The EPA will regulate these ballast water discharges and other discharges incidental to the normal operation of certain vessels within United States waters pursuant to VIDA, which was signed into law on December 4, 2018 and replaces the VGP program (which authorizes discharges incidental to operations of commercial vessels and contains numeric ballast water discharge limits for most vessels to reduce the risk of invasive species in U.S. waters, stringent requirements for exhaust gas scrubbers, and requirements for the use of environmentally acceptable lubricants) and current Coast Guard ballast water management regulations adopted under the U.S. National Invasive Species Act (“NISA”), such as mid-ocean ballast exchange programs and installation of approved USCG technology for all vessels equipped with ballast water tanks bound for U.S. ports or entering U.S. waters. VIDA establishes a new framework for the regulation of vessel incidental discharges under Clean Water Act (CWA), requires the EPA to develop performance standards for those discharges within two years of enactment, and requires the U.S. Coast Guard to develop implementation, compliance and enforcement regulations within two years of EPA’s promulgation of standards. Under VIDA, all provisions of the 2013 VGP and USCG regulations regarding ballast water treatment remain in force and effect until the EPA and U.S. Coast Guard regulations are finalized. Non-military, non-recreational vessels greater than 79 feet in length must continue to comply with the requirements of the VGP, including submission of a Notice of Intent (“NOI”) or retention of a PARI form and submission of annual reports. We have submitted NOIs for our vessels where required. Compliance with the EPA, U.S. Coast Guard and state regulations could require the installation of ballast water treatment equipment on our vessels or the implementation of other port facility disposal procedures at potentially substantial cost, or may otherwise restrict our vessels from entering U.S. waters.

European Union Regulations

In October 2009, the European Union amended a directive to impose criminal sanctions for illicit vessel-source discharges of polluting substances, including minor discharges, if committed with intent, recklessly or with serious negligence and the discharges individually or in the aggregate result in deterioration of the quality of water. Aiding and abetting the discharge of a polluting substance may also lead to criminal penalties. The directive applies to all types of vessels, irrespective of their flag, but certain exceptions apply to warships or where human safety or that of the vessel is in danger. Criminal liability for pollution may result in substantial penalties or fines and increased civil liability claims. Regulation (EU) 2015/757 of the European Parliament and of the Council of 29 April 2015 (amending EU Directive 2009/16/EC) governs the monitoring, reporting and verification of carbon dioxide emissions from maritime transport, and, subject to some exclusions, requires companies with vessels over 5,000 gross tonnage to monitor and report carbon dioxide emissions annually, which may cause us to incur additional expenses.

The European Union has adopted several regulations and directives requiring, among other things, more frequent inspections of high-risk vessels, as determined by type, age, and flag as well as the number of times the vessel has been detained. The European Union also adopted and extended a ban on substandard vessels and enacted a minimum ban period and a definitive ban for repeated offenses. The regulation also provided the European Union with greater authority and control over classification societies, by imposing more requirements on classification societies and providing for fines or penalty payments for organizations that failed to comply. Furthermore, the EU has implemented regulations requiring vessels to use reduced sulfur content fuel for their main and auxiliary engines. The EU Directive 2005/33/EC (amending Directive 1999/32/EC) introduced requirements parallel to those in MARPOL Annex VI relating to the sulfur content of marine fuels. In addition, the EU imposed a 0.1% maximum sulfur requirement for fuel used by vessels at berth in the Baltic, the North Sea and the English Channel (the so called “SOx-Emission Control Area”). As of January 2020, EU member states must also ensure that ships in all EU waters, except the SOx-Emission Control Area, use fuels with a 0.5% maximum sulfur content.

The Ship Recycling Regulation adopted in 2013 by the European Parliament and the Council of the European Union aims to reduce the negative impacts linked to the recycling of ships flying the flag of Member States of the Union. The Regulation lays down requirements that ships and recycling facilities have to fulfill in order to make sure that ship recycling takes place in an environmental sound and safe manner.

The Regulation first prohibits or restricts the installation and use of hazardous materials (like asbestos or ozone-depleting substances) on board ships.

The EU Ship Recycling Regulation (EUSRR), adopted in 2013, contains requirements for EU-flagged ships, of 500 gross tonnage and above, to carry an inventory of hazardous materials (IHM). In addition, ships calling at EU ports from non-EU countries will also be required to carry an IHM identifying all the hazardous materials on board. EU-flagged ships must also be scrapped in an EU approved ship recycling facility.

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On September 15, 2020, the European Parliament voted to include greenhouse gas emissions from the maritime sector in the European Union’s carbon market from 2022. This will require shipowners to buy permits to cover these emissions. Contingent on another formal approval vote, specific regulations are forthcoming and are expected to be proposed by 2021.

Greenhouse Gas Regulation

Currently, the emissions of greenhouse gases from international shipping are not subject to the Kyoto Protocol to the United Nations Framework Convention on Climate Change, which entered into force in 2005 and pursuant to which adopting countries have been required to implement national programs to reduce greenhouse gas emissions with targets extended through 2020. International negotiations are continuing with respect to a successor to the Kyoto Protocol, and restrictions on shipping emissions may be included in any new treaty. In December 2009, more than 27 nations, including the U.S. and China, signed the Copenhagen Accord, which includes a non-binding commitment to reduce greenhouse gas emissions. The 2015 United Nations Climate Change Conference in Paris resulted in the Paris Agreement, which entered into force on November 4, 2016 and does not directly limit greenhouse gas emissions from vessels. The U.S. initially entered into the agreement, but on June 1, 2017, the former U.S. President Trump announced that the United States intends to withdraw from the Paris Agreement, and the withdrawal became effective November 4, 2020. On January 20, 2021, U.S. President Biden signed an executive order to rejoin the Paris Agreement, which the U.S. officially rejoined on February 19, 2021.

At MEPC 70 and MEPC 71, a draft outline of the structure of the initial strategy for developing a comprehensive IMO strategy on reduction of greenhouse gas emissions from vessels was approved. In accordance with this roadmap, in April 2018, nations at the MEPC 72 adopted an initial strategy to reduce greenhouse gas emissions from vessels. The initial strategy identifies “levels of ambition” to reducing greenhouse gas emissions, including (1) decreasing the carbon intensity from vessels through implementation of further phases of the EEDI for new vessels; (2) reducing carbon dioxide emissions per transport work, as an average across international shipping, by at least 40% by 2030, pursuing efforts towards 70% by 2050, compared to 2008 emission levels; and (3) reducing the total annual greenhouse emissions by at least 50% by 2050 compared to 2008 while pursuing efforts towards phasing them out entirely. The initial strategy notes that technological innovation, alternative fuels and/or energy sources for international shipping will be integral to achieve the overall ambition. These regulations could cause us to incur additional substantial expenses.

The EU made a unilateral commitment to reduce overall greenhouse gas emissions from its member states from 20% of 1990 levels by 2020. The EU also committed to reduce its emissions by 20% under the Kyoto Protocol’s second period from 2013 to 2020. Starting in January 2018, large vessels over 5,000 gross tonnage calling at EU ports are required to collect and publish data on carbon dioxide emissions and other information. As previously discussed, regulations relating to the inclusion of greenhouse gas emissions from the maritime sector in the European Union’s carbon market are also forthcoming.

In the United States, the EPA issued a finding that greenhouse gases endanger the public health and safety, adopted regulations to limit greenhouse gas emissions from certain mobile sources, and proposed regulations to limit greenhouse gas emissions from large stationary sources. However, in March 2017, the former U.S. President Trump signed an executive order to review and possibly eliminate the EPA’s plan to cut greenhouse gas emissions, and in August 2019, the Administration announced plans to weaken regulations for methane emissions. On August 13, 2020, the EPA released rules rolling back standards to control methane and volatile organic compound emissions from new oil and gas facilities. However, U.S. President Biden recently directed the EPA to publish a proposed rule suspending, revising, or rescinding certain of these rules. The EPA or individual U.S. states could enact environmental regulations that would affect our operations.

Any passage of climate control legislation or other regulatory initiatives by the IMO, the EU, the U.S. or other countries where we operate, or any treaty adopted at the international level to succeed the Kyoto Protocol or Paris Agreement, that restricts emissions of greenhouse gases could require us to make significant financial expenditures which we cannot predict with certainty at this time. Even in the absence of climate control legislation, our business may be affected to the extent that climate change may result in sea level changes or certain weather events.

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International Labour Organization

The International Labour Organization or the “ILO” is a specialized agency of the UN that has adopted the Maritime Labour Convention 2006 or “MLC 2006”, which has been amended in 2018 A Maritime Labour Certificate and a Declaration of Maritime Labour Compliance is required to ensure compliance with the MLC 2006 for all vessels above 500 gross tons in international trade. MLC is often called the “fourth pillar” of International maritime regulatory regime, because it stands beside the key IMO Conventions (SOLAS, MARPOL & STCW) that support quality shipping and held to eliminate substandard shipping. The MLC requires that vessel operators obtain an MLC Compliance certificate for each vessel they operate. All our vessels are in full compliance with and are certified to meet MLC 2006.

Vessel Security Regulations

Since the terrorist attacks of September 11, 2001 in the United States, there have been a variety of initiatives intended to enhance vessel security such as the U.S. Maritime Transportation Security Act of 2002 or “MTSA”. To implement certain portions of the MTSA, the USCG issued regulations requiring the implementation of certain security requirements aboard vessels operating in waters subject to the jurisdiction of the United States and at certain ports and facilities, some of which are regulated by the EPA.

Similarly, Chapter XI-2 of the SOLAS Convention imposes detailed security obligations on vessels and port authorities and mandates compliance with the International Ship and Port Facility Security Code or “the ISPS Code”. The ISPS Code is designed to enhance the security of ports and vessels against terrorism. To trade internationally, a vessel must attain an International Ship Security Certificate or “ISSC” from a recognized security organization approved by the vessel’s flag state.

The following are among the various requirements, some of which are found in SOLAS:

•onboard installation of automatic identification systems to provide a means for the automatic transmission of safety-related information from among similarly equipped ships and shore stations, including information on a ship’s identity, position, course, speed and navigational status;

•onboard installation of ship security alert systems, which do not sound on the vessel but only alert the authorities on shore;

•the development of vessel security plans;

•ship identification number to be permanently marked on a vessel’s hull;

•a continuous synopsis record kept onboard showing a vessel’s history, including the name of the ship, the state whose flag the ship is entitled to fly, the date on which the ship was registered with that state, the ship’s identification number, the port at which the ship is registered and the name of the registered owner(s) and their registered address; and

•compliance with flag state security certification requirements.

Vessels operating without a valid certificate may be detained, expelled from, or refused entry at port until they obtain an ISSC.

The USCG regulations, intended to align with international maritime security standards, exempt non-U.S. vessels from MTSA vessel security measures, provided such vessels have on board a valid ISSC that attests to the vessel’s compliance with the SOLAS Convention security requirements and the ISPS Code. Future security measures could have a significant financial impact on us. We intend to comply with the various security measures addressed by MTSA, the SOLAS Convention and the ISPS Code.

The cost of vessel security measures has also been affected by the escalation in the frequency of acts of piracy against ships, notably off the Gulf of Guinea, off the coast of Somalia, including the Gulf of Aden and Arabian Sea area. Substantial loss of revenue and other costs may be incurred as a result of detention of a vessel or additional security measures, and the risk of uninsured losses could significantly affect our business. Costs are incurred in taking additional security measures in accordance with Best Management Practices to Deter Piracy, notably those contained in the BMP5 industry standard.

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Inspection by Classification Societies

The hull and machinery of every commercial vessel must be classed by a classification society authorized by its country of registry. The classification society certifies that a vessel is safe and seaworthy in accordance with the applicable rules and regulations of the country of registry of the vessel and SOLAS. The IACS has adopted harmonized Common Structural Rules, or the Rules, which apply to oil tankers, among other vessels, constructed on or after July 1, 2015. The Rules attempt to create a level of consistency between IACS Societies. In complying with current and future environmental requirements, vessel-owners and operators may also incur significant additional costs in meeting new maintenance and inspection requirements, in developing contingency arrangements for potential spills and in obtaining insurance coverage. Government regulation of vessels, particularly in the areas of safety and environmental requirements, can be expected to become stricter in the future and require us to incur significant capital expenditures on our vessels to keep them in compliance.

A vessel must undergo annual surveys, intermediate surveys, drydockings and special surveys. In lieu of a special survey, a vessel’s machinery may be on a continuous survey cycle, under which the machinery would be surveyed periodically over a five-year period. Every vessel is also required to be drydocked every 30 to 36 months for inspection of the underwater parts of the vessel. If any vessel does not maintain its class and/or fails any annual survey, intermediate survey, drydocking or special survey, the vessel will be unable to carry cargo between ports and will be unemployable and uninsurable which could cause us to be in violation of certain covenants in our loan agreements. Any such inability to carry cargo or be employed, or any such violation of covenants, could have a material adverse impact on our financial condition and results of operations.

The operation of our vessels is affected by the requirements set forth in the IMO's International Management Code for the Safe Operation of Ships and Pollution Prevention, or the ISM Code. The ISM Code requires ship owners, ship managers and bareboat charterers to develop and maintain an extensive "Safety Management System" that includes the adoption of a safety and environmental protection policy setting forth instructions and procedures for safe operation and describing procedures for dealing with emergencies. Currently, all of our vessels are ISM Code-certified. and we expect that any vessels that we acquire in the future will be ISM Code-certified when delivered to us. The failure of a shipowner or bareboat charterer to comply with the ISM Code may subject it to increased liability, may invalidate existing insurance or decrease available insurance coverage for the affected vessels and may result in a denial of access to, or detention in, certain ports. If we are subject to increased liability for non-compliance or if our insurance coverage is adversely impacted as a result of non-compliance, it may negatively affect our ability to pay dividends, if any, in the future. If any of our vessels are denied access to, or are detained in, certain ports, this may decrease our revenues.

Every seagoing vessel must be “classed” by a classification society. The classification society certifies that the vessel is “in class,’’ signifying that the vessel has been built and maintained in accordance with the rules of the classification society. In addition, where surveys are required by international conventions and corresponding laws and ordinances of a flag state, the classification society will undertake them on application or by official order, acting on behalf of the authorities concerned and will certify that such vessel complies with applicable rules and regulations of the vessel’s country of registry and the international conventions of which that country is a member.

The classification society also undertakes on request other surveys and checks that are required by regulations and requirements of the flag state. These surveys are subject to agreements made in each individual case and/or to the regulations of the country concerned.

For maintenance of the class, regular and extraordinary surveys of hull, machinery, including the electrical plant, and any special equipment classed are required to be performed as follows:

•Annual Surveys.  For seagoing ships, annual surveys are conducted for the hull and the machinery, including the electrical plant, and where applicable for special equipment classed, within three months before or after each anniversary date of the date of commencement of the class period indicated in the certificate.

•Intermediate Surveys.  Extended annual surveys are referred to as intermediate surveys and are to be carried out either at or between the second and third Annual Surveys after Special Periodical Survey No. 1 and subsequent Special Periodical Surveys. Those items which are additional to the requirements of the Annual Surveys may be surveyed either at or between the second and third Annual Surveys. After the completion of the No.3 Special Periodical Survey the following Intermediate Surveys are of the same scope as the previous Special Periodical Survey.

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•Special Periodical Surveys (or Class Renewal Surveys). Class renewal surveys, also known as Special Periodical Surveys, are carried out for the ship’s hull, machinery, including the electrical plant, and for any special equipment classed, and should be completed within five years after the date of build or after the crediting date of the previous Special Periodical Survey. At the special survey, the vessel is thoroughly examined, including ultrasonic-gauging to determine the thickness of the steel structures. Should the thickness be found to be less than the minimum class requirements, the classification society would prescribe steel renewals. A Special Periodical Survey may be commenced at the fourth Annual Survey and be continued with completion by the fifth anniversary date. Substantial amounts of money may have to be spent for steel renewals to pass a special survey if the vessel experiences excessive wear and tear.

As mentioned above for vessels that are more than 15 years old, the Intermediate Survey may also have a considerable financial impact.

At an owner’s application, the surveys required for class renewal (for tankers only the ones in relation to machinery and automation) may be split according to an agreed schedule to extend over the entire five-year period. This process is referred to as continuous survey system. All areas subject to survey as defined by the classification society are required to be surveyed at least once per class period, unless shorter intervals between surveys are prescribed elsewhere. The period between two subsequent surveys of each area must not exceed five years.

Most vessels are subject also to a minimum of two examinations of the outside of a vessel’s bottom and related items during each five-year special survey period. Examinations of the outside of a vessel’s bottom and related items is normally to be carried out with the vessel in drydock but an alternative examination while the vessel is afloat by an approved underwater inspection may be considered. One such examination is to be carried out in conjunction with the Special Periodical Survey and in this case the vessel must be in drydock. For vessels older than 15 years (after the third Special Periodical Survey) the bottom survey must always be in the drydock. In all cases, the interval between any two such examinations is not to exceed 36 months.

In general, during the above surveys if any defects are found, the classification surveyor will require immediate repairs or issue a ‘‘recommendation’’ which must be rectified by the shipowner within prescribed time limits.

Most insurance underwriters make it a condition for insurance coverage that a vessel be certified as “in-class” by a classification society which is a member of the International Association of Classification Societies, or the IACS. All our vessels are certified as being “in-class” by American Bureau of Shipping, Lloyds Register or Bureau Veritas who are all members of IACS. All new and secondhand vessels that we purchase must be certified prior to their delivery under our standard purchase contracts and memoranda of agreement. If the vessel is not certified on the scheduled date of closing, we have no obligation to take delivery of the vessel.

In addition to the classification inspections, many of our customers regularly inspect our vessels as a precondition to chartering them for voyages. We believe that our well-maintained, high-quality vessels provide us with a competitive advantage in the current environment of increasing regulation and customer emphasis on quality.

Risk of Loss and Liability Insurance

General

The operation of any cargo vessel includes risks such as mechanical failure, physical damage, collision, property loss, cargo loss or damage and business interruption due to political circumstances in foreign countries, piracy incidents, hostilities and labor strikes. In addition, there is always an inherent possibility of marine disaster, including oil spills and other environmental mishaps, and the liabilities arising from owning and operating vessels in international trade. OPA, which imposes virtually unlimited liability upon vessel owners, operators and bareboat charterers of any vessel trading in the exclusive economic zone of the United States for certain oil pollution accidents in the United States, has made liability insurance more expensive for vessel owners and operators trading in the United States market. We carry insurance coverage as customary in the shipping industry. However, not all risks can be insured, specific claims may be rejected, and we might not be always able to obtain adequate insurance coverage at reasonable rates.

Hull and Machinery Insurance

We procure hull and machinery insurance, protection and indemnity insurance, which includes environmental damage and pollution insurance and war risk insurance and freight, demurrage and defense insurance for our fleet. We generally do not maintain insurance against loss of hire which covers business interruptions that result in the loss of use of a vessel.

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Marine and War Risks Insurance

We have in force marine and war risks insurance for all of our vessels. Our marine hull and machinery insurance covers risks of particular and general average and actual or constructive total loss from collision, fire, grounding, engine breakdown and other insured named perils up to an agreed amount per vessel. Our war risks insurance covers the risks of particular and general average and actual or constructive total loss from acts of war and civil war, terrorism, piracy, confiscation, seizure, capture, vandalism, sabotage, and other war-related named perils. We have also arranged coverage for increased value for each vessel. Under this increased value coverage, in the event of total loss of a vessel, we will be able to recover amounts in excess of those recoverable under the hull and machinery policy in order to compensate for additional costs associated with replacement of the loss of the vessel. Each vessel is covered up to at least its fair market value at the time of the insurance attachment and subject to a fixed deductible per each single accident or occurrence, but excluding actual or constructive total loss. As of the date of this annual report, nil deductible applies under the war risks insurance.

Protection and Indemnity Insurance

Protection and indemnity insurance is provided by mutual protection and indemnity associations, or P&I Associations, and covers our third-party liabilities in connection with our shipping activities. This includes third-party liability and other related expenses of injury or death of crew, passengers and other third parties, loss or damage to cargo, claims arising from collisions with other vessels, damage to other third-party property, pollution arising from oil or other substances, and salvage, towing and other related costs, including wreck removal. Protection and indemnity insurance is a form of mutual indemnity insurance, extended by protection and indemnity mutual associations, or “clubs.”

Our current protection and indemnity insurance coverage for pollution is $1 billion per vessel per incident. The 13 P&I Associations that comprise the International Group insure approximately 90% of the world’s commercial tonnage and have entered into a pooling agreement to reinsure each association’s liabilities. The International Group’s website states that the Pool provides a mechanism for sharing all claims in excess of US $10 million up to, currently, approximately US $8.2 billion. As a member of a P&I Association, which is a member of the International Group, we are subject to calls payable to the associations based on our claim records as well as the claim records of all other members of the individual associations and members of the shipping pool of P&I Associations comprising the International Group.

Permits and Authorizations

We are required by various governmental and quasi-governmental agencies to obtain certain permits, licenses and certificates with respect to our vessels. The kinds of permits, licenses and certificates required depend upon several factors, including the commodity transported, the waters in which the vessel operates, the nationality of the vessel’s crew and the age of the vessel. We have been able to obtain all permits, licenses and certificates currently required to permit our vessels to operate. Additional laws and regulations, environmental or otherwise, may be adopted which could limit our ability to do business or increase the cost of us doing business.

C.          Organizational Structure

We were incorporated under the laws of Belgium on June 26, 2003. We own our vessels either directly at the parent level, indirectly through our wholly-owned vessel owning subsidiaries, or jointly through our 50%-owned subsidiaries. We conduct our vessel operations through our wholly-owned subsidiaries Euronav Ship Management SAS, Euronav SAS, Euronav Singapore Pte. Ltd. and Euronav Ship Management (Hellas) Ltd., and also through the TI Pool. Our subsidiaries are incorporated under the laws of Belgium, France, United Kingdom, Liberia, Luxembourg, Cyprus, Hong Kong, Singapore and the Marshall Islands. Our vessels are flagged in Belgium, the Marshall Islands, France, Liberia and Greece.

Please see Exhibit 8.1 to this annual report for a list of our subsidiaries.

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D.          Property, Plants and Equipment

For a description of our fleet, please see "Item 4. Information on the Company—B. Business Overview—Our Fleet."

We own no properties other than our vessels. We lease office space in various jurisdictions, and have the following material leases in place for such use as of December 31, 2020:

•Belgium, located at Belgica Building, De Gerlachekaai 20, Antwerp, Belgium, for a yearly rent of $334,072.

•Greece, located at 31-33 Athinon Avenue, Athens, Greece 10447, for a yearly rent of $384,268.

•France, located at Quai Ernest Renaud 15, CS20421, 44104 Nantes Cedex 1, France, for a yearly rent of $32,866.

•United Kingdom, London, located at 81-99 Kings Road, Chelsea, London SW3 4PA, 1-3 floor, for a yearly rent of $930,280. We sublease part of this office space to third parties and received a yearly rent of $848,468.

•Singapore, located at 79 Anson Road, #23-06 Singapore (079906), for a yearly rent of $119,364.

•Hong Kong, located at Room 2503-05 25th Floor Harcourt House 39 Gloucester Road Wanchai Hong Kong, for a yearly rent of $80,112.

•United States of America, located at 299 Park Avenue, New York, for a yearly rent of $2,013,887. We sublease this office space to third parties and received a total yearly rent of $1,484,114. This lease expires in September 2025

•Switzerland, located at Place Bourg de Four #4, Geneva 1204 for a yearly rent of $31,580.

ITEM 4A.    UNRESOLVED STAFF COMMENTS

None.

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ITEM 5.    OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The following management's discussion and analysis of the results of our operations and financial condition should be read in conjunction with the financial statements and the notes to those statements included elsewhere in this annual report. This discussion includes forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, such as those set forth in "Item 3. Key Information—D. Risk Factors" and elsewhere in this report.

For a discussion of our results for the year ended December 31, 2019 compared to the year ended December 31, 2018, please see “Item 5. Operating and Financial Review and Prospects – A. Operating Results – Year ended December 31, 2019, compared to the year ended December 31, 2018” contained in our annual report on Form 20-F for the year ended December 31, 2019, filed with the SEC on April 29, 2020 and is incorporated by reference herein.

.

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 and off-hire days;

•Our ability to maintain and grow our customer relationships;

•Economic, financial, regulatory, political and government conditions that affect the supply and demand of crude oil and 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 or our fuel inventory on board of the Oceania;

•Administrative expenses;

•Potential liabilities arising from pending or future claims;

•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;

•The European Ship Recycling regulation which is applicable as of January 1, 2019;

•IMO 2020: The MarPol convention, Annex VI Prevention of Air Pollution from Ships which reduces the maximum amount of Sulfur that ships can emit into the air and is applicable since January 1, 2020;

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

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•Impact related to COVID-19 pandemic on oil demand and our operations.

COVID-19

The COVID-19 outbreak has impacted many countries around the world, and disrupted the lives of many millions of people. The Company takes the risks associated with the outbreak extremely seriously, and the safety and wellbeing of its employees is of paramount importance.

In that respect, the largest operational challenge was conducting crew changes. Apart from serious humanitarian and crew welfare concerns, there is an increasing risk that fatigue will lead to serious maritime accidents. In addition to restrictions placed on the movement of seafarers by national and local authorities, there is also the problem of the continued suspension of the majority of flights between major crew change ports and the home country of the Company’s crew. In order to resolve the difficult situation, the Company decided to accommodate deviations by ships to facilitate crew changes, resulting in an increased costs cost (USD 1.8 million ) and decreased revenues because of off hire (USD 4.2 million).

Going forward, it remains difficult to estimate the future impact of the pandemic on the economies where we are active, and hence the impact these factors might have on the financial results.

In general terms, the market will become more challenging as demand for crude oil is negatively impacted by the COVID-19 pandemic. This decrease in demand combined with the gradual release of vessels that were used as storage has disrupted the supply-demand balance and thus the freight market. However, these negative consequences could very well be offset by continuing logistical delays of ships in ports, increased level of recycling, reduced ordering of newbuild vessels and increased crude oil production, partially neutralizing the COVID-19 impact to a certain extent. In view of these different dynamics which the company does not control, the longer term global macro-economic impact on the Company’s results related to the COVID-19 outbreak remains difficult to accurately quantify. Any forward-looking statements should be regarded with caution because of the inherent uncertainties in economic trends and business risks related to the current COVID-19 outbreak.

The significant assumptions and accounting estimates, to support the reported amounts of assets and liabilities, income and expenses, were regularly reviewed, and if needed updated, during 2020. The main judgements, estimates and assumptions, which might be impacted by COVID-19, are:

•Impairments: The carrying amount of the vessels is reviewed to determine whether an indication of impairment exists. No impairment is required as the recoverable amount of each CGU continues to be in excess of the carrying amounts.

•Bunkers on the Oceania and the vessels are valued at lower of cost of net realizable value adjustments. Weighted average of the fuel stock on board of the Oceania and the vessels was lower than the market price at year-end.

•Allowance for expected credit losses: In accordance with IFRS 9, the group recognizes expected credit losses on trade receivables following the simplified approach. Lifetime expected losses are recognized for the trade receivables, excluding recoverable VAT amounts. However, based on customer’s payment behaviour, no significant additional allowances for expected credit losses were to be recognized as per December 31, 2020.

As the COVID-19 pandemic further evolves, potential changes in these views might occur in 2021. Please see "Item 3 - Risk Factors" for more details about potential effects of the coronavirus on our business.

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 included herein.

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Revenue Recognition

We generate a large part of our revenue from voyage charters, including vessels in pools that predominantly perform voyage charters. Under IFRS 15, revenue from contracts with customers, voyage revenue is recognized ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. Voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port if they qualify as fulfillment costs under IFRS 15. To recognize costs incurred to fulfill a contract as an asset, the following criteria shall be met: (i) the costs relate directly to the contract, (ii) the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future and (iii) the costs are expected to be recovered. Capitalized voyage expenses are amortized ratably between load port and discharge port.

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.

Through pooling mechanisms, we receive a weighted, average allocation, based on the total spot results earned by the total of pooled vessels, 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.

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 was used. Following the signing of an extension of the contract with North Oil Company until 2032, the end of the useful economic life was set equal to the contract end date or approximately 30 years since build date. Newbuildings are depreciated from delivery from the construction yard. Purchased vessels converted later into an FSO and FSOs are depreciated over their respective remaining useful lives as from the delivery of the construction yard to its first owner. 

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 recycling a vessel with due respect for the environment and the safety of the workers in 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 all 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. Reference is made to the risk factor section for additional information on certain regulations impacting recycling including the risk factor entitled “Developments in safety and environmental requirements relating to the recycling of vessels may result in escalated and unexpected costs”. Therefore, we take the view that by the time our assets reach the end of their useful lives, their residual values are likely to be the same as their disposal costs.

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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. We define our cash generating unit (or CGU) 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 CGU. The carrying amounts of our CGUs 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. 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.

    Tankers

The following internal and external indicators are reviewed to assess whether tankers might be impaired:

•The obsolescence or physical damage of an asset;

•Significant changes in the extent or manner in which an asset is (or is expected to be) used that have (or will have) an adverse effect on the entity;

•A plan to dispose of an asset before the previously expected date of disposal;

•Indications that the performance of an asset is, or will be, worse than expected;

•Cash flows for acquiring the asset, operating or maintaining it that are significantly higher than originally budgeted;

•Net cash flows or operating profits that are lower than originally budgeted;

•Net cash outflows or operating losses;

•Market capitalization below net asset value;

•A significant and unexpected decline in market value;

•Significant adverse effects in the technological, market, economic or legal environment including, but not limited to, vessel and crude oil supply and demand trends; and

•Increases in market interest rates.

When events and changes in circumstances indicate that the carrying amount of the asset or CGU might not be recovered, the Group performs an impairment test whereby the carrying amount of the asset or CGU is compared to its recoverable amount, which is the greater of its value in use and its fair value less cost of disposal. For assessing value in use and the assumptions used we refer to the next paragraph - Calculation of recoverable amount.

 Although management believes that its process to determine the assumptions used to evaluate the carrying amount of the assets, when required, are reasonable and appropriate, such assumptions are subject to judgment. Management is assessing continuously the resilience of its projections to the business cycles that can be observed in the tankers market, and concluded that a business cycle approach provides a better long-term view of the dynamics at play in the industry. By defining a shipping cycle from peak to peak over the last 20 years and including management's expectation of the completion of the current cycle, management is better able to capture the full length of a business cycle while also giving more weight to recent and current market experience. The current cycle is forecasted based on management judgment, analyst reports and past experience. Long term charter rates are used in the calculation in case available.

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 are indicators that vessels might be impaired as of December 31, 2020 and accordingly a determination of the fair value less cost to dispose or value in use computation was performed. The implemented computation showed that no impairment of CGU was required.

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FSOs

In the context of the valuation of the Group's investments in the respective joint ventures, the Group also reviews internal and external indicators, similar to the ones used for tankers, to assess whether the FSOs might be impaired. When events and changes in circumstances indicate that the carrying amount of the assets might not be recovered, the Group performs an impairment test on the FSO vessels owned by TI Asia Ltd and TI Africa Ltd, 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, assumptions are made regarding the use of FSO, forecast charter rates, Weighted Average Cost of Capital ('WACC'), the useful life of the FSOs (30 years) and a residual value. After careful consideration of the trends in the shipping industry, the Group elected to retain residual values for its vessels equal to zero. 

The value in use calculation for FSOs, when required, is based on the remaining useful life of the vessels as of the reporting date, and the charter rates are determined using the fixed daily rates as negotiated in the extension of the contract. The FSO Asia and the FSO Africa are on timecharter contract to North Oil Company, the operator of the Al-Shaheen oil field, whose shareholders are Qatar Petroleum Oil & Gas Limited and Total E&P Golfe Limited until 2032.

  In the context of the valuation of the Group's investments in the respective joint ventures, the Group also performed  a review of the internal as well as external indicators of impairment to consider whether further testing was necessary, and determined that no value in use computation was necessary as of December 31, 2020.  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.

Calculation of recoverable amount

The recoverable amount of an asset or cash generating unit is the greater of its fair value less cost of disposal 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. The Group uses a business cycle approach to forecast expected TCE rates. By defining a shipping cycle from peak to peak over the last 20 years and including management's expectation of the completion of the current cycle, management is better able to capture the full length of a business cycle while also giving more weight to recent and current market experience. The current cycle is forecasted based on management judgment, analyst reports and past experience.

The WACC used to calculate the value in use of our assets is derived from our actual cost of debt and the cost of equity is calculated by using the beta as calculated by an external party with the country premium and market risk of our direct competitors, which we believe reflects the appropriate cost of equity.

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 over the last 5 years, vessels useful lives and estimates of residual values 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 recyclings, 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.

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Our Fleet—Vessel Carrying Values

During the past few years, the market values of vessels have experienced particular volatility, with substantial declines prior to 2018 in many vessel classes and a recovery in 2018 and 2019. 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 indicator analysis and, if applicable, the impairment analysis discussed above, we have concluded that for the years ended December 31, 2020 and 2019, no impairment was required.

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 December 31, 2020 and December 31, 2019. 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 or for the CGU as appropriate and defined in the Critical Accounting Policies - Vessel Impairment). 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 of this annual report.

			(In thousands of USD)
Vessel Type	Numbers of Vessels at December 31, 2020	Numbers of Vessels at December 31, 2019	Carrying Value at December 31, 2020	Carrying Value at December 31, 2019
VLCC (includes V PLUS (1)	39	40	2,164,591	2,383,249
Suezmax (2)	23	24	700,717	794,013
Vessels held for sale	—	1	—	12,705
Total	62	65	2,865,308	3,189,967

(1)As of December 31, 2020, 18 of our VLCC owned vessels (December 31, 2019: 6) had carrying values which exceeded their individual market values. These vessels had an aggregate carrying value of $1,198.3 million (December 31, 2019: $372.8 million), which exceeded their aggregate market value by approximately $93.5 million (December 31, 2019: $44.8 million).

(2)As of December 31, 2020, 15 of our Suezmax owned vessels (December 31, 2019: 5) had carrying values which exceeded their individual market values. These vessels had an aggregate carrying value of $560.0 million (December 31, 2019: $211.9 million), which exceeded their aggregate market value by approximately $69.3 million (December 31, 2019: $18.9 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 and the Suezmax owned by Bari Shipholding Ltd as they are accounted for using the equity method. Furthermore, the table does also not take into account the right-of-use assets and vessels under construction.

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 of disposal.

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.

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As of December 31, 2020, we had no vessels as a non-current asset held for sale. As of December 31, 2019, we had one Suezmax (Finesse) as a non-current asset held for sale.

Fleet Development

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

	Year ended December 31, 2020	Year ended December 31, 2019	Year ended December 31, 2018
VLCCs
At start of period	44.0	45.0	29.0
Acquisitions	—	—	22.0
Disposals	(1.0)	(1.0)	(6.0)
Chartered-in	—	—	—
At end of period	43.0	44.0	45.0
Newbuildings on order	4.0	—	—
Suezmax
At start of period	26.0	26.0	18.0
Acquisitions	—	1.0	10.0
Disposals	(2.5)	(1.0)	(2.0)
Chartered in	2.0	—	—
At end of period	25.5	26.0	26.0
Newbuildings on order	—	—	—
LR1
At start of period	—	1.0	—
Acquisitions	—	—	2.0
Disposals	—	(1.0)	(1.0)
Chartered in	—	—	—
At end of period	—	—	1.0
Newbuildings on order	—	—	—
FSO
At start of period	1.0	1.0	1.0
Acquisitions	—	—	—
Disposals	—	—	—
Chartered in	—	—	—
At end of period	1.0	1.0	1.0
Newbuildings on order	—	—	—
Total fleet
At start of period	71.0	73.0	48.0
Acquisitions	—	1.0	34.0
Disposals	(3.5)	(3.0)	(9.0)
Chartered in	2.0	—	—
At end of period	69.5	71.0	73.0
Newbuildings on order	4.0	—	—

* This table includes the vessel and the FSOs 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. This table does not include vessels acquired, but not yet delivered.

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Vessel Acquisitions and Charter-in Agreements

On March 26, 2018, we took delivery of the newbuilding Suezmax Cap Quebec (2018-156,600 dwt) against payment of the remaining installments of $44.1 million in aggregate. This vessel was the first of four newbuilding Ice Class Suezmax vessels that were contracted to commence seven-year employment contracts with a leading global refinery player upon delivery from the yard during 2018.

On April 25, 2018, we took delivery of the Cap Pembroke (2018-156,600 dwt) against the payment of the remaining installments of $43.5 million in aggregate. This vessel was the second of the four newbuilding Ice Class Suezmax vessels that were contracted to commence seven-year employment contracts with a leading global refinery player upon delivery during 2018.

On June 12, 2018, we closed the Merger with Gener8 which owned at the date of the Merger, a fleet of 29 tankers on the water, consisting of 21 VLCC vessels, six Suezmax vessels, and two Panamax vessels, with an aggregate carrying capacity of approximately 7.4 million dwt. These vessels included 19 “eco” VLCC newbuildings delivered from 2015 through 2017 equipped with advanced, fuel-saving technology, and were constructed at highly reputable shipyards.

On June 27, 2018, we acquired the ULCC Seaways Laura Lynn (2003 - 441,561 dwt) from Oceania Tanker Corporation, a subsidiary of International Seaways Inc. (NYSE:INSW) for $32.5 million. We renamed the ULCC as Oceania and registered it under the Belgian flag. The Oceania is one of two V-plus vessels in the global tanker fleet. We also own the TI Europe (2002-442,470 dwt) which together with the Oceania are the only two V-plus vessels in the global tanker fleet, providing us with significant strategic opportunities in this sector.

On August 8, 2018, we took delivery of the newbuilding Cap Port Arthur (2018-156,600 dwt) against payment of the remaining installments of $43.6 million. This vessel was the third of the four newbuilding Ice Class Suezmax vessels that were contracted to commence seven-year employment contracts with a leading global refinery player upon delivery during 2018.

On August 29, 2018, we took delivery of the newbuilding Cap Corpus Christi (2018-156,600 dwt) against payment of the remaining installments of $43.6 million. This vessel was the fourth of the four newbuilding Ice Class Suezmax vessels that were contracted to commence seven-year employment contracts with a leading global refinery player upon delivery during 2018.

In November 2019 two joint venture agreements were signed with Ridgetuf LLC resulting in the incorporation of two 50 per cent joint venture companies Bari Shipholding Limited and Bastia Shipholding Limited. Bari Shipholding Limited and Bastia Shipholding Limited are the owners of, respectively, the Suezmax vessels Bari and Bastia.

On February 12, 2020 and March 6, 2020, we announced we entered into an agreement for the acquisition through resale of three and one VLCC newbuilding contracts, respectively, with delivery dates in the first quarter of 2021.

Vessel Sales and Redeliveries

On June 8, 2018, we sold the Suezmax Cap Jean (1998 – 146,643 dwt) for $10.6 million. As a result of the sale, we recorded a capital gain of approximately $10.6 million. The sale of the Cap Jean was part of our fleet rejuvenation program.

On June 15, 2018, we 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 INSW 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, we sold the Suezmax Cap Romuald (1998 - 146,643 dwt) for a net sale price of $10.3 million. The Company recorded a gain of $9.0 million on the sale upon delivery to its new owner on August 22, 2018.

On October 31, 2018 we entered into a sale agreement regarding the Suezmax vessel Felicity (2009-157,667 dwt) with a global supplier and operator of offshore floating platforms. A capital loss on the sale of approximately $3.0 million was recorded in Q4 2018. The cash generated on this transaction after repayment of debt was $34.7 million. The vessel was delivered to her new owners in January 2019 and is expected to be converted into an FPSO.

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On November 29, 2018, we sold the LR1 Companion (2004 - 72,749 dwt) for $6.3 million, which was acquired in the merger with Gener8 and was a non-core asset. We recorded a loss of $0.2 million on the sale upon delivery to its new owner on November 29, 2018.

On February 20, 2019, we sold the LR1 Genmar Compatriot (2004 – 72,768 dwt) for a net sale price of $6.6 million.We 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, we sold the VLCC V.K. Eddie (2005 - 305,261 dwt), for $38.0 million. This vessel was accounted for as a non-current asset held for sale as at June 30, 2019, and had a carrying value of $ 23.2 million at that time. The vessel was delivered to its new owner on August 5, 2019. Taking into account $0.4 million of costs to sell (sales commissions), the gain on the sale of this vessel was $14.4 million. This gain was recorded upon delivery of the vessel in the third quarter of 2019.

On January 23, 2020 the Company sold the Suezmax Finesse (2003 - 149,994 dwt), for $21.0 million. This vessel was accounted for as a non-current asset held for sale as at December 31, 2019 and had a carrying value of $12.7 million. The vessel was delivered to its new owner on February 21, 2020 and the capital gain of $8.3 million was recorded in the first quarter of 2020.

On March 20, 2020, Euronav sold the Suezmax Cap Diamant (2001 - 160,044 dwt) for a net sale price of $20.1 million. The Company recorded a capital gain of $12.8 million in the second quarter of 2020 upon delivery to its new owner on April 9, 2020.

On April 22, 2020, Euronav sold the VLCC TI Hellas (2005 - 319,254 dwt) for a net sale price of $37.0 million. A capital gain of $1.6 million was recorded in the second quarter of 2020 upon delivery to its new owner on June 5, 2020.

On September 15, 2020, the Suezmax Bastia was sold for USD 20.5 million. A capital gain on the sale of USD 0.7 million (Euronav's share) was recorded in the joint venture company upon delivery to her new owners in Q3.

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A.  Operating Results 

Year ended December 31, 2020, compared to the year ended December 31, 2019

Total shipping revenues and voyage expenses and commissions.

The following table sets forth our total shipping revenues and voyage expenses and commissions for the years ended December 31, 2020 and 2019:

(USD in thousands)	2020	2019	$ Change	% Change
Voyage charter and pool revenues	1,116,863	842,068	274,795	33	%
Time charter revenues	113,887	90,309	23,578	26	%
Other income	10,112	10,094	18	—	%
Total shipping revenues	1,240,862	942,471	298,391	32	%
Voyage expenses and commissions	(125,430)	(144,681)	19,251	(13)	%

Voyage Charter and Pool Revenues.    Voyage charter and pool revenues increased by 33%, or $274.8 million, to $1,116.9 million for the year ended December 31, 2020, compared to $842.1 million for 2019. This increase was mainly due to an increase in the average achieved TCE rates for VLCCs and Suezmax tankers from $35,678 per day and $26,542 per day, respectively in 2019 to $52,549 and $37,025, respectively in 2020. This increase in achieved TCE rates was offset with a lower number of onhire days in 2020 compared to 2019 mainly due to (i) the sale of the VLCCs VK Eddie and TI Hellas and the Suezmaxes Cap Diamant, Cap Guillaume and Finesse and (ii) more vessels that operated under a Time Charter in 2020.

The increase in freight rates compared to 2019 is related to the fact that as from the end of the first quarter of 2020, the tanker market benefited from the development of three key factors. Firstly, unilateral actions were taken by Saudi Arabia in simultaneously cutting their oil prices but also raising their crude oil exports. This prompted a large short-term increase in demand for tanker tonnage, primarily in the VLCC sector. Secondly, the restrictions taken by governments to curtail the COVID-19 virus globally curbed economic activity and consequently crude oil consumption. This led to a steep and rapid disconnect between crude oil demand and supply alongside a wide contango. Thirdly, this pricing structure itself further incentivized the storage of crude oil for financial gain during April/May 2020, thus increasing short-term the demand for tonnage to store this excess oil. The second half of 2020 was negatively impacted by the tankers returning from such storage activity, increasing the supply side while the demand for transportation was rather flat.

Time Charter Revenues.    Time charter revenues increased by 26%, or $23.6 million, to $113.9 million for the year ended December 31, 2020, compared to $90.3 million for 2019.  This increase was primarily due to new time charters at improved rates signed in the course 2019 and 2020 and profit splits received on certain time charter contracts.

Other Income.    Other income remained on the same level or $10.1 million for the year ended December 31, 2020, compared to $10.1 million for 2019. Other income includes revenues related to the standard business operation of the fleet and that are not directly attributable to an individual voyage.

Voyage Expenses and Commissions.    Voyage expenses and commissions decreased by 13% or $19.3 million, to $(125.4) million for the year ended December 31, 2020, compared to $(144.7) million for 2019. This decrease was primarily due to a lower number of vessels performing spot voyages in 2020 due to an increase of time charters and a significant drop in oil prices and corresponding price for fuel.

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 years ended December 31, 2020 and 2019:

(USD in thousands)	2020	2019	$ Change	% Change
Net gain (loss) on sale of assets (including impairment on non-current assets held for sale)	22,727	14,804	7,923	54	%

Net gain (loss) on sale of assets (including impairment on non-current assets held for sale).    Net gain (loss) increased by 54%, or $7.9 million, to a net gain of $22.7 million for the year ended December 31, 2020, compared to a net gain of $14.8 million for 2019.

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The net gain on sale of assets of $22.7 million in 2020, represents the aggregate of a gain of $12.8 million recorded on the sale of the Suezmax Cap Diamant, a gain of $8.3 million recorded on the sale of the Suezmax Finesse, and a gain of $1.6 million on the sale of the VLCC TI Hellas .

The net gain on sale of assets of $14.8 million in 2019 represents the aggregate of a gain of $14.4 million recorded on the sale of the VLCC VK Eddie and a gain of $0.4 million on the sale of the LR1 Gener8 compatriot .

Vessel Operating Expenses.

The following table sets forth our vessel operating expenses for the years ended December 31, 2020 and 2019:

(USD in thousands)	2020	2019	$ Change	% Change
Total VLCC operating expenses	141,755	138,512	3,243	2	%
Total Suezmax operating expenses	68,839	72,415	(3,576)	(5)	%
Total LR1 operating expenses	40	868	(828)	(95)	%
Total vessel operating expenses	210,634	211,795	(1,161)	(1)	%

Total vessel operating expenses decreased by 1%, or $1.2 million, to $210.6 million during the year ended December 31, 2020, compared to $211.8 million for 2019.

VLCC operating expenses increased by 2%, or $3.2 million, during the year ended December 31, 2020, compared to 2019. This increase was primarily due to a general increase in technical maintenance costs partially offset by the impact of the sale of the VLCC VK Eddie and the VLCC TI Hellas.

Suezmax operating expenses decrease by 5%, or $3.6 million, during the year ended December 31, 2020, compared to 2019. This decrease was primarily due to the sale of the Suezmaxes Cap Diamant and Finesse.

LR1 operating expenses decreased by $(0.8) million, during the year ended December 31, 2020, compared to 2019. This decrease was due to the sale in the beginning of 2019 of the last remaining LR1 vessel, originally acquired in 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 years ended December 31, 2020 and 2019:

(USD in thousands)	2020	2019	$ Change	% Change
Time charter-in expenses	7,954	604	7,350	1,217	%
Total charter hire expense	7,954	604	7,350	1,217	%

Time charter-in expenses. Time charter-in expenses increased by 1,217%, or $7.4 million, to $8.0 million during the year ended December 31, 2020, compared to $0.6 million for 2019. The increase was attributable to the new time charter contract signed in the course of 2019 for the Dragon Satu used in the bunker fuel project and an internal time charter with Bari Shipholding Ltd, a joint venture.

General and administrative expenses.

The following table sets forth our general and administrative expenses for the years ended December 31, 2020 and 2019:

(USD in thousands)	2020	2019	$ Change	% Change
General and administrative expenses	65,498	66,890	(1,392)	(2)	%

General and administrative expenses which include, amongst others, shore staff wages, directors' fees, office rental, consulting fees, audit fees and tonnage tax, decreased by 2%, or $1.4 million, to $65.5 million for the year ended December 31, 2020, compared to $66.9 million for 2019.

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This decrease was due to (i) a decrease of $3.9 million in staff costs mainly due to the settlement following resignation of Mr. Paddy Rodgers our former CEO, during the first half of 2019, (ii) a decrease of $3.1 million in legal and other fees, (iii) a decrease of 1.2 million in travel cost and restaurant costs due to the COVID-19 restrictions.

This decrease was offset by a (i) increase of $2.5 million in the Pool administrative fees due to a better freight market, (ii) an increase of 1.2 million in IT expenses, (iii) an increase of $2.1 million in Tonnage tax due to the reversal of the voluntary tonnage tax provision in 2019 which was waived as a result of a change in the tonnage tax regime in 2019 and (iv) an increase in provision due to the write off of the outstanding receivable of a chartering customer who is currently in restructuring.

Depreciation and amortization expenses.

The following table sets forth our depreciation and amortization expenses for the years ended December 31, 2020 and 2019:

(USD in thousands)	2020	2019	$ Change	% Change
Depreciation and amortization expenses	319,750	337,702	(17,952)	(5)	%

Depreciation and amortization expenses decreased by 5%, or $18.0 million, to $319.8 million for the year ended December 31, 2020, compared to $337.7 million for 2019.

Depreciation decreased primarily due to (i) the sale of the Suezmaxes Cap Diamant and Finesse in 2020 resulting in a decrease of $8.4 million, (ii) the sale of the VLCC TI Hellas in 2020 resulting in a decrease of $5.2 million, (iii) the sale of the VLCC VK Eddie in 2019 resulting in a decrease of 2.1 million, and (iv) a change in the depreciation schedule for the 3 VLCCs Nectar, Nautica and Noble, who were sold under a sale and lease back end of 2019 and as the transaction was not considered a sale under IFRS 15 will remain on the balance sheet of the Group till the end of the contract.

This decrease was partially offset by the time charter-in of the two Suezmaxes Marlin Somerset and Marlin Sardinia, which is categorized as a lease under IFRS 16, resulting in a right of use asset and corresponding recognized depreciations amounting to an aggregate of $2.1 million.

Finance Expenses.

The following table sets forth our finance expenses for the years ended December 31, 2020 and 2019:

(USD in thousands)	2020	2019	$ Change	% Change
Interest expense on financial liabilities measured at amortized cost	62,350	84,378	(22,028)	(26)	%
Interest Leasing	3,287	4,811	(1,524)	(32)	%
Fair value adjustment on interest rate swaps	108	8,533	(8,425)	(99)	%
Other financial charges	9,936	7,474	2,462	33	%
Foreign exchange losses	15,872	14,607	1,265	9	%
Finance expenses	91,553	119,803	(28,250)	(24)	%

Finance expenses decreased by 24%, or $28.3 million, to $91.6 million for the year ended December 31, 2020, compared to $119.8 million for 2019.

Interest expense on financial liabilities measured at amortized cost decreased by 26%, or $22.0 million, during the year ended December 31, 2020, compared to 2019. This decrease was primarily attributable to the decrease in average outstanding debt during the year ended December 31, 2020, compared to the same period in 2019, and a decrease of floating interest rates in 2020 compared to 2019. This decrease was partially offset by the recognition of $11.1 million in interest expenses due to the sale and leaseback agreement for three VLCCs entered into December 30, 2019.

Interest leasing is the interest on lease liabilities which were recognized due to the adoption of IFRS 16 on January 1, 2019. The decrease in interest leasing is due to decreasing interest expenses over the duration of the existing leasing contracts

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Fair value adjustment on interest rate swaps relate primarily to interest rate swaps which were acquired in the merger with Gener8 and of which the fair value at acquisition is amortized over the remaining duration of the swap via the fair value adjustment of interest rate swaps. Most of the swaps were unwound in 2019 and the last two interest rate swaps matured in September 2020.

Other financial charges increased by 33%, or $2.5 million, to $9.9 million for the year ended December 31, 2020, compared to $7.5 million for 2019. This increase was primarily attributable to commitment fees paid for available credit lines, for which the total availability increased in 2020.

Foreign exchange losses increased by 9%, or $1.3 million, primarily 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 years ended December 31, 2020 and 2019:

(USD in thousands)	2020	2019	$ Change	% Change
Share of results of equity accounted investees	10,917	16,460	(5,543)	(34)	%

On November 19, 2019, the Group entered into a joint venture together with affiliates of Ridgebury Tankers and clients of Tufton Oceanic. Each 50%-50% joint venture acquired one Suezmax vessel. The JVs, Bari Shipholding Ltd and Bastia Shipholding Ltd, entered into various agreements including a secured term loan for $36.7 million and revolving credit for $3.0 million with Euronav Hong Kong as lender, a commercial management service with Euronav NV and a technical management service with Ridgebury. Following the sale of the Suezmax Bastia in September 2020, the shareholders loan to Bastia Shipholding Ltd. was fully repaid.

As at December 31, 2020, our equity accounted investees included two joint ventures which owned one FSO each one joint venture which owned a Suezmax and one joint venture who previously owned the Suezmax Bastia, which was sold in September 2020.

The decrease in share of result of equity accounted investees is mainly due to a recognition of a deferred tax liability following the signing of an extension for the two FSOs, until 2032, which caused an increase of the taxable difference between the current carrying amount at the end of the contracts for both FSOs.

Income tax benefit/(expense).

The following table sets forth our income tax benefit/(expense) for the years ended December 31, 2020 and 2019:

(USD in thousands)	2020	2019	$ Change	% Change
Income tax benefit (expense)	(1,944)	(602)	(1,342)	223	%

Income tax benefit/(expense) increased by 223%, or $1.3 million, to an expense of  $1.9 million for the year ended December 31, 2020, compared to an expense of $0.6 million for 2019, which was mainly attributable to reversal of a deferred tax asset related to our fully owned subsidiary Euronav Luxembourg in 2020.

B.    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.

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As of December 31, 2020 and December 31, 2019, we had $161.5 million and $297.0 million in cash and cash equivalents, respectively.

Our short-term liquidity requirements relate to payment of operating costs (including certain repairs performed in drydock and the installation of on-board systems to treat ballast water), 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 pledged 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 December 31, 2020 and December 31, 2019, we had $0.0 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 December 31, 2020 and December 31, 2019, we had $940.4 million and $693.1 million in available committed secured revolving credit facilities, respectively.

Net cash from (used in) operating activities during the year ended December 31, 2020 was $969.8 million, compared to $272.0 million during the year ended December 31, 2019. 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 December 31, 2020 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 annual report.

As of December 31, 2020 and December 31, 2019, our total indebtedness was $1,375.5 million and $1,853.0 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.

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Our Borrowing Activities

	Amounts Outstanding as of
(US$ in thousands)	December 31, 2020	December 31, 2019
Euronav NV Credit Facilities
$340.0 Million  Senior Secured Credit Facility	—	43,447
$750.0 Million Senior Secured Credit Facility	—	130,000
$409.5 Million Senior Secured Credit Facility	65,000	90,000
$108.5 Million Senior Secured Credit Facility	83,221	90,458
$173.5 Million Senior Secured Credit Facility	143,613	156,918
$200.0 Million Senior Secured Credit Facility	55,000	100,000
$100.0 Million Senior Secured Credit Facility	—	70,000
$700.0 Million Senior Secured Credit Facility	345,000	560,000
$713.0 Million Sustainability Linked Senior Secured Credit Facility	185,000	—
Credit Line Facilities
Credit Lines	—	—
Senior unsecured bond
Senior Unsecured Bond	199,000	200,000
Treasury notes program
Treasury Notes Program	38,654	122,788
Other borrowings
Other borrowings	112,699	124,425
Total interest bearing debt	1,227,187	1,688,036
Joint Venture Credit Facilities (at 50% economic interest)
$220.0 Million Senior Secured Facility (TI Asia and TI Africa)	45,180	69,592
Total interest bearing debt - joint ventures	45,180	69,592

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 our acquisition of the VLCC Maersk Acquisition Vessels 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. Following the sale of the Suezmax Felicity in January 2019, the total revolving credit facility was reduced by $13.6 million. On September 29, 2020, we repaid this facility in full using a portion of the borrowings under our new $713.0 million Sustainability linked Senior Secured Credit Facility

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$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 $7.4 million. Following the sale of the Suezmax Cap Romuald in August 2018, the total revolving credit facility was reduced by $7.4 million. Following the sale of the Suezmax Finesse in February 2020, the total revolving credit facility was reduced by $6.3 million. Following the sale of the Suezmax Cap Diamant in April 2020, the total revolving credit facility was reduced by $4.0 million. Following the sale of the VLCC TI Hellas in May 2020, the total revolving credit facility was reduced by $9.2 million. In September 2020, five vessels under this facility were refinanced under the new $713.0 Sustainability linked Senior Secured Credit Facility and the total commitment was therefore reduced by $190.5 million. As of December 31, 2020 and December 31, 2019 the outstanding balance on this facility was $0.0 million and $130.0 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. Following the sale and lease back of the VLCC Nautica, Nectar and Noble in December 2019, this facility was reduced by $56.9 million. As of December 31, 2020 and December 31, 2019, the outstanding balance on this facility was $65.0 million and $90.0 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 until maturity in 2029. As of December 31, 2020 and December 31, 2019, the outstanding balance on this facility was $83.2 million and $90.5 million, respectively.

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.

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$173.5 Million Senior Secured Credit Facility 

On March 22, 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 $13.9 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 December 31, 2020 and December 31, 2019, the outstanding balance on this facility was $143.6 million and $156.9 million, respectively.

$200.0 Million Senior Secured Credit Facility 

On September 7, 2018, we entered into a $200.0 million secured 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 $581.0 Senior Secured Loan facility, our $67.5 Million Secured Loan Facility (Larvotto), and our $76.0 Million Secured Loan Facility (Fiorano). This facility is secured by nine of our wholly-owned vessels. This revolving credit facility is reduced in 12 installments of consecutive six-month interval and a final $55.0 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. As of December 31, 2020 and December 31, 2019, the outstanding balance on this facility was $55.0 million and $100.0 million, respectively.

$100.0 Million Senior Secured Credit Facility 

On June 27, 2019,we entered into a $100.0 million senior secured amortizing revolving credit facility with a syndicate of banks in which ABN Amro Bank acts as Coordinator, Agent and Security Trustee. The purpose of the credit facility is to finance the purchase inventory of low sulfur fuel oil. As of December 31, 2020 and December 31, 2019 the outstanding balance on this facility was $0 million and $70.0 million, respectively.

$700.0 Million Senior Secured Credit Facility 

On August 28, 2019, we entered into a $700.0 million secured 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 $633.5 Senior Secured Loan facility. This facility is secured by 13 of our wholly-owned vessels. This revolving credit facility is reduced in 12 installments of consecutive six-month interval and a final $407.0 repayment is due at maturity in 2026. This facility bears interest at LIBOR plus a margin of 1.95% per annum plus applicable mandatory costs. As of December 31, 2020 and December 31, 2019 , the outstanding balance on this facility was $345.0 million and $560.0 million, respectively.

$713.0 Million Sustainability Linked Senior Secured Credit Facility 

On September 11, 2020, the Group entered into a $713.0 million sustainability linked loan with specific targets to emission reduction, or the $713.0 Million Sustainability Linked Senior Secured Credit Facility. This facility is secured by 16 of our wholly-owned vessels, 9 VLCCs, 3 Suezmaxes and the 4 new VLCCs under construction at DSME. The credit facility will mature on March 31, 2026 and carries a rate of LIBOR plus a margin of 2.35%. The facility consists of (i) a revolver of 469.0 million to refinance the $340.0 million senior secured credit facility and part of the $750.0 million senior secured credit facility and (ii) a term loan of 244.0 million to finance the acquisition of four newbuilding VLCCs with delivery in the first quarter of 2021. The facility includes terms with clear targets to reduce our GHG emissions with compliance being rewarded with a reduced interest coupon of five basis points. As of December 31, 2020, the outstanding balance under this facility was $185.0 million.

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$200.0 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.

On June 14, 2019, we successfully completed a tap issue of $50 million under the existing senior unsecured bonds. The bonds are guaranteed by Euronav NV, mature in May 2022 and carry a coupon of 7.50% The tap issue was priced at 101% of par value.

In the course of the first quarter of 2020, the company bought back $1.0 million face value of its $200.0 Million Senior Unsecured Notes at an average price of 15% below face value.

As of December 31, 2020, and December 31, 2019 the outstanding balance under this Unsecured Note was $199.0 and $200.0, respectively.

€150.0 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. On October 1, 2018, we amended the agreement to increase the maximum outstanding amount to €150.0 million, while appointing KBC Bank NV as additional dealer for the program. 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 December 31, 2020 and December 31, 2019, the outstanding balances under this program was $38.7 million (€31.5 million) and $122.8 million (€109.3 million), respectively

Other borrowings

On December 30, 2019, the Company entered into a sale and leaseback agreement for three VLCCs. The three VLCCs are the Nautica (2008 – 307,284), Nectar (2008 – 307,284) and Noble (2008 – 307,284). The vessels were sold and were leased back under a 54-months bareboat contract at an average rate of $20,681 per day per vessel. In accordance with IFRS, this transaction was not accounted for as a sale but Euronav as seller-lessee will continue to recognize the transferred assets, and recognized a financial liability equal to the net transfer proceeds of $124.4 million. At the end of the bareboat contract, the vessels will be redelivered to their new owners. Euronav may, at any time on and after the 1st anniversary, notify the owners by serving an irrevocable written notice at least three months prior to the proposed purchase option date of the charterers' intention to terminate this charter on the purchase option date and purchase the vessel from the owners for the applicable purchase option price.

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 $220.0 million senior secured credit facility. The facility consists of a term loan $110.0 million and a revolving loan of $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 December 31, 2020 and December 31 2019, the outstanding balance under this program was $90.4 and $139.2 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 December 31, 2020 and December 31, 2019, the outstanding balance under the revolving credit facility tranche was $45.2 million and $69.6 million.

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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;

•a ratio of stockholders' equity to total assets of at least 30%; and

•and a minimum asset coverage ratio.

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.

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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 December 31, 2020 and December 31, 2019, $90.4 million and $139.2 million was outstanding respectively under these joint venture loan agreements, of which we guaranteed $45.2 million and $69.6 million.

  As of December 31, 2020 and December 31, 2019, 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 2019 to two of our joint ventures, in the aggregate amount of $45.2 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 December 31, 2020, these guarantees have not been called upon. 

Recent Developments

In January 2021, we took delivery of the first two of four newbuildings, Delos (2021 – 300,200 dwt) and Diodorus (2021 – 300,200 dwt), which were purchased in February 2020. In February 2021, we took delivery of the third newbuilding, Doris (2021 – 300,200 dwt) and in March 2021, we took delivery of the fourth newbuilding, Dickens (2021 – 300,200 dwt).

During its meeting of February 2, 2021, our Supervisory Board approved an interim dividend for the fourth quarter of 2020 of $0.03 per share. The interim dividend of $0.03 per share was payable as from March 5, 2021. The interim dividend to holders of Euronext shares was paid in EUR at the USD/EUR exchange rate of the record date.

On February 10, 2021, we entered into an agreement for the acquisition through resale of two eco-Suezmax newbuilding contracts. Currently completing construction at the Daehan Shipyard in South Korea, these modern vessels are being acquired for an en-bloc price of $113.0 million. Both vessels are due for delivery in January 2022. The vessels are the latest generation of Suezmax Eco-type tankers. They will be fitted with Exhaust Gas Scrubber technology and Ballast Water Treatment systems. The vessels have the structural notation to be LNG Ready. Euronav is working closely with the shipyard to also have the structural notation to be Ammonia Ready. This provides the option to switch to other fuels at a later stage.

On February 22, 2021, we entered into a sale and leaseback agreement for the VLCC Newton (2009 – 307,284) with Taiping & Sinopec Financial Leasing Ltd Co. The vessel was sold for $36.0 million. The vessel was delivered to its new owner on February 22, 2021. We have leased back the vessel under a 36-months bareboat contract at an average rate of $22,500 per day. At the end of the bareboat contract, the vessel will be redelivered to its owners.

On March 26, 2021, the Supervisory Board proposed the Annual Shareholders' meeting be held on May 20, 2021, to approve a full year dividend for 2020 of USD 1.40 per share. Taking into account the interim dividends paid based on the Group’s policy to return 80% of the net income to shareholders , no closing dividend will be paid.

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C.     Research and development, patents and licenses

Not applicable.

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D.    Trend information

The supply and demand patterns for ships continue to have 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. Economies across the world are currently impacted by a reduction in demand caused by the outbreak of COVID-19, which brought about restrictions on economic activity, which in turn heavily affected global oil demand. The tanker market therefore continues to experience pressure from temporarily reduced demand and oil supply cuts from production cuts made by the Organization of the Petroleum Exporting Countries, or OPEC. However, rebalancing is underway, with the expectation of economic recovery at the heels of COVID-19 vaccine availability. Platts currently estimates that demand for oil in 2021 is expected to increase by 5.9 million barrels per day compared to 2020, despite a weaker than expected first quarter, with the expectation of a strong recovery later in the year.

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, for example, the market has continued to see a significant uptick in exports emanating from the US Gulf and other Atlantic based producers, most of which have been destined for China, India, and other Far Eastern customers. This oil travels a substantially longer distance than crude oil originating from the Arabian Gulf traveling to 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. Whilst it is anticipated to see continued negative pressure on TCE within 2021, it is broadly expected to improve during the second part of the year. The trend for financing of shipping companies is likely to remain challenging with sustainability features and targets becoming more standard in all finance facilities.

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. 2020 saw approximately half of the number of new ships joining the fleet compared to the year before across the VLCC and Suezmax segments. The tanker orderbook as a whole however remains measured, with the VLCC orderbook equal to 7.0% of the fleet and Suezmax orderbook equal to 8.1% of the current fleet. There have been only a few vessel exits from the trading fleet in 2020 with just four VLCCs and no Suezmaxes tankers removed and one VLCC converted. Going forward we expect regulatory requirements to push a number of ships out of the trading fleet as owners are faced with the alternative of putting their older vessels through costly upgrades to comply with new directives, such as the Ballast Water Management convention. The requirement for vessels to now burn low sulfur fuel is another factor that may cause ship owners to re-evaluate the longevity of some of their older tonnage.

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. Our 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

The company’s strong funding and liquidity structure in place, supported by a proven management team, strict capital discipline and an established dividend distribution policy should also weather the volatility of the sector.

Please see Factors affecting our results of operations—COVID-19” and "Item 4. Information on the Company—B. Business Overview—Industry and Market Conditions."

E.    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."

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F.    Tabular disclosure of contractual obligations

Contractual Obligations

As of December 31, 2020, we had the following contractual obligations and commitments which are based on contractual payment dates:

(USD in thousands)	Total	2021	2022	2023	2024	2025	Thereafter
Long-term bank loan facilities (1)	876,834	20,542	20,542	98,822	46,198	36,606	654,123
Long-term debt obligations	199,000	—	199,000	—			—
Treasury Note Program	38,654	38,654	—	—	—	—	—
Bank credit line facilities	—	—	—	—	—	—	—
Leases (vessels)	54,528	43,706	10,822	—	—
Leases (non-vessel)	15,727	4,273	3,963	3,153	2,501	1,718	119
Other borrowings	79,211	22,667	22,667	22,667	11,212
Capital Expenditure commitments (2)	172,100	172,100	—	—	—	—	—
Total contractual obligations due by period	1,436,054	301,942	256,994	124,642	59,911	38,324	654,242

(1) Excludes interest payments.

(2) Includes obligations only under our newbuilding program.

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.

G.     Safe harbor

Forward-looking information discussed in this Item 5 includes assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as "forward-looking statements." We caution that assumptions, expectations, projections, intentions and beliefs about future events may and often do vary from actual results and the differences can be material. Please see the section entitled "Cautionary Statement Regarding Forward-Looking Statements" in this annual report.

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ITEM 6.    DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

A.          Directors and Senior Management

Set forth below are the names, ages and positions of the members of our Supervisory Board or the Supervisory Board Members, and of our Management Board, or the Management Board Members as of the date of this annual report. Our Supervisory Board is elected annually on a staggered basis, and each member holds office for a term of maximum four years, until his or her term expires or until his or her death, resignation, removal or the earlier termination of his or her term of office. All members of the Supervisory Board whose term expires are eligible for re-election. Officers are appointed from time to time by our Supervisory Board and hold office until a successor is appointed or their engagement is terminated. The business address of each of our Supervisory Board Members and Management Board Members listed below is Euronav NV, Belgica House, De Gerlachekaai 20, 2000 Antwerp, Belgium.

Name	Age	Position	Date of Expiry of Current Term (for Supervisory Board)
Carl E. Steen	70	Chairman of the Supervisory Board	Annual General Meeting 2022
Anne-Hélène Monsellato	53	Supervisory Board Member	Annual General Meeting 2022
Ludovic Saverys	37	Supervisory Board Member	Annual General Meeting 2021
Grace Reksten Skaugen	67	Supervisory Board Member	Annual General Meeting 2022
Anita Odedra	50	Supervisory Board Member	Annual General Meeting 2021
Carl Trowell	52	Supervisory Board Member	Annual General Meeting 2021
Hugo De Stoop1	48	Chief Executive Officer
Lieve Logghe2	52	Chief Financial Officer
Alex Staring3	55	Chief Operating Officer
Egied Verbeeck4	46	General Counsel
Brian Gallagher	50	Head of Investor Relations
Stamatis Bourboulis	63	General Manager, Euronav Ship Management (Hellas) Ltd.

1 Mr. Hugo De Stoop is acting as permanent representative of Hecho BV;

2 Ms. Lieve Logghe is acting as permanent representative of Tincc BV;

3 Mr. Alex Staring is acting as permanent representative of AST projects BV;

4 Mr. Egied Verbeeck is acting as permanent representative of Echinus BV;

Biographical information concerning the Members of the Supervisory Board and Management Board listed above is set forth below:

Carl E. Steen, our Chair, was co-opted as director and appointed Chairman of our Supervisory Board with effect immediately after the meeting of our Supervisory Board of December 3, 2015. Mr. Steen is also a member of our Audit and Risk Committee and our Corporate Governance and Nomination Committee. He graduated from the Eidgenössische Technische Hochschule in Zurich, Switzerland in 1975 with a M.Sc. in Industrial and Management Engineering. After working as a consultant in a logistical research and consultancy company, he joined a Norwegian shipping company in 1978 with primary focus on business development. Five years later, in 1983, he joined Christiania Bank and moved to Luxembourg, where he was responsible for Germany and later the Corporate division. In 1987, Mr. Steen became Senior Vice president within the Shipping Division in Oslo and in 1992 he took charge of the Shipping/Offshore and Transport Division. When Christiania Bank merged with Nordea in 2001, he was made Executive Vice President within the newly formed organization while adding the International Division to his responsibilities. Mr. Steen remained Head of Shipping, Offshore and Oil services and the International Division until 2011. Since leaving Nordea, Mr. Steen has become a non-executive director for the following listed companies in the finance, shipping and logistics sectors: Golar LNG Limited (NASDAQ: GLNG) and Golar LNG Partners LP (NASDAQ: GMLP), both part of the same group and where he also sits on the audit committee, Wilh Wilhelmsen Holding ASA and Belships ASA. Mr. Steen is also member of the Board of Directors of CMB NV, a company controlled by Fam. Marc Saverys, our former director and the father of Ludovic Saverys, a member of our Supervisory Board. The Company’s Supervisory Board has determined that Mr. Steen is considered “independent” under Rule 10A-3 promulgated under the Exchange Act and under the rules of the NYSE.

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Anne-Hélène Monsellato, one of our Supervisory Board Members, serves and has served on our Supervisory Board since her appointment at the AGM in May 2015, and is the Chair of our Audit and Risk Committee. She can be considered as the Audit and Risk Committee financial expert for purposes applicable for corporate governance regulations and Article 3:6 paragraph 1, 9° of the Belgian Code of Companies and Associations. Since June 2017, Mrs. Monsellato serves on the Board of Directors of Genfit, a biopharmaceutical company listed on Euronext Paris and on NASDAQ (NASDAQ: GNFT), and is the chairman of the Audit Committee. Mrs. Monsellato is an active member of IFA (the French Association of Directors) as part of the Audit Chair Group and of the ESG reporting Taskforce, of ECODA, the European confederation of directors' associations, and participates in the consultative working group of ESMA Corporate Reporting Standing Committee. In addition, she serves as the Vice President and Treasurer of the American Center for Art and Culture, a U.S. private foundation based in New York. From 2005 until 2013, Mrs. Monsellato served as a Partner with Ernst & Young (now EY), Paris, after having served as Auditor/Senior, Manager and Senior Manager for the firm starting in 1990. During her time at EY, she gained extensive experience in cross border listing transactions, in particular with the U.S. She is a Certified Public Accountant in France since 2008 and graduated from EM Lyon in 1990 with a degree in Business Management. The Company’s Supervisory Board has determined that Ms. Monsellato is considered “independent” under Rule 10A-3 promulgated under the Exchange Act and under the rules of the NYSE.

Ludovic Saverys, one of our Supervisory Board Members, has served on the Board since 2015 and is a member of our Remuneration Committee and since December 2019 also a member of the Sustainability Committee . Mr. Saverys currently serves as Chief Financial Officer of CMB NV and as General Manager of Saverco NV. Until the end of March 2019, he also served as Chief Financial Officer and Director of Hunter Maritime Acquisition Corp. (NASDAQ: HUNT), a blank check company listed on NASDAQ. During the time he lived in New York, Mr. Saverys served as Chief Financial Officer of MiNeeds Inc. from 2011 until 2013 and as Chief Executive Officer of SURFACExchange LLC from 2009 until 2013. He started his career as Managing Director of European Petroleum Exchange (EPX) in 2008. From 2001 until 2007 he followed several educational programs at universities in Leuven, Barcelona and London from which he graduated with M. Sc. degrees in International Business and Finance.

Grace Reksten Skaugen, one of our Supervisory Board Members, serves and has served on the Supervisory Board since the AGM on May 12, 2016 and is Chair of the Remuneration Committee and a member of the Corporate Governance and Nomination Committee. Since December 2019 Ms. Skaugen is also a member of the Sustainability Committee. Ms. Reksten Skaugen is a Trustee /advisory council member of The International Institute of Strategic Studies in London. In 2009 she founded Infovidi Board Services Ltd, an independent consulting company. From 2002 to 2015, she was a member of the Board of Directors of Statoil ASA. She is presently a Board member of Investor AB, Lundin Petroleum AB, and PJT Partners, a US boutique investment bank. In 2009 she was one of the founders of the Norwegian Institute of Directors, of which she continues to be a member of the Board. From 1994 to 2002 she was a Director in Corporate Finance in SEB Enskilda Securities in Oslo. She has previously worked in the fields of venture capital and shipping in Oslo and London and carried out research in microelectronics at Columbia University in New York. She has a doctorate in Laser Physics from Imperial College of Science and Technology, University of London. In 1993 she obtained an MBA from the BI Norwegian School of Management. The Company’s Supervisory Board has determined that Ms. Skaugen is considered “independent” under Rule 10A-3 promulgated under the Exchange Act and under the rules of the NYSE.

Anita Odedra has served on the Supervisory Board since her appointment at the AGM of May 2019, and is member of the Audit and Risk Committee and of the Sustainability Committee. Ms. Odedra brings 25 years’ experience in the energy industry, and is currently Chief Commercial Officer at Tellurian Inc. Prior roles include Executive Vice President at the Angelicoussis Shipping Group Ltd (ASGL), where she led the LNG and oil freight trading businesses and Vice President, Shipping & Commercial Operations for Cheniere. Ms. Odedra spent 19 years at BG Group, where she worked across all aspects of BG’s business including exploration, production, trading, marketing, business development, commercial operations and shipping; latterly holding the position of VP, Global Shipping. She began her career with ExxonMobil in 1993 as a Geoscience analyst. Ms. Odedra was on the Board for the Society of International Gas Tanker and Terminal Operators (SIGGTO) from 2013 to 2016 and was Chair of GIIGNL’s Commercial Study Group from 2010 to 2015. She completed her PhD in Rock Physics from University College London & University of Tokyo and has a BSc in Geology from Imperial College, University of London. The Company’s Supervisory Board has determined that Ms. Odedra is considered “independent” under Rule 10A-3 promulgated under the Exchange Act and under the rules of the NYSE.

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Carl Trowell serves on the Supervisory Board since his appointment at the AGM of May 2019, and is a member of the Remuneration Committee and Chair of the Corporate Governance and Nomination Committee. Since June 2020, Carl Trowell is the Chief Executive Officer of Acteon Group Ltd., a marine energy and infrastructure services company serving the renewables, near-shore construction and oil and gas sectors. Prior to join Acteon, Carl served as Chief Executive Officer of Ensco PLC, a NYSE listed London-based offshore drilling company, since 2014, where he was also a member of the Board of Directors and took up the position of Executive Chairman in April 2019 upon closing of the merger with Rowan PLC (subsequently becoming Valaris PLC) until April 2020. Prior to this Carl had an international executive career with Schlumberger Ltd., holding the roles of President of the Integrated Project Management, the Production Management and the WesternGeco Seismic divisions of the company. Prior to these roles, he held a variety of international management positions within Schlumberger including corporate VP for Marketing and Sales and Managing Director North-Sea/Europe region. Mr Trowell began his career as a petroleum engineer with Royal Dutch Shell before joining Schlumberger. Carl has been a member of several energy industry advisory boards, he was formally a supervisory board member for EV Private Equity and served as a non-executive director on the board of Ophir Energy PLC from 2016 to 2019. Mr Trowell has a PhD in Earth Sciences from the University of Cambridge, a Master of Business Administration form the Open University (UK), and a Bachelor of Science degree in Geology from Imperial College London.

Hugo De Stoop serves on the Management Board as Chief Executive Officer as of May 2019. During 2020, he took up the role of Chair of the Sustainability Committee. Mr. De Stoop served as our Chief Financial Officer since 2008, after serving as our Deputy Chief Financial Officer and Head of Investor Relations beginning in 2004. Mr. De Stoop has been a member of our Management Board since 2008. Mr. De Stoop started his career in 1998 with Mustad International Group, an industrial group with over 30 companies located in five continents where he worked as a project manager on various assignments in the United States, Europe and Latin America, in order to integrate recently acquired subsidiaries. In 1999, Mr. De Stoop founded First Tuesday in America, the world's largest meeting place for high tech entrepreneurs, venture capitalists and companies and helped develop the network in the United States and in Latin America and, in 2001, was appointed member of the Board of Directors of First Tuesday International. In 2000, he joined Davos Financial Corp., an investment manager for UBS, specializing in Asset Management and Private Equity, where he became an Associate and later a Vice President in 2001. He conducted several transactions, including private placement in public equities (PIPE) and investments in real estate. Mr. De Stoop studied in Oxford, Madrid and Brussels and graduated from école polytechnique (ULB) with a Master of Science in engineering. He also holds a MBA from INSEAD.

Lieve Logghe joined Euronav as Chief Financial Officer on 1 January 2020, succeeding Hugo De Stoop who took on the role of CEO. Ms. Logghe is member of the Euronav Management Board. Lieve started her career in international finance with an initial 3-year period as Audit Senior with PriceWaterhouseCoopers in Belgium. In 1995 Ms. Logghe joined Sidmar (currently  ArcelorMittal Belgium). She progressively moved through the finance organization in different European geographies after the merger between Arbed, Usinor, Aceralia and Mittal to her position of Vice President CFO for ArcelorMittal Flat Europe in Luxemburg. As from July 2018 she was VP Head of Energy for the ArcelorMittal Europe perimeter. Ms. Logghe graduated from University of Brussels with a Master in Economics, from Vlerick School for Management with a Master in Accounting and from EHSAL Management School with an expertise in Fiscal Sciences. She is a Certified Internal Auditor (IIA) since 1997.

Alex Staring serves and has served as our Chief Operating Officer since 2005. He has also been in charge of our offshore segment since July 2010. Captain Staring serves and has served as a member of our Management Board since 2005. Captain Staring has been a Director of Euronav Hong Kong Ltd. since 2007, a Director of Euronav SAS and Euronav Ship Management since 2002 and a Director of Euronav Luxembourg SA since 2000. In 2000, international shipping companies, AP Moller, Euronav, Frontline, OSG, Osprey Maritime and Reederei'Nord' Klaus E Oldendorff consolidated the commercial management of their VLCCs by operating them in a pool, Tankers International, of which Captain Staring became Director of Operations. In 1988, Captain Staring gained his master's and chief engineer's license and spent the majority of his time at sea on Shell Tankers and CMB tankers, the last 3 years of which he attained the title of Master. From 1997 to 1998, Captain Staring headed the SGS S.A. training and gas centre. In 1998, Captain Staring rejoined CMB and moved to London to head the operations team at their subsidiary, Euronav UK. Captain Staring graduated with a degree in Maritime Sciences from the Maritime Institute in Flushing, The Netherlands and started his career at sea in 1985.

Egied Verbeeck serves and has served as General Counsel of the Company since 2009 and became a member of the Management Board of the Company in January 2010. Mr. Verbeeck is also a member of the Sustainability Committee. From 2006 until June 2014, Mr. Verbeeck served as Secretary General of the Company. Prior to joining Euronav he was a managing associate at Linklaters De Bandt from 1999-2005. Mr. Verbeeck has been a Director of Euronav Ship Management SAS since 2012, a Director of Euronav Hong Kong Ltd. since 2007 and a Director of Euronav Luxembourg S.A. since 2008. Mr. Verbeeck graduated in law from the Catholic University of Louvain in 1998. He also holds a Master Degree in international business law from Kyushu University (Japan) as well as a postgraduate degree in corporate finance from the Catholic University of Louvain.

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Brian Gallagher serves and has served as Head of Investor Relations of the Company since March 2014 and joined the Euronav Management Board on January 1, 2019. Mr. Gallagher is also a member of the Sustainability Committee. Mr. Gallagher began his fund management career at the British Coal Pension fund unit, CIN Management, before moving to Aberdeen Asset Management in 1996. Managing and marketing a range of UK investment products Mr. Gallagher then progressed to Murray Johnstone in 1999 and then was headhunted by Gartmore Investment Management in 2000 to manage a range of UK equity income products. In 2007 he then set up a retail fund at UBS Global Asset Management before switching into Investor Relations as IR Director at APR Energy in 2011. Mr. Gallagher graduated in Economics from Birmingham University in 1992.

Stamatis Bourboulis joined the Euronav Management Board on January 1, 2019. Mr. Bourboulis has been General Manager of Euronav Ship Management (Hellas) Ltd. since its inception in November 2005. Mr. Bourboulis is also a member of the Sustainability Committee. Following his employment in a chemical factory, ship building and ship repair shipyards in Greece, he joined Ceres Hellenic Shipping Enterprises Ltd in October 1990 as Superintendent Engineer and dealt with various types of vessels. In 1997 Mr. Bourboulis became Ship Manager for the Crude Oil Tankers and OBOs. In 2000 Mr. Bourboulis undertook the position of Technical Manager for the Ceres fleet of Dry Bulk, Crude Oil, Chemical and LNG Carriers. He is a member of Intertanko Safety and Technical Committee (ISTEC), DNVGL and RINA Greek Technical Committee. Mr. Bourboulis graduated from the National Technical University of Athens as a Naval Architect and Marine Engineer in 1981.

B.          Compensation

B.1. Compensation of the Supervisory Board Members

The compensation of our Supervisory Board is determined on the basis of four regular meetings of the full board per year. The actual amount of remuneration is determined by the annual general meeting and is benchmarked periodically with Belgian listed companies and international peer companies. The remuneration in 2020 of the members of the Supervisory Board is reflected in the table below:

Name	Fixed fee	Attendance fee Board	Audit and Risk committee	Attendance fee Audit and Risk Committee	Remuneration Committee	Attendance fee Remuneration Committee	Corporate Governance and Nomination Committee	Attendance fee Corporate Governance and Nomination Committee	Sustainability committee	Attendance fee Sustainability Committee	Total
Carl Steen	€160,000	€40,000	€20,000	€20,000	€0	€0	€5,000	€20,000	€0	€0	€265,000
Anne-Hélène monsellato	€60,000	€40,000	€40,000	€20,000	€0	€0	€0	€0	€0	€0	€160,000
Ludovic Saverys	€60,000	€40,000	€0	€0	€5,000	€20,000	€0	€0	€5,000	€20,000	€150,000
Grace reksten Skaugen	€60,000	€40,000	€0	€0	€7,500	€20,000	€5,000	€20,000	€5,000	€20,000	€177,500
Anita Odedra	€60,000	€30,000	€20,000	€20,000	€0	€0	€0	€0	€2,500	€10,000	€142,500
Carl Trowell	€60,000	€40,000	€0	€0	€5,000	€20,000	€7,500	€20,000	€0	€0	€152,500
Total	€460,000	€230,000	€80,000	€60,000	€17,500	€60,000	€17,500	€60,000	€12,500	€50,000	€1,047,500

B.2. Compensation of the Management Board Members

The fixed and variable remuneration in 2020 of the members of the Management Board is reflected in the table below:

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Remuneration of Management Board Members for the previous financial year

Taking into account the fact that the Management Board Members below have entered into a consultancy agreement as of the reported financial year, the below remuneration of 2019 has been used to calculate their actual consultancy remuneration.

Name	Position	Fixed remuneration			One-year variable remuneration (1)	Extra ordinary items	Pension	Total Remuneration	Proportion of fixed remuneration	Proportion of variable remuneration
		Base Salary	Director Fees(2)	Fringe benefits
De Stoop Hugo	CEO	€ 211,813	€ 292,000	€ 44,437	€ 325,000		€ 22,374	€ 895,624	63,71%	36,29%
Verbeeck Egied	General Counsel	€ 146,800	€ 180,000	€ 39,146	€ 188,500		€ 14,433	€ 568,879	66,86%	33,14%
Gallagher Brian	Investor Relations Manager	£190,000			£ 57,238		£19,000	£ 266,238	78,50%	21,50%
Alex Staring	COO	€ 201,096	€ 295,000	€ 22,131	€ 227,950		€ 32,507	€ 778,684	70,73%	29,27%

(1) Only takes into account the remuneration under the STIP, for information in respect of remuneration under the Company’s Long Term Incentive Plans (LTIP's) please refer to table under Item 6. F. Equity Incentive Plan.

(2) Director fees related to wholly owned subsidiaries of Euronav NV

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Remuneration of Management Board Members for the reported financial year

Name	Position	Fixed remuneration			One-year variable remuneration (1)	Extra ordinary items	Pension	Total Remuneration	Proportion of fixed remuneration	Proportion of variable remuneration
		Base Remuneration	Director Fees	Fringe benefits
Hugo De Stoop, as permanent representative of Hecho BV	CEO	€ 314,496	€ 292,000	€ 17,082	€ 370.000			€ 993.578	62,76%	37,24%
Alex Staring, as permanent representative of AST Projects BV	COO	€ 255,732	€ 295,000	€ 0	€ 260.000			€ 810.732	67,93%	32,07%
Egied Verbeeck, as permanent representative of Echinus BV	General Counsel	€ 219,960	€ 180,000	€ 17,082	€ 250.000			€ 667.042	62,52%	37,48%
Lieve Logghe, as permanent representative of TINCC BV	CFO	€ 335,000	€ 90,000	€ 0	€ 280.000	€ 142,800		€ 847.800	50,13%	49,87%
Brian Gallagher, as permanent representative of BG-IR Ltd.	Investor Relations Manager	£ 209,000	€ 0	€ 0	£ 80.000			£ 289.000	72,32%	27,68%
Stamatis Bourboulis	General Manager Hellas	€ 365,147	€ 0	€ 9,690	€ 80.000		€ 18.257	€ 473.094	83,09%	16,91%

(1) Only takes into account the remuneration under the STIP, for information in respect of renumeration under the Company’s Long Term Incentive Plans (LTIPs) please refer to table under Item 6. F. Equity Incentive Plan.

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C.          Board Practices

Effective as of February 20, 2020, Euronav's governance structure was revised to adopt a two tier governance model. As of February 20, 2020, the body formerly known as the Board of Directors was converted into a Supervisory Board and the former Executive Committee ceased to exist and was replaced by the existing Management Board, in accordance with relevant provisions of the Code of Companies and Associations. For the date of expiration of the current term of office of each member of our Supervisory Board, please see “Item 6. Directors, Senior Management and Employees – A. Directors and Senior Management.”

Our Supervisory Board currently consists of six members, five of which are considered "independent" under Rule 10A-3 promulgated under the Exchange Act and under the rules and regulations of the NYSE: Mr. Steen, Ms. Monsellato, Ms. Skaugen, Ms. Odedra and Mr. Trowell.

Our Supervisory Board has established the following committees, and may, in the future, establish such other committees as it determines from time to time:

Audit and Risk Committee

Our Audit and Risk Committee consists of three members (all three members of whom are independent under the Exchange Act and NYSE rules and regulations): Ms. Monsellato, as Chair, Ms. Odedra and Mr. Steen. Our Audit and Risk Committee is responsible for ensuring that we have an independent and effective internal and external audit system. Additionally, the Audit and Risk Committee advises the Supervisory Board in order to achieve its supervisory oversight and monitoring responsibilities with respect to financial reporting, internal controls and risk management. Our Supervisory Board has determined that Ms. Monsellato qualifies as an "audit committee financial expert" for purposes of SEC rules and regulations.

Corporate Governance and Nomination Committee

Our Corporate Governance and Nomination Committee consists of three members: Mr. Trowell, as Chair, Mr. Steen and Ms. Skaugen. Our Corporate Governance and Nomination Committee is responsible for evaluating and making recommendations regarding the size, composition and independence of the Supervisory Board and the Management Board, including the recommendation of new Supervisory Board members and the appointment of new Management Board members.

Remuneration Committee

Our Remuneration Committee consists of three members: Ms. Skaugen, as Chairman, Mr. Steen and Mr. Saverys. Our remuneration committee is responsible for assisting and advising the Supervisory Board on determining compensation of its members, members of the Management Board and other employees and administering our compensation programs.

Sustainability Committee

Our Sustainability Committee (formerly known as ESG & Climate Committee) consists of seven members: Mr. De Stoop, as Chair, Ms. Skaugen, Mr. Saverys, Ms Odedra, Mr. Verbeeck, Mr Bourboulis and Mr. Gallagher. The Sustainability Committee is an advisory body to the Supervisory Board. The main role of the Sustainability Committee is to assist and advise the Supervisory Board in monitoring the performance as well as key risks and opportunities that the Company faces in relation to environmental, social and climate matters. In this respect the Sustainability Committee will oversee the Company’s conduct and performance on ESG matters as well as its reporting thereon, in order to inform the Supervisory Board and make recommendations it deems appropriate on any area within its remit where action or improvement is needed.

ESG Information

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APPLICATION OF GLOBAL ENVIRONMENTAL AND OTHER REGULATIONS

Increasing environmental concerns have created a demand for vessels that conform to stricter environmental standards. We are required to maintain operating standards for all of our vessels that emphasize operational safety, quality maintenance, continuous training of our officers and crews and compliance with international regulations. We believe that the operation of our vessels is in substantial compliance with applicable environmental laws and regulations and that our vessels have all material permits, licenses, certificates or other authorizations necessary for the conduct of our operations. However, because such laws and regulations frequently change and may impose increasingly stricter requirements, we cannot predict our ability to comply and the ultimate cost of complying with these requirements, or the impact of these requirements on the resale value or useful lives of our vessels. In addition, a future serious marine incident that causes significant adverse environmental impact could result in additional legislation or regulation that could negatively affect our profitability.

As one of the biggest large crude tanker shipping companies in the world, we recognize the need to operate a safe, responsible and sustainable business built for the long term. We are committed to implementing ESG practices into our operational and strategic decision making within the scope of our vision to be a leader in sustainable crude tanker shipping. As such, we aim to meet and, if possible and appropriate for our business, exceed minimum compliance levels set forth in rules and regulations governing the maritime industry, including certain rules and regulations described below.

In this respect in terms of disclosure we act in accordance with the Marine Transportation framework established by the Sustainability Accounting Standards Board (SASB). The SASB standard allows us to identify, manage and report on material sustainability or ESG topics with industry specific performance metrics, based on SASB’s internationally recognised indicators and related definitions, scope and calculations. Additionally, we have incorporated the principles of the UN Sustainability Development Goals where applicable.

We believe that environmental actions, addressing climate change, and operating our business to the highest safety standards cannot be done without strong governance, which includes high ethical standards and oversight from an independent board and management. Environment and governance cannot do without the input of social or human capital with respect for the individual, gender and other social qualities. Sustainability at Euronav is about much more than emissions, climate change and other environmental challenges. It is also about delivering a supportive environment to our employees, respect, safety at all levels of our business, and ensuring accountability on these objectives.

Our ESG Performance:

Environment

 

We implement measures designed to ensure compliance with all applicable environmental regulations, reduce our carbon footprint, improve our environmental performance and protect the marine environment.

 

•We have established a dedicated fuel procurement and management team to ensure compliant VLSFO (Very Low Sulphur Fuel Oil) fuel is managed effectively and complies with new regulations to reduce SOX emissions by 85% from the United Nations agency for maritime safety and the prevention of pollution by vessels (the “IMO”).

•We have an ongoing retrofit program across our entire fleet to comply with the IMO’s Ballast Water Management Convention.

•With our initial submission in 2020, Euronav was awarded a B rating by the Carbon Disclosure Project for our ongoing engagement on climate change.

•We were an original drafting partner and fully participate in the Poseidon Principles, which establish a framework for assessing and disclosing the climate alignment of ship finance portfolios and are consistent with the policies and ambitions of the IMO to reduce shipping's total annual GHG emissions by at least 50% by 2050.

•We have engaged and actively participate in partnerships and alliances that promote sustainability in the maritime sector, including emission control and other environmental initiatives, such as the Global Maritime Forum, the Getting to Zero Coalition, International Tanker Owner Pollution Federation, Sea Cargo Charter, Ocean Cleanup, HELMEPA (Hellenic Marine Environment Protection Association) and Intertanko.

Social

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•We are focused οn continuously improving our social impact, including with respect to the health, safety and wellbeing of employees, both on board and ashore, to operational excellence, and to community support.

•The health, safety and well-being of our people at sea and on shore is our top priority, especially during the COVID-19 pandemic. We are a signatory to the Neptune Declaration on Seafarer Wellbeing, which promotes the health and safety of seafarers.

•We are dedicated to providing equal employment opportunities and treating our people fairly without regard to race, color, religious beliefs, age, sex, or any other classification.

•We maintain high retention rates both on board and ashore and work to facilitate the professional development and career advancement of our people.

•Since the inception of the index in 2017 Euronav has been included in the Bloomberg Gender-Equality Index – following a company-wide assessment of gender representation – Euronav is the only shipping company to be included in this independently accredited benchmark.

•Our community investment activities focus on, but are not limited to, supporting vulnerable groups and youth education.  

 

Governance

We endeavor to apply corporate governance best practices, adhere to high ethical principles and ensure the high commercial performance of our fleet.

•The Company is governed by a diverse and experienced, majority independent Supervisory Board.

•We have a transparent Code of Ethics, Anti-Corruption Policy and Whistleblowing Policy in place.  

•We began the process of moving our capital funding to a sustainable framework with our September 2020 entrance into the $713.0 Million Sustainability Linked Senior Secured Credit Facility in September of 2020, which facility features sustainability targets, including emissions reduction built into agreement.

•Established in 2019, Euronav is the only crude tanker company to have a dedicated committee comprising Supervisory and Management Board members as part of the Sustainability Committee. The role of this Sustainability Committee is to oversee Euronav’s management of and strategy toward sustainability and climate change.

•50% of our Supervisory Board is female.

•We implement strong internal controls structured to ensure robust risk management.

•We have consistently ranked in top 10 in leading corporate governance surveys of shipping companies organized by Wells Fargo/Webber research since 2016 (https://www.euronav.com/en/sustainability/publications).

Our Decarbonisation Strategy

We aim to lead the crude tanker and the shipping industry’s efforts to reduce greenhouse gas (GHG) emissions and comply with globally set regulations. We intend to lead by example by applying new technologies where possible and forming alliances with participants that aim to decarbonize the industry. We are focused on reducing emissions progressively going forward with yearly milestone targets rather than open ended commitments far into the future.

Key drivers of our decarbonization strategy include:

•Continuing to be leaders in developing transparent reporting on our GHG emissions

•Improving the energy efficiency of our existing fleet.

•Participating in research and development for new technologies and alternative fuels.

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•Developing partnerships and participating in environmental alliances; and

•Establishing ambitious but realistic GHG emission targets

We have and will continue to take various steps to reduce our carbon footprint and improve the environment, including through investments made to our fleet. Our carbon footprint for 2020 versus 2019 was reduced by 1%. Specifically, we have:

•Purchased modern, fuel-efficient vessels with lower overall fuel consumption than older vessels in order to reduce our fleet’s greenhouse gas GHG emissions.

•Divested of certain older, less fuel-efficient vessels.

•Established and executed a compliance program regarding IMO 2020 fuel regulations.

•Overseen the installation of ballast water treatment systems are installed on 39 vessels in our current fleet, which represents approximately 53% of our current fleet; and

•Engaged in investments designed to both improve operational performance but also reduce emissions. For instance application on 27 vessels during 2021 dry docking schedule in foul reducing paints is expected to actively reduce our CO2 emissions.

D.          Employees

As of December 31, 2020, we employed approximately 3,720 (2019: 2,910 and 2018: 2,900) people, including approximately 220 (2019: 210 and 2018: 200) onshore employees based in our offices in Greece, Belgium, United Kingdom, France, Switzerland, Hong Kong, Geneva, and Singapore and approximately 3,500 (2019: 2,700 and 2018: 2,700) seagoing officers and crew. Some of our employees are represented by collective bargaining agreements. As part of our obligations in some of these agreements, we are required to contribute certain amounts to retirement funds and pension plans and have restricted ability to dismiss certain employees. In addition, many of these represented individuals are working under agreements that are subject to salary negotiation. These negotiations could result in higher personnel costs, other increased costs or increased operating restrictions that could adversely affect our financial performance. We consider our relationships with the various unions as satisfactory. As of the date of this annual report, there are no ongoing salary negotiations or material outstanding issues.

E.          Share ownership

The ordinary shares beneficially owned by the members of the Supervisory Board and Management Board and senior managers are disclosed in "Item 7. Major Shareholders and Related Party Transactions—A. Major Shareholders.

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F.     Equity Incentive Plans

Name of Director

Position

The main conditions of share plans

Information regarding the reported financial year

Opening balance

During the year

Closing balance

Specification of plan

Performance period (1)

Award date

Vesting date

End of retention period

Shares held at the beginning of the year

Shares awarded a) total number granted b) value @ grant date

Shares vested a) total number vested b) value @ vest date

Shares subject to a performance condition

Shares awarded and unvested

Shares subject to a retention period

Hugo De Stoop, as permanent representative of Hecho BV

CEO

LTIP 2016

02/02/2016- 03/02/2020

02/02/2016

03/02/2020

N/A

6,909

a) 6,909

0

N/A

b) € 80,308

LTIP 2017

09/02/2017-10/02/2021

09/02/2017

10/02/2021

N/A

13,486

a) 6,743

6,743

N/A

b) € 69,559

LTIP 2018

16/02/2018-17/02/2022

16/02/2018

17/02/2022

N/A

37,620

a) 12,540

25,080

N/A

b) € 129,965

TBIP

12/01/2019-12/01/2024

12/01/2019

12/01/2024

N/A

300,000

a) 36,000

264,000

264,000

N/A

b) $ 430,200

LTIP 2019

01/04/2019 - 01/04/2022

01/04/2019

01/04/2022

N/A

67,069

67,069

67,069

N/A

LTIP 2020

01/04/2020 - 01/04/2023

01/04/2020

01/04/2023

N/A

a) 48,856

48,856

48,856

N/A

b) € 500,000

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Alex Staring, as permanent representative of AST Projects BV

COO

LTIP 2016

02/02/2016- 03/02/2020

02/02/2016

03/02/2020

N/A

2,670

a) 2,670

0

N/A

b) € 31,035

LTIP 2017

09/02/2017-10/02/2021

09/02/2017

10/02/2021

N/A

8,372

a) 4,186

4,186

N/A

b) € 43,181

LTIP 2018

16/02/2018-17/02/2022

16/02/2018

17/02/2022

N/A

36,480

a) 12,160

24,320

N/A

b) €126,026

TBIP

12/01/2019-12/01/2024

12/01/2019

12/01/2024

N/A

150,000

a) 18,000

132,000

132,000

N/A

b) $ 215,100

LTIP 2019

01/04/2019 - 01/04/2022

01/04/2019

01/04/2022

N/A

39,034

39,034

39,034

N/A

LTIP 2020

01/04/2020 - 01/04/2023

01/04/2020

01/04/2023

N/A

a) 28,434

28,434

28,434

N/A

b) € 291,000

Egied Verbeeck, as permanent representative of Echinus BV

General Counsel

LTIP 2016

02/02/2016- 03/02/2020

02/02/2016

03/02/2020

N/A

2,922

a) 2,922

0

N/A

b) € 33,964

LTIP 2017

09/02/2017-10/02/2021

09/02/2017

10/02/2021

N/A

6,538

a) 3,269

3,269

N/A

b) € 33,722

LTIP 2018

16/02/2018-17/02/2022

16/02/2018

17/02/2022

N/A

27,360

a) 9,120

18,240

N/A

b) € 94,520

TBIP

12/01/2019-12/01/2024

12/01/2019

12/01/2024

N/A

170,000

a) 20,400

149,600

149,600

N/A

b) $ 243,780

LTIP 2019

01/04/2019 - 01/04/2022

01/04/2019

01/04/2022

N/A

21,797

21,797

21,797

N/A

LTIP 2020

01/04/2020 - 01/04/2023

01/04/2020

01/04/2023

N/A

a) 15,878

15,878

15,878

N/A

b) €162,500

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Lieve Logghe, as permenant representative of TINCC BV

CFO

LTIP 2020

01/04/2020 - 01/04/2023

01/04/2020

01/04/2023

N/A

a) 34,199

N/A

b) € 350,000

Brian Gallagher, as permanent representative of BG-IR Ltd.

Investor Relations Manager

LTIP 2017

09/02/2017-10/02/2021

09/02/2017

10/02/2021

N/A

4,024

a) 2,012

2,012

N/A

b) € 20,755

LTIP 2018

16/02/2018-17/02/2022

16/02/2018

17/02/2022

N/A

6,319

a) 2,106

4,213

N/A

b) € 21,826

TBIP

12/01/2019-12/01/2024

12/01/2019

12/01/2024

N/A

80,000

a) 9,600

70,400

70,400

N/A

b) $ 114,720

LTIP 2019

01/04/2019 - 01/04/2022

01/04/2019

01/04/2022

N/A

9,677

9,677

9,677

N/A

LTIP 2020

01/04/2020 - 01/04/2023

01/04/2020

01/04/2023

N/A

a) 6,267

6,267

6,267

N/A

b) £ 57,000

Bourboulis Stamatis

General Manager Hellas

TBIP

12/01/2019-12/01/2024

12/01/2019

12/01/2024

N/A

50,000

a) 6,000

44,000

44,000

N/A

b) $ 71,700

LTIP 2019

01/04/2019 - 01/04/2022

01/04/2019

01/04/2022

N/A

14,769

14,769

14,769

N/A

LTIP 2020

01/04/2020 - 01/04/2023

01/04/2020

01/04/2023

N/A

a) 10,758

10,758

10,758

N/A

b) € 110,100

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2015 Long Term Incentive Plan

In 2015, our Board of Directors adopted a long-term incentive plan, pursuant to which key management personnel are eligible to receive options to purchase ordinary shares at a predetermined price and restricted stock units (RSUs) that represent the right to receive ordinary shares or payment of cash in lieu thereof, in accordance with the terms of the plan.  On February 12, 2015, we granted options to purchase an aggregate of 236,590 ordinary shares at €10.0475 per share, subject to customary vesting provisions, and 65,433 RSUs which vested automatically on the third anniversary of the grant. The following table provides a summary of the number of options that have been granted pursuant to this plan, together with the amount of options that have vested and that have been exercised as of the date of this annual report:

	Options Granted	Options Vested	Options Exercised
Former CEO	80,518	80,518	—
Former CFO	58,716	58,716	—
COO	54,614	54,614	—
General Counsel	42,742	42,742	—

2016 Long Term Incentive Plan

In December 2015, our Board of Directors adopted a long-term incentive plan, or the 2016 Long Term Incentive Plan, pursuant to which members of the Executive Committee are eligible to receive phantom stock unit grants. References in the tabular disclosure immediately under the heading “Item 6.F.—Equity Incentive Plans” to “LTIP 2016” are to the 2016 Long Term Incentive Plan. Other senior employees may in the future be invited to participate in this long-term incentive plan by the Supervisory Board upon recommendation of the Remuneration Committee. Upon the vesting of each phantom stock unit and subject to the terms of the 2016 Long Term Incentive Plan, 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. On February 2, 2016, we granted 54,616 phantom stock units to certain of our executive officers.  The phantom stock units will mature one-third each year on the second, third, fourth anniversary of the award.  All of the beneficiaries have accepted the phantom stock units granted to them. The number of phantom stock units granted was calculated on the basis of a share price of €10.6134 which equals the weighted average of the share price of the three days preceding the grant date. The following table provides a summary of the number of phantom stock units that were granted pursuant to this plan and the amount that has vested as of the date of this annual report.

	Phantom Stock Units Granted	Phantom Stock Units Vested
Former CEO	17,116	N/A *
Former CFO	20,728	20,728
COO	8,009	8,009
General Counsel	8,762	8,762

2017 Long Term Incentive Plan

In February 2017, our Board of Directors adopted a long term incentive plan or the 2017 Long Term Incentive Plan, pursuant to which members of the Executive Committee as well as the Head of Investor Relations are eligible to receive phantom stock unit grants. References in the tabular disclosure immediately under the heading “Item 6.F.—Equity Incentive Plans” to “LTIP 2017” are to the 2017 Long Term Incentive Plan. Other senior employees may in the future be invited to participate in this long term incentive plan by the Supervisory Board upon recommendation of the Remuneration Committee. Upon the vesting of each phantom stock unit and subject the terms of the 2017 Long Term Incentive Plan, 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. On February 9, 2017, we granted 66,449 phantom stock units to certain of our executive officers.  The phantom stock units matured one-third each year on the second, third, fourth anniversary of the award.  All of the beneficiaries have accepted the phantom stock units granted to them. The number of phantom stock units granted was calculated on the basis of a share price of €7.2677 which equals the weighted average of the share price of the three days preceding the announcement of our preliminary full year results of 2016. The following table provides a summary of the number of phantom stock units that were granted pursuant to this plan and the amount that has vested as of the date of this annual report.

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	Phantom Stock Units Granted	Phantom Stock Units Vested
Former CEO	17,819	N/A*
Former CFO	20,229	20,229
COO	12,557	12,557
General Counsel	9,808	9,808
Head of Investor Relations	6,036	6,036

2018 Long Term Incentive Plan

In February 2018, our Board of Directors adopted a long-term incentive plan, or the 2018 Long Term Incentive Plan, pursuant to which members of the Management Board as well as the Head of Investor Relations, Research & Communications are eligible to receive phantom stock unit grants. References in the tabular disclosure immediately under the heading “Item 6.F.—Equity Incentive Plans” to “LTIP 2018” are to the 2018 Long Term Incentive Plan. Other senior employees may in the future be invited to participate in this long-term incentive plan by the Supervisory Board upon recommendation of the Remuneration Committee. Upon the vesting of each phantom stock unit and subject the terms of the 2018 Long Term Incentive Plan, 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. On February 16, 2018, we granted 154,432 phantom stock units to certain of our executive officers.  The phantom stock units will mature one-third each year on the second, third, fourth anniversary of the award.  All of the beneficiaries have accepted the phantom stock units granted to them. The number of phantom stock units granted was calculated on the basis of a share price of €7.2368 which equals the weighted average of the share price of the three days preceding the announcement of our preliminary full year results of 2017. The following table provides a summary of the number of phantom stock units that were granted pursuant to this plan and the amount that has vested as of the date of this annual report.

	Phantom Stock Units Granted	Phantom Stock Units Vested
Former CEO	46,652	N/A*
Former CFO	37,620	25,080
COO	36,480	24,320
General Counsel	27,360	18,240
Head of Investor Relations	6,319	4,213

Transaction Based Incentive Plan

On 12 January 2019, the members of the Executive Committee and certain other senior employees were granted a transaction based incentive award in the form of 1,200,000 phantom stock units or the Transaction Based Incentive Plan. References in the tabular disclosure immediately under the heading “Item 6.F.—Equity Incentive Plans” to “TBIP” are to the Transaction Based Incentive Plan. The vesting and settlement of the awards under the Transaction Based Incentive Plan is spread over a timeframe of five years. The phantom stock awarded matures in four tranches as follows:

•the first tranche of 12% vests when the Company's share price reaches $ 12

•the second tranche of 19% vests when the Company's share price reaches $14

•the third tranche of 25% vests when the Company's share price reaches $ 16; and

•the fourth tranche of 44% vests when the Company's share price reaches $18

	Phantom Stock Units Granted	Phantom Stock Units Vested
Former CEO	400,000	N/A*
Former CFO	300,000	36,000
COO	150,000	18,000
General Counsel	170,000	20,400
Head of Investor Relations	80,000	9,600
General Manager Hellas	50,000	6,000

* The CEO waived further entitlements as a result of termination of his employment, announced by press release on February 4, 2019.

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2019 Long Term Incentive Plan

In December 2019, the Supervisory Board, upon recommendation of the Remuneration Committee, has adopted a variable compensation structured as a long term incentive plan comprised of restricted stock units, or RSU's for certain of our Management Board Members. Each RSU grants the applicable holder of the RSU, or the RSU Holder a conditional right to receive one (1) ordinary share for free upon vesting of the RSU.

The maximum value at grant:

•In the case of the CEO, 100% of absolute base salary for the CEO; and

•In the case of the other Management Board Members, ranges from 30% to 75% of absolute base salary of such Members

The vesting is subject for:

•75% to a relative Total Shareholder Return (TSR) performance measurement compared to a peer group over a three year period. Each yearly measurement to be worth 1/3rd of 75% of the award.

•25% to an absolute TSR of the Company’s Shares measured each year for 1/3rd of 25% of the award

The RSUs held by an RSU Holder may vest in accordance with the principles of the plan during a period of three years and will only be acquired by the RSU holder after 3 years.

2020 Long Term Incentive Plan

On March 24, 2020 the Supervisory Board, upon recommendation of the Remuneration Committee, has adopted a variable compensation structured as a long term incentive plan comprised of RSUs for certain of our Management Board Members. Each RSU grants the RSU Holder a conditional right to receive one (1) ordinary shares for free upon vesting of the RSU.

The maximum value at grant:

•In the case of the CEO and CFO is 100% of absolute base salary; and

•In the case of the other Management Board Members, ranges from 30% to 75% of absolute base salary of such Members

The vesting is subject for:

•75% to a relative Total Shareholder Return (TSR) performance measurement compared to a peer group over a three year period. Each yearly measurement to be worth 1/3rd of 75% of the award.

•25% to an absolute TSR of the Company’s Shares measured each year for 1/3rd of 25% of the award

The RSU held by an RSU Holder may vest in accordance with the plan during a period of 3 years and will only be acquired by the RSU holder after 3 years.

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ITEM 7.    MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS.

A.           Major shareholders.

The following table sets forth information regarding beneficial ownership of our ordinary shares for (i) owners of more than five percent of our ordinary shares and (ii) our directors and officers as a group, of which we are aware as of April 1, 2021.

Shareholder	Number	Percentage(1)
Euronav (treasury shares)	18,346,732	8.34	%
Directors and Executive Officers as a Group *	—	—

*Individually each owning less than 1.0% of our outstanding ordinary shares.

(1)Calculated based on 220,024,713 ordinary shares outstanding as of April 1, 2021. The Company holds 18,346,732 ordinary shares in treasury.

As of April 1, 2021, our issued share capital amounted to $239,147,506.82 divided into 220,024,713 ordinary shares with no par value. On the same date, 60,594,267 of our shares, our U.S. Shares, representing approximately 28% of our share capital , were reflected on the U.S. Register, and are held by 9 holders including CEDE & CO, acting as nominee holder for the Depository Trust Company.

In accordance with a May 2, 2007 Belgian law relating to  disclosure of major holdings in issuers whose shares are admitted to trading on a regulated market and containing miscellaneous provisions requiring investors in certain publicly-traded corporations whose investments reach certain thresholds to notify the Company and the Belgian Financial Services and Markets Authority, or the FSMA, of such change as soon as possible and in any event within four trading days.  The minimum disclosure threshold is 5% of the Company's issued voting share capital. Further details in this respect can be found on the website of the FSMA: https://www.fsma.be/en/shareholding-structure-0. The information contained on this website does not form a part of this annual report.

To our knowledge, we are neither directly nor indirectly owned nor controlled by any other corporation, by any government or by any other natural or legal person severally or jointly.  Pursuant to Belgian law and our organizational documents, to the extent that we may have major shareholders at any time, we may not give them different voting rights from any of our other shareholders.

As of the date of this report, to our knowledge, there are no arrangements which may at a subsequent date result in a change in control of our Company.

B.           Related party transactions.

See “Item 6.A Directors, Senior Management and Employees - E.Share Ownership - Equity Incentive Plans.”

Loan Agreements of Our Joint Ventures

For a description of our Joint Venture Loan Agreements, please see "Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Joint Venture Credit Facilities (at 50% economic interest)".

Guarantees

For a description of our guarantees, please see "Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Guarantees" and our consolidated financial statements included herein.

Properties

We sublease office space in our London, United Kingdom office, through our subsidiary Euronav (UK) Agencies Limited, pursuant to a sublease agreement, dated September 25, 2014, with Tankers (UK) Agencies Limited, a joint venture with INSW. This sublease expires on April 27, 2023.

C.           Interests of experts and counsel.

Not applicable.

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ITEM 8.    FINANCIAL INFORMATION

A.          Consolidated Statements and Other Financial Information

See "Item 18. Financial Statements."

Legal Proceedings

We are currently involved in a litigation. Provisions related to legal and arbitration proceedings are recorded in accordance with the accounting policy described in note 1.16 of Euronav Consolidated Financial Statements.

The claim has been submitted on 15 January 2021 by Unicredit Bank in London with the High Court of Justice of England and Wales. The claim relates to an alleged misdelivery of 101,809 metric tons of low sulphur fuel oil that was transported by our Suezmax vessel Sienna. The charterer, Gulf Petrochem FZC, a company of GP Global, instructed the vessel to discharge the cargo at Sohar without presentation of the bill of lading but against a letter of indemnification issued by the charterer as is customary practice in the crude oil shipping industry. Unicredit bank who had financed the cargo for an amount of USD 26,367,200 and had become the holder of the bill of lading, was not repaid in accordance with the financing arrangements agreed with Gulf Petrochem FZC. As holder of the bill of lading, Unicredit Bank is now claiming that amount of USD 26,367,200 together with interest from Euronav NV. The GP Global group is currently under a restructuring plan and any recourse under the letter of indemnity issued by Gulf Petrochem FZC is therefore doubtful. We believe that we have followed well established standard working practices. Based on an external legal advice, management believes that it has strong arguments and that the risk of an outflow is less than probable and therefore no provision is recognized.

We are not involved in any other legal proceedings which we believe may have, or have had, a significant effect on our business, financial position and results of operations or liquidity, nor are we aware of any other proceedings that are pending or threatened which may have a significant effect on our business, financial position, results of operations or liquidity. From time to time, we may be subject to other legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. We expect that these claims would be covered by insurance, subject to customary deductibles. Any such claims, even if lacking merit, could result in the expenditure of managerial resources and materially adversely affect our business, financial condition and results of operations.

Capital Allocation Policy & Dividend Policy

Our Supervisory Board may from time to time, declare and pay cash dividends in accordance with our Coordinated Articles of Association and applicable Belgian law. The declaration and payment of dividends, if any, will always be subject to the approval of either our Supervisory Board (in the case of “interim dividends”) or of the shareholders (in the case of “regular dividends” or "intermediary dividends").

Our current dividend policy is the following: we intend to pay a minimum fixed dividend of at least $0.12 in total per share per year provided (a) the Company has in the view of the Supervisory Board, sufficient balance sheet strength and liquidity combined (b) with sufficient earnings visibility from fixed income contracts. In addition, if the results per share are positive and exceed the amount of the fixed dividend, that additional income will be allocated to either: additional cash dividends, share buy-back, accelerated amortization of debt or the acquisition of vessels which the Supervisory Board considers at that time to be accretive to shareholders’ value.

Additional guidance to the above stated policy was applied to our final results for the year ended on December 31, 2019 and to our quarterly results as from 2020 onwards, as provided by our Supervisory Board by way of a press release dated January 9, 2020, as follows: Each quarter the Company will target to return 80% of net income (including the fixed element of $0.03 per quarter) to shareholders.

•This return to shareholders will primarily be in the form of a cash dividend and the Company will always look at stock repurchase as an alternative if it believes more value can be created for shareholders.

•The Company retains the right to return more than 80% should the circumstances allow it.

As part of its distribution policy the Company, the dividend calculation will not include capital gains ( reserved for fleet renewal) and deferred tax assets or liabilities but will include capital losses while the policy will at all times be subject to freight market outlook, company balance sheet and cyclicality along with other factors and regulatory requirements. Supervisory Board believes that this approach has the flexibility to manage the Company through the cycle, retaining sufficient capital for fleet renewal whilst simultaneously rewarding shareholders.

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Our Supervisory Board will continue to assess the declaration and payment of dividends upon consideration of our financial results and earnings, restrictions in our debt agreements, market prospects, current capital expenditures, commitments, investment opportunities, and the provisions of Belgian law affecting the payment of dividends to shareholders and other factors. We may stop paying dividends at any time and cannot assure you that we will pay any dividends in the future or of the amount of such dividends. For instance, we did not declare or pay any dividends from 2010 until 2014.

In general, under the terms of our debt agreements, we are not permitted to pay dividends if there is or will be as a result of the dividend a default or a breach of a loan covenant. Our credit facilities also contain restrictions and undertakings which may limit our and our subsidiaries' ability to declare and pay dividends (for instance, with respect to each of our joint ventures, no dividend may be distributed before its loan agreement, as applicable, is repaid in full). Please see “Item 5. Operating and Financial Review and Prospects” for more information relating to restrictions on our ability to pay dividends under the terms of the agreements governing our indebtedness. Belgian law generally prohibits the payment of dividends unless net assets on the closing date of the last financial year do not fall beneath the amount of the registered capital and, before the dividend is paid out, 5% of the net profit is allocated to the legal reserve until this legal reserve amounts to 10% of the share capital. No distributions may occur if, as a result of such distribution, our net assets would fall below the sum of (i) the amount of our registered capital, (ii) the amount of such aforementioned legal reserves, and (iii) other reserves which may be required by our Coordinated Articles of Association or by law, such as the reserves not available for distribution in the event we hold treasury shares. We may not have sufficient surplus in the future to pay dividends and our subsidiaries may not have sufficient funds or surplus to make distributions to us. We can give no assurance that dividends will be paid at a level anticipated by stockholders or at all. In addition, the corporate law of jurisdictions in which our subsidiaries are organized may impose restrictions on the payment or source of dividends under certain circumstances.

For a discussion of the material tax consequences regarding the receipt of dividends we may declare, please see "Item 10. Additional Information—E. Taxation."

B.          Significant Changes.

Please see Note 29 - Subsequent Events to our Audited Consolidated Financial Statements included herein.

ITEM 9.    OFFER AND THE LISTING

A.          Offer and Listing Details.

Our share capital consists of ordinary shares issued without par value.  Under Belgian law, shares without par value are deemed to have a "nominal" value equal to the total amount of share capital divided by the number of shares.  As of April 1, 2021, our issued (and fully paid up) share capital was $239,147,506.82 which is represented by 220,024,713 ordinary shares with no par value.  The fractional value of our ordinary shares is $1.086912 per share.

Our ordinary shares have traded on Euronext Brussels, since December 1, 2004 and on the NYSE since January 23, 2015, under the symbol "EURN."  We maintain the Belgian Register and, for the purposes of trading our shares on the NYSE, the U.S. Register.

All shares on Euronext Brussels trade in euros, and all shares on the NYSE trade in U.S. dollars. 

B.          Plan of Distribution

Not applicable

C.          Markets.

Our ordinary shares trade on the NYSE and Euronext Brussels under the symbol "EURN."

For a discussion of our ordinary shares which are listed and eligible for trading on the NYSE and Euronext Brussels, please see "Item 10. Additional Information — B. Memorandum and Coordinated Articles of Association — Share Register."

D.          Selling Shareholders

Not applicable.

E.          Dilution

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Not applicable.

F.          Expenses of the Issue

Not applicable.

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ITEM 10.    ADDITIONAL INFORMATION

A.          Share capital.

Not applicable.

B.          Memorandum and Coordinated Articles of Association.

We are a public limited liability company incorporated in the form of a naamloze vennootschap / société anonyme under Belgian law (Register of Legal Entities number 0860.402.767 (Antwerpen)).

The following is a description of the material terms of our current Coordinated Articles of Association (amended as of February 20, 2020). Because the following is a summary, it does not contain all information that you may find useful. For more complete information, you should read our Coordinated Articles of Association which are filed as Exhibit 1.1 to this annual report.

Purpose

Our objectives are set forth in Section I, Article 3 of our Coordinated Articles of Association. Our purpose, as stated therein, is to engage in operations related to maritime transport and shipowning, particularly the chartering in and out, the acquisition and sale of ships, and the opening and operation of regular shipping lines, but is not restricted to these activities.

Ordinary Shares

Each outstanding ordinary share entitles the holder to one vote on all matters submitted to a vote of shareholders. Each share represents an identical fraction of the share capital and is either in registered or dematerialized form.

Share Register

Our Belgian Shares are reflected in the Belgian Register, that is maintained by Euroclear Belgium. The Belgian Shares have ISIN BE0003816338. Only these shares, which are reflected in the Belgian Register, may be traded on Euronext Brussels.

 Our U.S. Shares are reflected in our U.S. Register that is maintained by Computershare. The U.S. Shares have CUSIP B38564 108.  Only these shares, which are reflected in the U.S. Register, may be traded on the NYSE.

For Belgian Shares, including shares that were either acquired on Euronext Brussels or prior to our initial public offering, to be traded on the NYSE and for U.S. Shares to be traded on Euronext Brussels, shareholders must reposition their shares to the appropriate component of our share register (the U.S. Register for listing and trading on the NYSE and the Belgian Register for listing and trading on Euronext Belgium).  As part of the repositioning procedure, the shares to be repositioned would be debited from the Belgian Register or the U.S. Register, as applicable, and canceled from the holder's securities account, and simultaneously credited to the relevant register (the Belgian Register for shares to be eligible for listing and trading on Euronext Brussels and the U.S. Register for shares to be eligible for listing and trading on the NYSE) and deposited in the holder's securities account. The repositioning procedure is normally completed within three trading days, but may take longer and the Company cannot guarantee the timing.  The Company may suspend the repositioning of shares for periods of time, which we refer to as "freeze periods" for certain corporate events, including the payment of dividends or shareholder meetings. In such cases, the Company plans to inform its shareholders about such freeze periods on its website.

Please see the Company's website www.euronav.com for instructions on how to reposition your shares to be eligible for trading on either the NYSE or Euronext Brussels. The information contained on our website does not form a part of this annual report.

Dividend Rights

For a summary of our dividend policy and legal basis for dividends under Belgian law, see "Item 8: Financial Information – Dividend Policy and guidance."

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Liquidation Rights

In the event of the dissolution and liquidation of the Company, the assets remaining after payment of all debts, liquidation expenses and taxes shall be distributed to the holders of our ordinary shares, each receiving a sum proportional to the number of our shares held by them, subject to prior liquidation rights of any preferred stock that may be outstanding.

Directors

Prior to February 20, 2020, before implementation of the CCA, the Board of Directors was the ultimate decision-making body of the Company, with the exception of the matters reserved to the Shareholders’ Meeting as provided by law or the Articles of Association.

On February 20, 2020 the extraordinary shareholders meeting implemented the CCA and adopted new Articles of Association including a two-tier governance model, comprising a Supervisory Board and a Management Board. The powers of the Supervisory Board are those outlined in article 7:109 of the CCA. A copy of our current Coordinated Articles of Association can be consulted at Exhibit 1.1. to our annual report on Form 20-F filed with the SEC on April 15, 2021.

Our Coordinated Articles of Association provide that our Supervisory Board shall consist of at least five and maximum ten members. Our Supervisory Board currently consists of six members. The Coordinated Articles of Association provide that the members of the Supervisory Board remain in office for a period not exceeding 4 years and are eligible for re-election. The term of a member of the Supervisory Board comes to an end immediately after the annual shareholders' meeting of the last year of his term. Members of the Supervisory Board can be dismissed at any time by the vote of a majority of our shareholders. Each year, there may be one or more directors who have reached the end of their current term of office and may be reappointed.

Belgian law does not regulate specifically the ability of directors to borrow money from the Company. Our Corporate Governance Charter provides that as a matter of principle, no loans or advances will be granted to any director (except for routine advances for business-related expenses in accordance with our rules for reimbursement of expenses).

Article 7:115 of the Code of Companies and Associations provides that if one of our Supervisory Board members directly or indirectly has a personal financial interest that conflicts with a decision or transaction that falls within the authority of the Supervisory Board, the conflicted member shall inform the other members of such conflict before the Supervisory Board has decided on the relevant matter. The statutory auditor must also be notified. The conflicted member’s statement and explanation as to the nature of the conflict of interest shall be included in the meeting minutes enacting the decision on the relevant matter and shall be disclosed in accordance with in article 7:115 of the Belgian Code of Companies and Associations. The Supervisory Board shall deliberate and decide on the relevant matter without participation of the conflicted member(s). The Supervisory Board may not delegate this decision. If all members of the Supervisory Board have such conflict of interest, the relevant matter is referred to by the Supervisory Board to a general meeting of shareholders. If the General Meeting approves the relevant decision or transaction is approved at such general meeting, the Supervisory Board is authorized to execute same.

Shareholder Meetings

The annual general shareholders' meeting is generally held annually on the third Thursday of May at 10:30 a.m. (Central European Time). If this day is a legal holiday, the meeting is held on the preceding business day.

The Supervisory Board or the statutory auditor (or, as the case may be, the liquidators) can convene a special or extraordinary general shareholders' meeting at any time if the interests of the Company so require. Such general meetings must also be convened whenever requested by the shareholders who together represent a tenth of our share capital within three weeks of their request, provided that the reason of convening a special or extraordinary general shareholders' meeting is given.

A shareholder only has the right to be admitted to and to vote at the general shareholders' meeting on the basis of the registration of the shares on the fourteenth calendar day at 12 p.m. (Belgian time) preceding the date of the meeting, the day of the meeting not included, or such fourteenth calendar day the "Record Date", either by registration in the Company's register of registered shares, either by their registration in the accounts of an authorized custody account keeper or clearing institution, regardless of the number of shares owned by the shareholder on the day of the general shareholders' meeting.

The shareholder must notify the Company or a designated person of its intention to take part in the general shareholders' meeting at the sixth calendar day preceding the date of the meeting, the day of the meeting not included, in the way mentioned in the convening notice.

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The financial intermediary of the authorized custody account keeper or clearing institution delivers a certificate to the shareholders of dematerialized shares which are tradable on Euronext Brussels stating the number of dematerialized shares which are registered in the name of the shareholder on its accounts at the Record Date and with which the shareholder intends to take part in the general shareholders' meeting.

A shareholder of shares which are tradable on the New York Stock Exchange only has the right to be admitted to and vote at a general meeting of shareholders if such shareholder complies with the conditions and formalities set out in the convening notice, as decided upon by the Supervisory Board in compliance with all applicable legal provisions.

The convening notice for each general shareholders' meeting shall be disclosed to our shareholders in compliance with all applicable legal terms and provisions, including on our website www.euronav.com

In general, there is no quorum requirement for the general shareholders' meeting and decisions are taken with a simple majority of the votes, except as provided by law on certain matters.

Preferential Subscription Rights

In the event of a share capital increase for cash by way of the issue of new shares, or in the event of an issue of convertible bonds or warrants, our existing shareholders have a preferential right to subscribe, pro rata, to the new shares, convertible bonds or warrants.

In accordance with the provisions of the Belgian Code of Companies and Associations and our Coordinated Articles of Association, the Company, when issuing shares, has the authority to limit or cancel the preferential subscription right of the shareholders in the interest of the Company in respect of such issuance. This limitation or cancellation can be decided upon in favor of one or more particular persons subscribing to that issuance.

When canceling the preferential right of the shareholders, priority may be given to the existing shareholders for the allocation of the newly issued shares.

Disclosure of Major Shareholdings

In accordance with a May 2, 2007 Belgian law relating to disclosure of major holdings in issuers whose shares are admitted to trading on a regulated market and containing miscellaneous provisions requiring investors in certain publicly-traded corporations whose investments reach certain thresholds to notify the Company and the Belgian Financial Services and Markets Authority, or the FSMA, of such change as soon as possible and in any event within four trading days. The minimum disclosure threshold is 5% of the Company's issued voting share capital. Further details in this respect can be found on the website of the FSMA: https://www.fsma.be/en/shareholding-structure-0. The information contained on this website does not form a part of this annual report.

Purchase and Sales of Our Own Shares

Article 13 of the Articles of Association contains the principle that the Company and its direct and indirect subsidiaries may acquire and sell the Company’s own shares under the conditions laid down by law. With respect to the acquisition of the Company’s own shares, a prior resolution of the General Meeting is required to authorize the Company to acquire its own shares. Such an authorization was granted by at a special general meeting on May 20, 2020 and remains valid for a period of five years as from the publication in the Annexes to the Belgian Official Gazette of the decision taken by such general meeting.

Pursuant to this authorization, the Company may acquire a maximum of ten percent (10%) of the existing shares of the Company where all shares already purchased by the Company and its direct subsidiaries need to be taken into account at a price per share not exceeding the maximum price allowed under applicable law and not to be less than EUR 0.01.

Anti-Takeover Effect of Certain Provisions of Our Articles of Association

Our Articles of Association contain provisions which may have anti-takeover effects. These provisions are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability of our Supervisory Board to maximize shareholder value in connection with any unsolicited offer to acquire us. However, these anti-takeover provisions could also discourage, delay or prevent (1) the merger or acquisition of us by means of a tender offer, a proxy contest or otherwise that a shareholder may consider in its best interest and (2) the removal of incumbent officers and directors.

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For example, a shareholder's voting rights can be suspended with respect to ordinary shares that give such shareholder the right to voting rights above 5% (or a multiple of 5%) of the total number of voting rights attached to our ordinary shares on the date of the relevant general shareholder's meeting, unless we and the Belgian Financial Services and Markets Authority have been informed at least 20 days prior to the date of the relevant general shareholder's meeting in which the holder wishes to vote.

Limitations on the Right to Own Securities

Neither Belgian law nor our articles of association imposes any general limitation on the right of non-residents or foreign persons to hold our ordinary shares or exercise voting rights on our ordinary shares other than those limitations that would generally apply to all shareholders.

Transfer agent

The registrar and transfer agent for our ordinary shares in the United States is Computershare Trust Company N.A. Our Belgian Register is maintained by Euroclear Belgium.

C.          Material contracts.

We have not entered into any material contracts, other than contracts entered into in the ordinary course of business, attached as exhibits hereto or otherwise described herein.

D.          Exchange controls.

There are no Belgian exchange control regulations that would affect the import or export of capital, including the availability of cash and cash equivalents for use by the company's group or the remittance of dividends, interest or other payments to nonresident holders of the Company's securities.

See "Item 10. Additional information—E. Taxation" for a discussion of the tax treatment of dividends.

E.          Taxation.

United States Federal Income Tax Considerations

In the opinion of Seward & Kissel LLP, our United States counsel, the following are the material United States federal income tax consequences to us and our U.S. Holders and Non-U.S. Holders, each as defined below, of our activities and the ownership of our ordinary shares. This discussion does not purport to deal with the tax consequences of owning ordinary shares to all categories of investors, some of which, such as banks, insurance companies, real estate investment trusts, regulated investment companies, grantor trusts, tax-exempt organizations, dealers in securities or currencies, traders in securities that elect the mark-to-market method of accounting for their securities, investors whose functional currency is not the United States dollar, investors that are or own our ordinary shares through partnerships or other pass-through entitles, investors that own, actually or under applicable constructive ownership rules, 10% or more of our ordinary shares, persons that will hold the ordinary shares as part of a hedging transaction, “straddle” or “conversion transaction,” persons who are deemed to sell the ordinary shares under constructive sale rules, persons required to recognize income for U.S. federal income tax purposes no later than when such income is reported on an “applicable financial statement,” persons subject to the “base erosion and anti-avoidance” tax, and persons who are liable for the alternative minimum tax may be subject to special rules. The following discussion of United States federal income tax matters is based on the United States Internal Revenue Code of 1986, as amended, or the Code, judicial decisions, administrative pronouncements, and existing and proposed regulations issued by the United States Department of the Treasury, or the Treasury Regulations, all of which are subject to change, possibly with retroactive effect. This discussion deals only with holders who purchase ordinary and hold the ordinary shares as a capital asset. The discussion below is based, in part, on the description of our business as described herein and assumes that we conduct our business as described herein. Unless otherwise noted, references in the following discussion to the “Company,” “we” and “us” are to Euronav NV and its subsidiaries on a consolidated basis.

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United States Federal Income Taxation of the Company

Taxation of Operating Income: In General

Unless exempt from U.S. federal income taxation under the rules discussed below, a foreign corporation is subject to U.S. federal income taxation in respect of any income that is derived from the use of vessels, from the hiring or leasing of vessels for use on a time, voyage or bareboat charter basis, from the participation in a pool, partnership, strategic alliance, joint operating agreement, code sharing arrangements or other joint venture it directly or indirectly owns or participates in that generates such income, or from the performance of services directly related to those uses, which we refer to as “shipping income,” to the extent that the shipping income is derived from sources within the United States. For these purposes, 50% of shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States constitutes income from sources within the United States, which we refer to as “U.S.-source shipping income.”

Shipping income attributable to transportation that both begins and ends in the United States is considered to be 100% from sources within the United States. We are not permitted by law to engage in transportation that produces income which is considered to be 100% from sources within the United States.

Shipping income attributable to transportation exclusively between non-U.S. ports will be considered to be 100% derived from sources outside the United States. Shipping income derived from sources outside the United States will not be subject to any U.S. federal income tax.

In the absence of exemption from tax under Section 883 of the Code or an applicable U.S. income tax treaty, our gross U.S.-source shipping income would be subject to a 4% tax imposed without allowance for deductions as described below.

Exemption of Operating Income from U.S. Federal Income Taxation

Under the U.S.-Belgium income tax treaty, or the Belgian Treaty, we will be exempt from U.S. federal income tax on our U.S.-source shipping income if (1) we are resident in Belgium for Belgian income tax purposes and (2) we satisfy one of the tests under the Limitation on Benefits Provision of the Belgian Treaty. We believe that we satisfy the requirements for exemption under the Belgian Treaty for our 2020 and possibly for our future taxable years. Alternatively, we may qualify for exemption under Section 883, as discussed below.

Under Section 883 of the Code and the regulations there under, we will be exempt from U.S. federal income tax on our U.S.-source shipping income if:

(1)    we are organized in a foreign country, or our country of organization, that grants an “equivalent exemption” to corporations organized in the United States; and

(2)    either

(A)    more than 50% of the value of our stock is owned, directly or indirectly, by individuals who are “residents” of our country of organization or of another foreign country that grants an “equivalent exemption” to corporations organized in the United States, which we refer to as the “50% Ownership Test,” or

(B)    our stock is “primarily and regularly traded on an established securities market” in our country of organization, in another country that grants an “equivalent exemption” to United States corporations, or in the United States, which we refer to as the “Publicly-Traded Test”.

Each of the jurisdictions where our ship-owning subsidiaries are incorporated grant an “equivalent exemption” to U.S. corporations. Therefore, we will be exempt from U.S. federal income tax with respect to our U.S.-source shipping income if either the 50% Ownership Test or the Publicly-Traded Test is met.

We do not currently anticipate circumstances under which we would be able to satisfy the 50% Ownership Test given the widely held nature of our ordinary shares. Our ability to satisfy the Publicly-Traded Test is discussed below.

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Treasury Regulations provide, in pertinent part, that stock of a foreign corporation will be considered to be “primarily traded” on an established securities market if the number of shares of each class of stock that are traded during any taxable year on all established securities markets in that country exceeds the number of shares in each such class that are traded during that year on established securities markets in any other single country. Our ordinary shares are “primarily traded” on Euronext for this purpose even though the ordinary shares are also listed and traded on the NYSE.

Under the Treasury Regulations, our ordinary shares will be considered to be “regularly traded” on an established securities market if one or more classes of our stock representing more than 50% of our outstanding shares, by total combined voting power of all classes of stock entitled to vote and total value, is listed on the market which we refer to as the listing threshold. Our ordinary shares are listed on the NYSE and therefore we satisfy the listing requirement.

It is further required that with respect to each class of stock relied upon to meet the listing threshold, (i) such class of stock be traded on the market, other than in minimal quantities, on at least 60 days during the taxable year or one-sixth of the days in a short taxable year, which we refer to as the “trading frequency test”; and (ii) the aggregate number of shares of such class of stock traded on such market is at least 10% of the average number of shares of such class of stock outstanding during such year or as appropriately adjusted in the case of a short taxable year, which we refer to as the “trading volume test”. We believe we satisfied the trading frequency and trading volume tests for the 2020 taxable year. Even if this was not the case, the Treasury Regulations provide that the trading frequency and trading volume tests will be deemed satisfied if, as is the case with our ordinary shares, such class of stock is traded on an established securities market in the United States and such stock is regularly quoted by dealers making a market in such stock.

Notwithstanding the foregoing, the Treasury Regulations provide, in pertinent part, that a class of our stock will not be considered to be “regularly traded” on an established securities market for any taxable year if 50% or more of the vote and value of the outstanding shares of such class of stock are owned, actually or constructively under specified stock attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of the vote and value of the outstanding shares of such class of stock, which we refer to as the “5 Percent Override Rule.”

For purposes of being able to determine the persons who own 5% or more of our stock, or “5% Shareholders,” the Treasury Regulations permit us to rely on those persons that are identified on Schedule 13G and Schedule 13D filings with the SEC, as having a 5% or more beneficial interest in our ordinary shares. The Treasury Regulations further provide that an investment company identified on a SEC Schedule 13G or Schedule 13D filing which is registered under the Investment Company Act of 1940, as amended, will not be treated as a 5% shareholder for such purposes.

In the event the 5 Percent Override Rule is triggered, the Treasury Regulations provide that the 5 Percent Override Rule will not apply if we can establish that among the closely-held group of 5% Shareholders, there are sufficient 5% Shareholders that are considered to be qualified shareholders for purposes of Section 883 of the Code to preclude non-qualified 5% Shareholders in the closely-held group from owning 50% or more of each class of our stock for more than half the number of days during such year.

We believe that we and each of our subsidiaries qualify for exemption under Section 883 of the Code for our 2020 taxable year. We also expect that we and each of our subsidiaries will qualify for this exemption for our subsequent taxable years. However, there can be no assurance in this regard. For example, if our 5% Stockholders own 50% or more of our ordinary shares, we would be subject to the 5% Override Rule unless we can establish that among the closely-held group of 5% Stockholders, there are sufficient 5% Stockholders that are qualified stockholders for purposes of Section 883 of the Code to preclude non-qualified 5% Stockholders in the closely-held group from owning 50% or more of our ordinary shares for more than half the number of days during the taxable year. In order to establish this, sufficient 5% Stockholders that are qualified stockholders would have to comply with certain documentation and certification requirements designed to substantiate their identity as qualified stockholders. These requirements are onerous and there is no assurance that we will be able to satisfy them.

Taxation in the Absence of Exemption under Section 883 of the Code

To the extent the benefits of Section 883 of the Code are unavailable, our U.S.-source shipping income, to the extent not considered to be “effectively connected” with the conduct of a U.S. trade or business, as described below, would be subject to a 4% tax imposed by Section 887 of the Code on a gross basis, without the benefit of deductions, which we refer to as the “4% gross basis tax regime”. Since under the sourcing rules described above, no more than 50% of our shipping income would be treated as being derived from U.S. sources, the maximum effective rate of U.S. federal income tax on our shipping income would never exceed 2% under the 4% gross basis tax regime.

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To the extent the benefits of the exemption under Section 883 of the Code are unavailable and our U.S.-source shipping income is considered to be “effectively connected” with the conduct of a U.S. trade or business, as described below, any such “effectively connected” U.S.-source shipping income, net of applicable deductions, would be subject to the U.S. federal corporate income tax imposed at a rate of 21%. In addition, we may be subject to the 30% “branch profits” tax on earnings effectively connected with the conduct of such U.S. trade or business, as determined after allowance for certain adjustments, and on certain interest paid or deemed paid attributable to the conduct of such U.S. trade or business.

Our U.S.-source shipping income would be considered “effectively connected” with the conduct of a U.S. trade or business only if:

•we have, or are considered to have, a fixed place of business in the United States involved in the earning of shipping income; and

•substantially all of our U.S.-source shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the United States.

We do not currently have, nor intend to have or permit circumstances that would result in having, any vessel operating to the United States on a regularly scheduled basis. Based on the foregoing and on the expected mode of our shipping operations and other activities, we believe that none of our U.S.-source shipping income will be “effectively connected” with the conduct of a U.S. trade or business.

U.S. Taxation of Gain on Sale of Vessels

Regardless of whether we qualify for exemption under Section 883 of the Code, we will not be subject to U.S. federal income taxation with respect to gain realized on a sale of a vessel, provided the sale is considered to occur outside of the United States under U.S. federal income tax principles. In general, a sale of a vessel will be considered to occur outside of the United States for this purpose if title to the vessel, and risk of loss with respect to the vessel, pass to the buyer outside of the United States. It is expected that any sale of a vessel by us will be considered to occur outside of the United States.

United States Federal Income Taxation of U.S. Holders

As used herein, the term “U.S. Holder” means a beneficial owner of ordinary shares that is a United States citizen or resident, United States corporation or other United States entity taxable as a corporation, an estate the income of which is subject to United States federal income taxation regardless of its source, or a trust if (i) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust or (ii) the trust has a valid election in effect to be treated as a United States person for United States federal income tax purposes.

If a partnership holds our ordinary shares, the tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership. If you are a partner in a partnership holding our ordinary shares, you are encouraged to consult your tax advisor.

Distributions

Subject to the discussion of passive foreign investment companies below, any distributions made by us with respect to our ordinary shares to a U.S. Holder will generally constitute dividends, which may be taxable as ordinary income or “qualified dividend income” as described in more detail below, to the extent of our current and accumulated earnings and profits, as determined under United States federal income tax principles. Distributions in excess of our earnings and profits will be treated first as a nontaxable return of capital to the extent of the U.S. Holder’s tax basis in the holder’s ordinary shares on a dollar-for-dollar basis and thereafter as capital gain. Because we are not a United States corporation, U.S. Holders that are corporations will generally not be entitled to claim a dividends received deduction with respect to any distributions they receive from us. Dividends paid with respect to our ordinary shares will generally be treated as “passive category income” or, in the case of certain types of U.S. Holders, “general category income” for purposes of computing allowable foreign tax credits for United States foreign tax credit purposes.

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Dividends paid on our ordinary shares to a U.S. Holder who is an individual, trust or estate (a “U.S. Non-Corporate Holder”) will generally be treated as “qualified dividend income” that is taxable to such U.S. Non-Corporate Holders at preferential tax rates provided that (1) either we qualify for the benefits of the Belgian Treaty (which we expect to be the case) or the ordinary shares are readily tradable on an established securities market in the United States (such as the NYSE, on which our ordinary shares are listed); (2) we are not a passive foreign investment company for the taxable year during which the dividend is paid or the immediately preceding taxable year (as discussed below); (3) the U.S. Non-Corporate Holder has owned the ordinary shares for more than 60 days in the 121-day period beginning 60 days before the date on which the ordinary shares become ex-dividend (and has not entered into certain risk limiting transactions with respect to such ordinary share); and (4) the U.S. Non-Corporate Holder is not under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar related property. There is no assurance that any dividends paid on our ordinary shares will be eligible for these preferential tax rates in the hands of a U.S. Non-Corporate Holder.

As discussed below, our dividends may be subject to Belgian withholding taxes. A U.S. Holder may elect to either deduct his share of any foreign taxes paid with respect to our dividends in computing his Federal taxable income or treat such foreign taxes as a credit against U.S. federal income taxes, subject to certain limitations. No deduction for foreign taxes may be claimed by an individual who does not itemize deductions. Dividends paid with respect to our ordinary shares will generally be treated as “passive category income” or, in the case of certain types of U.S. Holders, “general category income” for purposes of computing allowable foreign tax credits for United States foreign tax credit purposes. The rules governing foreign tax credits are complex and U.S. Holders are encouraged to consult their tax advisors regarding the applicability of these rules in a U.S. Holder’s specific situation.

Amounts taxable as dividends generally will be treated as passive income from sources outside the U.S. However, if (a) Euronav is 50% or more owned, by vote or value, by U.S. persons and (b) at least 10% of Euronav’s earnings and profits are attributable to sources within the U.S., then for foreign tax credit purposes, a portion of its dividends would be treated as derived from sources within the U.S. With respect to any dividend paid for any taxable year, the U.S. source ratio of our dividends for foreign tax credit purposes would be equal to the portion of Euronav’s earnings and profits from sources within the U.S. for such taxable year divided by the total amount of Euronav’s earnings and profits for such taxable year. The rules related to U.S. foreign tax credits are complex and U.S. holders should consult their tax advisors to determine whether and to what extent a credit would be available.

Special rules may apply to any “extraordinary dividend” generally, a dividend paid by us in an amount which is equal to or in excess of ten percent of a U.S. Non-Corporate Holder’s adjusted tax basis (or fair market value in certain circumstances) or dividends received within a one-year period that, in the aggregate, equal or exceed 20% of a shareholder's adjusted tax basis (or fair market value upon the shareholder's election) in a share of ordinary shares paid by us. If we pay an “extraordinary dividend” on our ordinary shares that is treated as “qualified dividend income,” then any loss derived by a U.S. Non-Corporate Holder from the sale or exchange of such ordinary shares will be treated as long-term capital loss to the extent of such dividend.

Dividends will be generally included in the income of U.S. Holders at the U.S. dollar amount of the dividend (including any non-U.S. taxes withheld therefrom), based upon the exchange rate in effect on the date of the distribution. In the case of foreign currency received as a dividend that is not converted by the recipient into U.S. dollars on the date of receipt, a U.S. Holder will have a tax basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any gain or loss recognized upon a subsequent sale or other disposition of the foreign currency, including the exchange for U.S. dollars, will be ordinary income or loss. However an individual whose realized foreign exchange gain does not exceed U.S. $200 will not recognize that gain, to the extent that there are not expenses associated with the transaction that meet the requirement for deductibility as a trade or business expense (other than travel expenses in connection with a business trip or as an expense for the production of income).

Sale, Exchange or other Disposition of Ordinary shares

Subject to the discussion of passive foreign investment companies below, a U.S. Holder generally will recognize taxable gain or loss upon a sale, exchange or other disposition of our ordinary shares in an amount equal to the difference between the amount realized by the U.S. Holder from such sale, exchange or other disposition and the U.S. Holder’s tax basis in such shares. The U.S. Holder’s initial tax basis in its shares generally will be the U.S. Holder’s purchase price for the shares and that tax basis will be reduced (but not below zero) by the amount of any distributions on the shares that are treated as non-taxable returns of capital (as discussed above under “-United States Federal Income Taxation of U.S. Holders-Distributions”). Such gain or loss will be treated as long-term capital gain or loss if the U.S. Holder’s holding period is greater than one year at the time of the sale, exchange or other disposition. Such capital gain or loss will generally be treated as United States source income or loss, as applicable, for United States foreign tax credit purposes. A U.S. Holder’s ability to deduct capital losses is subject to certain limitations.

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Passive Foreign Investment Company

Special United States federal income tax rules apply to a U.S. Holder that holds stock in a foreign corporation classified as a passive foreign investment company, or PFIC for United States federal income tax purposes. In general, a foreign corporation will be treated as a PFIC with respect to a United States shareholder in such foreign corporation, if, for any taxable year in which such shareholder holds stock in such foreign corporation, either:

•at least 75 percent of the corporation’s gross income for such taxable year consists of passive income (e.g., dividends, interest, capital gains and rents derived other than in the active conduct of a rental business); or

•at least 50 percent of the average value of the assets held by the corporation during such taxable year produce, or are held for the production of, passive income.

For purposes of determining whether a foreign corporation is a PFIC, it will be treated as earning and owning its proportionate share of the income and assets, respectively, of any of its subsidiary corporations in which it owns at least 25 percent of the value of the subsidiary’s stock.

Income earned by a foreign corporation in connection with the performance of services would not constitute passive income. By contrast, rental income would generally constitute “passive income” unless the foreign corporation is treated under specific rules as deriving its rental income in the active conduct of a trade or business or receiving the rental income from a related party.

Based on our current operations and future projections, we do not believe that we are, nor do we expect to become a PFIC with respect to any taxable year. Although there is no legal authority directly on point, our belief is based principally on the position that, for purposes of determining whether we are a PFIC, the gross income we derive or are deemed to derive from the time chartering and voyage chartering activities of our wholly-owned subsidiaries should constitute services income, rather than rental income. Correspondingly, such income should not constitute passive income, and the assets that we or our wholly-owned subsidiaries own and operate in connection with the production of such income, in particular, the vessels, should not constitute passive assets for purposes of determining whether we are a PFIC. We believe there is substantial legal authority supporting our position consisting of case law and IRS pronouncements concerning the characterization of income derived from time charters and voyage charters as services income for other tax purposes. We have not sought, and we do not expect to seek, a ruling from the Internal Revenue Service, or the IRS, on this matter. As a result, the IRS or a court could disagree with our position. No assurance can be given that this result will not occur. In addition, although we intend to conduct our affairs in a manner to avoid, to the extent possible, being classified as a PFIC with respect to any taxable year, we cannot assure you that the nature of our operations will not change in the future, or that we can avoid PFIC status in the future.

As discussed more fully below, if we were to be treated as a PFIC for any taxable year, a U.S. Holder would be subject to different taxation rules depending on whether the U.S. Holder makes an election to treat us as a “Qualified Electing Fund,” which election we refer to as a “QEF election.” As an alternative to making a QEF election, a U.S. Holder should be able to make a “mark-to-market” election with respect to our ordinary shares, as discussed below.

If we were to be treated as a PFIC for any taxable year, a U.S. Holder would be required to file an annual report with the IRS for that year with respect to such U.S. Holder’s ordinary shares.

Taxation of U.S. Holders Making a Timely QEF Election

If a U.S. Holder makes a timely QEF election, which U.S. Holder we refer to as an “Electing Holder,” the Electing Holder must report each year for United States federal income tax purposes his pro rata share of our ordinary earnings and our net capital gain, if any, for our taxable year that ends with or within the taxable year of the Electing Holder, regardless of whether or not distributions were received from us by the Electing Holder. The Electing Holder’s adjusted tax basis in the ordinary shares will be increased to reflect taxed but undistributed earnings and profits. Distributions of earnings and profits that had been previously taxed will result in a corresponding reduction in the adjusted tax basis in the ordinary shares and will not be taxed again once distributed. An Electing Holder would generally recognize capital gain or loss on the sale, exchange or other disposition of our ordinary shares. A U.S. Holder would make a QEF election with respect to any year that our company is a PFIC by filing IRS Form 8621 with his United States federal income tax return. If we were aware that we or any of our subsidiaries were to be treated as a PFIC for any taxable year, we would, if possible, provide each U.S. Holder with all necessary information in order to make the QEF election described above. If we were to be treated as a PFIC, a U.S. Holder would be treated as owning his proportionate share of stock in each of our subsidiaries which is treated as a PFIC and such U.S. Holder would need to make a separate QEF election for any such subsidiaries. It should be noted that we may not be able to provide such information if we did not become aware of our status as a PFIC in a timely manner.

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Taxation of U.S. Holders Making a “Mark-to-Market” Election

Alternatively, if we were to be treated as a PFIC for any taxable year and, as we anticipate, our shares are treated as “marketable stock,” a U.S. Holder would be allowed to make a “mark-to-market” election with respect to our ordinary shares, provided the U.S. Holder completes and files IRS Form 8621 in accordance with the relevant instructions and related Treasury Regulations. The “mark-to-market” election will not be available for any of our subsidiaries. If that election is made, the U.S. Holder generally would include as ordinary income in each taxable year the excess, if any, of the fair market value of the ordinary shares at the end of the taxable year over such holder’s adjusted tax basis in the ordinary shares. The U.S. Holder would also be permitted an ordinary loss in respect of the excess, if any, of the U.S. Holder’s adjusted tax basis in the ordinary shares over its fair market value at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. A U.S. Holder’s tax basis in his ordinary shares would be adjusted to reflect any such income or loss amount. Gain realized on the sale, exchange or other disposition of our ordinary shares would be treated as ordinary income, and any loss realized on the sale, exchange or other disposition of the ordinary shares would be treated as ordinary loss to the extent that such loss does not exceed the net mark-to-market gains previously included in income by the U.S. Holder. It should be noted that the mark-to-market election would likely not be available for any of our subsidiaries which are treated as PFICs.

Taxation of U.S. Holders Not Making a Timely QEF or Mark-to-Market Election

Finally, if we were to be treated as a PFIC for any taxable year, a U.S. Holder who does not make either a QEF election or a “mark-to-market” election for that year, whom we refer to as a “Non-Electing Holder,” would be subject to special rules with respect to (1) any excess distribution (the portion of any distributions received by the Non-Electing Holder on our ordinary shares in a taxable year in excess of 125 percent of the average annual distributions received by the Non-Electing Holder in the three preceding taxable years, or, if shorter, the Non-Electing Holder’s holding period before the taxable year for the ordinary shares), and (2) any gain realized on the sale, exchange or other disposition of our ordinary shares. Under these special rules:

•the excess distribution or gain would be allocated ratably over the Non-Electing Holders’ aggregate holding period for the ordinary shares;

•the amount allocated to the current taxable year and any taxable year before we became a PFIC would be taxed as ordinary income; and

•the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed tax deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year.

These rules would not apply to a pension or profit sharing trust or other tax-exempt organization that did not borrow funds or otherwise utilize leverage in connection with its acquisition of our ordinary shares. If a Non-Electing Holder who is an individual dies while owning our ordinary shares, such holder’s successor generally would not receive a step-up in tax basis with respect to such shares.

United States Federal Income Taxation of “Non-U.S. Holders”

A beneficial owner of our ordinary shares that is not a U.S. Holder or an entity treated as a partnership is referred to herein as a “Non-U.S. Holder.”

If a partnership holds our ordinary shares, the tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership. If you are a partner in a partnership holding our ordinary shares, you are encouraged to consult your tax advisor.

Dividends on Ordinary shares

Non-U.S. Holders generally will not be subject to United States federal income tax or withholding tax on dividends received from us with respect to our ordinary shares, unless that income is effectively connected with the Non-U.S. Holder’s conduct of a trade or business in the United States. If the Non-U.S. Holder is entitled to the benefits of a United States income tax treaty with respect to those dividends, that income may be taxable only if it is also attributable to a permanent establishment maintained by the Non-U.S. Holder in the United States.

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Sale, Exchange or Other Disposition of Ordinary shares

Non-U.S. Holders generally will not be subject to United States federal income tax or withholding tax on any gain realized upon the sale, exchange or other disposition of our ordinary shares, unless:

•the gain is effectively connected with the Non-U.S. Holder’s conduct of a trade or business in the United States. If the Non-U.S. Holder is entitled to the benefits of an income tax treaty with respect to that gain, that gain may be taxable only if it is also attributable to a permanent establishment maintained by the Non-U.S. Holder in the United States or

•the Non-U.S. Holder is an individual who is present in the United States for 183 days or more during the taxable year of disposition and other conditions are met.

If the Non-U.S. Holder is engaged in a United States trade or business for United States federal income tax purposes, the income from the ordinary shares, including dividends and the gain from the sale, exchange or other disposition of the ordinary shares that are effectively connected with the conduct of that trade or business will generally be subject to regular United States federal income tax in the same manner as discussed in the previous section relating to the taxation of U.S. Holders. In addition, in the case of a corporate Non-U.S. Holder, its earnings and profits that are attributable to the effectively connected income, subject to certain adjustments, may be subject to an additional branch profits tax at a rate of 30 percent, or at a lower rate as may be specified by an applicable United States income tax treaty.

Backup Withholding and Information Reporting

In general, dividend payments, or other taxable distributions, made within the United States to you will be subject to information reporting requirements. Such payments will also be subject to backup withholding tax if paid to a non-corporate U.S. Holder who:

•fails to provide an accurate taxpayer identification number;

•is notified by the IRS that he has failed to report all interest or dividends required to be shown on his federal income tax returns; or

•in certain circumstances, fails to comply with applicable certification requirements.

Non-U.S. Holders may be required to establish their exemption from information reporting and backup withholding by certifying their status on an appropriate IRS Form W-8.

If a Non-U.S. Holder sells his ordinary shares to or through a United States office of a broker, the payment of the proceeds is subject to both United States backup withholding and information reporting unless the Non-U.S. Holder certifies that he is a non-U.S. person, under penalties of perjury, or otherwise establishes an exemption. If a Non-U.S. Holder sells his ordinary shares through a non-United States office of a non-United States broker and the sales proceeds are paid to the Non-U.S. Holder outside the United States then information reporting and backup withholding generally will not apply to that payment. However, United States information reporting requirements, but not backup withholding, will apply to a payment of sales proceeds, even if that payment is made to a Non-U.S. Holder outside the United States, if the Non-U.S. Holder sells ordinary shares through a non-United States office of a broker that is a United States person or has some other contacts with the United States.

Backup withholding is not an additional tax. Rather, a taxpayer generally may obtain a refund of any amounts withheld under backup withholding rules that exceed the taxpayer’s income tax liability by filing a refund claim with the IRS.

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Individuals who are U.S. Holders (and to the extent specified in applicable Treasury Regulations, certain individuals who are Non-U.S. Holders and certain United States entities) who hold “specified foreign financial assets” (as defined in Section 6038D of the Code) are required to file IRS Form 8938 with information relating to the asset for each taxable year in which the aggregate value of all such assets exceeds $75,000 at any time during the taxable year or $50,000 on the last day of the taxable year (or such higher dollar amount as prescribed by applicable Treasury Regulations). Specified foreign financial assets would include, among other assets, our ordinary shares, unless the shares are held through an account maintained with a United States financial institution. Substantial penalties apply to any failure to timely file IRS Form 8938, unless the failure is shown to be due to reasonable cause and not due to willful neglect. Additionally, in the event an individual U.S. Holder (and to the extent specified in applicable Treasury Regulations, an individual Non-U.S. Holder or a United States entity) that is required to file IRS Form 8938 does not file such form, the statute of limitations on the assessment and collection of United States federal income taxes of such holder for the related tax year may not close until three years after the date that the required information is filed. U.S. Holders (including United States entities) and Non-U.S. Holders are encouraged to consult their own tax advisors regarding their reporting obligations under this legislation.

Belgian Tax Considerations

In the opinion of Argo Law, our Belgian counsel, the following are the material Belgian federal income tax consequences of the acquisition, ownership and disposal of ordinary shares by an investor, but this summary does not purport to address all tax consequences of the ownership and disposal of ordinary shares, and does not take into account the specific circumstances of particular investors, some of which may be subject to special rules, or the tax laws of any country other than Belgium. This summary does not describe the tax treatment of investors that are subject to special rules, such as banks, insurance companies, collective investment undertakings, dealers in securities or currencies, persons that hold, or will hold, ordinary shares as a position in a straddle, share-repurchase transaction, conversion transactions, synthetic security or other integrated financial transactions. This summary does not address the tax regime applicable to ordinary shares held by Belgian tax residents through a fixed basis or a permanent establishment situated outside Belgium. This summary does principally not address any local taxes that may be due in connection with the ownership and disposal of ordinary shares, other than Belgian local surcharges which generally vary from 0% to 9% of the investor's income tax liability.

For purposes of this summary, a Belgian resident is:

•an individual subject to Belgian personal income tax, i.e., an individual who is domiciled in Belgium or has his seat of wealth in Belgium or a person assimilated to a resident for purposes of Belgian tax law;

•a company (as defined by Belgian tax law) subject to Belgian corporate income tax, i.e., a corporate entity that has its statutory seat (unless it can be proved that the tax residence of the company is situated in another State than Belgium), its main establishment, its administrative seat or seat of management in Belgium;

•an Organization for Financing Pensions subject to Belgian corporate income tax, i.e., a Belgian pension fund incorporated under the form of an Organization for Financing Pensions; or

•a legal entity subject to Belgian income tax on legal entities, i.e., a legal entity other than a company subject to Belgian corporate income tax, that has its main establishment, its administrative seat or seat of management in Belgium.

A non-resident is any person that is not a Belgian resident.

This summary is based on laws, treaties and regulatory interpretations in effect in Belgium on the date of this Form 20-F, all of which are subject to change, including changes that could have retroactive effect. Investors should appreciate that, as a result of evolutions in law or practice, the eventual tax consequences may be different from what is stated below.

Investors should consult their own advisers regarding the tax consequences of the acquisition, ownership and disposal of the ordinary shares in the light of their particular circumstances, including the effect of any state, local or other national laws.

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    Belgian taxation of dividends on ordinary shares

For Belgian income tax purposes, the gross amount of all benefits paid on or attributed to the ordinary shares is generally treated as a dividend distribution. By way of exception, the repayment of capital carried out in accordance with the Belgian Companies’ and Associations’ Code is not treated as a dividend distribution to the extent that such repayment is imputed to the fiscal capital. This fiscal capital includes, in principle, the actual paid-up statutory share capital and, subject to certain conditions, the paid-up issuance premiums and the contributions done in exchange for the issuance of profit sharing certificates. However, a repayment of capital decided upon by the shareholder’s meeting as of January 1, 2018 and which is carried out in accordance with the Belgian Companies’ and Associations’ Code is partly considered to be a dividend distribution, more specifically with respect to the portion that is deemed to be the distribution of the existing taxed reserves (irrespective of whether they are incorporated into the capital) and/or of the tax-free reserves incorporated into the capital. Such portion is determined on the basis of the ratio of the taxed reserves (except for the legal reserve up to the legal minimum and certain unavailable reserves) and the tax-free reserves incorporated into the capital (with a few exceptions) over the aggregate of such reserves and the fiscal capital.

Belgian withholding tax of 30% is normally levied on dividends, subject to such relief as may be available under applicable domestic or tax treaty provisions.

If the Company redeems its own ordinary shares, the redemption gain (i.e. the redemption proceeds after deduction of the portion of fiscal capital represented by the redeemed ordinary shares) will, in principle, be treated as a dividend subject to a Belgian withholding tax of 30%, subject to such relief as may be available under applicable domestic or tax treaty provisions. No Belgian withholding tax will be triggered if such redemption is carried out on a stock exchange and meets certain conditions.

In case of liquidation of the Company, the liquidation gain (i.e. the amount distributed in excess of the fiscal capital) will in principle be subject to Belgian withholding tax at a rate of 30%, subject to such relief as may be available under applicable domestic or tax treaty provisions.

As mentioned above any dividends or other distributions made by the Company to shareholders owning its ordinary shares will, in principle, be subject to withholding tax in Belgium at a rate of 30%, except for shareholders which qualify for an exemption of withholding tax such as, among others, qualifying pension funds or a company qualifying as a parent company in the sense of the Council Directive (90/435/EEC) of July 23, 1990, or the Parent-Subsidiary Directive, or that qualify for a lower withholding tax rate or an exemption by virtue of a tax treaty. Various conditions may apply and shareholders residing in countries other than Belgium are advised to consult their advisers regarding the tax consequences of dividends or other distributions made by the Company. Shareholders of the Company residing in countries other than Belgium may not be able to credit the amount of such withholding tax to any tax due on such dividends or other distributions in any other country than Belgium. As a result, such shareholders may be subject to double taxation in respect of such dividends or other distributions.

Belgium and the United States have concluded a double tax treaty concerning the avoidance of double taxation, or the U.S.-Belgium Tax Treaty. The U.S.-Belgium Tax Treaty reduces the applicability of Belgian withholding tax to 15%, 5% or 0% for U.S. taxpayers, provided that the U.S. taxpayer meets the limitation of benefits conditions imposed by the U.S.-Belgium Tax Treaty. The Belgian withholding tax is generally reduced to 15% under the U.S.-Belgium Tax Treaty. The 5% withholding tax applies in case where the U.S. shareholder is a company which holds at least 10% of the ordinary shares in the Company. A 0% Belgian withholding tax applies when the shareholder is a U.S. company which has held at least 10% of the ordinary shares in the Company for a period of at least 12 months ending on the date the dividend is declared, or is, subject to certain conditions, a U.S. pension fund. The U.S. shareholders are encouraged to consult their own tax advisers to determine whether they can invoke the benefits and meet the limitation of benefits conditions as imposed by the U.S.-Belgium Tax Treaty.

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Belgian resident individuals

For Belgian resident individuals who acquire and hold the ordinary shares as a private investment, the Belgian dividend withholding tax fully discharges their personal income tax liability. They may nevertheless elect to report (the gross amount of) the dividends in their personal income tax return. Where such individual opts to report them, dividends will normally be taxable at the lower of the generally applicable 30% withholding tax rate on dividends or at the progressive personal income tax rates applicable to the taxpayer’s overall declared income (local surcharges will not apply). The first EUR 812 (amount applicable for income year 2020; the amount applicable for income year 2021 is EUR 800) of reported ordinary dividend income will be exempt from Belgian tax. This exemption of Belgian tax has to be claimed by each tax payer via their tax declaration. For the avoidance of doubt, all reported dividends are taken into account to assess whether said maximum amount is reached. In addition, if the dividends are reported, the Belgian dividend withholding tax levied at source may be credited against the personal income tax due and is reimbursable to the extent that it exceeds the final personal income tax liability with at least EUR 2.50, provided that the dividend distribution does not result in a reduction in value of or a capital loss on the ordinary shares. This condition is not applicable if the individual can demonstrate that he has held the ordinary shares in full legal ownership for an uninterrupted period of twelve months prior to the attribution of the dividends.

For Belgian resident individuals who acquire and hold the ordinary shares for professional purposes, the Belgian withholding tax does not fully discharge their income tax liability. Dividends received must be reported by the investor and will, in such case, be taxable at the investor’s personal income tax rate increased with local surcharges. The Belgian dividend withholding tax levied at source may be credited against the personal income tax due and is reimbursable to the extent that it exceeds the final personal income tax liability with at least EUR 2.50, subject to two conditions: (1) the taxpayer must own the ordinary shares in full legal ownership on the date on which the beneficiary of the dividend is identified and (2) the dividend distribution may not result in a reduction in value of or a capital loss on the ordinary shares. The latter condition is not applicable if the investor can demonstrate that he has held the full legal ownership of the ordinary shares for an uninterrupted period of twelve months prior to the attribution of the dividends.

Belgian resident companies

    Corporate income tax

For Belgian resident companies, the dividend withholding tax does not fully discharge the corporate income tax liability. For such companies, the gross dividend income (including the Belgian withholding tax) must be declared in the standard corporate income tax return and will be subject to a corporate income tax rate of 29.58% for assessment year 2021 in relation to financial years starting on or after 1 January 2020, unless the reduced corporate income tax rates apply. Subject to certain conditions, a reduced corporate income tax rate of 20% as of year 2021 (i.e. for financial years starting on or after 1 January 2020) applies for Small and Medium Sized Enterprises (as defined by Article 1:24, §1 to §6 of the Belgian Companies’ and Associations’ Code) on the first EUR 100,000 of taxable profits.

Any Belgian dividend withholding tax levied at source may be credited against the corporate income tax due and is reimbursable to the extent that it exceeds the corporate income tax due, subject to two conditions: (1) the taxpayer must own the ordinary shares in full legal ownership on the date on which the beneficiary of the dividend is identified; and (2) the dividend distribution may not result in a reduction in value of or a capital loss on the ordinary shares. The latter condition is not applicable (a) if the taxpayer can demonstrate that it has held the ordinary shares in full legal ownership for an uninterrupted period of twelve months prior to the attribution of the dividends; or (b) if, during said period, the ordinary shares never belonged to a taxpayer other than a resident company or a non-resident company which has, in an uninterrupted manner, invested the ordinary shares in a permanent establishment or “PE” in Belgium.

If the corporate purpose of the beneficiary solely or mainly consists in managing and investing funds collected in order to pay legal or complementary pensions, the Belgian dividend withholding tax levied at source may be credited against the corporate income tax due and is reimbursable to the extent that it exceeds the corporate income tax due, provided that the taxpayer has held the ordinary shares in full legal ownership for an uninterrupted period of sixty days. This condition is not applicable if the taxpayer can demonstrate that the dividends are not connected to an arrangement or a series of arrangements (rechtshandeling of geheel van rechtshandelingen/acte juridique ou un ensemble d’actes juridiques) which is not genuine (kunstmatig/non authentique) and has been put in place for the main purpose or one of the main purposes of obtaining a tax credit of the Belgian dividend withholding tax.

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As a general rule, Belgian resident companies can (subject to certain limitations) deduct 100% of gross dividends received from their taxable income or the "Dividend Received Deduction Regime", provided that at the time of a dividend payment or attribution: (1) the Belgian resident company holds the ordinary shares representing at least 10% of the share capital of the Company or a participation in the Company with an acquisition value of at least EUR 2,500,000; (2) the ordinary shares have been held or will be held in full ownership for an uninterrupted period of at least one year; and (3) the conditions relating to the taxation of the underlying distributed income, as described in Article 203 of the Belgian Income Tax Code or the "Article 203 ITC Taxation Condition" are met; and (4) the anti-abuse provision contained in Article 203, §1, 7° of the Belgian Income Tax Code is not applicable (together, the “Conditions for the application of the Dividend Received Deduction Regime”). Under certain circumstances the conditions referred to under (1) and (2) do not need to be fulfilled in order for the Dividend Received Deduction Regime to apply.

The Conditions for the application of the Dividend Received Deduction Regime depend on a factual analysis, upon each dividend distribution, and for this reason the availability of this regime should be verified upon each dividend distribution.

    Belgian withholding tax

Dividends distributed to a Belgian resident company will be exempt from Belgian withholding tax provided that the Belgian resident company holds, upon payment or attribution of the dividends, at least 10% of the share capital of the Company and such minimum participation is held or will be held during an uninterrupted period of at least one year.

In order to benefit from this exemption, the Belgian resident company must provide the Company or its paying agent at the latest upon the attribution or the payment of the dividend with a certificate confirming its qualifying status and the fact that it meets the required conditions. If the Belgian resident company holds the required minimum participation for less than one year, at the time the dividends are paid on or attributed to the ordinary shares, the Company will levy the Belgian withholding tax but will not transfer it to the Belgian Treasury provided that the Belgian resident company certifies its qualifying status, the date from which it has held such minimum participation, and its commitment to hold the minimum participation for an uninterrupted period of at least one year.

The Belgian resident company must also inform the Company or its paying agent if the one-year period has expired or if its shareholding will drop below 10% of the share capital of the Company before the end of the one-year holding period. Upon satisfying the one-year shareholding requirement, the dividend withholding tax which was temporarily withheld, will be refunded to the Belgian resident company.

Please note that the above described Dividend Received Deduction Regime and the withholding tax exemption will not be applicable to dividends which are connected to an arrangement or a series of arrangements “rechtshandeling of geheel van rechtshandelingen”/”acte juridique ou un ensemble d’actes juridiques” for which the Belgian tax administration, taking into account all relevant facts and circumstances, has proven, unless evidence to the contrary, that this arrangement or this series of arrangements is not genuine “kunstmatig”/”non authentique” and has been put in place for the main purpose or one of the main purposes of obtaining the dividend received deduction, the above dividend withholding tax exemption or one of the advantages of the Parent-Subsidiary Directive in another EU Member State. An arrangement or a series of arrangements is regarded as not genuine to the extent that they are not put into place for valid commercial reasons which reflect economic reality.

Belgian resident organizations for financing pensions

For organizations for financing pensions or OFPs, i.e., Belgian pension funds incorporated under the form of an OFP (“organismen voor de financiering van pensioenen”/”organismes de financement de pensions”) within the meaning of Article 8 of the Belgian Act of 27 October 2006, the dividend income is generally tax exempt.

Subject to certain limitations, any Belgian dividend withholding tax levied at source may be credited against the corporate income tax due and is reimbursable to the extent that it exceeds the corporate income tax due.

If the corporate purpose of the beneficiary solely or mainly consists in managing and investing funds collected in order to pay legal or complementary pensions, the Belgian dividend withholding tax levied at source may be credited against the corporate income tax due and is reimbursable to the extent that it exceeds the corporate income tax due, provided that the taxpayer has held the ordinary shares in full legal ownership for an uninterrupted period of sixty days. This condition is not applicable if the taxpayer can demonstrate that the dividends are not connected to an arrangement or a series of arrangements ("rechtshandeling of geheel van rechtshandelingen/acte juridique ou un ensemble d’actes juridiques") which is not genuine ("kunstmatig/non authentique") and has been put in place for the main purpose or one of the main purposes of obtaining a tax credit of the Belgian dividend withholding tax.

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Other Belgian resident legal entities subject to Belgian legal entities tax

For taxpayers subject to the Belgian income tax on legal entities, the Belgian dividend withholding tax in principle fully discharges their income tax liability.

Non-resident individuals or non-resident companies

    Non-resident income tax

For non-resident individuals and companies, the Belgian dividend withholding tax will be the only tax on dividends in Belgium, unless the non-resident holds the ordinary shares in connection with a business conducted in Belgium through a fixed base in Belgium or a Belgian PE.

If the ordinary shares are acquired by a non-resident in connection with a fixed base or a PE in Belgium, the investor must report any dividends received, which will be taxable at the applicable non-resident personal or corporate income tax rate, as appropriate. Belgian dividend withholding tax levied at source may be credited against non-resident personal or corporate income tax and is reimbursable to the extent that it exceeds the income tax due with at least EUR 2.50 and, subject to two conditions: (1) the taxpayer must own the ordinary shares in full legal ownership on the date on which the beneficiary of the dividend is identified and (2) the dividend distribution may not result in a reduction in value of or a capital loss on the ordinary shares. The latter condition is not applicable if (a) the non-resident individual or the non-resident company can demonstrate that the ordinary shares were held in full legal ownership for an uninterrupted period of twelve months prior to the payment or attribution of the dividends or (b) with regard to non-resident companies only, if, during said period, the ordinary shares have not belonged to a taxpayer other than a Belgian resident company or a non-resident company which has, in an uninterrupted manner, invested the ordinary shares in a Belgian PE.

Non-resident companies whose ordinary shares are invested in a Belgian PE may deduct 100% of the gross dividends received from their taxable income if, at the date the dividends are paid or attributed, the Conditions for the application of the Dividend Received Deduction Regime are met. The application of the Dividend Received Deduction Regime depends, however, on a factual analysis to be made upon each distribution and its availability should be verified upon each dividend distribution.

Dividends distributed to non-resident individuals who do not use the ordinary shares in the exercise of a professional activity, may be eligible for the tax exemption with respect to ordinary dividends in an amount of up to EUR 812 (amount applicable for income year 2020; the amount applicable for income year 2021 is EUR 800) per year. For the avoidance of doubt, all dividends paid or attributed to such non-resident individual (and hence not only dividends paid or attributed on the ordinary shares) are taken into account to assess whether said maximum amount is reached. Consequently, if Belgian withholding tax has been levied on dividends paid or attributed to the ordinary shares, such non-resident individual may request in its Belgian non-resident income tax return that any Belgian withholding tax levied is credited and, as the case may be, reimbursed. However, if no Belgian non-resident income tax return must be filed by the non-resident individual, any Belgian withholding tax levied could in principle be reclaimed by filing a certified, dated and signed written request thereto addressed to the tax official of the Centre Abroad (Centrum Buitenland/Centre Etrangers). Such a request must be filed no later than on December 31st of the calendar year following the calendar year in which the relevant dividend(s) have been received, together with an affidavit confirming the non-resident individual status and certain supporting documents.

    Belgian dividend withholding tax relief for non-residents

Under Belgian tax law, withholding tax is not due on dividends paid to a foreign pension fund which satisfies the following conditions: (i) it is a non-resident saver in the meaning of Article 227, 3° of the Belgian ITC which implies that it has separate legal personality and fiscal residence outside of Belgium; (ii) whose corporate purpose consists solely in managing and investing funds collected in order to pay legal or complementary pensions; (iii) whose activity is limited to the investment of funds collected in the exercise of its statutory mission, without any profit making aim; (iv) which is exempt from income tax in its country of residence; and (v) except in specific circumstances, provided that it is not contractually obligated to redistribute the dividends to any ultimate beneficiary of such dividends for whom it would manage the ordinary shares, nor obligated to pay a manufactured dividend with respect to the ordinary shares under a securities borrowing transaction. The exemption will only apply if the foreign pension fund provides a certificate confirming that it is the full legal owner or usufruct holder of the ordinary shares and that the above conditions are satisfied. The foreign pension fund must then forward that certificate to the Company or its paying agent.

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As mentioned above, if the corporate purpose of the beneficiary solely or mainly consists in managing and investing funds collected in order to pay legal or complementary pensions, the Belgian dividend withholding tax levied at source may be credited against the corporate income tax due and is reimbursable to the extent that it exceeds the corporate income tax due, provided that the taxpayer has held the ordinary shares in full legal ownership for an uninterrupted period of sixty days. This condition is not applicable if the taxpayer can demonstrate that the dividends are not connected to an arrangement or a series of arrangements ("rechtshandeling of geheel van rechtshandelingen/acte juridique ou un ensemble d’actes juridiques") which is not genuine ("kunstmatig/non authentique") and has been put in place for the main purpose or one of the main purposes of obtaining a tax credit of the Belgian dividend withholding tax.

Dividends distributed to non-resident qualifying parent companies established in a Member State of the EU or in a country with which Belgium has concluded a double tax treaty that includes a qualifying exchange of information clause, will, under certain conditions, be exempt from Belgian withholding tax provided that the ordinary shares held by the non-resident company, upon payment or attribution of the dividends, amount to at least 10% of the share capital of the Company and such minimum participation is held or will be held during an uninterrupted period of at least one year. A non-resident company qualifies as a parent company provided that (i) for companies established in a Member State of the EU, it has a legal form as listed in the annex to the EU Parent-Subsidiary Directive), as amended by Directive 2003/123/EC of 22 December 2003, or, for companies established in a country with which Belgium has concluded a qualifying double tax treaty, it has a legal form similar to the ones listed in such annex (provided that, as regards the companies governed by Belgian law, the reference to "besloten vennootschap met beperkte aansprakelijkheid/société privée à responsabilité limitée", to "coperatieve vennootschap met onbeperkte aansprakelijkheid/”/”société cooperative à responsabilité illimitée", and to "gewone commanditaire vennootschap/société en commandite simple", should also be understood as a reference to respectively the "besloten vennootschap, the coperatieve vennootschap/société à responsabilité limitée”, and the "commanditaire vennootschap/société en commandite"; (ii) it is considered to be a tax resident according to the tax laws of the country where it is established and the double tax treaties concluded between such country and third countries; and (iii) it is subject to corporate income tax or a similar tax without benefiting from a tax regime that derogates from the ordinary tax regime.

To benefit from this exemption, the non-resident company must provide the Company or its paying agent at the latest upon the attribution of the dividends with a certificate confirming its qualifying status and the fact that it meets the three aforementioned conditions.

If the non-resident company holds a minimum participation for less than one year at the time the dividends are paid on or attributed to the ordinary shares, the Company must deduct the withholding tax but does not need to transfer it to the Belgian Treasury provided that the non-resident company provides the Company or its paying agent with a certificate confirming, in addition to its qualifying status, the date as of which it has held the ordinary shares, and its commitment to hold the ordinary shares for an uninterrupted period of at least one year. The non-resident company must also inform the Company or its paying agent when the one-year period has expired or if its shareholding drops below 10% of the Company’s share capital before the end of the one-year holding period. Upon satisfying the one-year shareholding requirement, the deducted dividend withholding tax which was temporarily withheld, will be refunded to the non-resident company.

Please note that the above withholding tax exemption will not be applicable to dividends which are connected to an arrangement or a series of arrangements (‘‘rechtshandeling of geheel van rechtshandelingen’’/’’acte juridique ou un ensemble d’actes juridiques’’) for which the Belgian tax administration, taking into account all relevant facts and circumstances, has proven, unless evidence to the contrary, that this arrangement or this series of arrangements is not genuine (‘‘kunstmatig’’/’’non authentique’’) and has been put in place for the main purpose or one of the main purposes of obtaining the dividend received deduction, the above dividend withholding tax exemption or one of the advantages of the Parent-Subsidiary Directive in another EU Member State. An arrangement or a series of arrangements is regarded as not genuine to the extent that they are not put into place for valid commercial reasons which reflect economic reality. Pursuant to recent jurisprudence of the European Court of Justice, the withholding tax exemption may even be refused if the receiving Parent Company cannot be considered as the beneficial owner of the dividends.

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Dividends distributed by a Belgian company to a non-resident company will be exempt from withholding tax, provided that (i) the non-resident company is established in the European Economic Area or in a country with whom Belgium has concluded a tax treaty that includes a qualifying exchange of information clause, (ii) the non-resident company is subject to corporate income tax or a similar tax without benefiting from a tax regime that derogates from the ordinary tax regime, (iii) the non-resident company does not satisfy the 10%-participation threshold but has a participation in the Belgian company with an acquisition value of at least EUR 2,500,000 upon the date of payment or attribution of the dividend, (iv) the dividends relate to ordinary shares which are or will be held in full ownership for at least one year without interruption; and (v) the non-resident company has a legal form as listed in the annex to the Parent-Subsidiary Directive, as amended from time to time, or, has a legal form similar to the ones listed in such annex (provided that, as regards the companies governed by Belgian law, the reference to “besloten vennootschap met beperkte aansprakelijkheid”/”société privée à responsabilité limitée”, to “coöperatieve vennootschap met onbeperkte aansprakelijkheid”/”société cooperative à responsabilité illimitée”, and to “gewone commanditaire vennootschap”/”société en commandite simple”, should also be understood as a reference to respectively the “besloten vennootschap”/”société à responsabilité limitée”, the “coöperatieve vennootschap”/”société cooperative”, and the “commanditaire vennootschap”/”société en commandite”) and that is governed by the laws of another Member State of the EEA, or, by the law of a country with whom Belgium has concluded a qualifying double tax treaty. This exemption applies to the extent that the withholding tax which would have been due in case this exemption would not exit, would not be creditable nor reimbursable in the hands of the non-resident company.

In order to benefit from the exemption of withholding tax, the non-resident company must provide the Company or its paying agent with a certificate confirming (i) it has the above described legal form, (ii) it is subject to corporate income tax or a similar tax without benefiting from a tax regime that deviates from the ordinary domestic tax regime, (iii) it holds a participation of less than 10% in the capital of the Company but with an acquisition value of at least EUR 2,500,000 upon the date of payment or attribution of the dividend, (iv) the dividends relate to ordinary shares in the Company which it has held or will hold in full legal ownership for an uninterrupted period of at least one year, (v) to which extent it could in principle, would this exemption not exist, credit the levied Belgian withholding tax or obtain a reimbursement according to the legal provisions applicable upon 31 December of the year preceding the year of the payment or attribution of the dividends, and (vi) its full name, legal form, address and fiscal identification number, if applicable.

Belgian dividend withholding tax is subject to such relief as may be available under applicable double tax treaty provisions. Belgium has concluded double tax treaties with more than 95 countries, reducing the dividend withholding tax rate to 20%, 15%, 10%, 5% or 0% for residents of those countries, depending on conditions, among others, related to the size of the shareholding and certain identification formalities. Such reduction may be obtained either directly at source or through a refund of taxes withheld in excess of the applicable tax treaty rate.

Prospective holders should consult their own tax advisors to determine whether they qualify for a reduction in withholding tax upon payment or attribution of dividends, and, if so, to understand the procedural requirements for obtaining a reduced withholding tax upon the payment of dividends or for making claims for reimbursement.

    Belgian taxation of capital gains and losses on ordinary shares

Belgian resident individuals

In principle, Belgian resident individuals acquiring the ordinary shares as a private investment should not be subject to Belgian capital gains tax on a later disposal of the ordinary shares and capital losses will not be tax deductible.

Capital gains realized by a Belgian resident individual are however taxable at 33% (plus local surcharges) if the capital gain on the ordinary shares is deemed to be realized outside the scope of the normal management of its private estate. Capital losses are, however, not tax deductible. Moreover, capital gains realized by Belgian resident individuals on the disposal of the ordinary shares to a non-resident company (or body constituted in a similar legal form), to a foreign State (or one of its political subdivisions or local authorities) or to a non-resident legal entity, each time established outside the European Economic Area, are in principle taxable at a rate of 16.5% (plus local surcharges) if, at any time during the five years preceding the sale, the Belgian resident individual has owned, directly or indirectly, alone or with his/her spouse or with certain relatives, a substantial shareholding in the Company (i.e., a shareholding of more than 25% in the Company). Capital losses arising from such transactions are, however, not tax deductible.

Capital gains realized by Belgian resident individuals in case of redemption of the ordinary shares or in case of liquidation of the Company will generally be taxable as a dividend.

Belgian resident individuals who hold the ordinary shares for professional purposes are taxable at the ordinary progressive personal income tax rates (plus local surcharges) on any capital gains realized upon the disposal of the ordinary shares, except for the ordinary shares held for more than five years, which are taxable at a separate rate of, in principle, 10% (capital gains realized in the framework of the cessation of activities under certain circumstances) or 16.5% (other

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occasions), both plus local surcharges. Capital losses on the ordinary shares incurred by Belgian resident individuals who hold the ordinary shares for professional purposes are in principle tax deductible.

Belgian resident companies

Belgian resident companies are normally not subject to Belgian capital gains taxation on gains realized upon the disposal of the ordinary shares provided that the Conditions for the application of the Dividend Received Deduction Regime are met.

If one or more of the Conditions for the application of the Dividend Received Deduction Regime would not be met, any capital gain realized would be taxable at the standard corporate income tax rate of 25%, unless the reduced corporate income tax rate of 20% applies.

Capital losses on the ordinary shares incurred by Belgian resident companies are as a general rule not tax deductible.

Ordinary shares held in the trading portfolios of Belgian qualifying credit institutions, investment enterprises and management companies of collective investment undertakings are subject to a different regime. The capital gains on such ordinary shares are taxable at the standard corporate income tax rate of 25% unless the reduced corporate income tax rate of 20% applies and the capital losses on such ordinary shares are tax deductible. Internal transfers to and from the trading portfolio are assimilated to a realization.

Capital gains realized by Belgian resident companies in case of redemption of the ordinary shares or in case of liquidation of the Company will, in principle, be subject to the same taxation regime as dividends.

Belgian resident organizations for financing pensions

Capital gains and capital losses realized by OFPs within the meaning of Article 8 of the Belgian Act of 27 October 2006, upon the disposal of the ordinary shares are not to be taken into account for the determination of the taxable result of the OFPs.

Other Belgian resident legal entities subject to Belgian legal entities tax

Capital gains realized upon disposal of the ordinary shares by Belgian resident legal entities are in principle not subject to Belgian income tax and capital losses are not tax deductible.

Capital gains realized upon disposal of (part of) a substantial participation in a Belgian company (i.e., a participation representing more than 25% of the share capital of the Company at any time during the last five years prior to the disposal) may, however, under certain circumstances be subject to income tax in Belgium at a rate of 16.5%.

Capital gains realized by Belgian resident legal entities in case of redemption of the ordinary shares or in case of liquidation of the Company will, in principle, be subject to the same taxation regime as dividends.

Non-resident individuals or non-resident companies

Non-resident individuals or companies are, in principle, not subject to Belgian income tax on capital gains realized upon disposal of the ordinary shares, unless the ordinary shares are held as part of a business conducted in Belgium through a fixed base in Belgium or a Belgian PE. In such a case, the same principles apply as described with regard to Belgian individuals (holding the ordinary shares for professional purposes) or Belgian companies.

Non-resident individuals who do not use the ordinary shares for professional purposes and who have their fiscal residence in a country with which Belgium has not concluded a tax treaty or with which Belgium has concluded a tax treaty that confers the authority to tax capital gains on the ordinary shares to Belgium, might be subject to tax in Belgium if the capital gains arise from transactions which are to be considered speculative or beyond the normal management of one’s private estate or in case of disposal of a substantial participation in a Belgian company as mentioned in the tax treatment of the disposal of the ordinary shares by Belgian individuals. Such non-resident individuals might therefore be obliged to file a tax return and should consult their own tax advisor.

Annual tax on securities accounts

The law of 17 February 2021 on the introduction of an annual tax on securities accounts (the “Law of 17 February 2021”) has introduced an annual tax on securities accounts into Belgian law effective as from February 26, 2021. Pursuant

150

to the Law of 17 February 2021, a 0.15% tax is applicable to Belgian residents and non-residents who hold securities accounts with an average value, over a period of twelve consecutive months starting on October 1st and ending on September 30th of the subsequent year, higher than EUR 1,000,000. The ordinary shares are principally qualifying securities for the purposes of this tax.

For the calendar year 2021, the average value of securities accounts will as a general rule be calculated from February 26, 2021 until September 30, 2021.

The tax due is limited to 10% on the difference between the taxable amount and the aforementioned cap of EUR 1,000,000. This cap is assessed per securities account (irrespective whether the account is held in Belgium or abroad) and involves Belgian as well as foreign securities accounts held by Belgian residents. Securities held by non-residents only fall within the scope of the annual tax on securities accounts provided they are held on securities accounts with a financial intermediary established or located in Belgium. Note that pursuant to certain double tax treaties, Belgium has no right to tax capital. Hence, to the extent that the annual tax on securities accounts is viewed as a tax on capital within the meaning of these double tax treaties, treaty override may, subject to certain conditions, be claimed. Belgian establishments from non-residents are however treated as Belgian residents for purposes of the annual tax on securities accounts so that both Belgian and foreign securities accounts fall within the scope of this tax.

The annual tax on securities accounts is in principle due by the financial intermediary established or located in Belgium. Otherwise, the annual tax on securities accounts needs to be declared and is due by the holder of the securities accounts itself, unless the holder provides evidence that the annual tax on securities accounts has already been withheld, declared and paid by an intermediary which is not established or located in Belgium. In that respect, intermediaries located or established outside of Belgium could appoint an annual tax on securities accounts representative in Belgium. Such a representative is then liable towards the Belgian Treasury (“Thesaurie”/”Trésorerie”) for the annual tax on securities accounts due and for complying with certain reporting obligations in that respect. If the holder of the securities accounts itself is liable for reporting obligations (e.g. when a Belgian resident holds a securities account abroad with an average value higher than EUR 1,000,000), the deadline for filing the tax return for the annual tax on securities accounts corresponds with the deadline for filing the annual tax return for personal income tax purposes electronically, irrespective whether the Belgian resident is an individual or a legal entity. In the latter case, the annual tax on securities accounts must be paid by the tax payer on 31 August of the year following the year on which the tax was calculated, at the latest.

As a general rule, no annual tax on securities accounts is due provided that the average value of the securities account is less than EUR 1,000,000.

Please note that the annual tax on securities accounts contains several (specific) anti-abuse provisions that intend to remediate tax avoidance (e.g. conversion of qualifying financial instruments to non-qualifying financial instruments (such as nominative shares) or splitting an existing securities account into several securities accounts in order to avoid reaching the cap of EUR 1,000,000 on the relevant securities account).

Investors should consult their own professional advisors in relation to the annual tax on securities accounts.

Belgian tax on stock exchange transactions

The purchase and the sale and any other acquisition or transfer for consideration of existing ordinary shares (secondary market transactions) is subject to the Belgian tax on stock exchange transactions “taks op de beursverrichtingen” / “taxe sur les opérations de bourse” if (i) it is executed in Belgium through a professional intermediary, or (ii) deemed to be executed in Belgium, which is the case if the order is directly or indirectly made to a professional intermediary established outside of Belgium, either by private individuals with habitual residence in Belgium, or legal entities for the account of their seat or establishment in Belgium (both referred to as a “Belgian Investor”). The tax on stock exchange transactions is not due upon the issuance of new ordinary shares (primary market transactions).

The tax on stock exchange transactions is levied at a rate of 0.35% of the purchase price, capped at EUR 1,600 per transaction and per party.

A separate tax is due by each party to the transaction, and both taxes are collected by the professional intermediary. However, if the intermediary is established outside of Belgium, the tax will in principle be due by the Belgian Investor, unless that Belgian Investor can demonstrate that the tax has already been paid. Professional intermediaries established outside of Belgium can, subject to certain conditions and formalities, appoint a Belgian stock exchange tax representative (“Stock Exchange Tax Representative”), which will be liable for the tax on stock exchange transactions in respect of the transactions executed through the professional intermediary. If such a Stock Exchange Tax Representative would have paid the tax on stock exchange transactions due, the Belgian Investor will, as per the above, no longer be the debtor of the tax on stock exchange transaction.

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No tax on stock exchange transactions is due on transactions entered into by the following parties, provided they are acting for their own account: (i) professional intermediaries described in Article 2.9° and 10° of the Belgian Law of 2 August 2002 on the supervision of the financial sector and financial services; (ii) insurance companies defined in Article 5 of the Belgian Law of 13 March 2016 on the status and supervision of insurance companies and reinsurance companies; (iii) pension institutions referred to in Article 2,1° of the Belgian Law of 27 October 2006 concerning the supervision of pension institutions; (iv) undertakings for collective investment; (v) regulated real estate companies; and (vi) Belgian non-residents provided they deliver a certificate to their financial intermediary in Belgium confirming their non-resident status.

Application of the tonnage tax regime to the Company

The Belgian Ministry of Finance approved our application on October 23, 2013 for beneficial tax treatment of certain of our vessel operations income.

Under this Belgian tax regime, our taxable basis is determined on a lump-sum basis (Tonnage Tax Regime - An alternative way of calculating taxable income of operating qualifying ships. Taxable profits are calculated by reference to the net tonnage of the qualifying vessels a company operates, independent of the actual earnings (profit or loss) for Belgian corporate income tax purposes). This tonnage tax regime was initially granted for 10 years and was renewed for an additional 10-year period in 2013.

The subsidiaries Euronav Shipping NV and Euronav Tankers NV that were formed in connection with our acquisition of the 2014 Fleet Acquisition Vessels applied for the Belgian tonnage tax regime and obtained approval effective January 1, 2016.

We cannot assure the Company will be able to continue to take advantage of these tax benefits in the future or that the Belgian Ministry of Finance will approve the Company’s future applications. Changes to the tax regimes applicable to the Company, or the interpretation thereof, may impact the future net results of the Company.

Other income tax considerations

In addition to the income tax consequences discussed above, the Company may be subject to tax in one or more other jurisdictions where the Company conducts activities. The amount of any such tax imposed upon our operations may be material.

The proposed Financial Transaction Tax (FTT)

On February 14, 2013 the EU Commission adopted a Draft Directive on a common Financial Transaction Tax (the "FTT"). Earlier negotiations for a common transaction tax among all 28 EU Member States had failed. The current negotiations between Austria, Belgium, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain (the "Participating Member States") are seeking a compromise under “enhanced cooperation” rules, which require consensus from at least nine nations. Earlier Estonia dropped out of the negotiations by declaring it would not introduce the FTT.

The Draft Directive currently stipulates that once the FTT enters into force, the Participating Member States shall not maintain or introduce taxes on financial transactions other than the FTT (or VAT as provided in the Council Directive 2006/112/EC of November 28, 2006 on the common system of value added tax). For Belgium, the tax on stock exchange transactions should thus be abolished once the FTT enters into force.

However, the Draft Directive on the FTT remains subject to negotiations between the Participating Member States. It may therefore be altered prior to any implementation, of which the eventual timing and outcome remains unclear. Additional EU Member States may decide to participate or drop out of the negotiations. If the number of Participating Member States would fall below nine, it would put an end to the project.

In June 2016, the Participating Member States declared that they would continue their efforts in the second half of the year but since then the negotiating parties have not been successful in reaching an agreement. The FTT was at a standstill but yet renewed discussions between the Participating Member States took place in May and June 2019.

The Portuguese Presidency decided to relaunch discussions between the Member States. A key objective of the Portuguese Presidency is to explore ways for a possible consensus on an efficient FTT design model including reassessment of the views of participating and non-participating Member States taking into account the current context. In February 2021, a discussion on the FTT took place in the Working Party on Tax Questions.

Prospective investors should consult their own professional advisors in relation to the FTT.

152

F.          Dividends and paying agents.

Not applicable.

G.          Statement by experts.

Not applicable.

H.          Documents on display.

We are subject to the informational requirements of the Exchange Act. In accordance with these requirements we file reports and other information with the SEC. The SEC maintains a website (http://www.sec.gov) that contains reports, proxy and information statements and other information that we and other registrants have filed electronically with the SEC. Our filings are also available on our website at www.euronav.com.  This web address is provided as an inactive textual reference only.  Information contained on our website does not constitute part of this annual report.

Shareholders may also request a copy of our filings at no cost, by writing or telephoning us at the following address:

Euronav NV

De Gerlachekaai 20, 2000 Antwerpen

Belgium

Telephone: 011-32-3-247-4411

I.          Subsidiary Information

Not applicable.

153

ITEM 11.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risk from changes in interest rates related to the variable rate of the borrowings under our secured and unsecured credit facilities. Amounts borrowed under the credit facilities bear interest at a rate equal to LIBOR plus a margin. Increasing interest rates could affect our future profitability. In certain situations, we may enter into financial instruments to reduce the risk associated with fluctuations in interest rates. A one percentage point increase in LIBOR would have increased our interest expense for the year ended December 31, 2020 by approximately $7.6 million ($12.4 million in 2019).

We are exposed to currency risk related to our operating expenses and treasury notes expressed in euros. In 2020, about 14.4% of the total operating expenses were incurred in euros (2019: 12.5%). Revenue and the financial instruments are expressed in U.S. dollars only. A 10 percent strengthening of the Euro against the dollar at December 31, 2020 would have decreased our profit or loss by $10.4 million (2019: $10.0 million). A 10 percent weakening of the euro against the dollar at December 31, 2020 would have had the equal but opposite effect.

We are exposed to credit risk from our operating activities (primarily for loans and guarantees extended to our joint ventures as part of the investing activities, trade receivables, and available liquidity under our credit revolving facilities) and from our financing activities, including credit risk related to undrawn portions of our facilities and deposits with banks and financial institutions. We seek to diversify the credit risk on our cash deposits by spreading the risk among various financial institutions. The cash and cash equivalents are held with bank and financial institution counterparties, which are rated A- to AA+, based on the rating agency, Standard & Poor's Financial Services LLC.

Historically, the tanker markets have been volatile as a result of the many conditions and factors that can affect the price, supply and demand for tanker capacity. Changes in demand for transportation of oil over longer distances and supply of tankers to carry that oil may materially affect our revenues, profitability and cash flows. A significant portion of our vessels are currently exposed to the spot market. Every increase (decrease) of $1,000 on a spot tanker freight market (VLCC and Suezmax) per day would have increased (decreased) profit or loss by $19.6 million in 2020 (2019: $22.6 million).

For further information, please see Note 19 to our consolidated financial statements included herein.

ITEM 12.    DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

Not applicable.

PART II

ITEM 13.    DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

None.

ITEM 14.    MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

None.

ITEM 15.    CONTROLS AND PROCEDURES

(a)          Disclosure of controls and procedures.

We evaluated the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of December 31, 2020. Based on that evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed by the Company in reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.

154

(b)          Management's annual report on internal control over financial reporting.

In accordance with Rule 13a-15(f) and Rule 15d-15(f) of the Exchange Act, the management of the Company is responsible for the establishment and maintenance of adequate internal controls over financial reporting for the Company. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS as issued by the IASB. The Company's system of internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company's assets that could have a material effect on the financial statements. Management has performed an assessment of the effectiveness of the Company's internal controls over financial reporting as of December 31, 2020 based on the provisions of Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission, or COSO, in 2013. Based on our assessment, management determined that the Company's internal controls over financial reporting were effective as of December 31, 2020 based on the criteria in Internal Control—Integrated Framework issued by COSO (2013).

(c)          Attestation report of the registered public accounting firm.

The attestation report of the registered public accounting firm is presented on page F-2 of the financial statements as filed as part of this annual report.

(d)          Changes in internal control over financial reporting.

There were no changes in our internal controls over financial reporting that occurred during the period covered by this annual report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

ITEM 16A.    AUDIT COMMITTEE FINANCIAL EXPERT

In accordance with the rules of the NYSE, the U.S. exchange on which our ordinary shares are listed, we have appointed an audit committee, referred to as Audit and Risk Committee, whose members as of December 31, 2020 are Ms. Monsellato, as Chairman, Mr. Steen, and Ms. Odedra. Our Supervisory Board has determined that Ms. Monsellato is an audit committee financial expert, as such term is defined under U.S. securities laws, and independent, as such term is defined under the U.S. securities laws and the NYSE rules and regulations.

ITEM 16B.    CODE OF ETHICS

We have adopted a code of conduct that applies to our directors, officers, employees and certain persons performing similar functions. A copy of our code of conduct is available on our website at www.euronav.com.  We will also provide a hard copy of our code of conduct free of charge upon written request of a shareholder.

Shareholders may also request a copy of our code of conduct at no cost, by writing or telephoning us at the following address:

Euronav NV

De Gerlachekaai 20, 2000 Antwerpen

Belgium

Telephone: 011-32-3-247-4411

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ITEM 16C.    PRINCIPAL ACCOUNTING FEES AND SERVICES

Our principal accountants for the years ended December 31, 2020 and 2019 were KPMG Bedrijfsrevisoren—Réviseurs d' Entreprises   BV/SRL (KPMG). The following table sets forth the fees related to audit, tax and other services provided by KPMG.

(in U.S. dollars)	December 31, 2020	December 31, 2019
Audit fees	1,004,738	965,016
Audit-related fees	56,839	—
Taxation fees	798	728
All other fees	19,634	20,151
Total	1,082,009	985,895

Audit Fees

    Audit fees are fees billed for the audit of our annual financial statements or for services that are normally provided by our independent audit firms in connection with our statutory and regulatory filings and engagements (as applicable) services that provide assurance on the fair presentation of financial statements and generally encompass the following specific elements:

•An audit opinion on our consolidated financial statements;

•An audit opinion on the statutory financial statements of individual companies within our consolidated group of companies, where legally required;

•A review opinion on interim financial statements; and

•In general, any opinion assigned to the statutory auditor by local legislation or regulations.

Audit-Related Fees

    Audit-related fees are fees not included in Audit Fees for assurance or other related work traditionally provided to us by our independent external audit firms in their role as statutory auditors and which are reasonably related to the performance of the audit or review of our financial statements. These services generally include, among others, audits of employee benefit plan audits, due diligence related to mergers and acquisitions, accounting consultations and audits in connection with acquisitions, internal control reviews, attest services related to financial reporting that are not required by statute or regulation, work performed in connection with registration statements such as due diligence procedures or issuances of comfort letters and consultation concerning financial accounting and reporting standards. usually result in a certification or specific opinion on an investigation or specific procedures applied, and include opinion/audit reports on information provided by us at the request of a third party (for example, prospectuses, comfort letters). More specifically the audit related services for Euronav are related to issuance of a limited assurance report by the statutory auditor on a statement of assets and liabilities of Euronav NV in the context of the payment of an interim dividend — Pursuant to Article 7:213 of the Belgian Companies and Associations Code( BCAC),and under the conditions set forth in the BCAC.

Tax Fees

Tax fees in 2020 and 2019 were related to tax compliance services.

All other Fees

The other fees are related to services in connection with EMIR Agreed upon Procedures support.

ITEM 16D.    EXEMPTIONS FROM LISTING STANDARDS FOR AUDIT COMMITTEES

None.

156

ITEM 16E.    PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASES

2020	Total number of shares purchased	Average Price Paid per share in €	Total Price Paid in €	Average Price Paid per share in $	Total Price Paid in $
June 30, 2020	300,000	7.1464	2,143,920	7.9582	2,387,469
June 30, 2020 *	350,000	N/A	N/A	8.0165	2,805,775
July 1, 2020	350,000	7.2917	2,552,095	8.1652	2,857,836
July 1, 2020 *	25,000	N/A	N/A	8.2611	206,528
July 2, 2020	7,500	7.3650	55,238	8.2473	61,855
July 2, 2020	320,000	7.3013	2,336,416	8.1760	2,616,319
July 2, 2020 *	196,608	N/A	N/A	8.2005	1,612,284
July 3, 2020	100,000	7.3490	734,900	8.2294	822,941
July 6, 2020	330,000	7.4754	2,466,882	8.3710	2,762,414
July 6, 2020 *	125,000	N/A	N/A	8.4432	1,055,400
July 7, 2020	300,000	7.6626	2,298,780	8.5806	2,574,174
July 7, 2020 *	175,000	N/A	N/A	8.4995	1,487,413
July 8, 2020	250,000	7.5914	1,897,850	8.5008	2,125,212
July 8, 2020 *	300,000	N/A	N/A	8.6671	2,600,130
July 9, 2020	250,000	7.5395	1,884,875	8.4427	2,110,683
July 9, 2020 *	300,000	N/A	N/A	8.4427	2,532,810
July 14, 2020	150,000	7.8959	1,184,385	8.8418	1,326,274
July 14, 2020 *	150,000	N/A	N/A	9.0647	1,359,705
July 15, 2020	250,000	7.9866	1,996,650	8.9434	2,235,849
July 15, 2020 *	128,392	N/A	N/A	9.2662	1,189,706
July 17, 2020 *	65,000	N/A	N/A	9.1824	596,856
July 20, 2020	250,000	8.0367	2,009,175	8.9995	2,249,874
July 20, 2020 *	200,000	N/A	N/A	9.3322	1,866,440
July 21, 2020	246,937	8.1185	2,004,758	9.0911	2,244,928
July 21, 2020 *	200,000	N/A	N/A	9.3353	1,867,060
July 22, 2020	243,063	8.0155	1,948,271	8.9758	2,181,674
July 22, 2020 *	125,000	N/A	N/A	9.2948	1,161,850
July 23, 2020	300,000	8.0100	2,403,000	8.9696	2,690,879
July 23, 2020 *	200,000	N/A	N/A	9.4022	1,880,440
July 24, 2020	230,000	8.1417	1,872,591	9.1171	2,096,927
July 24, 2020 *	225,000	N/A	N/A	9.5000	2,137,500
July 27, 2020	150,000	8.0508	1,207,620	9.0153	1,352,293
July 27, 2020 *	100,000	N/A	N/A	9.4940	949,400
July 28, 2020	200,000	8.2130	1,642,600	9.1969	1,839,383
July 28, 2020 *	200,000	N/A	N/A	9.6694	1,933,880
July 29, 2020	60,500	8.3891	507,541	9.3941	568,344
July 29, 2020	12,000	8.4750	101,700	9.4903	113,884
July 29, 2020 *	135,000	N/A	N/A	9.8714	1,332,639
July 30, 2020	225,000	8.2793	1,862,843	9.2712	2,086,011
July 30, 2020 *	175,000	N/A	N/A	9.7243	1,701,753
July 31, 2020	125,000	8.2432	1,030,400	9.2307	1,153,842
July 31, 2020 *	125,000	N/A	N/A	9.7227	1,215,338
August 3, 2020	245,675	8.3178	2,043,476	9.8549	2,421,110
August 3, 2020 *	66,309	N/A	N/A	9.7081	643,734
August 18, 2020 *	200,000	N/A	N/A	9.7939	1,958,780

157

August 19, 2020	60,000	8.0702	484,212	9.5616	573,694
August 19, 2020 *	40,000	N/A	N/A	9.454	378,160
August 20, 2020	70,000	7.8509	549,563	9.3017	651,122
August 20, 2020 *	30,000	N/A	N/A	9.4925	284,775
August 21, 2020	60,000	7.9336	476,016	9.3997	563,984
August 21, 2020 *	40,000	N/A	N/A	9.4128	376,512
August 24, 2020	17,173	7.9859	137,142	9.4617	162,486
August 27, 2020	100,000	7.8112	781,120	9.2547	925,471
August 27, 2020 *	50,000	N/A	N/A	9.1288	456,440
August 31, 2020	50,000	7.6618	383,090	9.0777	453,885
September 1, 2020	100,000	7.6058	760,580	9.0813	908,133
September 1, 2020 *	50,000	N/A	N/A	9.055	452,750
September 2, 2020 *	50,000	N/A	N/A	8.7041	435,205
September 9, 2020	50,000	7.7069	385,345	9.202	460,102
September 9, 2020 *	30,000	N/A	N/A	9.2015	276,045
September 10, 2020	50,000	7.7461	387,305	9.2488	462,442
September 10, 2020 *	30,000	N/A	N/A	9.2480	277,440
September 11, 2020	200,000	8.0692	1,613,840	9.6346	1,926,925
September 11, 2020 *	150,000	N/A	N/A	9.6929	1,453,935
September 14, 2020	150,000	8.2193	1,232,895	9.8138	1,472,077
September 14, 2020 *	150,000	N/A	N/A	9.7434	1,461,510
September 15, 2020	75,000	8.2434	618,255	9.8426	738,196
September 15, 2020 *	75,000	N/A	N/A	9.6172	721,290
September 16, 2020	50,000	8.186	409,300	9.7741	488,704
September 16, 2020 *	50,000	N/A	N/A	9.7001	485,005
September 17, 2020	50,000	8.214	410,700	9.8075	490,376
September 17, 2020 *	50,000	N/A	N/A	9.6564	482,820
September 25, 2020	50,000	7.6009	380,045	9.0755	453,774
September 25, 2020 *	50,000	N/A	N/A	8.8731	443,655
September 28, 2020	50,000	7.5547	377,735	9.0203	451,016
September 28, 2020 *	50,000	N/A	N/A	8.7182	435,910
September 29, 2020	100,000	7.4817	748,170	8.9331	893,315
September 29, 2020 *	100,000	N/A	N/A	8.7540	875,400
September 30, 2020	100,000	7.5357	753,570	8.9976	899,763
September 30, 2020 *	84,500	N/A	N/A	8.8812	750,461
November 20, 2020 *	52,207	N/A	N/A	7.9662	415,891
November 30, 2020	75,000	6.6566	499,245	7.7869	584,017
November 30, 2020 *	75,000	N/A	N/A	7.9274	594,555
December 1, 2020	75,000	6.6456	498,420	7.9614	597,107
December 1, 2020 *	75,000	N/A	N/A	7.8274	587,055
December 2, 2020	58,589	6.4714	379,153	7.7527	454,225
December 2, 2020 *	75,000	N/A	N/A	7.8973	592,298
December 3, 2020	75,000	6.4716	485,370	7.7530	581,473
December 3, 2020 *	75,000	N/A	N/A	7.9357	595,178
December 4, 2020	59,063	6.6456	392,509	7.9614	470,226
December 8, 2020	100,000	6.7664	676,640	8.1061	810,615
December 8, 2020 *	100,000	N/A	N/A	8.1015	810,150
December 9, 2020	100,000	6.8993	689,930	8.2654	826,536
December 10, 2020	100,000	6.9177	691,770	8.2874	828,740

158

December 10, 2020 *	100,000	N/A	N/A	8.4892	848,920
December 11, 2020	100,000	6.8979	689,790	8.2637	826,368
December 11, 2020 *	100,000	N/A	N/A	8.2104	821,040
December 14, 2020	100,000	6.7909	679,090	8.1355	813,550
December 14, 2020 *	100,000	N/A	N/A	8.2307	823,070
December 15, 2020	100,000	6.8102	681,020	8.1586	815,862
December 15, 2020 *	100,000	N/A	N/A	8.3982	839,820
December 16, 2020	100,000	6.8372	683,720	8.1910	819,097
December 16, 2020 *	100,000	N/A	N/A	8.3833	838,330
December 17, 2020	100,000	6.7344	673,440	8.0678	806,781
December 17, 2020 *	100,000	N/A	N/A	8.2831	828,310
December 18, 2020	82,000	6.7201	551,048	8.0507	660,156
Total	13,400,516				118,487,744

* shares purchased on the NYSE in USD.

ITEM 16F.    CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

None.

ITEM 16G.    CORPORATE GOVERNANCE

Pursuant to an exception for foreign private issuers, we, as a Belgian company, are not required to comply with the corporate governance practices followed by U.S. companies under the NYSE rules and regulations.  Set forth below is a list of what we believe to be the significant differences between our corporate governance practices and those applicable to U.S. companies under the NYSE rules and regulations.

Independence of Directors.    The NYSE requires that a U.S. listed company maintain a majority of independent directors. Our Supervisory Board currently consists of six members, five of which are considered "independent" according to NYSE's standards for independence. However, as permitted under Belgian law, our Supervisory Board may in the future not consist of a majority of independent members. 

Executive Sessions. The NYSE requires that Supervisory Board Members meet regularly in executive sessions without presence of the Management Board. The NYSE also requires that all independent directors meet in an executive session at least once a year. As permitted under Belgian law, closed sessions of our Supervisory Board may comprise both independent and non-independent Supervisory Board members.

Compensation Committee and Nominating/Corporate Governance Committee.    The NYSE requires that a listed U.S. company have a compensation committee and a nominating/corporate governance committee of independent directors. As permitted under Belgian law, our Remuneration Committee, unlike the Company's Corporate Governance and Nomination Committee, does not currently, and may not in the future, consist entirely of independent members. Nevertheless, in accordance with Belgian corporate law and corporate governance standards, both Committees must at all times maintain a majority of independent members (in accordance with Belgian independence standards).

Audit Committee.    The NYSE requires, among other things, that a listed U.S. company have an audit committee comprised of a minimum of three directors, who are all independent. Under Belgian law, our Audit and Risk Committee need not be comprised of three entirely independent members, but it must at all times count among its members at least one independent member (in accordance with Belgian independence standards). Although we are not required to do so under the NYSE rules and Rule 10A-3 under the Exchange Act, our Audit and Risk Committee is currently comprised of three independent members in accordance with the Exchange Act and NYSE rules as well as according to Belgian independence standards.

Corporate Governance Guidelines.    The NYSE requires U.S. companies to adopt and disclose corporate governance guidelines. The guidelines must address, among other things: director qualification standards, director responsibilities, director access to management and independent advisers, director compensation, director orientation and continuing education, management succession and an annual performance evaluation. We are not required to adopt such guidelines, but we have adopted a corporate governance charter in compliance with Belgian law requirements.

Shareholder Approval of Securities Issuances. The NYSE requires that a listed U.S. company obtain the approval of its shareholders prior to issuances of securities under certain circumstances. In lieu of this requirement, we have elected to follow applicable practices under the laws of Belgium for authorizing issuances of securities.

159

Proxies. As a foreign private issuer, we are not required to solicit proxies or provide proxy statements in connection with meetings of the Company’s shareholders as required by U.S. companies under the NYSE listing rules and regulations. As provided in our Coordinated Articles of Association, the designation of a proxy holder by a shareholder will occur as stated in the convening notice for the respective meeting of shareholders. The Supervisory Board of the Company may decide on the form of the proxies and may stipulate that the same be deposited at the place it indicates, within the period it fixes and that no other forms will be accepted.

Information about our corporate governance practices may also be found on our website, http://www.euronav.com, in the section "Investors" under "Corporate Governance." The information contained on our website does not form a part of this annual report.

ITEM 16H.    MINE SAFETY DISCLOSURE

Not applicable.

PART III

160

ITEM 17.    FINANCIAL STATEMENTS

See "Item 18. Financial Statements."

ITEM 18.    FINANCIAL STATEMENTS

The financial statements, together with the report of KPMG Bedrijfsrevisoren—Réviseurs d'Entreprises BV/SRL (KPMG) thereon, are set forth on page F-2 and are filed as a part of this report.

161

ITEM 19.    EXHIBITS

Exhibit Number	Description
1.1	Coordinated Articles of Association (9)
2.1	Form of Ordinary Share Certificate (1)
2.2	Description of Securities
4.1	Registration Rights Agreement, dated January 28, 2015(2)
4.2	Euronav NV Stock Option Plan, dated December 16, 2013 (1)
4.3	$200 Million Senior Secured Credit Facility, dated September 7, 2018 (8)
4.4	$700 Million Senior Secured Credit Facility, dated August 28, 2019 (9)
4.5	$340.0 Million Senior Secured Credit Facility, dated October 13, 2014 (1)
4.7	$750.0 Million Senior Secured Credit Facility, dated August 19, 2015 (3)
4.8	2016 Long Term Incentive Plan (3)
4.9	Nordic Bond Tap Issue Addendum (9)
4.10	$409.5 Million Senior Secured Credit Facility, dated December 16, 2016. (4)
4.11	Supplemental Agreement to a $409.5 Million Senior Secured Credit Facility, dated January 19, 2018 (8)
4.12	2017 Long Term Incentive Plan (4)
4.13	Supplemental Agreement to a $409.5 Million Senior Secured Credit Facility, dated November 12, 2018 (8)
4.14	Side Letter to Supplemental Agreement to a $409.5 Million Senior Secured Credit Facility, dated January 4, 2019 (8)
4.15	Supplemental Agreement to a $409.5 Million Senior Secured Credit Facility, dated February 7, 2019 (8)
4.16	Supplemental Agreement to a $173.5 Million Senior Secured Credit Facility, dated August 7, 2018 (8)
4.17	Supplemental Letter Relating to the $750.0 Million Secured Loan Facility, dated August 30, 2016 (4)
4.18	Co-ordination Deed relating to a $173.5 Million Senior Secured Credit Facility, dated August 9, 2018 (8)
4.19	Notification Letter relating to a €150 Million Belgian Multi-Currency Short-Term Treasury Notes Programme, dated October 1, 2018 (8)
4.20	Dealer Accession Letter relating to a €150 Million Belgian Multi-Currency Short-Term Treasury Notes Programme, dated October 1, 2018 (8)

F-162

4.21	$108.5 Million Senior Secured Credit Facility, dated April 25, 2017 (6)
4.22	Dealer Agreement Relating to a €50 Million Belgian Multi-Currency Short-Term Treasury Notes Programme, dated June 6, 2017 (6)
4.23	Domiciliary Agency Agreement, dated June 6, 2017 (6)
4.24	Service Contract Concerning the Issue of Dematerialized Treasury Certificates and Certificates of Deposit, dated June 2, 2017 (6)
4.25	Bond Terms for a Senior Unsecured Bond Issue, dated May 30, 2017 (6)
4.26	Agreement regarding the Bond Trustee’s Fees, dated May 30, 2017 (6)
4.27	Agreement and Plan of Merger, dated as of December 20, 2017, among Euronav NV, Euronav MI Inc., and Gener8 Maritime, Inc. (pursuant to Item 601(b)(2) of Regulation S-K, certain schedules and similar attachments have been omitted but will be furnished supplementally to the Commission upon request) (5)
4.28	Shareholder Support and Voting Agreement, dated as of December 20, 2017, by and between Euronav NV and the Covered Shareholders (Composite Copy) (attached as Annex B to the proxy statement/prospectus included in this Registration Statement) (5)
4.29	2018 Long Term Incentive Plan (7)
4.30	$173.5 Million Senior Secured Credit Facility, dated March 22, 2018 (7)
4.31	$220 Million Senior Secured Credit Facility, dated March 29, 2018 (7)
4.32	Guarantee, dated March 29, 2018, Relating to $220 Million Senior Secured Credit Facility dated March 29, 2018 (7)
4.33	Supplemental Dealer Agreement relating to a €150 Million Belgian Multi-Currency Short-Term Treasury Notes Programme, dated October 1, 2018 (8)
4.34	2018 Transaction Based Incentive Plan (8)
4.35	Side Letter to Supplemental Letter No. 2 dated 4 January 2019 in respect of the change of ownership of m/t “NAUTIC” (renamed “NAUTICA” upon her transfer from the Marshall Islands to the Liberian flag and change of her ownership) from EURONAV TANKERS NV to EURONAV NV (9)
4.36	2019 Longterm Incentive Plan (9)
4.37	2020 Longterm Incentive Plan (9)
4.38	Supplemental Letter No. 3 dated 7 February 2019 in respect of the change of ownership of m/t “SARA” from EURONAV TANKERS NV to EURONAV NV (9)
4.39	Supplemental Letter No. 4 dated 3 May 2019 in respect of the change of ownership of m/t “SANDRA” from EURONAV TANKERS NV to EURONAV NV (9)
4.40	Supplemental Letter No. 5 dated 23 May 2019 in respect of the change of flag of m/t “SIMONE” from Belgian to French flag (9)
4.41	$100 Million Secured Revolving Credit Facility, dated 27 June 2019 (9)

F-163

4.42	$713 Million Secured Revolving Credit Facility, dated 11 September 2020
8.1	List of Subsidiaries
11.1	Code of Conduct
12.1	Rule 13a-14(a)/15d-14(a) Certification of  Principal Executive Officer
12.2	Rule 13a-14(a)/15d-14(a) Certification of  Principal Financial Officer
13.1	Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350
13.2	Certification of  Principal Financial Officer pursuant to 18 U.S.C. Section 1350
15.1	Consent of Drewry Shipping Consultants Ltd.
15.2	Consent of Energy Maritime Associates
15.3	Consent of Independent Registered Public Accounting Firm
15.4	Consent of Seward & Kissel LLP
15.5	Consent of Argo Law
101	The following financial information from the registrant's annual report on Form 20-F for the fiscal year ended December 31, 2019, formatted in Extensible Business Reporting Language (XBRL):
	(1) Consolidated Statement of Financial Position as of December 31, 2020, 2019 and 2018
	(2) Consolidated Statement of Profit or Loss for the years ended December 31, 2020, 2019 and 2018
	(3) Consolidated Statement of Comprehensive Income as of December 31, 2020, 2019 and 2018
	(4) Consolidated Statements of Changes in Equity as of December 31, 2020, 2019 and 2018
	(5) Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018
	(6) Notes to the Consolidated Financial Statements.

(1)Filed as an exhibit to the Company's Registration Statement on Form F-1, Registration No. 333-198625 and incorporated by reference herein.

(2)Filed as an exhibit to the Company's Annual Report on Form 20-F for the year ended December 31, 2014 and incorporated by reference herein.

(3)Filed as an exhibit to the Company's Annual Report on Form 20-F for the year ended December 31, 2015 and incorporated by reference herein.

(4)Filed as an exhibit to the Company’s Annual Report on Form 20-F for the year ended December 31, 2016 and incorporated by reference herein.

(5)Filed as an exhibit to the Company’s Report of Foreign Private Issuer on Form 6-K filed with the SEC on December 22, 2017 and incorporated by reference herein.

(6)Filed as an exhibit to the Company's Registration Statement on Form F-4, Registration No. 333-223039 and incorporated by reference herein.

(7)Filed as an exhibit to the Company’s Annual Report on Form 20-F for the year ended December 31, 2017 and incorporated by reference herein.

(8)Filed as an exhibit to the Company’s Annual Report on Form 20-F for the year ended December 31, 2018 and incorporated by reference herein.

(9)Filed as an exhibit to the Company’s Annual Report on Form 20-F for the year ended December 31, 2019 and incorporated by reference herein.

F-164

F-165

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

	EURONAV NV
	By:	/s/ Lieve Logghe
		Name:  Lieve Logghe Title:    Chief Financial Officer
Date: April 15, 2021

F-166

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

	Page
Report of Independent Registered Public Accounting Firm	F-2
Consolidated Statement of Financial Position as of December 31, 2020 and 2019	F-5
Consolidated Statement of Profit or Loss for the years ended December 31, 2020, 2019 and 2018	F-7
Consolidated Statement of Comprehensive Income for the years ended December 31, 2020, 2019 and 2018	F-8
Consolidated Statement of Changes in Equity for the years ended December 31, 2020, 2019 and 2018	F-9
Consolidated Statement of Cash Flows for the years ended December 31, 2020, 2019 and 2018	F-11
Notes to the Consolidated Financial Statements	F-13

F-1

Table of contents EURONAV NV

Report of Independent Registered Public Accounting Firm

To the Shareholders and Supervisory Board    

Euronav NV:

Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting

We have audited the accompanying consolidated statement of financial position of Euronav NV and subsidiaries (the Company) as of December 31, 2020 and 2019, the related consolidated statements of profit or loss, comprehensive income, changes in equity and cash flows for each of the years in the three-year period ended December 31, 2020, and the related notes (collectively, the consolidated financial statements). We also have audited the Company’s internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the years in the three year period ended December 31, 2020, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Changes in Accounting Principle

As discussed in Note 1 to the consolidated financial statements, the Company changed its method of accounting for leases effective January 1, 2019 due to the adoption of International Financial Reporting Standard 16 Leases.

Basis for Opinions

The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying management’s annual report on internal control over financial reporting. Our responsibility is to express an opinion on the Company’s consolidated financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting

F-2

Table of contents EURONAV NV

includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.

Assessment of impairment indicators and carrying value for vessels in the Tankers segment

As discussed in Note 2 to the consolidated financial statements, the net carrying value of vessels in the Tankers segment (vessels and vessels in assets under construction and in right of use assets) as of December 31, 2020 was $3.1 billion, representing 85% of the Group’s total assets. As discussed in Note 1 and Note 8, at each reporting date, the Group evaluates the carrying value of vessels for impairment at the level of the cash generating unit (CGU), by identifying events or changes in circumstances that indicate the carrying value of these CGUs may not be recoverable. The Group identified two impairment indicators for its CGU’s included in the Tankers segment: (1) the significant drop in market rates and (2) the very low share price of the Group. The Group subsequently performed its annual impairment tests for each CGU in its Tankers segment, considering management’s estimates and assumptions such as vessel values, expected future charter rates, earnings from the vessels, forecasted vessel operating expenses, weighted average cost of capital (WACC) and economic life of vessels. The Group concluded that the recoverable amount (value in use - VIU) of each defined CGU in its Tankers segment exceeded the CGU’s carrying value as of December 31, 2020 and consequently, that no impairment loss needed to be recorded as of December 31, 2020.

We identified the assessment of impairment indicators and carrying value of vessels included in the Tankers segment as a critical audit matter. The Group's evaluation of the existence of impairment indicators considers both internal and external data, such as vessel and crude oil supply and demand trends, and changes in the extent and manner in which vessels are expected to be used. The assessment of the impact of these indicators on each CGU requires a high degree of auditor judgment. This is due to the existence of unobservable information and the unpredictability of global macroeconomic and geopolitical conditions affecting freight rates over the CGU’s useful life. There is also a high degree of auditor judgment involved in evaluating certain key assumptions such as the WACC, expected future charter rates and forecasted vessel operating expenses applied in determining the VIU of the vessels.

The following are the primary procedures we performed to address this critical audit matter:

•We evaluated the design and tested the operating effectiveness of certain internal controls related to the vessel impairment process. This included controls related to the assessment of the impact of internal and external impairment indicators, such as vessel and crude oil supply and demand trends and changes in the extent and manner in which vessels are expected to be used. This also included controls related to certain key assumptions used by management in determining the VIU of the vessels, such as the WACC, expected future charter rates and forecasted vessel operating expenses;

F-3

Table of contents EURONAV NV

•We evaluated the information and assumptions used by the Group in its assessment of the existence of impairment indicators by comparing information such as vessel and crude oil supply and demand trends, and changes in the extent and manner in which vessels are expected to be used, to historical information, external third-party information such as brokers’ reports and other industry data as well as to internal data;

•We evaluated the Group’s VIU calculations for each CGU included in the Tankers segment by comparing the assumptions used by the Group with our knowledge of the Group’s business and the industry in which it operates, the Group’s future, current and historical charter rates and vessel operating expenses, third-party industry publications for conventional tankers with similar characteristics and other available observable market information;

•We evaluated the recoverability of the carrying value of each CGU in the Tankers segment by comparing to the average value of two independent broker values;

•We performed a retrospective comparison of historical expected charter rates and vessel operating expenses used in the Group’s VIU calculations to actual charter rates and vessel operating expenses incurred by the Group in prior years;

•We involved valuation professionals with specialized skills and knowledge, who assisted in evaluating the reasonableness of the WACC by developing a range of rates and comparing this to the WACC used by the Group; and

•We performed sensitivity analyses on the WACC and the future charter rates used by the Group to assess the impact of changes to the assumptions, and assess whether there were any indications of management bias in the selection of these assumptions.

/s/ Herwig Carmans

KPMG Bedrijfsrevisoren BV/Réviseurs d’Entreprises SRL

We have served as the Company’s auditor since 2004.

Zaventem, Belgium    

April 15, 2021

F-4

Consolidated Statement of Financial Position

(in thousands of USD)

	December 31, 2020	December 31, 2019
ASSETS
Non-current assets
Vessels (Note 8)	2,865,308	3,177,262
Assets under construction (Note 8)	207,069	—
Right-of-use assets (Note 8)	52,955	58,908
Other tangible assets (Note 8)	1,759	2,265
Intangible assets	161	39
Receivables (Note 10)	55,054	71,083
Investments in equity accounted investees (Note 26)	51,703	50,322
Deferred tax assets (Note 9)	1,357	2,715
Total non-current assets	3,235,366	3,362,594
Current assets
Bunker inventory (Note 11)	75,780	183,382
Non-current assets held for sale (Note 3)	—	12,705
Trade and other receivables  (Note 12)	214,479	308,987
Current tax assets	136	221
Cash and cash equivalents (Note 13)	161,478	296,954
Total current assets	451,873	802,249
TOTAL ASSETS	3,687,239	4,164,843
EQUITY and LIABILITIES
Equity
Share capital (Note 14)	239,148	239,148
Share premium (Note 14)	1,702,549	1,702,549
Translation reserve	935	299
Hedging reserve (Note 14)	(7,456)	(4,583)
Treasury shares (Note 14)	(164,104)	(45,616)
Retained earnings	540,714	420,058
Equity attributable to owners of the Company	2,311,786	2,311,855
Non-current liabilities
Bank loans (Note 16)	836,318	1,173,944
Other notes (Note 16)	198,279	198,571
Other borrowings (Note 16)	100,056	107,978
Lease liabilities (Note 16)	21,172	43,161
Other payables (Note 18)	6,893	3,809
Employee benefits (Note 17)	7,987	8,094
Provisions (Note 21)	1,154	1,381
Total non-current liabilities	1,171,859	1,536,938
Current liabilities
Trade and other payables (Note 18)	85,150	94,408
Current tax liabilities	629	49
Bank loans (Note 16)	20,542	49,507
Other borrowings (Note 16)	51,297	139,235
Lease liabilities (Note 16)	45,749	32,463
Provisions (Note 21)	227	388

F-5

Consolidated Statement of Financial Position

(in thousands of USD)

Total current liabilities	203,594	316,050
TOTAL EQUITY and LIABILITIES	3,687,239	4,164,843

The accompanying notes on page F-13 to F-112 are an integral part of these consolidated financial statements.

F-6

Consolidated Statement of Profit or Loss

(in thousands of USD except per share amounts)

	2020	2019	2018 *
	Jan. 1 - Dec 31, 2020	Jan. 1 - Dec 31, 2019	Jan. 1 - Dec 31, 2018
Shipping income
Revenue (Note 4)	1,230,750	932,377	600,024
Gains on disposal of vessels/other tangible assets (Note 8)	22,728	14,879	19,138
Other operating income (Note 4)	10,112	10,094	4,775
Total shipping income	1,263,590	957,350	623,937
Operating expenses
Voyage expenses and commissions (Note 5)	(125,430)	(144,681)	(141,416)
Vessel operating expenses (Note 5)	(210,634)	(211,795)	(185,792)
Charter hire expenses (Note 5)	(7,954)	(604)	(31,114)
Loss on disposal of vessels/other tangible assets (Note 8)	(1)	(75)	(273)
Impairment on non-current assets held for sale (Note 3)	—	—	(2,995)
Depreciation tangible assets (Note 8)	(319,652)	(337,646)	(270,582)
Depreciation intangible assets	(99)	(56)	(111)
General and administrative expenses (Note 5)	(65,498)	(66,890)	(66,232)
Total operating expenses	(729,268)	(761,747)	(698,515)
RESULT FROM OPERATING ACTIVITIES	534,322	195,603	(74,578)
Finance income (Note 6)	21,496	20,572	15,023
Finance expenses (Note 6)	(91,553)	(119,803)	(89,412)
Net finance expenses	(70,057)	(99,231)	(74,389)
Gain on bargain purchase (Note 25)	—	—	23,059
Share of profit (loss) of equity accounted investees (net of income tax) (Note 26)	10,917	16,460	16,076
PROFIT (LOSS) BEFORE INCOME TAX	475,182	112,832	(109,832)
Income tax benefit (expense) (Note 7)	(1,944)	(602)	(238)
PROFIT (LOSS) FOR THE PERIOD	473,238	112,230	(110,070)
Attributable to:
Owners of the company	473,238	112,230	(110,070)
Basic earnings per share (Note 14)	2.25	0.52	(0.57)
Diluted earnings per share (Note 14)	2.25	0.52	(0.57)
Weighted average number of shares (basic) (Note 14)	210,193,707	216,029,171	191,994,398
Weighted average number of shares (diluted) (Note 14)	210,206,403	216,029,171	191,994,398

* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

The accompanying notes on page F-13 to F-112 are an integral part of these consolidated financial statements.

F-7

Consolidated Statement of Comprehensive Income

(in thousands of USD)

	2020	2019	2018 *
	Jan. 1 - Dec 31, 2020	Jan. 1 - Dec 31, 2019	Jan. 1 - Dec 31, 2018
Profit/(loss) for the period	473,238	112,230	(110,070)
Other comprehensive income (expense), net of tax
Items that will never be reclassified to profit or loss:
Remeasurements of the defined benefit liability (asset) (Note 17)	(97)	(1,223)	120
Items that are or may be reclassified to profit or loss:
Foreign currency translation differences (Note 6)	636	(112)	(157)
Cash flow hedges - effective portion of changes in fair value (Note 14)	(2,873)	(1,885)	(2,698)
Equity-accounted investees - share of other comprehensive income (Note 26)	(2)	(720)	(459)
Other comprehensive income (expense), net of tax	(2,336)	(3,940)	(3,194)
Total comprehensive income (expense) for the period	470,902	108,290	(113,264)
Attributable to:
Owners of the company	470,902	108,290	(113,264)

* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

The accompanying notes on page F-13 to F-112 are an integral part of these consolidated financial statements.

F-8

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, 2018	173,046	1,215,227	568	—	(16,102)	473,622	1,846,361
Adjustment on initial application of IFRS 15 (net of tax)	—	—	—	—	—	(1,729)	(1,729)
Adjustment on initial application of IFRS 9 (net of tax)	—	—	—	—	—	(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	—	—	—	—	—	(110,070)	(110,070)
Total other comprehensive income	—	—	(157)	(2,698)	—	(339)	(3,194)
Total comprehensive income	—	—	(157)	(2,698)	—	(110,409)	(113,264)
Transactions with owners of the company
Issue of ordinary shares related to business combinations (Note 14)	66,102	487,322	—	—	—	—	553,424
Dividends to equity holders	—	—	—	—	—	(22,629)	(22,629)
Treasury shares acquired (Note 14)	—	—	—	—	(3,955)	—	(3,955)
Treasury shares sold (Note 14)	—	—	—	—	5,406	(3,112)	2,294
Equity-settled share-based payment (Note 23)	—	—	—	—	—	37	37
Total transactions with owners	66,102	487,322	—	—	1,451	(25,704)	529,171
Balance at December 31, 2018	239,148	1,702,549	411	(2,698)	(14,651)	335,764	2,260,523
Balance at January 1, 2019 **	239,148	1,702,549	411	(2,698)	(14,651)	335,764	2,260,523
Profit (loss) for the period	—	—	—	—	—	112,230	112,230
Total other comprehensive income	—	—	(112)	(1,885)	—	(1,943)	(3,940)
Total comprehensive income	—	—	(112)	(1,885)	—	110,287	108,290
Transactions with owners of the company
Dividends to equity holders (Note 14)	—	—	—	—	—	(25,993)	(25,993)
Treasury shares acquired (Note 14)	—	—	—	—	(30,965)	—	(30,965)
Total transactions with owners	—	—	—	—	(30,965)	(25,993)	(56,958)
Balance at December 31, 2019	239,148	1,702,549	299	(4,583)	(45,616)	420,058	2,311,855

F-9

Consolidated Statement of Changes in Equity (Continued)

(in thousands of USD)

	Share capital	Share premium	Translation reserve	Hedging reserve	Treasury shares	Retained earnings	Total equity
Balance at January 1, 2020	239,148	1,702,549	299	(4,583)	(45,616)	420,058	2,311,855
Profit (loss) for the period	—	—	—	—	—	473,238	473,238
Total other comprehensive income / (expense)	—	—	636	(2,873)	—	(99)	(2,336)
Total comprehensive income / (expense)	—	—	636	(2,873)	—	473,139	470,902
Transactions with owners of the company
Dividends to equity holders (Note 14)	—	—	—	—	—	(352,483)	(352,483)
Treasury shares acquired (Note 14)	—	—	—	—	(118,488)	—	(118,488)
Total transactions with owners	—	—	—	—	(118,488)	(352,483)	(470,971)
Balance at December 31, 2020	239,148	1,702,549	935	(7,456)	(164,104)	540,714	2,311,786

* The Group 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 was adjusted following the application of IFRS 15 on Revenue Recognition and IFRS 9 on Financial Instruments.

** The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

The accompanying notes on page F-13 to F-112 are an integral part of these consolidated financial statements.

F-10

Consolidated Statement of Cash Flows

(in thousands of USD)

	2020	2019	2018 *
	Jan. 1 - Dec 31, 2020	Jan. 1 - Dec 31, 2019	Jan. 1 - Dec 31, 2018
Cash flows from operating activities
Profit (loss) for the period	473,238	112,230	(110,070)
Adjustments for:	357,720	405,823	289,311
Depreciation of tangible assets (Note 8)	319,652	337,646	270,582
Depreciation of intangible assets	99	56	111
Impairment on non-current assets held for sale (Note 3)	—	—	2,995
Provisions	(388)	(448)	(42)
Income tax (benefits)/expenses (Note 7)	1,944	602	239
Share of profit of equity-accounted investees, net of tax (Note 26)	(10,917)	(16,460)	(16,076)
Net finance expenses (Note 6)	70,057	99,231	74,389
(Gain)/loss on disposal of assets (Note 8)	(22,727)	(14,804)	(18,865)
Equity-settled share-based payment transactions (Note 5)	—	—	37
Amortization of deferred capital gain	—	—	(1,000)
Gain on bargain purchase (Note 25)	—	—	(23,059)
Changes in working capital requirements	180,576	(165,419)	(114,533)
Change in cash guarantees (Note 10)	(12,339)	(34)	33
Change in inventory (Note 11)	107,602	(161,121)	(22,261)
Change in receivables from contracts with customers (Note 12)	85,830	(41,001)	(23,589)
Change in accrued income (Note 12)	12,667	(3,051)	(6,393)
Change in deferred charges and fulfillment costs (Note 12)	(263)	(2,078)	18,848
Change in other receivables (Note 10 and 12)	(3,826)	22,393	(77,876)
Change in trade payables (Note 18)	4,490	6,471	(8,181)
Change in accrued payroll (Note 18)	2,536	(2,282)	(11,000)
Change in accrued expenses (Note 18)	(10,675)	3,473	18,839
Change in deferred income (Note 18)	(4,645)	10,028	(2,265)
Change in other payables (Note 18)	(148)	(806)	(1,304)
Change in provisions for employee benefits (Note 17)	(653)	2,589	616
Income taxes paid during the period	78	(993)	(67)
Interest paid (Note 6-19)	(56,084)	(98,852)	(67,209)
Interest received (Note 6-12)	6,723	6,602	3,409
Dividends received from equity-accounted investees (Note 26)	7,534	12,600	—
Net cash from (used in) operating activities	969,785	271,991	841
Acquisition of vessels (Note 8)	(224,904)	(7,024)	(237,476)
Proceeds from the sale of vessels (Note 8)	78,075	86,235	26,762
Acquisition of other tangible assets and prepayments (Note 8)	(285)	(1,015)	(588)
Acquisition of intangible assets	(221)	(14)	(1)
Proceeds from the sale of other (in)tangible assets (Note 8)	—	30	—
Loans from (to) related parties (Note 26)	26,443	(31,713)	134,097
Acquisition of subsidiaries or from business combinations, net of cash acquired (Note 25)	—	—	126,288
Proceeds from sale (Purchase of) shares in equity-accounted investees (Note 26)	2,000	(4,000)	—
Proceeds from sale of subsidiaries (Note 25)	—	—	140,960
Lease payments received from finance leases	1,786	1,251	—
Net cash from (used in) investing activities	(117,106)	43,750	190,042
(Purchase of) Proceeds from sale of treasury shares (Note 14)	(118,488)	(30,965)	(1,661)
Proceeds from new borrowings (Note 16)	893,827	1,099,701	983,882
Repayment of borrowings (Note 16)	(994,989)	(1,318,398)	(1,115,894)
Repayment of commercial paper (Note 16)	(359,295)	—	—
(Repayment of) Proceeds from sale and leaseback (Note 16)	(22,853)	124,425	—
Repayment of lease liabilities (Note 16)	(37,779)	(30,214)	—
Transaction costs related to issue of loans and borrowings (Note 16)	(8,083)	(9,721)	(3,849)
Dividends paid (Note 14)	(352,041)	(26,015)	(22,643)
Net cash from (used in) financing activities	(999,701)	(191,187)	(160,165)

F-11

Consolidated Statement of Cash Flows

(in thousands of USD)

Net increase (decrease) in cash and cash equivalents	(147,022)	124,554	30,718
Net cash and cash equivalents at the beginning of the period (Note 13)	296,954	173,133	143,648
Effect of changes in exchange rates	11,546	(733)	(1,233)
Net cash and cash equivalents at the end of the period (Note 13)	161,478	296,954	173,133

* The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

The accompanying notes on page F-13 to F-112 are an integral part of these consolidated financial statements.

F-12

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Notes to the consolidated financial statements for the year ended December 31, 2020

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 1 - Significant accounting policies

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 consolidated financial statements of the Company comprise the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interests in associates and joint ventures.

Euronav NV is a fully-integrated provider of international maritime shipping and offshore services engaged in the transportation and storage of crude oil. The Company was incorporated under the laws of Belgium on June 26, 2003, and grew out of three companies that had a strong presence in the shipping industry; Compagnie Maritime Belge NV, or CMB, formed in 1895, Compagnie Nationale de Navigation SA, or CNN, formed in 1938, and Ceres Hellenic formed in 1950. The Company started doing business under the name “Euronav” in 1989 when it was initially formed as the international tanker subsidiary of CNN. Euronav NV merged in 2018 with Gener8 Maritime, Inc, which became a wholly-owned subsidiary of Euronav NV. Through the merger Euronav NV has an operating fleet of more than 70 tankers and is a leading independent large crude tanker operator.

Euronav NV charters its vessels to leading international energy companies. The Company pursues a chartering strategy of primarily employing its vessels on the spot market, including through the Tankers International (TI) Pool and also under fixed-rate contracts and long-term time charters, which typically include a profit sharing component.

A spot market voyage charter is a contract to carry a specific cargo from a load port to a discharge port for an agreed freight per ton of cargo or a specified total amount. Under spot market voyage charters, the Company pays voyage expenses such as port, canal and bunker costs. Spot charter rates have historically been volatile and fluctuate due to seasonal changes, as well as general supply and demand dynamics in the crude oil marine transportation sector. Although the revenues generated by the Company in the spot market are less predictable, the Company believes their exposure to this market provides them with the opportunity to capture better profit margins during periods when vessel demand exceeds supply leading to improvements in tanker charter rates. The Company principally employs and commercially manages their VLCCs through the TI Pool, a leading spot market-oriented VLCC pool in which other third-party shipowners with vessels of similar size and quality participate along with the Company. The Company participated in the formation of the TI Pool in 2000 to allow themselves and other TI Pool participants to gain economies of scale, obtain increased cargo flow of information, logistical efficiency and greater vessel utilization.

Time charters provide the Group with a fixed and stable cash flow for a known period of time. Time charters may help the Group mitigate, in part, its exposure to the spot market, which tends to be volatile in nature, being seasonal and generally weaker in the second and third quarters of the year due to refinery shutdowns and related maintenance during the warmer summer months. The Group may when the cycle matures or otherwise opportunistically employ more of its vessels under time charter contracts as the available rates for time charters improve. The Group may also enter into time charter contracts with profit sharing arrangements, which the Group believes will enable it to benefit if the spot market increases above a base charter rate as calculated either by sharing sub charter profits of the charterer or by reference to a market index and in accordance with a formula provided in the applicable charter contract.

The Group currently deploys its two FSOs as floating storage units under service contracts with North Oil Company, in the offshore services sector.

2.    Basis of accounting

These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and as adopted by the European Union as of December 31, 2020.

Changes in significant accounting policies are described in policy 6. All accounting policies have been consistently applied for all periods presented in the consolidated financial statements unless disclosed otherwise.

The consolidated financial statements were authorized for issue by the Supervisory Board on April 15, 2021.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 1 - Significant accounting policies (Continued)

3.    Basis of measurement

The consolidated financial statements have been prepared on the historical cost basis except for the following material items in the statement of financial position:

•Derivative financial instruments are measured at fair value

•Non-current assets held for sale are recognized at fair value less cost of disposal if it is lower than their carrying amount

4.    Functional and presentation currency

The consolidated financial statements are presented in USD, which is the Company's functional and presentation currency. All financial information presented in USD has been rounded to the nearest thousand except when otherwise indicated.

5.    Use of estimates and judgments

The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of the Group's accounting policies and the reported amounts of assets and liabilities, income and expenses.

The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which are the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

A.    Judgments

Information about judgments made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statement is included in the following notes:

•Note 8 – Impairment;

•Note 25 - Business Combination and

•Note 20 - Lease term: whether the Group is reasonably certain to exercise renewal, termination, purchase options.

B.    Assumptions and estimation uncertainties

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amounts in the next financial years is included in the following notes:

•Note 8 – Impairment test: key assumptions underlying the recoverable amount;

•Note 9 - Measurement of deferred tax assets: availability of future taxable profit against which deductible temporary differences and tax losses carried forward can be utilized and

•     Note 20 - Leases: key assumptions underlying the lease liability and right-of-use asset, e.g. lease term, lease payments and estimate on residual value guarantee.

The significant assumptions and accounting estimates, to support the reported amounts of assets and liabilities, income and expenses, were regularly reviewed, and if needed updated, during 2020. The main judgements, estimates and assumptions, which might be impacted by COVID-19, are:

•Note 8 – Impairment test: The carrying amount of the vessels is reviewed to determine whether an indication of impairment exists. No impairment is required as the recoverable amount of each CGU continues to be in excess of the carrying amounts.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 1 - Significant accounting policies (Continued)

•Bunkers on the Oceania and the vessels are valued at lower of cost or net realizable value. Weighted average of the fuel stock on board of the Oceania and the vessels was lower than the market price at year-end.

•Allowance for expected credit losses: In accordance with IFRS 9, the group recognizes expected credit losses on trade receivables following the simplified approach. Lifetime expected losses are recognized for the trade receivables, excluding recoverable VAT amounts. However, based on customer’s payment behaviour, no significant additional allowances for expected credit losses were to be recognized as per December 31, 2020.

As the COVID-19 pandemic further evolves, potential changes in these views might occur in 2021.

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 the following notes:

•Note 3 - Assets and liabilities held for sale and discontinued operations;

•Note 19 - Financial instruments and

•Note 23 - Share-based payment arrangements

6.    Changes in accounting policies

Except for the changes below, the accounting policies adopted in the preparation of the consolidated financial statements for the year ended December 31, 2020 are consistent with those applied in the preparation of the consolidated financial statements for the year ended December 31, 2019. A number of new standards are effective from January 1, 2020 but they do not have a material effect on the Group's financial statements.

•Definition of a Business (Amendments to IFRS3), see accountancy policy 7.1.

•Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7). The Group applies hedge accounting to certain Interest rate swaps that are used to hedge the risk related to the fluctuation of the LIBOR (see

F-16

Table of contents EURONAV NV

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 1 - Significant accounting policies (Continued)

Note 14). The Group applied the interest rate benchmark reform phase 1 amendments retrospectively to the hedging relationships that existed at 1 January 2020 or were designated thereafter and that are directly affected by interest rate benchmark reform. These amendments also apply to the gain or loss accumulated in the cash flow hedging reserve that existed at 1 January 2020. For the related accounting policy, refer to 9.3.

The Group applied IFRS 16 using the modified retrospective approach, under which the cumulative effect of initial application is recognized in retained earnings at 1 January 2019. Accordingly, the comparative information presented for 2018 is not restated - i.e. it is presented, as previously reported, under IAS 17 and related interpretations. The details of the changes in accounting policies are disclosed below. Additionally, the disclosure requirements in IFRS 16 have not been applied to comparative information. The Group 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 was adjusted following the application of IFRS 15 on Revenue Recognition and IFRS 9 on Financial Instruments.

7.    Basis of Consolidation

7.1.    Business Combinations

The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.

For acquisitions the Group measures goodwill at the acquisition date as:

•the fair value of the consideration transferred; plus 

•the recognized amount of any non-controlling interests in the acquiree; plus if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less

•the net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed.

When the excess is negative, a bargain purchase gain is recognized immediately in profit or loss.

The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts

generally are recognized in profit or loss. Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognized in profit or loss.

7.2.    Non-controlling interests (NCI) 

NCI are measured at their proportionate share of the acquiree's identifiable net assets at the date of acquisition. Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

7.3.    Subsidiaries 

Subsidiaries are those entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which the control commences until the date on which control ceases.

7.4.    Loss of control

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Table of contents EURONAV NV

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 1 - Significant accounting policies (Continued)

On the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognized in profit or loss. If the Group retains any interest in the former subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as an equity-accounted investee or as a Fair Value through Other Comprehensive Income ("FVOCI") or Fair Value through Profit or Loss ("FVTPL") financial asset depending on the level of influence retained.

7.5.    Interests in equity-accounted investees

The Group’s interests in equity-accounted investees comprise interest in associates and joint ventures.

Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.

Interests in associates and joint ventures are accounted for using the equity method. They are recognized initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income (“OCI”) of equity-accounted investees, until the date on which significant influence or joint control ceases.

Interests in associates and joint ventures include any long-term interests that, in substance, form part of the Group’s investment in those associates or joint ventures and include unsecured shareholder loans for which settlement is neither planned nor likely to occur in the foreseeable future, which, therefore, are an extension of the Group’s investment in those associates and joint ventures. The Group’s share of losses that exceeds its investment is applied to the carrying amount of those loans. After the Group’s interest is reduced to zero, a liability is recognized to the extent that the Group has a legal or constructive obligation to fund the associates’ or joint ventures’ operations or has made payments on their behalf.

7.6.    Transactions eliminated on consolidation 

Intragroup balances and transactions, and any unrealized gains arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the underlying asset to the extent of the Group's interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

8.    Foreign currency

8.1.    Foreign currency transactions

Transactions in foreign currencies are translated to USD at the foreign exchange rate applicable at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to USD at the foreign exchange rate applicable at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign exchange differences arising on translation are generally recognized in profit or loss. However, foreign currency differences arising from the translation of the following items are recognized in OCI:

•a financial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is effective; and

•qualifying cash flow hedges to the extent that the hedges are effective.

8.2.    Foreign operations

The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to USD at exchange rates at the reporting date. The income and expenses of foreign operations are translated to USD at rates approximating the exchange rates at the dates of the transactions.

Foreign currency differences are recognized directly in equity (Translation reserve). When a foreign operation is disposed of, in part or in full, the relevant amount in the translation reserve is transferred to profit or loss.

9.    Financial Instruments

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Table of contents EURONAV NV

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 1 - Significant accounting policies (Continued)

Recognition and initial measurement

Trade receivables, debt securities issued and subordinated liabilities are initially recognized when they are originated. All other financial assets and financial liabilities (including liabilities designated as at FVTPL) are initially recognized on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument.

A financial asset (unless it is a trade receivable without a significant financing component which 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 or issue.

Financial liabilities are recognized initially at fair value less any directly attributable transaction costs.

The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models refined to reflect the issuer’s specific circumstances.

Financial assets and liabilities are offset and the net amount is presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.

9.1.    Financial assets

Classification and subsequent measurement

On initial recognition, a financial asset is classified as measured at: amortized cost; FVOCI - debt investment; FVOCI - equity instrument; or 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.

Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.

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 objectives 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.

Assessment whether contractual cash flows are solely payments of principal and interest

For the purposes of this assessment, 'principal' is defined as the fair value of the financial asset on initial recognition. 'Interest' is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 1 - Significant accounting policies (Continued)

In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers:

•contingent events that would change the amount or timing of cash flows;

•terms that may adjust the contractual coupon rate, including variable-rate features;

•prepayment and extension features; and

•terms that limit the Group's claim to cash flows from specified assets (e.g. non-resource features).

A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition.

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.

Derecognition

The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

The Group enters into transactions whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases the transferred assets are not derecognized. Any interest in such transferred financial assets that is created or retained by the Group is recognized as a separate asset or liability.

9.2.    Financial liabilities

Classification and subsequent measurement

Financial liabilities are classified as measured at amortized cost or FVTPL.

A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss.

Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gains or loss on derecognition is also recognized

in profit or loss.

The financial liability related to the three VLCCs under the sale and leaseback agreement entered into on December 30, 2019 (see Note 16) is measured at amortized cost using the effective interest method. It is remeasured when there is a

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change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the fair value of the assets transferred at the end of the lease term or if the Group changes its assessment of whether it will exercise the purchase option.

Derecognition

The Group derecognizes a financial liability when its contractual obligations are discharged, canceled, or expired. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.

On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid

(including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.

Non-derivative financial liabilities comprise loans and borrowings, bank overdrafts, and trade and other payables.

Bank overdrafts that are repayable on demand and form an integral part of the Group’s cash management are included as

a component of cash and cash equivalents for the purpose of the statement of cash flows.

9.3.    Derivative financial instruments

Derivative financial instruments and hedge accounting

The Group from time to time may enter into derivative financial instruments to hedge its exposure to market fluctuations, foreign exchange and interest rate risks arising from operational, financing and investment activities.

Derivative are initially measured at fair value; attributable transaction costs are expensed as incurred. Subsequent to initial recognition, derivatives are remeasured at fair value, and changes therein are generally recognized in profit or loss.

The group designated certain derivatives as hedging instruments to hedge the variability in cash flows.

The Group ensure that hedge accounting relationships are aligned with its risk management objectives and strategy and apply a more qualitative and forward looking approach in assessing hedge effectiveness. On initial designation of the derivative as hedging instrument, the Group formally documents the economic relationship between the hedging instrument(s) and hedged item(s), including the risk management objective(s) and strategy for undertaking the hedge. The Group also documents the methods that will be used to assess the effectiveness of the hedging relationship and makes an assessment whether the hedging instruments are expected to be “highly effective” in offsetting the changes in the cash flows of the respective hedged items during the period for which the hedge is designated.

On an ongoing basis, the Group assesses whether the hedge relationship continues and is expected to continue to remain highly effective using retrospective and prospective quantitative and qualitative analysis.

Hedges directly affected by interest rate benchmark reform

For the purpose of evaluation whether there is an economic relationship between the hedged item(s) and the hedging instrument(s), the Group assumes that the benchmark interest rate is not altered as a result of interest rate benchmark reform.

For a cash flow hedge of a forecast transaction, the Group assumes that the benchmark interest rate will not be altered as a result of interest rate benchmark reform for the purpose of assessing whether the forecast transaction is highly probable and presents an exposure to variations in cash flows that could ultimately affect profit or loss. In determining whether a previously designated forecast transaction in a discontinued cash flow hedge is still expected to occur, the Group assumes that the interest rate benchmark cash flows designated as a hedge will not be altered as a result of interest rate benchmark reform.

The Group will cease to apply the specific policy for assessing the economic relationship between the hedged item and the hedging instrument (i) to a hedged item or hedging instrument when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based cash flows of the respective item or instrument or (ii) when the hedging relationship is discontinued. For its highly probable assessment of the hedged item, the Group will no longer apply the specific policy when the uncertainty arising from interest rate benchmark reform about the timing and the amount of the interest rate benchmark-based future cash flows of the hedged item is no longer present, or when the hedging relationship is discontinued.

See Note 19 for related disclosures.

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Cash flow hedges

When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognized in OCI and presented in the hedging reserve in equity. The amount recognized in OCI is removed and included in profit or loss in the same period as the hedged cash flows affect profit or loss under the same line item in the statement of profit or loss as the hedged item. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss.

The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts ('forward points') is separately accounted for as a cost of hedging and recognized in a costs of hedging reserve within equity.

If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated, exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item's cost on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss.

If the hedged future cash flows are no longer expected to occur, then the balance in equity is reclassified to profit or loss.

9.4.    Share capital

Ordinary share capital

Ordinary share capital is classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity, net of any tax effects.

Repurchase of share capital

When share capital recognized as equity is repurchased, the amount of the consideration paid, including directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and presented in the reserve for own shares. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is presented in retained earnings.

9.5.    Compound financial instruments

Compound financial instruments issued by the Group comprise Notes denominated in USD that can be converted to ordinary shares at the option of the holder, when the number of shares is fixed and does not vary with changes in fair value.

The liability component of compound financial instruments is initially recognized at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognized at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity component in proportion to their initial carrying amounts.

Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured.

Interest related to the financial liability is recognized in profit and loss. On conversion, the financial liability is reclassified to equity and no gain or loss is recognized.

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10.    Goodwill and intangible assets

10.1.    Goodwill

Goodwill that arises on the acquisition of subsidiaries is presented as an intangible asset. For the measurement of goodwill at initial recognition, refer to accounting policy 7.1.

After initial recognition goodwill is measured at cost less accumulated impairment losses, refer to accounting policy 12. In respect of equity accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment, and any impairment loss is allocated to the carrying amount of the equity accounted investee as a whole.

10.2.    Intangible assets 

Intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and impairment losses, refer to accounting policy 12.

The cost of an intangible asset acquired in a separate acquisition is the cash paid or the fair value of any other consideration given. The cost of an internally generated intangible asset includes the directly attributable expenditure of preparing the asset for its intended use.

10.3.    Subsequent expenditure 

Subsequent expenditure on intangible assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates and its cost can be measured reliably. All other expenditure is expensed as incurred.

10.4.    Amortization 

Amortization is charged to the income statement on a straight-line basis over the estimated useful lives of the intangible assets from the date they are available for use. The estimated useful lives are as follows:

•Software:          3 - 5 years

Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

11.    Vessels, property, plant and equipment

11.1.    Owned assets

Vessels and items of property, plant and equipment are stated at cost or deemed cost less accumulated depreciation (see below) and impairment losses, refer to accounting policy 12.

Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of assets includes the following:

•The cost of materials and direct labor;

•Any other costs directly attributable to bringing the assets to a working condition for their intended use;

•When the Group has an obligation to remove the asset or restore the site, an estimate of the costs of dismantling and removing the items and restoring the site on which they are located; and

•Capitalized borrowing costs.

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, refer to accounting policy 11.6.

Gains and losses on disposal of a vessel or of another item of property, plant and equipment are determined by comparing the net proceeds from disposal with the carrying amount of the vessel or the item of property, plant and equipment and are recognized in profit or loss.

For the sale of vessels, transfer of risk and rewards usually occurs upon delivery of the vessel to the new owner.

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11.2.    Assets under construction

Assets under construction, especially newbuilding vessels, are accounted for in accordance with the stage of completion of the newbuilding contract. Typical stages of completion are the milestones that are usually part of a newbuilding contract: signing or receipt of refund guarantee, steel cutting, keel laying, launching and delivery. All stages of completion are guaranteed by a refund guarantee provided by the shipyard.

11.3.    Subsequent expenditure 

Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the item of property, plant and equipment and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. All other expenditure is recognized in the consolidated statement of profit or loss as an expense as incurred.

11.4.    Borrowing costs 

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset.

11.5.    Depreciation 

Depreciation is charged to the consolidated statement of profit or loss on a straight-line basis over the estimated useful lives of vessels and items of property, plant and equipment. The right-of-use asset is depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the basis of those of property and equipment (refer to accounting policy 18). Land is not depreciated.

Vessels and items of property, plant and equipment are depreciated from the date that they are available for use. Internally constructed assets are depreciated from the date that the assets are completed and ready for use.

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

•	tankers	20 years
•	FSO/FpSO/FPSO	30 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

The useful life of the FSOs have been reassessed from 25 years to 30 years due to the extension for ten years of the timecharter contract in direct continuation of their current contractual service, or until July 21, 2032 and September 21, 2032 respectively. The end of the useful economic life of the FSO vessels was set equal to the contract end date or approximately 30 years since build date. The net book value and depreciations were reassessed and applied prospectively as from the moment the extension was signed. The impact in the consolidated statement of profit or loss statement was immaterial.

Vessels are estimated to have a zero residual value except for the three VLCCs under the sale and leaseback agreement entered into on December 30, 2019 (see Note 16). In accordance with IFRS, this transaction was not accounted for as a sale but Euronav as seller-lessee will continue to recognize the transferred assets. The three vessels are subsequently depreciated over their useful lives (i.e. from the commencement date to the end of the lease term) as it is not reasonably certain that the Group will exercise the purchase option. Depreciation is calculated on the net carrying value of the three vessels as of December 30, 2019 less their estimate residual values using the straight-line method. The residual value, estimated at USD 21 million, is the amount that the Group could receive from disposal of the vessels at the reporting date if the vessels were already of the age and in the condition that they will be in at the end of the lease term.

Depreciation methods, useful lives at the end of the lease term and residual values are reviewed at each reporting date and adjusted if appropriate.

11.6.    Dry-docking – 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

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expensed as incurred including routine maintenance performed whilst the vessel is in dry-dock. Components installed during dry-dock with a useful life of more than 1 year are depreciated over their estimated useful-life.

12.    Impairment

12.1.    Non-derivative financial assets    

Financial instruments and contract assets

The impairment model applies to financial assets measured at amortized cost, contract assets and debt investments at FVOCI.

The financial assets at amortized cost consist of trade and other receivables, cash and cash equivalents and non-current receivables.

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

•12-month 'expected credit loss' (ECL): 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 in accordance with 12-months ECLs model:

•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 occurring over the expected life of the financial instrument) has not increased significantly since initial recognition.

Loss allowances for trade receivables are measured 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 analysis, 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 180 days past due. The financial assets that are more than 180 days past due, which mainly relates to demurrage and TI pool outstandings, are followed up closely and as long as their collection is highly probable, they are not considered in default.

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 realizing security (if any is held).

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.

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Presentation of allowance for ECL

Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. The impairment loss on trade receivable has been presented in 'general and administrative expenses'.

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 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 expenses'.

Write-off

The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. The Group calculates the ELC on trade and other receivables based on actual credit loss experience over the past 10 years taking into account reasonable and supportable forecast of future economic conditions.

12.2    Non-financial assets 

The carrying amounts of the Group’s non-financial assets, other than deferred tax assets (refer to accounting policy 21), inventory and contract assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. Goodwill is tested annually for impairment.

For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGU’s. Goodwill acquired in a business combination is allocated to groups of CGU’s that are expected to benefit from the synergies of the combination.

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

An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss.

An impairment loss recognized for goodwill shall not be reversed. For other assets, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

Tankers

The Group analyzes the following internal and external indicators to assess whether tankers might be impaired:

•    the obsolescence or physical damage of an asset;

•    significant changes in the extent or manner in which vessels are (or are expected to be) used that have (or will have) an adverse effect on the entity;

•    plans to dispose of assets before the previously expected date of disposal;

•    indications that the performance of a CGU is, or will be, worse than expected;

•    significant increases in cash flows for acquiring, operating or maintaining vessels that are significantly higher than originally budgeted;

•    net cash flows or operating profits that are lower than originally budgeted;

•    net cash outflows or operating losses;

•    market capitalization below net asset value;

•    a significant and unexpected decline in market value of vessels;

•    significant adverse effects in the technological, market, economic, legal and regulatory environment, including but not limited to, vessel and crude oil supply and demand trends;

•    increases in market interest rates.

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Euronav defines its cash generating unit as a single vessel, unless such vessel is operated in a profit-sharing pool, in which case such vessel, together with the other vessels in the pool, are collectively treated as a cash generating unit.

When events and changes in circumstances indicate that the carrying amount of the asset or CGU might not be recovered, the Group performs an impairment test whereby the carrying amount of the 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. For assessing value in use, assumptions are made regarding forecast charter rates, using the weighted average of past and ongoing shipping cycles including management judgment for the ongoing cycle and for the weighting factors applied, the weighted average cost of capital ('WACC'), the useful life of the vessels (20 years for tankers) and a residual value. After careful consideration of the trends in the shipping industry, the Group elected to retain residual values for its vessels equal to zero.

Although management believes that its process to determine the assumptions used to evaluate the carrying amount of the assets, when required, are reasonable and appropriate, such assumptions are subject to judgment. Management is assessing continuously the resilience of its projections to the business cycles that can be observed in the tankers market, and concluded that a business cycle approach provides a better long-term view of the dynamics at play in the industry. By defining a shipping cycle from peak to peak over the last 20 years and including management's expectation of the completion of the current cycle, management is better able to capture the full length of a business cycle while also giving more weight to recent and current market experience. The current cycle is forecasted based on management judgment, analyst reports and past experience. Long term charter rates are used in the calculation in case available.

FSOs

In the context of the valuation of the Group's investments in the respective joint ventures, the Group also reviews internal and external indicators, similar to the ones used for tankers, to assess whether the FSOs might be impaired. When events and changes in circumstances indicate that the carrying amount of the assets might not be recovered, the Group performs an impairment test on the FSO vessels owned by TI Asia Ltd and TI Africa Ltd, 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, assumptions are made regarding forecast charter rates, weighted average cost of capital ('WACC'), the useful life of the FSOs (30 years) and a residual value. After careful consideration of the trends in the shipping industry, the Group elected to retain residual values for its vessels equal to zero.

The value in use calculation for FSOs, when required, is based on the remaining useful life of the vessels as of the reporting date, and forecast charter rates are determined using the fixed daily contract rates. The FSO Asia and the FSO Africa are on a five years timecharter contract to North Oil Company, the operator of the Al-Shaheen oil field, whose shareholders are Qatar Petroleum Oil & gas Limited and Total E&P Golfe Limited, until July 22, 2022 and September 22, 2022, respectively. In November 2020, the two joint ventures (TI Asia Ltd and TI Africa Ltd.) signed an extension for ten years in direct continuation of their current contractual service, or until July 21, 2032 and September 21, 2032 respectively. Following this extension of the contract with North Oil Company until 2032, the end of the useful economic life was set equal to the contract end date or approximately 30 years since build date.

13.    Assets held for sale

Non-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, the assets, or components of a disposal group, are remeasured in accordance with the Group’s accounting policies. Thereafter generally the assets or disposal group are measured at the lower of their carrying amount and fair value less cost of disposal. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets or investment property, which continue to be measured in accordance with the Group’s accounting policies. 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.

Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortized or depreciated,

and any equity-accounted investee is no longer equity accounted.

14.    Bunker inventory

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The Group has been purchasing compliant bunker fuel for future use by its vessels. Bunkers are presented as inventory and are accounted for on a weighted average basis. The cost of inventories comprises of the purchase price, fuel inspection costs and transport and handling costs. The effective portion of the change in fair value of derivatives designated as cash flow hedges of the underlying price index between the date of purchase and the date of delivery is also recognized as an inventory cost. The ineffective portion of the change in fair value of these derivatives is recognized directly in profit or loss.

The inventory is accounted for at the lower of cost and net realizable value with cost being determined on a weighted average basis. No write down is needed as long as the freight market remains robust offsetting potential higher weighted average consumption costs of the bunker oil consumed from that inventory.

Bunker expenses are recognized in profit or loss upon consumption.

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15.    Employee benefits

15.1.    Defined contribution plans

A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognized as an employee benefit expense in profit or loss in the periods during which related services are rendered by employees. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. Contributions to a defined contribution plan that are due more than 12 months after the end of the period in which the employees render the services are discounted to their present value. The calculation of defined contribution obligations is performed annually by a qualified actuary using the projected unit credit method.

15.2.    Defined benefit plans 

The Group’s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets.

The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognized asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements.

Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return of plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in OCI. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in profit and loss.

When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognized immediately in profit or loss. The Group recognizes gains and losses on the settlement of a defined plan when the settlement occurs.

15.3.    Other long term employee benefits

The Group’s net obligation in respect of long-term employee benefits, other than pension plans, is the amount of future benefit that employees have earned in return for their service in the current and prior periods. The obligation is calculated using the projected unit credit method and is discounted to its present value and the fair value of any related assets is deducted. The discount rate is the yield at the reporting date on AA credit rated bonds that have maturity dates approximating the terms of the Group’s obligations and that are denominated in the currency in which the benefits are expected to be paid. Remeasurements are recognized in profit or loss in the period in which they arise.

15.4.    Termination benefits 

Termination benefits are recognized as an expense when the Group is demonstrably committed, without realistic possibility or withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognized as an expense if the Group has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the reporting date, then they are discounted to their present value.

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15.5.    Short-term employee benefit

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.

15.6.    Share-based payment transactions

The grant-date fair value of equity-settled share-based payment awards granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service and non-market performance conditions at the vesting date.

The fair value of the amount payable to beneficiaries in respect of “phantom stock unit” grants, which are settled in cash, is recognized as an expense with a corresponding increase in liabilities, over the period during which the beneficiaries become unconditionally entitled to payment. The fair value of the Transaction Based Incentive Plan is being determined by using a binomial model with cost being spread of the expected vesting period over the various tranches. The fair value of the Long term incentive plan is remeasured at each reporting date and at settlement based on the fair value of the phantom stock units. Any changes in the liability are recognized in profit or loss.

16.    Provisions

A provision is recognized when the Group has a legal or constructive obligation that can be estimated reliably, as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. The provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. The unwinding of the discount is recognized as finance cost.

Restructuring

A provision for restructuring is recognized when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been announced publicly. Future operating costs are not provided for.

Onerous contracts

A provision for onerous contracts is recognized when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognizes any impairment loss on the assets associated with that contract.

17.    Revenue

17.1.    Pool Revenues

Aggregated revenue recognized on a daily basis from vessels operating on voyage charters in the spot market and on contract of affreightment (“COA”) within the pool is converted into an aggregated net revenue amount by subtracting aggregated voyage expenses (such as fuel and port charges) from gross voyage revenue. These aggregated net revenues are combined with aggregated floating time charter revenues to determine aggregated pool Time Charter Equivalent revenue (“TCE”). Aggregated pool TCE revenue is then allocated to pool partners in accordance with the allocated pool points earned for each vessel that recognizes each vessel’s earnings capacity based on its cargo, capacity, speed and fuel consumption performance and actual on hire days. The TCE revenue earned by our vessels operated in the pools is equal to the pool point rating of the vessels multiplied by time on hire, as reported by the pool manager.

Revenue from the floating time charter agreements under which vessels are employed by the TI Pool is accounted for under IFRS 15 Revenue from Contracts with Customers.

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Note 1 - Significant accounting policies (Continued)

17.2.    Time - and Bareboat charters

As a lessor, the Group leases out some of its vessels under time charters and bareboat charters, refer to accounting policy 19. Lessors shall classify each lease as an operating lease or a finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Otherwise a lease is classified as an operating lease.

Revenues from time charters and bareboat charters are accounted for as operating leases and are recognized on a straight line basis over the periods of such charters, as service is performed (refer to accounting policy 19.A.2). IFRS 16 requires the Group to separate lease and non-lease components, with the lease component qualifying as operating lease under IFRS16 and the service components accounted for under IFRS 15.

17.3.    Spot voyages

As from 1 January 2018, the Group applied IFRS 15. Voyage revenue is recognized over time for spot charters on a load-to-discharge basis. Progress is determined based on time elapsed. Voyage expenses are expensed as incurred unless they are incurred between the date on which the contract was concluded and the next load port. They are then capitalized if they qualify as fulfillment costs and if they are expected to be recovered.

When our vessels cannot start or continue performing its obligation due to other factors such as port delays, a demurrage is paid. The applicable demurrage rate is stipulated in the contract. Demurrage which occurs at the discharge port is recognized as incurred. As demurrage is often a commercial discussion between Euronav and the charterer, the outcome and total compensation received for the delay is not always certain. As such, Euronav only recognizes the revenue which is highly probable to be received. No revenue is recognized if the collection of the consideration is not highly probable. The amount of revenue recognized is estimated based on historical data. The Group updates its estimate on an annually basis.

Payment is typically done at the end of the voyage. There is no specific financing component.

18.    Gain and losses on disposal of vessels

In view of their importance the Group reports capital gains and losses on the sale of vessels as a separate line item in the consolidated statement of profit or loss. For the sale of vessels, transfer of control usually occurs upon delivery of the vessel to the new owner.

19.    Leases

The Group has applied IFRS 16 using the modified retrospective approach and therefore the comparative information for 2018 has not been restated and continues to be reported under IAS 17 and IFRIC 4.

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16.

1.    As a lessee

The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at the amount equal to the lease liability adjusted by initial direct costs incurred by the lessee. Adjustments may also be required for any payments made at or before the commencement date and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

After lease commencement, the Group measures the right-of-use asset using a cost model, namely at cost less accumulated depreciation and accumulated impairment. The right-of-use asset is subsequently depreciated using the straight-line method, refer to accounting policy 10.5. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's

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incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The lessee's incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources (e.g. World office yield rate) and makes certain adjustments to reflect the terms of the lease and type of the asset leased or by calculating the weighted average of the cost of secured debt and unsecured debt.

Lease payments included in the measurement of the lease liability comprise the following:

-    fixed payments;

-    variable lease payments that depend on an index or a rate;

-    amounts expected to be payable under a residual value guarantee and

-    the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.

The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group's estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether the purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.

The Group has applied judgment to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognized.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the profit or loss if the carrying amount of the right-to-use asset has been reduced to zero.

Lease and non-lease components in the contracts are separated.

Short-term leases and leases of low-value assets

The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including IT equipment. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

2.    As a lessor

When the Group acts as a lessor, it determines at lease inception whether each lease is a finance or operating lease.

To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset.

If the lease qualifies as an operating lease, e.g. time charter out, the leased asset remains on the balance sheet of the lessor and continues being depreciated. The adoption of IFRS 16 required the Group to separate the lease and non-lease component in the contract, with the lease component qualified as operating lease and the non-lease component accounted for under IFRS 15. The Group recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as part of 'revenue' (refer to accounting policy 17.2.) Payments related to service component made under operating leases are also recognized in the income statement over the term of the lease.

The Group sub-leases some of its properties. The sub-lease contracts are classified as finance leases under IFRS 16. For these sub-lease, the right-of-use asset related to the head lease was derecognized and a lease receivable, at an amount equal to the net investment, relating to the sublease is recognized. Subsequently the Group recognizes finance income over the lease term of a finance lease, based on a pattern reflecting a constant periodic rate of return on the net investment and if applicable impairment losses on lease receivable.

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Policy applicable before 1 January 2019

For contracts entered into before 1 January 2019, the Group determined whether the arrangement was or contained a lease.

1.    As a lessee

Leases in terms of which the Group assumes substantially all of the risks and rewards of ownership were classified as finance leases. Vessels, property, plant and equipment acquired by way of finance lease was stated at an amount equal to the lower of its fair value and the present value of the minimum lease payments at inception of the lease, less accumulated depreciation (see below) and impairment losses (refer to accounting policy 12). Lease payments were accounted for as described in accounting policy 19.A.1. Other leases are operating leases and were not recognized in the Group’s statement of financial position.

2.    As a lessor

Payments received under operating leases were recognized in the income statement on a straight-line basis over the term of the lease. Lease incentives received were recognized as an integral part of the total lease expense, over the term of the lease. Minimum lease payments made under finance leases were apportioned between the finance expense and the reduction of the outstanding liability. The finance expense were allocated to each period during the lease term so as to produce a constant period rate of interest on the remaining balance of the liability.

20.    Finance income and finance cost

Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, interest receivable on funds invested, dividend income, foreign exchange gains and losses, and gains and losses on hedging instruments that are recognized in the consolidated statement of profit or loss (refer to accounting policy 8).

The 'effective interest rate' is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:

•    the gross carrying amount of the financial asset; or

•    the amortized cost of the financial liability.

In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortized cost of the liability.

Interest income is recognized in the consolidated statement of profit or loss as it accrues, taking into account the effective yield on the asset. Dividend income is recognized in the consolidated statement of profit or loss on the date that the dividend is declared. Interest income related to finance lease for the subleases is also recognized in the consolidated statement of profit or loss. as a finance income.

The interest expense component of lease liabilities is recognized in the consolidated statement of profit or loss using the effective interest rate method.

21.    Income tax

Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in OCI.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is recognized using the balance sheet method, in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax recognized is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantially enacted at the balance sheet date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity.

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A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

In application of an IFRIC agenda decision on IAS 12 Income taxes, tonnage tax is not accounted for as income taxes in accordance with IAS 12 and is not presented as part of income tax expense in the income statement but is shown as an administrative expense under the heading Other operating expenses. In accordance to IFRIC 23 the Group assesses whether there is any uncertainty over Income Tax Treatments. The amount is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes.

22.    Segment reporting

An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group's other components. The Group distinguishes two segments: the operation of crude oil tankers in the international markets and the floating storage and offloading operations (FSO/FpSO). The Group's internal organizational and management structure does not distinguish any geographical segments.

23.    Discontinued operations

A discontinued operation is a component of the Group’s business that represents a separate major line of business or geographical area of operations that has been disposed of or is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale, if earlier. When an operation is classified as a discontinued operation, the comparative statement of profit or loss is represented as if the operation had been discontinued from the start of the comparative period.

24.    New standards and interpretations not yet adopted

A number of new standards, amendments to standards and interpretations are not yet effective for the year ended 31 December, 2020, and have not been applied in preparing these consolidated financial statements. The amendments are not expected to have a material impact on the Group’s consolidated financial statements.

Amendments to IAS 1 Presentation of Financial statements: Classification of Liabilities as Current or Non-current, issued on 23 January 2020, clarify a criterion in IAS 1 for classifying a liability as non-current: the requirement for an entity to have the right to defer settlement of the liability for at least 12 months after the reporting period.

The amendments:

–specify that an entity’s right to defer settlement must exist at the end of the reporting period;

–clarify that classification is unaffected by management’s intentions or expectations about whether the entity will exercise its right to defer settlement;

–clarify how lending conditions affect classification; and

–clarify requirements for classifying liabilities an entity will or may settle by issuing its own equity instruments.

On July 15, 2020, the IASB issued Classification of Liabilities as Current or Non-current — Deferral of Effective Date (Amendment to IAS 1) deferring the effective date of the January 2020 amendments to IAS 1 by one year to annual reporting periods beginning on or after January 1, 2023. The amendments have not yet been endorsed by the EU.

Amendments to IFRS 3 Business Combinations; IAS 16 Property, plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual improvements, issued on 14 May 2020, include several narrow-scope amendments which are changes that clarify the wording or correct minor consequences, oversights or conflicts between requirements in the Standards:

–Amendments to IFRS 3 Business Combinations update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.

–Amendments to IAS 16 Property, Plant and Equipment prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognize such sales proceeds and related cost in profit

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or loss. The amendments also clarify that testing whether an item of PPE is functioning properly means assessing its technical and physical performance rather than assessing its financial performance.

–Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets specify which costs a company includes when assessing whether a contract will be loss-making. The amendments clarify that the ‘costs of fulfilling a contract’ comprise both: the incremental costs; and an allocation of other direct costs.

–Annual Improvements to IFRS Standards 2018–2020 make minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 Leases

The amendments are effective for annual periods beginning on or after 1 January 2022. These amendments have not yet been endorsed by the EU.

Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform – Phase 2 (issued on 27 August 2020) address issues that might affect financial reporting during the reform of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate benchmark with an alternative benchmark rate (replacement issues).

In Phase 2 of its project, the Board amended requirements in IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement, IFRS 7 Financial Instruments: Disclosures, IFRS 4 Insurance Contracts and IFRS 16 Leases relating to:

–changes in the basis for determining contractual cash flows of financial assets, financial liabilities and lease liabilities;

–hedge accounting; and

–disclosures.

The Phase 2 amendments apply only to changes required by the interest rate benchmark reform to financial instruments and hedging relationships. The amendments apply retrospectively from 1 January 2021 with earlier application permitted. Hedging relationships previously discontinued solely because of changes resulting from the reform will be reinstated if certain conditions are met. These amendments have not yet been endorsed by the EU.

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Note 2 - 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 large 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 on the one hand and with the consolidated statements of financial position and profit or loss on the other hand is presented in a separate column Equity-accounted investees.

The Group has one client in the Tankers segment that represented 6% of the Tankers segment total revenue in 2020 (2019: one client which represented 7% and in 2018 one client which represented 7%). All the other clients represent less than 6% of total revenues of the Tankers segment.

The Group has one client in the FSO segment.

The Group's internal organizational and management structure does not distinguish any geographical segments.

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Consolidated statement of financial position

(in thousands of USD)	December 31, 2020				December 31, 2019
ASSETS	Tankers	FSO	Less: Equity-accounted investees	Total	Tankers *	FSO *	Less: Equity-accounted investees *	Total
Vessels	2,875,348	115,248	(125,288)	2,865,308	3,198,993	131,958	(153,689)	3,177,262
Assets under construction	207,069	—	—	207,069	—	—	—	—
Right-of-use assets	52,955	—	—	52,955	58,908	—	—	58,908
Other tangible assets	1,759	—	—	1,759	2,265	—	—	2,265
Intangible assets	161	—	—	161	39	—	—	39
Receivables	46,419	—	8,635	55,054	52,502	—	18,581	71,083
Investments in equity accounted investees	2,822	—	48,881	51,703	2,355	—	47,967	50,322
Deferred tax assets	1,357	—	—	1,357	2,715	1,116	(1,116)	2,715
Total non-current assets	3,187,890	115,248	(67,772)	3,235,366	3,317,777	133,074	(88,257)	3,362,594
Total current assets	453,009	10,182	(11,318)	451,873	805,613	10,405	(13,769)	802,249
TOTAL ASSETS	3,640,899	125,430	(79,090)	3,687,239	4,123,390	143,479	(102,026)	4,164,843
EQUITY and LIABILITIES
Total equity	2,264,271	47,515	—	2,311,786	2,268,490	43,365	—	2,311,855
Bank and other loans	836,318	36,237	(36,237)	836,318	1,173,944	67,962	(67,962)	1,173,944
Other notes	198,279	—	—	198,279	198,571	—	—	198,571
Other borrowings	100,056	—	—	100,056	107,978	—	—	107,978
Lease liabilities	21,172	—	—	21,172	43,161	—	—	43,161
Other payables	6,893	242	(242)	6,893	3,809	539	(539)	3,809
Deferred tax liabilities	—	11,525	(11,525)	—	—	4,769	(4,769)	—
Employee benefits	7,987	—	—	7,987	8,094	—	—	8,094
Provisions	1,154	—	—	1,154	1,381	—	—	1,381
Total non-current liabilities	1,171,859	48,004	(48,004)	1,171,859	1,536,938	73,270	(73,270)	1,536,938
Total current liabilities	204,769	29,911	(31,086)	203,594	317,962	26,844	(28,756)	316,050
TOTAL EQUITY and LIABILITIES	3,640,899	125,430	(79,090)	3,687,239	4,123,390	143,479	(102,026)	4,164,843

Consolidated statement of profit or loss

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Note 1 - Significant accounting policies (Continued)

(in thousands of USD)	2020				2019				2018
	Tankers	FSO	Less: Equity-accounted investees	Total	Tankers *	FSO *	Less: Equity-accounted investees *	Total	Tankers	FSO	Less: Equity-accounted investees	Total
Shipping income
Revenue	1,241,252	49,949	(60,451)	1,230,750	933,823	49,461	(50,907)	932,377	600,024	49,155	(49,155)	600,024
Gains on disposal of vessels/other tangible assets	23,107	—	(379)	22,728	14,879	—	—	14,879	19,138	—	—	19,138
Other operating income	9,907	2,577	(2,372)	10,112	10,075	3,351	(3,332)	10,094	4,775	72	(72)	4,775
Total shipping income	1,274,266	52,526	(63,202)	1,263,590	958,777	52,812	(54,239)	957,350	623,937	49,227	(49,227)	623,937
Operating expenses
Voyage expenses and commissions	(129,833)	—	4,403	(125,430)	(145,047)	2	364	(144,681)	(141,416)	(1)	1	(141,416)
Vessel operating expenses	(213,489)	(12,014)	14,869	(210,634)	(212,010)	(12,657)	12,872	(211,795)	(185,792)	(9,637)	9,637	(185,792)
Charter hire expenses	(5,410)	—	(2,544)	(7,954)	(604)	—	—	(604)	(31,114)	—	—	(31,114)
Losses on disposal of vessels/other tangible assets	(1)	—	—	(1)	(75)	—	—	(75)	(273)	—	—	(273)
Impairment on non-current assets held for sale	—	—	—	—	—	—	—	—	(2,995)	—	—	(2,995)
Depreciation tangible assets	(323,216)	(16,710)	20,274	(319,652)	(338,036)	(18,071)	18,461	(337,646)	(270,582)	(18,071)	18,071	(270,582)
Depreciation intangible assets	(99)	—	—	(99)	(56)	—	—	(56)	(111)	—	—	(111)
General and administrative expenses	(65,606)	(560)	668	(65,498)	(66,958)	(283)	351	(66,890)	(66,235)	(425)	428	(66,232)
Total operating expenses	(737,654)	(29,284)	37,670	(729,268)	(762,786)	(31,009)	32,048	(761,747)	(698,518)	(28,134)	28,137	(698,515)
RESULT FROM OPERATING ACTIVITIES	536,612	23,242	(25,532)	534,322	195,991	21,803	(22,191)	195,603	(74,581)	21,093	(21,090)	(74,578)
Finance income	20,045	21	1,430	21,496	20,399	147	26	20,572	15,023	160	(160)	15,023
Finance expenses	(91,645)	(3,295)	3,387	(91,553)	(119,809)	(4,558)	4,564	(119,803)	(89,412)	(3,795)	3,795	(89,412)
Net finance expenses	(71,600)	(3,274)	4,817	(70,057)	(99,410)	(4,411)	4,590	(99,231)	(74,389)	(3,635)	3,635	(74,389)
Gain on bargain purchase	—	—	—	—	—	—	—	—	23,059	—	—	23,059
Share of profit (loss) of equity accounted investees (net of income tax)	467	—	10,450	10,917	440	—	16,020	16,460	220	—	15,856	16,076
Profit (loss) before income tax	465,479	19,968	(10,265)	475,182	97,021	17,392	(1,581)	112,832	(125,691)	17,458	(1,599)	(109,832)
Income tax expense	(1,944)	(10,265)	10,265	(1,944)	(602)	(1,581)	1,581	(602)	(238)	(1,599)	1,599	(238)
Profit (loss) for the period	463,535	9,703	—	473,238	96,419	15,811	—	112,230	(125,929)	15,859	—	(110,070)

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Attributable to:
Owners of the company	463,535	9,703	—	473,238	96,419	15,811	—	112,230	(125,929)	15,859	—	(110,070)

Summarized consolidated statement of cash flows

(in thousands of USD)	2020				2019				2018
	Tankers	FSO	Less: Equity-accounted investees	Total	Tankers *	FSO *	Less: Equity-accounted investees *	Total	Tankers	FSO	Less: Equity-accounted investees	Total
Net cash from (used in) operating activities	958,798	36,328	(25,341)	969,785	259,109	41,278	(28,396)	271,991	843	40,672	(40,674)	841
Net cash from (used in) investing activities	(110,314)	—	(6,792)	(117,106)	44,211	—	(461)	43,750	190,042	—	—	190,042
Net cash from (used in) financing activities	(995,151)	(36,503)	31,953	(999,701)	(178,587)	(41,491)	28,891	(191,187)	(160,165)	(42,164)	42,164	(160,165)
Capital expenditure	(226,663)	—	1,252.5	(225,410)	(30,173)	—	22,120	(8,053)	(238,065)	—	—	(238,065)

* The Group initially applied IFRS 16 at 1 January 2019, which requires the recognition of right-of-use assets and lease liabilities for lease contracts that were previously classified as operating leases. As a result, the Group recognized $87.6 million of right-of-use assets and $105.3 million of liabilities from those lease contracts. The assets and liabilities are included in the Tankers and FSO segments as at 31 December 2020 and 31 December 2019. The Group has applied IFRS 16 using the modified retrospective approach, under which comparative information is not restated (see Note 1.19).

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Note 3 - 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)	December 31, 2020	December 31, 2019	December 31, 2018
Vessels	—	12,705	42,000
Of which in Tankers segment	—	12,705	42,000
Of which in FSO segment	—	—	—

(in thousands of USD)	(Estimated) Net sale price	Book Value	Asset Held For Sale	Impairment Loss	(Expected) Gain
At January 1, 2019	—	—	42,000	—	—
Assets transferred to assets held for sale
Finesse	21,003	12,705	12,705	—	8,298
Assets sold from assets held for sale
Felicity	42,000	42,000	(42,000)	—	—
At December 31, 2019	—	—	12,705	—	8,298
At January 1, 2020	—	—	12,705	—	—
Assets sold from assets held for sale
Finesse	21,003	12,705	(12,705)	—	8,298
At December 31, 2020	—	—	—	—	8,298

On January 23, 2020, the Company sold the Suezmax Finesse (2003 - 149,994 dwt), for $21.8 million. The fair value less cost of disposal amounted to 21.0 million. This vessel was accounted for as a non-current asset held for sale as at December 31, 2019, and had a carrying value of $12.7 million as of that date. The vessel was delivered to its new owner on February 21, 2020. Taking into account the sales commission, the net gain on this vessel amounts to $8.3 million and was recorded in the consolidated statement of profit or loss in the first quarter of 2020 (see Note 8).

As of December 31, 2020, the Group had no assets held for sale.

Discontinued operations

As of December 31, 2020 and December 31, 2019, the Group had no operations that meet the criteria of a discontinued operation.

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Note 4 – Revenue and other operating income

(in thousands of USD)	2020				2019
	Tankers	FSO	Less: Equity-accounted investees	Total	Tankers	FSO	Less: Equity-accounted investees	Total
Pool Revenue	715,812	—	594	716,406	524,840	—	7	524,847
Spot Voyages	410,256	—	(9,799)	400,457	318,674	—	(1,453)	317,221
Revenue from contracts with customers	1,126,068	—	(9,205)	1,116,863	843,514	—	(1,446)	842,068
Time Charters	115,184	49,949	(51,246)	113,887	90,309	49,461	(49,461)	90,309
Lease income	115,184	49,949	(51,246)	113,887	90,309	49,461	(49,461)	90,309
Total revenue	1,241,252	49,949	(60,451)	1,230,750	933,823	49,461	(50,907)	932,377
Other operating income	—	—	—	10,112	—	—	—	10,094

For the accounting treatment of revenue, we refer to the accounting policies (see Note 1.17) - Revenue.

The increase in revenue is mostly related to the increase in pool and spot voyage revenue which is due to improved rates compared to 2019. The increase in revenue from time charters is also due to favorable market conditions and a slightly higher number of vessels on time charter.

The increase in time charter rates compared to 2019 is related to the fact that as from the end of the first quarter of 2020, the tanker market benefited from the development of three key factors. Firstly, unilateral actions were taken by Saudi Arabia in simultaneously cutting their oil prices but also raising their crude oil exports. This prompted a large short-term increase in demand for tanker tonnage, primarily in the VLCC sector. Secondly, the restrictions taken by governments to curtail the COVID-19 virus globally curbed economic activity and consequently crude oil consumption. This led to a steep and rapid disconnect between crude oil demand and supply alongside a wide contango. Thirdly, this pricing structure itself further incentivised the storage of crude oil for financial gain during April/May 2020, thus increasing short-term the demand for tonnage to store this excess oil.

The disruption to tanker markets from these factors combined to take between 7-9% of the global trading fleet for storage purposes (300 million barrels). These features combined to create a highly favourable tanker freight market from February until August reflected in strong revenues for the Company. The OPEC plus nations agreed to a 9.7M bpd cut to production of global crude (out of 100M bpd daily output) applicable from May 2020. However, the impact of these cuts was not felt in tanker markets until the third quarter 2020 given the positive disruption from storage on fleet supply. The returning vessels from storage from August 2020 onwards combined with fewer available cargoes from the production cuts has led to a challenging freight market from August 2020 onwards.

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.

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Note 5 - Expenses for shipping activities and other expenses from operating activities

Voyage expenses and commissions

(in thousands of USD)	2020	2019	2018
Commissions paid	(12,748)	(10,130)	(8,193)
Bunkers	(98,761)	(101,947)	(103,920)
Other voyage related expenses	(13,921)	(32,604)	(29,303)
Total voyage expenses and commissions	(125,430)	(144,681)	(141,416)

The voyage expenses and commissions decreased in 2020 compared to 2019 mainly due to a decrease in other voyage related expenses. For vessels operated on the spot market, voyage expenses are paid by the shipowner while voyage expenses for vessels under a time charter contract, are paid by the charterer. Voyage expenses for vessels operated in a Pool, are paid by the Pool.

The majority of other voyage expenses are port costs, agency fees and agent fees paid to operate the vessels on the spot market. Port costs vary depending on the number of spot voyages performed, number and type of ports. The decrease in other voyage related expenses in 2020 compared to 2019 is due to changed trading patterns.

Bunker expenses decreased compared to last year due to a change in the composition of the fleet for vessels operated on the spot.

Vessel operating expenses

(in thousands of USD)	2020	2019	2018
Operating expenses	(196,677)	(196,739)	(172,589)
Insurance	(13,957)	(15,056)	(13,203)
Total vessel operating expenses	(210,634)	(211,795)	(185,792)

The operating expenses relate mainly to the crewing, technical and other costs to operate tankers. In 2020 these expenses were in line with 2019.

Charter hire expenses

(in thousands of USD)	2020	2019	2018
Charter hire	(7,954)	(604)	6
Bare boat hire	—	—	(31,120)
Total charter hire expenses	(7,954)	(604)	(31,114)

The charter-hire expenses in 2020 are entirely attributable to internal short term time charter agreement with our joint venture Bari Shipholding Ltd. and the hire expenses for the barge (Dragon Satu) in relation to the bunker fuel strategy. The Group elected to apply the short-term lease exemption and accordingly, the lease payments were recognized as an expense and right-of-use assets and lease liabilities were not recognized.

Due to the adoption of IFRS 16 on January 1, 2019, whereby the costs related to the bareboat agreements are now recognized in depreciation and amortization expenses for the depreciation of the right-of-use asset over the remaining lease term and finance expense, the bareboat charter-hire expenses remain zero

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

General and administrative expenses

(in thousands of USD)	2020	2019	2018
Wages and salaries	(19,806)	(25,050)	(16,247)
Social security costs	(3,269)	(3,430)	(3,746)
Provision for employee benefits (Note 17)	(545)	(134)	(111)
Cash-settled share-based payments (Note 23)	1,338	(2,455)	(505)
Equity-settled share-based payments (Note 23)	(140)	—	(37)
Other employee benefits	(4,450)	(3,713)	(7,607)
Employee benefits	(26,872)	(34,782)	(28,253)
Administrative expenses	(35,565)	(31,226)	(33,485)
Tonnage Tax	(3,459)	(1,313)	(4,436)
Claims	10	(17)	(100)
Provisions	388	448	42
Total general and administrative expenses	(65,498)	(66,890)	(66,232)
Average number of full time equivalents (shore staff)	185.66	184.90	161.77

The general and administrative expenses which include amongst others: shore staff wages, director fees, office rental, consulting and audit fees and tonnage tax, decreased in 2020 compared to 2019. This decrease was mainly related to the merger with Gener8 Maritime Inc. and the settlement following the stepping down of the CEO Paddy Rodgers, which had an impact on wages and salaries in 2019.

This decrease was offset by an increase in administrative expenses. The increase in administrative expense is mainly related to an increase in TI admin fees due to a better freight market in 2020 and higher IT expenses.

Furthermore the legal and other fees decreased in 2020, as well as travel and meal expenses due to COVID-19 restrictions.

Tonnage tax increased in 2020 compared to 2019 due to the reversal of the voluntary tonnage tax provision in 2019, which was waived as a result of a change in the tonnage tax regime. The voluntary tonnage tax is no longer applicable to the Group as from 2019.

The provision for employee benefits decreased in 2020 compared to 2019. This decrease resulted from the vesting of the first tranche of the TBIP 2019 and one-third of the LTIP 2016, LTIP 2017 and LTIP 2018 (see Note 14 and 17).

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Note 6 - Net finance expense

Recognized in profit or loss

(in thousands of USD)	2020	2019	2018
Interest income	6,487	6,529	4,106
Foreign exchange gains	15,009	14,043	10,917
Finance income	21,496	20,572	15,023
Interest expense on financial liabilities measured at amortized cost	(62,350)	(84,378)	(67,956)
Interest leasing	(3,287)	(4,811)	—
Fair value adjustment on interest rate swaps	(108)	(8,533)	(2,790)
Other financial charges	(9,936)	(7,474)	(6,802)
Foreign exchange losses	(15,872)	(14,607)	(11,864)
Finance expense	(91,553)	(119,803)	(89,412)
Net finance expense recognized in profit or loss	(70,057)	(99,231)	(74,389)

Interest expense on financial liabilities measured at amortized cost decreased during the year ended December 31, 2020, compared to 2019. This decrease was attributable to a decrease in the average outstanding debt combined with decreased interest rates and was partially offset by an increase in the interest expenses on the sale and leaseback agreement for three VLCCs entered into on December 30, 2019 (see Note 16).

Interest leasing is the interest on lease liabilities.

Fair value adjustment on interest rate swaps relate primarily to the amortization over the remaining duration of the interest rate swaps which were acquired in the Gener8 Maritime Inc. merger. Three IRSs related to the Gener8 Maritime Inc. merger were settled in the third quarter of 2019 and the two remaining had a duration matching the repayment profile of the underlying facility and matured in September 2020 (see Note 14).

The above finance income and expenses include the following in respect of assets (liabilities) not recognized at fair value through profit or loss:

	2020	2019	2018
Total interest income on financial assets	6,487	6,529	4,106
Total interest expense on financial liabilities	(62,350)	(84,378)	(67,956)
Total interest leasing	(3,287)	(4,811)	—
Total other financial charges	(9,936)	(7,474)	(6,802)

Recognized directly in equity

(in thousands of USD)	2020	2019	2018
Foreign currency translation differences for foreign operations	636	(112)	(157)
Cash flow hedges - effective portion of changes in fair value	(2,873)	(1,885)	(2,698)
Net finance expense recognized directly in equity	(2,237)	(1,997)	(2,855)
Attributable to:
Owners of the Company	(2,237)	(1,997)	(2,855)
Net finance expense recognized directly in equity	(2,237)	(1,997)	(2,855)
Recognized in:
Translation reserve	636	(112)	(157)
Hedging reserve	(2,873)	(1,885)	(2,698)

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Note 7 - Income tax benefit (expense)

(in thousands of USD)	2020	2019	2018
Current tax
Current period	(575)	(1,066)	(37)
Total current tax	(575)	(1,066)	(37)
Deferred tax
Recognition of unused tax losses/(use of tax losses)	(1,369)	474	(195)
Other	—	(10)	(6)
Total deferred tax	(1,369)	464	(201)
Total tax benefit/(expense)	(1,944)	(602)	(238)

Reconciliation of effective tax	2020			2019			2018
Profit (loss) before tax			475,182			112,832			(109,832)
Tax at domestic rate	(25.00)	%	(118,796)	(29.58)	%	(33,376)	(29.58)	%	32,488
Effects on tax of :
Tax exempt profit / loss			241			317			(50)
Tax adjustments for previous years			—			34			9
Loss for which no DTA (*) has been recognized			(61)			(26)			(1,037)
Non-deductible expenses			(482)			(538)			(962)
Use of previously unrecognized tax losses and tax credits			267			4,066			—
Tonnage Tax regime			115,174			24,534			(33,602)
Effect of share of profit of equity-accounted investees			2,613			2,482			4,690
Effects of tax regimes in foreign jurisdictions			(900)			1,905			(1,774)
Total taxes	(0.41)	%	(1,944)	(0.53)	%	(602)	0.22	%	(238)

In application of an IFRIC agenda decision on ‘IAS 12 Income taxes’, tonnage tax is not accounted for as income taxes in accordance with IAS 12 and is not presented as part of income tax expense in the consolidated statement of profit or loss but

has been shown as an administrative expense under the heading General and administrative expenses. The amount paid for tonnage tax in the year ended December 31, 2020 was $3.5 million (2019: $1.3 million) (see Note 5).

* Deferred Tax Asset

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Note 8 - Property, plant and equipment

(in thousands of USD)	Vessels	Vessels under construction	Right-of-use assets	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	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 (Note 3)	(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	(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 January 1, 2020
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
Acquisitions	17,835	207,069	25,701	285	250,890
Disposals and cancellations	(42,641)	—	—	(2)	(42,643)
Depreciation charges	(287,148)	—	(31,702)	(802)	(319,652)
Translation differences	—	—	48	13	61
Balance at December 31, 2020	2,865,308	207,069	52,955	1,759	3,127,091
At December 31, 2020
Cost	4,608,326	207,069	113,859	5,189	4,934,443
Depreciation & impairment losses	(1,743,018)	—	(60,904)	(3,430)	(1,807,352)
Net carrying amount	2,865,308	207,069	52,955	1,759	3,127,091

In 2020, the Hakata, Hakone, Filikon, Sofia, Statia, Dominica and Dia have been dry-docked. The cost of planned repairs 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.

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Note 8 - Property, plant and equipment (Continued)

On October 27, 2020 and November 6, 2020, the Company entered into a time charter agreement for two Suezmaxes, Marlin Sardinia and Marlin Somerset (see Note 20). In accordance with IFRS, the Group recognized a right-of-use asset of $24.9 million.

The group had four vessels under construction at December 31, 2020 for an aggregate amount of $207.1 million (2019: no vessels under construction). The amounts presented within "vessels under construction" relate to four Eco-type VLCCs.

Disposal of assets – Gains/losses

(in thousands of USD)	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)
	Sale price	Book Value	Gain	Loss
Finesse - Sale	21,003	12,705	8,298	—
Cap Diamant - Sale	20,072	7,242	12,830	—
TI Hellas - Sale	37,000	35,400	1,600	—
At December 31, 2020	78,075	55,347	22,728	—

On January 23, 2020 the Company sold the Suezmax Finesse (2003 - 149,994 dwt), for $21.0 million. This vessel was accounted for as a non-current asset held for sale as at December 31, 2019 and had a carrying value of $12.7 million. The vessel was delivered to its new owner on February 21, 2020 and the capital gain of $8.3 million was recorded in the first quarter of 2020.

On March 20, 2020, Euronav sold the Suezmax Cap Diamant (2001 - 160,044 dwt) for a net sale price of $20.1 million. The Company recorded a capital gain of $12.8 million in the second quarter of 2020 upon delivery to its new owner on April 9, 2020.

On April 22, 2020, Euronav sold the VLCC TI Hellas (2005 - 319,254 dwt) for a net sale price of $37.0 million. A capital gain of $1.6 million was recorded in the second quarter of 2020 upon delivery to its new owner on June 5, 2020.

Impairment

In previous years Euronav carefully assessed through a detailed approach if the carrying amounts of the vessels would require an impairment. No impairment was booked so far. In 2019 the Group did not perform an impairment test because no indicators of impairment were present.

This year, and both for the CGUs under the tankers segment and the FSO segment (as defined in Note 2), the Group performed a review of the internal as well as external indicators of impairment to consider whether further testing was necessary. As of December 31, 2020, the significant drop in market rates and the very low share price of the Group were identified as two indicators which triggered the requirement to perform a more in-depth impairment analysis (2019: no such indicators were

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Note 8 - Property, plant and equipment (Continued)

present) for CGUs under the tankers segment. For the FSO segment, the Group concluded that the impairment indicator ‘market rates’ was not applicable following the conclusion of the profitable extension agreements until the end of the FSOs’ useful lives. Hence, the annual impairment tests were performed for the defined cash-generating units under the tankers segment. The recoverable amount of those cash-generating units has been determined based on a value-in-use calculation using cash flow projections generated. This exercise is complex and requires various estimates to be made, relating to, among other things, vessel values, future freight rates, earnings from the vessels, discount rates and economic life of vessels. These assumptions, and in particular for estimating future charter rates, are based on historical trends and current market conditions, as well as future expectations, the latter integrating the impact of weaker TCE because of COVID-19. The same methodology used in previous years was applied which takes into consideration the volatile character of the tanker business by considering a full shipping cycle defined from peak to the next peak level while applying a weighing to the past cycles. The Weighted Average Cost of Capital ('WACC') used to calculate the value in use was 5.45%.

The most significant factors that could impact management’s assumptions regarding future time charter equivalent rates include (i) unanticipated changes in demand for transportation of crude oil cargoes, (ii) changes in production or supply of or demand for oil, generally or in specific geographical regions, (iii) the levels of tanker newbuilding orders or the levels of tanker scrappings, (iv) changes in rules and regulations applicable to the tanker industry, including legislation adopted by international organizations such as the IMO or by individual countries and vessels’ flag states.

The assessment did not indicate that the carrying amounts of the cash generating units, including right of use assets, may be higher than its recoverable amount. Whilst no impairment is required this year, we cannot assure this will be also the case in the future. Any impairment charge incurred could negatively affect our financial condition, operating results, the value of our shares and amount of dividend.

With an increase of the WACC of 200bps to 7.45%, the analysis would also indicate that the carrying amount of the vessels as of December 31, 2020 is not impaired. This weighting and forecasting on the ongoing cycle is based on management judgement, but none of the full cycles, with or without management forecasting of the ongoing cycle or the sole use of the ongoing cycle would lead to an impairment.

When using 10-year historical charter rates in this impairment analysis, the impairment analysis indicates that an impairment is required for the tanker fleet of USD 0.7 million. When using 5-year historical charter rates in this impairment analysis, the impairment analysis indicates that an impairment is required for the tanker fleet of USD 2.4 million and when using 1-year historical charter rates in this impairment analysis, the impairment analysis indicates that no impairment is required for the tanker fleet.

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Note 8 - Property, plant and equipment (Continued)

Security

All tankers financed are subject to a mortgage to secure bank loans (see Note 16).

Capital commitment

As at December 31, 2020 the Group's total capital commitments amounts to $172.1 million (December 31, 2019 no capital commitments). These capital commitments relate to three out of the four VLCC newbuilding contracts entered into in 2020. The capital commitments can be detailed as follows:

(in thousands of USD)	Total	2021	2022
Commitments in respect of VLCCs	172,100	172,100	—
Commitments in respect of Suezmaxes	—	—	—
Commitments in respect of FSOs	—	—	—
Total	172,100	172,100	—

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Note 9 - Deferred tax assets and liabilities

Recognized deferred tax assets and liabilities

Deferred tax assets and liabilities are attributable to the following:

(in thousands of USD)	ASSETS	LIABILITIES	NET
Employee benefits	26	—	26
Unused tax losses & tax credits	29,011	—	29,011
Unremitted earnings	—	(26,322)	(26,322)
	29,037	(26,322)	2,715
Offset	(26,322)	26,322
Balance at December 31, 2019	2,715	—
Employee benefits	29	—	29
Unused tax losses & tax credits	27,650	—	27,650
Unremitted earnings	—	(26,322)	(26,322)
	27,679	(26,322)	1,357
Offset	(26,322)	26,322
Balance at December 31, 2020	1,357	—

Unrecognized deferred tax assets and liabilities

Deferred tax assets and liabilities have not been recognized in respect of the following items:

(in thousands of USD)	December 31, 2020		December 31, 2019
	ASSETS	LIABILITIES	ASSETS	LIABILITIES
Deductible temporary differences	38	—	290	—
Taxable temporary differences	—	(12,162)	—	(12,162)
Tax losses & tax credits	64,923	—	59,772	—
	64,961	(12,162)	60,062	(12,162)
Offset	(12,162)	12,162	(12,162)	12,162
Total	52,799	—	47,900	—

The unrecognized deferred tax assets in respect of tax losses and tax credits relates to tax losses carried forward, investment deduction allowances and excess dividend received deduction. Tax losses and tax credits have no expiration date.

The increase in unrecognized deferred tax assets is mainly due to currency translations.

A deferred tax asset ('DTA') is recognized for unused tax losses and tax credits carried forward, to the extent that it is probable that future taxable profits will be available. The Group considers future taxable profits as probable when it is more likely than not that taxable profits will be generated in the foreseeable future. When determining whether probable future taxable profits are available the probability threshold is applied to portions of the total amount of unused tax losses or tax credits, rather than the entire amount.

Given the nature of the tonnage tax regime, the Group has a substantial amount of unused tax losses and tax credits for which no future taxable profits are probable and therefore no DTA has been recognized.

No deferred tax liabilities have been recognized for temporary differences related to vessels for which the Group expects that the reversal of these differences will not have a tax effect.

In December 2017, changes to the Belgian corporate income tax rate were enacted, lowering the rate to 29.58% as from 2018 and to 25% from 2020. These changes have been reflected in the calculation of the amounts of deferred tax assets and liabilities in respect of Belgian Group entities as at December 31, 2020 and December 31, 2019.

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Note 9 - Deferred tax assets and liabilities (Continued)

Movement in deferred tax balances during the year

(in thousands of USD)	Balance at Jan 1, 2018	Recognized in income	Recognized in equity	Translation differences	Balance at Dec 31, 2018
Provisions	1	(1)	—	—	—
Employee benefits	44	(5)	—	(2)	37
Unused tax losses & tax credits	2,442	(195)	—	(29)	2,218
Total	2,487	(201)	—	(31)	2,255
	Balance at Jan 1, 2019	Recognized in income	Recognized in equity	Translation differences	Balance at Dec 31, 2019
Provisions	—	—	—	—	—
Employee benefits	37	(10)	—	(1)	26
Unused tax losses & tax credits	2,218	474	—	(3)	2,689
Total	2,255	464	—	(4)	2,715
	Balance at Jan 1, 2020	Recognized in income	Recognized in equity	Translation differences	Balance at Dec 31, 2020
Provisions	—	—	—	—	—
Employee benefits	26	—	—	3	29
Unused tax losses & tax credits	2,689	(1,369)	—	8	1,328
Total	2,715	(1,369)	—	11	1,357

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Note 10 - Non-current receivables

(in thousands of USD)	December 31, 2020	December 31, 2019
Shareholders loans to joint ventures	33,936	60,379
Derivatives	2	—
Other non-current receivables	14,434	2,094
Lease receivables	6,681	8,609
Investment	1	1
Total non-current receivables	55,054	71,083

Following the sale of the Suezmax Bastia in September 2020, the shareholders loan to Bastia Shipholding Ltd. was fully repaid. Please refer to Note 26 for more information on the shareholders loans to joint ventures.

The increase in other non-current receivables is related to the issuance of a bank guarantee for the amount of $12.3 million through a cash deposit in the context of the enforcement proceedings lodged by Unicredit on January 15, 2021 (see Note 21).

The lease receivables relate to the subleases of office space to third parties regarding the leased offices of Euronav UK and Euronav MI II Inc. (formerly Gener8 Maritime Inc.).

The maturity date of the non-current receivables is as follows:

(in thousands of USD)	December 31, 2020	December 31, 2019
Receivable:
Within two years	2,100	1,959
Between two and three years	2,305	2,076
Between three and four years	18,862	2,278
Between four and five years	2,764	38,754
More than five years	29,023	26,016
Total non-current receivables	55,054	71,083

Because the shareholders loans are perpetual non-amortizing loans, these non-current receivables are presented as maturing after 5 years with the exception of the shareholders loans to Bari Shipholding Ltd. which will mature in 2024.

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Note 11 - Bunker inventory

The Group has set up a Bunker Fuel Management Group to manage the fuel oil exposure in the future relating to the IMO 2020 requirements. IMO 2020 requires the vessels to operate with low sulfur fuel (LSFO) which was expected to be higher priced due to anticipated or potential shortage in the production of LSFO in the first months of 2020 compared to demand. The activity involves the purchase and storage of compliant fuel oil inventory on board of a Euronav vessel, the ULCC Oceania, so that there would be a safety inventory available for the use on our own fleet.

The bunker inventory purchased and stored on this Euronav vessel is accounted for at the lower of cost and net realizable value with cost being determined on a weighted average basis. The cost includes: the purchase price, initial fuel inspection costs, the transport and handling costs for loading the bunker on our vessel and the effective portion of the change in fair value of derivatives (see Note 14) designated as cashflow hedge of the underlying index between commitment and pricing.

In the course of 2020, the Company purchased an additional 179,927 metric ton (2019: 420,000 metric ton) of compliant fuel for an amount of $49.7 million (2019: $202.3 million) (all costs included). As of December 31, 2020 the carrying amount of the total bunker inventory amounted to $75.8 million (2019: $183.4 million) of which $57.7 million (2019: $164.0 million) was the carrying amount of the bunker inventory related to the purchase and storage of compliant fuel oil inventory on board of the Oceania.

The compliant fuel has already been partially transferred to our fleet and will continue to be transferred and used in the course of 2021. $22.7 million (2019: $0) has been recognized as bunker expense in the consolidated statement of profit or loss during 2020 which is included under voyage expenses and commissions (as discussed in Note 5). As of December 31, 2020 the carrying amount of the bunker inventory on board of our vessels amounted to $18.1 million (2019: $19.4 million). Bunkers delivered to vessels operating in the TI Pool, are sold to the TI Pool and bunkers on board of these pooled vessels are no longer shown as bunker inventory but as trade and other receivables.

In compliance with the accounting policy no write-down had to be considered at the course of 2020 as the net realizable value remained positive as the bunker fuel is being used in the end product because future TCE was estimated as high enough to recoup higher cost. As of December 31, 2020, the market price of compliant fuel oil exceeded our weighted average cost.

The inventory is pledged as security to the $100 million loan facility.

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Note 12 - Trade and other receivables - current

(in thousands of USD)	December 31, 2020	December 31, 2019
Receivable from contracts with customers	70,658	105,925
Receivable from contracts with customers - TI Pool	99,236	149,800
Accrued income	8,149	20,815
Accrued interest	441	678
Deferred charges	21,239	19,134
Deferred fulfillment costs	714	2,556
Other receivables	12,046	8,220
Lease receivables	1,981	1,802
Derivatives	15	57
Total trade and other receivables	214,479	308,987

The decrease in receivables from contracts with customers mainly relates to a decrease in market freight rates at year-end.

The decrease in receivables from contracts with customers - TI Pool relates to income to be received by the Group from the Tankers International Pool. These amounts decreased in 2020 mainly due to lower working capital per vessel in the Pool as a result of Tankers International drawing under their working capital credit lines and the decrease in market freight rates as from August 2020 onwards and for the remainder of 2020.

The decrease in accrued income is mainly related to lower market freight rates at year-end and the timing of the cut-off in the voyages in progress at year-end.

Fulfillment costs represent primarily bunker costs incurred between the date on which the contract of a spot voyage charter was concluded and the next load port. These expenses are deferred according to IFRS 15 Revenue from Contracts with Customers and are amortized on a systematic basis consistent with the pattern of transfer of service.

The increase in other receivables relate mainly to outstanding receivables of several commodity swaps or futures in connection with the low sulfur fuel oil strategy (see Note 14).

The lease receivables relate to the sublease of office space to third parties regarding the leased offices of Euronav UK and Euronav MI II Inc. (formerly Gener8 Maritime Inc).

For currency and credit risk, we refer to Note 19.

Note 13 - Cash and cash equivalents

(in thousands of USD)	December 31, 2020	December 31, 2019
Bank deposits	—	215,000
Cash at bank and in hand	161,478	81,954
TOTAL	161,478	296,954

No bank deposits were held at December 31, 2020 due to very low interest rates. All cash is in different banks which all have a high credit rating.

The bank deposits as at December 31, 2019 had an average maturity of 8 days.

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Note 14 - Equity

Number of shares issued

(in shares)	December 31, 2020	December 31, 2019	December 31, 2018
On issue at 1 January	220,024,713	220,024,713	159,208,949
Issued in business combination	—	—	60,815,764
On issue at 31 December - fully paid	220,024,713	220,024,713	220,024,713

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 $9.10 each (see Note 25) increasing the number of shares issued to 220,024,713 shares (see Note 15). This resulted in an increase of $66.1 million in share capital and $487.3 million share premium.

As at December 31, 2020, the share capital is represented by 220,024,713 shares. The shares have no nominal value.

As at December 31, 2020, the authorized share capital not issued amounts to $83,898,616 (2019: $83,898,616 and 2018: $83,898,616) or the equivalent of 77,189,888 shares (2019: 77,189,888 and 2018: 77,189,888 shares).

The holders of ordinary shares are entitled to receive dividends when declared and are entitled to one vote per share at the shareholders' meetings of the Group.

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 $220.0 million facility raised in March 2018 (Note 16), entered on June 29, 2018 in several Interest Rate Swaps (IRSs) for a combined notional value of $208.8 million (Euronav’s share amounts to 50%). These IRSs are 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 between one and two 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 notional value of these instruments at December 31, 2020 amounted to $90.4 million. The fair value of these instruments at December 31, 2020 amounted to $(2.4) million (100%), of which $(5) thousand was reflected in OCI at the level of the JV companies in 2020 (Note 26).

The Group, through the acquisition of Gener8 Maritime Inc. on June 12, 2018, acquired several IRSs for a combined notional value of $668.0 million. These IRSs were 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. Three IRSs have been settled in 2019 (see Note 6) and the two matured in September 2020.

The Group, through the long term charter parties with Valero for two Suezmaxes (Cap Quebec and Cap Pembroke), entered on March 28, 2018 and April 20, 2018, in two IRSs for a combined notional value of $86.8 million. These IRSs are 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 the same duration as the long term charter parties matching the repayment profile of the underlying $173.6 million facility and mature on March 28, 2025. The notional value of these instruments at December 31, 2020 amounted to $70.1 million. The fair value of these instruments at December 31, 2020 amounted to $(6.0) million (see Note 18) and $(2.6) million has been recognized in OCI in 2020.

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Note 14 - Equity (Continued)

The Group entered on December 7, 2018 into two forward cap contracts (CAPs) with a strike at 3.25% starting on October 1, 2020, to hedge against future increase of interest rates with a notional value of $200.0 million 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 CAPs have a maturity date at October 3, 2022. The notional value of these instruments at December 31, 2020 amounted to $200.0 million. The fair value of these instruments at December 31, 2020 amounted to $15 thousand (see Note 12) and $0.1 million has been recognized in OCI in 2020.

During 2019 and the beginning of 2020, the Group entered into several commodity swaps and futures in connection with its low sulfur fuel oil project for a combined notional value of $25.8 million and $133.6 million, respectively. These swaps are used to hedge a potential increase in the index underlying the price of low sulfur fuel between the purchase date and the delivery date of the product, i.e. when title to the low sulfur fuel is actually transferred. These instruments qualified as hedging instruments in a cash flow hedge relationship under IFRS9. These instruments were measured at their fair value; effective changes in fair value were recognized in OCI and the ineffective portion was recognized in profit or loss. All swaps were settled in 2020 upon delivery of the fuel.

The Group, through the long term charter parties with Valero for two Suezmaxes (Cap Corpus Christi and Cap Port Arthur), entered on October 26, 2020 in two IRSs for a combined notional value of $70.1 million with effective date in 2021. These IRSs are 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 the same duration as the long term charter parties matching the repayment profile of the underlying $173.6 million facility and mature on September 28, 2025. The notional value of these instruments at December 31, 2020 amounted to $70.1 million. The fair value of these instruments at December 31, 2020 amounted to $(0.3) million (see Note 18) and $(0.3) million has been recognized in OCI in 2020.

The Group entered in the second half of 2020 in six Interest Rate Swaps (IRSs) for a combined notional value of $237.2 million with effective date in 2021. These IRSs are used to hedge the risk related to the fluctuation of the LIBOR rate in connection with the new $713.0 million sustainability linked loan 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 mature on March 11, 2025. The notional value of these instruments at December 31, 2020 amounted to $237.2 million. The fair value of these instruments at December 31, 2020 amounted to $(0.1) million (see Note 18) and $(0.1) million has been recognized in OCI in 2020.

Treasury shares

As of December 31, 2020 Euronav owned 18,346,732 of its own shares, compared to 4,946,216 of shares owned on December 31, 2019. In the twelve months period ended December 31, 2020, Euronav bought back 13,400,516 shares at an aggregate cost of $118.5 million.

Dividends

During its meeting of May 5, 2020, the Supervisory Board of Euronav approved an interim dividend for the first quarter of 2020 of $0.81 per share. The interim dividend of $0.81 per share was payable as from June 26, 2020. The interim dividend to holders of Euronext shares was paid in EUR at the USD/EUR exchange rate of the record date.

On May 20, 2020, the Annual Shareholders' meeting approved a full year dividend for 2019 of $0.35 per share. Taking into account the interim dividend approved in August 2019 in the amount of $0.06 per share, the final dividend of 2019, which was paid after the AGM on June 9, 2020 was $0.29 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.

During its meeting of August 4, 2020, the Supervisory Board of Euronav approved an interim dividend for the second quarter of 2020 of $0.47 per share. The interim dividend of $0.47 per share was payable as from August 28, 2020. The interim dividend to holders of Euronext shares was paid in EUR at the USD/EUR exchange rate of the record date.

During its meeting of November 3, 2020, the Supervisory Board of Euronav approved an interim dividend for the third quarter of 2020 of $0.09 per share. The interim dividend of $0.09 per share was payable as from November 30, 2020. The interim dividend to holders of Euronext shares was paid in EUR at the USD/EUR exchange rate of the record date.

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Note 14 - Equity (Continued)

During its meeting of February 2, 2021, the Supervisory Board of Euronav approved an interim dividend for the fourth quarter of 2020 of $0.03 per share. The interim dividend of $0.03 per share was payable as from March 5, 2021. The interim dividend to holders of Euronext shares was paid in EUR at the USD/EUR exchange rate of the record date.

On March 26, 2021, the Supervisory Board proposed the Annual Shareholders' meeting be held on May 20, 2021, to approve a full year dividend for 2020 of $1.40 per share. Taking into account the interim dividends paid based on the Group’s policy to return 80% of the net income to shareholders, no closing dividend will be paid.

The total amount of dividends paid in 2020 was $352.0 million ($26.0 million in 2019).

Long term incentive plan 2015

The Group's Board of Directors (as of February 2020 Supervisory Board) 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.

Long term incentive plan 2016

The Group's Board of Directors (as of February 2020 Supervisory Board) implemented in 2016 an additional long term incentive plan for key management personnel. Under the terms of this LTIP, key management personnel is 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 stocks were granted on February 2, 2016.

Long term incentive plan 2017

The Group's Board of Directors (as of February 2020 Supervisory Board) 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.

Long term incentive plan 2018

The Group's Board of Directors (as of February 2020 Supervisory Board) 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.

Transaction Based Incentive Plan 2019

The Group’s Board of Directors (as of February 2020 Supervisory Board) has implemented in 2019 a transaction-based incentive plan for key management personnel.

Under the terms of this TBIP, key management personnel is 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 ("FMV") of one share of the Company multiplied by the number of phantom stock units that have vested prior to the settlement date. The TBIP defines FMV as the volume weighted average price of the shares on the New York Stock Exchange over the thirty (30) Business Days preceding such date.

Long term incentive plan 2019
The Group’s Supervisory Board (as of February 2020 Supervisory Board) implemented in 2019 an additional long term incentive plan (‘LTIP’) for key management personnel. Under the terms of this LTIP, key management personnel will obtain 100% of their respective LTIP in the form of Euronav restricted stock units (‘RSU’s’). The RSU’s vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2019) and will be settled in shares. In total 152,346 RSU’s were granted on April 1, 2019.

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Note 14 - Equity (Continued)

Long term incentive plan 2020

The Group’s Supervisory Board implemented in 2020 an additional long term incentive plan (‘LTIP’) for key management personnel. Under the terms of this LTIP, key management personnel will obtain 100% of their respective LTIP in the form of Euronav restricted stock units (‘RSU’s’). The RSU’s vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2020) and will be settled in shares. In total 144,392 RSU’s were granted on April 1, 2020. As of December 31, 2020, no RSU's were vested. no compensation expense was recognized in the Consolidated Statement of Profit or Loss during 2020.

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Note 15 - Earnings per share

Basic earnings per share

The calculation of basic earnings per share was based on a result attributable to ordinary shares and a weighted average number of ordinary shares outstanding during the period ended December 31 of each year, calculated as follows:

Result attributable to ordinary shares

	2020	2019	2018
Result for the period (in USD)	473,237,286	112,230,267	(110,069,928)
Weighted average number of ordinary shares	210,193,707	216,029,171	191,994,398
Basic earnings per share (in USD)	2.25	0.52	(0.57)

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	33,823,562
Purchases of treasury shares	—	545,486	(545,486)	(13,917)
Withdrawal of treasury shares	—	—	—	—
Sales of treasury shares	—	(350,000)	350,000	18,219
On issue at December 31, 2018	220,024,713	1,237,901	218,786,812	191,994,398
On issue at January 1, 2019	220,024,713	1,237,901	218,786,812	218,786,812
Issuance of shares	—	—	—	—
Purchases of treasury shares	—	3,708,315	(3,708,315)	(2,757,641)
Withdrawal of treasury shares	—	—	—	—
Sales of treasury shares	—	—	—	—
On issue at December 31, 2019	220,024,713	4,946,216	215,078,497	216,029,171
On issue at January 1, 2020	220,024,713	4,946,216	215,078,497	215,078,497
Issuance of shares	—	—	—	—
Purchases of treasury shares	—	13,400,516	(13,400,516)	(4,884,790)
Withdrawal of treasury shares	—	—	—	—
Sales of treasury shares	—	—	—	—
On issue at December 31, 2020	220,024,713	18,346,732	201,677,981	210,193,707

Diluted earnings per share

For the twelve months ended December 31, 2020, the diluted earnings per share (in USD) amount to 2.25 (2019: 0.52 and 2018: (0.57)). At December 31, 2020, December 31, 2019 and December 2018, 236,590 options issued under the LTIP 2015 were excluded from the calculation of the diluted weighted average number of shares because these 236,590 options were out-of-the money and have been considered as anti-dilutive. At December 31, 2020, the 12,696 vested RSU's under the LTIP 2019 have been considered as dilutive, as these are only subject to the passage of time and therefore no longer contingent.

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Note 15 - Earnings per share (Continued)

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)	2020	2019	2018
Weighted average of ordinary shares outstanding (basic)	210,193,707	216,029,171	191,994,398
Effect of Share-based Payment arrangements	12,696	—	—
Weighted average number of ordinary shares (diluted)	210,206,403	216,029,171	191,994,398

There are no more remaining outstanding instruments at December 31, 2020, December 31, 2019 and December 31, 2018 which can give rise to dilution, except for the Euronav stock options of LTIP 2015 and the RSU's of the LTIP 2019.

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Note 16 - Interest-bearing loans and borrowings

(in thousands of USD)	Bank loans	Other notes	Lease liabilities	Other borrowings	Total
More than 5 years	433,662	—	—	—	433,662
Between 1 and 5 years	987,803	148,166	—	—	1,135,969
More than 1 year	1,421,465	148,166	—	—	1,569,631
Less than 1 year	138,537	—	—	60,342	198,879
At January 1, 2019	1,560,002	148,166	—	60,342	1,768,510
New loans	986,755	50,500	498	896,145	1,933,898
Adoption IFRS 16	—	—	105,238	—	105,238
Scheduled repayments	(92,651)	—	(30,214)	(708,135)	(831,000)
Early repayments	(1,225,747)	—	—	—	(1,225,747)
Other changes	(4,908)	(95)	—	—	(5,003)
Translation differences	—	—	102	(1,139)	(1,037)
Balance at December 31, 2019	1,223,451	198,571	75,624	247,213	1,744,859
More than 5 years	628,711	—	1,652	—	630,363
Between 1 and 5 years	545,233	198,571	41,509	107,978	893,291
More than 1 year	1,173,944	198,571	43,161	107,978	1,523,654
Less than 1 year	49,507	—	32,463	139,235	221,205
Balance at December 31, 2019	1,223,451	198,571	75,624	247,213	1,744,859
	Bank loans	Other notes	Lease liabilities	Other borrowings	Total
More than 5 years	628,711	—	1,652	—	630,363
Between 1 and 5 years	545,233	198,571	41,509	107,978	893,291
More than 1 year	1,173,944	198,571	43,161	107,978	1,523,654
Less than 1 year	49,507	—	32,463	139,235	221,205
At January 1, 2020	1,223,451	198,571	75,624	247,213	1,744,859
New loans	630,000	—	25,703	263,827	919,530
Scheduled repayments	(88,989)	—	(34,492)	(371,021)	(494,502)

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Note 16 - Interest-bearing loans and borrowings (Continued)

Early repayments	(905,000)	(1,000)	—	—	(906,000)
Other changes	(2,602)	708	—	—	(1,894)
Translation differences	—	—	86	11,334	11,420
Balance at December 31, 2020	856,860	198,279	66,921	151,353	1,273,413
More than 5 years	631,044	—	—	—	631,044
Between 1 and 5 years	205,274	198,279	21,172	100,056	524,781
More than 1 year	836,318	198,279	21,172	100,056	1,155,825
Less than 1 year	20,542	—	45,749	51,297	117,588
Balance at December 31, 2020	856,860	198,279	66,921	151,353	1,273,413

The amounts shown under "New Loans" and "Early Repayments" include drawdowns and repayments under revolving credit facilities during the year.

Bank Loans

On October 13, 2014, the Group entered into a $340.0 million senior secured credit facility with a syndicate of banks. Borrowings under this facility were 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 the Group's $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 seven of our wholly-owned vessels. On October 22, 2014 a first drawdown under this facility was made to repay a former $300 million secured loan facility, followed by additional drawdowns on December 22, 2014 and December 23, 2014 for an amount of $60.3 million and $50.3 million following the delivery of the Hojo and Hakone respectively. On March 3, 2015 and April 13, 2015 additional drawdowns of $53.4 million and $50.4 million were made following the delivery of the Hirado and Hakata respectively. Following the sale of the Suezmax Felicity in January 2019, the total revolving credit facility was reduced by $13.6 million and an early repayment of $7.3 million. As of December 31, 2019, the outstanding balance on this facility was $43.4 million. Following the signing of the new $713.0 million sustainability linked senior secured credit facility, the loan facility was repaid in full on September 29, 2020.

On August 19, 2015, the Group entered into a $750.0 million senior secured amortizing revolving credit facility with a syndicate of banks. The facility is available for the purpose of (i) refinancing 21 vessels; (ii) financing four newbuilding VLCCs vessels as well as (iii) Euronav's general corporate and working capital purposes. The credit facility will mature on 1 July 2022 and carries a rate of LIBOR plus a margin of 195 bps. As of December 31, 2020 and December 31, 2019, the outstanding balance under this facility was $0.0 million and $130.0, million, respectively. This facility is currently secured by 9 of our wholly-owned vessels.

On November 9, 2015, the Group entered into a $60.0 million unsecured revolving credit facility carrying a rate of LIBOR plus a margin of 2.25%. As of December 31, 2020 and December 31, 2019, there was no outstanding balance under this facility. The credit facility matured on November 9, 2020.

On December 16, 2016, the Group entered into a $409.5 million senior secured amortizing revolving credit facility for the purpose of refinancing 11 vessels as well as Euronav's general corporate purposes. The credit facility was used to refinance the $500 million senior secured credit facility dated March 25, 2014 and will mature on January 31, 2023 carrying a rate of LIBOR plus a margin of 2.25%. Following the sale and lease back of the VLCC Nautica, Nectar and Noble in December 2019, the total revolving credit facility was reduced by $56.9 million. As of December 31, 2020 and December 31, 2019, the outstanding balance on this facility was $65.0 million and $90.0 million, respectively. The credit facility is secured by 8 vessels.

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Note 16 - Interest-bearing loans and borrowings (Continued)

On January 30, 2017, the Group signed a loan agreement for a nominal amount of $110.0 million with the purpose of financing the Ardeche and the Aquitaine. On April 25, 2017, following a successful syndication, the loan was replaced with a new Korean Export Credit facility for a nominal amount of $108.5 million with Korea Trade Insurance Corporation or “K-sure” as insurer. The new facility is comprised of (i) a $27.1 million commercial tranche, which bears interest at LIBOR plus a margin of 1.95% per annum and (ii) a $81.4 million tranche insured by K-sure which bears interest at LIBOR plus a margin of 1.50% per annum. The facility is repayable over a term of 12 years, in 24 installments at successive six month intervals, each in the amount of $3.6 million together with a balloon installment of $21.7 million payable with the 24th installment on January 12, 2029. The K-sure insurance premium and other related transaction costs for a total amount of $3.2 million are amortized over the lifetime of the instrument using the effective interest rate method. As of December 31, 2020 and December 31, 2019, the outstanding balance on this facility was $83.2 million and $90.5 million, respectively in aggregate. This facility is secured by the VLCCs the Ardeche and the Aquitaine. The facility agreement also 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.

On March 22, 2018, the Group signed a senior secured credit facility for an amount of $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 was to finance up to 70 per cent of the aggregate contract price of the four Ice Class Suezmax vessels that were delivered over the course of 2018. The new facility was comprised of (i) a $69.4 million commercial tranche, which bears interest at LIBOR plus a margin of 2.0% per annum and (ii) a $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 $0.6 million per vessel together with a balloon installment of $3.5 million payable with the 24th and last installment on August 24, 2030. The ECA tranche is repayable by 24 consecutive semi-annual installments, each in the amount of $1.1 million per vessel and last installment on August 24, 2030. Transaction costs for a total amount of $1.6 million are amortized over the lifetime of the instrument using the effective interest rate method. As of December 31, 2020 and December 31, 2019, the outstanding balance on this facility was $143.6 million and $156.9 million, respectively. 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 vessel at that time is not satisfactory to the lenders.

As a result of the business combination on June 12, 2018, Euronav assumed the $633.5 million senior secured loan facility from Gener8 Maritime Inc. 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 September 28, 2022, 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 February 28, 2029, 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 February 28, 2029, 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 February 28, 2029, 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 was secured by 13 of our wholly-owned vessels. As of December 31, 2019, the outstanding balance on this facility was $604.8 million in aggregate. On September 26, 2019, the Group repaid this facility in full ($561.6 million) using a portion of the borrowings under our new $700.0 million Senior Secured Credit Facility.

On September 7, 2018, the Group signed a senior secured credit facility for an amount of $200.0 million. The Group used the proceeds of this facility to refinance all remaining indebtedness under the $581.0 million senior secured loan facility, the $67.5 million secured loan facility (Larvotto), and the $76.0 million secured loan facility (Fiorano). This facility is secured by 9 of our wholly-owned vessels. This revolving credit facility is reduced in 12 installments of consecutive six-month interval and a final $55.0 million repayment is due at maturity in 2025. This facility bears interest at LIBOR plus a margin of 2.0% per annum plus applicable mandatory costs. As of December 31, 2020 and December 31, 2019, the outstanding balance on this facility was $55.0 million and $100.0 million, respectively.

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Note 16 - Interest-bearing loans and borrowings (Continued)

On June 27, 2019, the Group entered into a $100.0 million senior secured amortizing revolving credit facility with a syndicate of banks of which ABN Amro Bank also acting as Coordinator, Agent and Security Trustee. The facility, secured by the Oceania and the bunker inventory bought in anticipation of the new legislation starting in January 1, 2020, will mature on December 31, 2021 and carries a rate of LIBOR plus a margin of 2.10%. As of December 31, 2020 and December 31, 2019, the outstanding balance on this facility was $0.0 million and $70.0 million, respectively.

On August 28, 2019, the Group entered into a $700.0 million senior secured amortizing revolving credit facility with a syndicate of banks and Nordea Bank Norge SA acting as Agent and Security Trustee for the purpose of refinancing all remaining indebtedness under the $633.5 million senior secured loan facility. The credit facility will mature on January 31, 2026 carrying a rate of LIBOR plus margin of 1.95%. The facility is secured by 13 of our wholly-owned vessels. As of December 31, 2020 and December 31, 2019, the outstanding balance on this facility was $345.0 million and $560.0 million, respectively.

On September 11, 2020, the Group entered into a USD 713.0 million sustainability linked loan with specific targets to emission reduction. This facility is secured by 16 of our wholly-owned vessels, 9 VLCCs, 3 Suezmaxes and the 4 new VLCCs under construction at DSME. The credit facility will mature on March 31, 2026 and carries a rate of LIBOR plus a margin of 2.35%. The facility consist of (i) a revolver of 469.0 million to refinance the USD 340.0 million senior secured credit facility and part of the USD 750.0 million senior secured credit facility and (ii) a term loan of 244.0 million to finance the acquisition of 4 newbuilding VLCCs with delivery in Q1 2021. The revolver commitment includes terms with specific targets to reduce our GHG emissions with compliance being rewarded with a reduced interest coupon by five basis points. As of December 31, 2020, the outstanding balance on this facility was $185.0 million.

Undrawn borrowing facilities

At December 31, 2020, Euronav and its fully-owned subsidiaries have undrawn credit line facilities amounting to $940.4 million (2019: $753.1 million), of which is $100.0 million will mature within 12 months.

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Note 16 - Interest-bearing loans and borrowings (Continued)

Terms and debt repayment schedule

The terms and conditions of outstanding loans were as follows:

(in thousands of USD)				December 31, 2020			December 31, 2019
	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	—	—	—	43,447	43,447	42,859
Secured vessels Revolving loan 148M*	USD	libor + 2.25%	2021	—	—	—	133,962	—	—
Secured vessels Revolving loan 750M*	USD	libor + 1.95%	2022	45,958	—	(871)	322,340	130,000	128,205
Secured vessels Revolving loan 409.5M*	USD	libor + 2.25%	2023	175,605	65,000	63,997	212,459	90,000	88,328
Secured vessels loan 27.1M	USD	libor + 1.95%	2029	25,554	25,554	25,554	26,007	26,007	25,389
Secured vessels loan 81.4M	USD	libor + 1.50%	2029	57,667	57,667	55,918	64,452	64,452	62,970
Secured vessels loan 69.4M	USD	libor + 2.0%	2030	59,007	59,007	59,007	63,635	63,635	63,635
Secured vessels loan 104.2M	USD	libor + 2.0%	2030	84,606	84,606	83,562	93,283	93,283	92,035
Secured vessels Revolving loan 200.0M*	USD	libor + 2.0%	2025	148,688	55,000	53,876	174,344	100,000	98,445
Secured vessels Revolving loan 100.0M*	USD	libor + 2.10%	2021	100,000	—	(479)	100,000	70,000	69,043
Secured vessels Revolving loan 700.0M*	USD	libor + 1.95%	2026	651,160	345,000	338,765	700,000	560,000	552,542
Secured vessels Revolving loan 713.0M*	USD	libor + 2.35%	2026	469,000	185,000	177,529	—	—	—
Unsecured bank facility 60M	USD	libor + 2.25%	2020	—	—	—	60,000	—	—
Total interest-bearing bank loans				1,817,246	876,834	856,860	1,993,928	1,240,824	1,223,451

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. For further information, we refer to Note 19.

* The total amount available under the revolving loan Facilities depends on the total value of the fleet of tankers securing the facility.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 16 - Interest-bearing loans and borrowings (Continued)

Other notes

(in thousands of USD)				December 31, 2020			December 31, 2019
	Curr	Nominal interest rate	Year of mat.	Facility size	Drawn	Carrying value	Facility size	Drawn	Carrying value
Unsecured notes	USD	7.50%	2022	200,000	199,000	198,279	200,000	200,000	198,571
Total other notes				200,000	199,000	198,279	200,000	200,000	198,571

On June 14, 2019, the Group successfully completed a tap issue of $50 million under its existing senior unsecured bonds. The bonds have the same maturity date and carry the same coupon of 7.50%. The tap issue was priced at 101% of par value. Arctic Securities AS, DNB Markets and Nordea acted as joint lead managers in connection with the placement of the tap issue. The related transaction costs of $675,000 are amortized over the lifetime of the instrument using the effective interest rate method as well as the above par issuance of $500,000. In the course of the first quarter of 2020, the company bought back 10 notes of its USD 200 million fixed rate senior unsecured notes, due 2022. The face value of each cash bond is $100,000 and the company paid an average of $85,000.

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. On October 1, 2018, KBC has been appointed as an additional dealer in the agreement and the maximum amount has been increased from 50 million Euro to 150 million Euro. As of December 31, 2020, the outstanding amount was $38.7 million or 31.5 million Euro (December 31, 2019: $ 122.8 million or 109.3 million Euro). The Treasury Notes are issued on an as needed basis with different durations not exceeding 1 year, and initial pricing is set to 60 bps over Euribor. The company enters into FX forward contracts to manage the currency risks related to these instruments issued in Euro compared to the USD Group functional currency. The FX contracts have the 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 December 31, 2020, the fair value of these forward contracts amounted to $1.2 million (December 31, 2019: $1.3 million).

On December 30, 2019, the Company entered into a sale and leaseback agreement for three VLCCs. The three VLCCs are the Nautica (2008 – 307,284), Nectar (2008 – 307,284) and Noble (2008 – 307,284). The vessels were sold and were leased back under a 54-months bareboat contract at an average rate of $20,681 per day per vessel. In accordance with IFRS, this transaction was not accounted for as a sale but Euronav as seller-lessee will continue to recognize the transferred assets, and recognized a financial liability equal to the net transfer proceeds of $124.4 million. As of December 31, 2020, the outstanding amount was $112.7 million. At the end of the bareboat contract, the vessels will be redelivered to their new owners. Euronav may, at any time on and after the 1st anniversary, notify the owners by serving an irrevocable written notice at least three months prior to the proposed purchase option date of the charterers' intention to terminate this charter on the purchase option date and purchase the vessel from the owners for the applicable purchase option price.

The future lease payments for these leaseback agreements are as follows:

(in thousands of USD)	December 31, 2020	December 31, 2019
Less than one year	22,667	22,853
Between one and five years	56,545	79,211
Total future lease payables	79,211	102,064

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 16 - Interest-bearing loans and borrowings (Continued)

Transaction and other financial costs

The heading 'Other changes' in the first table of this footnote reflects the recognition of directly attributable transaction costs as a deduction from the fair value of the corresponding liability, and the subsequent amortization of such costs. In 2020, the Group recognized $6.2 million of amortization of financing costs. The Group recognized $8.1 million of directly attributable transaction costs as a deduction from the fair value of the $713.0 million senior secured amortizing loan facility entered into September 11, 2020.

Interest expense on financial liabilities measured at amortized cost decreased during the year ended December 31, 2020, compared to 2019 (2020: $(-62.4) million, 2019: $(-84.4) million). This decrease was attributable to a decrease in the average outstanding debt during the year and was partially offset by an increase in the interest expenses on the sale and leaseback agreement for three VLCCs entered into December 30, 2019. Other financial charges increased in 2020 compared to 2019 (2020: $(-9.9) million, 2019: $(-7.5) million) which was primarily attributable to commitment fees paid for available credit lines.

Interest on lease liabilities (2020: $(-3.3) million, 2019: $ (-4.8) million) were recognized due to the adoption of IFRS 16 on January 1, 2019 (see Note 1.19).

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 16 - Interest-bearing loans and borrowings (Continued)

Reconciliation of movements of liabilities to cash flows arising from financing activities

	Liabilities				Equity
	Loans and borrowings	Other Notes	Other borrowings	Lease liabilities	Share capital / premium	Reserves	Treasury shares	Retained earnings	Total
Restated balance at January 1, 2019	1,560,002	148,166	60,342	105,736	1,941,697	(2,287)	(14,651)	335,764	4,134,769
Changes from financing cash flows
Proceeds from loans and borrowings (Note 16)	986,755	50,500	—	—	—	—	—	—	1,037,255
Proceeds from issue of other borrowings (Note 16)	—	—	62,446	—	—	—	—	—	62,446
Purchase treasury shares (Note 14)	—	—	—	—	—	—	(30,965)	—	(30,965)
Proceeds from sale and leaseback agreement (Note 16)	—	—	124,425	—	—	—	—	—	124,425
Transaction costs related to loans and borrowings (Note 16)	(9,046)	(675)	—	—	—	—	—	—	(9,721)
Repayment of borrowings (Note 16)	(1,318,398)	—	—	—	—	—	—	—	(1,318,398)
Repayment of lease liabilities (Note 16)	—	—	—	(30,214)	—	—	—	—	(30,214)
Dividend paid	—	—	—	—	—	—	—	(26,015)	(26,015)
Total changes from financing cash flows	(340,689)	49,825	186,871	(30,214)	—	—	(30,965)	(26,015)	(191,187)
Other changes
Liability-related
Amortization of transaction costs (Note 16)	4,138	674	—	—	—	—	—	—	4,812
Amortization of above par issuance (Note 16)	—	(94)	—	—	—	—	—	—	(94)
Translation differences (Note 16)	—	—	—	102	—	—	—	—	102
Total liability-related other changes	4,138	580	—	102	—	—	—	—	4,820
Total equity-related other changes (Note 14)	—	—	—	—	—	(1,997)	—	110,309	108,312
Balance at December 31, 2019	1,223,451	198,571	247,213	75,624	1,941,697	(4,284)	(45,616)	420,058	4,056,714

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Note 16 - Interest-bearing loans and borrowings (Continued)

	Liabilities				Equity
	Loans and borrowings	Other Notes	Other borrowings	Lease liabilities	Share capital / premium	Reserves	Treasury shares	Retained earnings	Total
Restated balance at January 1, 2019	1,223,451	198,571	247,213	75,624	1,941,697	(4,284)	(45,616)	420,058	4,056,714
Changes from financing cash flows
Proceeds from loans and borrowings (Note 16)	630,000	—	—	—	—	—	—	—	630,000
Proceeds from issue of other borrowings (Note 16)	—	—	263,827	—	—	—	—	—	263,827
Proceeds from sale of treasury shares (Note 14)	—	—	—	—	—	—	(118,488)	—	(118,488)
Purchase treasury shares (Note 14)	—	—	—	—	—	—	—	—	—
Repayment of sale and leaseback liability (Note 16)	—	—	(22,853)	—	—	—	—	—	(22,853)
Transaction costs related to loans and borrowings (Note 16)	(8,083)	—	—	—	—	—	—	—	(8,083)
Repayment of borrowings (Note 16)	(993,989)	(1,000)	—	—	—	—	—	—	(994,989)
Repayment of commercial paper (Note 16)	—	—	(359,295)	—	—	—	—	—	(359,295)
Repayment of lease liabilities (Note 16)	—	—	—	(37,779)	—	—	—	—	(37,779)
Dividend paid	—	—	—	—	—	—	—	(352,041)	(352,041)
Total changes from financing cash flows	(372,072)	(1,000)	(118,321)	(37,779)	—	—	(118,488)	(352,041)	(999,701)
Other changes
Liability-related
Amortization of transaction costs (Note 16)	5,481	787	—	—	—	—	—	—	6,268
Amortization of above par issuance (Note 16)	—	(175)	—	—	—	—	—	—	(175)
Amortization of below par issuance (Note 16)	—	96	—	—	—	—	—	—	96
New leases (Note 16)	—	—	—	25,703	—	—	—	—	25,703
Interest expense (Note 6)	—	—	11,127	3,287	—	—	—	—	14,414
Translation differences (Note 16)	—	—	11,334	86	—	—	—	—	11,420
Total liability-related other changes	5,481	708	22,461	29,076	—	—	—	—	57,726
Total equity-related other changes (Note 14)	—	—	—	—	—	(2,237)	—	472,697	470,460
Balance at December 31, 2020	856,860	198,279	151,352.62	66,921.07	1,941,697	(6,521)	(164,104)	540,714	3,585,199

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 17 - Employee benefits

The amounts recognized in the balance sheet are as follows:

(in thousands of USD)	December 31, 2020	December 31, 2019	December 31, 2018
NET LIABILITY AT BEGINNING OF PERIOD	(8,094)	(4,336)	(3,984)
Recognized in profit or loss	653	(2,589)	(616)
Recognized in other comprehensive income	(97)	(1,223)	120
Foreign currency translation differences	(449)	54	144
NET LIABILITY AT END OF PERIOD	(7,987)	(8,094)	(4,336)
Present value of funded obligation	(5,074)	(4,298)	(3,538)
Fair value of plan assets	3,940	3,241	2,970
	(1,134)	(1,057)	(568)
Present value of unfunded obligations	(6,853)	(7,037)	(3,768)
NET LIABILITY	(7,987)	(8,094)	(4,336)
Amounts in the balance sheet:
Liabilities	(7,987)	(8,094)	(4,336)
Assets	—	—	—
NET LIABILITY	(7,987)	(8,094)	(4,336)

Liability for defined benefit obligations

The Group makes contributions to three defined benefit plans that provide pension benefits for employees upon retirement.

One plan - the Belgian plan - is fully insured through an insurance company. The second and third - French and Greek plans - are uninsured and unfunded. The unfunded obligations include provisions in respect of LTIP 2016, LTIP 2017, LTIP 2018, TBIP 2019 and LTIP 2019 (see Note 23).

The Group expects to contribute the following amount to its defined benefit pension plans in 2021: $50,798.

The valuation used for the defined contribution plans is the Projected Unit Credit Cost as prescribed by IAS 19 R.

The Group expects to contribute the following amount to its defined contribution pension plans in 2021: $368,301.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 18 - Trade and other payables

(in thousands of USD)	December 31, 2020	December 31, 2019
Advances received on contracts in progress, between 1 and 5 years	508	414
Derivatives	6,385	3,395
Total non-current other payables	6,893	3,809
Trade payables	27,226	22,737
Accrued expenses	35,321	45,997
Accrued payroll	5,849	3,313
Dividends payable	565	123
Accrued interest	2,959	3,924
Deferred income	13,138	17,783
Other payables	92	333
Derivatives	—	198
Total current trade and other payables	85,150	94,408

The non-current derivatives relate to the interest rate swap derivatives used to hedge the risk related to the fluctuation of the LIBOR rate (see Note 14). The increase is due to a negative mark-to-market on these IRSs at December 31, 2020.

The increase in trade payables is due to a higher number of outstanding invoices mainly related to two time charter agreements for the vessels Marlin Sardinia and Marlin Somerset which were entered into at the end of 2020 and a higher number of outstanding invoices related to bunkers.

The decrease in accrued expenses is mainly due to receiving more invoices upfront related to vessels operated on the spot market.

The decrease in accrued interest is related to the payment schedule of the $340 million facility that was repaid in the course of 2020.

The decrease in deferred income is due to a lower number of vessels on time charter as of December 31, 2020 compared to December 31, 2019.

The current derivative relate to the IRS acquired through the acquisition of Gener8 Maritime Inc. and matured in September 2020 (see Note 14).

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 19 - Financial instruments - Fair values and risk management

Accounting classifications 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 19 - Financial instruments - Fair values and risk management (Continued)

	Carrying amount				Fair value
	Fair value - Hedging instruments	Financial assets at amortized cost	Other financial liabilities	Total	Level 1	Level 2	Level 3	Total
December 31, 2019
Financial assets measured at fair value
Forward exchange contracts (Note 16)	1,306	—	—	1,306	—	1,306	—	1,306
Interest rate swaps (Note 12)	5	—	—	5	—	5	—	5
Forward cap contracts (Note 12)	52	—	—	52	—	52	—	52
	1,363	—	—	1,363
Financial assets not measured at fair value
Non-current receivables (Note 10)	—	62,474	—	62,474	—	—	52,591	52,591
Lease receivables (Note 10)	—	8,609	—	8,609	—	9,961	—	9,961
Trade and other receivables * (Note 12)	—	286,447	—	286,447	—	—	—	—
Cash and cash equivalents (Note 13)	—	296,954	—	296,954	—	—	—	—
	—	654,484	—	654,484
Financial liabilities measured at fair value
Interest rate swaps (Note 18)	3,593	—	—	3,593	—	3,593	—	3,593
	3,593	—	—	3,593
Financial liabilities not measured at fair value
Secured bank loans (Note 16)	—	—	1,223,451	1,223,451	—	1,235,770	—	1,235,770
Unsecured bank loans (Note 16)	—	—	198,571	198,571	206,700	—	—	206,700
Other borrowings (Note 16)	—	—	247,213	247,213	—	247,213	—	247,213
Lease liabilities (Note 16)	—	—	75,624	75,624	—	70,074	—	70,074
Trade and other payables * (Note 18)	—	—	76,391	76,391	—	—	—	—
Advances received on contracts (Note 18)	—	—	414	414	—	—	—	—
		—	1,821,664	1,821,664

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 19 - Financial instruments - Fair values and risk management (Continued)

	Carrying amount				Fair value
	Fair value - Hedging instruments	Financial assets at amortized cost	Other financial liabilities	Total	Level 1	Level 2	Level 3	Total
December 31, 2020
Financial assets measured at fair value
Forward exchange contracts (Note 16)	1,246	—	—	1,246	—	1,246	—	1,246
Interest rate swaps (Note 10)	2	—	—	2	—	2	—	2
Cap contracts (Note 12)	15	—	—	15	—	15	—	15
	1,262	—	—	1,262
Financial assets not measured at fair value
Non-current receivables (Note 10)	—	48,371	—	48,371	—	—	44,512	44,512
Lease receivables (Note 10)	—	6,681	—	6,681	—	7,925	—	7,925
Trade and other receivables * (Note 12)	—	191,633	—	191,633	—	—	—	—
Cash and cash equivalents (Note 13)	—	161,478	—	161,478	—	—	—	—
	—	408,163	—	408,163
Financial liabilities measured at fair value
Interest rate swaps (Note 18)	6,385	—	—	6,385	—	6,385	—	6,385
	6,385	—	—	6,385
Financial liabilities not measured at fair value
Secured bank loans (Note 16)	—	—	856,860	856,860	—	864,848	—	864,848
Unsecured other notes (Note 16)	—	—	198,279	198,279	207,099	—	—	207,099
Other borrowings (Note 16)	—	—	151,353	151,353	—	151,353	—	151,353
Lease liabilities (Note 16)	—	—	66,921	66,921	—	62,387	—	62,387
Trade and other payables * (Note 18)	—	—	71,958	71,958	—	—	—	—
Advances received on contracts (Note 18)	—	—	508	508	—	—	—	—
	—	—	1,345,879	1,345,879

* Deferred charges, deferred fulfillment costs and VAT receivables (included in other receivables) (see Note 12), deferred income and VAT payables (included in other payables) (see Note 18), which are not financial assets (liabilities) are not included.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 19 - Financial instruments - Fair values and risk management (Continued)

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 December 31, 2020. 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
Interest rate swaps	Swap models: the fair value is calculated as the present value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates.	Not applicable
Forward cap contracts	Fair values for both the derivative and the hypothetical derivative will be determined based on a software used to calculate the net present value of the expected cash flows using LIBOR rate curves, futures and basis spreads.	Not applicable

Financial instruments not measured at fair value
Type	Valuation Techniques	Significant unobservable inputs
Non-current receivables (consisting primarily of shareholders' loans)	Discounted cash flow	Discount rate and forecasted cash flows
Lease receivables	Discounted cash flow	Discount rate
Other financial liabilities (consisting of secured and unsecured bank loans and lease liabilities)	Discounted cash flow	Discount rate
Other financial notes (consisting of unsecured notes)	List price	Not applicable

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 19 - Financial instruments - Fair values and risk management (Continued)

Transfers between Level 1, 2 and 3

There were no transfers between these levels in 2019 and 2020.

Financial risk management

In the course of its normal business, the Group is exposed to the following risks:

•Credit risk

•Liquidity risk

•Market risk (Tanker market risk, interest rate risk, currency risk and commodity risk)

The Company's Supervisory Board has overall responsibility for the establishment and oversight of the Group's risk management framework. The Supervisory Board has established the Audit and Risk Committee, which is responsible for developing and monitoring the Group's risk management policies. The Committee reports regularly to the Supervisory Board on its activities.

The Group's risk management policies are established to identify and analyze the risks faced by the Group, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group's activities. The Group, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.

The Group's Audit and Risk Committee oversees how management monitors compliance with the Group's risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The Group's Audit and Risk Committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit and Risk Committee.

Credit risk

Trade and other receivables

The Group has a formal credit policy. Credit evaluations - when necessary - are performed on an ongoing basis. At the balance sheet date there were no significant concentrations of credit risk. All trade and other receivables were with oil majors within the same industry but with a geographic spread and a different business focus. Based on past experience, and considering any forward-looking factors, there was only a small impact on doubtful amounts year-end. Based on individual analyses, provisions for doubtful debtors increased compared to 2019. In particular, the one client representing 6% of the Tankers segment's total revenue in 2020 (see Note 2) only represented 0.03% of the total trade and other receivables at December 31, 2020 (2019: one client representing 3.82%). The maximum exposure to credit risk is represented by the carrying amount of each financial asset.

The ageing of current trade and other receivables is as follows:

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Note 19 - Financial instruments - Fair values and risk management (Continued)

(in thousands of USD)	2020	2019
Not past due	183,138	246,422
Past due 0-30 days	9,961	35,036
Past due 31-365 days	16,253	21,020
More than one year	5,127	6,509
Total trade and other receivables	214,479	308,987

Past due amounts are not credit impaired as collection is still considered to be likely and management is confident the outstanding amounts can be recovered. As at December 31, 2020 46.27% (2019: 47.45%) of the total current trade and other receivables relate to TI Pool. TI Pool is paid after completion of the voyages which only deals with oil majors, national oil companies and other actors of the oil industry whose credit worthiness historically has been high. Amounts not past due are also with customers with high credit worthiness and are therefore not credit impaired.

Non-current receivables

Non-current receivables mainly consist of shareholder's loans to joint ventures (see Note 10). As at December 31, 2020 and December 31, 2019, these receivables had no maturity date, except for the shareholder loans to Bari Shipholding Ltd. which has a maturity date in 2024, and was not credit impaired as there is no credit risk exposure for the Group.

Cash and cash equivalents

The Group held cash and cash equivalents of $161.5 million at December 31, 2020 (2019: $297.0 million). 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 (see Note 13).

Derivatives

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

Guarantees

The Group's policy is to provide financial guarantees only for subsidiaries and joint ventures. At December 31, 2018, the Group has issued a guarantee to certain banks in respect of the new credit facilities entered into 2018 which were granted to 2 joint ventures (see Note 26). At December 31, 2020, these guarantees towards joint ventures were still outstanding but have not been called upon. At December 30, 2019, the Group issued a guarantee to the buyer of the three VLCCs in relation to the sale and leaseback transaction (see Note 16) whereby the VLCCs were leased back in a subsidiary under a 54-months bareboat contract.

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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 19 - Financial instruments - Fair values and risk management (Continued)

The following are the remaining contractual maturities of financial liabilities:

	Contractual cash flows December 31, 2019
(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 16)	1,422,022	1,697,327	110,720	905,302	681,305
Other borrowings (Note 16)	247,213	268,661	145,640	123,021	—
Lease liabilities (Note 16)	75,624	79,873	35,525	42,667	1,681
Current trade and other payables * (Note 18)	76,589	76,589	76,589	—	—
	1,821,448	2,122,450	368,474	1,070,990	682,986
Derivative financial liabilities
Interest rate swaps (Note 18)	3,593	3,300	758	2,432	110
Forward exchange contracts (Note 18)	—	—	—	—	—
	3,593	3,300	758	2,432	110
	Contractual cash flows December 31, 2020
	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 16)	1,055,139	1,191,925	55,079	474,687	662,159
Other borrowings (Note 16)	151,353	180,865	61,320	119,545	—
Lease liabilities (Note 16)	66,921	70,245	47,976	22,150	119
Current trade and other payables * (Note 18)	71,958	71,958	71,958	—	—
	1,345,371	1,514,993	236,333	616,382	662,278
Derivative financial liabilities
Interest rate swaps (Note 18)	6,385	8,601	2,194	6,406	—
Forward exchange contracts (Note 18)	—	—	—	—	—
	6,385	8,601	2,194	6,406	—

* Deferred income and VAT payables (included in other payables) (see Note 18), 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.

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Note 19 - Financial instruments - Fair values and risk management (Continued)

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.

Market risk

Managing interest rate benchmark reform and associated risks

Overview

A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank offered rates (IBORs) with alternative nearly risk-free rates (referred to as ‘IBOR reform’). The Group has exposures to IBORs on its financial instruments that will be replaced or reformed as part of these market-wide initiatives. There is uncertainty over the timing and the methods of transition in some jurisdictions that the Group operates in. The Group anticipates that IBOR reform will impact its risk management and hedge accounting. The Audit and Risk Committee monitors the Group’s transition to alternative rates.

Derivatives

The Group holds interest rate swaps for risk management purposes which are designated in cash flow hedging relationships. The interest rate swaps have floating legs that are indexed to USD LIBOR.

Hedge Accounting

The Group has evaluated the extent to which its cash flow hedging relationships are subject to uncertainty driven by IBOR reform as at 31 December 2020. The Group’s hedged items and hedging instruments continue to be indexed to USD LIBOR. These benchmark rates are quoted each day and the IBOR cash flows are exchanged with counterparties as usual.

However, the Group’s USD LIBOR cash flow hedging relationships extend beyond the anticipated cessation date for USD LIBOR. The Group expects that LIBOR will be discontinued after the end of 2021. However, there is uncertainty about when and how replacement may occur with respect to the relevant hedged items and hedging instruments. Such uncertainty may impact the hedging relationship. The Group applies the amendments to IFRS 9 issued in September 2019 to those hedging relationships directly affected by IBOR reform. Hedging relationships impacted by IBOR reform may experience ineffectiveness attributable to market participants’ expectations of when the shift from the existing IBOR benchmark rate to an alternative benchmark interest rate will occur. This transition may occur at different times for the hedged item and hedging instrument, which may lead to hedge ineffectiveness. The Group has measured its hedging instruments indexed to USD LIBOR using available quoted market rates for LIBOR-based instruments of the same tenor and similar maturity and has measured the cumulative change in the present value of hedged cash flows attributable to changes in USD LIBOR on a similar basis.

The Group's exposure to USD LIBOR designated in hedging relationships is $270.1 million nominal amount at 31 December 2020 (see Note 14), representing the nominal amount of the hedging caps and interest rate swaps maturing in 2022 and 2025, respectively.

Tanker market risk

The spot tanker freight market is a highly volatile global market and the Group predicting what the market will be, involves significant uncertainty. The Group has a strategy of operating the majority of its fleet on the spot market but tries to keep a certain part of the fleet under fixed time charter contracts. The proportion of vessels operated on the spot will vary according to the many factors affecting both the spot and fixed time charter contract markets.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 19 - Financial instruments - Fair values and risk management (Continued)

Every increase (decrease) of $1,000 on the spot tanker freight market (VLCC and Suezmax) per day would have increased (decreased) profit or loss by the amounts shown below:

(effect in thousands of USD)	2020		2019		2018
	Profit or loss		Profit or loss		Profit or loss
	1,000 USD	1,000 USD	1,000 USD	1,000 USD	1,000 USD	1,000 USD
	Increase	Decrease	Increase	Decrease	Increase	Decrease
	19,638	(19,638)	22,601	(22,581)	19,332	(19,323)

Interest rate risk

Euronav interest rate management general policy is to borrow at floating interest rates based on LIBOR plus a margin. The Euronav Corporate Treasury Department monitors the Group's interest rate exposure on a regular basis. From time to time and under the responsibility of the Chief Financial Officer, different strategies to reduce the risk associated with fluctuations in interest rates can be proposed to the Board of Directors for their approval. The Group hedges part of its exposure to changes in interest rates on borrowings. All borrowings contracted for the financing of vessels are on the basis of a floating interest rate, increased by a margin. On a regular basis the Group may use interest rate related derivatives (interest rate swaps, caps and floors) to achieve an appropriate mix of fixed and floating rate exposure as defined by the Group. On December 31, 2020 and December 31, 2019, the Group had such instruments in place and approximately 48% of the floating interest rates have been hedged.

The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dates and maturities and the notional or par amounts. If a hedging relationship is directly affected by uncertainty arising from IBOR reform, then the Group assumes for this purpose that the benchmark interest rate is not altered as a result of interest rate benchmark reform.

Hedging relationships that are impacted by IBOR reform may experience ineffectiveness because of timing mismatch between the hedged item and the hedging instrument regarding IBOR transition. For further details, see 'Managing interest rate benchmark reform and associated risks' above.

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Note 19 - Financial instruments - Fair values and risk management (Continued)

At the reporting date the interest rate profile of the Group's interest-bearing financial instruments was:

(in thousands of USD)	2020	2019
FIXED RATE INSTRUMENTS
Financial assets	17,271	37,163
Financial liabilities	377,899	398,620
	395,170	435,783
VARIABLE RATE INSTRUMENTS
Financial liabilities	895,514	1,346,239
	895,514	1,346,239

Fair value sensitivity analysis for fixed rate instruments

The Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss, and the Group does not designate derivatives (interest rate swaps) as hedging instruments under a fair value hedge accounting model. Therefore a change in interest rates at the reporting date would not affect profit or loss nor equity as of that date.

Cash flow sensitivity analysis for variable rate instruments

A change of 50 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant.

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Note 19 - Financial instruments - Fair values and risk management (Continued)

	Profit or Loss		Equity
	50 BP	50 BP	50 BP	50 BP
(effect in thousands of USD)	Increase	Decrease	Increase	Decrease
December 31, 2018
Variable rate instruments	(4,238)	4,238	—	—
Interest rate swaps	—	—	6,201	(6,116)
Cash Flow Sensitivity (Net)	(4,238)	4,238	6,201	(6,116)
December 31, 2019
Variable rate instruments	(6,195)	6,195	—	—
Interest rate swaps	—	—	1,553	(1,433)
Cash Flow Sensitivity (Net)	(6,195)	6,195	1,553.2	(1,433)
December 31, 2020
Variable rate instruments	(3,819)	2,484	—	—
Interest rate swaps	—	—	5,542	(5,343)
Cash Flow Sensitivity (Net)	(3,819)	2,484	5,542	(5,343)

Currency risk

The Group policy is to monitor its material non-functional currency transaction exposure so as to allow for natural coverage (revenues in the same currency than the expenses) whenever possible. When natural coverage is not deemed reasonably possible (for example for long term commitments), the Company manages its material non-functional currency transaction exposure on a case-by-case basis, either by entering into spot foreign currency transactions, foreign exchange forward, swap or option contracts.

The Group’s exposure to currency risk is related to its operating expenses expressed in Euros and to Treasury Notes denominated in Euros. In 2020 about 14.4% (2019: 12.5% and 2018: 12.9%) of the Group's total operating expenses were incurred in Euros. Revenue and borrowings are expressed in USD only, except for instruments issued under the Treasury Notes Program (Note 16).

(in thousands of USD)	December 31, 2020		December 31, 2019		December 31, 2018
	EUR	USD	EUR	USD	EUR	USD
Trade payables	(5,662)	(21,564)	(4,002)	(18,735)	(6,311)	(9,955)
Operating expenses	(105,172)	(624,096)	(95,278)	(666,469)	(89,761)	(608,754)
Treasury Notes	(38,654)	—	(122,788)	—	(60,342)	—

For the average and closing rates applied during the year, we refer to Note 27.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 19 - Financial instruments - Fair values and risk management (Continued)

Sensitivity analysis

A 10 percent strengthening of the EUR against the USD at December 31, would have increased (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant.

(in thousands of USD)	2020	2019	2018
Equity	735	437	491
Profit or loss	(10,412)	(9,952)	(7,888)

A 10 percent weakening of the EUR against the USD at December 31, would have had the equal but opposite effect to the amounts shown above, on the basis that all the other variables remain constant.

Cash flow hedges

At December 31, 2020, the Group held the following instruments to hedge exposures to changes in interest rates.

	Maturity
(in thousands of USD)	1-6 months		6-12 months		More than 1 year
Interest rate risk
Interest rate swaps
Net exposure	(10,855)		(10,942)		(81,803)
Average fixed interest rate	2.96	%	2.96	%	2.96	%

At December 31, 2019, the Group held the following instruments to hedge exposures to changes in interest rates.

	Maturity
(in thousands of USD)	1-6 months		6-12 months		More than 1 year
Interest rate risk
Interest rate swaps
Net exposure	(23,469)		(23,261)		(176,598)
Average fixed interest rate	1.99	%	2.00	%	2.96	%

At December 31, 2020 and December 31, 2019, the Group had 2 interest cap options with a notional amount of $200.0 million starting on October 1, 2020.

The amounts at the reporting date relating to items designated as hedged items were as follows.

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Note 19 - Financial instruments - Fair values and risk management (Continued)

	December 31, 2020		December 31, 2019
(in thousands of USD)	Change in value used for calculating hedge ineffectiveness	Cash flow hedge reserve	Change in value used for calculating hedge ineffectiveness	Cash flow hedge reserve
Interest rate risk
Variable-rate instruments	2,989	(6,385)	1,205	(3,396)
Cap option	(116)	(1,071)	680	(1,187)

The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows.

	2020				During the period 2020
(in thousands of USD)	Nominal amount	Carrying amount - Assets	Carrying amount - Liabilities	Line item in the statement of financial position where the hedging instrument is included	Changes in the value of the hedging instrument recognized in OCI	Hedge ineffectiveness recognized in profit or loss	Line item in profit or loss that includes hedge ineffectiveness
Interest rate risk
Interest rate swaps	70,143	2	6,385	Trade and other receivables, non-current and current other payables	(2,989)	(108)	Finance expenses
Cap options	200,000	15	—	Trade and other receivables	116	—	Finance expenses

	2019				During the period 2019
(in thousands of USD)	Nominal amount	Carrying amount - Assets	Carrying amount - Liabilities	Line item in the statement of financial position where the hedging instrument is included	Changes in the value of the hedging instrument recognized in OCI	Hedge ineffectiveness recognized in profit or loss	Line item in profit or loss that includes hedge ineffectiveness
Interest rate risk
Interest rate swaps	506,603	5	3,593	Trade and other receivables, non-current and current other payables	(1,205)	(4,943)	Finance expenses
Forward cap options	200,000	52	—	Trade and other receivables	(680)	—	Finance expenses

During 2020, no amounts were reclassified from hedging reserve to profit or loss. During 2019, $4.9 million was reclassified from hedging reserve to profit or loss.

The following table provides a reconciliation by risk category of components of equity and analysis of OCI items, net of tax, resulting from cash flow hedge accounting.

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Note 19 - Financial instruments - Fair values and risk management (Continued)

(in thousands of USD)	Hedging reserve
Balance at January 1, 2020	(4,583)
Cash flow hedges
Change in fair value interest rate risk	(2,873)
Balance at December 31, 2020	(7,456)
Balance at January 1, 2019	(2,698)
Cash flow hedges
Change in fair value interest rate risk	(1,885)
Balance at December 31, 2019	(4,583)

Master netting or similar agreements

The Group enters into derivative transactions under International Swaps and Derivatives Association (ISDA) master netting agreements. In general, under such agreements the amounts owned by each counterparty on a single day in respect of all transactions outstanding in the same currency are aggregated into a single net amount that is payable by one party to the other.

Capital management

Euronav is continuously seeking to optimize its capital structure (mix between debt and equity). The main objective is to maximize shareholder value while keeping the desired financial flexibility to execute the strategic projects. Some of the Group's other key drivers when making capital structure decisions are pay-out restrictions and the maintenance of the strong financial health of the Group. Besides the statutory minimum equity funding requirements that apply to the Group's subsidiaries in the various countries, the Group is also subject to covenants in relation to some of its senior secured credit facilities:

•an amount of current assets that, on a consolidated basis, exceeds current liabilities. Current assets may include undrawn amounts 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 the Group's total indebtedness (excluding guarantees), depending on the applicable loan facility, whichever is greater;

•an amount of cash of at least $30.0 million; and

•a ratio of Stockholders' Equity to Total Assets of at least 30%

Further, the Group's loan facilities generally include an asset protection clause whereby the fair market value of collateral vessels should be at least 125% of the aggregate principal amount outstanding under the respective loan.

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Note 19 - Financial instruments - Fair values and risk management (Continued)

The credit facilities discussed above also contain restrictions and undertakings which may limit the Group and the Group's subsidiaries' ability to, among other things:

•effect changes in management of the Group's vessels;

•transfer or sell or otherwise dispose of all or a substantial portion of the Group's assets;

•declare and pay dividends (with respect to each of the Group's joint ventures, other than Seven Seas Shipping Limited, no dividend may be distributed before its loan agreement, as applicable, is repaid in full); and

•incur additional indebtedness.

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

As of December 31, 2020, December 31, 2019 and December 31, 2018, the Group was in compliance with all of the covenants contained in the debt agreements. With respect to the quantitative covenants as of December 31, 2020, as described above:

1.current assets on a consolidated basis (including available credit lines of $840.4 million) exceeded current liabilities by $1,088.7 million

2.aggregated cash was $1,101.9 million

3.cash was $161.5 million

4.ratio of Stockholders' Equity to Total Assets was 62.7%

The Company updated the guidance to its dividend policy and will target each quarter, applicable as of the first quarter 2020, to return 80% of the net income (including the fixed element of $3 cents per quarter) to shareholders. This return to shareholders will primarily be in the form of a cash dividend and the Company will always look at share buyback as an alternative if it believes more value can be created for shareholders.

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Note 19 - Financial instruments - Fair values and risk management (Continued)

The calculation does not include capital gains (reserved for fleet renewal) but include capital losses and the policy is at all times subject to freight market outlook, company balance sheet and cyclicality along with other factors and regulatory requirements.

As part of its capital allocation strategy, Euronav has the option of buying its own shares back should the Supervisory Board and Management Board believe that there is a substantial value disconnect between the share price and the real value of the Company. This return of capital is in addition to the fixed dividend of $0.12 per share paid each year. On December 31, 2020, the Company had purchased 13,400,516 of its own shares on Euronext Brussels. Following these transactions, the Company owned 18,346,732 own shares (8.34% of the total outstanding shares) at year-end.  

Commodity risk

The Group has been purchasing compliant bunker fuel for the future consumption by its vessels. In order to fix the price of the fuel bought the company has used swaps and futures to hedge the risk between decision of buying the fuel and receiving and paying the cargo. These swaps and futures were designated as cash flow hedges of the variability in the price of bunker between the order date and the fixing date. At year-end, all fuel was received. The Group remain exposed to the risk of decrease in bunker fuel on the spot market.

Consequences and impact of the COVID-19 pandemic

The COVID-19 outbreak has impacted many countries around the world, and disrupted the lives of many millions of people. The Company has been taking the risks associated with the outbreak extremely seriously, and the safety and wellbeing of its employees is of paramount importance.

In that respect, the biggest operational challenge was to conduct crew changes. Apart from serious humanitarian and crew welfare concerns, there is an increasing risk that fatigue will lead to serious maritime accidents. As well as restrictions placed on the movement of seafarers by national and local authorities, there is also the problem of the continued suspension of the majority of flights between major crew change ports and the home country of the Company’s crew. In order to resolve the difficult situation, the Company decided to accommodate deviations by ships to facilitate crew changes, resulting in an extra cost ($1.8 million) and less revenues because of off hire ($4.2 million).

Going forward, it remains difficult to estimate the future impact of the pandemic on the economies where we are active, and hence the impact these factors might have on the financial results.

In general terms, the market will become more challenging as demand for crude oil is negatively impacted by the COVID-19 pandemic. This decrease in demand combined with the gradual release of vessels that were used as storage may distort the supply-demand balance and thus the freight market. However, these negative consequences could very well be offset by continuing logistical delays of ships in ports, increased level of recycling, reduced ordering of newbuild vessels and increased crude oil production, partially neutralizing the COVID-19 impact to a certain extent. In view of these different dynamics which the company does not control, the longer term global macro-economic impact on the Company’s results related to the COVID-19 outbreak remains difficult to accurately quantify. Any forward-looking statements should be regarded with caution because of the inherent uncertainties in economic trends and business risks related to the current COVID-19 outbreak.

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Note 20 - Leases

Leases as lessee

For the four bare boat charters for the vessels Nautilus, Nucleus, Neptun and Navarin, the Group recognized a right-of-use asset and lease liability which was the present value at January 1, 2019 of the future lease payments. The right-of-use asset, on January 1, 2019, was measured based on the transition option to align the value of the right of use asset to that of the lease liability. The right-of-use asset was adjusted for the effect of a previously deferred gain on the sale and leaseback of these vessels and is depreciated over the remaining lease term till December 15, 2021.

Under these leaseback agreements there is a seller's credit of $4.5 million of the sale price that becomes immediately due and payable by the owners upon sale of the vessel during the charter period and shall be paid out of the sales proceeds. It also becomes due to the extent of 50% of the (positive) difference between the fair market value of the vessels at the end of the leaseback agreements and $17.5 million (for the oldest VLCC) or $19.5 million (for the other vessels). Furthermore, the Group provided a residual guarantee to the owners in the aggregate amount of up to $20.0 million in total at the time of redelivery of the four vessels. The parties also agreed a profit split, if the vessel is sold at charter expiry they shall share the net proceeds of the sale, 75% for owners and 25% for charterers, between $26.5 million and $32.5 million (for the oldest VLCC) or between $28.5 million and $34.5 million (for the other vessels).

On October 27, 2020 and November 6, 2020, the Company entered into a time charter agreement for two Suezmaxes. The two Suezmaxes are the Marlin Sardinia (2019 - 156,607) and the Marlin Somerset (2019 - 156,620). The time charter contracts have a duration of 24-months with an option for an additional 12 months, which should be declared no later than 20 months after delivery, at a rate of $25,000 per day per vessel for the firm 24-months period and $26,500 per day per vessel for the optional 12-months period. Owners have a right to sell the vessel during the firm and optional period of the charter and transfer the remaining charter to the new owners by way of novation agreement. In accordance with IFRS, the Group recognized a right-of-use asset and lease liability. As at December 31, 2020, the Company is not reasonably certain that the optional period will be exercised and has not been taking into account when calculating the future minimum lease payments.

The future lease payments for these leaseback agreements are as follows:

(in thousands of USD)	December 31, 2020	December 31, 2019
Less than 1 year	49,218	32,903
Between 1 and 5 years	14,714	31,870
Total future lease payments	63,932	64,773

For the office leases in Belgium, France, Greece, Hong Kong, Singapore, UK and US, which have an average lease term till November 2023, the Group recognized a right-of-use asset and lease liability. The right-of-use asset was adjusted by the practical expedient impairment assessment based on the onerous contract analysis option. The right-of-use asset related to office leases was reduced by the lease receivable related to subleases that qualify as finance lease under IFRS 16.

The Group used the short-term lease exemption for all the lease contracts with a remaining lease term of less than one year. Accordingly, those lease payments were recognized as an expense and there was no impact on transition.

Information about leases for which the Group is a lessee is presented below.

Right-of-use assets

(in thousands of USD)	Bare boats	Time charters	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

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Note 20 - Leases (Continued)

(in thousands of USD)	Bare boats	Time charters	Office rental	Company cars	Total
Balance at 1 January 2020	55,411	—	2,733	764	58,908
Additions to right-of-use assets	—	24,873	762	66	25,701
Depreciation charge for the year	(28,364)	(2,078)	(1,092)	(167)	(31,702)
Derecognition of right-of-use assets	—	—	—	—	—
Translation differences	—	—	36	12	48
Balance at 31 December 2020	27,047	22,795	2,438	675	52,955

Amounts recognized in profit or loss

(in thousands of USD)
	2020	2019
Interest on lease liabilities	(3,287)	(4,811)
Depreciation right-of-use assets	(31,702)	(29,265)
Expenses relating to short-term leases	—	(103)
Low-value leases	(228)	(851)

Amounts recognized in statement of cash flows

(in thousands of USD)	2020	2019
Total cash outflow for leases	(37,779)	(30,214)
Total cash inflow for leases	1,786	1,251

Extension options

Some property leases contain extension options exercisable by the Group. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options, and reassesses if there is a significant event or significant changes in circumstances within its control.

The Group has estimated that the potential future lease payments, should it exercise the option, would result in an impact of approximately $12.3 million in the lease liabilities.

Leases as lessor

As a lessor the Group leases out some of its vessels under long-term time charter agreements. For certain vessels employed under long-term time charter agreements, the adoption of IFRS 16 required the Group to separate the lease and non-lease component in the contract, with the lease component qualified as operating lease and the non-lease component accounted for under IFRS 15. This did not have a material impact for the Group.

The future undiscounted lease payments to be received for these lease agreements are as follows:

(in thousands of USD)	December 31, 2020	December 31, 2019
Less than one year	123,319	143,748
Between one and five years	303,561	263,406
More than five years	217,354	27,362
Total future lease receivables	644,234	434,516

The amounts shown in the table above include the Group's share of leases of joint ventures. The increase in lease receivables is due to the extension of the time charter contracts, signed in November 2020, in the two joint ventures (TI Asia Ltd. and TI Africa Ltd.) for ten years in direct continuation of their current contractual service, until July 21, 2032 and September 21, 2032 respectively.

On some of the above mentioned vessels the Group has granted the option to extend the charter period. These option periods have not been taken into account when calculating the future minimum lease receivables.

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Note 20 - Leases (Continued)

Vessels employed by the TI Pool do not meet the definition of a lease under IFRS 16 and accordingly are accounted for under IFRS 15 Revenue from Contracts with Customers.

Further the Group subleases office space to third parties in certain leased offices of Euronav UK and Euronav MI II Inc (formerly Gener8 Maritime Inc.). The Group recognized at January 1, 2019 $11.4 million lease receivables related to sublease agreements that qualify as finance lease.

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, 2020	December 31, 2019
Less than 1 year	2,328	2,229
One to two years	2,359	2,304
Two to three years	1,898	2,335
Three to four years	1,689	1,890
Four to five years	1,285	1,689
More than 5 years	—	1,285
Total undiscounted lease receivables	9,559	11,732

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Note 21 - Provisions and contingencies

(in thousands of USD)	Onerous contract	Total
Balance at January 1, 2019	5,265	5,265
Assumed in a business combination (Note 25)	(3,049)	(3,049)
Provisions used during the year	(447)	(447)
Balance at December 31, 2019	1,769	1,769
Non-current	1,381	1,381
Current	388	388
Total	1,769	1,769
Balance at January 1, 2020	1,769	1,769
Adoption IFRS 16	—	—
Provisions used during the year	(388)	(388)
Balance at December 31, 2020	1,381	1,381
Non-current	1,154	1,154
Current	227	227
Total	1,381	1,381

In 2004, Gener8 Maritime Subsidiary II Inc. entered into a non-cancellable lease for office space. This lease started on December 1, 2004 and would have expired on September 30, 2020. On July 14, 2015 this lease was extended for an additional 5 years until September 30, 2025. The facilities have been sub-let starting on December 1, 2018 for the remaining lease term, but changes in market conditions have meant that the rental income is lower than the rental expense. The obligation for the future payments, net of expected rental income, has been provided for. $3.0 million of the provision was reclassified to right-of-use assets as part of the adoption of IFRS 16 on January 1, 2019.

The Group is currently involved in a litigation. Provisions related to legal and arbitration proceedings are recorded in accordance with the accounting policy as described in Note 1.16. The claim has been submitted on January 15, 2021 by Unicredit Bank in London with the High Court of Justice of England and Wales. The claim relates to an alleged misdelivery of 101,809 metric tons of low sulphur fuel oil that was transported by the Suezmax vessel, Sienna. The charterer, Gulf Petrochem FZC, a company of GP Global, instructed the vessel to discharge the cargo at Sohar without presentation of the bill of lading but against a letter of indemnification issued by the charterer as is customary practice in the crude oil shipping industry. Unicredit bank, who had financed the cargo for an amount of USD 26,367,200 and had become the holder of the bill of lading, was not repaid in accordance with the financing arrangements agreed with Gulf Petrochem FZC. As holder of the bill of lading, Unicredit Bank is now claiming that amount of USD 26,367,200 together with interest from Euronav NV. The GP Global group is currently under a restructuring plan and any recourse under the letter of indemnity issued by Gulf Petrochem FZC is therefore doubtful. The Group believes that it has followed well established standard working practices and that it has valid defense arguments. Based on an external legal advice, management believes that it has strong arguments that the risk of an outflow is less than probable and therefore no provision is recognized. The court proceedings are in early stage.

Furthermore, 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 jeopardize the Group's financial position.

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Note 22 - Related parties

Identity of related parties

The Group has a related party relationship with its subsidiaries (see Note 24) and equity-accounted investees (see Note 26) and with its directors and executive officers (see Note 23).

Transactions with key management personnel

The total amount of the remuneration paid in local currency to all non-executive directors for their services as members of the board and committees (if applicable) is as follows:

(in thousands of EUR)	2020	2019	2018
Total remuneration	1,048	1,101	1,035

The Nomination and Remuneration Committee annually reviews the remuneration of the members of the Management Board. The remuneration (excluding the CEO) consists of a fixed and a variable component and can be summarized as follows:

(in thousands of EUR)	2020	2019	2018
Total fixed remuneration	2,165	1,579	1,231
of which
Cost of pension	18	80	39
Other benefits	143	81	75
Total variable remuneration	1,029	2,424	1,153
of which
Share-based payments	69	1,403	299

All amounts mentioned refer to the Management Board in its official composition throughout 2020.

The remuneration of the CEO can be summarized as follows:

(2020 & 2019 in thousands of EUR, 2018 in thousands of GBP)	2020	2019	2018
Total fixed remuneration	624	5,754	537
of which
Cost of pension	—	7.4	—
Other benefits	—	26	40
Total variable remuneration	424	786	1,866
of which
Share-based payments	54	786	118

On February 12, 2015, the Board of Directors (as of February 2020 Supervisory Board) granted 236,590 options and 65,433 restricted stock units within the framework of a long term incentive plan. Vested stock options may be exercised until 13 years after the grant date. As of December 31, 2020, all the stock options remained outstanding but all RSUs were exercised in 2018 (see Note 14 and 23). On February 2, 2016, the Board of Directors (as of February 2020 Supervisory Board) granted 54,616 phantom stock units within the framework of an additional long term incentive plan. Each unit gives 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. One-third was vested on the second anniversary, one-third was vested on the third anniversary and one-third was vested on the fourth anniversary (see Note 14 and 23). On February 9, 2017, the Board of Directors (as of February 2020 Supervisory Board) granted 66,449 phantom stock units within the framework of an additional long term incentive plan. Each unit gives 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. One-third was vested on the second anniversary and one-third was vested on the third anniversary(see Note 14 and 23). On February 16, 2018, the Board of Directors (as of February 2020 Supervisory Board) granted 154,432 phantom stock units within the framework of an additional long term incentive plan. Each unit gives 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

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Note 22 - Related parties (Continued)

one-third each year on the second, third and fourth anniversary of the award. One-third was vested on the second anniversary (see Note 14 and 23). On January 8, 2019, the Board of Directors (as of February 2020 Supervisory Board) granted 1,200,000 phantom stock units within the framework of a transaction based incentive plan ("TBIP"). After the resignation of the former CEO, 400,000 phantom stock units were waived. The first tranche of 12% was vested in the first quarter of 2020. The contractual term of the TBIP offer is 5 years. A first tranche of 12% of the total number of phantom stock units vests on the date on which the Fair Market Value ("FMV") reaches USD 12 (decreased with the amount of dividend paid since grant, if any). A second tranche (16%) vests on the date the FMV reaches USD 14 (decreased with the amount of dividend paid since grant, if any), a third tranche (25%) vests on the date the FMV reaches USD 16 (decreased with the amount of dividend paid since grant, if any) and the final tranche (44%) vests on the date the FMV reaches USD 18 (decreased with the amount of dividend paid since grant, if any) (see Note 14 and 23). The TBIP defines FMV as the volume weighted average price of the shares on the New York Stock Exchange over the thirty (30) Business Days preceding such date. On April 1, 2019, the Board of Directors (as of February 2020 Supervisory Board) granted 152,346 restricted stock units within the framework of a long term incentive plan. The RSU’s vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2019) and will be settled in shares. As of December 31, 2020, 12,696 RSU’s were vested, however vested RSU’s will not be delivered in shares until the first business day after April 1, 2022. On April 1, 2020, the Supervisory Board granted 144,392 restricted stock units within the framework of a long term incentive plan. The RSU’s vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2020) and will be settled in shares. As of December 31, 2020, no RSU’s were vested.

Relationship with CMB

In 2004, Euronav split from Compagnie Maritime Belge (CMB). CMB renders some administrative and general services to Euronav. In 2020 CMB invoiced a total amount of $1,578 (2019: $1,336 and 2018: $1,151).

In 2019, Euronav started up a project to develop software with CMB Technology to monitor fuel consumption performance of the Euronav fleet. In 2019, CMB Technology invoiced a total amount of $167 thousand (150 thousand EUR) in relation to the software development project (2020: $0).

The Group purchased IMO 2020 compliant bunker fuel (low sulphur fuel oil) for future use by its vessels (Note 11). A ruling was granted to include this activity under the tonnage tax regime. This ruling also allows the execution of physical swaps. Discussions were started in 2019 to enter into such fuel swaps with the CMB Group. The swap agreement was extended to CMB NV, Bocimar International NV and Bocimar Hong Kong Ltd. In the course of 2020, a total of 51,000 metric tons of compliant bunker fuel oil was swapped between these parties.

Properties

The Group leases office space in Belgium from Reslea N.V., an entity jointly controlled by CMB. Under this lease, the Group paid an annual rent of $335,033 in 2020 (2019: $290,858 and 2018: $185,326). This lease expires on August 31, 2021.

The Company subleases office space in its London, United Kingdom office, through its subsidiary Euronav (UK) Agencies Limited, pursuant to a sublease agreement, dated 25 September 2014, with Tankers (UK) Agencies Limited, a 50-50 joint venture with International Seaways. Under this sublease, the Company received in 2020 a rent of $218,074 (2019: $216,750 and 2018: $227,089). This sublease expires on April 27, 2023.

Transactions with subsidiaries and joint ventures

The Group has supplied funds in the form of shareholder's advances to some of its joint ventures at pre-agreed conditions (see below and Note 26).

On November 19, 2019, the Group entered into a joint venture together with affiliates of Ridgebury Tankers and clients of Tufton Oceanic. Each 50%-50% joint venture acquired one Suezmax vessel. The JVs, Bari Shipholding Ltd and Bastia Shipholding Ltd, entered into various agreements including a secured term loan for $36.7 million and revolving credit for $3.0 million with Euronav Hong Kong as lender, a commercial management service with Euronav NV and a technical management service with Ridgebury.

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Note 22 - Related parties (Continued)

On September 15, 2020, the Suezmax Bastia was sold for USD 20.5 million. A capital gain on the sale of USD 0.4 million (Euronav's share) was recorded in the joint venture company. The vessel has been delivered to her new owners. Following this sale, the shareholders loan to Bastia Shipholding Ltd. was fully repaid.

Balances and transactions between the Group and its subsidiaries have been eliminated on consolidation and are not disclosed in this note. Details of outstanding balances and transactions between the Group and its joint ventures are disclosed below:

As of end for the year ended December 31, 2019
(in thousands of USD)	Trade receivables	Trade payables	Shareholders Loan	Turnover	Dividend Income
TI Africa Ltd	227	—	23,215	390	—
TI Asia Ltd	90	—	—	390	12,600
Bari Shipholding Ltd	265	211	18,390	13	—
Bastia Shipholding Ltd	301	96	18,773	25	—
Tankers Agencies (UK) Ltd	—	132	—	—	—
Total	883	439	60,379	818	12,600
As of end for the year ended December 31, 2020
(in thousands of USD)	Trade receivables	Trade payables	Shareholders Loan	Turnover	Dividend Income
TI Africa Ltd	440	—	16,665	398	—
TI Asia Ltd	472	—	—	398	5,550
Bari Shipholding Ltd	283	52	19,271	342	—
Bastia Shipholding Ltd	17	1	—	326	1,590
Tankers Agencies (UK) Ltd	19	135	—	—	—
Total	1,231	188	35,936	1,464	7,534

Guarantees

The Group provided guarantees to financial institutions that provided credit facilities to joint ventures of the Group. As of December 31, 2020, the total amount outstanding under these credit facilities was $90.4 million (2019: $139.2 million), of which the Group guaranteed $45.2 million (2019: $69.6 million) (see Note 26).

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Note 23 - Share-based payment arrangements

Description of share-based payment arrangements:

At December 31, 2020, the Group had the following share-based payment arrangements:

Long term incentive plan 2015 (Equity-settled)

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 at anniversary date and 60% in the form of restricted stock units ('RSU's') which will be paid out in cash, 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 €10.0475 and are equity-settled. As of December 31, 2020, all the stock options remained outstanding but all RSU's were exercised in 2018. The total employee benefit expense recognized in the consolidated statement of profit or loss during 2020 with respect to the LTIP 2015 was $0 thousand (2019: $0 thousand and 2018: expense of $37 thousand).

Long term incentive plan 2016 (Cash-settled)

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, the beneficiaries will obtain their respective LTIP in cash, based on the volume weighted average price of the shares on Euronext Brussels over the 3 last business days of the relevant vesting period. 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 stocks were granted on February 2, 2016 and one-third was vested on the second anniversary, one-third on the third anniversary and one-third on the fourth anniversary. Following the resignation of our former CEO Paddy Rodgers, his phantom stocks were waived. As of December 31, 2020, no 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 income recognized in the consolidated statement of profit or loss during 2020 was $0.3 million (2019: income of $0.1 million and 2018: income of $0.2 million).

Long term incentive plan 2017 (Cash-settled)

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, the beneficiaries will obtain their respective LTIP in cash, based on the volume weighted average price of the shares on Euronext Brussels over the 3 last business days of the relevant vesting period. 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 one-third was vested on the second anniversary and one-third on the third anniversary. Following the resignation of our former CEO Paddy Rodgers, his phantom stocks were waived. As of December 31, 2020, 16,210 phantom stocks were outstanding. 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 income recognized in the consolidated statement of profit or loss during 2020 was $0.3 million (2019: expense of $22,000 and 2018: expense of $0.2 million).

Long term incentive plan 2018 (Cash-settled)

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, the beneficiaries will obtain their respective LTIP in cash, based on the volume weighted average price of the shares on Euronext Brussels over the 3 last business days of the relevant vesting period. 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 one-third was vested on the second anniversary. Following the resignation of our former CEO Paddy Rodgers, his phantom stocks were waived. As of December 31, 2020, 71,854 phantom stocks were outstanding. 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 income recognized in the consolidated statement of profit or loss during 2020 was $0.4 million (2019: expense of $0.7 million and 2018: expense of $0.5 million).

Transaction Based Incentive Plan 2019 (Cash-settled)

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Note 23 - Share-based payment arrangements (Continued)

The Group’s Supervisory Board has implemented in 2019 a transaction-based incentive plan ("TBIP") for key management personnel. Under the terms of this TBIP, key management personnel is 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 ("FMV") of one share of the Company multiplied by the number of phantom stock units that have vested prior to the settlement date. The TBIP defines FMV as the volume weighted average price of the shares on the New York Stock Exchange over the thirty (30) Business Days preceding such date. The vesting and settlement of the TBIP is spread over a time frame of five years. The phantom stock awarded matures in four tranches: the first tranche of 12% vesting when the FMV reaches $12 (decreased with the amount of dividend paid since grant, if any), the second tranche of 19% vesting when the FMV reaches $14 (decreased with the amount of dividend paid since grant, if any), the third tranche of 25% vesting when the FMV reaches $16 (decreased with the amount of dividend paid since grant, if any) and the fourth tranche of 44% vesting when the FMV reaches $18 (decreased with the amount of dividend paid since grant, if any). In total a number of 1,200,000 phantom stock units were granted on January 8, 2019 and the first tranche of 12% was vested in the first quarter of 2020. Following the resignation of our former CEO Paddy Rodgers, his phantom stocks were waived. As of December 31, 2020, 704,000 phantom stocks were outstanding. The TBIP 2019 qualifies as a cash-settled share-based payment transaction as the Company receives services from the participants and incur an obligation to settle the transaction in cash. The Company recognizes a liability at fair value in respect of its obligations under the TBIP 2019. The fair value of the plan is being determined using a binominal model with cost being spread of the expected vesting period over the various tranches. The compensation income recognized in the consolidated statement of profit or loss during 2020 was $0.4 million (2019: expense of $1.8 million).

Long term incentive plan 2019 (Equity-settled)

The Group’s Supervisory Board has implemented in 2019 an additional long term incentive plan (‘LTIP’) for key management personnel. Under the terms of this LTIP, key management personnel will obtain 100% of their respective LTIP in the form of Euronav restricted stock units (‘RSU’s’). The RSU’s vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2019) and will be settled in shares. In total 152,346 RSU’s were granted on April 1, 2019. As of December 31, 2020, 12,696 RSU’s were vested, however vested RSU’s will not be delivered in shares until the first business day after April 1, 2022. The compensation expense recognized in the consolidated statement of profit or loss during 2020 was $0.1 million.

Long term incentive plan 2020 (Equity-settled)

The Group’s Supervisory Board has implemented in 2020 an additional long term incentive plan (‘LTIP’) for key management personnel. Under the terms of this LTIP, key management personnel will obtain 100% of their respective LTIP in the form of Euronav restricted stock units (‘RSU’s’). The RSU’s vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2020) and will be settled in shares. In total 144,392 RSU’s were granted on April 1, 2020.

Measurement of Fair Value

The fair value of the employee share options under the 2015 LTIP has been measured using the Black-Scholes formula. Service and non-market performance conditions attached to the transactions were not taken into account in measuring fair value.

The inputs used in measurement of the fair values at grant date for the equity-settled share option programs were as follows:

	LTIP 2015
(figures in EUR)	Tranche 1		Tranche 2		Tranche 3
Fair value at grant date	1.853		1.853		1.853
Share price at grant date	10.050		10.050		10.050
Exercise price	10.0475		10.0475		10.0475
Expected volatility (weighted average)	39.63	%	39.63	%	39.63	%
Expected life (days) (weighted average)	365		730		1,095
Expected dividends	8	%	8	%	8	%
Risk-free interest rate	0.66	%	0.66	%	0.66	%

Expected volatility has been based on an evaluation of the historical volatility of the Company's share price, particularly over the historical periods commensurate with the expected term. The expected term of the instruments has been based on historical experience and general option holder behavior using a Monte Carlo simulation.

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Note 23 - Share-based payment arrangements (Continued)

The liability in respect of its obligations under the LTIP 2016, LTIP 2017 and LTIP 2018 is 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. One-third of the phantom stocks granted on February 2, 2016 was vested on the second anniversary, one-third on the third anniversary and one-third on the fourth anniversary. As of December 31, 2020, no phantom stocks remained outstanding. One-third of the phantom stocks granted on February 9, 2017 was vested on the second anniversary and one-third on the third anniversary, 16,210 phantom stocks remained outstanding as of December 31, 2020. One-third of the phantom stocks granted on February 16, 2018 was vested on the second anniversary, 71,854 phantom stocks remained outstanding as of December 31, 2020. The Company’s share price was EUR 10.613 at the grant date of the LTIP 2016, EUR 7.268 at the grant date of the LTIP 2017 and EUR 7.237 at the grant date of the LTIP 2018, and was EUR 6.60 as at December 31, 2020.

The Company recognizes a liability at fair value in respect of its obligations under the TBIP 2019. The fair value of the plan is being determined using a binominal model with cost being spread of the expected vesting period over the various tranches. The vesting and settlement of the TBIP is spread over a timeframe of five years. The phantom stock awarded matures in four tranches: the first tranche of 12% vesting when the Fair Market Value ("FMV") reaches USD 12 (decreased with the amount of dividend paid since grant, if any), the second tranche of 19% vesting when the FMV reaches USD 14 (decreased with the amount of dividend paid since grant, if any), the third tranche of 25% vesting when the FMV reaches USD 16 (decreased with the amount of dividend paid since grant, if any) and the fourth tranche of 44% vesting when the FMV reaches USD 18 (decreased with the amount of dividend paid since grant, if any). The TBIP defines FMV as the volume weighted average price of the shares on the New York Stock Exchange over the thirty (30) Business Days preceding such date. In total a number of 1,200,000 phantom stock units were granted on January 8, 2019 and the first tranche of 12% was vested in the first quarter of 2020. Following the resignation of our former CEO Paddy Rodgers, his phantom stocks were waived. As of December 31, 2020, 704,000 phantom stocks were outstanding.

The inputs used in measurement of the fair value at grant date for the TBIP was as follows:

	TBIP
	Tranche 1		Tranche 2		Tranche 3		Tranche 4
Risk-free interest rate	1.69	%	1.69	%	1.69	%	1.69	%
Annual volatility	33.43	%	33.43	%	33.43	%	33.43	%
Expected vesting period (years)	3.05		3.38		3.69		3.98

The liability in respect of its obligations under the LTIP 2019 is subject for 75% to a relative TSR (Total Shareholder Return) compared to a peer group over a three years period. Each yearly measurement to be worth 1/3rd of 75% of the award. And subject for 25% to an absolute TSR of the Company’s Shares measured each year for 1/3 of 25% of the award. In total 152,346 RSU’s were granted on April 1, 2019. As of December 31, 2020, 12,696 RSU’s were vested, however vested RSU’s will not be delivered in shares until the first business day after April 1, 2022.

Expenses recognized in profit or loss

For details on related employee benefits expense, see Note 5 and Note 17. The expenses related to the LTIP 2016, LTIP 2017, LTIP 2018, TBIP 2019 and LTIP 2019 (2020: income of $1.2 million, 2019: expense of -$2.5 million and 2018: expense of -0.5 million) are included in employee benefits.

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Note 23 - Share-based payment arrangements (Continued)

Reconciliation of outstanding share options

The number and weighted-average exercise prices of options under the 2015 LTIP are as follows:

(figures in EUR)	Number of options 2020	Weighted average exercise price 2020	Number of options 2019	Weighted average exercise price 2019
Outstanding at January 1	236,590	7.732	236,590	7,732.000
Forfeited during the year	—	—	—	—
Exercised during the year	—	—	—	—
Granted during the year	—	—	—	—
Outstanding at December 31	236,590	7.732	236,590	7.732
Vested at December 31	236,590	—	236,590	—

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Note 24 - Group entities

	Country of incorporation	Consolidation method	Ownership interest
			December 31, 2020		December 31, 2019		December 31, 2018
Parent
Euronav NV	Belgium	full	100.00	%	100.00	%	100.00	%
Euronav NV, Antwerp, Geneva (branch office)
Euronav NV, London (branch office)
Subsidiaries
Euronav Tankers NV	Belgium	full	100.00	%	100.00	%	100.00	%
Euronav Shipping NV	Belgium	full	100.00	%	100.00	%	100.00	%
Euronav (UK) Agencies Limited	UK	full	100.00	%	100.00	%	100.00	%
Euronav Luxembourg SA	Luxembourg	full	100.00	%	100.00	%	100.00	%
Euronav sas	France	full	100.00	%	100.00	%	100.00	%
Euronav Ship Management sas	France	full	100.00	%	100.00	%	100.00	%
Euronav Ship Management Antwerp (branch office)
Euronav Ship Management Ltd	Liberia	full	100.00	%	100.00	%	100.00	%
Euronav Ship Management Hellas (branch office)
Euronav Hong Kong	Hong Kong	full	100.00	%	100.00	%	100.00	%
Euro-Ocean Ship Management (Cyprus) Ltd	Cyprus	full	100.00	%	100.00	%	100.00	%
Euronav Singapore	Singapore	full	100.00	%	100.00	%	100.00	%
Fiorano Shipholding Ltd	Hong Kong	full	NA		NA		NA
Larvotto Shipholding Ltd	Hong Kong	full	NA		NA		NA
Euronav MI II Inc	Marshall Islands	full	100.00	%	100.00	%	100.00	%
Gener8 Maritime Subsidiary II Inc.	Marshall Islands	full	100.00	%	100.00	%	100.00	%
Gener8 Maritime Subsidiary New IV Inc.	Marshall Islands	full	100.00	%	100.00	%	100.00	%
Gener8 Maritime Management LLC	Marshall Islands	full	100.00	%	100.00	%	100.00	%
Gener8 Maritime Subsidiary V Inc.	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Maritime Subsidiary VIII Inc.	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Maritime Subsidiary Inc.	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Zeus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Atlas LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Hercules LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Ulysses LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Posseidon LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Victory Ltd.	Bermuda	full	NA		NA		100.00	%
Vision Ltd.	Marshall Islands	full	NA		NA		100.00	%
GMR Spartiate LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Maniate LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR St Nikolas LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR George T LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Kara G LLC	Liberia	full	NA		100.00	%	100.00	%
GMR Harriet G LLC	Liberia	full	NA		100.00	%	100.00	%
GMR Orion LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Argus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Spyridon LLC	Marshall Islands	full	NA		NA		100.00	%

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Note 24 - Group entities (Continued)

GMR Horn LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Phoenix LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Strength LLC	Liberia	full	NA		NA		100.00	%
GMR Daphne LLC	Marshall Islands	full	NA		NA		100.00	%
GMR Defiance LLC	Liberia	full	NA		100.00	%	100.00	%
GMR Elektra LLC	Marshall Islands	full	NA		NA		100.00	%
Companion Ltd.	Bermuda	full	NA		100.00	%	100.00	%
Compatriot Ltd.	Bermuda	full	NA		100.00	%	100.00	%
Consul Ltd.	Bermuda	full	NA		NA		100.00	%
GMR Agamemnon LLC	Liberia	full	NA		NA		100.00	%
Gener8 Neptune LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Athena LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Apollo LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Ares LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Hera LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Constantine LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Oceanus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Nestor LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Nautilus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Macedon LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Noble LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Ethos LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Perseus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Theseus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Hector LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Strength Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Supreme Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Andriotis Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Militiades Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Success Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Chiotis Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 1 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 2 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 3 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 4 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 5 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 6 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 7 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 8 Inc.	Marshall Islands	full	NA		NA		100.00	%
Joint ventures
Kingswood Co. Ltd	Marshall Islands	equity	NA		50.00	%	50.00	%
TI Africa Ltd	Hong Kong	equity	50.00	%	50.00	%	50.00	%
TI Asia Ltd	Hong Kong	equity	50.00	%	50.00	%	50.00	%
Tankers Agencies (UK) Ltd	UK	equity	50.00	%	50.00	%	50.00	%
Tankers International LLC	Marshall Islands	equity	50.00	%	50.00	%	50.00	%
Bari Shipholding Ltd	Hong Kong	equity	50.00	%	50.00	%	NA
Bastia Shipholding Ltd	Hong Kong	equity	50.00	%	50.00	%	NA

At December 31, 2020, the Group held 50% of the voting rights in TUKA but held 61% of the outstanding shares that participate in the result of the entity.

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Note 24 - Group entities (Continued)

At December 31, 2020, the Group held 50% of the voting rights in TI LLC but held 59% of the outstanding shares that participate in the result of the entity.

In 2018 two subsidiaries, Fiorano Shipholding Ltd and Larvotto Shipholding Ltd were dissolved.

Due to the merger with Gener8 Maritime Inc. on June 12, 2018 as set out in Note 25, the Group acquired new subsidiaries. Those subsidiaries were used by Gener8 mostly as SPV to own individual vessels. All of the vessels have been transferred to Euronav NV in 2018. The Group intends to liquidate a majority of those subsidiaries as soon as possible. In 2019 the following subsidiaries were dissolved:

Gener8 Maritime Subsidiary V Inc.	GMR Defiance LLC
Gener8 Maritime Subsidiary VIII Inc.	Companion Ltd.
Gener8 Maritime Subsidiary Inc.	Compatriot Ltd.
GMR Zeus LLC	Gener8 Neptune LLC
GMR Atlas LLC	Gener8 Athena LLC
GMR Hercules LLC	Gener8 Apollo LLC
GMR Ulysses LLC	Gener8 Ares LLC
GMR Poseidon LLC	Gener8 Hera LLC
GMR Spartiate LLC	Gener8 Constantine LLC
GMR Maniate LLC	Gener8 Oceanus LLC
GMR St Nikolas LLC	Gener8 Nestor LLC
GMR George T LLC	Gener8 Nautilus LLC
GMR Kara G LLC	Gener8 Macedon LLC
GMR Harriet G LLC	Gener8 Noble LLC
GMR Orion LLC	Gener8 Ethos LLC
GMR Argus LLC	Gener8 Perseus LLC
GMR Horn LLC	Gener8 Theseus LLC
GMR Phoenix LLC	Gener8 Hector LLC

In 2019, Euronav NV, Antwerp, Geneva (branch office), was established and incorporated in the third quarter of 2019.

In the fourth quarter of 2019, two new joint ventures Bari Shipholding Ltd. and Bastia Shipholding Ltd. were incorporated (see Note 26).

In 2020 one joint venture, Kingswood Co. Ltd, was dissolved.

In 2020, Euronav NV, London (branch office), was established and incorporated in the third quarter of 2020.

The Group holds 100% of the voting rights in all of its subsidiaries.

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Note 25 - Business combinations

Merger with Gener8 Maritime, Inc. ('Gener8')

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. Gener8 Maritime 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.

The merger created the world’s leading independent crude tanker operator with 72 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-capitalized, 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.

The “Exchange Ratio“ of 0.7272 Euronav shares for each share of Gener8 resulted in the issuance 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 20 December 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 the fully diluted share capital of Gener8). Euronav as the combined entity remain listed on NYSE and Euronext under the symbol "EURN".

Subsequently, Euronav sold certain subsidiaries owning six VLCCs to International Seaways ("INSW") for a total cash payment of $141.0 million of which $120.0 million was received on June 14, 2018, the date of closing. The remaining balance of $20.9 million was paid in Q4. This sale was an important part of the wider merger with Gener8 Maritime transaction as it allows Euronav to retain leverage around a 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 the Group on June 12, 2018, the acquired companies contributed revenue of $16.5 million and a loss of $43.7 million to the Group’s consolidated results for the year ended December 31, 2018. If the acquisition had occurred on 1 January 2018, management estimates that the Group’s consolidated revenue for the year ended December 31, 2018 would have been $665.5 million and consolidated loss for the twelve month period ended December 31, 2018 would have been $(160.1) 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

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Note 25 - Business combinations (Continued)

The Group incurred approximately $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) (see Note 16).

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 acquired by INSW when they acquired certain subsidiaries owning six 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. On September 17, 2018, this facility was repaid in full.

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 8)	1,704,250	1,270,250	434,000
Other tangible assets	345	345	—
Intangible assets	152	152	—
Receivables	16,750	9,599	7,151
Current assets	79,459	64,829	14,629
Cash and cash equivalents	126,288	126,288	—
Loans and borrowings (Note 16)	(1,312,446)	(1,001,478)	(310,968)
Provision onerous contracts (Note 21)	(5,303)	(5,303)	—
Current liabilities	(33,012)	(29,160)	(3,852)
Total identifiable net assets acquired	576,482	435,522	140,960
(in thousands of USD)	Fair value at acquisition date
Consideration transferred	553,423
Total identifiable net assets acquired	576,482
Bargain Purchase	23,059

The transaction resulted in a bargain purchase gain of $23.1 million as 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 exchange ratio and the date of the merger when the valuation of the vessels was assessed.

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

As at June 12, 2018, the gross contractual amounts receivable acquired amounted to $98.2 million and the amounts expected not to collect amounted to $2.0 million which gives a net amount receivable of $96.2 million (see table above, sum of receivables and current assets).

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Note 26 - Equity-accounted investees

(in thousands of USD)	December 31, 2020	December 31, 2019
Assets
Interest in joint ventures	51,703	50,322
Interest in associates	—	—
TOTAL ASSETS	51,703	50,322
Liabilities
Interest in joint ventures	—	—
Interest in associates	—	—
TOTAL LIABILITIES	—	—

Joint Ventures

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

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Note 26 - Equity-accounted investees (Continued)

	ASSET
(in thousands of USD)	Investments in equity accounted investees	Shareholders loans
Gross balance	27,565	162,763
Offset investment with shareholders loan	3,030	(3,030)
Balance at January 1, 2018	30,595	159,733
Group's share of profit (loss) for the period	16,076	—
Group's share of other comprehensive income	(459)	—
Movement shareholders loans to joint ventures	—	(134,097)
Gross balance	43,182	28,666
Offset investment with shareholders loan	—	—
Balance at December 31, 2018	43,182	28,666
Group's share of profit (loss) for the period	16,460	—
Group's share of other comprehensive income	(720)	—
Dividends received from joint ventures	(12,600)	—
Movement shareholders loans to joint ventures	—	31,713
Initial capital provided to joint ventures	4,000	—
Gross balance	50,322	60,379
Offset investment with shareholders loan	—	—
Balance at December 31, 2019	50,322	60,379

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Note 26 - Equity-accounted investees (Continued)

	ASSET
(in thousands of USD)	Investments in equity accounted investees	Shareholders loans
Group's share of profit (loss) for the period	10,917	—
Group's share of other comprehensive income	(2)	—
Dividends received from joint ventures	(7,534)	—
Movement shareholders loans to joint ventures	—	(26,443)
Repayment capital provided to joint ventures	(2,000)	—
Gross balance	51,703	33,936
Offset investment with shareholders loan	—	—
Balance at December 31, 2020	51,703	33,936

The decrease in the balance of shareholders’ loans to joint ventures in 2018 is primarily due to the $220.0 million senior secured credit facility which TI Asia Ltd. and TI Africa Ltd. entered into March 29, 2018. The shareholders loans were partially repaid by using a part of the proceeds of this new borrowing. In this context, the Company provided a guarantee for the revolving tranche of the above credit facility.

The increase in the balance of the shareholders' loan to joint ventures in 2019 is attributable to the shareholders loans to newly set-up joint ventures Bari Shipholding Ltd and Bastia Shipholding Ltd (see Note 10).

The decrease in the balance of the shareholders' loan to joint ventures in 2020 is attributable to the repayment of the shareholders loans to TI Africa, Bari Shipholding Ltd. and Bastia Shipholding Ltd., the latter following the sale of the vessel in September 2020.

Joint venture	Segment	Description
Kingswood Co. Ltd	Tankers	Holding company; parent of Seven Seas Shipping Ltd. and liquidated in 2020
Seven Seas Shipping Ltd	Tankers	Formerly owner of 1 VLCC bought in 2016 by Euronav. Wholly owned subsidiary of Kingswood Co. Ltd. and liquidated in 2020
Tankers Agencies (UK) Ltd	Tankers	Parent company of Tankers International Ltd
Tankers International LLC	Tankers	The manager of the Tankers International Pool who commercially manages the majority of the Group's VLCCs
Bari Shipholding Ltd	Tankers	Single ship company, owner of 1 Suezmax
Bastia Shipholding Ltd	Tankers	Formerly owner of 1 Suezmax, dormant company
TI Africa Ltd	FSO	Operator and owner of a single floating storage and offloading facility (FSO Africa) *
TI Asia Ltd	FSO	Operator and owner of a single floating storage and offloading facility (FSO Asia) *

* FSO Asia and FSO Africa are on a time charter contract to North Oil Company (NOC), the new operator of Al Shaheen field, until mid 2032.

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Note 26 - Equity-accounted investees (Continued)

The following table contains summarized financial information for all of the Group's joint ventures:

	Asset
(in thousands of USD)	Kingswood Co. Ltd		Seven Seas Shipping Ltd		TI Africa Ltd		TI Asia Ltd		Tankers Agencies (UK) Ltd (see Note 24)		TI LLC (see Note 24)		Total
At December 31, 2018
Percentage ownership interest	50	%	50	%	50	%	50	%	50	%	50	%
Non-Current assets	522		—		154,553		147,962		306		—		303,343
of which vessel	—		—		153,404		146,654		—		—		300,058
Current Assets	—		792		9,119		22,450		351,702		288		384,351
of which cash and cash equivalents	—		696		484		2,561		2,487		—		6,227
Non-Current Liabilities	—		522		130,068		74,171		—		—		204,760
of which bank loans	—		—		70,080		67,551		—		—		137,630
Current Liabilities	6		1		24,400		23,699		349,096		48		397,250
of which bank loans	—		—		23,867		23,015		64,500		—		111,382
Net assets (100%)	516		269		9,205		72,542		2,912		240		85,685
Group's share of net assets	258		134		4,603		36,271		1,774		141		43,182
Shareholders loans to joint venture	—		—		28,665		—		—		—		28,665
Net Carrying amount of interest in joint venture	258		134		4,603		36,271		1,774		141		43,182
Remaining shareholders loan to joint venture	—		—		28,665		—		—		—		28,665
Revenue	—		1		49,129		49,180		749,229		—		847,540
Depreciations and amortization	—		—		(18,209)		(17,933)		(71)		—		(36,213)
Interest Expense	—		—		(3,857)		(3,733)		(2,571)		—		(10,161)
Income tax expense	—		—		(1,585)		(1,611)		(216)		—		(3,412)
Profit (loss) for the period (100%)	(2)		(5)		15,742		15,977		352		10		32,074
Other comprehensive income (100%)	—		—		(477)		(441)		—		—		(918)
Group's share of profit (loss) for the period	(1)		(2)		7,871		7,989		214		6		16,076
Group's share of other comprehensive income	—		—		(239)		(220)		—		—		(459)

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Table of contents EURONAV NV

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 26 - Equity-accounted investees (Continued)

	Asset
(in thousands of USD)	Kingswood Co. Ltd		Seven Seas Shipping Ltd		TI Africa Ltd		TI Asia Ltd		Tankers Agencies (UK) Ltd (see Note 24)		TI LLC (see Note 24)		Bari Shipholding Ltd		Bastia Shipholding Ltd		Total
At December 31, 2019
Percentage ownership interest	50	%	50	%	50	%	50	%	50	%	50	%	50	%	50	%
Non-Current assets	530		—		137,426		128,722		944		—		21,833		21,628		311,083
of which vessel	—		—		135,195		128,722		—		—		21,833		21,628		307,377
Current Assets	—		800		10,809		10,001		418,505		267		1,573		5,577		447,531
of which cash and cash equivalents	—		800		1,701		917		3,246		—		—		250		6,913
Non-Current Liabilities	—		525		97,514		49,026		490		—		18,390		18,773		184,718
of which bank loans	—		—		45,567		43,927		—		—		—		—		89,495
Current Liabilities	10		1		26,370		27,318		415,301		51		705		4,328		474,085
of which bank loans	—		—		24,856		23,968		135,000		—		—		—		183,824
Net assets (100%)	520		274		24,351		62,379		3,658		216		4,310		4,104		99,811
Group's share of net assets	260		137		12,175		31,189		2,227		127		2,155		2,052		50,322
Shareholders loans to joint venture	—		—		23,215		—		—		—		18,390		18,773		60,379
Net Carrying amount of interest in joint venture	260		137		12,175		31,189		2,227		127		2,155		2,052		50,322
Remaining shareholders loan to joint venture	—		—		23,215		—		—		—		18,390		18,773		60,379
Revenue	—		8		49,434		49,487		1,307,523		—		938		1,970		1,409,360
Depreciations and amortization	—		—		(18,209)		(17,933)		(67)		—		(273)		(507)		(36,988)
Interest expense	—		—		(4,633)		(4,482)		(3,292)		—		(155)		(202)		(12,764)
Income tax expense	—		—		(1,588)		(1,573)		(243)		—		—		—		(3,405)
Profit (loss) for the period (100%)	(3)		6		15,881		15,743		746		(24)		310		104		32,763
Other comprehensive income (100%)	—		—		(735)		(706)		—		—		—		—		(1,441)
Group's share of profit (loss) for the period	(1)		3		7,941		7,871		454		(14)		155		52		16,460
Group's share of other comprehensive income	—		—		(367)		(353)		—		—		—		—		(720)

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Table of contents EURONAV NV

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 26 - Equity-accounted investees (Continued)

	Asset
(in thousands of USD)	Kingswood Co. Ltd		Seven Seas Shipping Ltd		TI Africa Ltd		TI Asia Ltd		Tankers Agencies (UK) Ltd (see Note 24)		TI LLC (see Note 24)		Bari Shipholding Ltd		Bastia Shipholding Ltd		Total
At December 31, 2020
Percentage ownership interest	50	%	50	%	50	%	50	%	50	%	50	%	50	%	50	%
Non-Current assets	—		—		118,337		112,160		720		—		20,079		—		251,296
of which vessel	—		—		118,337		112,160		—		—		20,079		—		250,576
Current Assets	—				10,187		10,176		232,865		243		2,609		514		256,595
of which cash and cash equivalents	—		—		1,138		1,109		3,124		—		1,573		193		7,137
Non Current Liabilities	—				65,355		30,652		276		—		17,271		—		113,554
of which bank loans	—		—		19,929		19,215		—		—		—		—		39,144
Current Liabilities	—				29,277		30,547		228,851		61		2,856		345		291,937
of which bank loans	—		—		25,886		24,961		37,500		—		—		—		88,347
Net assets (100%)	—		—		33,893		61,136		4,458		182		2,562		170		102,401
Group's share of net assets	—		—		16,946		30,568		2,715		107		1,281		85		51,703
Shareholders loans to joint venture	—		—		16,665		—		—		—		17,271		—		33,936
Net Carrying amount of interest in joint venture	—		—		16,946		30,568		2,715		107		1,281		85		51,703
Remaining shareholders loan to joint venture	—		—		16,665		—		—		—		17,271		—		33,936
Revenue	—		—		49,922		49,976		1,478,909		—		12,288		14,131		1,605,227
Depreciations and amortization	—		—		(16,858)		(16,562)		(56)		—		(4,257)		(2,871)		(40,604)
Interest expense	—		—		(3,358)		(3,233)		(1,651)		—		(1,834)		(1,251)		(11,327)
Income tax expense	—		—		(10,397)		(10,135)		(232)		—		—		—		(20,764)
Profit (loss) for the period (100%)	(1)		(1)		9,549		9,855		800		(34)		(1,748)		3,246		21,666
Other comprehensive income (100%)	—		—		(1)		(3)		—		—		—		—		(4)
Group's share of profit (loss) for the period	—		—		4,775		4,927		487		(20)		(874)		1,623		10,917

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Table of contents EURONAV NV

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 26 - Equity-accounted investees (Continued)

Group's share of other comprehensive income —  —  —  (1) —  —  —  —  (2)

Loans and borrowings

On March 29, 2018, TI Asia Ltd. and TI Africa Ltd. entered into a $220.0 million senior secured credit facility. The facility consists of a term loan of $110.0 million and a revolving loan of $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 not significant given the long term contract both FSOs have with North Oil Company until mid 2032, which results in sufficient repayment capacity under these facilities. Transaction costs for a total amount of $2.2 million are amortized over the lifetime of the instrument using the effective interest rate method. As of December 31, 2020 the outstanding balance on this facility was $90.4 million in aggregate.

All bank loans in the joint ventures are secured by the underlying FSO and subject to specific covenants.

The following table summarizes the terms and debt repayment profile of the bank loans held by the joint ventures:

(in thousands of USD)				December 31, 2020			December 31, 2019
	Curr.	Nominal interest rate	Year of mat.	Facility size	Drawn	Carrying value	Facility size	Drawn	Carrying value
TI Asia Ltd revolving loan 54M*	USD	libor + 2.0%	2022	22,179	22,179	22,088	34,163	34,163	33,948
TI Asia Ltd loan 54M*	USD	libor + 2.0%	2022	22,179	22,179	22,088	34,163	34,163	33,948
TI Africa Ltd revolving loan 56M*	USD	libor + 2.0%	2022	23,001	23,001	22,908	35,429	35,429	35,212
TI Africa Ltd loan 56M*	USD	libor + 2.0%	2022	23,001	23,001	22,908	35,429	35,429	35,212
Total interest-bearing bank loans				90,360	90,360	89,991	139,183	139,183	138,319

* The mentioned secured bank loans are subject to loan covenants.

Loan covenant

As of December 31, 2020, all joint ventures were in compliance with the covenants, as applicable, of their respective loans.

Interest rate swaps

In 2018, TI Asia and TI Africa entered in several Interest Rate Swap (IRSs) instruments for a combined notional value of $208.8 million (Euronav’s share amounts to 50%) in connection to the $220.0 million facility. These IRSs are 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 are 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 between one and two 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 (see Note 14).

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Table of contents EURONAV NV

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 26 - Equity-accounted investees (Continued)

Vessels

On November 19, 2019, the group entered into a joint venture together with affiliates of Ridgebury Tankers and clients of Tufton Oceanic. Each 50%-50% joint venture company has acquired one Suezmax vessel. The joint ventures have acquired two Suezmax tankers (Bari & Bastia) for a total consideration of $40.6 million. The vessel Bastia was sold on September 15, 2020 for a net sale price of $20.1 million. The Company recorded a capital gain of $0.8 million in the third quarter of 2020 upon delivery to its new owner on September 30, 2020.

There were no capital commitments as of December 31, 2020, December 31, 2019 and December 31, 2018.

Cash and cash equivalents

(in thousands of USD)	2020	2019
Cash and cash equivalents of the joint ventures	7,137	6,913
Group's share of cash and cash equivalents	3,912	3,814

Services

The Group entered into an agreement with its joint venture to manage commercially both vessels by the Group's chartering desk. Furthermore the Group also entered into an agreement to render accounting, assistance and administrative services. In 2020 the Group invoiced a total amount of $667,500 (2019: $18,222).

Furthermore, the joint venture entered into an agreement with the Group to invoice us management fees to do the follow up of the external shipmanagement. In 2020, the joint-venture invoiced the Group $453,600. (2019: $40,050).

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Table of contents EURONAV NV

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2020

Note 27 - Major exchange rates

The following major exchange rates have been used in preparing the consolidated financial statements:

	closing rates			average rates
1 XXX = x,xxxx USD	December 31, 2020	December 31, 2019	December 31, 2018	2020	2019	2018
EUR	1.2271	1.1234	1.1450	1.1384	1.1213	1.1838
GBP	1.3649	1.3204	1.2800	1.2860	1.2755	1.3374

Note 28 - Subsequent events

In January 2021, Euronav took delivery of the first two of four newbuildings, Delos (2021 – 300,200 dwt) and Diodorus (2021 – 300,200 dwt), which have been purchased in February 2020. In February 2021, Euronav took delivery of the third newbuilding, Doris (2021 – 300,200 dwt) and in March 2021, Euronav took delivery of the fourth newbuilding, Dickens (2021 – 300,200 dwt).

On February 3, 2021, Euronav announced it has entered into an agreement for the acquisition through resale of two eco-Suezmax newbuilding contracts. Currently completing construction at the Daehan Shipyard in South Korea, these modern vessels are being acquired for an en-bloc price of $113.0 million. Both vessels are due for delivery in January 2022. The vessels are the latest generation of Suezmax Eco-type tankers. They will be fitted with Exhaust Gas Scrubber technology and Ballast Water Treatment systems. The vessels have the structural notation to be LNG Ready. Euronav is working closely with the shipyard to also have the structural notation to be Ammonia Ready. This provides the option to switch to other fuels at a later stage.

On February 23, 2021, Euronav announced that it has entered into a sale and leaseback agreement for the VLCC Newton (2009 – 307,284) with Taiping & Sinopec Financial Leasing Ltd Co. The vessel was sold for $36.0 million. The Company will record a capital gain of approximately $1.2 million in the first quarter of 2021 upon delivery to their new owners on February 22, 2021. Euronav has leased back the vessel under a 36 months bareboat contract at an average rate of $22,500 per day. At the end of the bareboat contract, the vessel will be redelivered to its owners.

On March 26, 2021, the Supervisory Board proposed the Annual Shareholders' meeting be held on May 20, 2021, to approve a full year dividend for 2020 of $1.40 per share. Taking into account the interim dividends paid based on the Group’s policy to return 80% of the net income to shareholders , no closing dividend will be paid.

F-112

EX-2.2

Exhibit 2.2

DESCRIPTION OF THE REGISTRANT'S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

As of December 31, 2020, Euronav NV (the “Company”) only had ordinary shares, no par value, registered under Section 12 of the Securities Exchange Act of 1934, as amended.

The following description sets forth certain material terms and provisions of the Company’s ordinary shares. The following summary does not purport to be complete and is subject to, and is qualified in its entirety by reference to, the applicable provisions of the Company’s Coordinated Articles of Association (the “Articles of Association”), as amended, which is incorporated by reference as an exhibit to the Annual Report on Form 20-F of which this Exhibit is a part. We encourage you to refer to our Articles of Association for additional information.

DESCRIPTION OF ORDINARY SHARES

Under our Articles of Association, our share capital amounts to two hundred thirty-nine million one hundred forty-seven thousand five hundred and five US Dollars and eighty-two cents (USD 239,147,505.82) and is represented by two hundred twenty million twenty-four thousand seven hundred thirteen (220,024,713) shares without par value. The share capital is paid up in full. The respective number of ordinary shares issued and outstanding as of the last day of the fiscal year for the annual report on Form 20-F to which this description is attached or incorporated by reference as an exhibit is provided on the cover page of such annual report on Form 20-F. Other than the preferential subscription rights described below under “Preferential Subscription Rights”, holders of our ordinary shares do not have any other conversion or redemption rights to subscribe to any of our securities.

Voting Rights

Each outstanding ordinary share entitles the holder to one vote on all matters submitted to a vote of shareholders. Each share represents an identical fraction of the share capital and is either in registered or dematerialized form.

Our Articles of Association provide that our Supervisory Board shall consist of at least five and maximum ten members. Our Supervisory Board currently consists of six members. The Articles of Association provide that the members of the Supervisory Board remain in office for a period not exceeding 4 years and are eligible for re-election. The term of a member of the Supervisory Board comes to an end immediately after the annual shareholders’ meeting of the last year of his term. Members of the Supervisory Board can be dismissed at any time by the vote of a majority of our shareholders. Each year, there may be one or more members of the Supervisory Board who have reached the end of their current term of office and may be reappointed.

Dividend Rights

Our Supervisory Board may from time to time, declare and pay cash dividends in accordance with our Articles of Association and applicable Belgian law. The declaration and payment of dividends, if any, will always be subject to the approval of either our Supervisory Board (in the case of “interim dividends”) or of the shareholders (in the case of “regular dividends” or “intermediary dividends”).

    Our current dividend policy is the following: we intend to pay a minimum fixed dividend of at least $0.12 in total per share per year provided (a) the Company has in the view of the Supervisory Board, sufficient balance sheet strength and liquidity combined (b) with sufficient earnings visibility from fixed income contracts. In addition, if the results per share are positive and exceed the amount of the fixed dividend, that additional income will be allocated to either: additional cash dividends, share buy-back, accelerated amortization of debt or the acquisition of vessels which the Supervisory Board considers at that time to be accretive to shareholders’ value.

    Additional guidance to the above stated policy, to be applied to our final results for the year ended on December 31, 2019 and to our quarterly results as from 2020 onwards, was provided by our Supervisory Board by way of a press release dated January 9, 2020, as follows:

•Each quarter the Company will target to return 80% of net income (including the fixed element of $0.03 per quarter) to shareholders.

•This return to shareholders will primarily be in the form of a cash dividend and the Company will always look at stock repurchase as an alternative if it believes more value can be created for shareholders.

•The Company retains the right to return more than 80% should the circumstances allow it.

As part of its distribution policy the Company will continue to include exceptional capital losses when assessing additional dividends but also continue to exclude exceptional capital gains when assessing additional dividend payments. As part of its distribution policy the Company will not include non-cash items affecting the results such as deferred tax assets or deferred tax liabilities.

Our Supervisory Board will continue to assess the declaration and payment of dividends upon consideration of our financial results and earnings, restrictions in our debt agreements, market prospects, current capital expenditures, commitments, investment opportunities, and the provisions of Belgian law affecting the payment of dividends to shareholders and other factors. We may stop paying dividends at any time and cannot assure you that we will pay any dividends in the future or of the amount of such dividends. For instance, we did not declare or pay any dividends from 2010 until 2014.

In general, under the terms of our debt agreements, we are not permitted to pay dividends if there is or will be as a result of the dividend a default or a breach of a loan covenant. Our credit facilities also contain restrictions and undertakings which may limit our and our subsidiaries’ ability to declare and pay dividends (for instance, with respect to each of our joint ventures, no dividend may be distributed before its loan agreement, as applicable, is repaid in full). Please see “Item 5. Operating and Financial Review and Prospects” for more information relating to restrictions on our ability to pay dividends under the terms of the agreements governing our indebtedness. Belgian law generally prohibits the payment of dividends unless net assets on the closing date of the last financial year do not fall beneath the amount of the registered capital and, before the dividend is paid out, 5% of the net profit is allocated to the legal reserve until this legal reserve amounts to 10% of the share capital. No distributions may occur if, as a result of such distribution, our net assets would fall below the sum of (i) the amount of our paid-up or, if higher, called-up capital, (ii) the amount of such aforementioned legal reserves, and (iii) other reserves which may be required by our Articles of Association or by law, such as the reserves not available for distribution in the event we hold treasury shares. We may not have sufficient surplus in the future to pay dividends and our subsidiaries may not have sufficient funds or surplus to make distributions to us. We can give no assurance that dividends will be paid at a level anticipated by stockholders or at all. In addition, the corporate law of jurisdictions in which our subsidiaries are organized may impose restrictions on the payment or source of dividends under certain circumstances.

Liquidation Rights

In the event of the dissolution and liquidation of the Company, the assets remaining after payment of all debts, liquidation expenses and taxes shall be distributed to the holders of our ordinary shares, each receiving a sum proportional to the number of our shares held by them, subject to prior liquidation rights of any preferred stock that may be outstanding.

Preferential Subscription Rights

In the event of a share capital increase for cash by way of the issue of new shares, or in the event of an issue of convertible bonds or subscription rights, our existing shareholders have a preferential right to subscribe, pro rata, to the new shares, convertible bonds or subscription rights.

In accordance with the provisions of the Belgian Code of Companies and Associations and our Articles of Association, the Company, when issuing shares, has the authority to limit or cancel the preferential subscription right of the shareholders in the interest of the Company in respect of such issuance. This limitation or cancellation can be decided upon in favor of one or more particular persons subscribing to that issuance.

When cancelling the preferential right of the shareholders, priority may be given to the existing shareholders for the allocation of the newly issued shares.

Limitations on Ownership

Neither Belgian law nor our Coordinated Articles of Association imposes any general limitation on the right of non-residents or foreign persons to hold our ordinary shares or exercise voting rights on our ordinary shares other than those limitations that would generally apply to all shareholders.

Anti-Takeover Effect of Certain Provisions of Belgian Law

Our Articles of Association do not contain provisions that may have anti-takeover effects. However, there are provisions in the Belgian laws that may have anti-takeover effects and are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability of our Supervisory Board to maximize shareholder value in connection with any unsolicited offer to acquire us. However, these anti-takeover provisions could also discourage, delay or prevent (1) the merger or acquisition of us by means of a tender offer, a proxy contest or otherwise that a shareholder may consider in its best interest and (2) the removal of incumbent officers and directors.

Certain Belgian Company Considerations

Our corporate affairs are governed by our Articles of Association and by the Belgian Code of Companies and Associations. You should be aware that the Belgian Code of Companies and Associations differs in certain material respects from the laws generally applicable to U.S. companies incorporated in the State of Delaware. Accordingly, you may have more difficulty protecting your interests under Belgian law in the face of actions by management, directors or controlling shareholders than would shareholders of a corporation incorporated in a United States jurisdiction, such as the State of Delaware. The following table provides a comparison between the statutory provisions of the Belgian Code of Companies and Associations and the Delaware General Corporation Law relating to shareholders’ rights.

Belgium	Delaware
Shareholder Meetings
An annual shareholders’ meeting will be held at such times and places as designated in the articles of association, or if not so designated, as determined in the notice for the meeting.	May be held at such time or place as designated in the certificate of incorporation or the bylaws, or if not so designated, as determined by the board of directors.
Special or extraordinary meetings of shareholders may be called by the board of directors or the statutory auditor (or liquidators, if appropriate) or must be called when one or more shareholders holding at least one-tenth of the share capital so demands.	Special meetings of the shareholders may be called by the board of directors or by such person or persons as may be authorized by the certificate of incorporation or by the bylaws.

In general, meetings must be held in Belgium. Extraordinary shareholders’ meeting before a Belgian notary public must be held in Belgium.	May be held within or without Delaware.
Notice:	Notice:
Notices of meetings must contain the agenda items of the meeting and any proposed resolutions to be submitted at the meeting. One or more shareholders holding jointly 3% or more of a company’s capital may request items to be added to the agenda and submit proposed resolutions.	Whenever shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, and the means of remote communication, if any.
Notices of meetings must be published in the Belgian State Gazette, in another nationally published newspaper, and on the website of the company at least 30 days prior to the meeting date. Notices must be delivered by letter to the holders of registered shares, registered subscription rights and registered bonds and to directors and the statutory auditor at least 30 days prior to the meeting date. Meeting notices and related documentation, including board of directors and auditor reports, must be published on the company’s website.	Written notice shall be given not less than 10 nor more than 60 days before the meeting.
Shareholders’ Voting Rights
Unless otherwise provided for in the articles of association of a company, shareholders may take action by written consent of all shareholders.	Any action required to be taken at a meeting of shareholders may be taken without a meeting if a consent for such action is in writing and is signed by shareholders having not fewer than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.
Any person authorized to vote may authorize another person to act for him by proxy.	Any person authorized to vote may authorize another person or persons to act for him by proxy.
The articles of association may specify the number of shares required to constitute a quorum but in no event shall a quorum consist of less than 50% of the shares entitled to vote at a meeting.	For stock corporations, the certificate of incorporation or bylaws may specify the number of shares required to constitute a quorum but in no event shall a quorum consist of less than one-third of shares entitled to vote at a meeting. In the absence of such specifications, a majority of shares entitled to vote shall constitute a quorum.

When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.	When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.
The Belgian Code of Companies and Associations does not provide for cumulative voting in the election of directors.	The certificate of incorporation may provide for cumulative voting in the election of directors.
Transactions with Significant Shareholders

Conflicts of interest procedures generally apply at the board level, not at the level of the shareholders. Save for certain exempted decisions or transactions, the Belgian Code of Companies and Associations provides for a special procedure when the board of directors has to decide on transactions between a listed company and a related party (excluding its subsidiaries). Subject to certain conditions, the procedure also applies to transactions between the listed company and subsidiaries of the listed company in which the controlling shareholder of the listed company (directly or indirectly) holds a certain ownership or economic interest. Prior to such decisions or transactions, the board of directors must appoint a special committee of three independent members of the board of directors, which, if deemed necessary, may be supported by one or more independent experts appointed by the special committee, which will assess the proposed decisions or transactions. The board is not obligated to follow the advice of the independent committee, however, in case the advice is deviated from, such deviations must be noted in the minutes of the meeting that decides on the matter. If a director is involved in the decision or transaction, such director may not participate in the deliberation or vote. If all directors are involved, the decision or the transaction will be submitted to the shareholders’ meeting. In addition, the statutory auditor of the company must assess the information in the advice of the independent committee and in the minutes. The company must make a public announcement at the latest at the time that the decision is adopted or the transaction is entered into, which must include certain details regarding the decision or transaction). The advice of the independent committee (and if applicable, the reasons for departing from it by the board) should be attached to the announcement, as well as the opinion of the statutory auditor. The annual report of the company must contain an overview of all announcements made during the financial year, with reference to the place where the announcements can be consulted. Following decisions or actions are exempt from this procedure: (i) common decisions or actions under conditions that are at arm’s length, (ii) decisions or actions that represent less than 1% of the company’s net assets, (iii) decisions or actions with respect to (certain components of) the remuneration of directors, members of a management body or persons in charge of the daily management and (iv) the acquisition or disposal of treasury shares, the distribution of interim dividends and capital increases in the framework of the authorized capital without restriction or suppression of the preferential subscription rights. Any director who has a direct or indirect personal financial interest in a decision or transaction within the powers of the board of directors must disclose this interest to the other directors before the board takes any action. The interested director must notify the statutory auditor of the conflict. The director may neither participate in the deliberation nor vote on the decision or transaction at issue. The company’s annual report must contain an excerpt from the minutes of the meeting of the board of directors describing the financial impact of the matter and justifying the decision of the board. The auditors’ report must contain descriptions of the financial impact on the company of each board decision regarding a director conflict of interest. Subject to certain exceptions and conditions, a corporation may not enter into a business combination with an interested shareholder for a period of three years from the time the person became an interested shareholder without prior approval from shareholders holding at least 66 2/3% of the corporation’s outstanding voting stock which is not owned by such interested shareholder.

Merger or Consolidation
Any two or more companies may merge into a single company pursuant to a merger proposal drafted by the management bodies of the concerned companies and upon the approval of the shareholders of each of the merging companies at their respective extraordinary shareholders’ meeting. The merger proposal must be filed for deposit by each company involved in the merger at the court registry of the enterprise court where its registered office is established, and must be published in the Belgian State Gazette.Filing shall take place at the latest six weeks prior to the resolution to merge at the shareholders’ meetings. At each of the meetings, a quorum representing at least half of the capital of the company is required. If such quorum is not achieved at a first meeting, a second meeting may be convened to which no quorum applies. The merger is approved if 75% of the votes cast are in favor.	Any two or more corporations existing under the laws of the state may merge into a single corporation pursuant to a board resolution and upon the majority vote by shareholders of each constituent corporation at an annual or special meeting.
The management body of a company is authorized to contribute or transfer a branch of activity, and the attached assets and liabilities, to another company for a consideration consisting exclusively of shares of the acquiring company in case of a contribution or cash in case of a transfer, without being dissolved.The management bodies of the contributing and acquiring company shall draw up draft terms of contribution of a branch of activities in an authentic or private deed. The shareholders’ meeting of a company is authorized to contribute or transfer all its assets and liabilities to one or more existing or new companies for a consideration exclusively consisting of shares of the acquiring company or companies in case of a contribution or cash in case of a transfer, without being dissolved, at the proposal of the management body of the contributing company.The management bodies of the contributing and acquiring company shall draw up draft terms of contribution of a universality in an authentic or private deed. At the shareholders’ meeting, a quorum representing at least half of the capital of the company is required. If such quorum is not achieved at a first meeting, a second meeting may be convened to which no quorum applies. The contribution of a universality is approved if 75% of the votes cast are in favor.	Every corporation may at any meeting of the board sell, lease or exchange all or substantially all of its property and assets as its board deems expedient and for the best interests of the corporation when so authorized by a resolution adopted by the holders of a majority of the outstanding stock of the corporation entitled to vote.

Subject to certain conditions, where an acquiring company owns 90% or more, but not all, of the shares and other securities conferring the right to vote in the company being acquired, the shareholders’ meeting of the acquiring company must not approve the merger and the change in the number of shares in the acquiring company and, where appropriate, its capital as a result of the merger.In this case, the management body of the acquiring company shall have the power to decide whether to authorize the merger and to amend the number of shares and, where appropriate, the capital of the acquiring company as a result of the merger.	Any corporation owning at least 90% of the outstanding shares of each class of another corporation may merge the other corporation into itself and assume all of its obligations without the vote or consent of shareholders; however, in case the parent corporation is not the surviving corporation, the proposed merger shall be approved by a majority of the outstanding stock of the parent corporation entitled to vote at a duly called shareholder meeting.
Any mortgage or pledge of a company’s property and assets may be authorized without the vote or consent of shareholders, except to the extent that the articles of association provide otherwise.	Any mortgage or pledge of a corporation’s property and assets may be authorized without the vote or consent of shareholders, except to the extent that the certificate of incorporation otherwise provides.
Directors
The board of directors must consist of at least three members, except in the event that there are no more than two shareholders, in which case the board of directors may consist of two members.	The board of directors must consist of at least one member.
Number of directors shall be fixed in a manner provided in the articles of association. If no number is specified therein, the number of directors is decided at a shareholders’ meeting in accordance with the provisions of the articles of association on this matter, if any. Any deviation from a stipulated minimum or maximum number of directors may only be made by amendment of the articles of association.	The number of board members shall be fixed by, or in a manner provided by, the bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number shall be made only by an amendment to the certificate of incorporation. If the number of directors is fixed by the certificate of incorporation, a change in the number shall be made only by an amendment of the certificate.
The board of directors shall have the power to carry out all acts necessary or useful to achieve the object of the company, save for the powers reserved to the shareholders’ meeting by law. Directors have a fundamental duty to exercise their mandate in the best interests of the company, which also includes the collective financial interests of the company’s shareholders.	The business and affairs of a corporation are managed by or under the direction of its Board of Directors. In exercising their powers, directors are charged with a fiduciary duty of care to protect the interests of the corporation and a fiduciary duty of loyalty to act in the best interests of its shareholders.
Removal:	Removal:

Any or all of the directors may be removed, with or without cause, by the holders of a majority of the shares entitled to vote unless the articles of association otherwise provides.	Any or all of the directors may be removed, with or without cause, by the holders of a majority of the shares entitled to vote unless the certificate of incorporation otherwise provides.
The Belgian Code of Companies and Associations does not provide for classified boards.	In the case of a classified board, shareholders may effect removal of any or all directors only for cause.
Indemnification of Directors and Officers
The liability of a member of a management body or director in charge of the daily management may not be limited beyond the maximum cap on liability of 12 million euro per fact or set of facts that may give rise to liability, regardless of the number of plaintiffs or claims.The maximum amounts shall apply to all persons referred to in the first sentence together. The limitation of liability shall not apply in the case of a minor error which occurs more frequently than accidentally, a serious error, or fraudulent intent or intent to damage on the part of the person claimed to be liable. The company, its subsidiaries or the entities controlled by it may not exonerate or indemnify in advance the persons referred to in the first subparagraph from their liability towards the company or third parties. Any provision in the articles of association, in an agreement or unilateral expression of intent that states the contrary shall be considered as nonexistent.	A corporation may indemnify a director or officer of the corporation against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in defense of an action, suit or proceeding by reason of such position if (i) such director or officer acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation and (ii) with respect to any criminal action or proceeding, such director or officer had no reasonable cause to believe his conduct was unlawful.
Dissenters’ Rights of Appraisal
No such rights are provided for under Belgian law.	Appraisal rights shall be available for the shares of any class or series of stock of a corporation in a merger or consolidation, subject to limited exceptions, such as a merger or consolidation of corporations listed on a national securities exchange in which listed stock is offered for consideration is (i) listed on a national securities exchange or (ii) held of record by more than 2,000 holders.
Shareholder’s Derivative Actions

An actio mandati, a derivative suit instituted on behalf of a company by its shareholders against the company’s directors for breaches of the law, the articles of association or faults in their management are generally available to shareholders. The decision to bring a suit must be made by the vote at a shareholders’ meeting of a simple majority unless a company’s articles of association provide differently.

In any derivative suit instituted by a shareholder of a corporation, it shall be averred in the complaint that the plaintiff was a shareholder of the corporation at the time of the transaction of which he complains or that such shareholder’s stock thereafter devolved upon such shareholder by operation of law.

Minority shareholders are permitted to bring a suit against the company’s directors on behalf of the company provided that (i) such shareholders jointly hold at least 1% of the outstanding shares of the company or hold at least EUR 1,250,000.00 of the company’s capital on the date on which release from liability is granted to a director and (ii) the shareholders instituting the suit voted against the release from liability, abstained from voting or were not present at the relevant meeting at which a director’s release from liability was decided.

Other requirements regarding derivative suits have been created by judicial decision, including that a shareholder may not bring a derivative suit unless he or she first demands that the corporation sue on its own behalf and that demand is refused (unless it is shown that such demand would have been futile).

SK 02257 0011 8516501 v3

EX-4.42

Exhibit 4.42

Execution Version

Dated 11 September 2020

EURONAV NV

as Borrower

and

THE BANKS AND FINANCIAL INSTITUTIONS

listed in Schedule 1

as Lenders

and

THE BANKS AND FINANCIAL INSTITUTIONS

listed in Schedule 2

as Swap Banks

and

NORDEA BANK ABP, FILIAL I NORGE, ABN AMRO BANK N.V., BNP PARIBAS FORTIS SA/NV, DNB (UK) LIMITED, ING BANK, a branch of ING-DiBa AG and KBC BANK NV

as Mandated Lead Arrangers and as Bookrunners

and

COMMONWEALTH BANK OF AUSTRALIA, LONDON BRANCH, CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, SOCIÉTÉ GÉNÉRALE and STANDARD CHARTERED BANK

as Lead Arrangers

and

BELFIUS BANK SA/NV, DANISH SHIP FINANCE A/S, DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHÄFT, SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) and NATIONAL AUSTRALIA BANK LIMITED

as Co-Arrangers

and

ING BANK NV

as Swap Co-ordinator

and

NORDEA BANK ABP, FILIAL I NORGE

as Co-ordinator and Sustainability Agent

and

NORDEA BANK ABP, FILIAL I NORGE

as Agent and Security Trustee

LOAN AGREEMENT

relating to

facilities of up to $713,000,000 comprising a revolving credit facility of up to $469,000,000

and a term loan facility of up to $244,000,000

Index

Clause    Page

1    Interpretation	2
2    Facility	31
3    Position of the Lenders and Swap Banks	32
4    Drawdown	33
5    Interest	34
6    Interest Periods	39
7    Default Interest	40
8    Reduction, Repayment, Prepayment and Cancellation	41
9    Conditions Precedent	46
10    Representations and Warranties	47
11    General Undertakings	52
12    Corporate Undertakings	57
13    Insurance	60
14    Ship Covenants	65
15    Security Cover	69
16    Payments and Calculations	71
17    Application of Receipts	74
18    Application of Earnings	75
19    Events of Default	76
20    Fees and Expenses	80
21    Indemnities	81
22    No Set-Off or Tax Deduction	84
23    Illegality, etc.	88
24    The Agent, the Arrangers and the Reference Banks	89
25    The Security Trustee	99
26    Conduct of Business by the Creditor Parties	114
27    Sharing among the Creditor Parties	114
28    Increased Costs	116
29    Set Off	118
30    Transfers and Changes in Lending Offices	119
31    Confidential Information	125
32    Confidentiality of Funding Rates and Reference Bank Quotations	128
33    Variations and Waivers	130
34    Bail-In	134
35    Notices	134
36    Supplemental	137
37    Law and Jurisdiction	138

Schedules

EUROPE/67061979v8

Schedule 1 Lenders and Commitments	139
Schedule 2 Swap Banks	150
Schedule 3 Drawdown Notice	153
Schedule 4 Condition Precedent Documents	155
Part A	155
Part B	156
Part C	158
Schedule 5 Transfer Certificate	160
Schedule 6 Details of Ships	164
Part A Existing Ships	164
Part B Newbuild Ships	165
Schedule 7 Designation Notice	166
Schedule 8 Form of Certificate of Compliance	167
Schedule 9 Timetables	170
Schedule 10 Margin Opt Out Notification	171

Execution

Execution Pages 172

EUROPE/67061979v8

THIS AGREEMENT is made on ___ September 2020

1.Parties

a.EURONAV NV,as Borrower

b.THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 1 (Lenders and Commitments), as Lenders

c.THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 2 (Swap Banks), as Swap Banks

d.NORDEA BANK ABP, FILIAL I NORGE, ABN AMRO BANK N.V., BNP PARIBAS FORTIS SA/NV, DNB (UK) LIMITED, ING BANK, a branch of ING-DiBa AG and KBC BANK NV as Mandated Lead Arrangers

e.COMMONWEALTH BANK OF AUSTRALIA, LONDON BRANCH, CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, SOCIÉTÉ GÉNÉRALE and STANDARD CHARTERED BANK as Lead Arrangers

f.BELFIUS BANK SA/NV, DANISH SHIP FINANCE A/S, DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHÄFT, SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) and NATIONAL AUSTRALIA BANK LIMITED as Co-Arrangers

g.NORDEA BANK ABP, FILIAL I NORGE, ABN AMRO BANK N.V., BNP PARIBAS FORTIS SA/NV, DNB (UK) LIMITED, ING BANK, a branch of ING-DiBa AG and KBC BANK NV as Bookrunners

h.ING BANK NV as Swap Co-ordinator

i.NORDEA BANK ABP, FILIAL I NORGE, as Co-ordinator

j.NORDEA BANK ABP, FILIAL I NORGE, as Sustainability Agent

k.NORDEA BANK ABP, FILIAL I NORGE, as Agent

l.NORDEA BANK ABP, FILIAL I NORGE, as SecurityTrustee

2.Background

(1)The Lenders have agreed to make available to the Borrower a revolving credit facility of up to $469,000,000 and a term loan facility of up to $244,000,000 for the purposes of refinancing the Existing Indebtedness, financing the Newbuild Ships and for general corporate and working capital purposes.

(2)The Swap Banks may agree to enter into interest rate swap transactions with the Borrower from time to time to hedge the Borrower's exposure under this Agreement to interest rate fluctuations.

(3)The Lenders and the Swap Banks have agreed to share in the security to be granted to the Security Trustee pursuant to this Agreement on the terms described herein.

3.Operative Provisions

IT IS AGREED as follows:

1

EUROPE/67061979v8

•Interpretation

a.Definitions

Subject to Clause 1.5 (General Interpretation), in this Agreement:

1."AccountPledge" means a deed or pledge creating security in respect of the Earnings Account to be executed by the Borrower in favour of the Security Trustee in the Agreed Form.

2."Advance" means the principal amount of each borrowing by the Borrower under this Agreement, whether in respect of the Revolving Facility or the Term Loan.

3."AER Reference Vessels" means any vessels owned by any member of the Group other than vessels that are undergoing extended storage or ship-to-ship operations.

4."AER Trajectory Value" means the value set out in the table below in respect of a given class of the AER Reference Vessels in any given year.

AER Reference Vessels	2020	2021	2022	2023	2024	2025
Suezmax	3.1851	3.1023	3.0194	2.9366	2.8537	2.7709
VLCC 200000-+	2.3270	2.2664	2.2059	2.1454	2.0849	2.0243

5.

6."AffectedLender" has the meaning given in Clause 5.9 (Market disruption).

7."Affiliate" means, in relation to any person, a subsidiary of that person or a Holding Company of that person or any other subsidiary of that Holding Company.

8."Agent" means Nordea Bank Abp, filial i Norge, acting in such capacity through its office at Essendropsgate 7, Oslo, Norway, or any successor of it.

9."AgreedForm" means in relation to any document, that document in a form agreed in writing by the Agent (acting on the instructions of the Lenders or, if agreed in the Finance Documents, the Majority Lenders) and the Borrower, or if otherwise approved in accordance with any other procedure specified in the relevant provision of any Finance Document.

10."Annex VI" means Annex VI of the Protocol of 1997 (as subsequently amended from time to time) to amend the International Convention for the Prevention of Pollution from Ships 1973 (Marpol), as modified by the Protocol of 1978 relating thereto.

11."Annual Efficiency Ratio" has the meaning given to the term "AER" in the Poseidon Principles.

12."Anti-Corruption Laws" means the England and Wales Bribery Act 2010, the United States Foreign Corrupt Practices Act 1977 or other applicable anti-corruption legislation in any other jurisdictions.

13."ApprovedClassificationSociety" means any of DNV GL, Bureau Veritas, Lloyds Register of Shipping, American Bureau of Shipping, Nippon Kaiji Kyokai or such other classification society which the Agent has approved or selected (with the authorisation of the Majority Lenders).

    2    EUROPE/67061979v8

14."ApprovedFlag" means Belgian, French, Greek, Hong Kong, Liberian, Panama and Marshall Islands flags and any other flag approved by the Agent (acting on the instructions of all Lenders).

15."ApprovedManager" means:

a.in relation to the technical management of each Ship:

(i)Euronav Ship Management SAS of 15 Quai Ernest Renaud, Immeuble Les Salorges 1, 44000 Nantes, France (with a Belgian branch office at De Gerlachekaai 20, B 2000 Antwerp 1, Belgium); or

(ii)Euronav Shipping NV of De Gerlachekaai 20 B 2000 Antwerp 1, Belgium; or

(iii)Anglo Eastern Ship Management Ltd of 23/F, 248 Queen's Road, East Wanchai, Hong Kong or any Affiliate of it; or

(iv)Wallem Shipmanagement of 9/F Dorset House, Taikou Place, 979 King's Road, Quarry Bay, Hong Kong or any affiliate of it; or

(v)V. Ships of 63 Queen Victoria Street, EC4N 4UA, London, England or any Affiliate of it; or

(vi)Euronav Ship Management (Hellas) Ltd. (Greek Branch) of Athinon Avenue 31-33, 10447 Athens, Greece; or

(vii)Columbia Shipmanagement Ltd. of 21 Spyrou Kyprianou Avenue, Yermasoyia, 4042 Limassol-Cyprus; or

(viii)Northern Marine Limited, of Alba House, 2 Central Avenue, Clydebank, Glasgow, G81 2QR, Scotland or any Affiliate of it; and

b.in relation to the commercial management of each Ship:

(i)the Borrower; or

(ii)any wholly owned subsidiary of the Borrower,

or, in each case, any other company which the Agent may, with the authorisation of the Majority Lenders, approve from time to time as the technical or commercial manager of that Ship (such approval not to be unreasonably withheld).

16."ApprovedShipbroker" means Clarksons Platou Securities AS, Arrow Sale & Purchase (UK) Limited, Braemar ACM, Fearnleys, Simpson Spence Young (or any Affiliate of such person through which valuations are commonly issued) or such other independent sale and purchase shipbrokers which the Agent has approved or selected (with the authorisation of the Majority Lenders) and the Borrower may agree.

17."Arranger" means a Mandated Lead Arranger, Lead Arranger or Co-Arranger.

18."Article 55 BRRD" means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.

19."Authorisation" means an authorisation, consent, approval, resolution, licence, permit, ruling, exemption, filing, notarisation, legalisation or registration.

    3    EUROPE/67061979v8

20."AvailableCommitment" means, in relation to a Lender and at any time, its Commitment less its Contribution at that time (and "Total Available Commitments" means the aggregate of the Available Commitments of all the Lenders).

21."AvailabilityPeriod" means the period commencing on the date of this Agreement and ending:

a.in respect of the Revolving Facility, on the earlier of (i) the Maturity Date, and (ii) the date on which the Total Revolving Commitments are fully cancelled or terminated; and

b.in respect of Tranche A, on the earliest of:

(i)five Business Days after the Delivery Date of Newbuild Ship 1;

(ii)the Cut-Off Date in respect of Newbuild Ship 1;

(iii)the date on which the Shipbuilding Contract in respect of Newbuild Ship 1 is cancelled or terminated;

(iv)the date falling 12 months from the date of this Agreement; and

(v)the date on which the Tranche A Commitment is fully cancelled or terminated;

c.in respect of Tranche B, on the earliest of:

(i)five Business Days after the Delivery Date of Newbuild Ship 2;

(ii)the Cut-Off Date in respect of Newbuild Ship 2;

(iii)the date on which the Shipbuilding Contract in respect of Newbuild Ship 2 is cancelled or terminated;

(iv)the date falling 12 months from the date of this Agreement; and

(v)the date on which the Tranche B Commitment is fully cancelled or terminated;

d.in respect of Tranche C, on the earliest of:

(i)five Business Days after the Delivery Date of Newbuild Ship 3;

(ii)the Cut-Off Date in respect of Newbuild Ship 3;

(iii)the date on which the Shipbuilding Contract in respect of Newbuild Ship 3 is cancelled or terminated;

(iv)the date falling 12 months from the date of this Agreement; and

(v)the date on which the Tranche C Commitment is fully cancelled or terminated;

e.in respect of Tranche D, on the earliest of:

(i)five Business Days after the Delivery Date of Newbuild Ship 4;

(ii)the Cut-Off Date in respect of Newbuild Ship 4;

    4    EUROPE/67061979v8

(iii)the date on which the Shipbuilding Contract in respect of Newbuild Ship 4 is cancelled or terminated;

(iv)the date falling 12 months from the date of this Agreement; and

(v)the date on which the Tranche D Commitment is fully cancelled or terminated;

or, in each case, if earlier, the date on which the Total Commitments are fully cancelled or terminated.

22."Bail-In Action" means the exercise of any Write-down and Conversion Powers.

23."Bail-In Legislation" means:

a.in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and

b.in relation to any state other than such an EEA Member Country or (to the extent that the United Kingdom is not such an EEA Member Country) the United Kingdom, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation.

24."Bookrunners" means Nordea Bank Abp, filial i Norge, ABN AMRO Bank N.V., BNP Paribas Fortis SA/NV, DNB (UK) Limited, ING Bank, a branch of ING-DiBa AG and KBC Bank NV.

25."Borrower" means Euronav NV, a company incorporated in Belgium whose registered office is at De Gerlachekaai 20, B-2000 Antwerp, Belgium.

26."Break Costs" means the amount (if any) by which:

a.the interest (excluding the Margin) which a Lender should have received for the period from the date of receipt of all or any part of its participation in the Loan or Unpaid Sum to the last day of the current Interest Period in relation to the Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period,

exceeds

b.the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in the London interbank market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period.

27."Builder" means Daewoo Shipbuilding & Marine Engineering Co., Ltd., a company incorporated and existing under the laws of the Republic of Korea with its principal office at 3370, Geoje-daero, Geoje-Si, Gyeongsangnam-do, the Republic of Korea.

28."BusinessDay" means a day on which banks are open in London, Oslo, Antwerp, Frankfurt, Paris, Amsterdam, Sydney, and, in respect of a day on which a payment is required to be made under a Finance Document, also in New York City.

29."ChangeofControl" means, in relation to the Borrower, if 2 or more persons acting in concert or any individual person in each case other than the Permitted Holders:

    5    EUROPE/67061979v8

a.acquires legally and/or beneficially, and either directly or indirectly, in excess of 30 per cent. of the issued share capital or voting rights of the Borrower; or

b.has the right or the ability to control, either directly or indirectly, the affairs or composition of the majority of the board of directors (or equivalent) of the Borrower.

30."Co-Arrangers" means Belfius Bank SA/NV, Danish Ship Finance A/S, Deutsche Bank AG Filiale Deutschlandgeschäft, Skandinaviska Enskilda Banken AB (publ) and National Australia Bank Limited.

31."Code" means the United States Internal Revenue Code of 1986, as amended.

32."Commitment" means, in relation to a Lender and to the extent not cancelled, reduced or transferred by it under this Agreement, the aggregate of its Tranche Commitment and Revolving Commitment (and "TotalCommitments" means the aggregate of the Commitments of all the Lenders).

33."Confidential Information" means all information relating to the Borrower, the Group, the Finance Documents or the Loan of which a Creditor Party becomes aware in its capacity as, or for the purpose of becoming, a Creditor Party or which is received by a Creditor Party in relation to, or for the purpose of becoming a Creditor Party under, the Finance Documents or the Loan from either:

a.any member of the Group or any of its advisers; or

b.another Creditor Party, if the information was obtained by that Creditor Party directly or indirectly from any member of the Group or any of its advisers,

in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes:

(i)information that

(1)is or becomes public information other than as a direct or indirect result of any breach by that Creditor Party of Clause 31.2 (Disclosure of Confidential Information); or

(2)is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or

(3)is known by that Creditor Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by that Creditor Party after that date, from a source which is, as far as that Creditor Party is aware, unconnected with the Group and which, in either case, as far as that Creditor Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; and

(ii)any Funding Rate or Reference Bank Quotation.

34."Confidentiality Undertaking" means a confidentiality undertaking in substantially the appropriate form recommended by the Loan Market Association from time to time (as logically amended to reflect the terms of this Agreement) or in any other form agreed between the Borrower and the Agent.

35."Confirmation", in relation to any continuing Designated Transaction, has the meaning given in the relevant Master Agreement.

    6    EUROPE/67061979v8

36."ContractualCurrency" has the meaning given in Clause 21.4 (Currency indemnity).

37."Contribution" means, in relation to a Lender, the part of the Loan which is owing to that Lender.

38."Co-ordinator" means Nordea Bank Abp, filial i Norge, acting in such capacity through its office at Essendropsgate 7, Oslo, Norway, or any successor of it.

39."Corresponding Debt" means any amount, other than any Parallel Debt, which the Borrower owes to a Creditor Party under or in connection with the Finance Documents.

40."CreditorParty" means the Agent, the Security Trustee, any Arranger, any Bookrunner, the Co-ordinator, the Sustainability Agent, the Swap Coordinator, any Lender or any Swap Bank, whether as at the date of this Agreement or at any later time.

41."Cut-off Date" means:

a.in relation to Newbuild Ship 1, 29 June 2021 or any other date agreed between the Builder, and the Borrower, subject to the prior written approval of the Agent (acting reasonably);

b.in relation to Newbuild Ship 2, 30 August 2021 or any other date agreed between the Builder, and the Borrower, subject to the prior written approval of the Agent (acting reasonably);

c.in relation to Newbuild Ship 3, 27 September 2021 or any other date agreed between the Builder, and the Borrower, subject to the prior written approval of the Agent (acting reasonably);

d.in relation to Newbuild Ship 4, 27 September 2021 or any other date agreed between the Builder, and the Borrower, subject to the prior written approval of the Agent (acting reasonably).

42."DeedofCovenant" means, in relation to each Ship and where (in the opinion of the Agent) it is appropriate in the context of the relevant Approved Flag, a deed of covenant collateral to the Mortgage on that Ship to be executed by the Borrower in favour of the Security Trustee in the Agreed Form.

43."Deed of Release" means, in relation to an Existing Facility Agreement, a deed releasing the relevant Existing Security Interests in a form acceptable to the Agent.

44."DefaultingLender" means any Lender:

a.which has failed to make available the relevant proportion of its Commitment in respect of any Advance or has given notice to the Agent that it will not make such amount available by the relevant Drawdown Date pursuant to Clause 4.3 (Notification to Lenders of receipt of a Drawdown Notice); or

b.which has otherwise rescinded or repudiated a Finance Document; or

c.with respect to which an Insolvency Event has occurred and is continuing,

unless, in the case of paragraph (a) above:

(i)its failure to pay is caused by:

(1)administrative or technical error; or

    7    EUROPE/67061979v8

(2)a Disruption Event; and

payment is made within 5 Business Days of its due date; or

(ii)the Lender is disputing in good faith whether it is contractually obliged to make the relevant payment.

45."Delivery" means, in relation to a Newbuild Ship, the delivery and transfer of ownership of that Ship from the Builder to the Borrower as purchaser under the relevant Shipbuilding Contract, on the date and at the time indicated in the relevant protocol of delivery and acceptance.

46."Delivery Date" means:

a.in relation to Newbuild Ship 1, 30 November 2020 or such other date on which the Delivery actually occurs and as may result from any adjustment pursuant to the terms and conditions of the Shipbuilding Contract in respect of Newbuild Ship 1, such Delivery not to take place after the relevant Cut-Off Date;

b.in relation to Newbuild Ship 2, 31 January 2021 or such other date on which the Delivery actually occurs and as may result from any adjustment pursuant to the terms and conditions of the Shipbuilding Contract in respect of Newbuild Ship 2, such Delivery not to take place after the relevant Cut-Off Date; and

c.in relation to Newbuild Ship 3, 28 February 2021 or such other date on which the Delivery actually occurs and as may result from any adjustment pursuant to the terms and conditions of the Shipbuilding Contract in respect of Newbuild Ship 3, such Delivery not to take place after the relevant Cut-Off Date; and

d.in relation to Newbuild Ship 4, 28 February 2021 or such other date on which the Delivery actually occurs and as may result from any adjustment pursuant to the terms and conditions of the Shipbuilding Contract in respect of Newbuild Ship 4, such Delivery not to take place after the relevant Cut-Off Date.

47."DesignatedTransaction" means a Transaction which fulfils the following requirements:

a.it is entered into by the Borrower pursuant to a Master Agreement with a Swap Bank;

b.its purpose is the hedging of the exposure of the Borrower under this Agreement to fluctuations in LIBOR arising from the funding of the Loan (or any part thereof) for a period expiring no later than the Maturity Date;

c.it is designated by the Borrower and/or by the relevant Swap Bank, by delivery by the Borrower and/or that Swap Bank to the Agent of a notice of designation in the form set out in Schedule 7 (Designation Notice), as a Designated Transaction for the purposes of the Finance Documents.

48."DisruptionEvent" means either or both of:

a.a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Loan (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, a party to this Agreement (a "Party"); or

    8    EUROPE/67061979v8

b.the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing that, or any other, Party:

(i)from performing its payment obligations under the Finance Documents; or

(ii)from communicating with other parties in accordance with the terms of the Finance Documents,

and which (in each case) is not caused by, and is beyond the control of, the Party whose operations are disrupted.

49."Dollars" and "$" means the lawful currency for the time being of the United States of America.

50."DrawdownDate" means, in relation to an Advance, the date requested by the Borrower for the Advance to be made, or (as the context requires) the date on which the Advance is actually made.

51."DrawdownNotice" means a notice in the form set out in Schedule 3 (Drawdown Notice) (or in any other form which the Agent approves or reasonably requires).

52."Earnings" means, in relation to a Ship, all moneys whatsoever which are now, or later become, payable (actually or contingently) to the Borrower and which arise out of the use or operation of that Ship, including (but not limited to):

a.all freight, hire and passage moneys, compensation payable to the Borrower in the event of requisition of that Ship for hire, remuneration for salvage and towage services, demurrage and detention moneys and damages for breach (or payments for variation or termination) of any charter party or other contract for the employment of that Ship;

b.all moneys which are at any time payable under Insurances in respect of loss of earnings; and

c.if and whenever that Ship is employed on terms whereby any moneys falling within paragraphs (a) or (b) are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to that Ship.

53."EarningsAccount" means an account in the name of the Borrower with the Agent in Oslo designated "Euronav NV - Earnings Account", or any other account (with that or another office of the Agent or with a bank or financial institution other than the Agent) which is agreed by the Agent and the Borrower as the Earnings Account for the purposes of this Agreement.

54."EEA Member Country" means any member state of the European Union, Iceland, Liechtenstein and Norway.

55."Environmental Approval" means any present or future permit, ruling, variance or other Authorisation required under Environmental Laws.

56."EnvironmentalClaim" means:

a.any claim by any governmental, judicial or regulatory authority which arises out of an Environmental Incident or an alleged Environmental Incident or which relates to any Environmental Law; or

    9    EUROPE/67061979v8

b.any claim by any other person which relates to an Environmental Incident or to an alleged Environmental Incident,

and "claim" means a claim for damages, compensation, fines, penalties or any other payment of any kind whether or not similar to the foregoing; an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset.

57."EnvironmentalIncident" means:

a.any release of Environmentally Sensitive Material from a Ship; or

b.any incident in which Environmentally Sensitive Material is released from a vessel other than a Ship and which involves a collision between a Ship and such other vessel or some other incident of navigation or operation, in either case, in connection with which a Ship is actually or is reasonably likely to be arrested, attached, detained or injuncted and/or a Ship and/or the Borrower and/or any operator or manager of a Ship is at fault or allegedly at fault or is reasonably likely to be subject to any legal or administrative action; or

c.any other incident in which Environmentally Sensitive Material is released otherwise than from a Ship and in connection with which a Ship is actually or reasonably likely to be arrested and/or where the Borrower and/or any operator or manager of a Ship is at fault or allegedly at fault or is reasonably likely to be subject to any legal or administrative action.

58."EnvironmentalLaw" means any law relating to pollution or protection of the environment, to the carriage of Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material.

59."EnvironmentallySensitiveMaterial" means oil, oil products and any other substance (including any chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous.

60."EU Bail-In Legislation Schedule" means the document described as such and published by the Loan Market Association (or any successor person) from time to time.

61."EU Blocking Regulation" means EU Regulation (EC) 2271/96 of 22 November 1996.

62."EU Ship Recycling Regulation" means Regulation (EU) No 1257/2013 of the European Parliament and of the Council of 20 November 2013 on ship recycling and amending Regulation (EC) No 1013/2006 and Directive 2009/16/EC.

63."EventofDefault" means any of the events or circumstances described in Clause 19.1 (Events of Default).

64."Existing Facility Agent" means, in relation to an Existing Facility Agreement, the "Agent" or the "Facility Agent" as such term is defined therein.

65."Existing Facility Agreements" means the Existing ING Facility Agreement and the Existing Nordea Facility Agreement.

66."Existing Indebtedness" means, at any date and in relation to an Existing Facility Agreement, the outstanding Financial Indebtedness of the Borrower on that date under such Existing Facility Agreement.

67."Existing ING Facility Agreement" means the facility agreement dated 13 October 2014 (as amended from time to time) and entered into between (amongst others) the

    10    EUROPE/67061979v8

Borrower as borrower and ING Bank N.V. as agent and security trustee relating to a term loan facility of (originally) $340,000,000 relating to HAKATA, HAKONE, HIRADO, HOJO, FRATERNITY, CAP FELIX and CAP THEODORA.

68."Existing Nordea Facility Agreement" means the facility agreement dated 14 August 2015 (as amended from time to time) and entered into between (amongst others) the Borrower as borrower and Nordea Bank Abp, filial i Norge as agent and security trustee relating to a loan facility of (originally) $1,000,000,000 relating to, amongst other vessels, ALSACE, ALEX, ALICE, ANNE and ANTIGONE.

69."Existing Security Interests" means, in relation to an Existing Facility Agreement, any Security Interests created to secure the Existing Indebtedness under such Existing Facility Agreement

70."Existing Ship" means each of the vessels listed in Part A of Schedule 6 (Details of Ships) which are owned by the Borrower (and which are also sometimes referred to in this Agreement by their individual names.

71."Facility" means the Term Loan or the Revolving Facility.

72."Facility Office" means the office or offices notified by a Lender to the Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than 5 Business Days' written notice) as the office or offices through which it will perform its obligations under this Agreement.

73."FATCA" means

a.sections 1471 to 1474 of the Code or any associated regulations or other official guidance;

b.any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of paragraph (a) above; or

c.any agreement pursuant to the implementation of paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction.

74."FATCA Application Date" means:

a.in relation to a "withholdable payment" described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014; or

b.in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling within paragraph (a) above, the first date from which such payment may become subject to a deduction or withholding required by FATCA.

75."FATCADeduction" means a deduction or withholding from a payment under a Finance Document required by or under FATCA.

76."FATCAExemptParty" means a party to a Finance Document that is entitled to receive payments free from any FATCA Deduction.

77."FairMarketValue" means, in relation to a Ship, a valuation of its market price as determined in accordance with Clause 15.3 (Valuation of Ships).

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78."Fee Letter" means any letter or letters dated on or about the date of this Agreement between any of the Arrangers, the Bookrunners, the Agent, the Co-ordinator and the Security Trustee and the Borrower setting out any of the fees referred to in Clause 20.1 (Fees).

79."FinanceDocuments" means:

a.this Agreement;

b.any Fee Letter;

c.each Drawdown Notice;

d.the Mortgages;

e.the Deeds of Covenant;

f.the General Assignments;

g.the Account Pledges;

h.the Master Agreement Assignments;

i.any other document (whether creating a Security Interest or not, other than a Manager's Undertaking) which is executed at any time by the Borrower or any other person as security for, or to establish any form of subordination or priorities arrangement in relation to, any amount payable to the Lenders and/or the Swap Banks under this Agreement or any of the other documents referred to in this definition; or

j.any other document designated as such by the Agent and the Borrower.

80."FinancialIndebtedness" means, in relation to a person (the "debtor"), a liability of the debtor:

a.for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor;

b.under any loan stock, bond, note or other security issued by the debtor;

c.under any acceptance credit, guarantee or letter of credit facility made available to the debtor;

d.any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as borrowings under IFRS;

e.for or in relation to receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis);

f.under a financial lease, a deferred purchase consideration arrangement or any other agreement having the commercial effect of a borrowing or raising of money by the debtor;

g.under any foreign exchange transaction, any interest or currency swap or any other kind of derivative transaction entered into by the debtor or, if the agreement under which any such transaction is entered into requires netting of mutual liabilities, the liability of the debtor for the net amount; or

    12    EUROPE/67061979v8

h.under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of another person which would fall within paragraphs (a) to (e) if the references to the debtor referred to the other person.

"Fund” means a fund which is regularly engaged in, or established for the purpose of, making, purchasing or investing in loans, securities or other financial assets.

81."Funding Rate" means any individual rate notified by a Lender to the Agent pursuant to sub-paragraph (ii) of paragraph (a) of Clause 5.10 (Cost of funds).

82."GeneralAssignment" means, in relation to each Ship, a deed to be executed by the Borrower in favour of the Security Trustee creating security in respect of:

a.the Earnings, the Insurances, and any Requisition Compensation relating to that Ship;

b.any Long Term Charter in relation to that Ship and any guarantee of such charter in the Agreed Form;

c.any pool agreement; and

d.(if applicable) the benefit of any warranties of quality in favour of the Borrower under the Shipbuilding Contract relating to that Ship.

83."German Blocking Provisions" means section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung, AWV) (in connection with section 4 paragraph 1 and section 19 paragraph 3 no. 1a German Foreign Trade Act (Außenwirtschaftsgesetz, AWG)).

84."Green Passport" means, in relation to a Ship, a green passport statement of compliance issued by that Ship's classification society which includes a list of any and all materials known to be potentially hazardous and listed in the construction or on board that Ship.

85."Group" means the Borrower and each of its subsidiaries.

86."Holding Company" means, in relation to a person, any other person in relation to which it is a subsidiary.

87."Hong Kong Convention" means the International Maritime Organization's convention for the Safe and Environmentally Sound Recycling of Ships, 2009 together with the guidelines to be issued by the International Maritime Organization in connection with such convention.

88."IFRS" means international accounting standards within the meaning of the IAS Regulation 1606/2002, as the same may be updated from time to time, to the extent applicable to the relevant financial statements.

"ImpairedAgent" means the Agent at any time when:

a.it has failed to make (or has notified a party to a Finance Document that it will not make) a payment required to be made by it under the Finance Documents by the due date for payment;

b.the Agent otherwise rescinds or repudiates a Finance Document;

c.(if the Agent is also a Lender), it is a Defaulting Lender under paragraph (a) or (b) of the definition of "Defaulting Lender"; or

    13    EUROPE/67061979v8

d.an Insolvency Event has occurred and is continuing with respect to the Agent;

unless, in the case of paragraph (a) above:

(i)its failure to pay is caused by:

(1)administrative or technical error; or

(2)a Disruption Event; and

(ii)payment is made within 10 Business Days of its due date; or

(iii)the Agent is disputing in good faith whether it is contractually obliged to make the payment in question.

89."InsolvencyEvent" in relation to a Lender means that Lender:

a.is dissolved (other than pursuant to a consolidation, amalgamation or merger);

b.becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due;

c.makes a general assignment, arrangement, or composition with or for the benefit of its creditors;

d.institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official;

e.has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition is instituted or presented by a person or entity not described in paragraph (d) above and:

(i)results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation; or

(ii)is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof;

f.has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger);

g.seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets (other than, for so long as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a person or entity described in paragraph (d) above);

h.has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party

    14    EUROPE/67061979v8

maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter;

i.causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in paragraphs (a) to (h) above; or

j.takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts.

90."Insurances" means, in relation to a Ship:

a.all policies and contracts of insurance, including entries of that Ship in any protection and indemnity or war risks association, which are effected in respect of that Ship, its Earnings or otherwise in relation to it; and

b.all rights and other assets relating to, or derived from, any of the foregoing, including any rights to a return of a premium.

91."InterestPeriod" means a period determined in accordance with Clause 6 (Interest Periods).

92."Interpolated Screen Rate" means, in relation to the Loan or any part of the Loan, the rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between:

a.the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of the Loan or that part of the Loan; and

b.the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of the Loan or that part of the Loan,

each as of the Specified Time for Dollars.

93."ISM Code" means the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (including the guidelines on its implementation), adopted by the International Maritime Organisation, as the same may be amended or supplemented from time to time (and the terms "safety management system", "Safety Management Certificate" and "Document of Compliance" have the same meanings as are given to them in the ISM Code).

94."ISPS Code" means the International Ship and Port Facility Security (ISPS) Code as adopted by the International Maritime Organization's (IMO) Diplomatic Conference of December 2002, as the same may be amended or supplemented from time to time.

95."ISSC" means an International Ship Security Certificate issued under the ISPS Code.

96."Lead Arrangers" means Commonwealth Bank of Australia, London Branch, Crédit Agricole Corporate And Investment Bank, Société Générale and Standard Chartered Bank.

97."Lender" means a bank or financial institution listed in Schedule 1 (Lenders and Commitments) and acting through its branch indicated in Schedule 1 (Lenders and Commitments) (or through another branch notified to the Borrower under Clause 30.13 (Change of lending office) or its transferee, successor or assign.

    15    EUROPE/67061979v8

98."LIBOR" means, in relation to the Loan or any part of the Loan:

a.the applicable Screen Rateas of the Specified Time for dollars and for a period equal in length to the Interest Period of the Loan or that part of the Loan; or

b.as otherwise determined pursuant to Clause 5.7 (Unavailability of Screen Rate),

and if, in either case, that rate is less than zero, LIBOR shall be deemed to be zero.

99."Loan" means the principal amount for the time being outstanding under this Agreement.

100."Long Term Charter" means any charter or other contract of employment for a Ship which is entered into by the Borrower with a person other than a wholly-owned subsidiary of the Borrower and for a term which exceeds 36 months' duration.

101."Manager'sUndertaking" means, in relation to a Ship, the undertaking to be given by the Approved Manager in favour of the Security Trustee in the Agreed Form.

102."MandatedLeadArrangers" means Nordea Bank Abp, filial i Norge, ABN AMRO Bank N.V., BNP Paribas Fortis SA/NV, DNB (UK) Limited, ING Bank, a branch of ING-DiBa AG and KBC Bank NV.

103."MajorCasualty" means, in relation to a Ship, any casualty to that Ship in respect of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $5,000,000 or the equivalent in any other currency.

104."MajorityLenders" means a Lender or Lenders whose Commitments aggregate more than 662/3 per cent. of the Total Commitments.

105."Margin" has the meaning given to it at Clause 5.19 (Calculation of Margin).

106."MasterAgreement" means each master agreement (on the 1992 or 2002 (as the case may be) ISDA (Multicurrency-Crossborder) form) in an agreed form made or to be made between the Borrower and a Swap Bank and includes all Designated Transactions from time to time.

107."Master Agreement Assignment" means, in relation to each Master Agreement, the assignment of the Master Agreement in the Agreed Form.

108."MaturityDate" means the date falling 66 months from the date of this Agreement.

109."Mortgage" means, in relation to each Ship, a first priority or preferred (as the case may be) mortgage on that Ship in the form appropriate to the relevant Approved Flag in each case executed by the Borrower owning that Ship in favour of the Security Trustee (and/or such other Creditor Parties as may be appropriate in the opinion of the Agent and in the context of the relevant Approved Flag), each such mortgage to be in the Agreed Form and, where the relevant Approved Flag is Belgian flag, the amount secured by such mortgage shall be limited to 125 per cent. of the Fair Market Value of the relevant Ship as at the date of the relevant mortgage.

110."Newbuild Ship" means any of Newbuild Ship 1, Newbuild Ship 2, Newbuild Ship 3 or Newbuild Ship 4.

111."Newbuild Ship 1" means the vessel having Builder's Hull No. 5474, details of which are set out opposite its name in Part B of Schedule 6 (Details of the Ships), which is to be constructed by the Builder for, and purchased by, the Borrower under the applicable

    16    EUROPE/67061979v8

Shipbuilding Contract and upon delivery registered in the name of the Borrower under an Approved Flag.

112."Newbuild Ship 2" means the vessel having Builder's Hull No. 5475, details of which are set out opposite its name in Part B of Schedule 6 (Details of the Ships), which is to be constructed by the Builder for, and purchased by, the Borrower under the applicable Shipbuilding Contract and upon delivery registered in the name of the Borrower under an Approved Flag.

113."Newbuild Ship 3" means the vessel having Builder's Hull No. 5476, details of which are set out opposite its name in Part B of Schedule 6 (Details of the Ships), which is to be constructed by the Builder for, and purchased by, the Borrower under the applicable Shipbuilding Contract and upon delivery registered in the name of the Borrower under an Approved Flag.

114."Newbuild Ship 4" means the vessel having Builder's Hull No. 5478, details of which are set out opposite its name in Part B of Schedule 6 (Details of the Ships), which is to be constructed by the Builder for, and purchased by, the Borrower under the applicable Shipbuilding Contract and upon delivery registered in the name of the Borrower under an Approved Flag.

115."Non-ConsentingLender" means any Lender which does not and continues not to consent or agree to a request of the Borrower or the Agent (at the request of the Borrower) to give a consent in relation to, or to agree to a waiver or amendment of, any provision of the Finance Documents and:

a.the consent, waiver or amendment in question requires the approval of all of the Lenders; and

b.Lenders whose commitments aggregate more than 662/3 per cent. of the Total Commitments have consented or agreed to such waiver or amendment.

116."Non-Cooperative Jurisdiction" means a tax haven country, a low‐tax jurisdiction or a non-cooperative jurisdiction, within the meaning of Article 307, §1/2 of the Belgian Income Tax Code 1992 or any successor provision.

117."NotifyingCreditor Party" has the meaning given in Clause 23 (Illegality, etc.) or Clause 28 (Increased costs) as the context requires.

118."PaymentCurrency" has the meaning given in Clause 21.4 (Currency indemnity).

119."ParallelDebt" means any amount which the Borrower owes to the Security Trustee under Clause 25.2 (Parallel Debt (Covenant to pay the Security Trustee)) or under that clause as incorporated by reference or in full in any other Finance Document.

120."Party" means a party to this Agreement.

121."PermittedHolders" means each of Saverco and Victrix (and (in each case) any parallel vehicle thereof and their respective alternative investment vehicles) and their affiliates.

122."PermittedSecurityInterests" means:

a.Security Interests created by the Finance Documents;

b.liens for unpaid master's and crew's wages in accordance with usual maritime practice, provided such liens do not secure amounts more than 30 days overdue

    17    EUROPE/67061979v8

(unless the overdue amount is being contested by the Borrower in good faith by appropriate steps);

c.liens for salvage;

d.liens arising by operation of law for not more than 2 months' prepaid hire under any charter in relation to a Ship not prohibited by this Agreement;

e.liens for master's disbursements incurred in the ordinary course of trading and any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance of a Ship, provided such liens do not secure amounts more than 30 days overdue (unless the overdue amount is being contested by the Borrower in good faith by appropriate steps);

f.any Security Interest created in favour of a plaintiff or defendant in any action of the court or tribunal before whom such action is brought as security for costs and expenses where the Borrower is prosecuting or defending such proceedings or arbitration in good faith by appropriate steps provided such Security Interest does not (and is not likely to) result in any sale, forfeiture or loss of a Ship; and

g.Security Interests arising by operation of law in respect of taxes which are not overdue for payment or in respect of taxes being contested in good faith by appropriate steps and in respect of which appropriate reserves have been made.

123."PertinentDocument" means:

a.any Finance Document;

b.any Shipbuilding Contract;

c.any Master Agreement;

d.any policy or contract of insurance contemplated by or referred to in Clause 13 (Insurance) or any other provision of this Agreement or another Finance Document or Master Agreement;

e.any other document contemplated by or referred to in any Finance Document; and

f.any document which has been or is at any time sent by or to a Servicing Bank in contemplation of or in connection with any Finance Document or Master Agreement or any policy, contract or document falling within paragraphs (c) or (d).

124."PertinentJurisdiction" in relation to a company, means:

a.England and Wales;

b.the country under the laws of which the company is incorporated or formed;

c.a country in which the company has the centre of its main interests or in which the company's central management and control is or has recently been exercised;

d.a country in which the overall net income of the company is subject to corporation tax, income tax or any similar tax;

e.a country in which assets of the company (other than securities issued by, or loans to, related companies) having a substantial value are situated, in which the company maintains a branch or a permanent place of business, or in which a Security Interest

    18    EUROPE/67061979v8

created by the company must or should be registered in order to ensure its validity or priority; and

f.a country the courts of which have jurisdiction to make a winding up, administration or similar order in relation to the company, whether as main or territorial or ancillary proceedings or which would have such jurisdiction if their assistance were requested by the courts of a country referred to in paragraphs (b) or (c).

125."PertinentMatter" means:

a.any transaction or matter contemplated by, arising out of, or in connection with a Pertinent Document; or

b.any statement relating to a Pertinent Document or to a transaction or matter falling within paragraph (a);

and covers any such transaction, matter or statement, whether entered into, arising or made at any time before the signing of this Agreement or on or at any time after that signing.

"Poseidon Principles" means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published in June 2019 as the same may be amended or replaced to reflect changes in applicable law or regulation or the introduction of or changes to mandatory requirements of the International Maritime Organisation from time to time.

126."PotentialEventofDefault" means an event or circumstance which, with the giving of any notice, the lapse of time, a reasonable determination of the Majority Lenders and/or the satisfaction of any other condition, would constitute an Event of Default.

127."QuotationDate" means, in relation to any Interest Period (or any other period for which an interest rate is to be determined under any provision of a Finance Document), 2 Business days before the first day of that period or the day on which quotations would ordinarily be given by leading banks in the London Interbank Market for deposits in the currency in relation to which such rate is to be determined for delivery on the first day of that Interest Period or other period.

128."Receiver" means a receiver or receiver and manager or administrative receiver of the whole or any part of the Security Assets.

129."Recognised Organisation" means, in respect of a Ship, an organisation representing that Ship's flag state and, for the purposes of Clause 14.17 (Poseidon Principles), duly authorised to determine whether the Borrower has complied with regulation 22A of Annex VI.

130."ReferenceBankRate" means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request by the Reference Banks:

a.if:

(i)the Reference Bank is a contributor to the Screen Rate; and

(ii)it consists of a single figure,

as the rate (applied to the relevant Reference Bank and the relevant currency and period) which contributors to the Screen Rate are asked to submit to the relevant administrator; or

    19    EUROPE/67061979v8

b.in any other case, as the rate at which the relevant Reference Bank could fund itself in dollars for the relevant period with reference to the unsecured wholesale funding market.

131."ReferenceBanks" means Nordea Bank Abp, filial i Norge, its successors and assigns and/or such other entities as may be appointed by the Agent in consultation with the Borrower.

132."Reference Bank Quotation" means any quotation supplied to the Agent by a Reference Bank.

133."Related Fund" means, in relation to a Fund or Lender, any other Fund that either has the same fund manager or asset manager or has common ownership with an existing Lender or is owned or managed by an existing Lender.

134."Relevant Nominating Body" means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

135."RepaymentDate" means a date on which a repayment is required to be made under Clause 8 (Reduction, Repayment, Prepayment andCancellation).

136."Repayment Instalment" has the meaning given to it in Clause 8.3 (Repayment of Term Loan).

137."Replacement Benchmark" means a benchmark rate which is:

a.formally designated, nominated or recommended as the replacement for a Screen Rate by:

(i)the administrator of that Screen Rate; or

(ii)any Relevant Nominating Body,

and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the "Replacement Benchmark" will be the replacement under paragraph (ii) above;

b.in the opinion of the Majority Lenders and the Borrower, generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate successor to that Screen Rate; or

c.in the opinion of the Majority Lenders and the Borrower, an appropriate successor to a Screen Rate.

138."RequisitionCompensation" includes all compensation or other moneys payable by reason of any act or event such as is referred to in paragraph (b) of the definition of "TotalLoss".

139."Resolution Authority" means any body which has authority to exercise any Write-down and Conversion Powers.

    20    EUROPE/67061979v8

140."Restricted Creditor Party" means a Creditor Party which serves a notice pursuant to paragraph (a) of Clause 33.5 (Restricted Creditor Parties).

141."Restricted Party" means a person:

a.that is listed on any Sanctions List (whether designated by name or by reason of being included in a class of person);

b.that is domiciled, registered as located or having its main place of business in, or is incorporated under the laws of, a country or territory which is, or whose government is, subject to Sanctions Laws which attach legal effect to being domiciled, registered as located or having its main place of business in such country or broadly prohibiting dealings with such government, country, or territory; or

c.that is directly or indirectly owned or controlled by a person referred to in paragraph (a) and/or (b) above; or

d.with which any member of the Group is prohibited from dealing or otherwise engaging in a transaction with by any Sanctions Laws.

"Revolving Commitment" means, in relation to a Lender and to the extent not cancelled, reduced or transferred by it under this Agreement, the amount set opposite its name under the heading "Revolving Commitment" in Schedule 1 (Lenders and Commitments) together with the amount of any other Revolving Commitment transferred to it under this Agreement.

142."Revolving Facility" means the revolving credit facility made available under this Agreement, as described in paragraph (a) of Clause 2.1 (Amount of facility).

143."Sanctions Authority" means the Norwegian State, the United Nations, the United Kingdom, Australia, the European Union, any present or future member states of the European Union and the United States of America and any agency or authority acting on behalf of any of them in connection with Sanctions Laws.

144."Sanctions Laws" means any economic or financial sanctions laws and/or regulations, trade embargoes, prohibitions, restrictive measures, decisions, executive orders or notices from regulators or similar measures implemented, adapted, imposed, administered, enacted and/or enforced by any Sanctions Authority.

145."SanctionsList" means any list of persons or entities published in connection with Sanctions Laws by or on behalf of any Sanctions Authority as amended, revised, supplemented or substituted from time to time.

146."SanctionsRelevant Person" means:

a.the Borrower;

b.each Affiliate and subsidiary of the Borrower; and

c.all respective directors, officers, employees, agents and representatives of each of the persons mentioned in paragraphs (a) to (b) above;

147."Saverco" means Saverco NV, a company incorporated in Belgium whose registered office is at de Gerlachekaai 20, B-2000 Antwerp, Belgium.

148."ScreenRate" means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for dollars for the relevant period displayed (before any correction, recalculation or republication by the administrator) on page LIBOR01 of the Thomson Reuters screen (or

    21    EUROPE/67061979v8

any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Agent may specify another page or service displaying the relevant rate after consultation with the Borrower.

149."SecuredLiabilities" means all liabilities which the Borrower, the Security Parties or any of them have, at the date of this Agreement or at any later time or times, under or in connection with any Finance Document or the Master Agreements or any judgment relating to any Finance Document or the Master Agreements; and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other procedure under the insolvency laws of any country.

150."Security Assets" means all of the assets of the Borrower or any Security Party which from time to time are, or are expressed to be, the subject of the Transaction Security.

151."SecurityInterest" means:

a.a mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien or any other security interest of any kind;

b.the security rights of a plaintiff under an action in rem; and

c.any arrangement entered into by a person (A) the effect of which is to place another person (B) in a position which is similar, in economic terms, to the position in which B would have been had he held a security interest over an asset of A; but this paragraph (c) does not apply to a right of set off or combination of accounts conferred by the standard terms of business of a bank or financial institution.

152."SecurityParty" means any person other than the Borrower (except a Creditor Party) who, as a surety or mortgagor, as a party to any subordination or priorities arrangement, or in any similar capacity, executes a document falling within paragraph (i) of the definition of "Finance Documents".

153."SecurityPeriod" means the period commencing on the date of this Agreement and ending on the date on which the Agent notifies the Borrower, the Security Parties and the other Creditor Parties that:

a.all amounts which have become due for payment by the Borrower or any Security Party under the Finance Documents and the Master Agreements have been paid;

b.no amount is owing or has accrued (without yet having become due for payment) under any Finance Document or the Master Agreements and all Commitments have terminated;

c.neither the Borrower nor any Security Party has any future or contingent liability under Clause 20 (Fees and Expenses), Clause 21 (Indemnities) or Clause 22 (No Set-Off or Tax Deduction) or any other provision of this Agreement or another Finance Document or a Master Agreement; and

d.the Agent, the Security Trustee and the Majority Lenders, acting reasonably, consider that there is no significant risk that any payment or transaction under a Finance Document or a Master Agreement would be set aside, or would have to be reversed or adjusted, in any present or possible future bankruptcy of the Borrower or a Security Party or in any present or possible future proceeding relating to a Finance Document or a Master Agreement or any asset covered (or previously covered) by a Security Interest created by a Finance Document.

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154."SecurityProperty" means:

a.the Transaction Security expressed to be granted in favour of the Security Trustee as trustee for the Creditor Parties and all proceeds of that Transaction Security;

b.all obligations expressed to be undertaken by the Borrower or any Security Party to pay amounts in relation to the Secured Liabilities to the Security Trustee as trustee for the Creditor Parties and secured by the Transaction Security together with all representations and warranties expressed to be given by the Borrower or any other person in favour of the Security Trustee as trustee for the Creditor Parties;

c.the Security Trustee's interest in any turnover trust created under the Finance Documents;

d.any other amounts or property, whether rights, entitlements, choses in action or otherwise, actual or contingent, which the Security Trustee is required by the terms of the Finance Documents to hold as trustee on trust for the Creditor Parties,

except:

(i)rights intended for the sole benefit of the Security Trustee; and

(ii)any moneys or other assets which the Security Trustee has transferred to the Agent or (being entitled to do so) has retained in accordance with the provisions of this Agreement.

155."SecurityTrustee" means Nordea Bank Abp, filial i Norge, acting in such capacity through its office at Essendropsgate 7, Oslo, Norway, or any successor of it.

156."ServicingBank" means the Agent or the Security Trustee.

157."Ship" means any Existing Ship or Newbuild Ship.

158."Shipbuilding Contract" means:

a.in respect of Newbuild Ship 1, the shipbuilding contract dated 11 January 2019 and made between the Builder and the Borrower for the construction by the Builder of the Newbuild Ship 1 and its purchase by the Borrower as supplemented and amended from time to time;

b.in respect of Newbuild Ship 2, the shipbuilding contract dated 11 January 2019 and made between the Builder and the Borrower for the construction by the Builder of the Newbuild Ship 2 and its purchase by the Borrower as supplemented and amended from time to time;

c.in respect of Newbuild Ship 3, the shipbuilding contract dated 11 January 2019 and made between the Builder and the Borrower for the construction by the Builder of the Newbuild Ship 3 and its purchase by the Borrower as supplemented and amended from time to time;

d.in respect of Newbuild Ship 4, the shipbuilding contract dated 15 October 2019 and made between the Builder and the Borrower for the construction by the Builder of the Newbuild Ship 4 and its purchase by the Borrower as supplemented and amended from time to time;

159."SpecifiedTime" means a day or time determined in accordance with Schedule 9 (Timetables).

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160."Statement of Compliance" means a Statement of Compliance related to fuel oil consumption pursuant to regulations 6.6 and 6.7 of Annex VI.

161."Sustainability Agent" means Nordea Bank Abp, filial i Norge, acting in such capacity through its office at Essendropsgate 7, Oslo, Norway, or any successor of it.

162."SwapBank" means a bank or financial institution listed in Schedule 2 (Swap Banks) and acting through its branch indicated in that Schedule.

163."Swap Coordinator" means ING Bank NV acting in such capacity through its office at Foppingadreef 7, P.O. Box 1800, NL-1000 BV Amsterdam, The Netherlands.

164."SwapCounterparty" means, at any relevant time and in relation to a continuing Designated Transaction, the Swap Bank which enters into that Designated Transaction.

165."TankersInternationalPool" means the Tankers International tanker pool governed by Tankers International Limited with its registered office at 81 Kings Road, London SW3 4NX, United Kingdom.

166."Tax" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

167."Tax Deduction" has the meaning given in Clause 22.5 (Tax Deduction).

168."Term Commitment" means a Tranche A Commitment, Tranche B Commitment, Tranche C Commitment or Tranche D Commitment.

169."Term Loan" means the term loan facility made available under this Agreement, as described in paragraph (b) of Clause 2.1 (Amount of facility).

170."Third Parties Act" has the meaning given in Clause 36.4 (Third Party rights).

171."Total Commitments" means the aggregate of the Total Revolving Commitments and the Total Term Commitments, being $713,000,000 at the date of this Agreement.

172."TotalLoss" means, in relation to a Ship:

a.actual, constructive, compromised, agreed or arranged total loss of that Ship;

b.any expropriation, confiscation, requisition or acquisition of that Ship, whether for full consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority (excluding a requisition for hire for a fixed period not exceeding 1 year without any right to an extension) unless it is within 90 days redelivered to the Borrower's full control;

c.any condemnation of that Ship by any tribunal or by any person claiming to be a tribunal; or

d.any arrest, capture, seizure or detention of that Ship (including piracy or theft) unless it is within 90 days redelivered to the Borrower's (as the case may be) full control.

173."TotalLossDate" means, in relation to a Ship:

a.in the case of an actual loss of that Ship, the date on which it occurred or, if that is unknown, the date when that Ship was last heard of;

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b.in the case of a constructive, compromised, agreed or arranged total loss of that Ship, the earliest of:

(i)the date on which a notice of abandonment is given to the insurers; and

(ii)the date of any compromise, arrangement or agreement made by or on behalf of the Borrower with that Ship's insurers in which the insurers agree to treat that Ship as a total loss; and

c.in the case of any other type of total loss, on the date (or the most likely date) on which it appears to the Agent that the event constituting the total loss occurred.

174."Total Revolving Commitments" means the aggregate of the Revolving Commitments, being $469,000,000 at the date of this Agreement.

175."Total Term Commitments" means the aggregate of the Tranche A Commitment, the Tranche B Commitment, the Tranche C Commitment and the Tranche D Commitment, being $244,000,000 at the date of this Agreement,

176."Tranche" means any of Tranche A, Tranche B, Tranche C or Tranche D.

177."Tranche A" means that part of the Term Loan to be made available to the Borrower to finance the acquisition costs of Newbuild Ship 1, in a principal amount not exceeding the Tranche A Commitment.

178."Tranche B" means that part of the Term Loan to be made available to the Borrower to finance the acquisition costs of Newbuild Ship 2, in a principal amount not exceeding the Tranche B Commitment.

179."Tranche C" means that part of the Term Loan to be made available to the Borrower to finance the acquisition costs of Newbuild Ship 3, in a principal amount not exceeding the Tranche C Commitment.

180."Tranche D" means that part of the Term Loan to be made available to the Borrower to finance the acquisition costs of Newbuild Ship 4, in a principal amount not exceeding the Tranche D Commitment.

181."Tranche A Commitment" means, in relation to a Lender and to the extent not cancelled, reduced or transferred by it under this Agreement, the amount set opposite its name under the heading "Tranche A" in Schedule 1 (Lenders and Commitments) together with the amount of any other Tranche A Commitment transferred to it under this Agreement.

182."Tranche B Commitment" means, in relation to a Lender and to the extent not cancelled, reduced or transferred by it under this Agreement, the amount set opposite its name under the heading "Tranche B" in Schedule 1 (Lenders and Commitments) together with the amount of any other Tranche B Commitment transferred to it under this Agreement.

183."Tranche C Commitment" means, in relation to a Lender and to the extent not cancelled, reduced or transferred by it under this Agreement, the amount set opposite its name under the heading "Tranche C" in Schedule 1 (Lenders and Commitments) together with the amount of any other Tranche C Commitment transferred to it under this Agreement.

184."Tranche D Commitment" means, in relation to a Lender and to the extent not cancelled, reduced or transferred by it under this Agreement, the amount set opposite its name under the heading "Tranche D" in Schedule 1 (Lenders and Commitments) together with the amount of any other Tranche D Commitment transferred to it under this Agreement.

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185."Tranche Commitment" means, in relation to a Lender and to the extent not cancelled, reduced or transferred by it under this Agreement, the aggregate of its Tranche A Commitment, Tranche B Commitment, Tranche C Commitment and Tranche D Commitment.

186."Transaction" has the meaning given in each Master Agreement.

187."Transaction Security" means the Security Interests created or evidenced or expressed to be created or evidenced under the Finance Documents.

188."TransferCertificate" has the meaning given in Clause 30.2 (Transfer by a Lender).

189."UK Bail-In Legislation" means (to the extent that the United Kingdom is not an EEA Member Country which has implemented, or implements, Article 55 BRRD) Part 1 of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutes or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

190."Unpaid Sum" means any sum due and payable but unpaid by the Borrower under the Finance Documents.

191."VAT" means:

a.any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and

b.any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere.

192."Victrix" means Victrix NV, a company incorporated in Belgium whose registered office is at Le Grellelei 20, 2600 Berchem, Belgium.

193."Warranty" means Article IX (Warranty of Quality) of each Shipbuilding Contract and any renewal of such warranty after the making good of any warranty claim.

194."Write-down and Conversion Powers" means:

a.in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule;

b.in relation to any other applicable Bail-In Legislation:

(i)any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and

(ii)any similar or analogous powers under that Bail-In Legislation; and

c.in relation to any UK Bail-In Legislation:

    26    EUROPE/67061979v8

(i)any powers under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to any of those powers; and

(ii)any similar or analogous powers under that UK Bail-In Legislation.

d.Construction of certain terms

In this Agreement:

195."administration notice" means a notice appointing an administrator, a notice of intended appointment and any other notice which is required by law (generally or in the case concerned) to be filed with the court or given to a person prior to, or in connection with, the appointment of an administrator.

196."approved" means, for the purposes of Clause 13 (Insurance) and unless the context requires otherwise, approved in writing by the Agent acting with the authorisation of the Majority Lenders (which authorisation shall not be unreasonably withheld).

197."asset" includes every kind of property, asset, interest or right, including any present, future or contingent right to any revenues or other payment.

198."company" includes any partnership, joint venture and unincorporated association.

199."consent" includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration, notarisation and legalisation.

200."contingent liability" means a liability which is not certain to arise and/or the amount of which remains unascertained.

201."document" includes a deed; also a letter or fax.

202."expense" means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable value added or other tax.

203."law" includes any order or decree, any form of delegated legislation, any treaty or international convention and any regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council.

204."legal or administrative action" means any legal proceeding or arbitration and any administrative or regulatory action or investigation.

205."liability" includes every kind of debt or liability (present or future, certain or contingent), whether incurred as principal or surety or otherwise.

"months" shall be construed in accordance with Clause 1.3 (Meaning of "month").

206."obligatory insurances" means, in relation to a Ship, all insurances effected, or which the Borrower in relation to that Ship is obliged to effect or procure are effected, under Clause 13 (Insurance) or any other provision of this Agreement or another Finance Document.

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"parent company" has the meaning given in Clause 1.4 (Meaning of "subsidiary").

207."person" includes any individual; any firm, company or corporation; any state, political sub-division of a state and local or municipal authority; any association, trust, joint venture, consortium, partnership; any international organisation; and any other entity (whether or not having separate legal personality).

208."policy", in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms.

209."protection and indemnity risks" means the usual risks covered by a protection and indemnity association including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (01/11/02 or 01/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/11/1995 or 1/10/83) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision.

210."regulation" includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory, selfregulatory or other authority or organisation.

"subsidiary" has the meaning given in Clause 1.4 (Meaning of "subsidiary").

211."tax" includes any present or future tax, duty, impost, levy or charge of any kind which is imposed by any state, any political sub-division of a state or any local or municipal authority (including any such imposed in connection with exchange controls), and any connected penalty, interest or fine.

212."war risks" includes the risk of mines and all risks excluded by clause 29 of the International Hull Clauses (1/11/02 or 1/11/03), clause 24 of the Institute Time Clauses (Hulls) (1/11/95) or clause 23 of the Institute Time Clauses (Hulls) (1/10/83).

a.Meaning of "month"

A period of 1 or more "months" ends on the day in the relevant calendar month numerically corresponding to the day of the calendar month on which the period started ("the numerically corresponding day"), but:

1.on the Business Day following the numerically corresponding day if the numerically corresponding day is not a Business Day or, if there is no later Business Day in the same calendar month, on the Business Day preceding the numerically corresponding day; or

2.on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a calendar month or if the last calendar month of the period has no numerically corresponding day;

and "month" and "monthly" shall be construed accordingly.

b.Meaning of "subsidiary"

A company (S) is a subsidiary of another company (P) if:

3.a majority of the issued shares in S (or a majority of the issued shares in S which carry unlimited rights to capital and income distributions) are directly owned by P or are indirectly attributable to P; or

    28    EUROPE/67061979v8

4.P has direct or indirect control over a majority of the voting rights attaching to the issued shares of S; or

5.P has the direct or indirect power to appoint or remove a majority of the directors of S; or

6.P otherwise has the direct or indirect power to ensure that the affairs of S are conducted in accordance with the wishes of P;

and any company of which S is a subsidiary is a parent company of S.

c.General Interpretation

In this Agreement:

7.references in Clause 1.1 (Definitions) to a Finance Document or any other document being in an "agreed form" are to the form agreed between the Agent (acting with the authorisation of each of the other Creditor Parties) and the Borrower;

8.references to, or to a provision of, a Finance Document or any other document are references to it as amended or supplemented, whether before the date of this Agreement or otherwise;

9.references to, or to a provision of, any law include any amendment, extension, re-enactment or replacement, whether made before the date of this Agreement or otherwise;

10.words denoting the singular number shall include the plural and vice versa;

11.Clauses 1.1 (Definitions) to 1.5 (General Interpretation) apply unless the contrary intention appears; and

12.an Event of Default or Potential Event of Default is "continuing" if it has not been remedied or waived in writing.

d.Headings

In interpreting a Finance Document or any provision of a Finance Document, all clause, subclause and other headings in that and any other Finance Document shall be entirely disregarded.

•Facility

e.Amount of facility

Subject to the other provisions of this Agreement, the Lenders shall make available to the Borrower:

13.a revolving credit facility in an aggregate amount not exceeding the lower of (i) $469,000,000 and (ii) the Total Revolving Commitments; and

14.a term loan facility in an aggregate amount not exceeding the lower of (i) $244,000,000 and (ii) the Total Term Commitments.

f.Lenders' participations

Subject to the other provisions of this Agreement, each Lender shall participate in each Advance in the proportion which, as at the relevant Drawdown Date, its Commitment bears to the Total Commitments.

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g.Purpose of Advances

The Borrower undertakes with each Creditor Party to use each Advance only for the purpose of:

15.in respect of the Revolving Facility, partially refinancing the Existing Indebtedness and for the Borrower's general corporate and working capital purposes;

16.in respect of Tranche A, financing the acquisition cost of Newbuild Ship 1 and for the Borrower's general corporate and working capital purposes;

17.in respect of Tranche B, financing the acquisition cost of Newbuild Ship 2 and for the Borrower's general corporate and working capital purposes;

18.in respect of Tranche C, financing the acquisition cost of Newbuild Ship 3 and for the Borrower's general corporate and working capital purposes; and

19.in respect of Tranche D, financing the acquisition cost of Newbuild Ship 4 and for the Borrower's general corporate and working capital purposes.

a.Monitoring

No Creditor Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.

•Position of the Lenders and Swap Banks

b.Interests several

The rights of the Lenders and the Swap Banks under this Agreement are several.

c.Individual right of action

Each Lender and each Swap Bank shall be entitled to sue for any amount which has become due and payable by the Borrower to it under a Finance Document or by the Borrower under a Master Agreement without joining the Agent, the Security Trustee, any Arranger, any other Lender or any other Swap Bank as additional parties in the proceedings.

d.Proceedings requiring Majority Lender consent

Except as provided in Clause 3.2 (Individual right of action), no Lender and no Swap Bank may commence proceedings against the Borrower or any Security Party in connection with a Finance Document or a Master Agreement without the prior consent of the Majority Lenders.

e.Obligations several

The obligations of the Lenders under this Agreement and of each Swap Bank under the Master Agreement to which it is a party are several; and a failure of a Lender to perform its obligations under this Agreement or a failure by a Swap Bank to perform its obligations under the Master Agreement to which it is a party shall not result in:

20.the obligations of the other Lenders or other Swap Banks being increased; nor

21.the Borrower, any Security Party, any other Lender or any other Swap Bank being discharged (in whole or in part) from its obligations under any Finance Document or under any Master Agreement;

    30    EUROPE/67061979v8

and in no circumstances shall a Lender or a Swap Bank have any responsibility for a failure of another Lender or another Swap Bank to perform its obligations under this Agreement or the Master Agreement to which it is a party.

f.Security Trustee as joint and several creditor

22.The Borrower and each of the Creditor Parties agrees that the Security Trustee shall be the joint creditor ("hoofdelijke schuldeiser") together with each other Creditor Party of each liability and obligation of the Borrower towards any Creditor Party under any Finance Document, and that accordingly the Security Trustee will have its own independent right to demand performance by the Borrower of those liabilities and obligations. However, any discharge of any liability or obligation of the Borrower to one of the Security Trustee or another Creditor Party shall, to the same extent, discharge the corresponding liability or obligation owing to the others.

23.Without limiting or affecting the Security Trustee's rights against the Borrower (whether under this paragraph or under any other provision of the Finance Documents), the Security Trustee agrees with each other Creditor Party (on a several and separate basis) that, subject as set out in the next sentence, it will not exercise its rights as a joint creditor with a Creditor Party except with the consent of the relevant Creditor Party. However, for the avoidance of doubt, nothing in the previous sentence shall in any way limit the Security Trustee's right to act in the protection or preservation of rights under or to enforce any Finance Document (or to do any act reasonably incidental to any of the foregoing).

24.Subject to the provisions of this Clause 3.5 (Security Trustee as joint and several creditor), the Security Trustee holds any security created by a Finance Document in its name and the Security Trustee shall have full and unrestricted title to and authority in respect of that security, subject always to the terms of the Finance Documents.

•Drawdown

g.Request for Advance

Subject to the following conditions, the Borrower may request that an Advance be made by ensuring that the Agent receives a completed Drawdown Notice not later than 11.00 a.m. (London time) 3 Business Days prior to the intended Drawdown Date.

h.Availability

The conditions referred to in Clause 4.1 (Request for Advance) are that:

25.a Drawdown Date has to be a Business Day during the Availability Period and the first Drawdown Date will be on or before 20 October 2020;

26.there shall be no more than ten Advances in respect of the Revolving Facility outstanding at any one time;

27.there shall only be one Advance in respect of each Tranche;

28.there shall be a minimum Advance of $1,000,000;

29.the amount of any Advance in respect of a Tranche shall not exceed the lesser of (i) 65 per cent. of the Fair Market Value for the relevant Newbuild Ship, and (ii) $61,000,000;

30.the aggregate amount of the Advances in respect of the Revolving Facility outstanding at any time shall not exceed the Total Revolving Commitments; and

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31.the aggregate amount of the Advances in respect of the Term Loan outstanding at any time shall not exceed the Total Term Commitments.

i.Notification to Lenders of receipt of a Drawdown Notice

The Agent shall promptly notify the Lenders that it has received a Drawdown Notice and shall inform each Lender of:

32.the amount of the Advance, the applicable Facility or Tranche thereof and the Drawdown Date;

33.the amount of that Lender's participation in that Advance; and

34.the duration of the Interest Period for that Advance.

j.Drawdown Notice irrevocable

A Drawdown Notice must be signed by a duly authorised person on behalf of the Borrower; and once served, a Drawdown Notice cannot be revoked without the prior consent of the Agent, acting with the authorisation of the Majority Lenders.

k.Lenders to make available Contributions

Subject to the provisions of this Agreement, each Lender shall, on and with value on each Drawdown Date, make available to the Agent for the account of the Borrower the amount due from that Lender on that Drawdown Date under Clause 2.2 (Lenders' participations).

l.Disbursement of Advances

Subject to the provisions of this Agreement, the Agent shall on each Drawdown Date pay to the Borrower the amounts which the Agent receives from the Lenders under Clause 4.5 (Lenders to make available Contributions); and that payment to the Borrower shall be made to the account which the Borrower specifies in the Drawdown Notice.

m.Disbursement of Advances to third party

A payment by the Agent under Clause 4.6 (Disbursement of Advances) shall constitute the making of the relevant Advance and the Borrower shall thereupon become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender's Contribution.

•Interest

n.Payment of normal interest

Subject to the provisions of this Agreement, interest on each Advance in respect of an Interest Period shall be paid by the Borrower on the last date of that Interest Period.

o.Normal rate of interest

Subject to the provisions of this Agreement, the rate of interest on each Advance in respect of an Interest Period shall be the aggregate of the Margin and LIBOR for that Interest Period.

p.Payment of accrued interest

In the case of an Interest Period longer than 3 months, accrued interest shall be paid every 3 months during that Interest Period and on the last day of that Interest Period.

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q.Notification of rates of interest

35.The Agent shall notify the Borrower and each Lender of each rate of interest as soon as practicable after each is determined.

36.The Agent shall promptly notify the Borrower of each Funding Rate relating to the Loan, any part of the Loan or any Unpaid Sum.

r.Role of Reference Banks

37.No Reference Bank is under any obligation to provide a quotation or any other information to the Agent.

38.No Reference Bank will be liable for any action taken by it under or in connection with any Finance Document, or for any Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct.

39.No Party (other than the relevant Reference Bank) may take any proceedings against any officer, employee or agent of any Reference Bank in respect of any claim it might have against that Reference Bank or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document, or to any Reference Bank Quotation, and any officer, employee or agent of each Reference Bank may rely on this Clause 5.5 (Role of Reference Banks) subject to Clause 36.4 (Third Party rights) and the provisions of the Third Parties Act.

s.Third Party Reference Banks

A Reference Bank which is not a Party may rely on Clause 5.5 (Role of Reference Banks), Clause 33.3 (Replacement of Screen Rate) and Clause 32 (Confidentiality of Funding Rates and Reference Bank Quotations) subject to Clause 36.4 (Third Party rights) and the provisions of the Third Parties Act.

t.Unavailability of Screen Rate

40.Interpolated Screen Rate: If no Screen Rate is available for LIBOR for the Interest Period of the Loan or any part of the Loan, the applicable LIBOR shall be the Interpolated Screen Rate for a period equal in length to the Interest Period of the Loan or that part of the Loan.

41.Reference Bank Rate: If no Screen Rate is available for LIBOR for:

i.dollars; or

ii.the Interest Period of the Loan or any part of the Loan and it is not possible to calculate the Interpolated Screen Rate,

the applicable LIBOR shall be the Reference Bank Rate as of the Specified Time and for a period equal in length to the Interest Period of the Loan or that part of the Loan.

42.Cost of funds: If paragraph (b) above applies but no Reference Bank Rate is available for dollars or the relevant Interest Period there shall be no LIBOR for the Loan or that part of the Loan (as applicable) and Clause 5.10 (Cost of funds) shall apply to the Loan or that part of the Loan for that Interest Period.

u.Calculation of Reference Bank Rate

43.Subject to paragraph (b) below, if LIBOR is to be determined on the basis of a Reference Bank Rate but a Reference Bank does not supply a quotation by the Specified Time, the Reference

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Bank Rate shall be calculated on the basis of the quotations of the remaining Reference Banks.

44.If at or about noon on the Quotation Date none or only one of the Reference Banks supplies a quotation, there shall be no Reference Bank Rate for the relevant Interest Period.

v.Market disruption

If before close of business in London on the Quotation Date for the relevant Interest Period the Agent receives notification from a Lender or Lenders (whose participations in the Loan or the relevant part of the Loan exceed 50 per cent. of the Loan or the relevant part of the Loan as appropriate) (the "Affected Lender") that:

45.the cost to it of funding its participation in the Loan or that part of the Loan from whatever source it may reasonably select would be in excess of LIBOR;

46.the cost to the Affected Lender of obtaining matching deposits in the Relevant Interbank Market would be in excess of LIBOR;

47.the methodology, formula or other means of determining LIBOR has in the opinion of the Affected Lender materially changed; or

48.in the opinion of the Affected Lender, LIBOR is otherwise no longer appropriate for the purposes of calculating interest under this Agreement,

then Clause 5.10 (Cost of funds) shall apply to the Loan or that part of the Loan (as applicable) for the relevant Interest Period.

w.Cost of funds

49.If this Clause 5.10 (Cost of funds) applies, the rate of interest on each Lender's share of the Loan or the relevant part of the Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of:

iii.the Margin; and

iv.the rate notified to the Agent by that Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period to be that which expresses as a percentage rate per annum the cost to the relevant Lender of funding its participation in the Loan or that part of the Loan from whatever source it may reasonably select.

50.If paragraph (c) below does not apply and any rate notified to the Agent under sub-paragraph (ii) of paragraph (a) above is less than zero, the relevant rate shall be deemed to be zero.

51.If this Clause 5.10 (Cost of funds) applies pursuant to Clause 5.9 (Market disruption) and:

v.a Lender's Funding Rate is less than LIBOR; or

vi.a Lender does not supply a quotation by the time specified in sub-paragraph (ii) of paragraph (a) above,

the cost to that Lender of funding its participation in the Loan or the relevant part of the Loan for that Interest Period shall be deemed, for the purposes of paragraph (a) above, to be LIBOR.

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x.Break Costs

52.The Borrower shall, within three Business Days of demand by a Creditor Party, pay to that Creditor Party its Break Costs attributable to all or any part of the Loan or Unpaid Sum being paid by the Borrower on a day other than the last day of an Interest Period for the Loan, the relevant part of the Loan or that Unpaid Sum.

53.Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period in which they accrue.

y.Notification of market disruption

The Agent shall notify the Borrower and each of the Lenders stating the circumstances falling within Clause 5.9 (Market disruption) which have caused its notice to be given.

z.Negotiation of alternative rate of interest

54.If the Agent's notice under Clause 5.12 (Notification of market disruption) is served before an Advance is to be made the Lenders' obligations to make or participate in that Advance (as the case may be) shall be suspended while the circumstances referred to in the Agent's notice continue. The Borrower, the Agent and the Lenders shall use reasonable endeavours to agree, within the 15 days after the date on which the Agent serves its notice under Clause 5.12 (Notification of market disruption) (the "Negotiation Period"), an alternative interest rate or (as the case may be) an alternative basis for the Lenders or (as the case may be) the Affected Lender to fund or continue to fund their or its Contribution during the relevant Interest Period concerned.

55.If the Agent's notice under Clause 5.12 (Notification of market disruption) is served after an Advance has been made, the Borrower, the Agent and the Lenders or (as the case may be) the Affected Lender shall use reasonable endeavours to agree, within the 15 days after the date on which the Agent serves its notice under Clause 5.12 (Notification of market disruption) (the "Negotiation Period"), an alternative interest rate or (as the case may be) an alternative basis for the Lenders or (as the case may be) the Affected Lender to fund or continue to fund their or its Contribution during the relevant Interest Period concerned.

aa.Application of agreed alternative rate of interest

Any alternative interest rate or an alternative basis which is agreed during the Negotiation Period shall take effect in accordance with the terms agreed and shall, with the prior consent of all the Lenders and the Borrower, be binding on all Parties.

ab.Alternative rate of interest in absence of agreement

If an alternative interest rate or alternative basis is not agreed within the Negotiation Period, and the relevant circumstances are continuing at the end of the Negotiation Period, then the Agent shall, with the agreement of each Lender or (as the case may be) the Affected Lender, set an interest period and interest rate representing the cost of funding of the Lenders or (as the case may be) the Affected Lender in Dollars or in any available currency of their or its Contribution plus the Margin; and the procedure provided for by this Clause 5.15 (Alternative rate of interest in absence of agreement) shall be repeated if the relevant circumstances are continuing at the end of the interest period so set by the Agent.

ac.Notice of prepayment

If the Borrower does not agree with an interest rate set by the Agent under Clause 5.15 (Alternative rate of interest in absence of agreement), the Borrower may give the Agent not

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less than 10 Business Days' notice of its intention to prepay the relevant Advance at the end of the interest period set by the Agent.

ad.Prepayment

A notice under Clause 5.16 (Notice of prepayment) shall be irrevocable; the Agent shall promptly notify the Lenders or (as the case may require) the Affected Lender of the Borrower's notice of intended prepayment; and on the last Business Day of the interest period set by the Agent, the Borrower shall prepay (without premium or penalty) the relevant Advance, together with accrued interest thereon at the applicable rate plus the Margin.

ae.Application of prepayment

The provisions of Clause 8 (Reduction, Repayment, Prepayment andCancellation) shall apply in relation to the prepayment.

af.Calculation of Margin

The "Margin" for purposes of this Agreement shall be calculated as follows:

56.from the date of this Agreement until any adjustment is made pursuant to paragraph (b) below of this Clause 5.19 (Calculation of Margin), the Margin shall be 2.35 per cent. per annum;

57.from and including 1 January 2022, the Margin shall be adjusted on the date of delivery by the Borrower of each annual compliance certificate in accordance with paragraph (e) of Clause 11.5 (Provision of financial statements) provided with the financial statements referred to in paragraph (a) of Clause 11.5 (Provision of financial statements)such that:

vii.in the event that the information provided by the Borrower in such compliance certificate confirms that the Borrower has met or exceeded its target AER Trajectory Values in respect of the weighted average of the Annual Efficiency Ratio for the preceding year in respect of the AER Reference Vessels, the Margin shall be 2.30 per cent. per annum until the earlier of (A) the date of delivery of the next such annual compliance certificate; and (B) the date falling 121 days after the end of the financial year of the Borrower then current; and

viii.in the event that the information provided by the Borrower included in such compliance certificate confirms to the satisfaction of the Agent that the Borrower has not met its target AER Trajectory Values in respect of the weighted average of the Annual Efficiency Ratio for the preceding year in respect of the AER Reference Vessels or if the Borrower has failed to provide the relevant compliance certificate in accordance with paragraph (e) of Clause 11.5 (Provision of financial statements), the Margin shall be 2.40 per cent. per annum.

ag.Margin Opt Out

1.A Lender may elect to become a fixed margin lender (a "Fixed Margin Lender") by delivering to the Agent an irrevocable notice in the form set out in Schedule 10 (Margin Opt Out Notification) within the earlier of 15 Business Days of the date of this Agreement or the date on which a Lender has become a Lender pursuant to Clause 30.2 (Transfer by a Lender).

2.In the event that the Margin is the amount specified in paragraph (b)(ii) of Clause 5.19 (Calculation of Margin), each Fixed Margin Lender will pay to the Borrower within 3 Business Days from the date of receipt of an interest payment calculated on the basis of that Margin (the "Increased Interest") the difference between:

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i.the Increased Interest; and

ii.the amount of interest the Fixed Margin Lender would have received if the Margin had been calculated pursuant to paragraph (b)(i) of Clause 5.19 (Calculation of Margin),

such payment to be made to an account of the Borrower notified by that Borrower to the relevant Fixed Margin Lender.

3.Any Lender's election to become a Fixed Margin Lender shall be irrevocable.

4.A Transferee Lender (as defined in Clause 30.2 (Transfer by a Lender)) shall not be a Fixed Margin Lender by virtue only of the corresponding Transferor Lender (as defined in Clause 30.2 (Transfer by a Lender)) having been a Fixed Margin Lender.

•Interest Periods

ah.Commencement of Interest Periods

The first Interest Period applicable to an Advance shall commence on the Drawdown Date relating to that Advance and each subsequent Interest Period shall commence on the expiry of the preceding Interest Period.

ai.Duration and consolidation of normal Interest Periods

Subject to Clauses 6.3 (Duration of Interest Periods for repayment instalments) and 6.4 (No Interest Period to extend beyond final Maturity Date), each Interest Period shall be:

5.1, 3 or 6 months as notified by the Borrower to the Agent not later than 11.00 a.m. (London time) 3 Business Days before the commencement of the Interest Period; or

6.in the case of the first Interest Period applicable to the second and any subsequent Advance under the Revolving Facility and if the Borrower notifies the Agent in the Drawdown Notice for such Advance, a period ending on the last day of the Interest Period applicable to the Advance then current, whereupon that Advance and the Advance then current shall be consolidated and treated as a single Advance and if more than one Advance has been made at the time the Borrower notifies the Agent that it wishes to consolidate the Interest Periods of the Advances, the relevant Interest Periods shall be consolidated with the Interest Period applicable to the first Advance so that the Interest Period for that Advance expires on the same date as the Interest Period for the Advance then current; or

7.3 months, if the Borrower fails to notify the Agent by the time specified in paragraph (a); or

8.such other period as the Agent may, with the authorisation of all the Lenders, agree with the Borrower.

aj.Duration of Interest Periods for repayment instalments

In respect of an amount due to be repaid under Clause 8 (Reduction, Repayment, Prepayment andCancellation) on a particular Repayment Date, an Interest Period shall end on that Repayment Date.

ak.No Interest Period to extend beyond final Maturity Date

No Interest Period shall end after the Maturity Date and any Interest Period which would otherwise extend beyond the Maturity Date shall instead end on the Maturity Date.

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al.Non-availability of matching deposits for Interest Period selected

If, after the Borrower has selected and the Lenders have agreed an Interest Period longer than 3 months, any Lender notifies the Agent by 11.00 a.m. (London time) on the second Business Day before the commencement of that Interest Period that it is not satisfied that deposits in Dollars for a period equal to that Interest Period will be available to it in the London Interbank Market when that Interest Period commences, that Interest Period shall be of 3 months unless otherwise agreed by the Agent (acting on the instructions of the Lenders) and the Borrower.

am.Non-Business Days

If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the precedent Business Day (if there is not).

•Default Interest

an.Default interest

9.If the Borrower fails to pay any amount payable by it under a Finance Document other than a Master Agreement on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is two percentage points per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent. Any interest accruing under this Clause 7.1 (Default interest) shall be immediately payable by the Borrower on demand by the Agent.

10.If an Unpaid Sum consists of all or part of the Loan which became due on a day which was not the last day of an Interest Period relating to the Loan or that part of the Loan:

iii.the first Interest Period for that Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to the Loan or that part of the Loan; and

iv.the rate of interest applying to that Unpaid Sum during that first Interest Period shall be two percentage points per annum higher than the rate which would have applied if that Unpaid Sum had not become due.

11.Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum at the end of each Interest Period applicable to that Unpaid Sum but will remain immediately due and payable.

•Reduction, Repayment, Prepayment and Cancellation

ao.Reduction of Total Revolving Commitments

The Total Revolving Commitments shall be reduced by equal consecutive semi-annual reductions, each in the amount of $26,720,000 and:

12.the first reduction shall take place six months from the date of this Agreement and the last reduction shall take place on or before the Maturity Date;

13.each reduction in the Total Revolving Commitments pursuant to this Clause 8.1 (Reduction of Total Revolving Commitments) shall cause the amount of the Total Revolving Commitments to be permanently reduced by the amount of the reduction; and

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14.the Borrower shall ensure that at all times the aggregate outstanding amount of the Advances under the Revolving Facility is not greater than the then applicable Total Revolving Commitments and, without prejudice to the generality of the foregoing, the Borrower shall if necessary immediately prepay some or all of the outstanding Advances under the Revolving Facility so that the aggregate outstanding amount of such Advances does not (taking into account the scheduled reduction of the Total Revolving Commitments) exceed the Total Revolving Commitments as reducing from time to time thereafter pursuant to this Clause 8.1 (Reduction of Total Revolving Commitments).

ap.Repayment of Advances under the Revolving Facility

Subject to the provisions of Clause 8.1 (Reduction of Total Revolving Commitments):

15.each Advance under the Revolving Facility shall be repaid in full on the last day of its Interest Period; and

16.unless the Borrower notifies the Agent to the contrary not later than 11.00 a.m. (London time) 3 Business Days prior to the Repayment Date applicable to an Advance under the Revolving Facility, then, notwithstanding paragraph (a) of Clause 8.2 (Repayment of Advances), where that Repayment Date is also a Drawdown Date in respect of another Advance under the Revolving Facility, the Agent shall, on behalf of the Borrower, apply the Advance under the Revolving Facility which would otherwise have been paid to the Borrower on that Drawdown Date in or towards the discharge of the amount payable by the Borrower on that Repayment Date pursuant to paragraph (a) of Clause 8.2 (Repayment of Advances) (but without prejudice to the obligation of the Borrower to pay any balance due after application of such amount).

aq.Repayment of Term Loan

17.The Borrower shall repay each Tranche of the Term Loan by equal consecutive semi-annual instalments, each in an amount equal to 1/36 of the amount of that Tranche borrowed under this Agreement followed by a balloon instalment in the amount of that Tranche outstanding on the Maturity Date payable on the Maturity Date (each such instalment, including the balloon instalments, a "Repayment Instalment").

18.The first Repayment Instalment in respect of each Tranche shall be payable:

v.if an Advance under such Tranche has been made on or before 30 June 2021, on 1 July 2021; and

vi.if no Advance under such Tranche has been made by 1 July 2021, on 1 January 2022.

19.If no Advance under a Tranche has been made by 1 July 2021, the Commitment in respect of such Tranche shall on and from 1 July 2021 be reduced by an amount equal to 1/36 of such Commitment.

ar.Maturity Date

On the Maturity Date, any undrawn Commitments shall be cancelled and the Borrower shall additionally pay to the Agent for the account of the Creditor Parties all other sums then accrued or owing under any Finance Document.

as.Voluntary prepayment

20.Subject to the following conditions in Clauses 8.6 (Conditions for voluntary prepayment), 8.7 (Effect of notice of prepayment) and 8.8 (Notification of notice of prepayment), the Borrower may prepay the whole or any part of:

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vii.any Tranche; or

viii.any Advance under the Revolving Facility.

21.Any voluntary prepayment pursuant to this Clause 8.5 (Voluntary prepayment) shall be applied as between the Tranches and Advances under the Revolving Facility then outstanding in the proportions notified by the Borrower to the Agent and, within the applicable Tranches, against the Repayment Instalments pro rata.

at.Conditions for voluntary prepayment

The conditions referred to in Clause 8.5 (Voluntary prepayment) are that:

22.a partial prepayment shall be $1,000,000 or a higher integral multiple of $1,000,000;

23.the Agent has received from the Borrower at least 3 Business Days' prior written notice specifying:

ix.the amount to be prepaid;

x.the date on which the prepayment is to be made;

xi.the Advances under the Revolving Facility and/or Tranches against which the prepayment is to be applied; and

xii.the proportion in which the prepayment is to be applied against those Advances under the Revolving Facility and/or Tranches; and

24.the Borrower has provided evidence satisfactory to the Agent that any consent required by the Borrower or any Security Party in connection with the prepayment has been obtained and remains in force, and that any requirement relevant to this Agreement which affects the Borrower or any Security Party has been complied with.

au.Effect of notice of prepayment

A prepayment notice may not be withdrawn or amended without the consent of the Agent, given with the authorisation of the Majority Lenders, and the amount specified in the prepayment notice shall become due and payable by the Borrower on the date for prepayment specified in the prepayment notice.

av.Notification of notice of prepayment

The Agent shall notify the Lenders promptly upon receiving a prepayment notice, and shall provide any Lender which so requests with a copy of any document delivered by the Borrower under paragraphs (b) and (c) of Clause 8.6 (Conditions for voluntary prepayment).

aw.Mandatory prepayment and cancellation on sale, Total Loss or termination of Shipbuilding Contract

25.The relevant proportion of the Total Revolving Commitments shall be cancelled (and the Borrower shall be obliged to prepay any part of the Advances under the Revolving Facility which exceeds the reduced Total Revolving Commitments):

xiii.if an Existing Ship is sold, on or before the date on which the sale is completed by delivery of that Existing Ship to the buyer; or

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xiv.if an Existing Ship becomes a Total Loss, on the earlier of the date falling 90 days after the Total Loss Date and the date of receipt by the Security Trustee of the proceeds of insurance relating to such Total Loss.

26.In this Clause 8.9 (Mandatory prepayment and cancellation on sale, Total Loss or termination of Shipbuilding Contract), "relevant proportion" means a fraction of which the numerator is the Fair Market Value of the Ship (determined as at the date of the most recent appraisal and not more than 6 months prior to the date of the sale or Total Loss) which is to be sold or the subject of Total Loss and the denominator is the aggregate of the most recently determined Fair Market Values of the Ships (determined on the same basis) mortgaged pursuant to this Agreement immediately prior to the sale or Total Loss.

27.Any cancellation and/or prepayment pursuant to paragraph (a) of Clause 8.9 (Mandatory prepayment and cancellation on sale, Total Loss or termination of Shipbuilding Contract) shall be applied pro rata to any Advances then outstanding under the Revolving Facility and pro rata against the future reductions of the Total Revolving Commitments pursuant to Clause 8.1 (Reduction of Total Revolving Commitments) and the cancellation pursuant to Clause 8.4 (Maturity Date).

28.If any Advance under the Revolving Facility is cancelled and/or prepaid pursuant to paragraph (a) of Clause 8.9 (Mandatory prepayment and cancellation on sale, Total Loss or termination of Shipbuilding Contract), then that amount may not be reborrowed and the Total Revolving Commitments will be permanently reduced by the amount of the cancellation and/or prepayment applicable to that Advance and future reductions pursuant to Clause 8.1 (Reduction of Total Revolving Commitments) and the cancellation pursuant to Clause 8.4 (Maturity Date) shall be reduced on a pro rata basis.

29.If any Newbuild Ship is sold or becomes a Total Loss, the Tranche relating to such Newbuild Ship shall be cancelled and, if the Borrower has already borrowed an Advance under such Tranche, the Borrower shall be obliged to prepay such Advance in full (i) if the Newbuild Ship is sold, on or before the date on which the sale is completed by delivery of that Newbuild Ship to the buyer, or (ii) if the Newbuild Ship becomes a Total Loss, on the earlier of the date falling 90 days after the Total Loss Date and the date of receipt by the Security Trustee of the proceeds of insurance relating to such Total Loss.

30.If any of the following occurs in respect of a Newbuild Ship, the Agent may by written notice to the Borrower cancel the Tranche relating to such Newbuild Ship:

1.the Shipbuilding Contract is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in force for any reason; or

2.the Shipbuilding Contract is amended, varied or assigned without the prior written consent of the Agent (acting on the instructions of the Majority Lenders) except for any such amendment, variation or assignment as is permitted by this Agreement or any other relevant Finance Document; or

3.the Newbuild Ship has not for any reason been delivered to, and accepted by, the Borrower under the Shipbuilding Contract by the Cut-Off Date.

31.This Clause 8.9 (Mandatory prepayment and cancellation on sale or Total Loss or termination of Shipbuilding Contract) is without prejudice to the provisions of Clause 15.1 (Minimum required security cover).

ax.Mandatory prepayment and cancellation on Change of Control

If there is a Change of Control, the Borrower shall be obliged to prepay the Loan in full and the Commitments shall terminate not later than 60 days following the occurrence of the Change of Control.

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ay.Mandatory prepayment and cancellation on breach of financial covenants

If the Borrower is not in compliance with the financial covenants in Clause 12.5 (Financial Covenants) at any time during the Security Period, the Commitments shall be immediately cancelled and the Borrower shall be obliged to repay the Loan in full not later than 5 days following a request in writing from the Agent (acting on the instructions of the Majority Lenders) to the Borrower to repay the Loan.

az.Amounts payable on prepayment

A prepayment shall be made together with accrued interest (and any other amount payable under Clause 21 (Indemnities) or otherwise) in respect of the amount prepaid and, if the prepayment is not made on the last day of an applicable Interest Period, together with any sums payable under paragraph (b) of Clause 21.1 (Indemnities) but without premium or penalty.

ba.Reborrowing

32.Subject to the terms of this Agreement, any amount repaid in respect of the Revolving Facility may be reborrowed.

33.The Borrower may not reborrow any part of the Term Loan which is repaid.

bb.Voluntary cancellation of Commitments

Subject to the following conditions, the Borrower may cancel the whole or any part of the Total Available Commitments.

bc.Conditions for cancellation of Commitments

The conditions referred to in Clause 8.14 (Voluntary cancellation of Commitments) are that:

34.a partial cancellation shall be $1,000,000 or a higher integral multiple of $1,000,000; and

35.the Agent has received from the Borrower at least 3 Business Days' prior written notice specifying the amount of the Total Commitments to be cancelled and the date on which the cancellation is to take effect.

bd.Effect of notice of cancellation

The service of a cancellation notice given under Clause 8.15 (Conditions for cancellation of Commitments) shall cause the amount of the Total Commitments specified in the notice to be permanently cancelled and any partial cancellation shall be applied:

36.against the Commitment of each Lender pro rata;

37.as between the Revolving Commitment and the Term Commitment in the proportions notified by the Borrower to the Agent;

38.as regards the Revolving Commitment on a pro rata basis against (i) the future reductions pursuant to Clause 8.1 (Reduction of Total Revolving Commitments) and (ii)the cancellation of the Revolving Facility pursuant to Clause 8.4 (Maturity Date); and

39.as regards the Term Commitment, pro rata against the Term Commitment in respect of each Tranche.

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be.Unwinding of Designated Transactions

On or prior to any full or partial repayment or prepayment of the Loan under this Clause 8 (Reduction, Repayment, Prepayment andCancellation) or any other provision of this Agreement, the Borrower shall wholly or partially reverse, offset, unwind or otherwise terminate one or more of the continuing Designated Transactions so that the notional principal amount of the continuing Designated Transactions thereafter remaining does not and will not in the future (taking into account the scheduled amortisation) exceed the amount of the Loan as reducing from time to time thereafter pursuant to this Clause 8.1 (Reduction of Total Revolving Commitments) and 8.3 (Repayment of Term Loan).

bf.Right of replacement or repayment and cancellation in relation to a single Lender

40.So long as no Potential Event of Default or Event of Default has occurred and is continuing, if:

xv.any sum payable to any Lender by the Borrower is required to be increased under paragraph (c) of Clause 22.2 (Grossing-up for taxes) or under that clause as incorporated by reference or in full in any other Finance Document; or

xvi.any Lender claims indemnification from the Borrower under Clause 22.10 (Tax indemnity) or Clause 28 (Increased Costs);

the Borrower may whilst the circumstance giving rise to the requirement for that increase or indemnification continues give the Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender's participation in the Loan.

41.On receipt of a notice of cancellation referred to in paragraph (a) above, any Commitment of that Lender shall immediately be reduced to zero.

42.On the last day of each Interest Period which ends after the Borrower has given notice of cancellation under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall repay that Lender's participation in the Loan.

•Conditions Precedent

bg.Documents, fees and no default

Each Lender's obligation to contribute to an Advance is subject to the following conditions precedent:

43.that, on or before the date of this Agreement, the Agent receives the documents and fees described in Part A of Schedule 4 (Condition Precedent Documents) in form and substance satisfactory to the Agent and its lawyers;

44.that, on or before each Drawdown Date that relates to a Newbuild Ship and the initial Drawdown Date in respect of the Revolving Facility:

xvii.in the case of the initial Drawdown Date in respect of the Revolving Facility, the Agent receives the documents described in Part B of Schedule 4 (Condition Precedent Documents) in form and substance satisfactory to the Agent and its lawyers; and

xviii.in the case of an Advance in relation to the Term Loan, the Agent receives the documents described in Part C of Schedule 4 (Condition Precedent Documents) in form and substance satisfactory to the Agent and its lawyers; and

xix.during the period from 31 December 2019 to the date of the initial Drawdown Notice and the relevant Drawdown Date, nothing shall have occurred (and neither the Agent

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nor any of the Lenders shall have become aware of any condition or circumstance not previously known to it or them) which the Agent or the Lenders shall determine has had, or could reasonably be expected to have, a material adverse effect (A) on the rights or remedies of the Lenders, (B) on the performance of the Borrower or the Group of their respective obligations to the Lenders, (C) with respect to the Loan or (D) on the property, assets, nature of assets, operations, liabilities or condition (financial or otherwise) of the Borrower or the Group;

45.that both at the date of each Drawdown Notice and at each Drawdown Date:

xx.no Event of Default or Potential Event of Default has occurred and is continuing or would result from the borrowing of the relevant Advance;

xxi.the representations and warranties in Clause 10 (Representations and Warranties) and those of the Borrower or any Security Party which are set out in the other Finance Documents would be true and not misleading if repeated on each of those dates with reference to the circumstances then existing; and

xxii.none of the circumstances contemplated by Clause 5.9 (Market disruption) has occurred and is continuing; and

xxiii.since the filing of the latest audited financial statements, nothing shall have occurred (and neither the Agent nor any of the Lenders shall have become aware of any condition or circumstance not previously known to it or them) which the Lenders shall determine has had, or could reasonably be expected to have, a material adverse effect (v) on the rights or remedies of the Lenders, (w) on the performance of the Borrower or the Borrower and its subsidiaries of their obligations to the Lenders, (x) with respect to this Agreement or (y) on the property, assets, nature of assets, operations, liabilities or condition (financial or otherwise) of the Borrower or the Borrower and its subsidiaries.

46.that, if the ratio set out in Clause 15.1 (Minimum required security cover) were applied on the basis of the most recently provided valuations and immediately following the making of the relevant Advance, the Borrower would not be obliged to provide additional security or prepay part of the Loan under that Clause; and

47.that the Agent has received, and found to be acceptable to it, any further opinions, consents, agreements and documents in connection with the Finance Documents which the Agent may, with the authorisation of the Majority Lenders, reasonably request by notice to the Borrower prior to the relevant Drawdown Date.

bh.Waiver of conditions precedent

If the Majority Lenders, at their discretion, permit an Advance to be borrowed before certain of the conditions referred to in Clause 9.1 (Documents, fees and no default) are satisfied, the Borrower shall ensure that those conditions are satisfied within 5 Business Days after the relevant Drawdown Date (or such other period as the Agent may, with the authorisation of the Majority Lenders, specify).

•Representations and Warranties

bi.General

The Borrower represents and warrants to each Creditor Party as follows.

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bj.Status

The Borrower is duly incorporated, validly existing and in good standing under the laws of, and has the centre of its main interests in, Belgium.

bk.Corporate power

The Borrower has the corporate capacity, and has taken all corporate action and obtained all consents necessary for it:

48.to execute the Finance Documents and the Master Agreements to which the Borrower is a party;

49.to borrow under this Agreement, to enter into Designated Transactions under the Master Agreements to which the Borrower is a party and to make all the payments contemplated by, and to comply with, those Finance Documents and those Master Agreements; and

50.to execute the Shipbuilding Contracts, to purchase and pay for each Newbuild Ship under such Shipbuilding Contracts, and to register each Newbuild Ship in its name under an Approved Flag.

bl.Consents in force

All the consents referred to in Clause 10.3 (Corporate power) remain in force and nothing has occurred which makes any of them liable to revocation.

bm.Legal validity; effective Security Interests

The Finance Documents and the Master Agreements to which the Borrower is a party, do now or, as the case may be, will, upon execution and delivery (and, where applicable, registration as provided for in the Finance Documents):

51.constitute the Borrower's legal, valid and binding obligations enforceable against the Borrower in accordance with their respective terms; and

52.create legal, valid and binding Security Interests enforceable in accordance with their respective terms over all the assets to which they, by their terms, relate;

subject to any relevant mandatory insolvency laws affecting creditors' rights generally and to general equity principles.

bn.No third party Security Interests

Without limiting the generality of Clause 10.5 (Legal validity; effective Security Interests), at the time of the execution and delivery of each Finance Document and each Master Agreement:

53.the Borrower that is a party to that Finance Document or Master Agreement will have the right to create all the Security Interests which that Finance Document or Master Agreement purports to create; and

54.no third party will have any Security Interest (except for Permitted Security Interests) or any other interest, right or claim over, in or in relation to any asset to which any such Security Interest, by its terms, relates.

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bo.No conflicts

The execution by the Borrower of each Finance Document and each Master Agreement to which it is a party, and the borrowing by the Borrower of the Loan, and the Borrower's compliance with each Finance Document and each Master Agreement to which it is a party will not involve or lead to a contravention of:

55.any law or regulation applicable to it; or

56.the constitutional documents of the Borrower; or

57.any contractual or other obligation or restriction which is binding on the Borrower or any of its subsidiaries or any of their respective assets.

bp.No default

No Event of Default or Potential Event of Default has occurred and is continuing.

bq.Information

All information which has been provided in writing by or on behalf of the Borrower or any Security Party to the Arrangers or any other Creditor Party in connection with any Finance Document satisfied the requirements of Clause 11.4 (Information provided to be accurate); all audited and unaudited accounts which have been so provided satisfied the requirements of Clause 11.6 (Form of financial statements); and there has been no material adverse change in the property, assets, nature of assets, operations, liabilities or condition (financial or otherwise) of the Borrower and its subsidiaries since 31 December 2019.

br.No litigation

No litigation, arbitration or administrative proceedings (including, but not limited to, investigative proceedings) involving the Borrower has been threatened, commenced or taken or, to the Borrower's knowledge, is likely to be commenced or taken which, in any case, would be likely to have a material adverse effect on the property, assets, nature of assets, operations, liabilities or condition (financial or otherwise) of the Borrower and its subsidiaries or on the ability of the Borrower to perform its obligations under the Finance Documents.

bs.Compliance with certain undertakings

At the date of this Agreement, the Borrower is in compliance with Clauses 11.2 (Title; negative pledge) and 11.12 (Principal place of business).

bt.Taxes paid

The Borrower has paid all taxes applicable to, or imposed on or in relation to, the Borrower and its business.

bu.No money laundering

Without prejudice to the generality of Clause 2.3 (Purpose of Advances), in relation to the utilisation by the Borrower of the Advances granted or to be granted to it under this Agreement, the performance and discharge of its obligations and liabilities under the Finance Documents to which it is a party, and the transactions and other arrangements effected or contemplated by the Finance Documents to which it is a party, the Borrower confirms that it is acting for its own account and that the foregoing will not involve or lead to contravention of any law, official requirement or other regulatory measure or procedure implemented to combat "money laundering" (as defined in Article 1 of the Directive 2015/849/EC of the European Parliament and of the Council of the European Union of 20 May 2015).

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bv.Anti-Corruption Laws

58.The Borrower or its subsidiaries or, to the best of the Borrower's knowledge, any director, officer or employee, has conducted its business in compliance with all applicable Anti-Corruption Laws and has not engaged in any activity or conduct which would violate any applicable anti-bribery, anti-corruption or anti-money laundering laws and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

59.To the best of the Borrower's knowledge, no actions or investigations by any governmental or regulatory agency are ongoing or threatened against the Group or any of its directors, officers or employees in relation to an alleged breach of the Anti-Bribery and Corruption Laws.

60.The Borrower will not directly or indirectly use, lend or contribute the proceeds raised under the Agreement for any purpose that would breach the Anti-Bribery and Corruption Laws

bw.Sanctions

61.The Borrower has instituted and maintains policies and procedures designed to prevent sanctions violations (by the Borrower and their Subsidiaries and by persons associated with the Borrower and their Subsidiaries).

62.Each Sanctions Relevant Person has been and is in compliance with all Sanctions Laws and no Sanctions Relevant Person:

xxiv.is a Restricted Party, or is involved in any transaction through which it is likely to become a Restricted Party; or

xxv.has received formal notice in writing of any inquiry, claim, action, suit, proceeding or investigation against it with respect to Sanctions Laws.

bx.ISM Code and ISPS Code compliance

All requirements of the ISM Code and the ISPS Code as they relate to the Borrower, the Approved Manager and the Ships have been, or will be, complied with at the time of the Drawdown Date relating to each Ship.

by.Pari passu obligations

The payment obligations of the Borrower under this Agreement, the Master Agreements and the other Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to the companies generally.

bz.Environmental matters

Except as many have been disclosed by the Borrower in writing to, and acknowledged in writing by, the Agent:

63.the Borrower has complied with the provisions of all Environmental Laws;

64.the Borrower has obtained all Environmental Approvals and is in compliance with all Environmental Approvals;

65.the Borrower has not received notice of any Environmental Claim that alleges that it is not in compliance with any Environmental Law of any Environmental Approval;

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66.there is no Environmental Claim pending or, to the best of the Borrower's knowledge and belief (having made due enquiry), threatened against the Borrower or any Ship; and

67.no Environmental Incident which could or might give rise to any Environmental Claim has occurred.

ca.Deduction of Tax

The Borrower is not required to make any Tax Deduction from any payment it may make under any Finance Document.

cb.Validity and completeness of Shipbuilding Contracts

Each Shipbuilding Contract constitutes valid, binding and enforceable obligations of the Builder and the Borrower respectively in accordance with its terms, and:

68.the copy of each Shipbuilding Contract delivered to the Lenders before the date of this Agreement is a true and complete copy; and

69.no further amendments or additions to any Shipbuilding Contract have been agreed nor has the Borrower or the Builder waived any of their respective rights under any Shipbuilding Contract.

cc.No rebates etc.

There is no agreement or understanding to allow or pay any rebate, premium, inducement, commission, discount or other benefit or payment (however described) to the Borrower or any other member of the Group, the Builder or a third party in connection with the purchase by the Borrower of a Newbuild Ship, other than as disclosed to the Agent in writing on or before the date of this Agreement.

cd.Anti-Money Laundering Laws

The operations of the Borrower are and have been conducted at all times in compliance with all applicable anti-money laundering statutes of all jurisdictions in which the Borrower conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency including regulations governing predicate offences for money laundering (collectively, "Anti-Money Laundering Laws") and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Borrower or its management board with respect to Money Laundering Laws is pending and no such actions, suits or proceedings are threatened or contemplated. The Borrower has instituted and maintained, and will continue to maintain and enforce, policies and procedures which are designed to promote compliance with Anti-Money Laundering Laws.

•General Undertakings

ce.General

The Borrower undertakes with each Creditor Party to comply with the following provisions of this Clause 11 (General Undertakings) at all times during the Security Period except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit.

cf.Title; negative pledge

The Borrower shall hold the legal title to, and own the entire beneficial interest in any Ship owned by the Borrower, its Earnings and Insurances, free from all Security Interests and other interests and rights of every kind, except for those created by the Finance Documents

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and the effect of assignments contained in the Finance Documents and except for Permitted Security Interests.

cg.Disposal of assets

The Borrower will not transfer, lease or otherwise dispose of all or a substantial part of its assets, whether by one transaction or a number of transactions, whether related or not except in the usual course of its business and for fair market value.

ch.Information provided to be accurate

All financial and other information which is provided in writing by or on behalf of the Borrower under or in connection with any Finance Document will be true, accurate and not misleading and will not omit any material fact or consideration.

ci.Provision of financial statements

The Borrower will send to the Agent:

70.as soon as possible, but in no event later than 120 days after the end of each financial year of the Borrower from and including the financial year ending 31 December 2019, the audited consolidated accounts of the Group and audited individual accounts of the Borrower;

71.as soon as possible, but in no event later than 75 days after the end of each financial half-year of the Borrower (which half-year end shall, for the avoidance of doubt, occur annually), the unaudited consolidated balance sheet of the Group certified as to its correctness by the chief financial officer of the Borrower and the audited individual balance sheet of the Borrower certified as to its correctness by an officer or director of the Borrower;

72.as soon as possible, but in no event later than 60 days after the end of each financial quarter of the Borrower and provided that these documents have not been published on the Borrower's website or sent to the Lenders in the form of a press release, unaudited consolidated income statements of the Group certified as to their correctness by the chief financial officer of the Borrower and unaudited individual income statements of the Borrower certified as to their correctness by an officer or director of the Borrower;

73.as soon as possible, but not later than 120 days after the end of each financial year of the Borrower, a financial projection for the Borrower and the Group for the next 3 years in a format which is acceptable to the Agent; and

74.together with the annual audited consolidated accounts and with each balance sheet of the Group referred to in paragraphs (a) and (b), a compliance certificate (together with supporting schedules, if any) signed by the chief financial officer of the Borrower in the form attached as Schedule 8 (Form of Certificate of Compliance) (or in any other format which the Agent may approve and with such other information as the Agent may require) evidencing compliance with the financial undertakings in Clause 12.5 (Financial Covenants), setting out the weighted average of the Annual Efficiency Ratio for the preceding year in respect of the AER Reference Vessels, and also listing the Fair Market Value of each of the Ships.

cj.Form of financial statements

The audited accounts delivered under Clause 11.5 (Provision of financial statements) will:

75.be prepared in accordance with all applicable laws and IFRS consistently applied;

76.give a true and fair view of the state of affairs of the Group (or the Borrower, as the case may be) at the date of those accounts and of profit for the period to which those accounts relate; and

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77.fully disclose or provide for all significant liabilities of the Group (or the Borrower, as the case may be).

ck.Provision of further information

78.The Borrower will, as soon as practicable after receiving a request from the Agent provide the Agent with such additional financial information in relation to the Group which may be reasonably requested by the Agent or any Lender through the Agent.

79.The Borrower shall supply to the Agent, promptly upon becoming aware of them, the details of any claim, action, suit, proceeding or investigation with respect to Sanctions Laws against it, any of its direct or indirect owners, subsidiaries or any of their respective directors, officers, employees, agents or representatives.

cl.Creditor notices

The Borrower will send the Agent, at the same time as they are despatched, copies of all material communications which are despatched to all of the Borrower's shareholders or creditors or to the whole of any class of them.

cm.Consents

The Borrower will maintain in force and promptly obtain or renew, and will promptly send certified copies to the Agent of, all consents required:

80.for the Borrower to perform its obligations under any Finance Document and any Master Agreement to which it is a party;

81.for the validity or enforceability of any Finance Document and any Master Agreement to which it is a party;

and the Borrower will comply with the terms of all such consents.

cn.Maintenance of Security Interests

The Borrower will:

82.at its own cost, do all that it reasonably can to ensure that any Finance Document to which it is a party validly creates the obligations and the Security Interests which it purports to create; and

83.without limiting the generality of paragraph (a), at its own cost, promptly register, file, record or enrol any Finance Document to which it is a party with any court or authority in all Pertinent Jurisdictions, pay any stamp, registration or similar tax in all Pertinent Jurisdictions in respect of any Finance Document to which it is a party, give any notice or take any other step which, in the reasonable opinion of the Majority Lenders, is or has become necessary for any Finance Document to which it is a party to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which it creates.

co.Notification of litigation

The Borrower will provide the Agent with details of any legal or administrative action involving the Borrower, any Security Party or any Ship as soon as such action is instituted or it becomes apparent to the Borrower that it is likely to be instituted, unless it is clear that the legal or administrative action cannot be considered material in the context of any Finance Document.

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cp.Principal place of business

The Borrower will notify the Agent if it has a place of business in any jurisdiction which would require a Finance Document to which it is a party to be registered, filed or recorded with any court or authority in that jurisdiction or if the centre of its main interests changes.

cq.Notification of default

The Borrower will notify the Agent as soon as the Borrower becomes aware of:

84.the occurrence of an Event of Default or Potential Event of Default; or

85.any matter which indicates that an Event of Default or Potential Event of Default may have occurred,

and will keep the Agent fully uptodate with all developments.

cr.Access to books and records

The Borrower shall permit one or more representatives of the Agent, at the request of the Agent, to have reasonable access to its books and records and to inspect the same during normal business hours at its offices upon reasonable prior written notice.

cs.Press releases

The Borrower will send to the Agent, at the same time as they are dispatched, copies of all press releases which are issued by the Borrower.

ct.Pari passu ranking

The Borrower's payment obligations under this Agreement and any other Finance Document to which it is a party shall rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.

cu.Conduct of business; compliance with laws

86.The Borrower shall conduct its business in a proper and efficient manner in compliance with:

xxvi.its constitutional documents;

xxvii.all Sanctions Laws;

xxviii.all Anti-Corruption Laws;

xxix.all Environmental Laws; and

xxx.all other laws and regulations applicable to its business,

and shall notify the Agent immediately upon becoming aware of any breach of any such document, law or regulation.

87.The Borrower shall, and shall ensure that all their directors, officers, or employees shall not directly or indirectly use the proceeds from this arrangement for any purpose that would constitute a breach of Anti-Money Laundering Laws (as such term is defined in Clause 10.22 (Anti-Money Laundering Laws)).

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cv.Know your customer requirements

Promptly upon the Agent's request the Borrower will supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent in order for each Creditor Party to carry out and be satisfied with the results of all necessary "know your customer" or other checks which it is required to carry out in relation to the transactions contemplated by the Finance Documents and to the identity of any parties to the Finance Documents (other than Creditor Parties) and their directors and officers.

cw.Compliance with Sanctions Laws

The Borrower shall:

88.ensure that neither it nor any subsidiary of the Borrower is or will become a Restricted Party.

89.use reasonable endeavours to procure that no director, officer, employee, agent or representative of the Borrower or any subsidiary of the Borrower is or will become a Restricted Party;

90.procure that no proceeds of any Advance shall be made available, directly or indirectly, to or for the benefit of a Restricted Party nor shall they otherwise be applied in a manner or for a purpose prohibited by Sanctions Laws;

91.procure that no revenue or benefit derived from any activity or dealing with a Restricted Party shall be used in discharging any obligation due or owing to the Creditor Parties to the extent such use would lead to non-compliance by it or any other Party with any applicable Sanctions Laws; and

92.not, and shall procure that no other Security Party shall, have any business operations or other dealings in any country or territory which is the subject of Sanctions Laws.

cx.Documents to be provided following execution of a Master Agreement

93.Following the execution of each Master Agreement, the Borrower shall procure that promptly following the execution of such Master Agreement the Agent has received the following documents in form and substance satisfactory to the Agent and its lawyers:

xxxi.a Master Agreement Assignment in relation to the relevant Master Agreement;

xxxii.if required by the Agent and in the case of each Mortgage an amendment or addenda to that Mortgage specifying such consequential amendments to that Mortgage as may be required as a consequence of the entry by the Borrower and the relevant Swap Bank into the Master Agreement;

xxxiii.if required by the Agent and in the case of a Finance Document an amendment or addenda to that Finance Document specifying such consequential amendments to that Finance Document as may be required as a consequence of the entry by the Borrower and the relevant Swap Bank into the Master Agreement;

xxxiv.in each case if required for the provisions of the legal opinions referred to in paragraph (vii), copies of the resolutions of the directors and shareholders of the Borrower authorising the execution of the Master Agreement Assignments, the Mortgage amendments and addenda referred to in paragraphs (ii) to (iii);

xxxv.the original of any power of attorney under which any of the Master Agreement Assignments, the Mortgage amendments and addenda referred to in paragraph (ii) and the Finance Document amendments and addenda referred to in paragraph (iii) are to be executed on behalf of the Borrower;

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xxxvi.documentary evidence that the Mortgage amendments and addenda referred to in paragraph (ii) have been duly registered against that Ship as valid amendment or addenda to the Mortgage in accordance with the laws of the relevant Approved Flag;

xxxvii.if required by the Agent, favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of England, Belgium, the country where the Ship is registered and such other relevant jurisdictions as the Agent may require; and

xxxviii.if the Agent so requires, in respect of any of the documents referred to above, a certified English translation prepared by a translator approved by the Agent.

94.For the avoidance of doubt and notwithstanding anything to the contrary in any Master Agreement, each Swap Bank consents to the assignment by the Borrower of its interests in any Master Agreement to which the Borrower is a party pursuant to a Master Agreement Assignment.

cy.No Amendment to Shipbuilding Contract

The Borrower will not agree to any amendment or supplement to, or waive or fail to enforce, any Shipbuilding Contract or any of its provisions.

•Corporate Undertakings

cz.General

The Borrower also undertakes with each Creditor Party to comply with the following provisions of this Clause 12 (Corporate Undertakings) at all times during the Security Period except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit.

da.Maintenance of status

The Borrower will maintain its separate corporate existence under the laws of, and the centre of its main interests in, Belgium and the Borrower shall maintain its listing on the First Market of Euronext Brussels or the New York Stock Exchange or such other reputable international stock exchange approved by the Agent (acting on the instructions of the Majority Lenders) in writing, such approval not to be unreasonably withheld or delayed.

db.No change of business

The Borrower will not operate outside the scope of its articles of association as at the date of this Agreement.

dc.No merger etc.

The Borrower will not, and the Borrower will procure that none of its subsidiaries will, enter into any form of merger, sub-division, amalgamation or other reorganisation which may, in the reasonable opinion of the Majority Lenders, have a material adverse effect (A) on the rights or remedies of the Lenders, (B) on the performance of the Borrower or the Group of their respective obligations to the Lenders, (C) with respect to the Loan or (D) on the property, assets, nature of assets, operations, liabilities or condition (financial or otherwise) of the Borrower or the Group.

dd.Financial Covenants

The Borrower will ensure that the consolidated financial position of the Group shall at all times during the Security Period be such that:

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95.Consolidated Working Capital shall not be less than $0;

96.Free Liquid Assets are not less than the higher of:

xxxix.$50,000,000; and

xl.5 per cent. of Total Indebtedness;

97.the amount of Cash shall equal or exceed US$30,000,000; and

98.the ratio of Stockholders' Equity to Total Assets is not less than 30 per cent.

In this Clause 12.5 (Financial Covenants):

213."Cash" means, at any date of determination under this Agreement, the aggregate value of the Group's credit balances on any deposit, savings or current account and cash in hand with recognised and reputable banks or financial institutions but excluding any such credit balances and cash subject to a Security Interest at any time;

214."ConsolidatedCurrentAssets" means, at any date of determination under this Agreement, the amount of the current assets of the Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet and including any amounts available under committed credit lines having remaining maturities of more than 12 months;

215."ConsolidatedCurrentLiabilities" means, at any date of determination under this Agreement, the amount of the current liabilities of the Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet;

216."ConsolidatedWorkingCapital" means Consolidated Current Assets less Consolidated Current Liabilities;

217."FreeLiquidAssets" means, at any date of determination under this Agreement, the aggregate amount of cash and cash equivalents of the Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet but excluding any of those assets subject to a Security Interest (other than a Security Interest in favour of the Security Trustee pursuant to this Agreement) at any time and, for the avoidance of doubt, "cash and cash equivalents" include any amounts available under committed credit lines having remaining maturities of more than 6 months;

218."LatestBalanceSheet" means, at any date, the consolidated balance sheet of the Group most recently delivered to the Agent pursuant to Clause 11.5 (Provision of financial statements) and/or most recently made publicly available;

219."Stockholders'Equity" means, at any date of determination under this Agreement, the amount of the capital and reserves of the Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet;

220."TotalAssets" means, at any date of determination under this Agreement, the amount of the total assets of the Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet; and

221."TotalIndebtedness" means, at any date of determination under this Agreement, the amount of long-term loans (including finance leases, banks loans and other long-term loans) and short-term loans of the Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet.

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a.Change in IFRS

If, at any time after the date of this Agreement, any mandatory change is made to IFRS or any applicable law relating to the financial reporting (including but not limited to accounting bases, policies, practices and procedures or reference periods) of the Group generally or any member of the Group individually and the effect of complying with that change would result in the value for "Cash", "Consolidated Current Assets", "Consolidated Current Liabilities", "Consolidated Working Capital", "Free Liquid Assets", "Stockholders' Equity", "Total Assets" and/or "Total Indebtedness" being materially different from its value if calculated in accordance with IFRS and all applicable laws in effect at the date of this Agreement and of which the Lenders would reasonably expect to have been informed, the Borrower shall immediately notify the Agent of that change and procure that, as soon as reasonably practicable thereafter, the Borrower's auditors deliver to the Agent:

99.a description of the change and what adjustments would need to be made to the financial statements of the Group following that change in order to reverse the effects of that change so that the values of "Cash", "Consolidated Current Assets", "Consolidated Current Liabilities", "Consolidated Working Capital", "Free Liquid Assets", "Stockholders' Equity", "Total Assets" and/or "Total Indebtedness" will be the same as if calculated in accordance with IFRS and all applicable laws in effect at the date of this Agreement; and

100.such information, in form and substance acceptable to the Agent, as may be required:

xli.to enable the Lenders to determine whether there is a breach of any of the financial covenants in respect of the Group set out in Clause 12.5 (Financial Covenants) (based on IFRS and all applicable laws in effect at the date of this Agreement); and

xlii.to assist the Lenders in making an accurate comparison between the financial position of the Group indicated in the financial statements prepared following the change and those prepared prior to it.

In the event that the Lenders are satisfied that, based on the information provided by the Borrower's auditors, the financial covenants in Clause 12.5 (Financial Covenants) have been complied with, the Lenders and the Borrower shall enter into discussions with a view to agreeing amendments to this Agreement so as to mitigate the effect of the change.

b.Change of accounting period

The Borrower shall not change its fiscal year end date being 31 December.

c.Restrictions on dividends

The Borrower may only pay a dividend or make a distribution and/or buy-back its own common stock subject to the following conditions:

101.no Event of Default or Potential Event of Default has occurred and is continuing or would result upon payment of the proposed dividend, distribution or buy-back; and

102.the payment of such dividend or distribution would not cause any breach of any of the financial covenants set out in Clause 12.5 (Financial Covenants).

d.Payment of taxes

The Borrower shall pay when due all taxes applicable to, or imposed on or in relation to the Borrower, its business or any Ship owned by it.

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e.Negative undertakings

The Borrower will not:

103.change its legal name, type of organisation or jurisdiction of incorporation; or

104.provide any form of credit or financial assistance to any person or enter into any transaction with or involving any person on terms which are, in any respect, less favourable to the Borrower than those which it could obtain in a bargain made at arms' length.

f.Notification of Sanctions

The Borrower shall:

105.supply to the Agent, promptly upon becoming aware of them, the details of any inquiry, claim, action, suit, proceeding or investigation pursuant to Sanction Laws against (a) the Borrower, (b) any other Sanctions Relevant Person or (c) any owners of any Sanctions Relevant Person (other than any owner of the Borrower), as well as information on what steps are being taken with regards to answering or opposing the same;

106.inform the Agent promptly upon becoming aware that any of (a) the Borrower, (b) any other Sanctions Relevant Person or (c) any owners of any Sanctions Relevant Person (other than any owner of the Borrower), has become or is likely to become a Restricted Party.

g.Incurrence of Financial Indebtedness

The Borrower shall not, without the prior consent of the Majority Lenders, incur any Financial Indebtedness or grant any guarantee in respect of Financial Indebtedness:

107.if as a result of incurring that Financial Indebtedness or incurring the contingent liability under that guarantee (as assessed in accordance with IFRS), an Event of Default would occur, or one or more of the financial covenants in respect of the Borrower set out in Clause 12.5 (Financial Covenants) would be breached, on the date of such incurrence; or

108.in the case of any Financial Indebtedness incurred with a subsidiary of the Borrower, unless such Financial Indebtedness is subordinated to all Financial Indebtedness incurred under the Finance Documents on terms acceptable to the Agent (acting on the instructions of the Majority Lenders).

•Insurance

h.General

The Borrower also undertakes with each Creditor Party to comply with the following provisions of Clause 13 (Insurance) at all times during the Security Period (in the case of each Ship after the Drawdown Date applicable to it) except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit.

i.Maintenance of obligatory insurances

The Borrower shall keep each Ship owned by it insured at the expense of the Borrower against:

109.fire and usual marine risks and war risks (including hull and machinery, hull and freight interest, piracy, terrorism, missing vessel cover, blocking and trapping and confiscation); and

110.protection and indemnity risks (including pollution risks), on "full entry terms".

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j.Terms of obligatory insurances

111.The Borrower shall, effect such insurances in respect of each Ship owned by it:

xliii.in Dollars;

xliv.in the case of fire and usual marine risks and war risks (including coverage for war protection and indemnity with a separate limit for the same amounts insured under war hull), in an amount on an agreed value basis at least the greater of (i) when aggregated with such insurances on the other Ships which are subject to a Mortgage, 125 per cent. of the Loan and (ii) the Fair Market Value of that Ship;

xlv.in the case of hull and machinery insured values of each Ship in an amount not less than 70 per cent. of the total insured value of that Ship;

xlvi.in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry with a protection and indemnity association belonging to the International Group of Protection and Indemnity Associations;

xlvii.in relation to protection and indemnity risks in respect of the Ship's full tonnage on full entry terms;

xlviii.on approved terms; and

xlix.subject to paragraph (b) below, through (A) approved brokers and with approved insurance companies and/or underwriters in each case having a minimum rating of A- or better with either Standard and Poor's or its equivalent with AM Best, or (B) in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

112.The Borrower shall, within 30 days of becoming aware that any entity referred to in sub-paragraph (vii) is no longer in compliance with the minimum rating set out therein shall procure that the obligatory insurances are placed with an alternate entity in compliance with the requirements of this Clause 13 (Insurance).

k.Further protections for the Creditor Parties

In addition to the terms set out in Clause 13.3 (Terms of obligatory insurances), the Borrower shall procure that the obligatory insurances shall:

113.in relation to the obligatory insurances for fire and usual marine risks and war risks, whenever the Security Trustee requires, name (or be amended to name) the Security Trustee as additional named assured for its rights and interests, warranted no operational interest and with full waiver of rights of subrogation against the Security Trustee, but without the Security Trustee thereby being liable to pay (but having the right to pay) premiums, calls or other assessments in respect of such insurance;

114.name the Security Trustee as loss payee with such directions for payment as the Security Trustee may specify;

115.provide that all payments by or on behalf of the insurers under the obligatory insurances to the Security Trustee shall be made without setoff, counterclaim or deductions or condition whatsoever;

116.provide that such obligatory insurances shall be primary without right of contribution from other insurances which may be carried by the Security Trustee or any other Creditor Party; and

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117.provide that the Security Trustee may make proof of loss if the Borrower fails to do so.

l.Renewals

The Borrower shall ensure that:

118.before the expiry of any obligatory insurance, that obligatory insurance is renewed; and

119.promptly after each such renewal, there is provided to the Security Trustee details of the terms and conditions on which such obligatory insurances have been renewed.    

If there is a change in the insurers and/or markets through whom the obligatory insurances are placed the Borrower shall procure that the Security Trustee is notified within a reasonable time of the names of the insurers and/or markets employed for the purposes of the renewal of the obligatory insurance and of the amounts in which they are renewed.

m.Letters of undertaking

In relation to all obligatory insurances effected from time to time under Clause 13.2 (Maintenance of obligatory insurances), the Borrower shall ensure that all brokers and any protection and indemnity or war risks associations in which any Ship is entered, in each case being approved by the Security Trustee (such approval not to be unreasonably withheld), provide the Security Trustee with letters of undertaking:

120.in the case of a broker, in a form standard in the insurance market in which such broker operates or any professional association of which that approved broker is a member;

121.in the case of a protection and indemnity or war risks association, in its standard form.

If any of the obligatory insurances referred to in paragraphs (a) and/or (b) of Clause 13.2 (Maintenance of obligatory insurances) form part of a fleet cover, the Borrower will procure that any letter of undertaking referred to in paragraph (a) of this Clause 13.6 (Letters of undertaking) is amended to provide that the relevant brokers shall undertake to the Security Trustee that they shall neither set-off against any claims in respect of the relevant Ship any premiums due in respect of other vessels under such fleet cover or any premiums due for other insurances, nor cancel the insurance for reason of non-payment of premiums for other vessels under such fleet cover or of premiums for such other insurances.

n.Copies of certificates of entry

The Borrower shall ensure that any protection and indemnity and/or war risks associations in which each Ship is entered provides the Security Trustee with a certified copy of the certificate of entry for that Ship.

o.Deposit of original policies

The Borrower shall ensure that all policies relating to obligatory insurances are deposited with the approved brokers through which the insurances are effected or renewed.

p.Payment of premiums

The Borrower shall ensure that (taking account of any applicable grace periods) all premiums, calls or contributions or other sums of money from time to time due in respect of any obligatory insurances are paid in full and produce all relevant receipts when so required by the Security Trustee.

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q.Guarantees

The Borrower shall arrange for the execution and delivery of all guarantees and indemnities as may from time to time be required by any Ship's P&I Club or war risks association.

r.Compliance with terms of insurances

The Borrower shall neither do nor omit to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory insurance in relation to any Ship invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part; and, in particular:

122.the Borrower shall (in the case of any Ships owned by the Borrower) take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurances, and ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Security Trustee has not given its prior approval;

123.the Borrower shall not make any changes relating to the classification or classification society or manager or operator of any Ship approved by the underwriters of the obligatory insurances;

124.the Borrower shall make (and on request promptly supply copies to the Agent of) all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which any Ship it is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation); and

125.the Borrower shall not employ any Ship, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify.

s.Alteration to terms of insurances

The Borrower will procure that:

126.no adverse alteration is made to any obligatory insurance (which alteration is, in the reasonable opinion of the Security Trustee, likely to materially adversely affect the Lenders) without the prior written consent of the Security Trustee; and

127.all the steps under its control are taken to seek to avoid the occurrence of any act or omission which would enable cancellation of any obligatory insurance or render any obligatory insurance invalid, void or unenforceable or render any sum paid out under any obligatory insurance repayable in whole or in part.

t.Settlement of claims

The Borrower shall not settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty, and the Borrower shall do all things necessary and provide all documents, evidence and information to enable the Security Trustee to collect or recover any moneys which at any time become payable in respect of the obligatory insurances.

u.Provision of information

The Borrower shall promptly provide the Security Trustee (or any persons which it may designate) with any information which the Security Trustee (or any such designated person) reasonably requests for the purpose of:

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128.obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the obligatory insurances effected or proposed to be effected; and/or

129.effecting or renewing any such insurances as are referred to in Clause 13.15 (Mortgagee's interest and additional perils insurances) or dealing with or considering any matters relating to any such insurances;

and the Borrower shall, forthwith upon demand, indemnify the Security Trustee in respect of all fees and other expenses reasonably incurred by or for the account of the Security Trustee in connection with any such report as is referred to in paragraph (a).

v.Mortgagee's interest and additional perils insurances

The Agent for the benefit of the Security Trustee, or the Security Trustee itself, shall effect, maintain and renew a mortgagee's interest additional perils insurance and a mortgagee's interest marine insurance in such amounts, on such terms reasonably available in the market, through such insurers and generally in such manner as the Security Trustee may from time to time consider appropriate and the Borrower shall upon demand fully indemnify the Agent or the Security Trustee (as the case may be) in respect of all reasonable premiums and other reasonable expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance Provided that the cover in respect of the mortgagee's interest marine insurance shall not exceed 110 per cent. of the Loan.

Notwithstanding the above, if at any time the Agent or Security Trustee proposes to effect any insurances of the nature referred to in this Clause, it shall first notify the Borrower of the insurance which it proposes to effect, the terms on which it requires it to be effected and the date from which it requires it to be so effected. If, before the date on which the Agent or Security Trustee (as the case may be) requires that insurance to be effected, the Borrower can demonstrate to the Agent or Security Trustee (as the case may be) that a firm of insurance brokers with a reputation acceptable to the Agent or the Security Trustee (as the case may be) is able to arrange that insurance upon the same terms, before that date, for a price lower than that for which any firm of insurance brokers nominated by the Agent or Security Trustee is prepared to arrange that insurance and with underwriters acceptable to the Agent or Security Trustee (as the case may be), and if that firm of insurance brokers will enter into such agreements with the Agent or Security Trustee (as the case may be) as it may require taking into account the identity of that firm of insurance brokers, the Agent or Security Trustee (as the case may be) shall not unreasonably refuse to effect that insurance through that firm of insurance brokers so nominated by the Borrower.

•Ship Covenants

w.General

The Borrower also undertakes with each Creditor Party to comply with the provisions of this Clause 14 (Ship Covenants) at all times during the Security Period (in the case of each Ship after the Drawdown Date applicable to it) except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit (such permission not to be unreasonably withheld in the case of Clause 14.2 (Ship's name and registration), 14.12 (Restrictions on chartering, appointment of managers etc.) and 14.14 (Sharing of Earnings).

x.Ship's name and registration

The Borrower shall keep each Ship owned by it registered in its name on an Approved Flag; and shall not do or allow to be done anything as a result of which such registration might be cancelled or imperilled and shall not change the name or country of registry of any Ship owned by it Provided that the Borrower may change the registry of a Ship owned by it to any Approved Flag without the consent of the Lenders subject to the Borrower providing the

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Creditor Parties with replacement security at the time of such transfer (in form and substance satisfactory to the Agent) so that the Creditor Parties have the same security on that Ship and subject to any appropriate consequential amendments to the Finance Documents.

y.Repair and classification

The Borrower shall keep each Ship owned by it in a good safe condition and state of repair:

130.consistent with first-class ship ownership and management practice;

131.so as to maintain that Ship's class as at the date of this Agreement free of overdue recommendations and conditions affecting that Ship's class with a classification society which has been approved by the Agent; and

132.so as to comply with all laws and regulations applicable to vessels registered on the applicable Approved Flag or to vessels trading to any jurisdiction to which that Ship may trade from time to time, including but not limited to the ISM Code and the ISPS Code.

z.Modification

The Borrower shall not make any modification or repairs to, or replacement of, any Ship owned by it or equipment installed on it which would or might materially and adversely alter the structure, type or performance characteristics of any such Ship or reduce its value.

aa.Removal of parts

The Borrower shall not remove any material part of any Ship owned by it, or any item of equipment installed on any such Ship, except in the normal course of maintenance and repair, unless the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed, is free from any Security Interest or any right in favour of any person other than the Security Trustee and becomes on installation on the Ship the property of the Borrower and subject to the security constituted by the relevant Mortgage Provided that the Borrower may install equipment owned by a third party if the equipment can be removed without any risk of damage to the Ship concerned.

ab.Surveys

The Borrower shall submit each Ship owned by it regularly to such periodical or other surveys which may be required for that Ship's classification purposes and shall comply with all conditions and recommendations affecting that Ship's class of the relevant classification society in accordance with their terms unless waived.

ac.Inspection

The Borrower shall permit the Agent (by surveyors or other persons appointed by it for that purpose, at the Borrower's expense once per year) to board any Ship owned by it at all reasonable times to inspect its condition (without interfering with that Ship's operation) or to satisfy themselves about proposed or executed repairs and shall afford all proper facilities for such inspections.

ad.Prevention of and release from arrest

The Borrower shall promptly discharge, unless the same is being contested in good faith by the Borrower:

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133.all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against any Ship owned by it, its Earnings or the Insurances in relation any such Ship;

134.all taxes, dues and other amounts charged in respect of any such Ship, its Earnings or the Insurances in relation to any such Ship; and

135.all other outgoings whatsoever in respect of any such Ship, its Earnings or the Insurances in relation to any such Ship;

and, forthwith upon receiving notice of the arrest of any Ship, or of its detention in exercise or purported exercise of any lien or claim, unless the same is being contested in good faith by the Borrower, the Borrower shall as soon as possible or in any event within 30 days (or such greater period as may be agreed by the Agent) procure its release by providing bail or otherwise as the circumstances may require.

ae.Compliance with laws etc.

The Borrower shall:

136.comply, or procure compliance with all laws or regulations:

l.relating to its business generally; and

li.relating to each Ship owned by the Borrower, its ownership, employment, operation, management and registration,

including the ISM Code, the ISPS Code, all Environmental Laws, all Sanctions Laws and the laws of the Approved Flag in relation to each Ship owned by the Borrower;

137.obtain, comply with and do all that is necessary to maintain in full force and effect any consents required to be obtained and maintained by the Borrower in connection with any Environmental Laws;

138.without limiting paragraph (a) above, not employ any Ship owned by the Borrower nor allow its employment, operation or management in any manner contrary to any law or regulation including but not limited to the ISM Code, the ISPS Code, all Environmental Laws and all Sanctions Laws; and

139.procure that neither the Borrower nor any member of the Group is or becomes a Restricted Party.

af.Provision of information

The Borrower shall promptly provide the Agent with any information which it reasonably requests regarding:

140.any Ship, its employment, position and engagements;

141.the Earnings and payments and amounts due to any Ship's master and crew;

142.any expenses incurred, or likely to be incurred, in connection with the operation, maintenance or repair of any Ship and any payments made in respect of any Ship;

143.any towages and salvages;

144.the Borrower, the Approved Managers' or any Ship's compliance with the ISM Code and/or the ISPS Code,

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and, upon the Agent's request, to provide copies of any current charter relating to any Ship and of any current charter guarantee (unless the Borrower is prohibited to do so under applicable confidentiality provisions and if there is any such confidentiality provision, the Borrower shall use all reasonable endeavours to provide such copies) and copies of any Ship's Safety Management Certificate.

ag.Notification of certain events

The Borrower shall immediately notify the Agent by email of:

145.any casualty of any Ship which is or is likely to be or to become a Major Casualty;

146.any occurrence as a result of which any Ship has become or is, by the passing of time or otherwise, likely to become a Total Loss;

147.any requirement or recommendation made by any insurer or classification society or by any competent authority in respect of any Ship which is not complied with within the applicable time limit;

148.any arrest or detention of a Ship, any exercise of any lien on any Ship or its Earnings or any requisition of a Ship for hire which may be material in the context of this Agreement;

149.any Environmental Claim made against the Borrower or in connection with a Ship, or any Environmental Incident;

150.any claim for breach of the ISM Code or the ISPS Code being made against the Borrower, an Approved Manager or otherwise in connection with a Ship; or

151.any other matter, event or incident, actual or threatened, the effect of which will or could reasonably be expected to lead to the ISM Code or the ISPS Code not being complied with;

and the Borrower shall keep the Agent advised in writing on a regular basis and in such detail as the Agent shall require of the Borrower's, the Approved Manager's or any other person's response to any of those events or matters.

ah.Restrictions on chartering, appointment of managers etc.

The Borrower shall not:

152.let any Ship on demise charter for any period;

153.enter into any charter in relation to any Ship under which more than 2 months' hire (or the equivalent) is payable in advance;

154.charter any Ship otherwise than on bona fide arm's length terms at the time when that Ship is fixed;

155.appoint a manager of any Ship other than the Approved Managers or agree to any material alteration to the terms of an Approved Manager's appointment; or

156.put any Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $5,000,000 (or the equivalent in any other currency) unless either:

lii.that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason; or

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liii.the cost of such work is covered by insurances; or

liv.the Borrower owning the relevant Ship establishes to the reasonable satisfaction of the Agent that it has sufficient funds to pay for the cost of such work.

ai.Notice of Mortgage

The Borrower shall keep each Mortgage registered against the relevant Ship as a valid first priority or preferred (as the case may be) mortgage, carry on board each Ship a certified copy of the relevant Mortgage and place and maintain in a conspicuous place in the navigation room and the Master's cabin of each Ship a framed printed notice stating that that Ship is mortgaged by the Borrower to the Security Trustee.

aj.Sharing of Earnings

The Borrower will not enter into any agreement or arrangement for the sharing of any Earnings other than pursuant to a pooling agreement relating to the Tankers International Pool.

ak.Green Passport

The Borrower shall procure that each Ship has obtained a Green Passport, or equivalent document acceptable to the Agent, in respect of that Ship which shall be maintained throughout the Security Period and if such Green Passport is not available at the date of this Agreement it shall be obtained at the next special survey of that Ship.

al.Green scrapping

The Borrower shall maintain a policy that provides that each vessel owned by any member of the Group or sold to an intermediary with the intention of being scrapped:

157.is recycled at a recycling yard which conducts its recycling business in a socially and environmentally responsible manner, in accordance with the provisions of The Hong Kong Convention and/or the EU Ship Recycling Regulation; or

158.to the extent that the Hong Kong Convention has not been ratified or otherwise is not yet in force at the time of such scrapping, the Borrower shall use best endeavours to ensure that such vessel is scrapped in compliance with the Hong Kong Convention and/or the EU Ship Recycling Regulation.

am.Poseidon Principles

The Borrower shall, at the cost of the Borrower, on or before 31 July in each calendar year, supply or procure the supply to the Agent of all information necessary in order for any Lender to comply with its obligations under the Poseidon Principles in respect of the preceding year, including, without limitation, all ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of Annex VI and any Statement of Compliance, in each case relating to the Ships owned by it for the preceding calendar year provided always that, for the avoidance of doubt, such information shall be "Confidential Information" for the purposes of Clause 31 (Confidential Information) but the Borrower acknowledges that, in accordance with the Poseidon Principles, such information will form part of the information published regarding the relevant Lender's portfolio climate alignment.

an.    Operation of Ships

The Borrower undertakes to operate each Ship owned by it as a civil merchant ship, except in cases where the Ship is being expropriated, confiscated or requisitioned by any

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government or official authority or by any person or persons claiming to be or to represent a government or official authority.

•Security Cover

ao.Minimum required security cover

Clause 15.2 (Provision of additional security; prepayment) applies if the Agent notifies the Borrower that:

159.the aggregate of the Fair Market Values (determined as provided in Clause 15.3 (Valuation of Ships) of each Ship subject to a Mortgage; plus

160.the net realisable value of any additional security previously provided under this Clause 15 (Security Cover);

is below 125 per cent. of the Loan.

ap.Provision of additional security; prepayment

If the Agent serves a notice on the Borrower under Clause 15.1 (Minimum required security cover), the Borrower shall, within 30 days after the date on which the Agent's notice is served:

161.provide, or ensure that a third party provides, acceptable additional security which, in the reasonable opinion of the Majority Lenders, has a net realisable value (taking into account the amount of any prepayment made pursuant to paragraph (b) of Clause 15.2 (Provision of additional security; prepayment) in response to the same notice) at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require and, for this purpose, it is agreed that acceptable additional security shall include cash collateral in Dollars valued at par; and/or

162.prepay such part of the Loan as will eliminate the shortfall (taking into account the net realisable value of any additional security provided pursuant to paragraph (a) of Clause 15.2 (Provision of additional security; prepayment) in response to the same notice).

aq.Valuation of Ships

163.The Fair Market Value of a Ship at any date is that shown by the mean of 2 or, if specified below, 3 valuations:

lv.in dollars;

lvi.as at a date not more than 30 days previously;

lvii.by an Approved Shipbroker;

lviii.without physical inspection of that Ship;

lix.on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment;

lx.after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale,

and if such valuations in respect of a Ship differ by more than 10 per cent. the Fair Market Value of that Ship shall be that shown by the mean of 3 such valuations.

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164.The Borrower shall provide (at their own cost) the valuations addressed to the Agent of each Ship which are required to determine its Fair Market Value pursuant to this Clause 15.3 (Valuation of Ships):

lxi.twice each year at the earlier of:

a.the same time as the Borrower provides to the Agent the compliance certificates pursuant to paragraph (e) of Clause 11.5 (Provision of financial statements); and

b.if a compliance certificate has not been provided within 120 days after the end of a financial year of the Borrower, 150 days after the end of that financial year or, if a compliance certificate has not been provided within 75 days after the end of the first financial half-year of the Borrower in a financial year, 105 days after the end of that financial half-year; and

lxii.after the occurrence of an Event of Default which is continuing, whenever requested by the Agent.

165.The Majority Lenders may at any time instruct the Agent to arrange valuations to determine the Fair Market Value of any Ship which is subject to a Mortgage. The cost of arranging such valuations shall be borne by the instructing Majority Lenders unless such valuations indicate a breach of the requirements of this Clause 15 (Security Cover), in which case the cost of such valuations shall be for the Borrower's account.

ar.Value of additional vessel security

The net realisable value of any additional security which is provided under Clause 15.2 (Provision of additional security; prepayment) and which consists of a Security Interest over a vessel shall be that shown by a valuation complying with the requirements of Clause 15.3 (Valuation of Ships).

as.Valuations binding

Any valuation under Clause 15.2 (Provision of additional security; prepayment), 15.3 (Valuation of Ships) or 15.4 (Value of additional vessel security) shall be binding and conclusive as regards the Borrower and the Lenders, as shall be any valuation which the Majority Lenders make of any additional security which does not consist of or include a Security Interest over a vessel.

at.Provision of information

The Borrower shall promptly provide the Agent and any shipbroker or expert acting under Clause 15.3 (Valuation of Ships) or 15.4 (Value of additional vessel security) with any information which the Agent or the shipbroker or expert may reasonably request for the purposes of its valuation.

au.Payment of valuation expenses

Without prejudice to the generality of the Borrower's obligations under Clauses 20.2 (Costs of negotiation, preparation etc.), 20.3 (Costs of variations, amendments, enforcement etc.) and 21.3 (Miscellaneous indemnities), the Borrower shall, on demand, pay the Agent the amount of the fees and expenses of any shipbroker or expert instructed by the Agent under this Clause and all legal and other expenses incurred by any Creditor Party in connection with any matter arising out of this Clause.

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av.Application of prepayment

Clause 8 (Reduction, Repayment, Prepayment and Cancellation) shall apply in relation to any prepayment pursuant to paragraph (b) of Clause 15.2 (Provision of additional security; prepayment).

•Payments and Calculations

aw.Currency and method of payments

All payments to be made by the Lenders or by the Borrower under a Finance Document shall be made to the Agent or to the Security Trustee, in the case of an amount payable to it:

166.by not later than 11.00 a.m. (New York City time) on the due date;

167.in same day Dollar funds settled through the New York Clearing House Interbank Payments System (or in such other Dollar funds and/or settled in such other manner as the Agent shall specify as being customary at the time for the settlement of international transactions of the type contemplated by this Agreement);

168.in the case of an amount payable by a Lender to the Agent or by the Borrower to the Agent or any Lender, to such account with such bank as the Agent may from time to time notify to the Borrower and the other Creditor Parties; and

169.in the case of an amount payable to the Security Trustee, to such account as it may from time to time notify to the Borrower and the other Creditor Parties.

ax.Payment on non-Business Day

If any payment by the Borrower under a Finance Document would otherwise fall due on a day which is not a Business Day:

170.the due date shall be extended to the next succeeding Business Day; or

171.if the next succeeding Business Day falls in the next calendar month, the due date shall be brought forward to the immediately preceding Business Day;

and interest shall be payable during any extension under paragraph (a) at the rate payable on the original due date.

ay.Basis for calculation of periodic payments

All interest and commitment fee and any other payments under any Finance Document which are of an annual or periodic nature shall accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a 360 day year.

az.Distribution of payments to Creditor Parties

Subject to Clause 16.5 (Permitted deductions by Agent), Clause 16.6 (Agent only obliged to pay when monies received) and Clause 16.7 (Refund to Agent of monies not received):

172.any amount received by the Agent under a Finance Document for distribution or remittance to a Lender, a Swap Counterparty or the Security Trustee shall be made available by the Agent to that Lender, that Swap Counterparty or, as the case may be, the Security Trustee by payment, with funds having the same value as the funds received, to such account as the Lender and the Swap Counterparty or the Security Trustee may have notified to the Agent not less than 5 Business Days previously; and

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173.amounts to be applied in satisfying amounts of a particular category which are due to the Lenders and/or the Swap Counterparties generally shall be distributed by the Agent to each Lender and each Swap Counterparty pro rata to the amount in that category which is due to it.

ba.Permitted deductions by Agent

Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent may, before making an amount available to a Lender or a Swap Counterparty, deduct and withhold from that amount any sum which is then due and payable to the Agent from that Lender or that Swap Counterparty under any Finance Document or any sum which the Agent is then entitled under any Finance Document to require that Lender or that Swap Counterparty to pay on demand.

bb.Agent only obliged to pay when monies received

Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent shall not be obliged to make available to the Borrower or any Lender or that Swap Counterparty any sum which the Agent is expecting to receive for remittance or distribution to the Borrower or that Lender or that Swap Counterparty until the Agent has satisfied itself that it has received that sum.

bc.Refund to Agent of monies not received

If and to the extent that the Agent makes available a sum to the Borrower or a Lender or a Swap Counterparty, without first having received that sum, the Borrower or (as the case may be) the Lender or the Swap Counterparty concerned shall, on demand:

174.refund the sum in full to the Agent; and

175.pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding or other loss, liability or expense incurred by the Agent as a result of making the sum available before receiving it.

bd.Agent may assume receipt

Clause 16.7 (Refund to Agent of monies not received) shall not affect any claim which the Agent has under the law of restitution, and applies irrespective of whether the Agent had any form of notice that it had not received the sum which it made available.

be.Creditor Party accounts

Each Creditor Party shall maintain accounts showing the amounts owing to it by the Borrower and each Security Party under the Finance Documents and all payments in respect of those amounts made by the Borrower and any Security Party.

bf.Agent's memorandum account

The Agent shall maintain a memorandum account showing the amounts advanced by the Lenders and all other sums owing to the Agent, the Security Trustee and each Lender from the Borrower under the Finance Documents and all payments in respect of those amounts made by the Borrower and any Security Party.

bg.Accounts prima facie evidence

If any accounts maintained under Clauses 16.9 (Creditor Party accounts) and 16.10 (Agent's memorandum account) show an amount to be owing by the Borrower or a Security Party to a

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Creditor Party, those accounts shall be prima facie evidence that that amount is owing to that Creditor Party.

bh.Impaired Agent

176.If, at any time, the Agent becomes an Impaired Agent, the Borrower or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 16.1 (Currency and method of payments) may instead either pay that amount direct to the required recipient or pay that amount to an interest-bearing account held with a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt obligations of A or higher by S&P or Fitch or A2 or higher by Moody's or a comparable rating from an internationally recognised credit rating agency and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Borrower or the Lender making the payment and designated as a trust account for the benefit of the Creditor Party or Creditor Parties beneficially entitled to that payment under the Finance Documents. In each case such payments must be made on the due date for payment under the Finance Documents.

177.All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the beneficiaries of that trust account pro rata to their respective entitlements.

178.Where the Borrower or a Lender has made a payment in accordance with this Clause 16.12 (Impaired Agent) it shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.

179.Promptly upon the appointment of a successor Agent in accordance with Clause 24 (The Agent, the Arrangers and the Reference Banks) each party which has made a payment to a trust account in accordance with this Clause 16.12 (Impaired Agent) shall give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution in accordance with Clause 16.4 (Distribution of payments to Creditor Parties).

•Application of Receipts

bi.Normal order of application

Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied:

180.FIRST: in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent and the Security Trustee under the Finance Documents;

181.SECONDLY: in or towards satisfaction of any amounts then due and payable to the Creditor Parties (other than the Swap Banks) under the Finance Documents (or any of them) in such order of application and/or such proportions as the Agent, acting with the authorisation of the Lenders, may specify by notice to the Borrower, the Security Parties and the other Creditor Parties,

182.THIRDLY: in retention of an amount equal to any amount not then due and payable to the Creditor Parties (other than the Swap Banks) under any Finance Document but which the Agent, by notice to the Borrower, the Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause (b);

183.FOURTHLY: in or towards satisfaction pro rata of any amount then due and payable under any Master Agreement which relates to a Designated Transaction;

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184.FIFTHLY: in retention of an amount equal to any amount not then due and payable under any Master Agreement which relates to a Designated Transaction but which the Agent, by notice to the Borrower, the Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause (d); and

185.SIXTHLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it.

bj.Variation of order of application

The Agent may, with the authorisation of the Lenders and the Swap Banks, by notice to the Borrower, the Security Parties and the other Creditor Parties provide for a different manner of application from that set out in Clause 17.1 (Normal order of application) either as regards a specified sum or sums or as regards sums in a specified category or categories.

bk.Notice of variation of order of application

The Agent may give notices under Clause 17.2 (Variation of order of application) from time to time; and such a notice may be stated to apply not only to sums which may be received or recovered in the future, but also to any sum which has been received or recovered on or after the third Business Day before the date on which the notice is served.

bl.Appropriation rights overridden

This Clause 17 (Application of Receipts) and any notice which the Agent gives under Clause 17.2 (Variation of order of application) shall override any right of appropriation possessed, and any appropriation made, by the Borrower or any Security Party.

•Application of Earnings

bm.Earnings

The Borrower undertakes with each Creditor Party to ensure that throughout the Security Period (and subject only to the provisions of the General Assignments) all the Earnings of each Ship owned by it and proceeds under any Insurances in relation to any Ship owned by it are paid to the Earnings Account in relation to the Borrower without delay or deductions Providedthatthe Earnings in respect of each Ship shall be available to the Borrower unless an Event of Default has occurred and is continuing.

bn.Location of accounts

The Borrower shall promptly:

186.comply with any requirement of the Agent as to the location or relocation of the Earnings Account in relation to the Borrower; and

187.execute any documents which the Agent reasonably specifies to create or maintain in favour of the Security Trustee a Security Interest over (and/or rights of set-off, consolidation or other rights in relation to) the Earnings Account in relation to the Borrower.

•Events of Default

bo.Events of Default

An Event of Default occurs if:

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188.the Borrower or any Security Party fails to pay when due or, if payable on demand, on such demand, any sum payable under a Finance Document or under any document relating to a Finance Document; unless:

lxiii.its failure to pay is caused by:

c.administrative or technical error; or

d.a Disruption Event; and

lxiv.payment is made within 3 Business Days of its due date; or

189.any breach occurs of Clause 9.2 (Waiver of conditions precedent), Clause 10.15 (Sanctions), Clause 11.2 (Title; negative pledge), Clause 11.3 (Disposal of assets), Clause 11.17 (Conduct of business; compliance with laws) in so far as it relates to Sanctions Laws and Anti-Corruption Laws, Clause 11.19 (Compliance with Sanctions Laws), Clause 12.2 (Maintenance of status), Clause 12.3 (No change of business), Clause 12.4 (No merger etc.), Clause 12.8 (Restrictions on dividends), Clause 12.11 (Notification of Sanctions), Clause 13 (Insurance), Clause 14.9 (Compliance with laws etc.), or, save to the extent such breach is a failure to pay and therefore subject to paragraph (a), Clause 15.2 (Provision of additional security; prepayment); or

190.(subject to any applicable grace period in the relevant Finance Documents) any breach by the Borrower or any Security Party occurs of any provision of a Finance Document (other than a breach covered by paragraphs (a) or (b)) and if, in the opinion of the Majority Lenders, such default is capable of remedy, such default continues unremedied 30 days after written notice from the Agent requesting action to remedy the same; or

191.any representation, warranty or statement made by, or by an officer of, the Borrower or a Security Party in a Finance Document or in a Drawdown Notice or any other notice or document relating to a Finance Document is untrue or misleading in any material respect when it is made; or

192.any of the following occurs in relation to a Relevant Person:

lxv.a Relevant Person becomes unable to pay its debts as they fall due; or

lxvi.a Relevant Person fails to comply with or pay any sum due from it under any final judgment or any final order made or given by any court of competent jurisdiction or any assets of a Relevant Person are subject to any form of execution, attachment, arrest, sequestration or distress in respect of a sum of, or sums aggregating, $10,000,000 or more or the equivalent in another currency; or

lxvii.an administrator is appointed (whether by the court or otherwise) in respect of a Relevant Person or any administrative or other receiver is appointed over any asset of a Relevant Person; or

lxviii.a Relevant Person makes any formal declaration of bankruptcy or any formal statement to the effect that it is insolvent or likely to become insolvent, or an administration notice is given or filed in relation to a Relevant Person, or a winding up or administration order is made in relation to a Relevant Person, or the members or directors of a Relevant Person pass a resolution to the effect that it should be wound up, placed in administration or cease to carry on business, save that this paragraph does not apply to a fully solvent winding up of a Relevant Person other than the Borrower which is, or is to be, effected for the purposes of an amalgamation or reconstruction previously approved by the Majority Lenders and effected not later than 3 months after the commencement of the winding up; or

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lxix.a petition is presented in any Pertinent Jurisdiction for the winding up or administration, or the appointment of a provisional liquidator, of a Relevant Person unless the petition is being contested in good faith and on substantial grounds and is dismissed or withdrawn within 30 days of the presentation of the petition; or

lxx.a Relevant Person petitions a court, or presents any proposal for, any form of judicial or nonjudicial suspension or deferral of payments, reorganisation of its debt (or certain of its debt) or arrangement with all or a substantial proportion (by number or value) of its creditors or of any class of them or any such suspension or deferral of payments, reorganisation or arrangement is effected by court order, contract or otherwise; or

lxxi.any meeting of the members or directors of a Relevant Person is summoned for the purpose of considering a resolution or proposal to authorise or take any action of a type described in paragraphs (iii), (iv), (v) or (vi); or

lxxii.in a Pertinent Jurisdiction other than England, any event occurs or any procedure is commenced which, in the opinion of the Majority Lenders, is similar to any of the foregoing; or

193.any repayment of principal in respect of, or any payment of interest on, any Financial Indebtedness of the Borrower is not paid when due nor within any originally applicable grace period (unless the due date for payment thereof is rescheduled with the agreement of the relevant creditor before the expiry of such grace period); or

194.any Financial Indebtedness of the Borrower is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (howsoever described); or

195.any commitment to the Borrower for any Financial Indebtedness is cancelled by a creditor of the Borrower by reason of an event of default (however described); or

196.any Financial Indebtedness of the Borrower becomes capable of being declared due and payable prior to its specified maturity or any commitment to the Borrower for any Financial Indebtedness becomes capable of being cancelled in either case as a result of an event of default (howsoever described) and the event giving rise to that event of default is not waived or remedied to the satisfaction of the relevant creditor within 30 days of its occurrence;

197.provided that (with respect to sub-paragraphs (f) to (i) above) no Event of Default will occur under these sub-paragraphs (f) to (i) above if the aggregate amount of the Financial Indebtedness or commitment for Financial Indebtedness falling within sub-paragraphs (f) to (i) above is less than $10,000,000 (or its equivalent in any other currency or currencies).

198.the Borrower ceases or suspends carrying on its business or a part of its business which, in the opinion of the Majority Lenders, is material in the context of this Agreement; or

199.it becomes unlawful in any Pertinent Jurisdiction or impossible:

lxxiii.for the Borrower or any Security Party to discharge any liability under a Finance Document or to comply with any other obligation which the Majority Lenders consider material under a Finance Document; or

lxxiv.for the Agent, the Security Trustee or the Lenders to exercise or enforce any right under, or to enforce any Security Interest created by, a Finance Document; or

200.any provision which the Majority Lenders consider material of a Finance Document proves to have been or becomes invalid or unenforceable, or a Security Interest created by a Finance Document proves to have been or becomes invalid or unenforceable or such a Security

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Interest proves to have ranked after, or loses its priority to, another Security Interest or any other third party claim or interest; or

201.any event or circumstance occurs which the Majority Lenders determine has, or could reasonably be expected to have, a material adverse effect on:

lxxv.the ability of the Borrower to perform its obligations under the Finance Documents; or

lxxvi.the property, assets, nature of assets, operations, liabilities or condition (financial or otherwise) of the Borrower or any of their respective subsidiaries; or

202.at any time, the Borrower is not in compliance with all material Environmental Laws relating to each Ship subject to a Mortgage, its ownership, operation and management or to the business of the Borrower; or

203.the Borrower rescinds or repudiates a Finance Document.

bp.Actions following an Event of Default

On, or at any time after, the occurrence of an Event of Default which is continuing:

204.the Agent may, and if so instructed by the Majority Lenders, the Agent shall:

lxxvii.serve on the Borrower a notice stating that the Commitments and all other obligations of each Lender to the Borrower under this Agreement are terminated; and/or

lxxviii.serve on the Borrower a notice stating that the Loan, all accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or

lxxix.take any other action which, as a result of the Event of Default or any notice served under paragraph (i) or (ii), the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law; and/or

205.the Security Trustee may, and if so instructed by the Agent, acting with the authorisation of the Majority Lenders, the Security Trustee shall take any action which, as a result of the Event of Default or any notice served under paragraph (a)(i) or (ii), the Security Trustee, the Agent and/or the Lenders and/or the Swap Counterparties are entitled to take under any Finance Document or any applicable law.

bq.Termination of Commitments

On the service of a notice under paragraph (a)(i) of Clause 19.2 (Actions following an Event of Default), the Commitments and all other obligations of each Lender to the Borrower under this Agreement shall terminate.

br.Acceleration of Loan

On the service of a notice under paragraph (a)(ii) of Clause 19.2 (Actions following an Event of Default), the Loan, all accrued interest and all other amounts accrued or owing from the Borrower or any Security Party under this Agreement and every other Finance Document shall become immediately due and payable or, as the case may be, payable on demand.

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bs.Multiple notices; action without notice

The Agent may serve notices under paragraphs (a)(i) and (ii) of Clause 19.2 (Actions following an Event of Default) simultaneously or on different dates and it and/or the Security Trustee may take any action referred to in Clause 19.2 (Actions following an Event of Default) if no such notice is served or simultaneously with or at any time after the service of both or either of such notices.

bt.Notification of Creditor Parties and Security Parties

The Agent shall send to each Lender, the Security Trustee and each Security Party a copy or the text of any notice which the Agent serves on the Borrower under Clause 19.2 (Actions following an Event of Default); but the notice shall become effective when it is served on the Borrower, and no failure or delay by the Agent to send a copy or the text of the notice to any other person shall invalidate the notice or provide the Borrower or any Security Party with any form of claim or defence.

bu.Creditor Party rights unimpaired

Nothing in this Clause shall be taken to impair or restrict the exercise of any right given to individual Lenders or a Swap Counterparty under a Finance Document, a Master Agreement or the general law; and, in particular, this Clause is without prejudice to Clause 3.1 (Interests several).

bv.Exclusion of Creditor Party liability

No Creditor Party, and no receiver or manager appointed by the Security Trustee, shall have any liability to the Borrower or a Security Party:

206.for any loss caused by an exercise of rights under, or enforcement of a Security Interest created by, a Finance Document or by any failure or delay to exercise such a right or to enforce such a Security Interest; or

207.as mortgagee in possession or otherwise, for any income or principal amount which might have been produced by or realised from any asset comprised in such a Security Interest or for any reduction (however caused) in the value of such an asset;

except that this does not exempt a Creditor Party or a receiver or manager from liability for losses shown to have been directly and mainly caused by the dishonesty or the wilful misconduct of such Creditor Party's own officers and employees or (as the case may be) such receiver's or manager's own partners or employees.

In no event shall any Creditor Party be liable on any theory of liability for any special, indirect, consequential or punitive damages and the Borrower hereby waives, releases and agrees not to sue upon any such claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favour.

bw.Relevant Persons

In this Clause 19 (Events of Default) a "Relevant Person" means the Borrower, a Security Party or any other member of the Group, but excluding any company that represents less than 5 per cent. of the consolidated assets of the Group or less than 10 per cent. of the consolidated revenue of the Group.

bx.Interpretation

In paragraph (e) of Clause 19.1 (Events of Default) references to an event of default or a termination event include any event, howsoever described, which is similar to an event of

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default in a facility agreement or a termination event in a finance lease; and in paragraph (e) of Clause 19.1 (Events of Default) "petition" includes an application.

by.Position of Swap Counterparties

Neither the Agent nor the Security Trustee shall be obliged, in connection with any action taken or proposed to be taken under or pursuant to the foregoing provisions of this Clause 19 (Events of Default), to have any regard to the requirements of a Swap Counterparty except to the extent that such Swap Counterparty is also a Lender.

•Fees and Expenses

bz.Fees

The Borrower shall pay to the Agent:

208.on the date of this Agreement or as otherwise agreed, the fees in amounts previously agreed in writing between the Agent and the Borrower; and

209.quarterly in arrears on each 31 March, 30 June, 30 September and 31 December and on the first Drawdown Date (or, if earlier, the date on which this Agreement is terminated) during the period from the date of this Agreement to the last day of the Availability Period (or, if earlier, the date on which this Agreement is terminated), for the account of the Lenders, a commitment fee at the rate of 35 per cent. of the Margin per annum on the Total Available Commitments, for distribution among the Lenders pro rata to their Commitments. No commitment fee is payable to the Agent (for the account of a Lender) on any Available Commitment of the Lender for any day on which that Lender is a Defaulting Lender.

ca.Costs of negotiation, preparation etc.

The Borrower shall pay to the Agent on its demand the amount of all expenses incurred by the Agent or the Security Trustee in connection with the negotiation, preparation, execution or registration of any Finance Document or any related document or with any transaction contemplated by a Finance Document or a related document (to the extent practicable, after prior consultation of the Borrower on the amount of such expenses).

cb.Costs of variations, amendments, enforcement etc.

The Borrower shall pay to the Agent, on the Agent's demand, for the account of the Creditor Party concerned the amount of all expenses incurred by a Creditor Party (and in respect of sub-paragraphs (a), (b) and (c) below, to the extent practicable, after prior consultation of the Borrower on the amount of such expenses) in connection with:

210.any amendment or supplement to a Finance Document which (i) relates to providing for any amendment to, or the use of a Replacement Benchmark in place of, the Screen Rate, or (ii) is requested by the Borrower, or any proposal of the Borrower for such an amendment to be made;

211.any consent or waiver by the Lenders, the Swap Banks, the Majority Lenders or the Creditor Party concerned under or in connection with a Finance Document, or any request for such a consent or waiver;

212.the valuation of any security provided or offered under Clause 15 (Security Cover) or any other matter relating to such security; or

213.any step taken by the Creditor Party concerned with a view to the protection, exercise or enforcement of any right or Security Interest created by a Finance Document or for any similar purpose.

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There shall be recoverable under paragraph (d) the full amount of all legal expenses, whether or not such as would be allowed under rules of court or any taxation or other procedure carried out under such rules.

cc.Documentary taxes

The Borrower shall promptly pay any tax payable on or by reference to any Finance Document, and shall, on the Agent's demand, fully indemnify each Creditor Party against any claims, expenses, liabilities and losses resulting from any failure or delay by the Borrower to pay such a tax.

cd.Certification of amounts

A notice which is signed by 2 officers of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that Creditor Party under this Clause 20 (Fees and Expenses) and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or aggregate amount, is due.

•Indemnities

ce.Indemnities regarding borrowing and repayment of Loan

The Borrower shall fully indemnify the Agent and each Lender on the Agent's demand and the Security Trustee on its demand in respect of all claims, expenses, liabilities and losses which are made or brought against or incurred by that Creditor Party as a result of or in connection with:

214.an Advance not being borrowed on the date specified in the relevant Drawdown Notice for any reason other than a default by the Lender claiming the indemnity;

215.the receipt or recovery of all or any part of the Loan or an overdue sum otherwise than on the last day of the applicable Interest Period or other relevant period;

216.any failure (for whatever reason) by the Borrower to make payment of any amount due under a Finance Document on the due date or, if so payable, on demand (after giving credit for any default interest paid by the Borrower on the amount concerned under Clause 7 (Default Interest)); and

217.the occurrence and/or continuance of an Event of Default or a Potential Event of Default and/or the acceleration of repayment of the Loan under Clause 19 (Events of Default).

cf.Breakage costs

Without limiting its generality, Clause 21.1 (Indemnities regarding borrowing and repayment of Loan) covers any Break Costs.

cg.Miscellaneous indemnities

The Borrower shall fully indemnify each Creditor Party severally on their respective demands in respect of all claims, expenses, liabilities and losses which may be made or brought against or incurred by a Creditor Party, in any country, as a result of or in connection with:

218.any action taken, or omitted or neglected to be taken, under or in connection with any Finance Document by the Agent, the Security Trustee or any other Creditor Party or by any receiver appointed under a Finance Document; or

219.any other Pertinent Matter;

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other than claims, expenses, liabilities and losses which are shown to have been caused by the gross negligence, dishonesty or wilful misconduct of the officers or employees of the Creditor Party concerned.

ch.Currency indemnity

If any sum due from the Borrower or any Security Party to a Creditor Party under a Finance Document or under any order or judgment relating to a Finance Document has to be converted from the currency in which the Finance Document provided for the sum to be paid (the "Contractual Currency") into another currency (the "Payment Currency") for the purpose of:

220.making or lodging any claim or proof against the Borrower or any Security Party, whether in its liquidation, any arrangement involving it or otherwise; or

221.obtaining an order or judgment from any court or other tribunal; or

222.enforcing any such order or judgment;

the Borrower shall indemnify within 3 Business Days of demand the Creditor Party concerned against the loss arising when the amount of the payment actually received by that Creditor Party is converted at the available rate of exchange into the Contractual Currency.

222.In this Clause 21.4 (Currency indemnity), the "available rate of exchange" means the rate at which the Creditor Party concerned is able at the opening of business (London time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency.

This Clause 21.4 (Currency indemnity) creates a separate liability of the Borrower which is distinct from their other liabilities under the Finance Documents and which shall not be merged in any judgment or order relating to those other liabilities.

a.Sanctions and regulatory indemnities

The Borrower shall pay to the Agent on demand, and the Borrower shall indemnify each Lender against, all costs, charges, expenses, claims, liabilities, losses, duties and fees (including, but not limited to, legal fees and expenses on a full indemnity basis) and taxes thereon suffered or incurred by a Lender (other than in each case by reason of a Lender's gross negligence, dishonesty or wilful misconduct):

223.arising or asserted under or in connection with any law relating to safety at sea, the ISM Code, any Environmental Law or any Sanctions Law; or

224.as a result of any claim, action, civil penalty or fine against, any settlement, and any other kind of loss or liability, and as a result of conduct of the Borrower or any of their partners, directors, officers, employees or agents that violates any Sanctions Laws.

b.Application to Master Agreements

For the avoidance of doubt, Clause 21.4 (Currency indemnity) does not apply in respect of sums due from the Borrower to a Swap Counterparty under or in connection with a Master Agreement as to which sums the provisions of section 8 (Contractual Currency) of that Master Agreement shall apply.

c.Certification of amounts

A notice which is signed by 2 officers of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that Creditor Party under this Clause 21 (Indemnities)

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and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the amount, or aggregate amount, is due shall be, prima facie evidence that the amount, or aggregate amount, is due. Upon the Borrower's written request such Creditor Party shall, so far as practicable, provide an accompanying breakdown specifying the calculation of such amount in reasonable detail (but omitting information with in the opinion of that Creditor Party is of a sensitive or confidential nature).

d.Sums deemed due to a Lender

For the purposes of this Clause 21 (Indemnities), a sum payable by the Borrower to the Agent or the Security Trustee for distribution to a Lender shall be treated as a sum due to that Lender.

•No Set-Off or Tax Deduction

e.No deductions

All amounts due from the Borrower under a Finance Document shall be paid:

225.without any form of setoff, cross-claim or condition; and

226.free and clear of any Tax Deduction except a Tax Deduction which the Borrower is required by law to make.

f.Grossing-up for taxes

If the Borrower is required by law to make a Tax Deduction from any payment:

227.the Borrower shall notify the Agent as soon as it becomes aware of the requirement; similarly, a Lender shall notify the Agent on becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender it shall notify the affected Parties;

228.the Borrower shall pay the tax deducted to the appropriate taxation authority promptly, and in any event before any fine or penalty arises;

229.subject as provided in Clause 30.17 (Tax indemnity, tax gross-up and increased costs on assignment, transfer and change of lending office) the amount due in respect of the payment shall be increased by the amount necessary to ensure that each Creditor Party receives and retains (free from any liability relating to the Tax Deduction) a net amount which, after the Tax Deduction, is equal to the full amount which it would otherwise have received; and

g.Evidence of payment of taxes

Promptly, and in any event within 1 month after making any Tax Deduction, the Borrower concerned shall deliver to the Agent for the Creditor Party entitled to the payment an original receipt (or certified copy thereof) satisfactory to that Creditor Party evidencing that the tax had been paid to the appropriate taxation authority.

h.Tax credit

A Creditor Party which has obtained (and has derived full use and benefit, on an affiliated group basis, of) a repayment or credit in respect of tax on account of which the Borrower (or any of them) have made an increased payment under Clause 22.2 (Grossing-up for taxes) shall pay to the Borrower a sum equal to the proportion of the repayment or credit which that Creditor Party allocates to the amount due from the Borrower in respect of which the Borrower made the increased payment Provided that:

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230.the Creditor Party shall not be obliged to allocate to this transaction any part of a tax repayment or credit which is referable to a class or number of transactions;

231.nothing in this Clause 22.4 (Tax credit) shall oblige a Creditor Party to arrange its tax affairs in any particular manner, to claim any type of relief, credit, allowance or deduction instead of, or in priority to, another or to make any such claim within any particular time;

232.nothing in this Clause 22.4 (Tax credit) shall oblige a Creditor Party to make a payment which would leave it in a worse position than it would have been in if the Borrower had not been required to make a Tax Deduction from a payment;

233.any allocation or determination made by a Creditor Party under or in connection with this Clause 22.4 (Tax credit) shall be conclusive and binding on the Borrower and the other Creditor Parties;

234.nothing in this Clause 22.4 (Tax credit) shall oblige any Creditor Party to disclose any information relating to its affairs (tax or otherwise) or those of its ultimate parent company (or any subsidiary thereof) or any computations in respect of tax; and

235.the Creditor Party's tax affairs for its tax year in respect of which such credit or repayment was obtained have been finally settled.

i.Tax Deduction

In this Clause 22 (No Set-Off or Tax Deduction) "Tax Deduction" means any deduction or withholding for or on account of any present or future tax other than a FATCA Deduction.

j.Value Added Tax

236.All amounts expressed to be payable under a Finance Document by any party to a Creditor Party shall be deemed to be exclusive of any VAT. If VAT is chargeable on any supply made by any Creditor Party to any party in connection with a Finance Document, that party shall pay to the Creditor Party (in additional to and at the same time as paying the consideration) an amount equal to the amount of the VAT.

237.Where a Finance Document requires any party to reimburse a Creditor Party for any costs or expenses, that party shall also at the same time pay and indemnify the Creditor Party against all VAT incurred by the Creditor Party in respect of the costs or expenses to the extent that the Creditor Party reasonably determines that it is not entitled to credit or repayment of the VAT.

k.Application to Master Agreements

For the avoidance of doubt, Clause 22 (No Set-Off or Tax Deduction) does not apply in respect of sums due from the Borrower to a Swap Counterparty under or in connection with a Master Agreement as to which sums the provisions of section 2(d) (Deduction or Withholding for Tax) of that Master Agreement shall apply.

l.FATCA information

238.Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request by another Party:

lxxx.confirm to that other Party whether it is:

e.a FATCA Exempt Party; or

f.not a FATCA Exempt Party;

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lxxxi.supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the purposes of that other Party's compliance with FATCA; and

lxxxii.supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of that other Party's compliance with any other law, regulation, or exchange of information regime.

239.If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.

240.Paragraph (a) above shall not oblige any Party to do anything, which would or might in its reasonable opinion constitute a breach of:

lxxxiii.any law or regulation;

lxxxiv.any fiduciary duty; or

lxxxv.any duty of confidentiality.

241.If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with paragraph (a)(i) or (ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information.

m.FATCA Deduction

242.Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.

243.Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition, shall notify the Borrower and the Agent and the Agent shall notify the other Creditor Parties.

n.Tax indemnity

244.The Borrower shall (within three Business Days of demand by the Agent) pay to a Creditor Party an amount equal to the loss, liability or cost which that Creditor Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Creditor Party in respect of a Finance Document.

245.Paragraph (a) above shall not apply:

lxxxvi.with respect to any Tax assessed on a Creditor Party:

g.under the law of the jurisdiction in which that Creditor Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Creditor Party is treated as resident for tax purposes; or

h.under the law of the jurisdiction in which that Creditor Party's Facility Office is located in respect of amounts received or receivable in that jurisdiction,

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if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Creditor Party; or

lxxxvii.to the extent a loss, liability or cost:

i.is compensated for by an increased payment under Clause 22.2 (Grossing-up for taxes); or

j.relates to a FATCA Deduction required to be made by a Party, or

k.is in respect of VAT (which shall be dealt with in accordance with Clause 22.6 (Value Added Tax)); or

l.is in respect of documentary taxes (which shall be dealt with in accordance with Clause 20.4 (Documentary taxes)).

246.A Creditor Party making, or intending to make, a claim under paragraph (a) above shall promptly notify the Agent of the event which will give, or has given, rise to the claim, following which the Agent shall notify the Borrower.

247.A Creditor Party shall, on receiving a payment from a Borrower under this Clause 22.10 (Tax indemnity), notify the Agent.

o.Non-Cooperative Jurisdiction

248.Subject to paragraph (b) below, within ten Business Days of:

lxxxviii.a Lender becoming aware that; or

lxxxix.the Borrower notifying a Transferee Lender that,

an amount payable to that Lender or Transferee Lender (as applicable) by the Borrower under a Finance Document is not (or will not be when the relevant income tax is calculated) treated as a deductible charge or expense for Belgian tax purposes for the Borrower by reason of that amount being:

xc.paid or accrued to a Lender or Transferee Lender (as applicable) incorporated, domiciled, established or acting through a Facility Office located in a Non-Cooperative Jurisdiction; or

xci.paid to an account opened in the name of or for the benefit of that Lender in a financial institution located in a Non-Cooperative Jurisdiction,

(a “Non-Cooperative Jurisdiction Matter”) such Lender or Transferee Lender (as applicable) shall supply to the Borrower such forms, documentation and other information relating to that Non-Cooperative Jurisdiction Matter as:

m.the Borrower reasonably requests for the purposes of the Borrower being able to utilise a Belgian law provision so that amounts payable to such Lender or Transferee Lender (as applicable) by the Borrower under a Finance Document are (or will be when the relevant income tax is calculated) treated as a deductible charge or expense for Belgian tax purposes; and

n.are in the position of such Lender or Transferee Lender (as applicable) and such Lender or Transferee Lender (as applicable) is permitted to provide to the Borrower.

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249.Paragraph (a) above shall not oblige any Lender or Transferee Lender (as applicable) to do anything which would or might in its reasonable opinion constitute a breach of:

xcii.any law or regulation;

xciii.any fiduciary duty; or

xciv.any duty of confidentiality.

•Illegality, etc.

p.Illegality, etc.

This Clause 23 (Illegality, etc.) applies if a Creditor Party (the "Notifying Creditor Party") notifies the Agent that it has become, or will with effect from a specified date, become:

250.unlawful or prohibited as a result of the introduction of a new law, an amendment to an existing law or a change in the manner in which an existing law is or will be interpreted or applied; or

251.contrary to, or inconsistent with, any regulation and/or contrary to or declared by any Sanctions Authority to be contrary to Sanctions Laws,

for the Notifying Creditor Party to maintain or give effect to any of its obligations under this Agreement in the manner contemplated by this Agreement.

q.Notification of illegality

The Agent shall promptly notify the Borrower, the Security Parties, the Security Trustee and the other Lenders of the notice under Clause 23 (Illegality, etc.) which the Agent receives from the Notifying Creditor Party.

r.Prepayment; termination of Commitment

252.On the Agent notifying the Borrower under Clause 23.2 (Notification of illegality), the Creditor Party's Commitment shall terminate; and to the extent that the Lender’s Contribution has not been transferred pursuant to Clause 30.18 (Replacement of Lender by Borrower), thereupon or, if later, on the date specified in the Notifying Creditor Party's notice under Clause 23 (Illegality, etc.) as the date on which the notified event would become effective the Borrower shall prepay the Notifying Creditor Party's Contribution in accordance with Clause 8 (Reduction, Repayment, Prepayment and Cancellation).

253.Upon the termination of a Notifying Creditor Party's Commitment and prepayment by the Borrower of such Notifying Creditor Party's Contribution pursuant to paragraph (a) above:

xcv.the amounts by which the Revolving Facility is scheduled to be reduced pursuant to Clause 8.1 (Reduction of Total Revolving Commitments) shall each be reduced, on a pro-rata basis, by an amount equal in aggregate to the sum prepaid by the Borrower in respect of a Notifying Creditor Party's Contribution under the Revolving Facility pursuant to paragraph (a) above; and

xcvi.any sum prepaid by the Borrower in respect of a Notifying Creditor Party's Contribution under a Tranche shall reduce the Repayment Instalments of that Tranche pro rata.

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s.Mitigation

If circumstances arise which would result in a notification under Clause 23 (Illegality, etc.) then, without in any way limiting the rights of the Notifying Creditor Party under Clause 23.3 (Prepayment; termination of Commitment), the Notifying Creditor Party shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Creditor Party shall not be under any obligation to take any such action if, in its opinion, to do would or might:

254.have an adverse effect on its business, operations or financial condition; or

255.involve it in any activity which is unlawful or prohibited or any activity that is contrary to, or inconsistent with, any regulation; or

256.involve it in any expense (unless indemnified to its satisfaction) or tax disadvantage.

•The Agent, the Arrangers and the Reference Banks

t.Appointment of the Agent

257.Each of the Arrangers, the Lenders and the Swap Banks appoints the Agent to act as its agent under and in connection with the Finance Documents.

258.Each of the Arrangers, the Lenders and the Swap Banks authorises the Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Agent under, or in connection with, the Finance Documents together with any other incidental rights, powers, authorities and discretions.

259.Each of the Arrangers, the Lenders and the Swap Banks appoints the Agent for the purpose of administering the Loan and the Finance Documents. Each of them releases the Agent from the restrictions on the representation of several parties by one agent pursuant to section 181 of the German Civil Code (Bürgerliches Gesetzbuch) and similar restrictions pursuant to any other applicable law.

u.Instructions

260.The Agent shall:

xcvii.unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Agent in accordance with any instructions given to it by:

o.all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and

p.in all other cases, the Majority Lenders; and

xcviii.not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with sub-paragraph (i) above (or, if this Agreement stipulates the matter is a decision for any other Creditor Party or group of Creditor Parties, in accordance with instructions given to it by that Creditor Party or group of Creditor Parties).

261.The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Creditor Party or group of Creditor Parties, from that Creditor Party or group of Creditor Parties) as to whether, and in what manner, it should exercise or refrain from

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exercising any right, power, authority or discretion and the Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested.

262.Save in the case of decisions stipulated to be a matter for any other Creditor Party or group of Creditor Parties under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Creditor Parties.

263.Paragraph (a) above shall not apply:

xcix.where a contrary indication appears in a Finance Document;

c.where a Finance Document requires the Agent to act in a specified manner or to take a specified action;

ci.in respect of any provision which protects the Agent's own position in its personal capacity as opposed to its role of Agent for the relevant Creditor Parties.

264.If giving effect to instructions given by the Majority Lenders would in the Agent's opinion have an effect equivalent to an amendment or waiver referred to in Clause 33 (Variations and Waivers), the Agent shall not act in accordance with those instructions unless consent to it so acting is obtained from each Party (other than the Agent) whose consent would have been required in respect of that amendment or waiver.

265.In exercising any discretion to exercise a right, power or authority under the Finance Documents where it has not received any instructions as to the exercise of that discretion the Agent shall do so having regard to the interests of all the Creditor Parties.

266.The Agent may refrain from acting in accordance with any instructions of any Creditor Party or group of Creditor Parties until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability (together with any applicable VAT) which it may incur in complying with those instructions.

267.Without prejudice to the remainder of this Clause 24.2 (Instructions), in the absence of instructions, the Agent shall not be obliged to take any action (or refrain from taking action) even if it considers acting or not acting to be in the best interests of the Creditor Parties. The Agent may act (or refrain from acting) as it considers to be in the best interest of the Creditor Parties.

268.The Agent is not authorised to act on behalf of a Creditor Party (without first obtaining that Creditor Party's consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph (i) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Finance Documents or enforcement of the Finance Documents.

v.Duties of the Agent

269.The Agent's duties under the Finance Documents are solely mechanical and administrative in nature.

270.Subject to paragraph (c) below, the Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by any other Party.

271.Without prejudice to Clause 30.3 (Transfer Certificate, delivery and notification), paragraph (b) above shall not apply to any Transfer Certificate.

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272.Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

273.If the Agent receives notice from a Party referring to any Finance Document, describing an Event of Default and stating that the circumstance described is an Event of Default, it shall promptly notify the other Creditor Parties.

274.If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Creditor Party (other than the Agent, the Arranger or the Security Trustee) under this Agreement, it shall promptly notify the other Creditor Parties.

275.The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied).

w.Role of the Arrangers, Swap Co-ordinator and Sustainability Agent

Except as specifically provided in the Finance Documents, the Arrangers, Swap Co-ordinator, Co-ordinator and Sustainability Agent have no obligations of any kind to any other Party under or in connection with any Finance Document.

x.No fiduciary duties

276.Nothing in any Finance Document constitutes the Agent or any Arranger as a trustee or fiduciary of any other person.

277.Neither the Agent nor any Arranger shall be bound to account to other Creditor Party for any sum or the profit element of any sum received by it for its own account.

y.Application of receipts

Except as expressly stated to the contrary in any Finance Document, any moneys which the Agent receives or recovers in its capacity as Agent shall be applied by the Agent in accordance with Clause 17 (Application of Receipts).

z.Business with the Group

The Agent and the Arrangers may accept deposits from, lend money to, and generally engage in any kind of banking or other business with, any member of the Group.

aa.Rights and discretions

278.The Agent may:

cii.rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised;

ciii.assume that:

q.any instructions received by it from the Majority Lenders, any Creditor Parties or any group of Creditor Parties are duly given in accordance with the terms of the Finance Documents; and

r.unless it has received notice of revocation, that those instructions have not been revoked; and

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civ.rely on a certificate from any person:

s.as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or

t.to the effect that such person approves of any particular dealing, transaction, step, action or thing,

as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.

279.The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Creditor Parties) that:

cv.no Event of Default has occurred (unless it has actual knowledge of an Event of Default arising under paragraph (a) of Clause 19.1 (Events of Default); and

cvi.any right, power, authority or discretion vested in any Party or any group of Creditor Parties has not been exercised.

280.The Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts.

281.Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Agent (and so separate from any lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be desirable.

282.The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.

283.The Agent may act in relation to the Finance Documents and the Security Property through its officers, employees and agents and shall not:

cvii.be liable for any error of judgment made by any such person; or

cviii.be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default on the part of any such person,

unless such error or such loss was directly caused by the Agent's gross negligence or wilful misconduct.

284.Unless a Finance Document expressly provides otherwise the Agent may disclose to any other Party any information it reasonably believes it has received as agent under the Finance Documents.

285.Without prejudice to the generality of the above, the Agent:

cix.may disclose; and

cx.on the written request of the Borrower or the Majority Lenders shall, as soon as reasonably practicable, disclose,

the identity of a Defaulting Lender or Non-Consenting Lender to the Borrower and to the other Creditor Parties.

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286.Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor the Arrangers are obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

287.Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.

ab.Responsibility for documentation

Neither the Agent nor the Arrangers are responsible or liable for:

288.the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Agent, the Security Trustee, the Arrangers, the Borrower or any other person in, or in connection with, any Finance Document or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; or

289.the legality, validity, effectiveness, adequacy or enforceability of any Pertinent Document or the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Pertinent Document or the Security Property.

ac.No duty to monitor

The Agent shall not be bound to enquire:

290.whether or not any Event of Default has occurred;

291.as to the performance, default or any breach by the Borrower of its obligations under any Finance Document; or

292.whether any other event specified in any Finance Document has occurred.

ad.Exclusion of liability

293.Without limiting paragraph (b) below (or any other provision of any Finance Document excluding or limiting the liability of the Agent), the Agent will not be liable for:

cxi.any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Finance Document or the Security Property, unless directly caused by its gross negligence or wilful misconduct;

cxii.exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document, the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document or the Security Property; or

cxiii.any shortfall which arises on the enforcement or realisation of the Security Property; or

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cxiv.without prejudice to the generality of paragraphs (i) to (iii) above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of:

u.any act, event or circumstance not reasonably within its control; or

v.the general risks of investment in, or the holding of assets in, any jurisdiction,

including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.

294.No Party other than the Agent may take any proceedings against any officer, employee or agent of the Agent in respect of any claim it might have against the Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document or any Security Property and any officer, employee or agent of the Agent may rely on this Clause.

295.The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose.

296.Nothing in this Agreement shall oblige the Agent or the Arrangers to carry out:

cxv.any "know your customer" or other checks in relation to any person; or

cxvi.any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Creditor Party,

on behalf of any Creditor Party and each Creditor Party confirms to the Agent and the Arrangers that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or the Arrangers.

297.Without prejudice to any provision of any Finance Document excluding or limiting the Agent's liability, any liability of the Agent arising under or in connection with any Finance Document or the Security Property shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference to the date of default of the Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Agent at any time which increase the amount of that loss. In no event shall the Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent has been advised of the possibility of such loss or damages.

ae.Lenders' indemnity to the Agent

298.Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Agent, within three Business Days of demand, against any cost, loss or liability incurred by the Agent (otherwise than by reason of the Agent's gross

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negligence or wilful misconduct) in acting as Agent under the Finance Documents (unless the Agent has been reimbursed by the Borrower pursuant to a Finance Document).

299.Subject to paragraph (c) below, the Borrower shall immediately on demand reimburse any Lender for any payment that Lender makes to the Agent pursuant to paragraph (a) above.

300.Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which the Lender claims reimbursement relates to a liability of the Agent to the Borrower.

af.Resignation of the Agent

301.The Agent may resign and appoint one of its Affiliates acting through an office as successor by giving notice to the other Creditor Parties and the Borrower.

302.Alternatively, the Agent may resign by giving 30 days' notice to the other Creditor Parties and the Borrower, in which case the Majority Lenders (after consultation with the Borrower) may appoint as a successor Agent any reputable financial institution.

303.If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b) above within 20 days after notice of resignation was given, the retiring Agent (after consultation with the Borrower) may appoint as a successor Agent any reputable financial institution.

304.The retiring Agent shall make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents.

305.The Agent's resignation notice shall only take effect upon the appointment of a successor.

306.Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (d) above) but shall remain entitled to the benefit of Clause 21.1 (Indemnities regarding borrowing and repayment of Loan) and this Clause 24 (The Agent, the Arrangers and the Reference Banks) and any other provisions of a Finance Document which are expressed to limit or exclude its liability (or to indemnify it) in acting as Agent. Any fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.

307.After consultation with the Borrower, the Majority Lenders may, by notice to the Agent, require it to resign in accordance with paragraph (b) above. In this event, the Agent shall resign in accordance with paragraph (b) above.

308.The consent of the Borrower is not required for an assignment or transfer of rights and/or obligations by the Agent.

309.The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to paragraph (c) above) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either:

cxvii.the Agent fails to respond to a request under Clause 22.8 (FATCA information) and a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

cxviii.the information supplied by the Agent pursuant to Clause 22.8 (FATCA information) indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

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cxix.the Agent notifies the Borrower and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

and (in each case) a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and that Lender, by notice to the Agent, requires it to resign.

ag.Confidentiality

310.In acting as Agent for the Creditor Parties, the Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments.

311.If information is received by a division or department of the Agent other than the division or department responsible for complying with the obligations assumed by it under the Finance Documents, that information may be treated as confidential to that division or department, and the Agent shall not be deemed to have notice of it nor shall it be obliged to disclose such information to any Party.

312.Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor the Arrangers are obliged to disclose to any other person (i) any confidential information or (ii) any other information if the disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty.

ah.Relationship with the other Creditor Parties

313.The Agent may treat the person shown in its records as Lender or Swap Bank at the opening of business (in the place of the Agent's principal office as notified to the Creditor Parties from time to time) as the Lender acting through its Facility Office or, as the case may be, the Swap Bank:

cxx.entitled to or liable for any payment due under any Finance Document on that day; and

cxxi.entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day,

unless it has received not less than five Business Days' prior notice from that Lender or Swap Bank to the contrary in accordance with the terms of this Agreement.

314.Each Creditor Party shall supply the Agent with any information that the Security Trustee may reasonably specify (through the Agent) as being necessary or desirable to enable the Security Trustee to perform its functions as Security Trustee. Each Creditor Party shall deal with the Security Trustee exclusively through the Agent and shall not deal directly with the Security Trustee and any reference to any instructions being given by or sought from any Creditor Party or group of Creditor Parties by or to the Security Trustee in this Agreement must be given or sought through the Agent.

315.Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 35.7 (Electronic communication) electronic mail address and/or any other information required to enable the transmission of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address, fax number, electronic mail address (or such other information), department and officer by that Lender for the purposes of Clause 35.2

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(Addresses for communications) and Clause 35.7 (Electronic communication) and the Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender.

ai.Credit appraisal by the Creditor Parties

Without affecting the responsibility of the Borrower for information supplied by it or on its behalf in connection with any Document, each Creditor Party confirms to the Agent and the Arrangers that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under, or in connection with, any Document including but not limited to:

316.the financial condition, status and nature of each member of the Group;

317.the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Security Property;

318.whether that Creditor Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under, or in connection with, any Finance Document, the Security Property, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Security Property;

319.the adequacy, accuracy or completeness of any information provided by the Agent, any Party or by any other person under, or in connection with, any Finance Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and

320.the right or title of any person in or to or the value or sufficiency of any part of the Security Assets, the priority of any of the Transaction Security or the existence of any Security affecting the Security Assets.

aj.Deduction from amounts payable by the Agent

If any Party owes an amount to the Agent under the Finance Documents, the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted.

ak.Reliance and engagement letters

Each Secured Party confirms that each of the Arrangers and the Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports already accepted by the Arrangers or the Agent) the terms of any reliance letter or engagement letters or any reports or letters provided by accountants, auditors or providers of due diligence reports in connection with the Finance Documents or the transactions contemplated in the Finance Documents and to bind it in respect of those, reports or letters and to sign such letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters.

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al.Full freedom to enter into transactions

Without prejudice to Clause 24.7 (Business with the Group) or any other provision of a Finance Document and notwithstanding any rule of law or equity to the contrary, the Agent shall be absolutely entitled:

321.to enter into and arrange banking, derivative, investment and/or other transactions of every kind with or affecting the Borrower or any person who is party to, or referred to in, a Finance Document (including, but not limited to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent and/or security trustee for, and/or participating in, other facilities to such Borrower or any person who is party to, or referred to in, a Finance Document);

322.to deal in and enter into and arrange transactions relating to:

cxxii.any securities issued or to be issued by the Borrower or any other person; or

cxxiii.any options or other derivatives in connection with such securities; and

323.to provide advice or other services to the Borrower or any person who is a party to, or referred to in, a Finance Document,

and, in particular, the Agent shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation) any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits derived from the dealings transactions or other matters.

•The Security Trustee

am.Trust

324.The Security Trustee declares that it holds the Security Property on trust for the Creditor Parties on the terms contained in this Agreement and shall deal with the Security Property in accordance with this Clause 25 (The Security Trustee) and the other provisions of the Finance Documents.

325.Each other Creditor Party authorises the Security Trustee to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Security Trustee under, or in connection with, the Finance Documents together with any other incidental rights, powers, authorities and discretions.

326.Each of the Creditor Parties appoints the Security Trustee for the purpose of administering the Loan and the Finance Documents. Each of them releases the Security Trustee from the restrictions on the representation of several parties by one agent pursuant to section 181 of the German Civil Code (Bürgerliches Gesetzbuch) and similar restrictions pursuant to any other applicable law.

an.Parallel Debt (Covenant to pay the Security Trustee)

327.The Borrower irrevocably and unconditionally undertakes to pay to the Security Trustee its Parallel Debt which shall be amounts equal to, and in the currency or currencies of, its Corresponding Debt.

The Parallel Debt of the Borrower:

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cxxiv.shall become due and payable at the same time as its Corresponding Debt;

cxxv.is independent and separate from, and without prejudice to, its Corresponding Debt.

328.For purposes of this Clause 25.2 (Parallel Debt (Covenant to pay the Security Trustee)), the Security Trustee:

cxxvi.is the independent and separate creditor of each Parallel Debt;

cxxvii.acts in its own name and not as agent, representative or trustee of the Creditor Parties and its claims in respect of each Parallel Debt shall not be held on trust; and

cxxviii.shall have the independent and separate right to demand payment of each Parallel Debt in its own name (including, without limitation, through any suit, execution, enforcement of security, recovery of guarantees and applications for and voting in any kind of insolvency proceeding).

329.The Parallel Debt of the Borrower shall be:

cxxix.decreased to the extent that its Corresponding Debt has been irrevocably and unconditionally paid or discharged; and

cxxx.increased to the extent that its Corresponding Debt has increased,

and the Corresponding Debt of the Borrower shall be:

w.decreased to the extent that its Parallel Debt has been irrevocably and unconditionally paid or discharged; and

x.increased to the extent that its Parallel Debt has increased,

in each case provided that the Parallel Debt of the Borrower shall never exceed its Corresponding Debt.

330.All amounts received or recovered by the Security Trustee in connection with this Clause 25.2 (Parallel Debt (Covenant to pay the Security Trustee)) to the extent permitted by applicable law, shall be applied in accordance with Clause 17 (Application of Receipts).

331.This Clause 25.2 (Parallel Debt (Covenant to pay the Security Trustee)) shall apply, with any necessary modifications, to each Finance Document.

ao.Enforcement through Security Trustee only

The Creditor Parties shall not have any independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any right, power, authority or discretion arising under the Finance Documents except through the Security Trustee.

ap.Instructions

332.The Security Trustee shall:

cxxxi.unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Security Trustee in accordance with any instructions given to it by:

y.all Lenders (or the Agent on their behalf) if the relevant Finance Document stipulates the matter is an all Lender decision; and

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z.in all other cases, the Majority Lenders (or the Agent on their behalf); and

cxxxii.not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with sub-paragraph (i) above (or if this Agreement stipulates the matter is a decision for any other Creditor Party or group of Creditor Parties, in accordance with instructions given to it by that Creditor Party or group of Creditor Parties).

333.The Security Trustee shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or the Agent on their behalf) (or, if the relevant Finance Document stipulates the matter is a decision for any other Creditor Party or group of Creditor Parties, from that Creditor Party or group of Creditor Parties) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Security Trustee may refrain from acting unless and until it receives any such instructions or clarification that it has requested.

334.Save in the case of decisions stipulated to be a matter for any other Creditor Party or group of Creditor Parties under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Security Trustee by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Creditor Parties.

335.Paragraph (a) above shall not apply:

cxxxiii.where a contrary indication appears in a Finance Document;

cxxxiv.where a Finance Document requires the Security Trustee to act in a specified manner or to take a specified action;

cxxxv.in respect of any provision which protects the Security Trustee's own position in its personal capacity as opposed to its role of Security Trustee for the relevant Secured Parties.

cxxxvi.in respect of the exercise of the Security Trustee's discretion to exercise a right, power or authority under any of:

aa.Clause 25.28 (Application of receipts);

ab.Clause 25.29 (Permitted Deductions); and

ac.Clause 25.30 (Prospective liabilities).

336.If giving effect to instructions given by the Majority Lenders would in the Security Trustee's opinion have an effect equivalent to an amendment or waiver referred to in Clause 33 (Variations and Waivers), the Security Trustee shall not act in accordance with those instructions unless consent to it so acting is obtained from each Party (other than the Security Trustee) whose consent would have been required in respect of that amendment or waiver.

337.In exercising any discretion to exercise a right, power or authority under the Finance Documents where either:

cxxxvii.it has not received any instructions as to the exercise of that discretion; or

cxxxviii.the exercise of that discretion is subject to sub-paragraph (iv) of paragraph (d) above,

the Security Trustee shall do so having regard to the interests of all the Creditor Parties.

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338.The Security Trustee may refrain from acting in accordance with any instructions of any Creditor Party or group of Creditor Parties until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability (together with any applicable VAT) which it may incur in complying with those instructions.

339.Without prejudice to the remainder of this Clause 25.4 (Instructions), in the absence of instructions, the Security Trustee may (but shall not be obliged to) take such action in the exercise of its powers and duties under the Finance Documents as it considers in its discretion to be appropriate.

340.The Security Trustee is not authorised to act on behalf of a Creditor Party (without first obtaining that Creditor Party's consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph (i) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Finance Documents or enforcement of the Finance Documents.

aq.Duties of the Security Trustee

341.The Security Trustee's duties under the Finance Documents are solely mechanical and administrative in nature.

342.The Security Trustee shall promptly forward to a Party the original or a copy of any document which is delivered to the Security Trustee for that Party by any other Party.

343.Except where a Finance Document specifically provides otherwise, the Security Trustee is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

344.If the Security Trustee receives notice from a Party referring to any Finance Document, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Creditor Parties.

345.The Security Trustee shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied).

ar.No fiduciary duties

346.Nothing in any Finance Document constitutes the Security Trustee as an agent, trustee or fiduciary of the Borrower.

347.The Security Trustee shall not be bound to account to any other Secured Party for any sum or the profit element of any sum received by it for its own account.

as.Business with the Group

The Security Trustee may accept deposits from, lend money to, and generally engage in any kind of banking or other business with, any member of the Group.

at.Rights and discretions

348.The Security Trustee may:

cxxxix.rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised;

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cxl.assume that:

ad.any instructions received by it from the Majority Lenders, any Creditor Parties or any group of Creditor Parties are duly given in accordance with the terms of the Finance Documents;

ae.unless it has received notice of revocation, that those instructions have not been revoked;

af.if it receives any instructions to act in relation to the Transaction Security, that all applicable conditions under the Finance Documents for so acting have been satisfied; and

cxli.rely on a certificate from any person:

ag.as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or

ah.to the effect that such person approves of any particular dealing, transaction, step, action or thing,

as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.

349.The Security Trustee shall be entitled to carry out all dealings with the other Creditor Parties through the Agent and may give to the Agent any notice or other communication required to be given by the Security Trustee to any Creditor Party.

350.The Security Trustee may assume (unless it has received notice to the contrary in its capacity as security trustee for the Creditor Parties) that:

cxlii.no Event of Default has occurred; and

cxliii.any right, power, authority or discretion vested in any Party or any group of Creditor Parties has not been exercised.

351.The Security Trustee may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts.

352.Without prejudice to the generality of paragraph (c) above or paragraph (f) below, the Security Trustee may at any time engage and pay for the services of any lawyers to act as independent counsel to the Security Trustee (and so separate from any lawyers instructed by the Agent or the Lenders) if the Security Trustee in its reasonable opinion deems this to be desirable.

353.The Security Trustee may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Security Trustee or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.

354.The Security Trustee may act in relation to the Finance Documents and the Security Property through its officers, employees and agents and shall not:

cxliv.be liable for any error of judgment made by any such person; or

cxlv.be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default on the part of any such person,

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unless such error or such loss was directly caused by the Security Trustee's gross negligence or wilful misconduct.

355.Unless a Finance Document expressly provides otherwise the Security Trustee may disclose to any other Party any information it reasonably believes it has received as security trustee under the Finance Documents.

356.Notwithstanding any other provision of any Finance Document to the contrary, the Security Trustee is not obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

357.Notwithstanding any provision of any Finance Document to the contrary, the Security Trustee is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.

au.Responsibility for documentation

None of the Security Trustee or any Receiver is responsible or liable for:

358.the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Agent, the Security Trustee, any Arranger, the Borrower or any other person in, or in connection with, any Finance Document or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; or

359.the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document or the Security Property.

av.No duty to monitor

The Security Trustee shall not be bound to enquire:

360.whether or not any Event of Default has occurred;

361.as to the performance, default or any breach by the Borrower of its obligations under any Finance Document; or

362.whether any other event specified in any Finance Document has occurred.

aw.Exclusion of liability

363.Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Security Trustee or any Receiver), none of the Security Trustee nor any Receiver will be liable for:

cxlvi.any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Finance Document or the Security Property, unless directly caused by its gross negligence or wilful misconduct;

cxlvii.exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document, the Security Property or any other

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agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document or the Security Property; or

cxlviii.any shortfall which arises on the enforcement or realisation of the Security Property; or

cxlix.without prejudice to the generality of paragraphs (i) to (iii) above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of:

ai.any act, event or circumstance not reasonably within its control; or

aj.the general risks of investment in, or the holding of assets in, any jurisdiction,

including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.

364.No Party other than the Security Trustee or that Receiver (as applicable) may take any proceedings against any officer, employee or agent of the Security Trustee or a Receiver in respect of any claim it might have against the Security Trustee or a Receiver or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document or any Security Property.

365.The Security Trustee will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Security Trustee if the Security Trustee has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Security Trustee for that purpose.

366.Nothing in this Agreement shall oblige the Security Trustee to carry out:

cl.any "know your customer" or other checks in relation to any person; or

cli.any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Creditor Party,

on behalf of any Creditor Party and each Creditor Party confirms to the Security Trustee that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Security Trustee.

367.Without prejudice to any provision of any Finance Document excluding or limiting the liability of the Security Trustee or any Receiver, any liability of the Security Trustee or any Receiver arising under or in connection with any Finance Document or the Security Property shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference to the date of default of the Security Trustee or Receiver or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Security Trustee or any Receiver at any time which increase the amount of that loss. In no event shall the Security Trustee or any Receiver be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages,

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whether or not the Security Trustee or the Receiver has been advised of the possibility of such loss or damages.

ax.Lenders' indemnity to the Security Trustee

368.Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Security Trustee and every Receiver, within three Business Days of demand, against any cost, loss or liability incurred by any of them (otherwise than by reason of the Security Trustee's or Receiver's gross negligence or wilful misconduct) in acting as Security Trustee or Receiver under the Finance Documents (unless the Security Trustee or Receiver has been reimbursed by the Borrower pursuant to a Finance Document).

369.Subject to paragraph (c) below, the Borrower shall immediately on demand reimburse any Lender for any payment that Lender makes to the Security Trustee pursuant to paragraph (a) above.

370.Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which the Lender claims reimbursement relates to a liability of the Security Trustee to the Borrower.

ay.Resignation of the Security Trustee

371.The Security Trustee may resign and appoint one of its Affiliates acting through an office as successor by giving notice to the other Creditor Parties and the Borrower.

372.Alternatively, the Security Trustee may resign by giving 30 days' notice to the other Creditor Parties and the Borrower, in which case the Majority Lenders (after consultation with the Borrower) may appoint as a successor Security Trustee any reputable financial institution.

373.If the Majority Lenders have not appointed a successor Security Trustee in accordance with paragraph (b) above within 20 days after notice of resignation was given, the retiring Security Trustee (after consultation with the Borrower) may appoint as a successor Security Trustee any reputable financial institution.

374.The retiring Security Trustee shall make available to the successor Security Trustee such documents and records and provide such assistance as the successor Security Trustee may reasonably request for the purposes of performing its functions as Security Trustee under the Finance Documents. The Borrower shall, within three Business Days of demand, reimburse the retiring Security Trustee for the amount of all costs and expenses (including legal fees) properly incurred by it in making available such documents and records and providing such assistance.

375.The Security Trustee's resignation notice shall only take effect upon:

clii.the appointment of a successor; and

cliii.the transfer, by way of a document expressed as a deed, of all the Security Property to that successor.

376.Upon the appointment of a successor, the retiring Security Trustee shall be discharged, by way of a document executed as a deed, from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (b) of Clause 25.25 (Winding up of trust) and paragraph (d) above) but shall remain entitled to the benefit of Clause 21.1 (Indemnities regarding borrowing and repayment of Loan) and this Clause 25 (The Security Trustee) and any other provisions of a Finance Document which are expressed to limit or exclude its liability (or to indemnify it) in acting as Security Trustee. Any fees for the account

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of the retiring Security Trustee shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.

377.The Majority Lenders may, by notice to the Security Trustee, require it to resign in accordance with paragraph (b) above. In this event, the Security Trustee shall resign in accordance with paragraph (b) above but the cost referred to in paragraph (d) above shall be for the account of the Borrower.

378.The consent of the Borrower is not required for an assignment or transfer of rights and/or obligations by the Security Trustee.

az.Confidentiality

379.In acting as Security Trustee for the Creditor Parties, the Security Trustee shall be regarded as acting through its trustee division which shall be treated as a separate entity from any other of its divisions or departments.

380.If information is received by a division or department of the Security Trustee other than the division or department responsible for complying with the obligations assumed by it under the Finance Documents, that information may be treated as confidential to that division or department, and the Security Trustee shall not be deemed to have notice of it nor shall it be obliged to disclose such information to any Party.

381.Notwithstanding any other provision of any Finance Document to the contrary, the Security Trustee is not obliged to disclose to any other person (i) any confidential information or (ii) any other information if the disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty.

ba.Credit appraisal by the Creditor Parties

Without affecting the responsibility of the Borrower for information supplied by it or on its behalf in connection with any Finance Document, each Creditor Party confirms to the Security Trustee that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under, or in connection with, any Finance Document including but not limited to:

382.the financial condition, status and nature of each member of the Group;

383.the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Security Property;

384.whether that Creditor Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under, or in connection with, any Finance Document, the Security Property, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Security Property;

385.the adequacy, accuracy or completeness of any information provided by the Security Trustee, any Party or by any other person under, or in connection with, any Finance Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and

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386.the right or title of any person in or to or the value or sufficiency of any part of the Security Assets, the priority of any of the Transaction Security or the existence of any Security affecting the Security Assets.

bb.Security Trustee's management time

387.In the event of:

cliv.an Event of Default;

clv.the Security Trustee being requested by the Borrower or the Majority Lenders to undertake duties which the Security Trustee and the Borrower agrees to be of an exceptional nature or outside the scope of the normal duties of the Security Trustee under the Finance Documents; or

clvi.the Security Trustee and the Borrower agreeing that it is otherwise appropriate in the circumstances,

the Borrower shall pay to the Security Trustee any additional remuneration (together with any applicable VAT) that may be agreed between them or determined pursuant to paragraph (b) below.

388.If the Security Trustee and the Borrower fail to agree upon the nature of the duties, or upon the additional remuneration referred to in paragraph (a) above or whether additional remuneration is appropriate in the circumstances, any dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Security Trustee and approved by the Borrower or, failing approval, nominated (on the application of the Security Trustee) by the President for the time being of the Law Society of England and Wales (the costs of the nomination and of the investment bank being payable by the Borrower) and the determination of any investment bank shall be final and binding upon the Parties.

bc.Reliance and engagement letters

Each Secured Party confirms that the Security Trustee has authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports already accepted by the Security Trustee) the terms of any reliance letter or engagement letters or any reports or letters provided by accountants, auditors or providers of due diligence reports in connection with the Finance Documents or the transactions contemplated in the Finance Documents and to bind it in respect of those, reports or letters and to sign such letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters.

bd.No responsibility to perfect Transaction Security

The Security Trustee shall not be liable for any failure to:

389.require the deposit with it of any deed or document certifying, representing or constituting the title of the Borrower to any of the Security Assets;

390.obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any Finance Document or the Transaction Security;

391.register, file or record or otherwise protect any of the Transaction Security (or the priority of any of the Transaction Security) under any law or regulation or to give notice to any person of the execution of any Finance Document or of the Transaction Security;

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392.take, or to require the Borrower to take, any step to perfect its title to any of the Security Assets or to render the Transaction Security effective or to secure the creation of any ancillary Security under any law or regulation; or

393.require any further assurance in relation to any Finance Document.

be.Insurance by Security Trustee

394.The Security Trustee shall not be obliged:

clvii.to insure any of the Security Assets;

clviii.to require any other person to maintain any insurance; or

clix.to verify any obligation to arrange or maintain insurance contained in any Finance Document,

clx.and the Security Trustee shall not be liable for any damages, costs or losses to any person as a result of the lack of, or inadequacy of, any such insurance.

395.Where the Security Trustee is named on any insurance policy as an insured party, it shall not be liable for any damages, costs or losses to any person as a result of its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Majority Lenders request it to do so in writing and the Security Trustee fails to do so within 14 days after receipt of that request.

bf.Custodians and nominees

The Security Trustee may appoint and pay any person to act as a custodian or nominee on any terms in relation to any asset of the trust as the Security Trustee may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created under this Agreement and the Security Trustee shall not be responsible for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement or be bound to supervise the proceedings or acts of any person.

bg.Delegation by the Security Trustee

396.Each of the Security Trustee and any Receiver may, at any time, delegate by power of attorney or otherwise to any person for any period, all or any right, power, authority or discretion vested in it in its capacity as such.

397.That delegation may be made upon any terms and conditions (including the power to sub delegate) and subject to any restrictions that the Security Trustee or that Receiver (as the case may be) may, in its discretion, think fit in the interests of the Secured Parties.

398.No Security Trustee or Receiver shall be bound to supervise, or be in any way responsible for any damages, costs or losses incurred by reason of any misconduct, omission or default on the part of any such delegate or sub delegate.

bh.Additional Security Trustees

399.The Security Trustee may at any time appoint (and subsequently remove) any person to act as a separate trustee or as a co-trustee jointly with it:

clxi.if it considers that appointment to be in the interests of the Creditor Parties; or

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clxii.for the purposes of conforming to any legal requirement, restriction or condition which the Security Trustee deems to be relevant; or

clxiii.for obtaining or enforcing any judgment in any jurisdiction,

and the Security Trustee shall give prior notice to the Borrower and the Creditor Parties of that appointment.

400.Any person so appointed shall have the rights, powers, authorities and discretions (not exceeding those given to the Security Trustee under or in connection with the Finance Documents) and the duties, obligations and responsibilities that are given or imposed by the instrument of appointment.

401.The remuneration that the Security Trustee may pay to that person (after consultation with the Borrower), and any costs and expenses (together with any applicable VAT) incurred by that person in performing its functions pursuant to that appointment shall, for the purposes of this Agreement, be treated as costs and expenses incurred by the Security Trustee.

bi.Acceptance of title

The Security Trustee shall be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that the Borrower may have to any of the Security Assets and shall not be liable for or bound to require the Borrower to remedy any defect in its right or title.

bj.Releases

Upon a disposal of any of the Security Assets pursuant to the enforcement of the Transaction Security by a Receiver or the Security Trustee, the Security Trustee is irrevocably authorised (at the cost of the Borrower and without any consent, sanction, authority or further confirmation from any other Creditor Party) to release, without recourse or warranty, that property from the Transaction Security and to execute any release of the Transaction Security or other claim over that asset and to issue any certificates of non-crystallisation of floating charges that may be required or desirable.

bk.Winding up of trust

If the Security Trustee, with the approval of the Agent determines that:

402.all of the Secured Liabilities and all other obligations secured by the Finance Documents have been fully and finally discharged; and

403.no Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to the Borrower pursuant to the Finance Documents,

then

clxiv.the trusts set out in this Agreement shall be wound up and the Security Trustee shall release, without recourse or warranty, all of the Transaction Security and the rights of the Security Trustee under each of the Finance Documents; and

clxv.any Security Trustee which has resigned pursuant to Clause 25.13 (Resignation of the Security Trustee) shall release, without recourse or warranty, all of its rights under each Finance Document.

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bl.Powers supplemental to Trustee Acts

The rights, powers, authorities and discretions given to the Security Trustee under or in connection with the Finance Documents shall be supplemental to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Security Trustee by law or regulation or otherwise.

bm.Disapplication of Trustee Acts

Section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Trustee in relation to the trusts constituted by this Agreement and the other Finance Documents. Where there are any inconsistencies between (i) the Trustee Acts 1925 and 2000 and (ii) the provisions of this Agreement and any other Finance Document, the provisions of this Agreement and any other Finance Document shall, to the extent permitted by law and regulation, prevail and, in the case of any inconsistency with the Trustee Act 2000, the provisions of this Agreement and any other Finance Document shall constitute a restriction or exclusion for the purposes of the Trustee Act 2000.

bn.Application of receipts

All amounts from time to time received or recovered by the Security Trustee pursuant to the terms of any Finance Document, under Clause 25.2 (Parallel Debt (Covenant to pay the Security Trustee)) or in connection with the realisation or enforcement of all or any part of the Security Property (for the purposes of this Clause 25 (The Security Trustee), the "Recoveries") shall be held by the Security Trustee on trust to apply them at any time as the Security Trustee (in its discretion) sees fit, to the extent permitted by applicable law (and subject to the remaining provisions of this Clause 25 (The Security Trustee)), in the following order of priority:

404.in discharging any sums owing to the Security Trustee (in its capacity as such) (other than pursuant to Clause 25.2 (Parallel Debt (Covenant to pay the Security Trustee)) or any Receiver;

405.in payment or distribution to the Agent, on its behalf and on behalf of the other Creditor Parties, for application towards the discharge of all sums due and payable by the Borrower under any of the Finance Documents in accordance with Clause 17 (Application of Receipts);

406.if the Borrower is not under any further actual or contingent liability under any Finance Document, in payment or distribution to any person to whom the Security Trustee is obliged to pay or distribute in priority to the Borrower; and

407.the balance, if any, in payment or distribution to the Borrower.

bo.Permitted Deductions

The Security Trustee may, in its discretion:

408.set aside by way of reserve amounts required to meet, and to make and pay, any deductions and withholdings (on account of Taxes or otherwise) which it is or may be required by any applicable law to make from any distribution or payment made by it under this Agreement; and

409.pay all Taxes which may be assessed against it in respect of any of the Security Property, or as a consequence of performing its duties, or by virtue of its capacity as Security Trustee under any of the Finance Documents or otherwise (other than in connection with its remuneration for performing its duties under this Agreement).

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bp.Prospective liabilities

Following acceleration the Security Trustee may, in its discretion, or at the request of the Agent, hold any Recoveries in an interest bearing suspense or impersonal account(s) in the name of the Security Trustee with such financial institution (including itself) and for so long as the Security Trustee shall think fit (the interest being credited to the relevant account) for later payment to the Agent for application in accordance with Clause 25.28 (Application of receipts) in respect of:

410.any sum to the Security Trustee or any Receiver; and

411.any part of the Secured Liabilities,

that the Security Trustee or, in the case of paragraph (b) only, the Agent, reasonably considers, in each case, might become due or owing at any time in the future.

bq.Investment of proceeds

Prior to the payment of the proceeds of the Recoveries to the Agent for application in accordance with Clause 25.28 (Application of receipts) the Security Trustee may, in its discretion, hold all or part of those proceeds in an interest bearing suspense or impersonal account(s) in the name of the Security Trustee with such financial institution (including itself) and for so long as the Security Trustee shall think fit (the interest being credited to the relevant account) pending the payment from time to time of those moneys in the Security Trustee's discretion in accordance with the provisions of Clause 25.28 (Application of receipts).

br.Currency conversion

412.For the purpose of, or pending the discharge of, any of the Secured Liabilities the Security Trustee may convert any moneys received or recovered by the Security Trustee from one currency to another, at a market rate of exchange.

413.The obligations of the Borrower to pay in the due currency shall only be satisfied to the extent of the amount of the due currency purchased after deducting the costs of conversion.

bs.Good discharge

414.Any payment to be made in respect of the Secured Liabilities by the Security Trustee may be made to the Agent on behalf of the Creditor Parties and any payment made in that way shall be a good discharge, to the extent of that payment, by the Security Trustee.

415.The Security Trustee is under no obligation to make the payments to the Agent under paragraph (a) above in the same currency as that in which the obligations and liabilities owing to the relevant Creditor Party are denominated.

bt.Amounts received by Borrower

If the Borrower receives or recovers any amount which, under the terms of any of the Finance Documents, should have been paid to the Security Trustee, the Borrower will hold the amount received or recovered on trust for the Security Trustee and promptly pay that amount to the Security Trustee for application in accordance with the terms of this Agreement.

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bu.Full freedom to enter into transactions

Without prejudice to Clause 25.7 (Business with the Group) or any other provision of a Finance Document and notwithstanding any rule of law or equity to the contrary, the Security Trustee shall be absolutely entitled:

416.to enter into and arrange banking, derivative, investment and/or other transactions of every kind with or affecting the Borrower or any person who is party to, or referred to in, a Finance Document (including, but not limited to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent and/or security trustee for, and/or participating in, other facilities to such Borrower or any person who is party to, or referred to in, a Finance Document);

417.to deal in and enter into and arrange transactions relating to:

clxvi.any securities issued or to be issued by the Borrower or any other person; or

clxvii.any options or other derivatives in connection with such securities; and

418.to provide advice or other services to the Borrower or any person who is a party to, or referred to in, a Finance Document,

and, in particular, the Security Trustee shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation) any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits derived from the dealings transactions or other matters.

•Conduct of Business by the Creditor Parties

No provision of this Agreement will:

419.interfere with the right of any Creditor Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;

420.oblige any Creditor Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or

oblige any Creditor Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.

•Sharing among the Creditor Parties

bv.Payments to Creditor Parties

If a Creditor Party (a "Recovering Creditor Party") receives or recovers any amount from the Borrower other than in accordance with Clause 16 (Payments and Calculations)(a "Recovered Amount") and applies that amount to a payment due to it under the Finance Documents then:

421.the Recovering Creditor Party shall, within three Business Days, notify details of the receipt or recovery, to the Agent;

the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Creditor Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance with Clause 16 (Payments and

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Calculations), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and

422.the Recovering Creditor Party shall, within three Business Days of demand by the Agent, pay to the Agent an amount (the "Sharing Payment") equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Creditor Party as its share of any payment to be made, in accordance with Clause 17.1 (Normal order of application).

bw.Redistribution of payments

The Agent shall treat the Sharing Payment as if it had been paid by the Borrower and distribute it among the Creditor Parties (other than the Recovering Creditor Party) (the "Sharing Creditor Parties") in accordance with Clause 17.1 (Normal order of application) towards the obligations of the Borrower to the Sharing Creditor Parties.

bx.Recovering Creditor Party's rights

On a distribution by the Agent under Clause 27.2 (Redistribution of payments) of a payment received by a Recovering Creditor Party from Borrower, as between the Borrower and the Recovering Creditor Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by the Borrower.

by.Reversal of redistribution

If any part of the Sharing Payment received or recovered by a Recovering Creditor Party becomes repayable and is repaid by that Recovering Creditor Party, then:

423.each Sharing Creditor Party shall, upon request of the Agent, pay to the Agent for the account of that Recovering Creditor Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Creditor Party for its proportion of any interest on the Sharing Payment which that Recovering Creditor Party is required to pay) (the "Redistributed Amount"); and

424.as between the Borrower and each relevant Sharing Creditor Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by the Borrower.

bz.Exceptions

425.This Clause 27 (Sharing among the Creditor Parties) shall not apply to the extent that the Recovering Creditor Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against the Borrower.

426.A Recovering Creditor Party is not obliged to share with any other Creditor Party any amount which the Recovering Creditor Party has received or recovered as a result of taking legal or arbitration proceedings, if:

clxviii.it notified that other Creditor Party of the legal or arbitration proceedings; and

clxix.that other Creditor Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.

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•Increased Costs

ca.Increased costs

427.Subject to Clause 28.3 (Exceptions), the Borrower shall, within three Business Days of a demand by the Agent, pay for the account of a Creditor Party the amount of any Increased Costs incurred by that Creditor Party or any of its Affiliates as a result of:

clxx.the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation; or

clxxi.compliance with any law or regulation made,

in each case after the date of this Agreement; or

clxxii.the implementation, application of or compliance with Basel III or CRD IV or any law or regulation that implements or applies Basel III or CRD IV.

428.In this Agreement:

clxxiii."Basel III" means:

ak.the agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel III: A global regulatory framework for more resilient banks and banking systems", "Basel III: International framework for liquidity risk measurement, standards and monitoring" and "Guidance for national authorities operating the countercyclical capital buffer" published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated;

al.the rules for global systemically important banks contained in "Global systemically important banks: assessment methodology and the additional loss absorbency requirement - Rules text" published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and

am.any further guidance or standards published by the Basel Committee on Banking Supervision relating to "Basel III".

clxxiv."CRD IV" means:

an.Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending regulation (EU) No. 648/2012;

ao.Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC; and

ap.any other law or regulation which implements Basel III.

clxxv."Increased Costs" means:

aq.a reduction in the rate of return from a Facility or on a Creditor Party's (or its Affiliate's) overall capital;

ar.an additional or increased cost; or

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as.a reduction of any amount due and payable under any Finance Document,

which is incurred or suffered by a Creditor Party or any of its Affiliates to the extent that it is attributable to that Creditor Party having entered into its Commitment or funding or performing its obligations under any Finance Document.

cb.Increased cost claims

429.A Creditor Party intending to make a claim pursuant to Clause 28 (Increased Costs) (the "Notifying Creditor Party")shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Borrower.

430.A Notifying Creditor Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs (specifying so far as practicable a breakdown in reasonable detail but omitting information which in the opinion of that Creditor Party is of a sensitive or confidential nature).

cc.Exceptions

Clause 28 (Increased Costs) does not apply to the extent any Increased Cost is:

431.attributable to a Tax Deduction required by law to be made by the Borrower;

432.attributable to a FATCA Deduction required to be made by a Party;

433.compensated for by Clause 22.10 (Tax indemnity) (or would have been compensated for under Clause 22.10 (Tax indemnity) but was not so compensated solely because any of the exclusions in paragraph (b) of Clause22.10 (Tax indemnity) applied;

434.in respect of an amount of VAT (which shall be dealt with in accordance with Clause 22.6 (Value Added Tax));

435.compensated for under Clause 20.4 (Documentary taxes);

436.attributable to the wilful breach by the relevant Notifying Creditor Party or its Affiliates of any law or regulation; or

437.incurred by a Swap Bank in its capacity as such.

cd.Notification to Borrower of claim for increased costs

The Agent shall promptly notify the Borrower and the Security Parties of the notice which the Agent received from the Notifying Creditor Party under Clause 28.1 (Increased costs) and there shall then be a 60 day consultation period for the Borrower and Notifying Creditor Party to discuss the particular increased cost and amount to be paid to the Notifying Creditor Party.

ce.Payment of increased costs

Unless something to the contrary is agreed by the Borrower and the Notifying Creditor Party during the 60 day consultation period referred to in 28.4 (Notification to Borrower of claim for increased costs), the Borrower shall pay to the Agent, on the Agent's demand, for the account of the Notifying Creditor Party the amounts which the Agent from time to time notifies the Borrower that the Notifying Creditor Party has specified to be necessary to compensate the Notifying Creditor Party for the increased cost.

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cf.Notice of prepayment

If the Borrower is not willing to continue to compensate the Notifying Creditor Party for the increased cost under Clause 28.5 (Payment of increased costs), the Borrower may give the Agent not less than 5 Business Days' notice of their intention to prepay the Notifying Creditor Party's Contribution or to procure a Transferee Lender.

cg.Prepayment; termination of Commitment

A notice of prepayment under Clause 28.6 (Notice of prepayment) shall be irrevocable; the Agent shall promptly notify the Notifying Creditor Party of the Borrower's notice of intended prepayment; and:

438.on the date on which the Agent serves that notice, the Commitment of the Notifying Creditor Party shall be cancelled; and

439.on the date specified in its notice of intended prepayment, the Borrower shall prepay (without premium or penalty) the Notifying Creditor Party's Contribution, together with accrued interest thereon at the applicable rate plus the applicable Margin.

ch.Application of prepayment

Clause 8 (Reduction, Repayment, Prepayment andCancellation) shall apply in relation to the prepayment.

•Set Off

ci.Application of credit balances

Each Creditor Party may, at any time after the occurrence of an Event of Default which is continuing, without prior notice:

440.apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of the Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum then due from the Borrower to that Creditor Party under any of the Finance Documents; and

441.for that purpose:

clxxvi.break, or alter the maturity of, all or any part of a deposit of the Borrower;

clxxvii.convert or translate all or any part of a deposit or other credit balance into Dollars;

clxxviii.enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party concerned considers appropriate.

cj.Existing rights unaffected

No Creditor Party shall be obliged to exercise any of its rights under Clause 29.1 (Application of credit balances); and those rights shall be without prejudice and in addition to any right of setoff, combination of accounts, charge, lien or other right or remedy to which a Creditor Party is entitled (whether under the general law or any document).

ck.Sums deemed due to a Lender

For the purposes of this Clause 29 (SetOff), a sum payable by the Borrower to the Agent or the Security Trustee for distribution to, or for the account of, a Lender shall be treated as a

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sum due to that Lender; and each Lender's proportion of a sum so payable for distribution to, or for the account of, the Lenders shall be treated as a sum due to such Lender.

cl.No Security Interest

This Clause 29 (SetOff) gives the Creditor Parties a contractual right of setoff only and does not create any equitable charge or other Security Interest over any credit balance of the Borrower.

• Transfers and Changes in Lending Offices

cm.Transfer by Borrower

The Borrower may not, without the consent of the Agent given on the instructions of all the Lenders, transfer any of its rights, liabilities or obligations under any Finance Document.

cn.Transfer by a Lender

Subject to Clause 30.4 (Effective Date of Transfer Certificate), a Lender (the "Transferor Lender") may, at its own cost, with the prior written consent of the Borrower (not to be unreasonably withheld or delayed) or without the consent of the Borrower if an Event of Default has occurred and is continuing or if to an Affiliate of the Lender, a Related Fund or another Lender, cause:

442.its rights in respect of all or pro rata parts of its Contribution; or

443.its obligations in respect of all or pro rata parts of its Commitment; or

444.a combination of (a) and (b);

to be (in the case of its rights) transferred to, or (in the case of its obligations) assumed by, another bank or financial institution, insurer or re-insurer, or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (a "Transferee Lender") by delivering to the Agent a completed certificate in the form set out in Schedule 5 (Transfer Certificate) with any modifications approved or required by the Agent (a "Transfer Certificate") executed by the Transferor Lender and the Transferee Lender Provided that a Lender may make such transfer to any wholly owned subsidiary of it, to a Related Fund, to its parent company or to another subsidiary of its parent company without the consent of the Borrower and the fee referred to in Clause 30.11 (Registration fee) shall not apply in relation to any such transfer.

Without prejudice to the foregoing, any such transfer by a Lender shall be subject to the following further conditions:

clxxix.the amount of the Contribution and/or Commitment of the Lender which is to be transferred shall not be less than $10,000,000 or, if less, the remaining amount of its Contribution and Commitment, unless the Agent agrees otherwise;

clxxx.payment of the fee in accordance with Clause 30.11 (Registration fee); and

clxxxi.no transfer shall be made to a distressed debt fund (commonly known as a vulture fund).

445.For the purposes of this Clause 30.2 (Transfer by a Lender), the Borrower will be deemed to have given its consent ten Business Days after the Transferor Lender has requested it in writing unless consent is expressly refused by the Borrower within that time.

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co.Transfer Certificate, delivery and notification

As soon as reasonably practicable after a Transfer Certificate is delivered to the Agent, it shall (unless it has reason to believe that the Transfer Certificate may be defective):

446.sign the Transfer Certificate on behalf of itself, the Borrower, the Security Parties, the Security Trustee and each of the other Lenders and each of the Swap Banks;

447.on behalf of the Transferee Lender, send to the Borrower and each Security Party letters or faxes notifying them of the Transfer Certificate and attaching a copy of it;

448.send to the Transferee Lender copies of the letters or faxes sent under paragraph (b),

but the Agent shall only be obliged to execute a Transfer Certificate delivered to it once it is satisfied it has complied with all necessary "know your customer" and other similar checks under all applicable laws and regulations in relation to the transfer to the Transferee Lender.

cp.Effective Date of Transfer Certificate

A Transfer Certificate becomes effective on the date, if any, specified in the Transfer Certificate as its effective date Provided that it is signed by the Agent under Clause 30.3 (Transfer Certificate, delivery and notification) on or before that date.

cq.No transfer without Transfer Certificate

No assignment or transfer of any right or obligation of a Lender under any Finance Document is binding on, or effective in relation to, the Borrower, any Security Party, the Agent or the Security Trustee unless it is effected, evidenced or perfected by a Transfer Certificate.

cr.Lender re-organisation; waiver of Transfer Certificate

However, if a Lender enters into any merger, de-merger or other reorganisation as a result of which all its rights or obligations vest in another person (the "successor"), the Agent may, if it sees fit, by notice to the successor and the Borrower and the Security Trustee waive the need for the execution and delivery of a Transfer Certificate; and, upon service of the Agent's notice, the successor shall become a Lender with the same Commitment and Contribution as were held by the predecessor Lender.

cs.Effect of Transfer Certificate

A Transfer Certificate takes effect in accordance with English law as follows:

449.to the extent specified in the Transfer Certificate, all rights and interests (present, future or contingent) which the Transferor Lender has under or by virtue of the Finance Documents are assigned to the Transferee Lender absolutely, free of any defects in the Transferor Lender's title and of any rights or equities which the Borrower or any Security Party had against the Transferor Lender;

450.the Transferor Lender's Commitment is discharged to the extent specified in the Transfer Certificate;

451.the Transferee Lender becomes a Lender with a Contribution and Commitment of the amounts specified in the Transfer Certificate;

452.the Transferee Lender becomes bound by all the provisions of the Finance Documents which are applicable to the Lenders generally, including those about prorata sharing and the exclusion of liability on the part of, and the indemnification of, the Agent and the Security Trustee and, to the extent that the Transferee Lender becomes bound by those provisions

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(other than those relating to exclusion of liability), the Transferor Lender ceases to be bound by them;

453.any part of the Loan which the Transferee Lender advances after the Transfer Certificate's effective date ranks in point of priority and security in the same way as it would have ranked had it been advanced by the transferor, assuming that any defects in the Transferor Lender's title and any rights or equities of the Borrower or any Security Party against the Transferor Lender had not existed;

454.the Transferee Lender becomes entitled to all the rights under the Finance Documents which are applicable to the Lenders generally, including but not limited to those relating to the Majority Lenders and those under Clause 5.9 (Market disruption) and Clause 20 (Fees and Expenses), and to the extent that the Transferee Lender becomes entitled to such rights, the Transferor Lender ceases to be entitled to them; and

455.in respect of any breach of a warranty, undertaking, condition or other provision of a Finance Document or any misrepresentation made in or in connection with a Finance Document, the Transferee Lender shall be entitled to recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether the original Lender would have incurred a loss of that kind or amount.

The rights and equities of the Borrower or any Security Party referred to above include, but are not limited to, any right of set off and any other kind of crossclaim.

ct.Maintenance of register of Lenders

During the Security Period the Agent shall maintain a register in which it shall record the name, Commitment, Contribution and administrative details (including the lending office) from time to time of each Lender holding a Transfer Certificate and the effective date (in accordance with Clause 30.4 (Effective Date of Transfer Certificate)) of the Transfer Certificate; and the Agent shall make the register available for inspection by any Lender, the Security Trustee and the Borrower during normal banking hours, subject to receiving at least 3 Business Days prior notice.

cu.Reliance on register of Lenders

The entries on that register shall, in the absence of manifest error, be conclusive in determining the identities of the Lenders and the amounts of their Commitments and Contributions and the effective dates of Transfer Certificates and may be relied upon by the Agent and the other parties to the Finance Documents for all purposes relating to the Finance Documents.

cv.Authorisation of Agent to sign Transfer Certificates

The Borrower, the Security Trustee, each Lender and each Swap Bank irrevocably authorise the Agent to sign Transfer Certificates on its behalf.

cw.Registration fee

In respect of any Transfer Certificate, the Agent shall be entitled to recover a registration fee of $5,000 from the Transferor Lender or (at the Agent's option) the Transferee Lender.

cx.Sub-participation; subrogation assignment

456.A Lender may sub participate all or any part of its rights and/or obligations under or in connection with the Finance Documents without the consent of, or any notice to:

clxxxii.any Security Party, the Agent or the Security Trustee; or

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clxxxiii.where (A) an Event of Default has occurred and is continuing; or (B) such sub-participation is in connection with that Lender's credit insurance arrangements, the Borrower.

Where (A) no Event of Default has occurred and is continuing or (B) such sub-participation is not in connection with that Lender's credit insurance arrangements, the Borrower's consent to such sub-participation shall be required, such consent not to be unreasonably withheld or delayed.

457.The Lenders may assign, in any manner and terms agreed by the Majority Lenders, the Agent and the Security Trustee, all or any part of those rights to an insurer or surety who has become subrogated to them.

cy.Change of lending office

A Lender may change its lending office by giving notice to the Agent and the change shall become effective on the later of:

458.the date on which the Agent receives the notice; and

459.the date, if any, specified in the notice as the date on which the change will come into effect.

cz.Notification

On receiving such a notice, the Agent shall notify the Borrower, each other Security Party and the Security Trustee; and, until the Agent receives such a notice, it shall be entitled to assume that a Lender is acting through the lending office of which the Agent last had notice.

da.Replacement of Reference Bank

If any Reference Bank ceases to be a Lender or is unable on a continuing basis to supply quotations for the purposes of Clause 5 (Interest) then, unless the Borrower, the Agent and the Majority Lenders otherwise agree, the Agent, acting on the instructions of the Majority Lenders, and after consulting the Borrower, shall appoint another bank (whether or not a Lender) to be a replacement Reference Bank; and, when that appointment comes into effect, the firstmentioned Reference Bank's appointment shall cease to be effective.

db.Security over Lenders' rights

In addition to the other rights provided to Lenders under this Clause 30 (Transfers and Changes in Lending Offices), each Lender may without consulting with or obtaining consent from the Borrower or any Security Party, at any time charge, assign or otherwise create a Security Interest in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation:

460.any charge, assignment or other Security Interest to secure obligations to a federal reserve or central bank; and

461.in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities;

except that no such charge, assignment or Security Interest shall:

clxxxiv.release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security Interest for the Lender as a party to any of the Finance Documents; or

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clxxxv.require any payments to be made by the Borrower or any Security Party or grant to any person any more extensive rights than those required to be made or granted to the relevant Lender under the Finance Documents.

dc.Tax indemnity, tax gross-up and increased costs on assignment, transfer and change of lending office

If:

462.a Lender assigns or transfers any rights or obligations under the Finance Documents pursuant to Clause 30.2 (Transfer by a Lender) or changes its lending office; and

463.as a result of circumstances existing at the date the assignment, transfer or change occurs the Borrower would be obliged to make a payment to the Transferee Lender or Lender acting through its new lending office under Clause 22.10 (Tax indemnity), Clause 22 (No Set-Off or Tax Deduction) or Clause 28 (Increased Costs),

then the Borrower will only be obliged to make payment and the Transferee Lender or the Lender acting through its new lending office is only entitled to receive payment under those Clauses to the same extent and in no greater amount as the Transferor Lender or the Lender acting through its previous lending office would have been if the assignment, transfer or change had not occurred.

dd.Replacement of Lender by Borrower

The Borrower may, at any time unless a Potential Event of Default or Event of Default has occurred and is continuing in respect of:

464.a Lender whose costs of funds charged to the Borrower are (in the Borrower's reasonable opinion) materially higher than those of the other Lenders generally;

465.a Lender which is a Defaulting Lender; or

466.a Lender which is a Non-Consenting Lender,

by giving 10 Business Days' notice to the Agent and that Lender (the "Outgoing Lender") replace the Outgoing Lender by requiring it to (and the Outgoing Lender must) transfer in accordance with Clause 30 (Transfers and Changes in Lending Offices) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank (a "Replacement Lender") selected by the Borrower and (unless the Agent is an Impaired Agent) which is acceptable to the Agent (acting reasonably) for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of the Outgoing Lender's Contribution and all accrued interest, break costs and other amounts payable in relation to that Contribution under this Agreement and the other Finance Documents.

Any transfer of rights and obligations of an Outgoing Lender under this Clause is subject to the following conditions:

clxxxvi.neither the Agent nor the Outgoing Lender will have any obligation to the Borrower to find a Replacement Lender;

clxxxvii.the transfer must take place no later than 10 Business Days after the Borrower's notice referred to above;

clxxxviii.in no event will the Outgoing Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Outgoing Lender under this Agreement and the other Finance Documents; and

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clxxxix.the Outgoing Lender shall only be obliged to transfer its rights and obligations under this Clause once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to that transfer and the Outgoing Lender shall perform the checks described in this paragraph (iv) above as soon as reasonably practicable following delivery of a notice referred to in this Clause and shall notify the Agent and the Borrower when it is satisfied that it has complied with those checks.

•Confidential Information

de.Confidentiality

467.Each Creditor Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 31.2 (Disclosure of Confidential Information) and Clause 31.3 (Disclosure to numbering service providers) and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information.

468.To the extent that Confidential Information comprises personal information of any officer, director or employee of the Borrower or any Security Party, each Creditor Party agrees to hold that personal information in accordance with applicable law.

df.Disclosure of Confidential Information

Any Creditor Party may disclose:

469.to any of its Affiliates or Related Funds and any of its or their officers, directors, employees, professional advisers, (credit) insurers, reinsurers, (re-)insurance brokers, rating agencies, service providers, indirect providers of credit protection, auditors, partners and Representatives such Confidential Information as that Creditor Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;

470.to any person:

cxc.to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Agent or Security Trustee and, in each case, to any of that person's Affiliates, Related Funds, Representatives and professional advisers;

cxci.with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or the Borrower and to any of that person's Affiliates, Related Funds, Representatives and professional advisers;

cxcii.appointed by any Creditor Party or by a person to whom sub-paragraph (i) or (ii) of paragraph (b) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under paragraph (c) of Clause 24.15 (Relationship with the other Creditor Parties);

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cxciii.which is a classification society or other entity which a Lender has engaged to make the calculations necessary to enable that Lender to comply with its reporting obligations under the Poseidon Principles;

cxciv.who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in sub-paragraph (i) or (ii) of paragraph (b) above;

cxcv.to whom information is required or requested to be disclosed by any court or tribunal of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation;

cxcvi.to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitrations, administrative or other investigations, proceedings or disputes;

cxcvii.to whom or for whose benefit that Creditor Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 30.16 (Security over Lenders' rights);

cxcviii.who is a Party, a member of the Group or any related entity of the Borrower;

cxcix.as a result of the registration of any Finance Document as contemplated by any Finance Document or any legal opinion obtained in connection with any Finance Document; or

cc.with the consent of the Borrower;

in each case, such Confidential Information as that Creditor Party shall consider appropriate if:

at.in relation to sub-paragraphs (i), (ii) and (iii) of paragraph (b) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information;

au.in relation to sub-paragraphs (iv) and (v) of paragraph (b) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information;

av.in relation to sub-paragraphs (vi), (vii) and (viii) of paragraph (b) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Creditor Party, it is not practicable so to do in the circumstances;

471.to any person appointed by that Creditor Party or by a person to whom sub-paragraph (i) or (ii) of paragraph (b) above applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the

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services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered in to a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/ Settlement Service Providers or such other form of confidentiality undertaking agreed between the Borrower and the relevant Creditor Party.

dg.Disclosure to numbering service providers

472.Any Creditor Party may disclose to any national or international numbering service provider appointed by that Creditor Party to provide identification numbering services in respect of this Agreement, the Loan and the Borrower the following information:

cci.name of the Borrower;

ccii.country of domicile of the Borrower;

cciii.place of incorporation of the Borrower;

cciv.date of this Agreement;

ccv.Clause 37 (Law and Jurisdiction);

ccvi.the names of the Agent and the Arrangers;

ccvii.date of each amendment and restatement of this Agreement;

ccviii.amounts of, and names of, the relevant Loan;

ccix.amount of Total Commitments;

ccx.currency of the relevant Loan;

ccxi.type of the relevant Loan;

ccxii.ranking of the relevant Loan;

ccxiii.Maturity Date(s) for the Loan;

ccxiv.changes to any of the information previously supplied pursuant to sub-paragraphs (i) to (xiii) above; and

ccxv.such other information agreed between such Creditor Party and the Borrower,

to enable such numbering service provider to provide its usual syndicated loan numbering identification services.

473.The Parties acknowledge and agree that each identification number assigned to this Agreement, the Loan and/or the Borrower by a numbering service provider and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.

474.The Borrower represents that none of the information set out in sub-paragraphs (i) to (xv) of paragraph (a) above is, nor will at any time be, unpublished price-sensitive information.

dh.Entire agreement

This Clause 31 (Confidential Information) constitutes the entire agreement between the Parties in relation to the obligations of the Creditor Parties under the Finance Documents

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regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

di.Inside information

Each of the Creditor Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Creditor Parties undertakes not to use any Confidential Information for any unlawful purpose.

dj.Notification of disclosure

Each of the Creditor Parties agrees (to the extent permitted by law and regulation) to inform the Borrower:

475.of the circumstances of any disclosure of Confidential Information made pursuant to sub-paragraph (v) of paragraph (b) of Clause 31.2 (Disclosure of Confidential Information) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

476.upon becoming aware that Confidential Information has been disclosed in breach of this Clause 31 (Confidential Information).

dk.Continuing obligations

The obligations in this Clause 31 (Confidential Information) are continuing and, in particular, shall survive and remain binding on each Creditor Party for a period of 12 months from the earlier of:

477.the date on which all amounts payable by the Borrower under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and

478.the date on which such Creditor Party otherwise ceases to be a Creditor Party.

•Confidentiality of Funding Rates and Reference Bank Quotations

dl.Confidentiality and disclosure

479.The Agent and the Borrower agree to keep each Funding Rate (and, in the case of the Agent, each Reference Bank Quotation) confidential and not to disclose it to anyone, save to the extent permitted by paragraphs (b), (c) and (d) below.

480.The Agent may disclose:

ccxvi.any Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to the Borrower pursuant to Clause 5.4 (Notification of rates of interest); and

ccxvii.any Funding Rate or any Reference Bank Quotation to any person appointed by it to provide administration services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Agent and the relevant Lender or Reference Bank, as the case may be.

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481.The Agent may disclose any Funding Rate or any Reference Bank Quotation, and the Borrower may disclose any Funding Rate, to:

ccxviii.any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives, if any person to whom that Funding Rate or Reference Bank Quotation is to be given pursuant to this paragraph (i) is informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding Rate or Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation to it;

ccxix.any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the Borrower, as the case may be, it is not practicable to do so in the circumstances;

ccxx.any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the Borrower, as the case may be, it is not practicable to do so in the circumstances; and

ccxxi.any person with the consent of the relevant Lender or Reference Bank, as the case may be.

482.The Agent's obligations in this Clause 32 (Confidentiality of Funding Rates and Reference Bank Quotations) relating to Reference Bank Quotations are without prejudice to its obligations to make notifications under Clause 5.4 (Notification of rates of interest) providedthat (other than pursuant to sub-paragraph (i) of paragraph (b) above) the Agent shall not include the details of any individual Reference Bank Quotation as part of any such notification.

dm.Related obligations

483.The Agent and the Borrower acknowledge that each Funding Rate (and, in the case of the Agent, each Reference Bank Quotation) is or may be price sensitive information and that its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the Agent and the Borrower undertake not to use any Funding Rate or, in the case of the Agent, any Reference Bank Quotation for any unlawful purpose.

484.The Agent and the Borrower agree (to the extent permitted by law and regulation) to inform the relevant Lender or Reference Bank, as the case may be:

ccxxii.of the circumstances of any disclosure made pursuant to sub-paragraph (ii) of paragraph (c) of Clause 32.1 (Confidentiality and disclosure) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

ccxxiii.upon becoming aware that any information has been disclosed in breach of this Clause 32 (Confidentiality of Funding Rates and Reference Bank Quotations).

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•Variations and Waivers

dn.Variations, waivers etc. by Majority Lenders

Subject to Clause 33.2 (Variations, waivers etc. requiring agreement of all Lenders), a document shall be effective to vary, waive, suspend or limit any provision of a Finance Document, or any Creditor Party's rights or remedies under such a provision or the general law, only if the document is signed by the Borrower, by the Agent on behalf of the Majority Lenders, by the Agent and the Security Trustee in their own rights, and, if the document relates to a Finance Document to which a Security Party is party, by that Security Party.

The consent of the Borrower or any Security Party shall not be required to any amendment or variation to a Finance Document if such amendment or variation does not, in the opinion of the Agent (acting reasonably), materially and adversely affect the rights or interests of the Borrower or the Security Parties.

do.Variations, waivers etc. requiring agreement of all Lenders

However, as regards the following and subject to Clause 33.3 (Replacement of Screen Rate), Clause 33.1 (Variations, waivers etc. by Majority Lenders) applies as if the words "by the Agent on behalf of the Majority Lenders" were replaced by the words "by or on behalf of every Lender":

485.a reduction in the Margin;

486.a change to the date for, the amount of, any payment of principal, interest, fees, or other sum payable under this Agreement;

487.a change to any Lender's Commitment;

488.a change to the definition of "Approved Flag", "Majority Lenders" or "Finance Documents";

489.a change to the preamble or to Clause 2 (Facility), Clause 3 (Position of the Lenders and Swap Banks), Clause 4 (Drawdown), Clause 5.1 (Payment of normal interest), Clause 5.20 (Margin Opt Out), Clause 10.13 (No money laundering), Clause 10.14 (Anti-Corruption Laws), Clause 10.15 (Sanctions), Clause 11.17 (Conduct of business; compliance with laws), Clause 11.18 (Know your customer requirements), Clause 11.19 (Compliance with Sanctions Laws),Clause 12.11 (Notification of Sanctions), Clause 14.2 (Ship's name and registration) Clause 14.9 (Compliance with laws etc.),paragraph (b) of Clause 16.1 (Currency and method of payments), Clause 17 (Application of Receipts), Clause 18 (Application of Earnings) or Clause 37 (Law and Jurisdiction);

490.a change to this Clause 33 (Variations and Waivers);

491.any release of, or material variation to, a Security Interest, guarantee, indemnity or subordination arrangement set out in a Finance Document (except in the case of a release of Transaction Security as it relates to the disposal of an asset which is the subject of the Transaction Security and where such disposal is expressly permitted by the Majority Lenders or otherwise under a Finance Document);

492.a change to the identity of the Borrower; and

493.any other change or matter as regards which this Agreement or another Finance Document expressly provides that each Lender's consent is required.

dp.Replacement of Screen Rate

494.Any amendment or waiver which relates to:

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ccxxiv.providing for the use of a Replacement Benchmark in place of the Screen Rate; and

ccxxv.

aw.aligning any provision of any Finance Document to the use of that Replacement Benchmark;

ax.enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement);

ay.implementing market conventions applicable to that Replacement Benchmark;

az.providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; or

ba.adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Benchmark (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation),

may be made with the consent of the Agent (acting on the instructions of the Majority Lenders) and the Borrower.

495.If any Lender fails to respond to a request for an amendment or waiver described in paragraph (a) above within 10 Business Days (or such longer time period in relation to any request which the Borrower and the Agent may agree) of that request being made:

ccxxvi.its Commitment shall not be included for the purpose of calculating the Total Commitments when ascertaining whether any relevant percentage of Total Commitments has been obtained to approve that request; and

ccxxvii.its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve that request.

dq.Exclusion of other or implied variations

Except for a document which satisfies the requirements of Clause 33.1 (Variations, waivers etc. by Majority Lenders), Clause 33.2 (Variations, waivers etc. requiring agreement of all Lenders) and Clause 33.3 (Replacement of Screen Rate), no document, and no act, course of conduct, failure or neglect to act, delay or acquiescence on the part of the Creditor Parties or any of them (or any person acting on behalf of any of them) shall result in the Creditor Parties or any of them (or any person acting on behalf of any of them) being taken to have varied, waived, suspended or limited, or being precluded (permanently or temporarily) from enforcing, relying on or exercising:

496.a provision of this Agreement or another Finance Document; or

497.an Event of Default; or

498.a breach by the Borrower or a Security Party of an obligation under a Finance Document or the general law; or

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499.any right or remedy conferred by any Finance Document or by the general law;

and there shall not be implied into any Finance Document any term or condition requiring any such provision to be enforced, or such right or remedy to be exercised, within a certain or reasonable time.

dr.Restricted Creditor Parties

500.A Creditor Party that is incorporated in the Federal Republic of Germany or is otherwise subject to the EU Blocking Regulation or the German Blocking Provisions may notify the Agent in writing copied to the Borrower that it elects that any provisions with respect to Sanctions, including, without limitation, the provisions contained in Clause 10.15 (Sanctions), Clause 11.17 (Conduct of business; compliance with laws), Clause 11.19 (Compliance with Sanctions Laws),Clause 12.11 (Notification of Sanctions), Clause 14.9 (Compliance with laws etc.) (the "Sanctions Provisions") shall only enure to the benefit of, and be applicable to, that Creditor Party  to the extent that such provisions would not result in: (i) any violation of, conflict with or liability under the EU Blocking Regulation;  or (ii) in the case of a Creditor Party that is incorporated in the Federal Republic of Germany or otherwise qualifies as a German resident (Inländer) within the meaning of section 2 paragraph 15 German Foreign Trade Act (Außenwirtschaftsgesetz, AWG) only, a violation of, conflict with or liability under the German Blocking Provisions.

501.If a Creditor Party has elected to be a Restricted Creditor Party, in respect of any proposed requirement to comply, enforcement, waiver, non-waiver, consent, variation or amendment of or in relation to a Finance Document or Master Agreement relating to any Sanctions Provision (a "Relevant Action"), the Restricted Creditor Party shall notify the Agent in writing whether it shall be deemed not to be a Lender in respect of the proposed Relevant Action and, upon receipt by the Agent of such notice, that Restricted Creditor Party's:

ccxxviii.Commitment or its participation in the Loan (as the case may be) shall not be included for the purpose of calculating the Total Commitments or the amount of the Loan (as applicable) when ascertaining whether any relevant percentage of Total Commitments or the aggregate of participations in the Loan (as applicable) has been obtained in relation to that Relevant Action; and

ccxxix.status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained in relation to that Relevant Action.

502.The representations and warranties and/or undertakings provided for in the Sanctions Provisions shall only apply to the Borrower or a member of the Group insofar as the giving of or compliance with such representations and warranties and/or undertakings do not and will not result in a violation of or conflict with the EU Blocking Regulation or the German Blocking Provisions.

ds.Excluded Commitments

If any Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any term of any Finance Document or any other vote of Lenders under the terms of this Agreement within 20 Business Days of that request being made (unless the Borrower and the Agent agree to a longer time period in relation to any request), unless such request requires a unanimous response from the Lenders:

503.its Commitment(s) shall not be included for the purpose of calculating the Total Commitments under the relevant Facility/ies when ascertaining whether any relevant percentage of Total Commitments has been obtained to approve that request; and

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504.its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve that request.

dt.Disenfranchisement of Defaulting Lenders

505.For so long as a Defaulting Lender has any Available Commitment, in ascertaining:

ccxxx.the Majority Lenders; or

ccxxxi.whether:

bb.any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments under the relevant Facilities; or

bc.the agreement of any specified group of Lenders,

has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders under the Finance Documents,

that Defaulting Lender's Commitments under the relevant Facility/ies will be reduced by the amount of its Available Commitments under the relevant Facility/ies and, to the extent that that reduction results in that Defaulting Lender's Total Commitments being zero, that Defaulting Lender shall be deemed not to be a Lender for the purposes of paragraphs (i) and (ii) above.

506.For the purposes of this Clause 33.7, the Agent may assume that the following Lenders are Defaulting Lenders:

ccxxxii.any Lender which has notified the Agent that it has become a Defaulting Lender;

ccxxxiii.any Lender in relation to which it is aware that any of the events or circumstances referred to in paragraphs (a), (b) or (c) of the definition of "Defaulting Lender" has occurred,

unless it has received notice to the contrary from the Lender concerned (together with any supporting evidence reasonably requested by the Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender.

•Bail-In

Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the parties to a Finance Document, each Party acknowledges and accepts that any liability of any party to a Finance Document under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:

507.any Bail-In Action in relation to any such liability, including (without limitation):

ccxxxiv.a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;

ccxxxv.a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and

ccxxxvi.a cancellation of any such liability; and

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508.a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.

•Notices

du.General

Unless otherwise specifically provided, any notice under or in connection with any Finance Document shall be given by letter or fax and references in the Finance Documents to written notices, notices in writing and notices signed by particular persons shall be construed accordingly.

dv.Addresses for communications

A notice shall be sent:

509.to the Borrower:    de Gerlachekaai 20

        B-2000 Antwerp

Belgium

Fax No: 32 3 247 4409

Attn: Chief Financial Officer

Email: financial@euronav.com

510.to a Lender:    At the address below its name in Schedule 1 (Lenders and Commitments) or (as the case may require) in the relevant Transfer Certificate.

511.to a Swap Bank:    At the address below its name in Schedule 2 (Swap Banks).

512.to the Agent and

the Security Trustee:    Essendropsgate 7

    Oslo

    Norway

Loan administration matters:

Attn: International Loans Administration

Email: sls.norway@nordea.com

Credit matters:

Attn: Shipping, Offshore and Oil Services

Email: agency.soosid@nordea.com

or to such other address as the relevant party may notify the Agent or, if the relevant party is the Agent or the Security Trustee, the Borrower, the Lenders, the Swap Banks and the Security Parties.

dw.Effective date of notices

Subject to Clauses 35.4 (Service outside business hours) and 35.5 (Illegible notices):

513.a notice which is delivered personally or posted shall be deemed to be served, and shall take effect, at the time when it is delivered;

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514.a notice which is sent by fax shall be deemed to be served, and shall take effect, 2 hours after its transmission is completed.

dx.Service outside business hours

However, if under Clause 35.3 (Effective date of notices) a notice would be deemed to be served:

515.on a day which is not a business day in the place of receipt; or

516.on such a business day, but after 5 p.m. local time;

the notice shall (subject to Clause 35.5 (Illegible notices) be deemed to be served, and shall take effect, at 9 a.m. on the next day which is such a business day.

dy.Illegible notices

Clauses 35.3 (Effective date of notices) and 35.4 (Service outside business hours) do not apply if the recipient of a notice notifies the sender within 1 hour after the time at which the notice would otherwise be deemed to be served that the notice has been received in a form which is illegible in a material respect.

dz.Valid notices

A notice under or in connection with a Finance Document shall not be invalid by reason that its contents or the manner of serving it do not comply with the requirements of this Agreement or, where appropriate, any other Finance Document under which it is served if:

517.the failure to serve it in accordance with the requirements of this Agreement or other Finance Document, as the case may be, has not caused any party to suffer any significant loss or prejudice; or

518.in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the party on which the notice was served what the correct or missing particulars should have been.

ea.Electronic communication

Any communication to be made between the Agent and another Creditor Party or the Borrower under or in connection with the Finance Documents may be made by electronic mail or other electronic means (including by way of the Agent's Debtdomain system), if the Agent and the relevant Creditor Party or Borrower:

519.agree that, unless and until notified to the contrary, this is to be an accepted form of communication;

520.notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and

521.notify each other of any change to their respective addresses or any other such information supplied to them.

Any electronic communication made between the Agent and another Creditor Party or the Borrower will be effective only when actually received in readable form and, in the case of any electronic communication made by a Creditor Party or the Borrower to the Agent, only if it is addressed in such a manner as the Agent shall specify for this purpose.

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All Creditor Parties confirm that they have consented to the use of the Agent's Debtdomain systems as an accepted method of communication under or in connection with the Finance Documents and agree that the Debtdomain system (or another electronic collaborative website) will be the primary method of communication between the Agent and the other Creditor Parties. The Creditor Parties acknowledge that a communication via Debtdomain (or such other electronic collaborative website) will be effective once the communication is posted (in a readable form) to Debtdomain (or such other electronic collaborative website) by the Agent.

eb.English language

Any notice under or in connection with a Finance Document shall be in English.

ec.Reliance on notices

Each Creditor Party may rely on any representation, communication, notice or document received from or made by the Borrower believed by it to be genuine, correct and appropriately authorised.

ed.Meaning of "notice"

In this Clause 35 (Notices), "notice" includes any demand, consent, authorisation, approval, instruction, waiver or other communication.

•Supplemental

ee.Rights cumulative, non-exclusive

The rights and remedies which the Finance Documents give to each Creditor Party are:

522.cumulative;

523.may be exercised as often as appears expedient; and

524.shall not, unless a Finance Document explicitly and specifically states so, be taken to exclude or limit any right or remedy conferred by any law.

ef.Severability of provisions

If any provision of a Finance Document is or subsequently becomes void, unenforceable or illegal, that shall not affect the validity, enforceability or legality of the other provisions of that Finance Document or of the provisions of any other Finance Document.

eg.Counterparts

A Finance Document may be executed in any number of counterparts.

eh.Third Party rights

A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement.

ei.Electronic signature

Each Party agrees that this Agreement may be signed or executed by any Creditor Party by electronic signature (whatever form the electronic signature takes) and that this method of signature is as conclusive of the relevant Creditor Party's intention to be bound by this Agreement as if signed or executed by means of manuscript signature.

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•Law and Jurisdiction

ej.English law

This Agreement (other than Clause 3.5 (Security Trustee as joint and several creditor) and any non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance with, English law. Clause 3.5 (Security Trustee as joint and several creditor) shall be governed by, and construed in accordance with, Belgian law.

ek.Exclusive English jurisdiction

Subject to Clause 37.3 (Choice of forum for the exclusive benefit of the Creditor Parties), the courts of England shall have exclusive jurisdiction to settle any Dispute.

el.Choice of forum for the exclusive benefit of the Creditor Parties

Clause 37.2 (Exclusive English jurisdiction) is for the exclusive benefit of the Creditor Parties, each of which reserves the right:

525.to commence proceedings in relation to any Dispute in the courts of any country other than England and which have or claim jurisdiction to that Dispute; and

526.to commence such proceedings in the courts of any such country or countries concurrently with or in addition to proceedings in England or without commencing proceedings in England.

The Borrower shall not commence any proceedings in any country other than England in relation to a Dispute.

em.Process agent

The Borrower irrevocably appoints Euronav (UK) Agencies Limited at its registered office for the time being, presently at 99 King's Road, London, SW3 4PA, England, to act as its agent to receive and accept on its behalf any process or other document relating to any proceedings in the English courts which are connected with this Agreement.

en.Creditor Party rights unaffected

Nothing in this Clause 37 (Law and Jurisdiction) shall exclude or limit any right which any Creditor Party may have (whether under the law of any country, an international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or enforcement of a judgment or any similar or related matter in any jurisdiction.

eo.Meaning of "proceedings"

In this Clause 37 (Law and Jurisdiction), "proceedings" means proceedings of any kind, including an application for a provisional or protective measure and a "Dispute" means any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement.

THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement.

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Execution Version

Schedule 1.

Lenders and Commitments

Lender	Lending Office	Tranche A Commitment ($)	Tranche B Commitment ($)	Tranche C Commitment ($)	Tranche D Commitment ($)	Revolving Commitment ($)
ABN AMRO Bank N.V.	Gustav Mahlerlaan 10 1082 PP Amsterdam The Netherlands	5,261,570.83	5,261,570.83	5,261,570.83	5,261,570.83	40,453,716.69

Credit Matters:

Rinie Wust / Rick van Kooten

Tel:    +31 6 53836003 / +31 6 23463207

E-mail:    

rinie.wust@nl.abnamro.com/ rick.van.kooten@nl.abnamro.com

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	Operations/Administrations: Dien Quan / Nalini Mahendrepersad E-mail:     loket.leningenadministratie.ccs@nl.abnamro.com
BNP Paribas Fortis SA/NV	3, Montagne du Parc – 1000 Brussels, Belgium	5,261,570.83	5,261,570.83	5,261,570.83	5,261,570.83	40,453,716.69
	Credit Matters: Pierre Frachon 37 Place du Marché Saint Honoré 75001 Paris, France Tel:    33.1.58.16.73.85 Email: pierre.frachon@bnpparibas.com

    132    EUROPE/67061979v8

	Guy Haesevoets 3, Montagne du Parc / 1KA2E, 1000 Brussels, Belgium Tel:    32 (0) 2 565 8219 Email: guy.haesevoets@bnpparibasfortis.com
	Operations/Administrations: Geert Sterck 3, Montagne du Parc / 1KA1D, 1000 Brussels, Belgium Tel:    32 (0) 2 565 2355 Telefax: 32 (0) 2 565 3403 E-mail geert.sterck@bnpparibasfortis.com Laura Falzone/ Lindsay Margraff 3, Montagne du Parc / 1KA1D, 1000 Brussels, Belgium Tel:    32 (0) 2 312 0730 / 32 (0) 2 312 12 16 Telefax:    32 (0) 2 565 3403 E-mail: laura.falzone@bnpparibasfortis.com / Lindsay.margraff@bnpparibasfortis.com E-mail: structured.finance.bo.cb@bnpparibasfortis.com
DNB (UK) Limited	8th Floor, The Walbrook Building, 25 Walbrook, London EC4N 8AF	5,261,570.83	5,261,570.83	5,261,570.83	5,261,570.83	40,453,716.69

    133    EUROPE/67061979v8

	Credit Matters: 8th Floor, The Walbrook Building, 25 Walbrook, London EC4N 8AF Attn: Kay Newman / CMOA Dept Tel:    0207 621 6040 E-mail:    kay.newman@dnb.no / cmoalondon@dnb.no
	Operations/Administrations: 8th Floor, The Walbrook Building, 25 Walbrook, London EC4N 8AF Attn: Loan Admin Department Tel:    0207 621 1111 E-mail:    ladlondon@dnb.no
ING Bank, a branch of ING-DiBa AG	Hamburger Allee 1, 60486 Frankfurt am Main, Germany	5,261,570.83	5,261,570.83	5,261,570.83	5,261,570.83	40,453,716.69
	Credit Matters: Bart Doets, Harmony El Kherdali, Haico Vaanholt Hamburger Allee 1, 60486 Frankfurt am Main, Germany Tel: +49 69 27222 62 – 360 / 350, +31 61 0143 – 196, +31 205 636 – 369 E-mail: Bart.Doets@ing.de, Harmony.ElKherdali@ing.de, Haico.Vaanholt@ing.com
	Operations/Administrations: Loan Administration Hamburger Allee 1, 60486 Frankfurt am Main, Germany Tel: +49 69 75936 -235 / -347 / -361 / -313 E-mail:    execution@ing.com / SP_CB-DE-ING-LOAN-ADMINISTRATION@ing.de

    134    EUROPE/67061979v8

KBC Bank NV	Brouwersvliet 39, B-2000 Antwerpen, Belgium	5,261,570.83	5,261,570.83	5,261,570.83	5,261,570.83	40,453,716.69
	Credit Matters: Anja Goris Brouwersvliet 39, B-2000 Antwerpen, Belgium Tel: + 32 3 202 90 81 E-mail:    anja.goris@kbc.be
	Operations/Administrations: Ann Amelinckx IBR/8244, Havenlaan 6, 1080 Brussels, Belgium Tel:    + 32 2 429 31 87 E-mail: creditadmin.br1@kbc.be
Nordea Bank Abp, filial i Norge	Essendropsgate 7 0368 Oslo Norway Credit Matters: Tel: (47) 22 48 50 00 Email: sls.norway@nordea.com Attn: Shipping, Offshore and Oil Services Administration Matters: Tel: (47) 22 48 50 00 Email: sls.norway@nordea.com Attn: International Loans Administration	5,261,570.83	5,261,570.83	5,261,570.83	5,261,570.83	40,453,716.69
Commonwealth Bank of Australia, London Branch	Level 2, 60 Ludgate Hill, London EC4M 7AW	4,149,368.86	4,149,368.86	4,149,368.86	4,149,368.86	31,902,524.54

    135    EUROPE/67061979v8

	Credit Matters: Level 2, 60 Ludgate Hill, London EC4M 7AW Attn: Phil Cheesman / Lachlan Evans Tel:    +44 20 77103621 / +44 20 77103970 E-mail:    Philip.Cheesman@cba.com.au / Lachlan.Evans@cba.com.au / Deborah.Tan@cba.com.au
	Operations/Administrations: Level 1, 60 Ludgate Hill, London Attn: CBA Loan Market Operations / David Goldman Tel:    +44 20 77103961 / +44 20 77103586 E-mail:    ausr_sm05485@cba.com.au / David.Goldman@cba.com.au / pdm_saf@cba.com.au
Crédit Agricole Corporate and Investment Bank	12 place des Etats-Unis, 92547 Montrouge Cedex, France	4,149,368.86	4,149,368.86	4,149,368.86	4,149,368.86	31,902,524.54
	Credit Matters: Broadwalk House, 5 Appold Street, EC2A 2DA London, United Kingdom Attn: Justin LANDE, Dilhan SEBASTIAN, Julie GLAUSER Tel: +442072145993/442072145996/+442072145981 E-mail:    Justin.lande@ca-cib.com; dilhan.sebastian@ca-cib.com; Julie.glauser@ca-cib.com
	Operations/Administrations: 12 place des Etats-Unis, 92547 Montrouge Cedex, France Attn: Nhu Nhan LAM Tel:    33 (0) 141 89 22 88 E-mail:    nhunhan.lam@ca-cib.com

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Société Générale	29 Boulevard Haussmann 75009 Paris France	4,149,368.86	4,149,368.86	4,149,368.86	4,149,368.86	31,902,524.54
	Credit Matters: 189, rue d’Aubervilliers 75886 PARIS CEDEX 18 Attn: Thi Kim Anh NGUYEN / Imane ELMOKHTARI Tel:    +33 1 57 29 68 64 / +33 1 58 98 51 09 E-mail:    thi-kim-anh.nguyen@sgcib.com / imane.elmokhtari@sgcib.com
	Operations/Administrations: 189, rue d’Aubervilliers 75886 PARIS CEDEX 18 Attn: Ramesh KODAGANTI / Jayaprakash SRINIVAS Tel:    +91 80 67 31 76 12 / +91 8067 314438 E-mail:    oper-caf-dmt4.par@sgcib.com
Standard Chartered Bank	1 Basinghall Avenue, London, EC2V 5DD	4,149,368.86	4,149,368.86	4,149,368.86	4,149,368.86	31,902,524.54
	Credit Matters: 1 Basinghall Avenue, London, EC2V 5DD Attn: Olga Terentieva/ Gaurav Moolwaney Tel:    +442078858850/ +442078856933 E-mail:    Olga.Terentieva@sc.com / Gaurav.Moolwaney@sc.com

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	Operations/Administrations: 1 Basinghall Avenue, London, EC2V 5DD Attn: Rajesh Janakiraman; Karthikeyan Loganathan, Vinod Tel:    +44 207 885 5500 E-mail:    UK.LPUInstructions@sc.com
Belfius Bank SA/NV	Rogierplein 11 | RT 29/03, 1210 Brussels, Belgium	2,780,504.91	2,780,504.91	2,780,504.91	2,780,504.91	21,377,980.36
	Credit Matters: Rogierplein 11 | RT 29/03, 1210 Brussels, Belgium Attn: Erik De Witte Tel:    +32 (0) 2 222 66 26 E-mail:    erik.dewitte@belfius.be
	Operations/Administrations: Rogierplein 11, 1210 Brussels, Belgium Attn: Niek Poppe / Katrien De Schepper Tel:    +32 (2) 222 76 20 / +32 2 222 20 69 E-mail:    loans.corp.specials@belfius.be
Danish Ship Finance A/S	Sankt Annae Plads 3, 1250 Copenhagen K, Denmark	2,780,504.91	2,780,504.91	2,780,504.91	2,780,504.91	21,377,980.36
	Credit Matters: Sankt Annae Plads 3, 1250 Copenhagen K, Denmark Attn: Morten Muller / Brian Damm Kristiansen Tel:    +45 33 33 93 33 E-mail:    mul@shipfinance.dk / bdk@shipfinance.dk

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	Operations/Administrations: Sankt Annae Plads 3, 1250 Copenhagen K, Denmark Attn: Loan Administration Tel:    +45 33 33 93 33 E-mail:    loanAdmin@shipfinance.dk
Deutsche Bank AG Filiale Deutschlandgeschäft	Taunusanlage 12, 60325 Frankfurt am Main, Germany	2,780,504.91	2,780,504.91	2,780,504.91	2,780,504.91	21,377,980.36
	Credit Matters: Deutsche Bank AG, Credit Risk Management (CRM), Adolphsplatz 7, 20457 Hamburg, Germany Attn: Gordon Boehm Tel:    +49(40)3701-4566 E-mail:    gordon.boehm@db.com
	Operations/Administrations: Deutsche Bank AG, Trade Finance & Lending - Loan Support, Otto-Suhr-Allee 6, 10585 Berlin, Germany Attn: Sabine von Kuenheim, Martina Kahn Tel:    +49 30 310 -55035 E-mail:    tobias-c.mueller@db.com
Skandinaviska Enskilda Banken AB (publ)	106 40 Stockholm, Sweden	2,780,504.91	2,780,504.91	2,780,504.91	2,780,504.91	21,377,980.36

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	Credit Matters: SEB, P.O.Box 1843 Vika, 0123 Oslo, Norway Attn: Johan Lindström Tel:    +47 22 82 71 47 E-mail:    johan.lindstrom@seb.se
	Operations/Administrations: Stjärntorget 4, 106 40 Stockholm, Sweden Attn: Structured Credits Operations Tel:    +370 525 91681 E-mail:    sco@seb.se
National Australia Bank Limited	255 George Street, Sydney NSW 2000, Australia	1,711,079.94	1,711,079.94	1,711,079.94	1,711,079.94	13,155,680.22
	Credit Matters: 12 Marina View, #20-02 Asia Square Tower 2, Singapore 018961 Attn: Geir Bakkelund Tel:    +65 8111 0451 E-mail:    geir.bakkelund@nabasia.com
	Operations/Administrations: Level 21, 500 Bourke St, Melbourne VIC 3000, Australia Attn: Robert Arzanov Tel:    +61 459 866 146 E-mail:    Wholesale.Banking.Transaction.Management.Group@nab.com.au /      NAB.EST.Lending.Administration@nab.com.au

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Schedule 2.

    141    EUROPE/67061979v8

Execution Version

1.

Swap Banks

Swap Bank	Booking Office
Belfius Bank SA/NV	Rogierplein 11, 1210 Brussels, Belgium Attn:    Dennis Van Landeghem Tel:    +32 (0) 2 250 71 16 E-mail:    dennis.vanlandeghem@belfius.be
BNP Paribas Fortis SA/NV	Montagne du Parc 3, 1KL1A, 1000 Brussels, Belgium for all matters: Attn:    Legal Capital Markets (1KL1A) Tel:    +32 2 228 92 09 E-mail:    stephanie.debrosse@bnpparibasfortis.com / docderivatives.mbc@bnpparibasfortis.com for operational purposes: Attn: Back-Office (1B0Y) 1)IRD Fax: + 32 2 312 69 22 E-mail: matching_IRD_Brussels@bnpparibasfortis.com 2)FX-MM-FXD Fax: + 32 2 312 70 95 E-mail: matching_fx_fxd_brussels@bnpparibasfortis.com 3)Securities Fax: + 32 2 565 48 07 E-mail: confirmationmatching@bnpparibasfortis.com
Deutsche Bank AG	Deutsche Bank AG, Taunusanlage 12, 60325 Frankfurt, Germany Attn:    Legal Department Tel:    +47 930 23 966, +46 705 62 15 02 E-mail:    johan.lindstrom@seb.se / anders.x.petersson@seb.se
DNB Bank ASA	8th Floor, The Walbrook Building, 25 Walbrook, London EC4N 8AF, England Attn: Foreign Exchange Operations Tel: +44 207 621 1111 (Fax: +44 207 626 7400) E-mail: cmoalondon@dnb.com

ING Bank NV	Foppingadreef 7, P.O. Box 1800, NL-1000 BV Amsterdam, The Netherlands Attn: Operations / Derivatives / TRC 00.13 Tel: +31 20 563 8222 Fax: +31 20 501 3381 E-mail: Trade.Processing.Derivatives.AMS@INGBank.com
KBC Bank NV	IBR/8244, Havenlaan 6, 1080 Brussels, Belgium Attn: Vic Carleer Tel: +3224174592 E-mail: vic.carleer@kbc.be
Nordea Bank Abp	c/o Nordea Danmark, Filial af Nordea Bank Abp, Finland 7288 Derivatives Services PO box 850 DK-0900 Copenhagen K, Denmark Tel: +45 55 47 51 71 E-mail: otc@nordea.com
Skandinaviska Enskilda Banken AB (publ)	SE-106 40 Stockholm, Sweden Attn:    Johan Lindström, Anders Petersson Tel:    +47 930 23 966, +46 705 62 15 02 E-mail:    johan.lindstrom@seb.se / anders.x.petersson@seb.se
Standard Chartered Bank	1 Basinghall Avenue, London, EC2V 5DD, UK Attn:    Bertrand Badour Tel:    +33 1 53 75 83 30 E-mail:    bertrand.badour@sc.com

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2.

Drawdown Notice

To:    Nordea Bank Abp, filial i Norge

Essendropsgate 7

Oslo

Norway

Attn:    Loans Administration

[]

DRAWDOWN NOTICE

◦We refer to the loan agreement (the "Loan Agreement") dated [] 2020 and made between, amongst others, (1) Euronav NV (the "Borrower"), (2) the banks and financial institutions named therein as Lenders, (3) the banks and financial institutions named therein as Swap Banks, (4) the Arrangers as defined therein, (5) Nordea Bank Abp, filial i Norge, ABN AMRO Bank N.V., BNP Paribas Fortis SA/NV, DNB (UK) Limited, ING Bank, a branch of ING-DiBa AG and KBC Bank NV as Mandated Lead Arrangers and as Bookrunners, (6) ING Bank NV as Swap Co-ordinator, (7) Nordea Bank Abp, filial i Norge as Co-ordinator and Sustainability Agent and (8) Nordea Bank Abp, filial i Norge as Agent and Security Trustee in relation to a revolving credit facility of up to US$469,000,000 and a term loan facility of up to US$244,000,000. Terms defined in the Loan Agreement have their defined meanings when used in this Drawdown Notice.

◦We request to borrow an Advance in respect of [the Revolving Facility][Tranche[●]] as follows:

a.Amount: US$[];

b.Drawdown Date: [];

c.Duration of the [first] Interest Period shall be [] months;

d.Payment instructions: account of [] and numbered [] with [] of [].

◦We represent and warrant that:

e.the representations and warranties in Clause 10 (Representations and Warranties) of the Loan Agreement would remain true and not misleading if repeated on the date of this notice with reference to the circumstances now existing;

f.no Event of Default or Potential Event of Default has occurred or will result from the borrowing of the Advance.

◦This notice cannot be revoked without the prior consent of the Majority Lenders.

[Name of Signatory]

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for and on behalf of

EURONAV NV

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3.

Condition Precedent Documents

i.

The following are the documents and fees referred to in paragraph (a) of Clause 9.1 (Documents, fees and no default).

◦A duly executed original of this Agreement.

◦Copies of the certificate of incorporation and constitutional documents of the Borrower and each Security Party.

◦In each case if required for the provisions of the legal opinions referred to in paragraph 12, copies of the resolutions of the directors and shareholders of the Borrower and each Security Party authorising the execution of each of the Finance Documents to which the Borrower or Security Party (as the case may be) is a party and ratifying the execution of the Shipbuilding Contracts by the Borrower.

◦The original of any power of attorney under which any Finance Document is to be executed on behalf of the Borrower or Security Party.

◦The originals of any mandates or other documents required in connection with the opening or operation of the Earnings Accounts.

◦Copies of all consents which the Borrower or Security Party requires to enter into, or make any payment under any Finance Document or any Shipbuilding Contract.

◦Documentary evidence that the agent for service of process named in Clause 37 (Law and Jurisdiction) has accepted its appointment.

◦The Agent and Lenders have been provided with all information and documentation they have requested in order to carry out and be reasonably satisfied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated by this Agreement and to satisfy all internal compliance policies of the Agent and the Lenders in relation to "know you customer" requirements.

◦The Agent has received all fees pursuant to the Fee Letter or Fee Letters separately agreed between the Borrower and the Agent.

◦The Agent has received all fees pursuant to the Fee Letter or Letters separately agreed between the Borrower and the Co-ordinator.

◦Evidence that all other fees, costs and expenses then due from the Borrower pursuant to Clause 20 (Fees and Expenses) have been paid or will be paid by the Drawdown Date.

◦Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of England, Belgium and such other relevant jurisdictions as the Agent may require.

◦A copy of each Shipbuilding Contract and all documents signed or issued by the Borrower or the Builder (or both of them) under or in connection with any of them.

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ii.

The following are the documents referred to in paragraph (b)(i) of Clause 9.1 (Documents, fees and no default).

◦In respect of the documents delivered by the Borrower to the Agent pursuant to Part A of this Schedule 4 (Condition Precedent Documents), such other updating documents as the Agent may require (including but not limited to a written confirmation from the Borrower stating that none of the documents delivered by it to the Agent under Part A of this Schedule 4 (Condition Precedent Documents) have been modified, amended or supplemented, or if any such document has been revoked, attaching a certified copy of any document replacing the one that has been revoked).

◦A duly executed original of the Mortgage, the Deed of Covenant (if applicable) and the General Assignment in relation to each Existing Ship and the Account Pledge each executed on or prior to the relevant Drawdown Date (and of each document required to be delivered by their respective terms).

◦An original or, where acceptable to the Agent, a copy of the Deed of Release in relation to each Existing Facility Agreement and of each document to be delivered under or pursuant to it, together with evidence satisfactory to the Agent of its due execution by the parties to it.

◦In each case if required for the provisions of the legal opinions referred to in paragraph 10, copies of the resolutions of the directors of the Borrower authorising the execution of each of the Finance Documents to which the Borrower is a party.

◦The original of any power of attorney under which any Finance Document is to be executed on behalf of the Borrower.

◦Documentary evidence that each Existing Ship:

g.is definitively and permanently registered in the name of the Borrower under the relevant Approved Flag;

h.is in the absolute and unencumbered ownership of the Borrower save as contemplated by the Finance Documents;

i.maintains class acceptable to the Agent free of all overdue recommendations and conditions of an Approved Classification Society;

j.the Mortgage in relation to it has been duly registered against that Existing Ship as valid first priority or preferred (as the case may be) ship mortgage in accordance with the laws of the relevant Approved Flag; and

k.it is insured in accordance with the provisions of this Agreement and all requirements therein in respect of insurances have been complied with.

◦Documents establishing that each Existing Ship will, as from the relevant Drawdown Date, be managed by the Approved Manager on terms acceptable to the Lenders, together with:

l.the Manager's Undertaking in respect of each Existing Ship; and

m.copies of the relevant Approved Manager's Document of Compliance and of each Existing Ship's Safety Management Certificate (together with any other details of the applicable safety management system which the Agent requires) and ISSC.

◦Valuations of each Existing Ship to determine its Fair Market Value, addressed to the Agent and the Lenders, stated to be for the purposes of this Agreement and dated not earlier

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than the date falling 90 days prior to the Drawdown Date and obtained in accordance with Clause 15 (Security Cover) and showing that the aggregate Fair Market Value of the Existing Ships is equal to or greater than 125 per cent. of the Total Revolving Commitments.

◦Evidence satisfactory to the Agent that, upon the making of the first Advance, the Existing Indebtedness shall be repaid to the extent agreed between the Borrower and the Agent.

◦Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of England, Belgium, Norway, the jurisdiction of the Approved Flag of each Existing Ship and such other relevant jurisdictions as the Agent may require.

◦A favourable opinion from an independent insurance consultant acceptable to the Agent on such matters relating to the insurances for the relevant Ship as the Agent may require.

◦If the Agent so requires, in respect of any of the documents referred to above, a certified English translation prepared by a translator approved by the Agent.

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iii.

The following are the documents referred to in paragraph (b)(ii) of Clause 9.1 (Documents, fees and no default).

For the purposes of this schedule, "relevant Newbuild Ship" means the Newbuild Ship to which the Tranche that is to be advanced relates.

◦In respect of the documents delivered by the Borrower to the Agent pursuant to Part A of this Schedule 4 (Condition Precedent Documents), such other updating documents as the Agent may require (including but not limited to a written confirmation from the Borrower stating that none of the documents delivered by it to the Agent under Part A of this Schedule 4 (Condition Precedent Documents) have been modified, amended or supplemented, or if any such document has been revoked, attaching a certified copy of any document replacing the one that has been revoked).

◦A duly executed original of the Mortgage, the Deed of Covenant (if applicable) and the General Assignment in relation to the relevant Newbuild Ship each executed on or prior to the relevant Drawdown Date (and of each document required to be delivered by their respective terms).

◦In each case if required for the provisions of the legal opinions referred to in paragraph 8, copies of the resolutions of the directors of the Borrower authorising the execution of each of the Finance Documents to which the Borrower is a party.

◦The original of any power of attorney under which any Finance Document is to be executed on behalf of the Borrower.

◦Documentary evidence that the relevant Newbuild Ship:

n.has been unconditionally delivered by the Builder to, and accepted by, the Borrower under the relevant Shipbuilding Contract, and the full purchase price payable under the relevant Shipbuilding Contract (in addition to the part to be financed by the Advance) has been duly paid;

o.is definitively and permanently registered in the name of the Borrower under the relevant Approved Flag;

p.is in the absolute and unencumbered ownership of the Borrower save as contemplated by the Finance Documents;

q.maintains class acceptable to the Agent free of all overdue recommendations and conditions of an Approved Classification Society;

r.the Mortgage in relation to it has been duly registered against that Newbuild Ship as valid first priority or preferred (as the case may be) ship mortgage in accordance with the laws of the relevant Approved Flag; and

s.it is insured in accordance with the provisions of this Agreement and all requirements therein in respect of insurances have been complied with.

◦Documents establishing that the relevant Newbuild Ship will, as from the relevant Drawdown Date, be managed by the Approved Manager on terms acceptable to the Lenders, together with:

t.the Manager's Undertaking in respect of the relevant Newbuild Ship; and

    149    EUROPE/67061979v8

u.copies of the relevant Approved Manager's Document of Compliance and of each Ship's Safety Management Certificate (together with any other details of the applicable safety management system which the Agent requires) and ISSC.

◦Valuations of the relevant Newbuild Ship to determine its Fair Market Value, addressed to the Agent and the Lenders, stated to be for the purposes of this Agreement and dated not earlier than the date falling 90 days prior to the relevant Drawdown Date and obtained in accordance with Clause 15 (Security Cover) and showing that the Fair Market Value of the relevant Newbuild Ship when taken together with the latest valuations provided in respect of the other Ships then subject to a Mortgage will be, upon the making of the Advance, equal to or greater than 125 per cent. of the aggregate of the Total Revolving Commitments and the Term Loan.

◦Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of England, Belgium, the jurisdiction of the Approved Flag of the relevant Newbuild Ship and such other relevant jurisdictions as the Agent may require.

◦A favourable opinion from an independent insurance consultant acceptable to the Agent on such matters relating to the insurances for the relevant Newbuild Ship as the Agent may require.

◦If the Agent so requires, in respect of any of the documents referred to above, a certified English translation prepared by a translator approved by the Agent.

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4.

Transfer Certificate

The Transferor and the Transferee accept exclusive responsibility for ensuring that this Certificate and the transaction to which it relates comply with all legal and regulatory requirements applicable to them respectively.

To:    [Name of Agent] for itself and for and on behalf of the Borrower, each Security Party, the Security Trustee, each Lender, each Swap Bank and each Arranger, as defined in the Loan Agreement referred to below.

◦This Certificate relates to a loan agreement (the "Loan Agreement") dated [] 2020 and made between, amongst others, (1) Euronav NV (the "Borrower"), (2) the banks and financial institutions named therein as Lenders, (3) the banks and financial institutions named therein as Swap Banks, (4) the Arrangers as defined therein, (5) Nordea Bank Abp, filial i Norge, ABN AMRO Bank N.V., BNP Paribas Fortis SA/NV, DNB (UK) Limited, ING Bank, a branch of ING-DiBa AG and KBC Bank NV as Mandated Lead Arrangers and as Bookrunners, (6) ING Bank NV as Swap Co-ordinator, (7) Nordea Bank Abp, filial i Norge as Co-ordinator and Sustainability Agent and (8) Nordea Bank Abp, filial i Norge as Agent and Security Trustee in relation to a revolving credit facility of up to US$469,000,000 and a term loan facility of up to US$244,000,000.

◦In this Certificate, terms defined in the Loan Agreement shall, unless the contrary intention appears, have the same meanings and:

"Relevant Parties" means the Agent, the Borrower, each Security Party, the Security Trustee, each Arranger and each Lender and each Swap Bank;

"Transferor" means [full name] of [lending office]; and

"Transferee" means [full name] of [lending office].

◦The effective date of this Certificate is [] Provided that this Certificate shall not come into effect unless it is signed by the Agent on or before that date.

◦The Transferor assigns to the Transferee absolutely all rights and interests (present, future or contingent) which the Transferor has as Lender under or by virtue of the Loan Agreement and every other Finance Document in relation to [] per cent. of its Contribution, which percentage represent $[].

◦By virtue of this Transfer Certificate and Clause 30 (Transfers and Changes in Lending Offices) of the Loan Agreement, the Transferor is discharged [entirely from its Commitment which amount to $[] [from [] per cent. of its Commitment, which percentage represent $[]], and the Transferee acquires a Commitment of $[].

◦The Transferee undertakes with the Transferor and each of the Relevant Parties that the Transferee will observe and perform all the obligations under the Finance Documents which Clause 30 (Transfers and Changes in Lending Offices) of the Loan Agreement provides will become binding on it upon this Certificate taking effect.

◦The Agent, at the request of the Transferee (which request is hereby made) accepts, for the Agent itself and for and on behalf of every other Relevant Party, this Certificate as a Transfer Certificate taking effect in accordance with Clause 30 (Transfers and Changes in Lending Offices) of the Loan Agreement.

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◦The Transferor:

v.warrants to the Transferee and each Relevant Party that:

1.the Transferor has full capacity to enter into this transaction and has taken all corporate action and obtained all consents which are required in connection with this transaction; and

2.this Certificate is valid and binding as regards the Transferor;

w.warrants to the Transferee that the Transferor is absolutely entitled, free of encumbrances, to all the rights and interests covered by the assignment in paragraph 4; and

x.undertakes with the Transferee that the Transferor will, at its own expense, execute any documents which the Transferee reasonably requests for perfecting in any relevant jurisdiction the Transferee's title under this Certificate or for a similar purpose.

◦The Transferee:

y.confirms that it has received a copy of the Loan Agreement and each other Finance Document;

z.agrees that it will have no rights of recourse on any ground against either the Transferor, the Agent, the Security Trustee, any Arranger, any Lender or any Swap Bank in the event that:

3.any of the Finance Documents prove to be invalid or ineffective,

4.the Borrower or any Security Party fails to observe or perform its obligations, or to discharge its liabilities, under any of the Finance Documents;

5.it proves impossible to realise any asset covered by a Security Interest created by a Finance Document, or the proceeds of such assets are insufficient to discharge the liabilities of the Borrower or Security Party under the Finance Documents;

aa.agrees that it will have no rights of recourse on any ground against the Agent, the Security Trustee, any Arranger, any Lender or any Swap Bank in the event that this Certificate proves to be invalid or ineffective;

ab.warrants to the Transferor and each Relevant Party that:

6.it has full capacity to enter into this transaction and has taken all corporate action and obtained all consents which it needs to take or obtain in connection with this transaction; and

7.this Certificate is valid and binding as regards the Transferee; and

ac.confirms the accuracy of the administrative details set out below regarding the Transferee.

◦The Transferor and the Transferee each undertake with the Agent and the Security Trustee severally, on demand, fully to indemnify the Agent and/or the Security Trustee in respect of any claim, proceeding, liability or expense (including all legal expenses) which they or either of them may incur in connection with this Certificate or any matter arising out of it, except such as are shown to have been mainly and directly caused by the gross and culpable negligence or dishonesty of the Agent's or the Security Trustee's own officers or employees.

◦The Transferee shall repay to the Transferor on demand so much of any sum paid by the Transferor under paragraph 10 as exceeds one-half of the amount demanded by the Agent or the Security Trustee in respect of a claim, proceeding, liability or expense which was not

    152    EUROPE/67061979v8

reasonably foreseeable at the date of this Certificate; but nothing in this paragraph shall affect the liability of each of the Transferor and the Transferee to the Agent or the Security Trustee for the full amount demanded by it.

◦The Transferee confirms to the Transferor and each of the Creditor Parties that it:

ad.has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of the Borrower and its related entities in connection with its participation in the Loan and has not relied exclusively on any information provided to it by the Transferor or any other Creditor Party in connection with any Finance Document or the Security Interests created by the Finance Documents; and

ae.will continue to make its own independent appraisal of the creditworthiness of the Borrower and its related entities throughout the Security Period.

◦The Transferor makes no representation or warranty and assumes no responsibility to the Transferee for the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document and any representations or warranties implied by law are excluded.

[Name of Transferor]    [Name of Transferee]

By:    By:

Date:    Date:

Agent

Signed for itself and for and on behalf of itself

as Agent and for every other Relevant Party

[Name of Agent]

By:

Date:

    153    EUROPE/67061979v8

Administrative Details of Transferee

Name of Transferee:

Lending Office:

Contact Person

(Loan Administration Department):

Telephone:

Telex:

Fax:

Contact Person

(Credit Administration Department):

Telephone:

Telex:

Fax:

Account for payments:

Note:    This Transfer Certificate alone may not be sufficient to transfer a proportionate share of the Transferor's interest in the security constituted by the Finance Documents in the Transferor's or Transferee's jurisdiction. It is the responsibility of each Lender to ascertain whether any other documents are required for this purpose.

    154    EUROPE/67061979v8

5.

Details of Ships

i.

Existing Ships

Ship name	Type	DWT	Built	Current flag
ALSACE	VLCC	320,350	2012	French
ALEX	VLCC	299,445	2016	Belgian
ALICE	VLCC	299,320	2016	Belgian
ANNE	VLCC	299,533	2016	French
ANTIGONE	VLCC	299,421	2015	Greek
HAKATA	VLCC	302,550	2010	French
HAKONE	VLCC	302,624	2010	Greek
HIRADO	VLCC	302,550	2011	Greek
HOJO	VLCC	302,965	2013	Belgian
FRATERNITY	Suezmax	157,714	2009	Belgian
CAP FELIX	Suezmax	158,765	2008	Belgian
CAP THEODORA	Suezmax	158,819	2008	Greek

◦

    155    EUROPE/67061979v8

ii.

Newbuild Ships

Ship name	Type	DWT	Expected Delivery Date	Expected flag
Hull No. 5474	VLCC	300,000	Q4 2020	Belgian
Hull No. 5475	VLCC	300,000	Q1 2021	Belgian
Hull No. 5476	VLCC	300,000	Q1 2021	Belgian
Hull No. 5478	VLCC	300,000	Q1 2021	Belgian

6.

Designation Notice

To:    Nordea Bank Abp, filial i Norge

Essendropsgate 7

Oslo

Norway

[date]

Dear Sirs

Loan agreement dated [] 2020 and made between, amongst others, (1) Euronav NV (the "Borrower"), (2) the banks and financial institutions named therein as Lenders, (3) the banks and financial institutions named therein as Swap Banks, (4) the Arrangers as defined therein, (5) Nordea Bank Abp, filial i Norge, ABN AMRO Bank N.V., BNP Paribas Fortis SA/NV, DNB (UK) Limited, ING Bank, a branch of ING-DiBa AG and KBC Bank NV as Mandated Lead Arrangers and as Bookrunners, (6) ING Bank NV as Swap Co-ordinator, (7) Nordea Bank Abp, filial i Norge as Co-ordinator and Sustainability Agent and (8) Nordea Bank Abp, filial i Norge as Agent and Security Trustee in relation to a revolving credit facility of up to US$469,000,000 and a term loan facility of up to US$244,000,000 (the "Loan Agreement")

We refer to:

◦the Loan Agreement;

◦the Master Agreement dated as of [] made between [] [and []]; and

◦a Confirmation delivered pursuant to the said Master Agreement dated [] and addressed by [] to [].

In accordance with the terms of the Loan Agreement, we hereby give you notice of the said Confirmation and hereby confirm that the Transaction evidenced by it will be designated as a "Designated Transaction" for the purposes of the Loan Agreement and the Finance Documents.

Yours faithfully

    156    EUROPE/67061979v8

.................................................    .................................................

for and on behalf of    for and on behalf of

[]    [SWAP BANK]

    157    EUROPE/67061979v8

7.

Form of Certificate of Compliance

To:    Nordea Bank Abp, filial i Norge

Essendropsgate 7

Oslo

Norway

From:     Euronav NV

[Date]

OFFICER'S CERTIFICATE

This Certificate is rendered pursuant to clause 11.6(e) of the loan agreement dated [] 2020 (the "Loan Agreement") dated [] 2020 and made between, amongst others, (1) Euronav NV (the "Borrower"), (2) the banks and financial institutions named therein as Lenders, (3) the banks and financial institutions named therein as Swap Banks, (4) the Arrangers as defined therein, (5) Nordea Bank Abp, filial i Norge, ABN AMRO Bank N.V., BNP Paribas Fortis SA/NV, DNB (UK) Limited, ING Bank, a branch of ING-DiBa AG and KBC Bank NV as Mandated Lead Arrangers and as Bookrunners, (6) ING Bank NV as Swap Co-ordinator, (7) Nordea Bank Abp, filial i Norge as Co-ordinator and Sustainability Agent and (8) Nordea Bank Abp, filial i Norge as Agent and Security Trustee in relation to a revolving credit facility of up to US$469,000,000 and a term loan facility of up to US$244,000,000. Words and expressions defined in the Loan Agreement shall have the same meanings when used herein.

I, the Chief Financial Officer of the Borrower, hereby certify that:

◦Attached to this Certificate are:

af.the latest [audited consolidated accounts of the Group and audited individual accounts of the Borrower for the financial year ending on []] [unaudited consolidated balance sheet of the Group and the unaudited individual balance sheet of the Borrower in relation to the [first] [second] six months of the financial year ending on []] (the "Accounts"); and

ag.the latest EcoAct sustainability report in respect of the Borrower (in the form set out in the Borrower's latest annual report).

◦Set out below are the respective amounts, in US Dollars, of the Cash, Consolidated Current Assets, Consolidated Current Liabilities, Free Liquid Assets, Stockholders' Equity, Total Assets and Total Indebtedness of the Group as at []:

	US Dollars
Cash	[]
Consolidated Current Assets	[]
Consolidated Current Liabilities	[]
Free Liquid Assets	[]
Stockholders' Equity	[]
Total Assets	[]
Total Indebtedness	[]

◦Accordingly, as at the date of this Certificate the financial covenants set out in Clause 12.5 (Financial Covenants) of the Loan Agreement [are] [are not] complied with, in that as at []:

    158    EUROPE/67061979v8

ah.Consolidated Working Capital is US$[];

ai.Free Liquid Assets are US$[];

aj.Cash is US$[]; and

ak.the ratio of Stockholders' Equity to Total Assets is [] per cent.;

[or, as the case may be,specify in what respect any of the financial covenants are not complied with.]

◦The weighted average Annual Efficiency Ratio in respect of the Borrower's ocean-going fleet (but excluding vessels that are undergoing extended storage or ship-to-ship operations) is:

al.in respect of Suezmax vessels, [●]; and

am.in respect of VLCC 200000-+ vessels, [●],

and accordingly, as at the date of this Certificate the Borrower is [not] meeting the target AER Trajectory Values.

◦As at [] no Event of Default has occurred and is continuing.

[or, specify/identify any Event of Default]

The Borrower is are in compliance with clause 15.1 of the Loan Agreement.

[If not, specify this and what is proposed as regards Clause 15.2]

The Fair Market Value of the Ships which are subject to a Mortgage is as follows as at [date]:

Name of Ship	Name of first shipbroker providing valuation	Name of second shipbroker providing valuation	Average market value
[]	[]	[]	[]

…………………………………………

Chief Financial Officer

EURONAV NV

Note: Supporting Schedules to be attached.

    159    EUROPE/67061979v8

8.

Timetables

LIBOR is fixed	Quotation Date as of 11:00 am London time
Reference Bank Rate calculated by reference to available quotations in accordance with Clause 5.8 (Calculation of Reference Bank Rate)	Noon on the Quotation Date

9.

Margin Opt Out Notification

To:     [Name and Address of the Agent]

Dear Sirs,

This notification is rendered pursuant to clause 5.20 of the loan agreement dated [] 2020 (the "Loan Agreement") dated [] 2020 and made between, amongst others, (1) Euronav NV (the "Borrower"), (2) the banks and financial institutions named therein as Lenders, (3) the banks and financial institutions named therein as Swap Banks, (4) the Arrangers as defined therein, (5) Nordea Bank Abp, filial i Norge, ABN AMRO Bank N.V., BNP Paribas Fortis SA/NV, DNB (UK) Limited, ING Bank, a branch of ING-DiBa AG and KBC Bank NV as Mandated Lead Arrangers and as Bookrunners, (6) ING Bank NV as Swap Co-ordinator, (7) Nordea Bank Abp, filial i Norge as Co-ordinator and Sustainability Agent and (8) Nordea Bank Abp, filial i Norge as Agent and Security Trustee in relation to a revolving credit facility of up to US$469,000,000 and a term loan facility of up to US$244,000,000. Words and expressions defined in the Loan Agreement shall have the same meanings when used herein.

We hereby notify the Agent that we wish to become a Fixed Margin Lender. This notification is irrevocable.

…………………………………………

for and on behalf of

[●]

Execution Pages

BORROWER

    160    EUROPE/67061979v8

SIGNED by    ) /s/ Sofie Lemlijn

    )

for and on behalf of     ) /s/ Hugo De Stoop

EURONAV NV    )

in the presence of:    ) /s/ Lieve Logghe

    161    EUROPE/67061979v8

LENDERS

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

NORDEA BANK ABP, FILIAL I NORGE    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

ABN AMRO BANK N.V.    )Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

BNP PARIBAS FORTIS SA/NV    )Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

DNB (UK) LIMITED    )Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    )

for and on behalf of     ) /s/ Philip Chope

ING BANK, a branch of ING-DiBa AG    ) Philip Chope

in the presence of:    )Attorney-in-Fact

/s/Christine Chope

Christine Chope

    162    EUROPE/67061979v8

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

KBC BANK NV    )Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

Commonwealth Bank of Australia,           )Attorney-in-Fact

London Branch                      )

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

CRÉDIT AGRICOLE CORPORATE CORPORATE )Attorney-in-Fact

AND INVESTMENT BANK             )

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )/s/ Anne-Laure Flourens

    ) Anne-Laure Flourens

for and on behalf of     ) Attorney-in-fact

SOCIÉTÉ GÉNÉRALE    )

in the presence of:    )

SIGNED by    )

    ) /s/ Caroline Eber-Ittel

for and on behalf of     ) Caroline Eber-Ittel

STANDARD CHARTERED BANK    )

in the presence of:    )

/s/ Lionel Vaxelaire

Lionel Vaxelaire

    163    EUROPE/67061979v8

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

BELFIUS BANK SA/NV    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

DANISH SHIP FINANCE A/S    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

Deutsche Bank AG Filiale              ) Attorney-in-Fact

Deutschlandgeschäft             )

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    ) /s/ Lisette Holm

    ) Lisette Holm

for and on behalf of     ) Authorised Signatory

NATIONAL AUSTRALIA BANK LIMITED    )

in the presence of:    )

/s/ Nigel Willis

Nigel Willis

Solicitor

    164    EUROPE/67061979v8

SWAP BANKS

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

BELFIUS BANK SA/NV    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

BNP PARIBAS FORTIS SA/NV    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

DEUTSCHE BANK AG    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

DNB BANK ASA    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

ING BANK NV    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

    165    EUROPE/67061979v8

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

KBC BANK NV    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

NORDEA BANK ABP    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Caroline Eber-Ittel

for and on behalf of     ) Caroline Eber-Ittel

STANDARD CHARTERED BANK    ) Authorized signatory

in the presence of:    )

/s/ Lionel Vaxelaire

Lionel Vaxelaire

    166    EUROPE/67061979v8

MANDATED LEAD ARRANGERS

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

NORDEA BANK ABP, FILIAL I NORGE    )Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     )Philip Chope

ABN AMRO BANK N.V.    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

BNP PARIBAS FORTIS SA/NV    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Ph ilip Chope

DNB (UK) LIMITED    )Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

ING BANK, a branch of ING-DiBa AG    )Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

KBC BANK NV    )Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

    167    EUROPE/67061979v8

BOOKRUNNERS

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

NORDEA BANK ABP, FILIAL I NORGE    )Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

ABN AMRO BANK N.V.    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    )/s/ Philip Chope

for and on behalf of     ) Philip Chope

BNP PARIBAS FORTIS SA/NV    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

DNB (UK) LIMITED    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

ING BANK, a branch of ING-DiBa AG    )Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    )/s/ Philip Chope

for and on behalf of     ) Philip Chope

KBC BANK NV    )Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

    168    EUROPE/67061979v8

LEAD ARRANGERS

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

Commonwealth Bank of Australia,           )Attorney-in-Fact

London Branch                 )

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

CRÉDIT AGRICOLE CORPORATE CORPORATE )Attorney-in-Fact

AND INVESTMENT BANK             )

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Anne-Laure Rivoire

for and on behalf of     )Anne-Laure Rivoire

SOCIÉTÉ GÉNÉRALE    ) Associate

in the presence of:    )

/s/ Garcia DARCY

Garcia Darcy

SIGNED by    )

    ) /s/ Caroline Eber-Ittel

for and on behalf of     ) Caroline Eber-Ittel

STANDARD CHARTERED BANK    ) Authorized signatory

in the presence of:    )

/s/ Lionel Vaxelaire

Lionel Vaxelaire

    169    EUROPE/67061979v8

CO-ARRANGERS

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

BELFIUS BANK SA/NV    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

DANISH SHIP FINANCE A/S    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

Deutsche Bank AG Filiale              ) Attorney-in-Fact

Deutschlandgeschäft             )

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SIGNED by    )

    ) /s/ Lisette Holm

for and on behalf of     ) Lisette Holm

NATIONAL AUSTRALIA BANK LIMITED    ) Authorised signatory

in the presence of:    )

/s/ Nigel Willis

Nigel Willis

    170    EUROPE/67061979v8

SWAP CO-ORDINATOR

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

ING BANK NV    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

CO-ORDINATOR

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

NORDEA BANK ABP, FILIAL I NORGE    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SUSTAINABILITY AGENT

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     )Philip Chope

NORDEA BANK ABP, FILIAL I NORGE    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

AGENT

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

Nordea Bank ABp, filial i Norge    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

SECURITY TRUSTEE

SIGNED by    )

    ) /s/ Philip Chope

for and on behalf of     ) Philip Chope

Nordea Bank ABp, filial i Norge    ) Attorney-in-Fact

in the presence of:    )

/s/Christine Chope

Christine Chope

    171    EUROPE/67061979v8

EX-8.1

Exhibit 8.1

Euronav NV Subsidiaries

Name of Subsidiary	Jurisdiction of Incorporation or Organization
Euronav (UK) Agencies Limited	UK
Euronav Luxembourg SA	Luxembourg
Euronav SAS	France
Euronav Ship Management SAS	France
Euronav Ship Management (Hellas) Ltd.	Liberia
Euronav Hong Kong Limited	Hong Kong
Euronav Singapore Pte. Ltd.	Singapore
E.S.M.C. Euro-Ocean Ship Management (Cyprus) Ltd.	Cyprus
Euronav Shipping NV	Belgium
Euronav Tankers NV	Belgium
Euronav MI II Inc.	Marshall Islands
Gener8 Maritime Subsidiary II Inc.	Marshall Islands
Gener8 Maritime Subsidiary New IV Inc.	Marshall Islands
Gener8 Maritime Management LLC	Marshall Islands
Mar
Joint ventures
TI Africa Limited	Hong Kong
TI Asia Limited	Hong Kong
Tankers Agencies (UK) Ltd	UK
Tankers International LLC	Marshall Islands
Bari Shipholding Ltd	Hong Kong
Bastia Shipholding Ltd	Hong Kong

EX-11.1

Exhibit 11.1

EURONAV NV

CODE OF BUSINESS CONDUCT AND ETHICS

Approved by the Supervisory Board on 1 October 2020

This Code of Business Conduct and Ethics (the “Code”) has been adopted by the Supervisory Board (the “Board”) of Euronav NV (together with its subsidiaries, the “Company”) for all of the Company’s employees, members of its Supervisory Board and/or Management Board and officers (“Relevant Persons”).

The conduct of individuals in these guidelines relate to the relationship with colleagues, customers, suppliers and government agencies with equal importance. As a starting point, Euronav should present itself as a professional and responsible organisation. This Code sets out a set of basic principles to guide Relevant Persons regarding the minimum requirements expected of them. However, this Code does not provide a detailed description of all Company policies and it does not cover every issue that may arise. In general, if a Relevant Person is unsure of what to do in any situation, he or she should seek guidance from the head of department or the Company’s General Counsel.

1.CONFLICT OF INTEREST

A.GENERAL

Every Relevant Person should avoid any conflict between his/her own interests and the interests of the Company, especially when dealing with suppliers, customers, and other third parties, and in the conduct of his/her personal affairs, including transactions in securities of the Company.

A conflict of interest occurs when a Relevant Person’s private interests interfere with the interests of the Company as a whole. While it is not possible to describe every situation in which a conflict of interest may arise, Relevant Persons must never use or attempt to use their position with the Company to obtain improper personal benefits for themselves or for members of their families.

Any Relevant Person who is aware of a conflict of interest, or the appearance of a conflict of interest, or is concerned that a conflict might develop, should report and discuss the matter with the head of department or the General Counsel. Any of these shall report to and consult the Chairman of the Corporate Governance and Nomination Committee immediately in the event of any conflict of interest apparently arising within the Company.

The Corporate Governance and Nomination Committee shall have the responsibility to determine whether a conflict of interest exists, and it may establish procedures to arrive at its conclusion and to approve or reject, or otherwise resolve, a potential conflict of interest.

B.IN RELATION TO A MEMBER OF THE SUPERVISORY BOARD OR MEMBER OF THE MANAGEMENT BOARD

Any conflict of interest question involving one or more of the Company’s members of the Supervisory Board and/or members of the Management Board, shall be resolved according to the applicable provisions of the Belgian Companies Code, with the assistance of the Corporate Governance and Nomination Committee where required.

C.BUSINESS RELATIONSHIPS WITH THIRD PARTIES

Business relationships with third parties shall be governed solely by objective criteria. Suppliers shall be selected only on the basis of price, quality, reliability, technological standard, product suitability,

1

the potential for (or existence of) a continuing business relationship, ISO or ecological audit certification, the existence of an anti-corruption policy and the existence of a quality management system. Furthermore, as described in the Third Party Risk Policy, a compliance validation should be conducted. In no circumstances shall personal relationships be determining factors in awarding a contract. Advice or recommendations given by any Relevant Person must not be motivated by the prospect of a material or non-material advantage to that or another Relevant Person.

The procurement policy of the Company emphasizes the importance of establishing vendor relationships based on Price Catalogues, Pricing Agreements or Contracts. In general Procurement of goods and/or services is to be undertaken on the basis of competitive bidding with minimum three candidates, unless there is a risk related to quality.

2.CORPORATE OPPORTUNITIES

A Relevant Person may not:

i.take for himself or herself opportunities that are discovered through the use of Company property, information or position;

ii.use Company property, information or position for personal gain; or

iii.compete with the Company.

Relevant Persons owe a duty to the Company to advance its interests.

A corporate opportunity may be described as any business opportunity for the Company which arises through or outside the activities of a person and which could benefit the Company. In case of dispute, the Corporate Governance and Nomination Committee has the responsibility to determine whether a corporate opportunity exists. The Corporate Governance and Nomination Committee may also establish procedures to arrive at its conclusion and to approve or reject, or otherwise resolve, a potential usurpation of a corporate opportunity.

3.CONFIDENTIALITY AND PRIVACY

It is important that Relevant Persons protect the confidentiality of Company information.

Relevant Persons may have access to proprietary and confidential information concerning the Company’s business, clients and suppliers. Confidential information includes any internal information obtained in the course of employment, including but not limited to non-public information concerning the Company’s business, financial results and prospects, the Company’s customers and suppliers, the Company’s contracts, agreements or investments, potential corporate transactions involving the Company and any legal proceedings commenced by or against the Company as well as any non-public information that might, if disclosed, be of use to the Company’s competitors or harmful to the Company or its customers.

Relevant Persons are required to keep such information confidential during employment as well as for at least 5 years thereafter, and not to use, disclose, or communicate such confidential information to third parties other than in the course of employment with and with proper authority of the Company, except when disclosure is authorized by the Company or legally mandated.

The consequences to the Company and the Relevant Person concerned can be severe where there is unauthorized disclosure of any non-public, privileged or proprietary information. Among other things, disclosure of material non-public information relating to the Company could violate applicable insider trading laws and could result in significant civil and criminal penalties for the individual, in

2

addition to penalties that may be imposed upon the Company and its supervisory personnel, as set out in the Dealing Code.

Relevant Persons should immediately notify the Company’s General Counsel of any known or suspected leak of confidential information. Based on the information received, the Chief Executive Officer shall inform the Supervisory Board and shall, together with the Chairman of the Audit and Risk Committee, the General Counsel and the Company’s Investor Relations Manager, determine which measures to take.

4.HONEST AND FAIR DEALING

Relevant Persons must endeavour to deal honestly, ethically and fairly and with integrity with the Company’s customers, suppliers, competitors and employees.

Honest conduct is considered to be conduct that is free from fraud or deception.

Ethical conduct is considered to be conduct conforming to accepted professional standards of conduct.

Fair conduct is considered to be conduct that is free from unilateral advantage through manipulation, concealment or misrepresentation of material facts, abuse of privileged information or any other biased-dealing practice.

Integrity refers to the quality of being honest and having strong moral principles.

Relevant Persons are expected to report suspected violations of law or of Company policies in the first place to the head of department, who will report to the General Counsel, or the Chief Executive Officer and/or to the Chairman of the Audit and Risk Committee, as appropriate. The Company expects compliance with its standards of integrity throughout the organisation and will not tolerate any Relevant Person who achieves results at the cost of violation of laws or who deals unscrupulously.

5.HEALTH, SAFETY AND SOCIAL BEHAVIOUR

A.HEALTH AND SAFETY

The Company strives to provide each Relevant Person with a safe and healthy work environment. Each Relevant Person has responsibility for maintaining a safe and healthy workplace for all Relevant Persons by following safety and health rules and practices and reporting accidents, injuries and unsafe equipment, practices or conditions while sharing vigilance.

B.SOCIAL BEHAVIOUR

Threats or acts of violence and physical intimidation are not permitted. The use of alcohol or illegal drugs in the workplace will not be tolerated as stipulated in the Employment Standards.

Each Relevant Person must realize that his/her behaviour will be attributed to the Company and can affect its reputation. The Company therefore expects all Relevant Persons to be polite, objective and fair.

Hence, Relevant Persons:

3

•may not unfairly disadvantage, favour, harass or ostracize others because of race, gender, colour, nationality, descent, religion, biological sex, sexual orientation, age, physical characteristics or appearance;

•have the right to be protected against harassment; and the obligation to allow others to feel freedom from harassment, regardless of whether one might consider his or her own behaviour to be normal or acceptable and whether the harassed person has the opportunity to avoid the harassment;

•are entitled to work together with colleagues in an atmosphere of safety, comfort and trust.

C.COMMUNICATION

Relevant Persons must endeavour to contribute as much as possible of his or her own expertise and of the expertise drawn on from elsewhere within the Company. Free and open communication between Relevant Persons is key for decision-making within the Company.

In respect of the abovementioned points, employees are also referred to the Employment standards and the Staff Handbook.

6.PROTECTION AND PROPER USE OF COMPANY ASSETS

The Company’s assets are only to be used for legitimate business purposes and only by authorized Relevant Persons or their authorized designees. This applies to tangible assets (such as equipment, office equipment, telephone, copy machines, etc.) and intangible assets (such as trade secrets, confidential information, inappropriate use of the company internet subscription, company phone, e-mail and server space). These assets must not be removed from Company premises without the express permission of the head of department other than for work-related purposes. Data, programs or documents must be neither copied nor brought onto or removed from Company premises without permission other than for work-related purposes. Equally, no personal data, programs or documents not linked with any legitimate business purpose must be copied to or stored on company assets or within company premises. However, certain exceptions are tolerated in accordance with the IT acceptable use policy.

Relevant Persons have a responsibility to protect the Company’s assets from theft and loss and to ensure their efficient and safe use. Theft, carelessness and waste have a direct impact on the Company’s profitability. If a Relevant Person becomes aware of theft, waste or misuse of the Company’s assets, such Relevant Person should report this to his or her manager or the General Counsel.

7.SECURITY OF FILES AND RECORDS AND ARCHIVING

The documents and data storage media used in the workplace must not come into the possession of unauthorized persons. Relevant Persons must therefore keep them secure, must secure computer data through the use and frequent changing of passwords and shall not make copies of business papers or computer files other than for work-related purposes.

Relevant Persons do not have the right to access to information not relating to their own field of work or responsibility and shall not read messages addressed to others, except for work-related reasons.

4

Relevant Persons must keep all records and files (including electronic records) in such a way as to permit delegation to a colleague at any time. All significant information should be properly recorded and archived. Hence, files must be kept in a manner that is complete, orderly and readily understandable.

Reference is also made in this respect to the Company’s Record Retention Policy and GDPR Policy.

8.COMPLIANCE WITH LAWS, RULES AND REGULATIONS

All Relevant Persons are responsible for complying with various laws, rules and regulations of the countries and regulatory authorities that apply to the Company’s business. Any Relevant Person who is unsure whether a situation violates any applicable law, rule, regulation or Company policy should contact his or her manager or the Company’s General Counsel.

9.COOPERATION WITH AUTHORITIES WHILE DEFENDING OUR RIGHTS

The Company will endeavour to be cooperative and open in its dealings with all authorities and government agencies. Relevant Persons shall inform the Company’s General Counsel immediately in the event of a request for information or questioning outside the ordinary course of business.

10.SECURITIES TRADING; PROHIBITION ON LOANS

The Company is subject to a number of laws concerning the purchase of its shares and other publicly traded securities. Company policy prohibits Relevant Persons and their family members from trading securities while in possession of material, non-public information relating to the Company or any other company, including a customer or supplier.

U.S. securities laws also prohibit the Company from, directly or indirectly (including through subsidiaries), (i) extending or arranging for the extension of personal loans to the members of its Supervisory Board and/or members of the Management Board, and (ii) renewing or materially modifying existing loans to such persons. Members of the Supervisory Board and/or members of the Management Board shall not seek or facilitate personal loans from the Company in contravention of the foregoing.

Please see the Company’s "Dealing Code" in this respect.

11.MEMBERS OF THE SUPERVISORY BOARD AND MEMBERS OF THE MANAGEMENT BOARD

The business of the Company is managed under the direction of the Supervisory Board and the various committees thereof as well as the Management Board. The basic responsibility of the members of those bodies is to act honestly and in good faith with a view to the best interests of the Company.

In carrying out their duties and responsibilities and setting the general policies pursuant to which the Company operates, members of the Supervisory Board and members of the Management Board should endeavour to promote fair dealing by the Company and its employees, officers and agents with customers, suppliers, competitors and employees.

In carrying out their duties and responsibilities, members of the Supervisory Board and members of the Management Board should endeavour to comply, and to cause the Company to comply, with applicable governmental laws, rules and regulations.

5

Members of the Supervisory Board and members of the Management Board should endeavour to cause the Company to proactively promote ethical behaviour and to encourage employees to report evidence of illegal or unethical behaviour to appropriate Company personnel.

12.OUTSIDE DIRECTORSHIPS AND OTHER OUTSIDE ACTIVITIES

Although activities outside the Company are not necessarily a conflict of interest, a conflict could arise depending upon a Relevant Person’s position within the Company and the Company’s relationship with the entity involved in such outside activity. Outside activities may also be a conflict of interest if they cause a Relevant Person, or are perceived to cause a Relevant Person, to choose between that interest and the interests of the Company. Reference is made in this respect to the Corporate Governance Charter and this policy (see sections “Conflicts of interest” and “Corporate opportunities” above).

13.RELATIONSHIPS WITH GOVERNMENT PERSONNEL AND BUSINESS PARTNERS

All Relevant Persons should be aware that practices that may be acceptable in the commercial business environment (such as providing certain transportation, meals, entertainment and other things of nominal value) may be entirely unacceptable and even illegal when they relate to government employees or others who act on a government’s behalf. Relevant Persons are expected to adhere to the relevant laws and regulations governing relations with government employees or others who may act on a government’s behalf, including customers and suppliers, or with business partners outside any governmental context, in every country where they conduct business. Further reference is made to the Anti-Corruption Policy.

14.POLITICAL CONTRIBUTIONS

Laws in many jurisdictions may prohibit or limit political contributions by corporations to candidates or to other political campaigns. In accordance with these laws, the Company does not make contributions where applicable laws make such contributions illegal. Relevant Persons may make personal political contributions in accordance with applicable laws, but contributions to candidates or to other political campaigns by Relevant Persons must not be, or appear to be, made with, or reimbursed by, Company funds or resources. Company funds and resources include (but are not limited to) Company facilities, office supplies, letterhead, telephones, servers and multi-purpose machines. Reference is made to the Anti-Corruption policy.

Relevant Persons who hold or seek to hold political office must do so on their own time, whether through vacation, unpaid leave, after work hours or on weekends. Additionally, all Relevant Persons must obtain advance approval from the Company’s General Counsel prior to running for political office to ensure that there are no conflicts of interest with Company business.

15.PROCEDURES REGARDING WAIVERS

Because of the importance of the matters involved in this Code, waivers will be granted only in limited circumstances and where such circumstances would support a waiver. Waivers of the Code may only be made by the Audit and Risk Committee and may need to be publicly disclosed by the Company.

16.DUTY TO REPORT

Relevant Persons shall take all appropriate actions to stop any known misconduct by fellow Relevant Persons that violate this Code.

6

In case of uncertainty of whether a violation has occurred within the Company, one must seek guidance from the Company’s General Counsel. Complaints or reports of alleged violations of law or suggestions for improvements should be made to the relevant departments or the General Counsel.

Alternatively, the reporting can be done anonymously through the whistleblowing hotline, as described in the Whistleblower Protection Policy of the Company.

Note that the Company will not allow there to be adverse consequences for reports made in good faith.

17.ENFORCEMENT AND DISCIPLINE

Violations of law will not be tolerated. The Company will offer all the necessary sources of information and guidance of the Company’s General Counsel to enable violations of law to be avoided. Relevant Persons will also be afforded guidance in the event of unjustified actions by authorities.

Violations may result in reprimand, claims for damages, termination of employment, or loss of office.

It is not sufficient simply to take note of this Code of Conduct. Relevant Persons are requested to review their own behaviour in light of the above standards and to determine where improvements are possible. They must organize their area of responsibility in such a way that violations can be detected or reports of violations received and take the initiative to regularly monitor subordinates' activities and actively communicate with them.

18.CONCLUSION

These principles must always form an active part of the Company’s corporate culture. Adherence to them must be based on the necessary sensitivity to the legal limits of employees’ own actions and a willingness to allow those actions to be judged against legal standards. Questions or comments on this policy must be addressed to the General Counsel.

*    *    *

7

EX-12.1

Exhibit 12.1

CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER

I, Hugo De Stoop, certify that:

1. I have reviewed this annual report on Form 20-F of Euronav NV;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

4. The Company’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

    (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

    (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

    (c) Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

    (d) Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

5. The Company’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions):

    (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and

    (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.

Date: April 15 , 2021

/s/ Hugo De Stoop     

Hugo De Stoop

Chief Executive Officer (Principal Executive Officer)

EX-12.2

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER

I, Lieve Logghe, certify that:

1. I have reviewed this annual report on Form 20-F of Euronav NV;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

4. The Company’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)) and 15d-15(f) for the Company and have:

    (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

    (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

    (c) Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

    (d) Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

5. The Company’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions):

    (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and

    (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.

Date: April 15, 2021

/s/ Lieve Logghe

Lieve Logghe

Chief Financial Officer (Principal Financial Officer)

EX-13.1

Exhibit 13.1

PRINCIPAL EXECUTIVE OFFICER CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350

In connection with this Annual Report of Euronav NV (the “Company”) on Form 20-F for the year ended December 31, 2020 as filed with the Securities and Exchange Commission (the “SEC”) on or about the date hereof (the “Report”), I, Hugo De Stoop, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)        The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)     The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.

Date: April 15 , 2021

/s/ Hugo De Stoop     

Hugo De Stoop

Chief Executive Officer (Principal Executive Officer)

EX-13.2

Exhibit 13.2

PRINCIPAL FINANCIAL OFFICER CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350

In connection with this Annual Report of Euronav NV (the “Company”) on Form 20-F for the year ended December 31, 2020 as filed with the Securities and Exchange Commission (the “SEC”) on or about the date hereof (the “Report”), I, Lieve Logghe, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)        The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)     The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.

Date: April 15 , 2021

/s/ Lieve Logghe

Lieve Logghe

Chief Financial Officer (Principal Financial Officer)

EX-15.1

Exhibit 15.1

April 15, 2021

Euronav NV

De Gerlachekaai 20

2000 Antwerpen

Belgium

Ladies and Gentlemen:

Reference is made to the annual report on Form 20-F of Euronav NV (the “Company”) for the year ended December 31, 2020 (the “Annual Report”) and the registration statement on Form F-3 (Registration No. 333-238472) of the Company, as may be amended, including the prospectus contained therein and any prospectus supplement related thereto (the “Registration Statement”). We hereby consent to the incorporation by reference in the Registration Statement of all references to our name in the Annual Report and to the use of the statistical information supplied by us set forth in the section of the Annual Report entitled “The International Oil Tanker Shipping Industry.” We further advise the Company that our role has been limited to the provision of such statistical data supplied by us. With respect to such statistical data, we advise you that:

(1) we have accurately described the tanker shipping industry, subject to the availability and reliability of the data supporting the statistical and graphical information presented; and

(2) our methodologies for collecting information and data may differ from those of other sources and does not reflect all or even necessarily a comprehensive set of the actual transactions occurring in the tanker shipping industry.

We hereby consent to the filing of this letter as an exhibit to the Annual Report, which is incorporated by reference into the Registration Statement and any related prospectus.

Yours faithfully,

/s/ Nigel Gardiner

_______________________________

Nigel Gardiner

Group Managing Director

Drewry Shipping Consultants Ltd

LONDON | DELHI | SINGAPORE | SHANGHAI

Drewry Shipping Consultants, 15-17 Christopher Street, London EC2A 2BS, United Kingdom

t: +44 (0) 20 7538 0191 f: +44 (0) 20 7987 9396 e: enquiries@drewry.co.uk

Registered in England No. 3289135 Registered VAT No. 830 3017 77

www.drewry.co.uk

EX-15.2

Exhibit 15.2

April 15, 2021

Euronav NV

De Gerlachekaai 20

2000 Antwerpen

Belgium

Ladies and Gentlemen:

Reference is made to the annual report on Form 20-F of Euronav NV (the “Company”) for the year ended December 31, 2020 (the “Annual Report”) and the registration statement on Form F-3 (Registration No. 333-238472) of the Company, as may be amended, including the prospectus contained therein and any prospectus supplement related thereto (the “Registration Statement”). We hereby consent to the incorporation by reference in the Registration Statement of all references to our name in the Annual Report and to the use of the statistical information supplied by us set forth in the section of the Annual Report entitled “Overview of the Offshore Oil and Gas Industry.” We further advise the Company that our role has been limited to the provision of such statistical data supplied by us. With respect to such statistical data, we advise you that:

(1) we have accurately described the offshore oil and gas industry, subject to the availability and reliability of the data supporting the statistical and graphical information presented; and

(2) our methodologies for collecting information and data may differ from those of other sources and does not reflect all or even necessarily a comprehensive set of the actual transactions occurring in the offshore oil and gas industry.

We hereby consent to the filing of this letter as an exhibit to the Annual Report, which is incorporated by reference into the Registration Statement and any related prospectus.

Yours faithfully,

/s/ David Bogs

_____________________________

David Boggs, Managing Director

Energy Maritime Associates

EX-15.3

Exhibit 15.3

Consent of Independent Registered Public Accounting Firm

The Supervisory Board of Euronav NV:

We consent to the incorporation by reference in the registration statement (No. 333-238472) on Form F-3 of Euronav NV of our report dated April 15, 2021, with respect to the consolidated statement of financial position of Euronav NV and subsidiaries as of December 31, 2020 and 2019, the related consolidated statements of profit or loss, comprehensive income, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2020, and the related notes, and the effectiveness of internal control over financial reporting as of December 31, 2020, which report appears in the December 31, 2020 annual report on Form 20-F of Euronav NV.

Our report refers to a change to the method of accounting for leases effective January 1, 2019 due to the adoption of International Financial Reporting Standard 16 Leases.

/s/ Herwig Carmans

KPMG Bedrijfsrevisoren BV – Réviseurs d'Entreprises SRL

Zaventem, BELGIUM

April 15, 2021

EX-15.4

Exhibit 15.4

SEWARD & KISSEL LLP ONE BATTERY PARK PLAZA NEW YORK, NEW YORK 10004
TELEPHONE:  (212)  574-1200	901 K STREET, NW
FACSIMILE:  (212) 480-8421	WASHINGTON, D.C. 20001
WWW.SEWKIS.COM	TELEPHONE:  (202) 737-8833
	FACSIMILE:  (202) 737-5184

April 15, 2021

Euronav NV

De Gerlachekaai 20

2000 Antwerpen

Belgium

Re:    Euronav NV

Ladies and Gentlemen:

Reference is made to the annual report on Form 20-F of Euronav NV (the “Company”) for the year ended December 31, 2020 (the “Annual Report”) and the registration statement on Form F-3 (Registration No. 333-238472) of the Company, as may be amended and supplemented, including the prospectus contained therein and any prospectus supplement related thereto (the “Registration Statement”). We hereby consent to (i) the filing of this letter as an exhibit to the Annual Report, which is incorporated by reference into the Registration Statement and (ii) each reference to us and the discussions of advice provided by us in the Annual Report under the section “Item 10. Additional Information—E. Taxation” and to the incorporation by reference of the same in the Registration Statement, in each case, without admitting we are “experts” within the meaning of the Securities Act of 1933, as amended, or the rules and regulations of the U.S. Securities and Exchange Commission promulgated thereunder with respect to any part of the Registration Statement.

Very truly yours,

/s/ Keith Billotti

EX-15.5

Exhibit 15.5

April 15, 2021

Euronav NV

De Gerlachekaai 20

2000 Antwerpen

Belgium

Re:    Euronav NV

Ladies and Gentlemen:

Reference is made to the annual report on Form 20-F of Euronav NV (the “Company”) for the year ended December 31, 2020 (the “Annual Report”) and the registration statement on Form F-3 (Registration No. 333-238472) of the Company, as may be amended, including the prospectus contained therein and any prospectus supplement related thereto (the “Registration Statement”). We hereby consent to (i) the filing of this letter as an exhibit to the Annual Report, which is incorporated by reference into the Registration Statement and (ii) each reference to us and the discussions of advice provided by us in the Annual Report under the section “Item 10. Additional Information—E. Taxation” and to the incorporation by reference of the same in the Registration Statement, in each case, without admitting we are “experts” within the meaning of the Securities Act of 1933, as amended, or the rules and regulations of the U.S. Securities and Exchange Commission promulgated thereunder with respect to any part of the Registration Statement.

Very truly yours,

/s/ Nico Goossens

____________________________

Nico Goossens

for and on behalf of Argo Law cvba

XML

Cover	12 Months Ended
	Dec. 31, 2020 shares
Entity Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-36810
Entity Registrant Name	EURONAV NV
Entity Incorporation, State or Country Code	C9
Entity Address, Address Line One	De Gerlachekaai 20
Entity Address, Postal Zip Code	2000
Entity Address, City or Town	Antwerpen
Entity Address, Country	BE
Title of 12(b) Security	Ordinary Shares, no par value
Trading Symbol	EURN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding (in shares)	220,024,713
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Document Fiscal Period Focus	FY
Entity Central Index Key (CIK)	0001604481
Amendment flag	false
Document Fiscal Year Focus	2020
Business Contact
Entity Information [Line Items]
Entity Address, Address Line One	De Gerlachekaai 20
Entity Address, Postal Zip Code	2000
Entity Address, City or Town	Antwerpen
Entity Address, Country	BE
Contact Personnel Name	Hugo De Stoop
Contact Personnel Email Address	management@euronav.com
City Area Code	+32
Local Phone Number	-3-247-4411

XML

Consolidated Statement of Financial Position - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Non-current assets
Vessels (Note 8)	$ 2,865,308	$ 3,177,262
Assets under construction (Note 8)	207,069	0
Right-of-use assets (Note 8)	52,955	58,908
Other tangible assets (Note 8)	1,759	2,265
Intangible assets	161	39
Receivables (Note 10)	55,054	71,083
Investments in equity accounted investees (Note 26)	51,703	50,322
Deferred tax assets (Note 9)	1,357	2,715
Non-Current assets	3,235,366	3,362,594
Current assets
Bunker inventory (Note 11)	75,780	183,382
Non-current assets held for sale (Note 3)	0	12,705
Trade and other receivables  (Note 12)	214,479	308,987
Current tax assets	136	221
Cash and cash equivalents (Note 13)	161,478	296,954	[1]
Total current assets	451,873	802,249
TOTAL ASSETS	3,687,239	4,164,843
Equity
Share capital (Note 14)	239,148	239,148
Share premium (Note 14)	1,702,549	1,702,549
Translation reserve	935	299
Hedging reserve (Note 14)	(7,456)	(4,583)
Treasury shares (Note 14)	(164,104)	(45,616)
Retained earnings	540,714	420,058
Equity attributable to owners of the Company	2,311,786	2,311,855	[2]
Non-current liabilities
Bank loans (Note 16)	836,318	1,173,944
Other notes (Note 16)	198,279	198,571
Other borrowings (Note 16)	100,056	107,978
Lease liabilities (Note 16)	21,172	43,161
Other payables (Note 18)	6,893	3,809
Employee benefits (Note 17)	7,987	8,094
Provisions (Note 21)	1,154	1,381
Total non-current liabilities	1,171,859	1,536,938
Current liabilities
Trade and other payables (Note 18)	85,150	94,408
Current tax liabilities	629	49
Bank loans (Note 16)	20,542	49,507
Other borrowings (Note 16)	51,297	139,235
Lease liabilities (Note 16)	45,749	32,463
Provisions (Note 21)	227	388
Total current liabilities	203,594	316,050
TOTAL EQUITY and LIABILITIES	$ 3,687,239	$ 4,164,843

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

[2] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

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Consolidated Statement of Profit or Loss - USD ($) $ in Thousands				12 Months Ended
	Jan. 01, 2019	Jan. 01, 2018	Jan. 01, 2017	Dec. 31, 2020	Dec. 31, 2019	[1]	Dec. 31, 2018
Shipping income
Revenue (Note 4)				$ 1,230,750	$ 932,377		$ 600,024	[1]
Gains on disposal of vessels/other tangible assets (Note 8)				22,728	14,879		19,138	[1]
Other operating income (Note 4)				10,112	10,094		4,775	[1]
Total shipping income				1,263,590	957,350		623,937	[1]
Operating expenses
Voyage expenses and commissions (Note 5)				(125,430)	(144,681)		(141,416)	[1]
Vessel operating expenses (Note 5)				(210,634)	(211,795)		(185,792)	[1]
Charter hire expenses (Note 5)				(7,954)	(604)		(31,114)	[1]
Loss on disposal of vessels/other tangible assets (Note 8)				(1)	(75)		(273)	[1]
Impairment on non-current assets held for sale (Note 3)				0	0		(2,995)	[1]
Depreciation tangible assets (Note 8)				(319,652)	(337,646)		(270,582)	[1]
Depreciation intangible assets				(99)	(56)		(111)	[1]
General and administrative expenses (Note 5)				(65,498)	(66,890)		(66,232)	[1]
Total operating expenses				(729,268)	(761,747)		(698,515)	[1]
RESULT FROM OPERATING ACTIVITIES				534,322	195,603		(74,578)	[1]
Finance income (Note 6)				21,496	20,572		15,023	[1]
Finance expenses (Note 6)				(91,553)	(119,803)		(89,412)	[1]
Net finance expenses				(70,057)	(99,231)		(74,389)	[1]
Gain on bargain purchase (Note 25)				0	0	[2]	23,059	[1],[2]
Share of profit (loss) of equity accounted investees (net of income tax) (Note 26)				10,917	16,460		16,076	[1]
PROFIT (LOSS) BEFORE INCOME TAX				475,182	112,832		(109,832)	[1]
Income tax benefit (expense) (Note 7)				(1,944)	(602)		(238)	[1]
PROFIT (LOSS) FOR THE PERIOD				473,238	112,230	[2]	(110,070)	[2],[3]
Attributable to:
Owners of the company				$ 473,238	$ 112,230		$ (110,070)	[1]
Basic earnings per share (Note 14) (in dollars per share)				$ 2.25	$ 0.52		$ (0.57)	[1]
Diluted earnings per share (Note 14) (in dollars per share)				$ 2.25	$ 0.52		$ (0.57)	[1]
Weighted average number of shares (basic) (Note 14) (in shares)	215,078,497	218,786,812	158,166,534	210,193,707	216,029,171		191,994,398	[1]
Weighted average number of shares (diluted) (Note 14) (in shares)				210,206,403	216,029,171		191,994,398	[1]

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

[2] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

[3] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

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Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018	[3]
Statement of comprehensive income [abstract]
Profit/(loss) for the period	$ 473,238	$ 112,230	[1],[2]	$ (110,070)	[2]
Items that will never be reclassified to profit or loss:
Remeasurements of the defined benefit liability (asset) (Note 17)	(97)	(1,223)	[3]	120
Items that are or may be reclassified to profit or loss:
Foreign currency translation differences (Note 6)	636	(112)	[3]	(157)
Cash flow hedges - effective portion of changes in fair value (Note 14)	(2,873)	(1,885)	[3]	(2,698)
Equity-accounted investees - share of other comprehensive income (Note 26)	(2)	(720)	[3]	(459)
Other comprehensive income (expense), net of tax	(2,336)	(3,940)	[3]	(3,194)
Total comprehensive income (expense) for the period	470,902	108,290	[3]	(113,264)
Attributable to:
Owners of the company	$ 470,902	$ 108,290	[3]	$ (113,264)

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

[2] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

[3] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

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Consolidated Statement of Changes in Equity - USD ($) $ in Thousands		Total		Share capital	Share premium	Translation reserve	Hedging reserve	Treasury shares	Retained earnings
Beginning balance (Previously stated) at Dec. 31, 2017		$ 1,846,361		$ 173,046	$ 1,215,227	$ 568	$ 0	$ (16,102)	$ 473,622
Beginning balance (Adjustment on initial application of IFRS 15 (net of tax)) at Dec. 31, 2017		(1,729)							(1,729)
Beginning balance (Adjustment on initial application of IFRS 9 (net of tax)) at Dec. 31, 2017		(16)							(16)
Beginning balance at Dec. 31, 2017	[1]	1,844,616		173,046	1,215,227	568	0	(16,102)	471,877
Profit (loss) for the period		(110,070)	[2],[3]						(110,070)
Total other comprehensive income		(3,194)	[2]			(157)	(2,698)		(339)
Total comprehensive income (expense) for the period		(113,264)	[2]			(157)	(2,698)		(110,409)
Transactions with owners of the company
Issue of ordinary shares related to business combinations (Note 14)		553,424		66,102	487,322
Dividends to equity holders (Note 14)		(22,629)							(22,629)
Treasury shares acquired (Note 14)		(3,955)						(3,955)
Treasury shares sold (Note 14)		2,294						5,406	(3,112)
Equity-settled share-based payment (Note 23)		37							37
Total transactions with owners		529,171		66,102	487,322			1,451	(25,704)
Ending balance at Dec. 31, 2018	[4]	2,260,523		239,148	1,702,549	411	(2,698)	(14,651)	335,764
Profit (loss) for the period		112,230	[3],[5]						112,230
Total other comprehensive income		(3,940)	[2]			(112)	(1,885)		(1,943)
Total comprehensive income (expense) for the period		108,290	[2]			(112)	(1,885)		110,287
Transactions with owners of the company
Dividends to equity holders (Note 14)		(25,993)							(25,993)
Treasury shares acquired (Note 14)		(30,965)						(30,965)
Total transactions with owners		(56,958)						(30,965)	(25,993)
Ending balance at Dec. 31, 2019	[4]	2,311,855		239,148	1,702,549	299	(4,583)	(45,616)	420,058
Profit (loss) for the period		473,238							473,238
Total other comprehensive income		(2,336)				636	(2,873)		(99)
Total comprehensive income (expense) for the period		470,902				636	(2,873)		473,139
Transactions with owners of the company
Dividends to equity holders (Note 14)		(352,483)							(352,483)
Treasury shares acquired (Note 14)		(118,488)						(118,488)
Total transactions with owners		(470,971)						(118,488)	(352,483)
Ending balance at Dec. 31, 2020		$ 2,311,786		$ 239,148	$ 1,702,549	$ 935	$ (7,456)	$ (164,104)	$ 540,714

[1] The Group 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 was adjusted following the application of IFRS 15 on Revenue Recognition and IFRS 9 on Financial Instruments.

[2] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

[3] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

[4] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

[5] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

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Consolidated Statement of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018
Cash flows from (used in) operating activities [abstract]
Profit/(loss) for the period		$ 473,238	$ 112,230	[1],[2]	$ (110,070)	[2],[3]
Adjustments for:		357,720	405,823	[2]	289,311	[2]
Depreciation of tangible assets (Note 8)		319,652	337,646	[2]	270,582	[2]
Depreciation of intangible assets		99	56	[2]	111	[2]
Impairment on non-current assets held for sale (Note 3)		0	0	[2]	2,995	[2]
Provisions		(388)	(448)	[2]	(42)	[2]
Income tax (benefits)/expenses (Note 7)		1,944	602	[2]	239	[2]
Share of profit of equity-accounted investees, net of tax (Note 26)		(10,917)	(16,460)	[2]	(16,076)	[2]
Net finance expenses (Note 6)		70,057	99,231	[2]	74,389	[2]
(Gain)/loss on disposal of assets (Note 8)		(22,727)	(14,804)	[2]	(18,865)	[2]
Equity-settled share-based payment transactions (Note 5)		0	0	[2]	37	[2]
Amortization of deferred capital gain		0	0	[2]	(1,000)	[2]
Gain on bargain purchase (Note 25)		0	0	[1],[2]	(23,059)	[1],[2]
Changes in working capital requirements		180,576	(165,419)	[2]	(114,533)	[2]
Change in cash guarantees (Note 10)		(12,339)	(34)	[2]	33	[2]
Change in inventory (Note 11)		107,602	(161,121)	[2]	(22,261)	[2]
Change in receivables from contracts with customers (Note 12)		85,830	(41,001)	[2]	(23,589)	[2]
Change in accrued income (Note 12)		12,667	(3,051)	[2]	(6,393)	[2]
Change in deferred charges and fulfillment costs (Note 12)		(263)	(2,078)	[2]	18,848	[2]
Change in other receivables (Note 10 and 12)		(3,826)	22,393	[2]	(77,876)	[2]
Change in trade payables (Note 18)		4,490	6,471	[2]	(8,181)	[2]
Change in accrued payroll (Note 18)		2,536	(2,282)	[2]	(11,000)	[2]
Change in accrued expenses (Note 18)		(10,675)	3,473	[2]	18,839	[2]
Change in deferred income (Note 18)		(4,645)	10,028	[2]	(2,265)	[2]
Change in other payables (Note 18)		(148)	(806)	[2]	(1,304)	[2]
Change in provisions for employee benefits (Note 17)		(653)	2,589	[2]	616	[2]
Income taxes paid during the period		78	(993)	[2]	(67)	[2]
Interest paid (Note 6-19)		(56,084)	(98,852)	[2]	(67,209)	[2]
Interest received (Note 6-12)		6,723	6,602	[2]	3,409	[2]
Dividends received from equity-accounted investees (Note 26)		7,534	12,600	[2]	0	[2]
Net cash from (used in) operating activities		969,785	271,991	[2]	841	[2]
Cash flows from (used in) investing activities [abstract]
Acquisition of vessels (Note 8)		(224,904)	(7,024)	[2]	(237,476)	[2]
Proceeds from the sale of vessels (Note 8)		78,075	86,235	[2]	26,762	[2]
Acquisition of other tangible assets and prepayments (Note 8)		(285)	(1,015)	[2]	(588)	[2]
Acquisition of intangible assets		(221)	(14)	[2]	(1)	[2]
Proceeds from the sale of other (in)tangible assets (Note 8)		0	30	[2]	0	[2]
Loans from (to) related parties (Note 26)		26,443	(31,713)	[2]	134,097	[2]
Acquisition of subsidiaries or from business combinations, net of cash acquired (Note 25)		0	0	[2]	126,288	[2]
Proceeds from sale (Purchase of) shares in equity-accounted investees (Note 26)		2,000	(4,000)	[2]	0	[2]
Proceeds from sale of subsidiaries (Note 25)		0	0	[2]	140,960	[2]
Lease payments received from finance leases		1,786	1,251	[2]	0	[2]
Net cash from (used in) investing activities		(117,106)	43,750	[2]	190,042	[2]
Cash flows from (used in) financing activities [abstract]
(Purchase of) Proceeds from sale of treasury shares (Note 14)		(118,488)	(30,965)	[2]	(1,661)	[2]
Proceeds from new borrowings (Note 16)		893,827	1,099,701	[2]	983,882	[2]
Repayment of borrowings (Note 16)		(994,989)	(1,318,398)	[2]	(1,115,894)	[2]
Repayment of commercial paper (Note 16)		(359,295)	0	[2]	0	[2]
(Repayment of) Proceeds from sale and leaseback (Note 16)		(22,853)	124,425	[2]	0	[2]
Repayment of lease liabilities (Note 16)		(37,779)	(30,214)	[2]	0	[2]
Transaction costs related to issue of loans and borrowings (Note 16)		(8,083)	(9,721)	[2]	(3,849)	[2]
Dividends paid (Note 14)		(352,041)	(26,015)		(22,643)
Net cash from (used in) financing activities		(999,701)	(191,187)	[2]	(160,165)	[2]
Net increase (decrease) in cash and cash equivalents		(147,022)	124,554	[2]	30,718	[2]
Net cash and cash equivalents at the beginning of the period (Note 13)	[2]	296,954	173,133		143,648
Effect of changes in exchange rates		11,546	(733)	[2]	(1,233)	[2]
Net cash and cash equivalents at the end of the period (Note 13)		$ 161,478	$ 296,954	[2]	$ 173,133	[2]

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

[2] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

[3] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

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Significant accounting policies

12 Months Ended

Dec. 31, 2020

Corporate Information And Statement Of IFRS Compliance [Abstract]

Significant accounting policies

Significant accounting policies

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 consolidated financial statements of the Company comprise the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interests in associates and joint ventures.

Euronav NV is a fully-integrated provider of international maritime shipping and offshore services engaged in the transportation and storage of crude oil. The Company was incorporated under the laws of Belgium on June 26, 2003, and grew out of three companies that had a strong presence in the shipping industry; Compagnie Maritime Belge NV, or CMB, formed in 1895, Compagnie Nationale de Navigation SA, or CNN, formed in 1938, and Ceres Hellenic formed in 1950. The Company started doing business under the name “Euronav” in 1989 when it was initially formed as the international tanker subsidiary of CNN. Euronav NV merged in 2018 with Gener8 Maritime, Inc, which became a wholly-owned subsidiary of Euronav NV. Through the merger Euronav NV has an operating fleet of more than 70 tankers and is a leading independent large crude tanker operator.

Euronav NV charters its vessels to leading international energy companies. The Company pursues a chartering strategy of primarily employing its vessels on the spot market, including through the Tankers International (TI) Pool and also under fixed-rate contracts and long-term time charters, which typically include a profit sharing component.

A spot market voyage charter is a contract to carry a specific cargo from a load port to a discharge port for an agreed freight per ton of cargo or a specified total amount. Under spot market voyage charters, the Company pays voyage expenses such as port, canal and bunker costs. Spot charter rates have historically been volatile and fluctuate due to seasonal changes, as well as general supply and demand dynamics in the crude oil marine transportation sector. Although the revenues generated by the Company in the spot market are less predictable, the Company believes their exposure to this market provides them with the opportunity to capture better profit margins during periods when vessel demand exceeds supply leading to improvements in tanker charter rates. The Company principally employs and commercially manages their VLCCs through the TI Pool, a leading spot market-oriented VLCC pool in which other third-party shipowners with vessels of similar size and quality participate along with the Company. The Company participated in the formation of the TI Pool in 2000 to allow themselves and other TI Pool participants to gain economies of scale, obtain increased cargo flow of information, logistical efficiency and greater vessel utilization.

Time charters provide the Group with a fixed and stable cash flow for a known period of time. Time charters may help the Group mitigate, in part, its exposure to the spot market, which tends to be volatile in nature, being seasonal and generally weaker in the second and third quarters of the year due to refinery shutdowns and related maintenance during the warmer summer months. The Group may when the cycle matures or otherwise opportunistically employ more of its vessels under time charter contracts as the available rates for time charters improve. The Group may also enter into time charter contracts with profit sharing arrangements, which the Group believes will enable it to benefit if the spot market increases above a base charter rate as calculated either by sharing sub charter profits of the charterer or by reference to a market index and in accordance with a formula provided in the applicable charter contract.

The Group currently deploys its two FSOs as floating storage units under service contracts with North Oil Company, in the offshore services sector.

2.    Basis of accounting

These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and as adopted by the European Union as of December 31, 2020.

Changes in significant accounting policies are described in policy 6. All accounting policies have been consistently applied for all periods presented in the consolidated financial statements unless disclosed otherwise.

The consolidated financial statements were authorized for issue by the Supervisory Board on April 15, 2021.

3.    Basis of measurement

The consolidated financial statements have been prepared on the historical cost basis except for the following material items in the statement of financial position:

•Derivative financial instruments are measured at fair value

•Non-current assets held for sale are recognized at fair value less cost of disposal if it is lower than their carrying amount

4.    Functional and presentation currency

The consolidated financial statements are presented in USD, which is the Company's functional and presentation currency. All financial information presented in USD has been rounded to the nearest thousand except when otherwise indicated.

5.    Use of estimates and judgments

The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of the Group's accounting policies and the reported amounts of assets and liabilities, income and expenses.

The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which are the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

A.    Judgments

Information about judgments made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statement is included in the following notes:

•Note 8 – Impairment;

•Note 25 - Business Combination and

•Note 20 - Lease term: whether the Group is reasonably certain to exercise renewal, termination, purchase options.

B.    Assumptions and estimation uncertainties

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amounts in the next financial years is included in the following notes:

•Note 8 – Impairment test: key assumptions underlying the recoverable amount;

•Note 9 - Measurement of deferred tax assets: availability of future taxable profit against which deductible temporary differences and tax losses carried forward can be utilized and

•     Note 20 - Leases: key assumptions underlying the lease liability and right-of-use asset, e.g. lease term, lease payments and estimate on residual value guarantee.

The significant assumptions and accounting estimates, to support the reported amounts of assets and liabilities, income and expenses, were regularly reviewed, and if needed updated, during 2020. The main judgements, estimates and assumptions, which might be impacted by COVID-19, are:

•Note 8 – Impairment test: The carrying amount of the vessels is reviewed to determine whether an indication of impairment exists. No impairment is required as the recoverable amount of each CGU continues to be in excess of the carrying amounts.

•Bunkers on the Oceania and the vessels are valued at lower of cost or net realizable value. Weighted average of the fuel stock on board of the Oceania and the vessels was lower than the market price at year-end.

•Allowance for expected credit losses: In accordance with IFRS 9, the group recognizes expected credit losses on trade receivables following the simplified approach. Lifetime expected losses are recognized for the trade receivables, excluding recoverable VAT amounts. However, based on customer’s payment behaviour, no significant additional allowances for expected credit losses were to be recognized as per December 31, 2020.

As the COVID-19 pandemic further evolves, potential changes in these views might occur in 2021.

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 the following notes:

•Note 3 - Assets and liabilities held for sale and discontinued operations;

•Note 19 - Financial instruments and

•Note 23 - Share-based payment arrangements

6.    Changes in accounting policies

Except for the changes below, the accounting policies adopted in the preparation of the consolidated financial statements for the year ended December 31, 2020 are consistent with those applied in the preparation of the consolidated financial statements for the year ended December 31, 2019. A number of new standards are effective from January 1, 2020 but they do not have a material effect on the Group's financial statements.

•Definition of a Business (Amendments to IFRS3), see accountancy policy 7.1.

•Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7). The Group applies hedge accounting to certain Interest rate swaps that are used to hedge the risk related to the fluctuation of the LIBOR (see

Note 14). The Group applied the interest rate benchmark reform phase 1 amendments retrospectively to the hedging relationships that existed at 1 January 2020 or were designated thereafter and that are directly affected by interest rate benchmark reform. These amendments also apply to the gain or loss accumulated in the cash flow hedging reserve that existed at 1 January 2020. For the related accounting policy, refer to 9.3.

The Group applied IFRS 16 using the modified retrospective approach, under which the cumulative effect of initial application is recognized in retained earnings at 1 January 2019. Accordingly, the comparative information presented for 2018 is not restated - i.e. it is presented, as previously reported, under IAS 17 and related interpretations. The details of the changes in accounting policies are disclosed below. Additionally, the disclosure requirements in IFRS 16 have not been applied to comparative information. The Group 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 was adjusted following the application of IFRS 15 on Revenue Recognition and IFRS 9 on Financial Instruments.

7.    Basis of Consolidation

7.1.    Business Combinations

The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.

For acquisitions the Group measures goodwill at the acquisition date as:

•the fair value of the consideration transferred; plus 

•the recognized amount of any non-controlling interests in the acquiree; plus if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less

•the net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed.

When the excess is negative, a bargain purchase gain is recognized immediately in profit or loss.

The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts

generally are recognized in profit or loss. Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognized in profit or loss.

7.2.    Non-controlling interests (NCI) 

NCI are measured at their proportionate share of the acquiree's identifiable net assets at the date of acquisition. Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

7.3.    Subsidiaries 

Subsidiaries are those entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which the control commences until the date on which control ceases.

7.4.    Loss of control

On the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognized in profit or loss. If the Group retains any interest in the former subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as an equity-accounted investee or as a Fair Value through Other Comprehensive Income ("FVOCI") or Fair Value through Profit or Loss ("FVTPL") financial asset depending on the level of influence retained.

7.5.    Interests in equity-accounted investees

The Group’s interests in equity-accounted investees comprise interest in associates and joint ventures.

Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.

Interests in associates and joint ventures are accounted for using the equity method. They are recognized initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income (“OCI”) of equity-accounted investees, until the date on which significant influence or joint control ceases.

Interests in associates and joint ventures include any long-term interests that, in substance, form part of the Group’s investment in those associates or joint ventures and include unsecured shareholder loans for which settlement is neither planned nor likely to occur in the foreseeable future, which, therefore, are an extension of the Group’s investment in those associates and joint ventures. The Group’s share of losses that exceeds its investment is applied to the carrying amount of those loans. After the Group’s interest is reduced to zero, a liability is recognized to the extent that the Group has a legal or constructive obligation to fund the associates’ or joint ventures’ operations or has made payments on their behalf.

7.6.    Transactions eliminated on consolidation 

Intragroup balances and transactions, and any unrealized gains arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the underlying asset to the extent of the Group's interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

8.    Foreign currency

8.1.    Foreign currency transactions

Transactions in foreign currencies are translated to USD at the foreign exchange rate applicable at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to USD at the foreign exchange rate applicable at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign exchange differences arising on translation are generally recognized in profit or loss. However, foreign currency differences arising from the translation of the following items are recognized in OCI:

•a financial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is effective; and

•qualifying cash flow hedges to the extent that the hedges are effective.

8.2.    Foreign operations

The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to USD at exchange rates at the reporting date. The income and expenses of foreign operations are translated to USD at rates approximating the exchange rates at the dates of the transactions.

Foreign currency differences are recognized directly in equity (Translation reserve). When a foreign operation is disposed of, in part or in full, the relevant amount in the translation reserve is transferred to profit or loss.

9.    Financial Instruments

Recognition and initial measurement

Trade receivables, debt securities issued and subordinated liabilities are initially recognized when they are originated. All other financial assets and financial liabilities (including liabilities designated as at FVTPL) are initially recognized on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument.

A financial asset (unless it is a trade receivable without a significant financing component which 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 or issue.

Financial liabilities are recognized initially at fair value less any directly attributable transaction costs.

The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models refined to reflect the issuer’s specific circumstances.

Financial assets and liabilities are offset and the net amount is presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.

9.1.    Financial assets

Classification and subsequent measurement

On initial recognition, a financial asset is classified as measured at: amortized cost; FVOCI - debt investment; FVOCI - equity instrument; or 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.

Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.

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 objectives 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.

Assessment whether contractual cash flows are solely payments of principal and interest

For the purposes of this assessment, 'principal' is defined as the fair value of the financial asset on initial recognition. 'Interest' is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin.

In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers:

•contingent events that would change the amount or timing of cash flows;

•terms that may adjust the contractual coupon rate, including variable-rate features;

•prepayment and extension features; and

•terms that limit the Group's claim to cash flows from specified assets (e.g. non-resource features).

A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition.

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.

Derecognition

The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

The Group enters into transactions whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases the transferred assets are not derecognized. Any interest in such transferred financial assets that is created or retained by the Group is recognized as a separate asset or liability.

9.2.    Financial liabilities

Classification and subsequent measurement

Financial liabilities are classified as measured at amortized cost or FVTPL.

A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss.

Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gains or loss on derecognition is also recognized

in profit or loss.

The financial liability related to the three VLCCs under the sale and leaseback agreement entered into on December 30, 2019 (see Note 16) is measured at amortized cost using the effective interest method. It is remeasured when there is a

change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the fair value of the assets transferred at the end of the lease term or if the Group changes its assessment of whether it will exercise the purchase option.

Derecognition

The Group derecognizes a financial liability when its contractual obligations are discharged, canceled, or expired. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.

On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid

(including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.

Non-derivative financial liabilities comprise loans and borrowings, bank overdrafts, and trade and other payables.

Bank overdrafts that are repayable on demand and form an integral part of the Group’s cash management are included as

a component of cash and cash equivalents for the purpose of the statement of cash flows.

9.3.    Derivative financial instruments

Derivative financial instruments and hedge accounting

The Group from time to time may enter into derivative financial instruments to hedge its exposure to market fluctuations, foreign exchange and interest rate risks arising from operational, financing and investment activities.

Derivative are initially measured at fair value; attributable transaction costs are expensed as incurred. Subsequent to initial recognition, derivatives are remeasured at fair value, and changes therein are generally recognized in profit or loss.

The group designated certain derivatives as hedging instruments to hedge the variability in cash flows.

The Group ensure that hedge accounting relationships are aligned with its risk management objectives and strategy and apply a more qualitative and forward looking approach in assessing hedge effectiveness. On initial designation of the derivative as hedging instrument, the Group formally documents the economic relationship between the hedging instrument(s) and hedged item(s), including the risk management objective(s) and strategy for undertaking the hedge. The Group also documents the methods that will be used to assess the effectiveness of the hedging relationship and makes an assessment whether the hedging instruments are expected to be “highly effective” in offsetting the changes in the cash flows of the respective hedged items during the period for which the hedge is designated.

On an ongoing basis, the Group assesses whether the hedge relationship continues and is expected to continue to remain highly effective using retrospective and prospective quantitative and qualitative analysis.

Hedges directly affected by interest rate benchmark reform

For the purpose of evaluation whether there is an economic relationship between the hedged item(s) and the hedging instrument(s), the Group assumes that the benchmark interest rate is not altered as a result of interest rate benchmark reform.

For a cash flow hedge of a forecast transaction, the Group assumes that the benchmark interest rate will not be altered as a result of interest rate benchmark reform for the purpose of assessing whether the forecast transaction is highly probable and presents an exposure to variations in cash flows that could ultimately affect profit or loss. In determining whether a previously designated forecast transaction in a discontinued cash flow hedge is still expected to occur, the Group assumes that the interest rate benchmark cash flows designated as a hedge will not be altered as a result of interest rate benchmark reform.

The Group will cease to apply the specific policy for assessing the economic relationship between the hedged item and the hedging instrument (i) to a hedged item or hedging instrument when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based cash flows of the respective item or instrument or (ii) when the hedging relationship is discontinued. For its highly probable assessment of the hedged item, the Group will no longer apply the specific policy when the uncertainty arising from interest rate benchmark reform about the timing and the amount of the interest rate benchmark-based future cash flows of the hedged item is no longer present, or when the hedging relationship is discontinued.

See Note 19 for related disclosures.

Cash flow hedges

When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognized in OCI and presented in the hedging reserve in equity. The amount recognized in OCI is removed and included in profit or loss in the same period as the hedged cash flows affect profit or loss under the same line item in the statement of profit or loss as the hedged item. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss.

The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts ('forward points') is separately accounted for as a cost of hedging and recognized in a costs of hedging reserve within equity.

If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated, exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item's cost on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss.

If the hedged future cash flows are no longer expected to occur, then the balance in equity is reclassified to profit or loss.

9.4.    Share capital

Ordinary share capital

Ordinary share capital is classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity, net of any tax effects.

Repurchase of share capital

When share capital recognized as equity is repurchased, the amount of the consideration paid, including directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and presented in the reserve for own shares. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is presented in retained earnings.

9.5.    Compound financial instruments

Compound financial instruments issued by the Group comprise Notes denominated in USD that can be converted to ordinary shares at the option of the holder, when the number of shares is fixed and does not vary with changes in fair value.

The liability component of compound financial instruments is initially recognized at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognized at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity component in proportion to their initial carrying amounts.

Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured.

Interest related to the financial liability is recognized in profit and loss. On conversion, the financial liability is reclassified to equity and no gain or loss is recognized.

10.    Goodwill and intangible assets

10.1.    Goodwill

Goodwill that arises on the acquisition of subsidiaries is presented as an intangible asset. For the measurement of goodwill at initial recognition, refer to accounting policy 7.1.

After initial recognition goodwill is measured at cost less accumulated impairment losses, refer to accounting policy 12. In respect of equity accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment, and any impairment loss is allocated to the carrying amount of the equity accounted investee as a whole.

10.2.    Intangible assets 

Intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and impairment losses, refer to accounting policy 12.

The cost of an intangible asset acquired in a separate acquisition is the cash paid or the fair value of any other consideration given. The cost of an internally generated intangible asset includes the directly attributable expenditure of preparing the asset for its intended use.

10.3.    Subsequent expenditure 

Subsequent expenditure on intangible assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates and its cost can be measured reliably. All other expenditure is expensed as incurred.

10.4.    Amortization 

Amortization is charged to the income statement on a straight-line basis over the estimated useful lives of the intangible assets from the date they are available for use. The estimated useful lives are as follows:

•Software:          3 - 5 years

Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

11.    Vessels, property, plant and equipment

11.1.    Owned assets

Vessels and items of property, plant and equipment are stated at cost or deemed cost less accumulated depreciation (see below) and impairment losses, refer to accounting policy 12.

Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of assets includes the following:

•The cost of materials and direct labor;

•Any other costs directly attributable to bringing the assets to a working condition for their intended use;

•When the Group has an obligation to remove the asset or restore the site, an estimate of the costs of dismantling and removing the items and restoring the site on which they are located; and

•Capitalized borrowing costs.

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, refer to accounting policy 11.6.

Gains and losses on disposal of a vessel or of another item of property, plant and equipment are determined by comparing the net proceeds from disposal with the carrying amount of the vessel or the item of property, plant and equipment and are recognized in profit or loss.

For the sale of vessels, transfer of risk and rewards usually occurs upon delivery of the vessel to the new owner.

11.2.    Assets under construction

Assets under construction, especially newbuilding vessels, are accounted for in accordance with the stage of completion of the newbuilding contract. Typical stages of completion are the milestones that are usually part of a newbuilding contract: signing or receipt of refund guarantee, steel cutting, keel laying, launching and delivery. All stages of completion are guaranteed by a refund guarantee provided by the shipyard.

11.3.    Subsequent expenditure 

Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the item of property, plant and equipment and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. All other expenditure is recognized in the consolidated statement of profit or loss as an expense as incurred.

11.4.    Borrowing costs 

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset.

11.5.    Depreciation 

Depreciation is charged to the consolidated statement of profit or loss on a straight-line basis over the estimated useful lives of vessels and items of property, plant and equipment. The right-of-use asset is depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the basis of those of property and equipment (refer to accounting policy 18). Land is not depreciated.

Vessels and items of property, plant and equipment are depreciated from the date that they are available for use. Internally constructed assets are depreciated from the date that the assets are completed and ready for use.

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

•	tankers	20 years
•	FSO/FpSO/FPSO	30 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

The useful life of the FSOs have been reassessed from 25 years to 30 years due to the extension for ten years of the timecharter contract in direct continuation of their current contractual service, or until July 21, 2032 and September 21, 2032 respectively. The end of the useful economic life of the FSO vessels was set equal to the contract end date or approximately 30 years since build date. The net book value and depreciations were reassessed and applied prospectively as from the moment the extension was signed. The impact in the consolidated statement of profit or loss statement was immaterial.

Vessels are estimated to have a zero residual value except for the three VLCCs under the sale and leaseback agreement entered into on December 30, 2019 (see Note 16). In accordance with IFRS, this transaction was not accounted for as a sale but Euronav as seller-lessee will continue to recognize the transferred assets. The three vessels are subsequently depreciated over their useful lives (i.e. from the commencement date to the end of the lease term) as it is not reasonably certain that the Group will exercise the purchase option. Depreciation is calculated on the net carrying value of the three vessels as of December 30, 2019 less their estimate residual values using the straight-line method. The residual value, estimated at USD 21 million, is the amount that the Group could receive from disposal of the vessels at the reporting date if the vessels were already of the age and in the condition that they will be in at the end of the lease term.

Depreciation methods, useful lives at the end of the lease term and residual values are reviewed at each reporting date and adjusted if appropriate.

11.6.    Dry-docking – 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 dry-dock. Components installed during dry-dock with a useful life of more than 1 year are depreciated over their estimated useful-life.

12.    Impairment

12.1.    Non-derivative financial assets    

Financial instruments and contract assets

The impairment model applies to financial assets measured at amortized cost, contract assets and debt investments at FVOCI.

The financial assets at amortized cost consist of trade and other receivables, cash and cash equivalents and non-current receivables.

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

•12-month 'expected credit loss' (ECL): 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 in accordance with 12-months ECLs model:

•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 occurring over the expected life of the financial instrument) has not increased significantly since initial recognition.

Loss allowances for trade receivables are measured 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 analysis, 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 180 days past due. The financial assets that are more than 180 days past due, which mainly relates to demurrage and TI pool outstandings, are followed up closely and as long as their collection is highly probable, they are not considered in default.

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 realizing security (if any is held).

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 allowance for ECL

Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. The impairment loss on trade receivable has been presented in 'general and administrative expenses'.

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 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 expenses'.

Write-off

The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. The Group calculates the ELC on trade and other receivables based on actual credit loss experience over the past 10 years taking into account reasonable and supportable forecast of future economic conditions.

12.2    Non-financial assets 

The carrying amounts of the Group’s non-financial assets, other than deferred tax assets (refer to accounting policy 21), inventory and contract assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. Goodwill is tested annually for impairment.

For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGU’s. Goodwill acquired in a business combination is allocated to groups of CGU’s that are expected to benefit from the synergies of the combination.

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

An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss.

An impairment loss recognized for goodwill shall not be reversed. For other assets, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

Tankers

The Group analyzes the following internal and external indicators to assess whether tankers might be impaired:

•    the obsolescence or physical damage of an asset;

•    significant changes in the extent or manner in which vessels are (or are expected to be) used that have (or will have) an adverse effect on the entity;

•    plans to dispose of assets before the previously expected date of disposal;

•    indications that the performance of a CGU is, or will be, worse than expected;

•    significant increases in cash flows for acquiring, operating or maintaining vessels that are significantly higher than originally budgeted;

•    net cash flows or operating profits that are lower than originally budgeted;

•    net cash outflows or operating losses;

•    market capitalization below net asset value;

•    a significant and unexpected decline in market value of vessels;

•    significant adverse effects in the technological, market, economic, legal and regulatory environment, including but not limited to, vessel and crude oil supply and demand trends;

•    increases in market interest rates.

Euronav defines its cash generating unit as a single vessel, unless such vessel is operated in a profit-sharing pool, in which case such vessel, together with the other vessels in the pool, are collectively treated as a cash generating unit.

When events and changes in circumstances indicate that the carrying amount of the asset or CGU might not be recovered, the Group performs an impairment test whereby the carrying amount of the 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. For assessing value in use, assumptions are made regarding forecast charter rates, using the weighted average of past and ongoing shipping cycles including management judgment for the ongoing cycle and for the weighting factors applied, the weighted average cost of capital ('WACC'), the useful life of the vessels (20 years for tankers) and a residual value. After careful consideration of the trends in the shipping industry, the Group elected to retain residual values for its vessels equal to zero.

Although management believes that its process to determine the assumptions used to evaluate the carrying amount of the assets, when required, are reasonable and appropriate, such assumptions are subject to judgment. Management is assessing continuously the resilience of its projections to the business cycles that can be observed in the tankers market, and concluded that a business cycle approach provides a better long-term view of the dynamics at play in the industry. By defining a shipping cycle from peak to peak over the last 20 years and including management's expectation of the completion of the current cycle, management is better able to capture the full length of a business cycle while also giving more weight to recent and current market experience. The current cycle is forecasted based on management judgment, analyst reports and past experience. Long term charter rates are used in the calculation in case available.

FSOs

In the context of the valuation of the Group's investments in the respective joint ventures, the Group also reviews internal and external indicators, similar to the ones used for tankers, to assess whether the FSOs might be impaired. When events and changes in circumstances indicate that the carrying amount of the assets might not be recovered, the Group performs an impairment test on the FSO vessels owned by TI Asia Ltd and TI Africa Ltd, 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, assumptions are made regarding forecast charter rates, weighted average cost of capital ('WACC'), the useful life of the FSOs (30 years) and a residual value. After careful consideration of the trends in the shipping industry, the Group elected to retain residual values for its vessels equal to zero.

The value in use calculation for FSOs, when required, is based on the remaining useful life of the vessels as of the reporting date, and forecast charter rates are determined using the fixed daily contract rates. The FSO Asia and the FSO Africa are on a five years timecharter contract to North Oil Company, the operator of the Al-Shaheen oil field, whose shareholders are Qatar Petroleum Oil & gas Limited and Total E&P Golfe Limited, until July 22, 2022 and September 22, 2022, respectively. In November 2020, the two joint ventures (TI Asia Ltd and TI Africa Ltd.) signed an extension for ten years in direct continuation of their current contractual service, or until July 21, 2032 and September 21, 2032 respectively. Following this extension of the contract with North Oil Company until 2032, the end of the useful economic life was set equal to the contract end date or approximately 30 years since build date.

13.    Assets held for sale

Non-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, the assets, or components of a disposal group, are remeasured in accordance with the Group’s accounting policies. Thereafter generally the assets or disposal group are measured at the lower of their carrying amount and fair value less cost of disposal. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets or investment property, which continue to be measured in accordance with the Group’s accounting policies. 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.

Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortized or depreciated,

and any equity-accounted investee is no longer equity accounted.

14.    Bunker inventory

The Group has been purchasing compliant bunker fuel for future use by its vessels. Bunkers are presented as inventory and are accounted for on a weighted average basis. The cost of inventories comprises of the purchase price, fuel inspection costs and transport and handling costs. The effective portion of the change in fair value of derivatives designated as cash flow hedges of the underlying price index between the date of purchase and the date of delivery is also recognized as an inventory cost. The ineffective portion of the change in fair value of these derivatives is recognized directly in profit or loss.

The inventory is accounted for at the lower of cost and net realizable value with cost being determined on a weighted average basis. No write down is needed as long as the freight market remains robust offsetting potential higher weighted average consumption costs of the bunker oil consumed from that inventory.

Bunker expenses are recognized in profit or loss upon consumption.

15.    Employee benefits

15.1.    Defined contribution plans

A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognized as an employee benefit expense in profit or loss in the periods during which related services are rendered by employees. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. Contributions to a defined contribution plan that are due more than 12 months after the end of the period in which the employees render the services are discounted to their present value. The calculation of defined contribution obligations is performed annually by a qualified actuary using the projected unit credit method.

15.2.    Defined benefit plans 

The Group’s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets.

The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognized asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements.

Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return of plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in OCI. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in profit and loss.

When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognized immediately in profit or loss. The Group recognizes gains and losses on the settlement of a defined plan when the settlement occurs.

15.3.    Other long term employee benefits

The Group’s net obligation in respect of long-term employee benefits, other than pension plans, is the amount of future benefit that employees have earned in return for their service in the current and prior periods. The obligation is calculated using the projected unit credit method and is discounted to its present value and the fair value of any related assets is deducted. The discount rate is the yield at the reporting date on AA credit rated bonds that have maturity dates approximating the terms of the Group’s obligations and that are denominated in the currency in which the benefits are expected to be paid. Remeasurements are recognized in profit or loss in the period in which they arise.

15.4.    Termination benefits 

Termination benefits are recognized as an expense when the Group is demonstrably committed, without realistic possibility or withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognized as an expense if the Group has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the reporting date, then they are discounted to their present value.

15.5.    Short-term employee benefit

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.

15.6.    Share-based payment transactions

The grant-date fair value of equity-settled share-based payment awards granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service and non-market performance conditions at the vesting date.

The fair value of the amount payable to beneficiaries in respect of “phantom stock unit” grants, which are settled in cash, is recognized as an expense with a corresponding increase in liabilities, over the period during which the beneficiaries become unconditionally entitled to payment. The fair value of the Transaction Based Incentive Plan is being determined by using a binomial model with cost being spread of the expected vesting period over the various tranches. The fair value of the Long term incentive plan is remeasured at each reporting date and at settlement based on the fair value of the phantom stock units. Any changes in the liability are recognized in profit or loss.

16.    Provisions

A provision is recognized when the Group has a legal or constructive obligation that can be estimated reliably, as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. The provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. The unwinding of the discount is recognized as finance cost.

Restructuring

A provision for restructuring is recognized when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been announced publicly. Future operating costs are not provided for.

Onerous contracts

A provision for onerous contracts is recognized when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognizes any impairment loss on the assets associated with that contract.

17.    Revenue

17.1.    Pool Revenues

Aggregated revenue recognized on a daily basis from vessels operating on voyage charters in the spot market and on contract of affreightment (“COA”) within the pool is converted into an aggregated net revenue amount by subtracting aggregated voyage expenses (such as fuel and port charges) from gross voyage revenue. These aggregated net revenues are combined with aggregated floating time charter revenues to determine aggregated pool Time Charter Equivalent revenue (“TCE”). Aggregated pool TCE revenue is then allocated to pool partners in accordance with the allocated pool points earned for each vessel that recognizes each vessel’s earnings capacity based on its cargo, capacity, speed and fuel consumption performance and actual on hire days. The TCE revenue earned by our vessels operated in the pools is equal to the pool point rating of the vessels multiplied by time on hire, as reported by the pool manager.

Revenue from the floating time charter agreements under which vessels are employed by the TI Pool is accounted for under IFRS 15 Revenue from Contracts with Customers.

17.2.    Time - and Bareboat charters

As a lessor, the Group leases out some of its vessels under time charters and bareboat charters, refer to accounting policy 19. Lessors shall classify each lease as an operating lease or a finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Otherwise a lease is classified as an operating lease.

Revenues from time charters and bareboat charters are accounted for as operating leases and are recognized on a straight line basis over the periods of such charters, as service is performed (refer to accounting policy 19.A.2). IFRS 16 requires the Group to separate lease and non-lease components, with the lease component qualifying as operating lease under IFRS16 and the service components accounted for under IFRS 15.

17.3.    Spot voyages

As from 1 January 2018, the Group applied IFRS 15. Voyage revenue is recognized over time for spot charters on a load-to-discharge basis. Progress is determined based on time elapsed. Voyage expenses are expensed as incurred unless they are incurred between the date on which the contract was concluded and the next load port. They are then capitalized if they qualify as fulfillment costs and if they are expected to be recovered.

When our vessels cannot start or continue performing its obligation due to other factors such as port delays, a demurrage is paid. The applicable demurrage rate is stipulated in the contract. Demurrage which occurs at the discharge port is recognized as incurred. As demurrage is often a commercial discussion between Euronav and the charterer, the outcome and total compensation received for the delay is not always certain. As such, Euronav only recognizes the revenue which is highly probable to be received. No revenue is recognized if the collection of the consideration is not highly probable. The amount of revenue recognized is estimated based on historical data. The Group updates its estimate on an annually basis.

Payment is typically done at the end of the voyage. There is no specific financing component.

18.    Gain and losses on disposal of vessels

In view of their importance the Group reports capital gains and losses on the sale of vessels as a separate line item in the consolidated statement of profit or loss. For the sale of vessels, transfer of control usually occurs upon delivery of the vessel to the new owner.

19.    Leases

The Group has applied IFRS 16 using the modified retrospective approach and therefore the comparative information for 2018 has not been restated and continues to be reported under IAS 17 and IFRIC 4.

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16.

1.    As a lessee

The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at the amount equal to the lease liability adjusted by initial direct costs incurred by the lessee. Adjustments may also be required for any payments made at or before the commencement date and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

After lease commencement, the Group measures the right-of-use asset using a cost model, namely at cost less accumulated depreciation and accumulated impairment. The right-of-use asset is subsequently depreciated using the straight-line method, refer to accounting policy 10.5. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's

incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The lessee's incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources (e.g. World office yield rate) and makes certain adjustments to reflect the terms of the lease and type of the asset leased or by calculating the weighted average of the cost of secured debt and unsecured debt.

Lease payments included in the measurement of the lease liability comprise the following:

-    fixed payments;

-    variable lease payments that depend on an index or a rate;

-    amounts expected to be payable under a residual value guarantee and

-    the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.

The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group's estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether the purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.

The Group has applied judgment to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognized.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the profit or loss if the carrying amount of the right-to-use asset has been reduced to zero.

Lease and non-lease components in the contracts are separated.

Short-term leases and leases of low-value assets

The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including IT equipment. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

2.    As a lessor

When the Group acts as a lessor, it determines at lease inception whether each lease is a finance or operating lease.

To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset.

If the lease qualifies as an operating lease, e.g. time charter out, the leased asset remains on the balance sheet of the lessor and continues being depreciated. The adoption of IFRS 16 required the Group to separate the lease and non-lease component in the contract, with the lease component qualified as operating lease and the non-lease component accounted for under IFRS 15. The Group recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as part of 'revenue' (refer to accounting policy 17.2.) Payments related to service component made under operating leases are also recognized in the income statement over the term of the lease.

The Group sub-leases some of its properties. The sub-lease contracts are classified as finance leases under IFRS 16. For these sub-lease, the right-of-use asset related to the head lease was derecognized and a lease receivable, at an amount equal to the net investment, relating to the sublease is recognized. Subsequently the Group recognizes finance income over the lease term of a finance lease, based on a pattern reflecting a constant periodic rate of return on the net investment and if applicable impairment losses on lease receivable.

Policy applicable before 1 January 2019

For contracts entered into before 1 January 2019, the Group determined whether the arrangement was or contained a lease.

1.    As a lessee

Leases in terms of which the Group assumes substantially all of the risks and rewards of ownership were classified as finance leases. Vessels, property, plant and equipment acquired by way of finance lease was stated at an amount equal to the lower of its fair value and the present value of the minimum lease payments at inception of the lease, less accumulated depreciation (see below) and impairment losses (refer to accounting policy 12). Lease payments were accounted for as described in accounting policy 19.A.1. Other leases are operating leases and were not recognized in the Group’s statement of financial position.

2.    As a lessor

Payments received under operating leases were recognized in the income statement on a straight-line basis over the term of the lease. Lease incentives received were recognized as an integral part of the total lease expense, over the term of the lease. Minimum lease payments made under finance leases were apportioned between the finance expense and the reduction of the outstanding liability. The finance expense were allocated to each period during the lease term so as to produce a constant period rate of interest on the remaining balance of the liability.

20.    Finance income and finance cost

Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, interest receivable on funds invested, dividend income, foreign exchange gains and losses, and gains and losses on hedging instruments that are recognized in the consolidated statement of profit or loss (refer to accounting policy 8).

The 'effective interest rate' is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:

•    the gross carrying amount of the financial asset; or

•    the amortized cost of the financial liability.

In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortized cost of the liability.

Interest income is recognized in the consolidated statement of profit or loss as it accrues, taking into account the effective yield on the asset. Dividend income is recognized in the consolidated statement of profit or loss on the date that the dividend is declared. Interest income related to finance lease for the subleases is also recognized in the consolidated statement of profit or loss. as a finance income.

The interest expense component of lease liabilities is recognized in the consolidated statement of profit or loss using the effective interest rate method.

21.    Income tax

Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in OCI.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is recognized using the balance sheet method, in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax recognized is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantially enacted at the balance sheet date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity.

A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

In application of an IFRIC agenda decision on IAS 12 Income taxes, tonnage tax is not accounted for as income taxes in accordance with IAS 12 and is not presented as part of income tax expense in the income statement but is shown as an administrative expense under the heading Other operating expenses. In accordance to IFRIC 23 the Group assesses whether there is any uncertainty over Income Tax Treatments. The amount is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes.

22.    Segment reporting

An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group's other components. The Group distinguishes two segments: the operation of crude oil tankers in the international markets and the floating storage and offloading operations (FSO/FpSO). The Group's internal organizational and management structure does not distinguish any geographical segments.

23.    Discontinued operations

A discontinued operation is a component of the Group’s business that represents a separate major line of business or geographical area of operations that has been disposed of or is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale, if earlier. When an operation is classified as a discontinued operation, the comparative statement of profit or loss is represented as if the operation had been discontinued from the start of the comparative period.

24.    New standards and interpretations not yet adopted

A number of new standards, amendments to standards and interpretations are not yet effective for the year ended 31 December, 2020, and have not been applied in preparing these consolidated financial statements. The amendments are not expected to have a material impact on the Group’s consolidated financial statements.

Amendments to IAS 1 Presentation of Financial statements: Classification of Liabilities as Current or Non-current, issued on 23 January 2020, clarify a criterion in IAS 1 for classifying a liability as non-current: the requirement for an entity to have the right to defer settlement of the liability for at least 12 months after the reporting period.

The amendments:

–specify that an entity’s right to defer settlement must exist at the end of the reporting period;

–clarify that classification is unaffected by management’s intentions or expectations about whether the entity will exercise its right to defer settlement;

–clarify how lending conditions affect classification; and

–clarify requirements for classifying liabilities an entity will or may settle by issuing its own equity instruments.

On July 15, 2020, the IASB issued Classification of Liabilities as Current or Non-current — Deferral of Effective Date (Amendment to IAS 1) deferring the effective date of the January 2020 amendments to IAS 1 by one year to annual reporting periods beginning on or after January 1, 2023. The amendments have not yet been endorsed by the EU.

Amendments to IFRS 3 Business Combinations; IAS 16 Property, plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual improvements, issued on 14 May 2020, include several narrow-scope amendments which are changes that clarify the wording or correct minor consequences, oversights or conflicts between requirements in the Standards:

–Amendments to IFRS 3 Business Combinations update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.

–Amendments to IAS 16 Property, Plant and Equipment prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognize such sales proceeds and related cost in profit

or loss. The amendments also clarify that testing whether an item of PPE is functioning properly means assessing its technical and physical performance rather than assessing its financial performance.

–Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets specify which costs a company includes when assessing whether a contract will be loss-making. The amendments clarify that the ‘costs of fulfilling a contract’ comprise both: the incremental costs; and an allocation of other direct costs.

–Annual Improvements to IFRS Standards 2018–2020 make minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 Leases

The amendments are effective for annual periods beginning on or after 1 January 2022. These amendments have not yet been endorsed by the EU.

Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform – Phase 2 (issued on 27 August 2020) address issues that might affect financial reporting during the reform of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate benchmark with an alternative benchmark rate (replacement issues).

In Phase 2 of its project, the Board amended requirements in IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement, IFRS 7 Financial Instruments: Disclosures, IFRS 4 Insurance Contracts and IFRS 16 Leases relating to:

–changes in the basis for determining contractual cash flows of financial assets, financial liabilities and lease liabilities;

–hedge accounting; and

–disclosures.

The Phase 2 amendments apply only to changes required by the interest rate benchmark reform to financial instruments and hedging relationships. The amendments apply retrospectively from 1 January 2021 with earlier application permitted. Hedging relationships previously discontinued solely because of changes resulting from the reform will be reinstated if certain conditions are met. These amendments have not yet been endorsed by the EU.

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Segment reporting

12 Months Ended

Dec. 31, 2020

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 large 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 on the one hand and with the consolidated statements of financial position and profit or loss on the other hand is presented in a separate column Equity-accounted investees.

The Group has one client in the Tankers segment that represented 6% of the Tankers segment total revenue in 2020 (2019: one client which represented 7% and in 2018 one client which represented 7%). All the other clients represent less than 6% of total revenues of the Tankers segment.

The Group has one client in the FSO segment.

The Group's internal organizational and management structure does not distinguish any geographical segments.

Consolidated statement of financial position

(in thousands of USD)	December 31, 2020				December 31, 2019
ASSETS	Tankers	FSO	Less: Equity-accounted investees	Total	Tankers *	FSO *	Less: Equity-accounted investees *	Total
Vessels	2,875,348	115,248	(125,288)	2,865,308	3,198,993	131,958	(153,689)	3,177,262
Assets under construction	207,069	—	—	207,069	—	—	—	—
Right-of-use assets	52,955	—	—	52,955	58,908	—	—	58,908
Other tangible assets	1,759	—	—	1,759	2,265	—	—	2,265
Intangible assets	161	—	—	161	39	—	—	39
Receivables	46,419	—	8,635	55,054	52,502	—	18,581	71,083
Investments in equity accounted investees	2,822	—	48,881	51,703	2,355	—	47,967	50,322
Deferred tax assets	1,357	—	—	1,357	2,715	1,116	(1,116)	2,715
Total non-current assets	3,187,890	115,248	(67,772)	3,235,366	3,317,777	133,074	(88,257)	3,362,594
Total current assets	453,009	10,182	(11,318)	451,873	805,613	10,405	(13,769)	802,249
TOTAL ASSETS	3,640,899	125,430	(79,090)	3,687,239	4,123,390	143,479	(102,026)	4,164,843
EQUITY and LIABILITIES
Total equity	2,264,271	47,515	—	2,311,786	2,268,490	43,365	—	2,311,855
Bank and other loans	836,318	36,237	(36,237)	836,318	1,173,944	67,962	(67,962)	1,173,944
Other notes	198,279	—	—	198,279	198,571	—	—	198,571
Other borrowings	100,056	—	—	100,056	107,978	—	—	107,978
Lease liabilities	21,172	—	—	21,172	43,161	—	—	43,161
Other payables	6,893	242	(242)	6,893	3,809	539	(539)	3,809
Deferred tax liabilities	—	11,525	(11,525)	—	—	4,769	(4,769)	—
Employee benefits	7,987	—	—	7,987	8,094	—	—	8,094
Provisions	1,154	—	—	1,154	1,381	—	—	1,381
Total non-current liabilities	1,171,859	48,004	(48,004)	1,171,859	1,536,938	73,270	(73,270)	1,536,938
Total current liabilities	204,769	29,911	(31,086)	203,594	317,962	26,844	(28,756)	316,050
TOTAL EQUITY and LIABILITIES	3,640,899	125,430	(79,090)	3,687,239	4,123,390	143,479	(102,026)	4,164,843

Consolidated statement of profit or loss

(in thousands of USD)	2020				2019				2018
	Tankers	FSO	Less: Equity-accounted investees	Total	Tankers *	FSO *	Less: Equity-accounted investees *	Total	Tankers	FSO	Less: Equity-accounted investees	Total
Shipping income
Revenue	1,241,252	49,949	(60,451)	1,230,750	933,823	49,461	(50,907)	932,377	600,024	49,155	(49,155)	600,024
Gains on disposal of vessels/other tangible assets	23,107	—	(379)	22,728	14,879	—	—	14,879	19,138	—	—	19,138
Other operating income	9,907	2,577	(2,372)	10,112	10,075	3,351	(3,332)	10,094	4,775	72	(72)	4,775
Total shipping income	1,274,266	52,526	(63,202)	1,263,590	958,777	52,812	(54,239)	957,350	623,937	49,227	(49,227)	623,937
Operating expenses
Voyage expenses and commissions	(129,833)	—	4,403	(125,430)	(145,047)	2	364	(144,681)	(141,416)	(1)	1	(141,416)
Vessel operating expenses	(213,489)	(12,014)	14,869	(210,634)	(212,010)	(12,657)	12,872	(211,795)	(185,792)	(9,637)	9,637	(185,792)
Charter hire expenses	(5,410)	—	(2,544)	(7,954)	(604)	—	—	(604)	(31,114)	—	—	(31,114)
Losses on disposal of vessels/other tangible assets	(1)	—	—	(1)	(75)	—	—	(75)	(273)	—	—	(273)
Impairment on non-current assets held for sale	—	—	—	—	—	—	—	—	(2,995)	—	—	(2,995)
Depreciation tangible assets	(323,216)	(16,710)	20,274	(319,652)	(338,036)	(18,071)	18,461	(337,646)	(270,582)	(18,071)	18,071	(270,582)
Depreciation intangible assets	(99)	—	—	(99)	(56)	—	—	(56)	(111)	—	—	(111)
General and administrative expenses	(65,606)	(560)	668	(65,498)	(66,958)	(283)	351	(66,890)	(66,235)	(425)	428	(66,232)
Total operating expenses	(737,654)	(29,284)	37,670	(729,268)	(762,786)	(31,009)	32,048	(761,747)	(698,518)	(28,134)	28,137	(698,515)
RESULT FROM OPERATING ACTIVITIES	536,612	23,242	(25,532)	534,322	195,991	21,803	(22,191)	195,603	(74,581)	21,093	(21,090)	(74,578)
Finance income	20,045	21	1,430	21,496	20,399	147	26	20,572	15,023	160	(160)	15,023
Finance expenses	(91,645)	(3,295)	3,387	(91,553)	(119,809)	(4,558)	4,564	(119,803)	(89,412)	(3,795)	3,795	(89,412)
Net finance expenses	(71,600)	(3,274)	4,817	(70,057)	(99,410)	(4,411)	4,590	(99,231)	(74,389)	(3,635)	3,635	(74,389)
Gain on bargain purchase	—	—	—	—	—	—	—	—	23,059	—	—	23,059
Share of profit (loss) of equity accounted investees (net of income tax)	467	—	10,450	10,917	440	—	16,020	16,460	220	—	15,856	16,076
Profit (loss) before income tax	465,479	19,968	(10,265)	475,182	97,021	17,392	(1,581)	112,832	(125,691)	17,458	(1,599)	(109,832)
Income tax expense	(1,944)	(10,265)	10,265	(1,944)	(602)	(1,581)	1,581	(602)	(238)	(1,599)	1,599	(238)
Profit (loss) for the period	463,535	9,703	—	473,238	96,419	15,811	—	112,230	(125,929)	15,859	—	(110,070)

Attributable to:
Owners of the company	463,535	9,703	—	473,238	96,419	15,811	—	112,230	(125,929)	15,859	—	(110,070)

Summarized consolidated statement of cash flows

(in thousands of USD)	2020				2019				2018
	Tankers	FSO	Less: Equity-accounted investees	Total	Tankers *	FSO *	Less: Equity-accounted investees *	Total	Tankers	FSO	Less: Equity-accounted investees	Total
Net cash from (used in) operating activities	958,798	36,328	(25,341)	969,785	259,109	41,278	(28,396)	271,991	843	40,672	(40,674)	841
Net cash from (used in) investing activities	(110,314)	—	(6,792)	(117,106)	44,211	—	(461)	43,750	190,042	—	—	190,042
Net cash from (used in) financing activities	(995,151)	(36,503)	31,953	(999,701)	(178,587)	(41,491)	28,891	(191,187)	(160,165)	(42,164)	42,164	(160,165)
Capital expenditure	(226,663)	—	1,252.5	(225,410)	(30,173)	—	22,120	(8,053)	(238,065)	—	—	(238,065)

* The Group initially applied IFRS 16 at 1 January 2019, which requires the recognition of right-of-use assets and lease liabilities for lease contracts that were previously classified as operating leases. As a result, the Group recognized $87.6 million of right-of-use assets and $105.3 million of liabilities from those lease contracts. The assets and liabilities are included in the Tankers and FSO segments as at 31 December 2020 and 31 December 2019. The Group has applied IFRS 16 using the modified retrospective approach, under which comparative information is not restated (see Note 1.19).

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Assets and liabilities held for sale and discontinued operations

12 Months Ended

Dec. 31, 2020

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)	December 31, 2020	December 31, 2019	December 31, 2018
Vessels	—	12,705	42,000
Of which in Tankers segment	—	12,705	42,000
Of which in FSO segment	—	—	—

(in thousands of USD)	(Estimated) Net sale price	Book Value	Asset Held For Sale	Impairment Loss	(Expected) Gain
At January 1, 2019	—	—	42,000	—	—
Assets transferred to assets held for sale
Finesse	21,003	12,705	12,705	—	8,298
Assets sold from assets held for sale
Felicity	42,000	42,000	(42,000)	—	—
At December 31, 2019	—	—	12,705	—	8,298
At January 1, 2020	—	—	12,705	—	—
Assets sold from assets held for sale
Finesse	21,003	12,705	(12,705)	—	8,298
At December 31, 2020	—	—	—	—	8,298

On January 23, 2020, the Company sold the Suezmax Finesse (2003 - 149,994 dwt), for $21.8 million. The fair value less cost of disposal amounted to 21.0 million. This vessel was accounted for as a non-current asset held for sale as at December 31, 2019, and had a carrying value of $12.7 million as of that date. The vessel was delivered to its new owner on February 21, 2020. Taking into account the sales commission, the net gain on this vessel amounts to $8.3 million and was recorded in the consolidated statement of profit or loss in the first quarter of 2020 (see Note 8).

As of December 31, 2020, the Group had no assets held for sale.

Discontinued operations

As of December 31, 2020 and December 31, 2019, the Group had no operations that meet the criteria of a discontinued operation.

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Revenue and other operating income

12 Months Ended

Dec. 31, 2020

Analysis of income and expense [abstract]

Revenue and other operating income

Revenue and other operating income

(in thousands of USD)	2020				2019
	Tankers	FSO	Less: Equity-accounted investees	Total	Tankers	FSO	Less: Equity-accounted investees	Total
Pool Revenue	715,812	—	594	716,406	524,840	—	7	524,847
Spot Voyages	410,256	—	(9,799)	400,457	318,674	—	(1,453)	317,221
Revenue from contracts with customers	1,126,068	—	(9,205)	1,116,863	843,514	—	(1,446)	842,068
Time Charters	115,184	49,949	(51,246)	113,887	90,309	49,461	(49,461)	90,309
Lease income	115,184	49,949	(51,246)	113,887	90,309	49,461	(49,461)	90,309
Total revenue	1,241,252	49,949	(60,451)	1,230,750	933,823	49,461	(50,907)	932,377
Other operating income	—	—	—	10,112	—	—	—	10,094

For the accounting treatment of revenue, we refer to the accounting policies (see Note 1.17) - Revenue.

The increase in revenue is mostly related to the increase in pool and spot voyage revenue which is due to improved rates compared to 2019. The increase in revenue from time charters is also due to favorable market conditions and a slightly higher number of vessels on time charter.

The increase in time charter rates compared to 2019 is related to the fact that as from the end of the first quarter of 2020, the tanker market benefited from the development of three key factors. Firstly, unilateral actions were taken by Saudi Arabia in simultaneously cutting their oil prices but also raising their crude oil exports. This prompted a large short-term increase in demand for tanker tonnage, primarily in the VLCC sector. Secondly, the restrictions taken by governments to curtail the COVID-19 virus globally curbed economic activity and consequently crude oil consumption. This led to a steep and rapid disconnect between crude oil demand and supply alongside a wide contango. Thirdly, this pricing structure itself further incentivised the storage of crude oil for financial gain during April/May 2020, thus increasing short-term the demand for tonnage to store this excess oil.

The disruption to tanker markets from these factors combined to take between 7-9% of the global trading fleet for storage purposes (300 million barrels). These features combined to create a highly favourable tanker freight market from February until August reflected in strong revenues for the Company. The OPEC plus nations agreed to a 9.7M bpd cut to production of global crude (out of 100M bpd daily output) applicable from May 2020. However, the impact of these cuts was not felt in tanker markets until the third quarter 2020 given the positive disruption from storage on fleet supply. The returning vessels from storage from August 2020 onwards combined with fewer available cargoes from the production cuts has led to a challenging freight market from August 2020 onwards.

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.

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Expenses for shipping activities and other expenses from operating activities

12 Months Ended

Dec. 31, 2020

Analysis of income and expense [abstract]

Expenses for shipping activities and other expenses from operating activities

Expenses for shipping activities and other expenses from operating activities

Voyage expenses and commissions

(in thousands of USD)	2020	2019	2018
Commissions paid	(12,748)	(10,130)	(8,193)
Bunkers	(98,761)	(101,947)	(103,920)
Other voyage related expenses	(13,921)	(32,604)	(29,303)
Total voyage expenses and commissions	(125,430)	(144,681)	(141,416)

The voyage expenses and commissions decreased in 2020 compared to 2019 mainly due to a decrease in other voyage related expenses. For vessels operated on the spot market, voyage expenses are paid by the shipowner while voyage expenses for vessels under a time charter contract, are paid by the charterer. Voyage expenses for vessels operated in a Pool, are paid by the Pool.

The majority of other voyage expenses are port costs, agency fees and agent fees paid to operate the vessels on the spot market. Port costs vary depending on the number of spot voyages performed, number and type of ports. The decrease in other voyage related expenses in 2020 compared to 2019 is due to changed trading patterns.

Bunker expenses decreased compared to last year due to a change in the composition of the fleet for vessels operated on the spot.

Vessel operating expenses

(in thousands of USD)	2020	2019	2018
Operating expenses	(196,677)	(196,739)	(172,589)
Insurance	(13,957)	(15,056)	(13,203)
Total vessel operating expenses	(210,634)	(211,795)	(185,792)

The operating expenses relate mainly to the crewing, technical and other costs to operate tankers. In 2020 these expenses were in line with 2019.

Charter hire expenses

(in thousands of USD)	2020	2019	2018
Charter hire	(7,954)	(604)	6
Bare boat hire	—	—	(31,120)
Total charter hire expenses	(7,954)	(604)	(31,114)

The charter-hire expenses in 2020 are entirely attributable to internal short term time charter agreement with our joint venture Bari Shipholding Ltd. and the hire expenses for the barge (Dragon Satu) in relation to the bunker fuel strategy. The Group elected to apply the short-term lease exemption and accordingly, the lease payments were recognized as an expense and right-of-use assets and lease liabilities were not recognized.

Due to the adoption of IFRS 16 on January 1, 2019, whereby the costs related to the bareboat agreements are now recognized in depreciation and amortization expenses for the depreciation of the right-of-use asset over the remaining lease term and finance expense, the bareboat charter-hire expenses remain zero

General and administrative expenses

(in thousands of USD)	2020	2019	2018
Wages and salaries	(19,806)	(25,050)	(16,247)
Social security costs	(3,269)	(3,430)	(3,746)
Provision for employee benefits (Note 17)	(545)	(134)	(111)
Cash-settled share-based payments (Note 23)	1,338	(2,455)	(505)
Equity-settled share-based payments (Note 23)	(140)	—	(37)
Other employee benefits	(4,450)	(3,713)	(7,607)
Employee benefits	(26,872)	(34,782)	(28,253)
Administrative expenses	(35,565)	(31,226)	(33,485)
Tonnage Tax	(3,459)	(1,313)	(4,436)
Claims	10	(17)	(100)
Provisions	388	448	42
Total general and administrative expenses	(65,498)	(66,890)	(66,232)
Average number of full time equivalents (shore staff)	185.66	184.90	161.77

The general and administrative expenses which include amongst others: shore staff wages, director fees, office rental, consulting and audit fees and tonnage tax, decreased in 2020 compared to 2019. This decrease was mainly related to the merger with Gener8 Maritime Inc. and the settlement following the stepping down of the CEO Paddy Rodgers, which had an impact on wages and salaries in 2019.

This decrease was offset by an increase in administrative expenses. The increase in administrative expense is mainly related to an increase in TI admin fees due to a better freight market in 2020 and higher IT expenses.

Furthermore the legal and other fees decreased in 2020, as well as travel and meal expenses due to COVID-19 restrictions.

Tonnage tax increased in 2020 compared to 2019 due to the reversal of the voluntary tonnage tax provision in 2019, which was waived as a result of a change in the tonnage tax regime. The voluntary tonnage tax is no longer applicable to the Group as from 2019.

The provision for employee benefits decreased in 2020 compared to 2019. This decrease resulted from the vesting of the first tranche of the TBIP 2019 and one-third of the LTIP 2016, LTIP 2017 and LTIP 2018 (see Note 14 and 17).

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Net finance expense

12 Months Ended

Dec. 31, 2020

Financial Instruments [Abstract]

Net finance expense

Net finance expense

Recognized in profit or loss

(in thousands of USD)	2020	2019	2018
Interest income	6,487	6,529	4,106
Foreign exchange gains	15,009	14,043	10,917
Finance income	21,496	20,572	15,023
Interest expense on financial liabilities measured at amortized cost	(62,350)	(84,378)	(67,956)
Interest leasing	(3,287)	(4,811)	—
Fair value adjustment on interest rate swaps	(108)	(8,533)	(2,790)
Other financial charges	(9,936)	(7,474)	(6,802)
Foreign exchange losses	(15,872)	(14,607)	(11,864)
Finance expense	(91,553)	(119,803)	(89,412)
Net finance expense recognized in profit or loss	(70,057)	(99,231)	(74,389)

Interest expense on financial liabilities measured at amortized cost decreased during the year ended December 31, 2020, compared to 2019. This decrease was attributable to a decrease in the average outstanding debt combined with decreased interest rates and was partially offset by an increase in the interest expenses on the sale and leaseback agreement for three VLCCs entered into on December 30, 2019 (see Note 16).

Interest leasing is the interest on lease liabilities.

Fair value adjustment on interest rate swaps relate primarily to the amortization over the remaining duration of the interest rate swaps which were acquired in the Gener8 Maritime Inc. merger. Three IRSs related to the Gener8 Maritime Inc. merger were settled in the third quarter of 2019 and the two remaining had a duration matching the repayment profile of the underlying facility and matured in September 2020 (see Note 14).

The above finance income and expenses include the following in respect of assets (liabilities) not recognized at fair value through profit or loss:

	2020	2019	2018
Total interest income on financial assets	6,487	6,529	4,106
Total interest expense on financial liabilities	(62,350)	(84,378)	(67,956)
Total interest leasing	(3,287)	(4,811)	—
Total other financial charges	(9,936)	(7,474)	(6,802)

Recognized directly in equity

(in thousands of USD)	2020	2019	2018
Foreign currency translation differences for foreign operations	636	(112)	(157)
Cash flow hedges - effective portion of changes in fair value	(2,873)	(1,885)	(2,698)
Net finance expense recognized directly in equity	(2,237)	(1,997)	(2,855)
Attributable to:
Owners of the Company	(2,237)	(1,997)	(2,855)
Net finance expense recognized directly in equity	(2,237)	(1,997)	(2,855)
Recognized in:
Translation reserve	636	(112)	(157)
Hedging reserve	(2,873)	(1,885)	(2,698)

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Income tax benefit (expense)

12 Months Ended

Dec. 31, 2020

Income Taxes [Abstract]

Income tax benefit (expense)

Income tax benefit (expense)

(in thousands of USD)	2020	2019	2018
Current tax
Current period	(575)	(1,066)	(37)
Total current tax	(575)	(1,066)	(37)
Deferred tax
Recognition of unused tax losses/(use of tax losses)	(1,369)	474	(195)
Other	—	(10)	(6)
Total deferred tax	(1,369)	464	(201)
Total tax benefit/(expense)	(1,944)	(602)	(238)

Reconciliation of effective tax	2020			2019			2018
Profit (loss) before tax			475,182			112,832			(109,832)
Tax at domestic rate	(25.00)	%	(118,796)	(29.58)	%	(33,376)	(29.58)	%	32,488
Effects on tax of :
Tax exempt profit / loss			241			317			(50)
Tax adjustments for previous years			—			34			9
Loss for which no DTA (*) has been recognized			(61)			(26)			(1,037)
Non-deductible expenses			(482)			(538)			(962)
Use of previously unrecognized tax losses and tax credits			267			4,066			—
Tonnage Tax regime			115,174			24,534			(33,602)
Effect of share of profit of equity-accounted investees			2,613			2,482			4,690
Effects of tax regimes in foreign jurisdictions			(900)			1,905			(1,774)
Total taxes	(0.41)	%	(1,944)	(0.53)	%	(602)	0.22	%	(238)

In application of an IFRIC agenda decision on ‘IAS 12 Income taxes’, tonnage tax is not accounted for as income taxes in accordance with IAS 12 and is not presented as part of income tax expense in the consolidated statement of profit or loss but

has been shown as an administrative expense under the heading General and administrative expenses. The amount paid for tonnage tax in the year ended December 31, 2020 was $3.5 million (2019: $1.3 million) (see Note 5).

* Deferred Tax Asset

Deferred tax assets and liabilities

Recognized deferred tax assets and liabilities

Deferred tax assets and liabilities are attributable to the following:

(in thousands of USD)	ASSETS	LIABILITIES	NET
Employee benefits	26	—	26
Unused tax losses & tax credits	29,011	—	29,011
Unremitted earnings	—	(26,322)	(26,322)
	29,037	(26,322)	2,715
Offset	(26,322)	26,322
Balance at December 31, 2019	2,715	—
Employee benefits	29	—	29
Unused tax losses & tax credits	27,650	—	27,650
Unremitted earnings	—	(26,322)	(26,322)
	27,679	(26,322)	1,357
Offset	(26,322)	26,322
Balance at December 31, 2020	1,357	—

Unrecognized deferred tax assets and liabilities

Deferred tax assets and liabilities have not been recognized in respect of the following items:

(in thousands of USD)	December 31, 2020		December 31, 2019
	ASSETS	LIABILITIES	ASSETS	LIABILITIES
Deductible temporary differences	38	—	290	—
Taxable temporary differences	—	(12,162)	—	(12,162)
Tax losses & tax credits	64,923	—	59,772	—
	64,961	(12,162)	60,062	(12,162)
Offset	(12,162)	12,162	(12,162)	12,162
Total	52,799	—	47,900	—

The unrecognized deferred tax assets in respect of tax losses and tax credits relates to tax losses carried forward, investment deduction allowances and excess dividend received deduction. Tax losses and tax credits have no expiration date.

The increase in unrecognized deferred tax assets is mainly due to currency translations.

A deferred tax asset ('DTA') is recognized for unused tax losses and tax credits carried forward, to the extent that it is probable that future taxable profits will be available. The Group considers future taxable profits as probable when it is more likely than not that taxable profits will be generated in the foreseeable future. When determining whether probable future taxable profits are available the probability threshold is applied to portions of the total amount of unused tax losses or tax credits, rather than the entire amount.

Given the nature of the tonnage tax regime, the Group has a substantial amount of unused tax losses and tax credits for which no future taxable profits are probable and therefore no DTA has been recognized.

No deferred tax liabilities have been recognized for temporary differences related to vessels for which the Group expects that the reversal of these differences will not have a tax effect.

In December 2017, changes to the Belgian corporate income tax rate were enacted, lowering the rate to 29.58% as from 2018 and to 25% from 2020. These changes have been reflected in the calculation of the amounts of deferred tax assets and liabilities in respect of Belgian Group entities as at December 31, 2020 and December 31, 2019.

Movement in deferred tax balances during the year

(in thousands of USD)	Balance at Jan 1, 2018	Recognized in income	Recognized in equity	Translation differences	Balance at Dec 31, 2018
Provisions	1	(1)	—	—	—
Employee benefits	44	(5)	—	(2)	37
Unused tax losses & tax credits	2,442	(195)	—	(29)	2,218
Total	2,487	(201)	—	(31)	2,255
	Balance at Jan 1, 2019	Recognized in income	Recognized in equity	Translation differences	Balance at Dec 31, 2019
Provisions	—	—	—	—	—
Employee benefits	37	(10)	—	(1)	26
Unused tax losses & tax credits	2,218	474	—	(3)	2,689
Total	2,255	464	—	(4)	2,715
	Balance at Jan 1, 2020	Recognized in income	Recognized in equity	Translation differences	Balance at Dec 31, 2020
Provisions	—	—	—	—	—
Employee benefits	26	—	—	3	29
Unused tax losses & tax credits	2,689	(1,369)	—	8	1,328
Total	2,715	(1,369)	—	11	1,357

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Property, plant and equipment

12 Months Ended

Dec. 31, 2020

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, 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 (Note 3)	(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	(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 January 1, 2020
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
Acquisitions	17,835	207,069	25,701	285	250,890
Disposals and cancellations	(42,641)	—	—	(2)	(42,643)
Depreciation charges	(287,148)	—	(31,702)	(802)	(319,652)
Translation differences	—	—	48	13	61
Balance at December 31, 2020	2,865,308	207,069	52,955	1,759	3,127,091
At December 31, 2020
Cost	4,608,326	207,069	113,859	5,189	4,934,443
Depreciation & impairment losses	(1,743,018)	—	(60,904)	(3,430)	(1,807,352)
Net carrying amount	2,865,308	207,069	52,955	1,759	3,127,091

In 2020, the Hakata, Hakone, Filikon, Sofia, Statia, Dominica and Dia have been dry-docked. The cost of planned repairs 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.

On October 27, 2020 and November 6, 2020, the Company entered into a time charter agreement for two Suezmaxes, Marlin Sardinia and Marlin Somerset (see Note 20). In accordance with IFRS, the Group recognized a right-of-use asset of $24.9 million.

The group had four vessels under construction at December 31, 2020 for an aggregate amount of $207.1 million (2019: no vessels under construction). The amounts presented within "vessels under construction" relate to four Eco-type VLCCs.

Disposal of assets – Gains/losses

(in thousands of USD)	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)
	Sale price	Book Value	Gain	Loss
Finesse - Sale	21,003	12,705	8,298	—
Cap Diamant - Sale	20,072	7,242	12,830	—
TI Hellas - Sale	37,000	35,400	1,600	—
At December 31, 2020	78,075	55,347	22,728	—

On January 23, 2020 the Company sold the Suezmax Finesse (2003 - 149,994 dwt), for $21.0 million. This vessel was accounted for as a non-current asset held for sale as at December 31, 2019 and had a carrying value of $12.7 million. The vessel was delivered to its new owner on February 21, 2020 and the capital gain of $8.3 million was recorded in the first quarter of 2020.

On March 20, 2020, Euronav sold the Suezmax Cap Diamant (2001 - 160,044 dwt) for a net sale price of $20.1 million. The Company recorded a capital gain of $12.8 million in the second quarter of 2020 upon delivery to its new owner on April 9, 2020.

On April 22, 2020, Euronav sold the VLCC TI Hellas (2005 - 319,254 dwt) for a net sale price of $37.0 million. A capital gain of $1.6 million was recorded in the second quarter of 2020 upon delivery to its new owner on June 5, 2020.

Impairment

In previous years Euronav carefully assessed through a detailed approach if the carrying amounts of the vessels would require an impairment. No impairment was booked so far. In 2019 the Group did not perform an impairment test because no indicators of impairment were present.

This year, and both for the CGUs under the tankers segment and the FSO segment (as defined in Note 2), the Group performed a review of the internal as well as external indicators of impairment to consider whether further testing was necessary. As of December 31, 2020, the significant drop in market rates and the very low share price of the Group were identified as two indicators which triggered the requirement to perform a more in-depth impairment analysis (2019: no such indicators were

present) for CGUs under the tankers segment. For the FSO segment, the Group concluded that the impairment indicator ‘market rates’ was not applicable following the conclusion of the profitable extension agreements until the end of the FSOs’ useful lives. Hence, the annual impairment tests were performed for the defined cash-generating units under the tankers segment. The recoverable amount of those cash-generating units has been determined based on a value-in-use calculation using cash flow projections generated. This exercise is complex and requires various estimates to be made, relating to, among other things, vessel values, future freight rates, earnings from the vessels, discount rates and economic life of vessels. These assumptions, and in particular for estimating future charter rates, are based on historical trends and current market conditions, as well as future expectations, the latter integrating the impact of weaker TCE because of COVID-19. The same methodology used in previous years was applied which takes into consideration the volatile character of the tanker business by considering a full shipping cycle defined from peak to the next peak level while applying a weighing to the past cycles. The Weighted Average Cost of Capital ('WACC') used to calculate the value in use was 5.45%.

The most significant factors that could impact management’s assumptions regarding future time charter equivalent rates include (i) unanticipated changes in demand for transportation of crude oil cargoes, (ii) changes in production or supply of or demand for oil, generally or in specific geographical regions, (iii) the levels of tanker newbuilding orders or the levels of tanker scrappings, (iv) changes in rules and regulations applicable to the tanker industry, including legislation adopted by international organizations such as the IMO or by individual countries and vessels’ flag states.

The assessment did not indicate that the carrying amounts of the cash generating units, including right of use assets, may be higher than its recoverable amount. Whilst no impairment is required this year, we cannot assure this will be also the case in the future. Any impairment charge incurred could negatively affect our financial condition, operating results, the value of our shares and amount of dividend.

With an increase of the WACC of 200bps to 7.45%, the analysis would also indicate that the carrying amount of the vessels as of December 31, 2020 is not impaired. This weighting and forecasting on the ongoing cycle is based on management judgement, but none of the full cycles, with or without management forecasting of the ongoing cycle or the sole use of the ongoing cycle would lead to an impairment.

When using 10-year historical charter rates in this impairment analysis, the impairment analysis indicates that an impairment is required for the tanker fleet of USD 0.7 million. When using 5-year historical charter rates in this impairment analysis, the impairment analysis indicates that an impairment is required for the tanker fleet of USD 2.4 million and when using 1-year historical charter rates in this impairment analysis, the impairment analysis indicates that no impairment is required for the tanker fleet.

Security

All tankers financed are subject to a mortgage to secure bank loans (see Note 16).

Capital commitment

As at December 31, 2020 the Group's total capital commitments amounts to $172.1 million (December 31, 2019 no capital commitments). These capital commitments relate to three out of the four VLCC newbuilding contracts entered into in 2020. The capital commitments can be detailed as follows:

(in thousands of USD)	Total	2021	2022
Commitments in respect of VLCCs	172,100	172,100	—
Commitments in respect of Suezmaxes	—	—	—
Commitments in respect of FSOs	—	—	—
Total	172,100	172,100	—

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Deferred tax assets and liabilities

12 Months Ended

Dec. 31, 2020

Income Taxes [Abstract]

Deferred tax assets and liabilities

Income tax benefit (expense)

(in thousands of USD)	2020	2019	2018
Current tax
Current period	(575)	(1,066)	(37)
Total current tax	(575)	(1,066)	(37)
Deferred tax
Recognition of unused tax losses/(use of tax losses)	(1,369)	474	(195)
Other	—	(10)	(6)
Total deferred tax	(1,369)	464	(201)
Total tax benefit/(expense)	(1,944)	(602)	(238)

Reconciliation of effective tax	2020			2019			2018
Profit (loss) before tax			475,182			112,832			(109,832)
Tax at domestic rate	(25.00)	%	(118,796)	(29.58)	%	(33,376)	(29.58)	%	32,488
Effects on tax of :
Tax exempt profit / loss			241			317			(50)
Tax adjustments for previous years			—			34			9
Loss for which no DTA (*) has been recognized			(61)			(26)			(1,037)
Non-deductible expenses			(482)			(538)			(962)
Use of previously unrecognized tax losses and tax credits			267			4,066			—
Tonnage Tax regime			115,174			24,534			(33,602)
Effect of share of profit of equity-accounted investees			2,613			2,482			4,690
Effects of tax regimes in foreign jurisdictions			(900)			1,905			(1,774)
Total taxes	(0.41)	%	(1,944)	(0.53)	%	(602)	0.22	%	(238)

In application of an IFRIC agenda decision on ‘IAS 12 Income taxes’, tonnage tax is not accounted for as income taxes in accordance with IAS 12 and is not presented as part of income tax expense in the consolidated statement of profit or loss but

has been shown as an administrative expense under the heading General and administrative expenses. The amount paid for tonnage tax in the year ended December 31, 2020 was $3.5 million (2019: $1.3 million) (see Note 5).

* Deferred Tax Asset

Deferred tax assets and liabilities

Recognized deferred tax assets and liabilities

Deferred tax assets and liabilities are attributable to the following:

(in thousands of USD)	ASSETS	LIABILITIES	NET
Employee benefits	26	—	26
Unused tax losses & tax credits	29,011	—	29,011
Unremitted earnings	—	(26,322)	(26,322)
	29,037	(26,322)	2,715
Offset	(26,322)	26,322
Balance at December 31, 2019	2,715	—
Employee benefits	29	—	29
Unused tax losses & tax credits	27,650	—	27,650
Unremitted earnings	—	(26,322)	(26,322)
	27,679	(26,322)	1,357
Offset	(26,322)	26,322
Balance at December 31, 2020	1,357	—

Unrecognized deferred tax assets and liabilities

Deferred tax assets and liabilities have not been recognized in respect of the following items:

(in thousands of USD)	December 31, 2020		December 31, 2019
	ASSETS	LIABILITIES	ASSETS	LIABILITIES
Deductible temporary differences	38	—	290	—
Taxable temporary differences	—	(12,162)	—	(12,162)
Tax losses & tax credits	64,923	—	59,772	—
	64,961	(12,162)	60,062	(12,162)
Offset	(12,162)	12,162	(12,162)	12,162
Total	52,799	—	47,900	—

The unrecognized deferred tax assets in respect of tax losses and tax credits relates to tax losses carried forward, investment deduction allowances and excess dividend received deduction. Tax losses and tax credits have no expiration date.

The increase in unrecognized deferred tax assets is mainly due to currency translations.

A deferred tax asset ('DTA') is recognized for unused tax losses and tax credits carried forward, to the extent that it is probable that future taxable profits will be available. The Group considers future taxable profits as probable when it is more likely than not that taxable profits will be generated in the foreseeable future. When determining whether probable future taxable profits are available the probability threshold is applied to portions of the total amount of unused tax losses or tax credits, rather than the entire amount.

Given the nature of the tonnage tax regime, the Group has a substantial amount of unused tax losses and tax credits for which no future taxable profits are probable and therefore no DTA has been recognized.

No deferred tax liabilities have been recognized for temporary differences related to vessels for which the Group expects that the reversal of these differences will not have a tax effect.

In December 2017, changes to the Belgian corporate income tax rate were enacted, lowering the rate to 29.58% as from 2018 and to 25% from 2020. These changes have been reflected in the calculation of the amounts of deferred tax assets and liabilities in respect of Belgian Group entities as at December 31, 2020 and December 31, 2019.

Movement in deferred tax balances during the year

(in thousands of USD)	Balance at Jan 1, 2018	Recognized in income	Recognized in equity	Translation differences	Balance at Dec 31, 2018
Provisions	1	(1)	—	—	—
Employee benefits	44	(5)	—	(2)	37
Unused tax losses & tax credits	2,442	(195)	—	(29)	2,218
Total	2,487	(201)	—	(31)	2,255
	Balance at Jan 1, 2019	Recognized in income	Recognized in equity	Translation differences	Balance at Dec 31, 2019
Provisions	—	—	—	—	—
Employee benefits	37	(10)	—	(1)	26
Unused tax losses & tax credits	2,218	474	—	(3)	2,689
Total	2,255	464	—	(4)	2,715
	Balance at Jan 1, 2020	Recognized in income	Recognized in equity	Translation differences	Balance at Dec 31, 2020
Provisions	—	—	—	—	—
Employee benefits	26	—	—	3	29
Unused tax losses & tax credits	2,689	(1,369)	—	8	1,328
Total	2,715	(1,369)	—	11	1,357

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Non-current receivables

12 Months Ended

Dec. 31, 2020

Subclassifications of assets, liabilities and equities [abstract]

Non-current receivables

Non-current receivables

(in thousands of USD)	December 31, 2020	December 31, 2019
Shareholders loans to joint ventures	33,936	60,379
Derivatives	2	—
Other non-current receivables	14,434	2,094
Lease receivables	6,681	8,609
Investment	1	1
Total non-current receivables	55,054	71,083

Following the sale of the Suezmax Bastia in September 2020, the shareholders loan to Bastia Shipholding Ltd. was fully repaid. Please refer to Note 26 for more information on the shareholders loans to joint ventures.

The increase in other non-current receivables is related to the issuance of a bank guarantee for the amount of $12.3 million through a cash deposit in the context of the enforcement proceedings lodged by Unicredit on January 15, 2021 (see Note 21).

The lease receivables relate to the subleases of office space to third parties regarding the leased offices of Euronav UK and Euronav MI II Inc. (formerly Gener8 Maritime Inc.).

The maturity date of the non-current receivables is as follows:

(in thousands of USD)	December 31, 2020	December 31, 2019
Receivable:
Within two years	2,100	1,959
Between two and three years	2,305	2,076
Between three and four years	18,862	2,278
Between four and five years	2,764	38,754
More than five years	29,023	26,016
Total non-current receivables	55,054	71,083

Because the shareholders loans are perpetual non-amortizing loans, these non-current receivables are presented as maturing after 5 years with the exception of the shareholders loans to Bari Shipholding Ltd. which will mature in 2024.

Trade and other receivables - current

(in thousands of USD)	December 31, 2020	December 31, 2019
Receivable from contracts with customers	70,658	105,925
Receivable from contracts with customers - TI Pool	99,236	149,800
Accrued income	8,149	20,815
Accrued interest	441	678
Deferred charges	21,239	19,134
Deferred fulfillment costs	714	2,556
Other receivables	12,046	8,220
Lease receivables	1,981	1,802
Derivatives	15	57
Total trade and other receivables	214,479	308,987

The decrease in receivables from contracts with customers mainly relates to a decrease in market freight rates at year-end.

The decrease in receivables from contracts with customers - TI Pool relates to income to be received by the Group from the Tankers International Pool. These amounts decreased in 2020 mainly due to lower working capital per vessel in the Pool as a result of Tankers International drawing under their working capital credit lines and the decrease in market freight rates as from August 2020 onwards and for the remainder of 2020.

The decrease in accrued income is mainly related to lower market freight rates at year-end and the timing of the cut-off in the voyages in progress at year-end.

Fulfillment costs represent primarily bunker costs incurred between the date on which the contract of a spot voyage charter was concluded and the next load port. These expenses are deferred according to IFRS 15 Revenue from Contracts with Customers and are amortized on a systematic basis consistent with the pattern of transfer of service.

The increase in other receivables relate mainly to outstanding receivables of several commodity swaps or futures in connection with the low sulfur fuel oil strategy (see Note 14).

The lease receivables relate to the sublease of office space to third parties regarding the leased offices of Euronav UK and Euronav MI II Inc. (formerly Gener8 Maritime Inc).

For currency and credit risk, we refer to Note 19.

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Bunker inventory

12 Months Ended

Dec. 31, 2020

Disclosure of inventories [Abstract]

Bunker inventory

Bunker inventory

The Group has set up a Bunker Fuel Management Group to manage the fuel oil exposure in the future relating to the IMO 2020 requirements. IMO 2020 requires the vessels to operate with low sulfur fuel (LSFO) which was expected to be higher priced due to anticipated or potential shortage in the production of LSFO in the first months of 2020 compared to demand. The activity involves the purchase and storage of compliant fuel oil inventory on board of a Euronav vessel, the ULCC Oceania, so that there would be a safety inventory available for the use on our own fleet.

The bunker inventory purchased and stored on this Euronav vessel is accounted for at the lower of cost and net realizable value with cost being determined on a weighted average basis. The cost includes: the purchase price, initial fuel inspection costs, the transport and handling costs for loading the bunker on our vessel and the effective portion of the change in fair value of derivatives (see Note 14) designated as cashflow hedge of the underlying index between commitment and pricing.

In the course of 2020, the Company purchased an additional 179,927 metric ton (2019: 420,000 metric ton) of compliant fuel for an amount of $49.7 million (2019: $202.3 million) (all costs included). As of December 31, 2020 the carrying amount of the total bunker inventory amounted to $75.8 million (2019: $183.4 million) of which $57.7 million (2019: $164.0 million) was the carrying amount of the bunker inventory related to the purchase and storage of compliant fuel oil inventory on board of the Oceania.

The compliant fuel has already been partially transferred to our fleet and will continue to be transferred and used in the course of 2021. $22.7 million (2019: $0) has been recognized as bunker expense in the consolidated statement of profit or loss during 2020 which is included under voyage expenses and commissions (as discussed in Note 5). As of December 31, 2020 the carrying amount of the bunker inventory on board of our vessels amounted to $18.1 million (2019: $19.4 million). Bunkers delivered to vessels operating in the TI Pool, are sold to the TI Pool and bunkers on board of these pooled vessels are no longer shown as bunker inventory but as trade and other receivables.

In compliance with the accounting policy no write-down had to be considered at the course of 2020 as the net realizable value remained positive as the bunker fuel is being used in the end product because future TCE was estimated as high enough to recoup higher cost. As of December 31, 2020, the market price of compliant fuel oil exceeded our weighted average cost.

The inventory is pledged as security to the $100 million loan facility.

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Trade and other receivables - current

12 Months Ended

Dec. 31, 2020

Subclassifications of assets, liabilities and equities [abstract]

Trade and other receivables - current

Non-current receivables

(in thousands of USD)	December 31, 2020	December 31, 2019
Shareholders loans to joint ventures	33,936	60,379
Derivatives	2	—
Other non-current receivables	14,434	2,094
Lease receivables	6,681	8,609
Investment	1	1
Total non-current receivables	55,054	71,083

Following the sale of the Suezmax Bastia in September 2020, the shareholders loan to Bastia Shipholding Ltd. was fully repaid. Please refer to Note 26 for more information on the shareholders loans to joint ventures.

The increase in other non-current receivables is related to the issuance of a bank guarantee for the amount of $12.3 million through a cash deposit in the context of the enforcement proceedings lodged by Unicredit on January 15, 2021 (see Note 21).

The lease receivables relate to the subleases of office space to third parties regarding the leased offices of Euronav UK and Euronav MI II Inc. (formerly Gener8 Maritime Inc.).

The maturity date of the non-current receivables is as follows:

(in thousands of USD)	December 31, 2020	December 31, 2019
Receivable:
Within two years	2,100	1,959
Between two and three years	2,305	2,076
Between three and four years	18,862	2,278
Between four and five years	2,764	38,754
More than five years	29,023	26,016
Total non-current receivables	55,054	71,083

Because the shareholders loans are perpetual non-amortizing loans, these non-current receivables are presented as maturing after 5 years with the exception of the shareholders loans to Bari Shipholding Ltd. which will mature in 2024.

Trade and other receivables - current

(in thousands of USD)	December 31, 2020	December 31, 2019
Receivable from contracts with customers	70,658	105,925
Receivable from contracts with customers - TI Pool	99,236	149,800
Accrued income	8,149	20,815
Accrued interest	441	678
Deferred charges	21,239	19,134
Deferred fulfillment costs	714	2,556
Other receivables	12,046	8,220
Lease receivables	1,981	1,802
Derivatives	15	57
Total trade and other receivables	214,479	308,987

The decrease in receivables from contracts with customers mainly relates to a decrease in market freight rates at year-end.

The decrease in receivables from contracts with customers - TI Pool relates to income to be received by the Group from the Tankers International Pool. These amounts decreased in 2020 mainly due to lower working capital per vessel in the Pool as a result of Tankers International drawing under their working capital credit lines and the decrease in market freight rates as from August 2020 onwards and for the remainder of 2020.

The decrease in accrued income is mainly related to lower market freight rates at year-end and the timing of the cut-off in the voyages in progress at year-end.

Fulfillment costs represent primarily bunker costs incurred between the date on which the contract of a spot voyage charter was concluded and the next load port. These expenses are deferred according to IFRS 15 Revenue from Contracts with Customers and are amortized on a systematic basis consistent with the pattern of transfer of service.

The increase in other receivables relate mainly to outstanding receivables of several commodity swaps or futures in connection with the low sulfur fuel oil strategy (see Note 14).

The lease receivables relate to the sublease of office space to third parties regarding the leased offices of Euronav UK and Euronav MI II Inc. (formerly Gener8 Maritime Inc).

For currency and credit risk, we refer to Note 19.

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Cash and cash equivalents

12 Months Ended

Dec. 31, 2020

Subclassifications of assets, liabilities and equities [abstract]

Cash and cash equivalents

Cash and cash equivalents

(in thousands of USD)	December 31, 2020	December 31, 2019
Bank deposits	—	215,000
Cash at bank and in hand	161,478	81,954
TOTAL	161,478	296,954

No bank deposits were held at December 31, 2020 due to very low interest rates. All cash is in different banks which all have a high credit rating.

The bank deposits as at December 31, 2019 had an average maturity of 8 days

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Equity

12 Months Ended

Dec. 31, 2019

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

Equity

Equity

Number of shares issued

(in shares)	December 31, 2020	December 31, 2019	December 31, 2018
On issue at 1 January	220,024,713	220,024,713	159,208,949
Issued in business combination	—	—	60,815,764
On issue at 31 December - fully paid	220,024,713	220,024,713	220,024,713

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 $9.10 each (see Note 25) increasing the number of shares issued to 220,024,713 shares (see Note 15). This resulted in an increase of $66.1 million in share capital and $487.3 million share premium.

As at December 31, 2020, the share capital is represented by 220,024,713 shares. The shares have no nominal value.

As at December 31, 2020, the authorized share capital not issued amounts to $83,898,616 (2019: $83,898,616 and 2018: $83,898,616) or the equivalent of 77,189,888 shares (2019: 77,189,888 and 2018: 77,189,888 shares).

The holders of ordinary shares are entitled to receive dividends when declared and are entitled to one vote per share at the shareholders' meetings of the Group.

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 $220.0 million facility raised in March 2018 (Note 16), entered on June 29, 2018 in several Interest Rate Swaps (IRSs) for a combined notional value of $208.8 million (Euronav’s share amounts to 50%). These IRSs are 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 between one and two 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 notional value of these instruments at December 31, 2020 amounted to $90.4 million. The fair value of these instruments at December 31, 2020 amounted to $(2.4) million (100%), of which $(5) thousand was reflected in OCI at the level of the JV companies in 2020 (Note 26).

The Group, through the acquisition of Gener8 Maritime Inc. on June 12, 2018, acquired several IRSs for a combined notional value of $668.0 million. These IRSs were 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. Three IRSs have been settled in 2019 (see Note 6) and the two matured in September 2020.

The Group, through the long term charter parties with Valero for two Suezmaxes (Cap Quebec and Cap Pembroke), entered on March 28, 2018 and April 20, 2018, in two IRSs for a combined notional value of $86.8 million. These IRSs are 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 the same duration as the long term charter parties matching the repayment profile of the underlying $173.6 million facility and mature on March 28, 2025. The notional value of these instruments at December 31, 2020 amounted to $70.1 million. The fair value of these instruments at December 31, 2020 amounted to $(6.0) million (see Note 18) and $(2.6) million has been recognized in OCI in 2020.

The Group entered on December 7, 2018 into two forward cap contracts (CAPs) with a strike at 3.25% starting on October 1, 2020, to hedge against future increase of interest rates with a notional value of $200.0 million 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 CAPs have a maturity date at October 3, 2022. The notional value of these instruments at December 31, 2020 amounted to $200.0 million. The fair value of these instruments at December 31, 2020 amounted to $15 thousand (see Note 12) and $0.1 million has been recognized in OCI in 2020.

During 2019 and the beginning of 2020, the Group entered into several commodity swaps and futures in connection with its low sulfur fuel oil project for a combined notional value of $25.8 million and $133.6 million, respectively. These swaps are used to hedge a potential increase in the index underlying the price of low sulfur fuel between the purchase date and the delivery date of the product, i.e. when title to the low sulfur fuel is actually transferred. These instruments qualified as hedging instruments in a cash flow hedge relationship under IFRS9. These instruments were measured at their fair value; effective changes in fair value were recognized in OCI and the ineffective portion was recognized in profit or loss. All swaps were settled in 2020 upon delivery of the fuel.

The Group, through the long term charter parties with Valero for two Suezmaxes (Cap Corpus Christi and Cap Port Arthur), entered on October 26, 2020 in two IRSs for a combined notional value of $70.1 million with effective date in 2021. These IRSs are 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 the same duration as the long term charter parties matching the repayment profile of the underlying $173.6 million facility and mature on September 28, 2025. The notional value of these instruments at December 31, 2020 amounted to $70.1 million. The fair value of these instruments at December 31, 2020 amounted to $(0.3) million (see Note 18) and $(0.3) million has been recognized in OCI in 2020.

The Group entered in the second half of 2020 in six Interest Rate Swaps (IRSs) for a combined notional value of $237.2 million with effective date in 2021. These IRSs are used to hedge the risk related to the fluctuation of the LIBOR rate in connection with the new $713.0 million sustainability linked loan 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 mature on March 11, 2025. The notional value of these instruments at December 31, 2020 amounted to $237.2 million. The fair value of these instruments at December 31, 2020 amounted to $(0.1) million (see Note 18) and $(0.1) million has been recognized in OCI in 2020.

Treasury shares

As of December 31, 2020 Euronav owned 18,346,732 of its own shares, compared to 4,946,216 of shares owned on December 31, 2019. In the twelve months period ended December 31, 2020, Euronav bought back 13,400,516 shares at an aggregate cost of $118.5 million.

Dividends

During its meeting of May 5, 2020, the Supervisory Board of Euronav approved an interim dividend for the first quarter of 2020 of $0.81 per share. The interim dividend of $0.81 per share was payable as from June 26, 2020. The interim dividend to holders of Euronext shares was paid in EUR at the USD/EUR exchange rate of the record date.

On May 20, 2020, the Annual Shareholders' meeting approved a full year dividend for 2019 of $0.35 per share. Taking into account the interim dividend approved in August 2019 in the amount of $0.06 per share, the final dividend of 2019, which was paid after the AGM on June 9, 2020 was $0.29 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.

During its meeting of August 4, 2020, the Supervisory Board of Euronav approved an interim dividend for the second quarter of 2020 of $0.47 per share. The interim dividend of $0.47 per share was payable as from August 28, 2020. The interim dividend to holders of Euronext shares was paid in EUR at the USD/EUR exchange rate of the record date.

During its meeting of November 3, 2020, the Supervisory Board of Euronav approved an interim dividend for the third quarter of 2020 of $0.09 per share. The interim dividend of $0.09 per share was payable as from November 30, 2020. The interim dividend to holders of Euronext shares was paid in EUR at the USD/EUR exchange rate of the record date.

During its meeting of February 2, 2021, the Supervisory Board of Euronav approved an interim dividend for the fourth quarter of 2020 of $0.03 per share. The interim dividend of $0.03 per share was payable as from March 5, 2021. The interim dividend to holders of Euronext shares was paid in EUR at the USD/EUR exchange rate of the record date.

On March 26, 2021, the Supervisory Board proposed the Annual Shareholders' meeting be held on May 20, 2021, to approve a full year dividend for 2020 of $1.40 per share. Taking into account the interim dividends paid based on the Group’s policy to return 80% of the net income to shareholders, no closing dividend will be paid.

The total amount of dividends paid in 2020 was $352.0 million ($26.0 million in 2019).

Long term incentive plan 2015

The Group's Board of Directors (as of February 2020 Supervisory Board) 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.

Long term incentive plan 2016

The Group's Board of Directors (as of February 2020 Supervisory Board) implemented in 2016 an additional long term incentive plan for key management personnel. Under the terms of this LTIP, key management personnel is 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 stocks were granted on February 2, 2016.

Long term incentive plan 2017

The Group's Board of Directors (as of February 2020 Supervisory Board) 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.

Long term incentive plan 2018

The Group's Board of Directors (as of February 2020 Supervisory Board) 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.

Transaction Based Incentive Plan 2019

The Group’s Board of Directors (as of February 2020 Supervisory Board) has implemented in 2019 a transaction-based incentive plan for key management personnel.

Under the terms of this TBIP, key management personnel is 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 ("FMV") of one share of the Company multiplied by the number of phantom stock units that have vested prior to the settlement date. The TBIP defines FMV as the volume weighted average price of the shares on the New York Stock Exchange over the thirty (30) Business Days preceding such date.

Long term incentive plan 2019
The Group’s Supervisory Board (as of February 2020 Supervisory Board) implemented in 2019 an additional long term incentive plan (‘LTIP’) for key management personnel. Under the terms of this LTIP, key management personnel will obtain 100% of their respective LTIP in the form of Euronav restricted stock units (‘RSU’s’). The RSU’s vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2019) and will be settled in shares. In total 152,346 RSU’s were granted on April 1, 2019.

Long term incentive plan 2020

The Group’s Supervisory Board implemented in 2020 an additional long term incentive plan (‘LTIP’) for key management personnel. Under the terms of this LTIP, key management personnel will obtain 100% of their respective LTIP in the form of Euronav restricted stock units (‘RSU’s’). The RSU’s vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2020) and will be settled in shares. In total 144,392 RSU’s were granted on April 1, 2020. As of December 31, 2020, no RSU's were vested. no compensation expense was recognized in the Consolidated Statement of Profit or Loss during 2020.

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Earnings per share

12 Months Ended

Dec. 31, 2020

Earnings per share [abstract]

Earnings per share

Earnings per share

Basic earnings per share

The calculation of basic earnings per share was based on a result attributable to ordinary shares and a weighted average number of ordinary shares outstanding during the period ended December 31 of each year, calculated as follows:

Result attributable to ordinary shares

	2020	2019	2018
Result for the period (in USD)	473,237,286	112,230,267	(110,069,928)
Weighted average number of ordinary shares	210,193,707	216,029,171	191,994,398
Basic earnings per share (in USD)	2.25	0.52	(0.57)

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	33,823,562
Purchases of treasury shares	—	545,486	(545,486)	(13,917)
Withdrawal of treasury shares	—	—	—	—
Sales of treasury shares	—	(350,000)	350,000	18,219
On issue at December 31, 2018	220,024,713	1,237,901	218,786,812	191,994,398
On issue at January 1, 2019	220,024,713	1,237,901	218,786,812	218,786,812
Issuance of shares	—	—	—	—
Purchases of treasury shares	—	3,708,315	(3,708,315)	(2,757,641)
Withdrawal of treasury shares	—	—	—	—
Sales of treasury shares	—	—	—	—
On issue at December 31, 2019	220,024,713	4,946,216	215,078,497	216,029,171
On issue at January 1, 2020	220,024,713	4,946,216	215,078,497	215,078,497
Issuance of shares	—	—	—	—
Purchases of treasury shares	—	13,400,516	(13,400,516)	(4,884,790)
Withdrawal of treasury shares	—	—	—	—
Sales of treasury shares	—	—	—	—
On issue at December 31, 2020	220,024,713	18,346,732	201,677,981	210,193,707

Diluted earnings per share

For the twelve months ended December 31, 2020, the diluted earnings per share (in USD) amount to 2.25 (2019: 0.52 and 2018: (0.57)). At December 31, 2020, December 31, 2019 and December 2018, 236,590 options issued under the LTIP 2015 were excluded from the calculation of the diluted weighted average number of shares because these 236,590 options were out-of-the money and have been considered as anti-dilutive. At December 31, 2020, the 12,696 vested RSU's under the LTIP 2019 have been considered as dilutive, as these are only subject to the passage of time and therefore no longer contingent.

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)	2020	2019	2018
Weighted average of ordinary shares outstanding (basic)	210,193,707	216,029,171	191,994,398
Effect of Share-based Payment arrangements	12,696	—	—
Weighted average number of ordinary shares (diluted)	210,206,403	216,029,171	191,994,398

There are no more remaining outstanding instruments at December 31, 2020, December 31, 2019 and December 31, 2018 which can give rise to dilution, except for the Euronav stock options of LTIP 2015 and the RSU's of the LTIP 2019.

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Interest-bearing loans and borrowings

12 Months Ended

Dec. 31, 2020

Financial Instruments [Abstract]

Interest-bearing loans and borrowings

Interest-bearing loans and borrowings

(in thousands of USD)	Bank loans	Other notes	Lease liabilities	Other borrowings	Total
More than 5 years	433,662	—	—	—	433,662
Between 1 and 5 years	987,803	148,166	—	—	1,135,969
More than 1 year	1,421,465	148,166	—	—	1,569,631
Less than 1 year	138,537	—	—	60,342	198,879
At January 1, 2019	1,560,002	148,166	—	60,342	1,768,510
New loans	986,755	50,500	498	896,145	1,933,898
Adoption IFRS 16	—	—	105,238	—	105,238
Scheduled repayments	(92,651)	—	(30,214)	(708,135)	(831,000)
Early repayments	(1,225,747)	—	—	—	(1,225,747)
Other changes	(4,908)	(95)	—	—	(5,003)
Translation differences	—	—	102	(1,139)	(1,037)
Balance at December 31, 2019	1,223,451	198,571	75,624	247,213	1,744,859
More than 5 years	628,711	—	1,652	—	630,363
Between 1 and 5 years	545,233	198,571	41,509	107,978	893,291
More than 1 year	1,173,944	198,571	43,161	107,978	1,523,654
Less than 1 year	49,507	—	32,463	139,235	221,205
Balance at December 31, 2019	1,223,451	198,571	75,624	247,213	1,744,859
	Bank loans	Other notes	Lease liabilities	Other borrowings	Total
More than 5 years	628,711	—	1,652	—	630,363
Between 1 and 5 years	545,233	198,571	41,509	107,978	893,291
More than 1 year	1,173,944	198,571	43,161	107,978	1,523,654
Less than 1 year	49,507	—	32,463	139,235	221,205
At January 1, 2020	1,223,451	198,571	75,624	247,213	1,744,859
New loans	630,000	—	25,703	263,827	919,530
Scheduled repayments	(88,989)	—	(34,492)	(371,021)	(494,502)

Early repayments	(905,000)	(1,000)	—	—	(906,000)
Other changes	(2,602)	708	—	—	(1,894)
Translation differences	—	—	86	11,334	11,420
Balance at December 31, 2020	856,860	198,279	66,921	151,353	1,273,413
More than 5 years	631,044	—	—	—	631,044
Between 1 and 5 years	205,274	198,279	21,172	100,056	524,781
More than 1 year	836,318	198,279	21,172	100,056	1,155,825
Less than 1 year	20,542	—	45,749	51,297	117,588
Balance at December 31, 2020	856,860	198,279	66,921	151,353	1,273,413

The amounts shown under "New Loans" and "Early Repayments" include drawdowns and repayments under revolving credit facilities during the year.

Bank Loans

On October 13, 2014, the Group entered into a $340.0 million senior secured credit facility with a syndicate of banks. Borrowings under this facility were 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 the Group's $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 seven of our wholly-owned vessels. On October 22, 2014 a first drawdown under this facility was made to repay a former $300 million secured loan facility, followed by additional drawdowns on December 22, 2014 and December 23, 2014 for an amount of $60.3 million and $50.3 million following the delivery of the Hojo and Hakone respectively. On March 3, 2015 and April 13, 2015 additional drawdowns of $53.4 million and $50.4 million were made following the delivery of the Hirado and Hakata respectively. Following the sale of the Suezmax Felicity in January 2019, the total revolving credit facility was reduced by $13.6 million and an early repayment of $7.3 million. As of December 31, 2019, the outstanding balance on this facility was $43.4 million. Following the signing of the new $713.0 million sustainability linked senior secured credit facility, the loan facility was repaid in full on September 29, 2020.

On August 19, 2015, the Group entered into a $750.0 million senior secured amortizing revolving credit facility with a syndicate of banks. The facility is available for the purpose of (i) refinancing 21 vessels; (ii) financing four newbuilding VLCCs vessels as well as (iii) Euronav's general corporate and working capital purposes. The credit facility will mature on 1 July 2022 and carries a rate of LIBOR plus a margin of 195 bps. As of December 31, 2020 and December 31, 2019, the outstanding balance under this facility was $0.0 million and $130.0, million, respectively. This facility is currently secured by 9 of our wholly-owned vessels.

On November 9, 2015, the Group entered into a $60.0 million unsecured revolving credit facility carrying a rate of LIBOR plus a margin of 2.25%. As of December 31, 2020 and December 31, 2019, there was no outstanding balance under this facility. The credit facility matured on November 9, 2020.

On December 16, 2016, the Group entered into a $409.5 million senior secured amortizing revolving credit facility for the purpose of refinancing 11 vessels as well as Euronav's general corporate purposes. The credit facility was used to refinance the $500 million senior secured credit facility dated March 25, 2014 and will mature on January 31, 2023 carrying a rate of LIBOR plus a margin of 2.25%. Following the sale and lease back of the VLCC Nautica, Nectar and Noble in December 2019, the total revolving credit facility was reduced by $56.9 million. As of December 31, 2020 and December 31, 2019, the outstanding balance on this facility was $65.0 million and $90.0 million, respectively. The credit facility is secured by 8 vessels.

On January 30, 2017, the Group signed a loan agreement for a nominal amount of $110.0 million with the purpose of financing the Ardeche and the Aquitaine. On April 25, 2017, following a successful syndication, the loan was replaced with a new Korean Export Credit facility for a nominal amount of $108.5 million with Korea Trade Insurance Corporation or “K-sure” as insurer. The new facility is comprised of (i) a $27.1 million commercial tranche, which bears interest at LIBOR plus a margin of 1.95% per annum and (ii) a $81.4 million tranche insured by K-sure which bears interest at LIBOR plus a margin of 1.50% per annum. The facility is repayable over a term of 12 years, in 24 installments at successive six month intervals, each in the amount of $3.6 million together with a balloon installment of $21.7 million payable with the 24th installment on January 12, 2029. The K-sure insurance premium and other related transaction costs for a total amount of $3.2 million are amortized over the lifetime of the instrument using the effective interest rate method. As of December 31, 2020 and December 31, 2019, the outstanding balance on this facility was $83.2 million and $90.5 million, respectively in aggregate. This facility is secured by the VLCCs the Ardeche and the Aquitaine. The facility agreement also 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.

On March 22, 2018, the Group signed a senior secured credit facility for an amount of $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 was to finance up to 70 per cent of the aggregate contract price of the four Ice Class Suezmax vessels that were delivered over the course of 2018. The new facility was comprised of (i) a $69.4 million commercial tranche, which bears interest at LIBOR plus a margin of 2.0% per annum and (ii) a $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 $0.6 million per vessel together with a balloon installment of $3.5 million payable with the 24th and last installment on August 24, 2030. The ECA tranche is repayable by 24 consecutive semi-annual installments, each in the amount of $1.1 million per vessel and last installment on August 24, 2030. Transaction costs for a total amount of $1.6 million are amortized over the lifetime of the instrument using the effective interest rate method. As of December 31, 2020 and December 31, 2019, the outstanding balance on this facility was $143.6 million and $156.9 million, respectively. 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 vessel at that time is not satisfactory to the lenders.

As a result of the business combination on June 12, 2018, Euronav assumed the $633.5 million senior secured loan facility from Gener8 Maritime Inc. 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 September 28, 2022, 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 February 28, 2029, 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 February 28, 2029, 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 February 28, 2029, 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 was secured by 13 of our wholly-owned vessels. As of December 31, 2019, the outstanding balance on this facility was $604.8 million in aggregate. On September 26, 2019, the Group repaid this facility in full ($561.6 million) using a portion of the borrowings under our new $700.0 million Senior Secured Credit Facility.

On September 7, 2018, the Group signed a senior secured credit facility for an amount of $200.0 million. The Group used the proceeds of this facility to refinance all remaining indebtedness under the $581.0 million senior secured loan facility, the $67.5 million secured loan facility (Larvotto), and the $76.0 million secured loan facility (Fiorano). This facility is secured by 9 of our wholly-owned vessels. This revolving credit facility is reduced in 12 installments of consecutive six-month interval and a final $55.0 million repayment is due at maturity in 2025. This facility bears interest at LIBOR plus a margin of 2.0% per annum plus applicable mandatory costs. As of December 31, 2020 and December 31, 2019, the outstanding balance on this facility was $55.0 million and $100.0 million, respectively.

On June 27, 2019, the Group entered into a $100.0 million senior secured amortizing revolving credit facility with a syndicate of banks of which ABN Amro Bank also acting as Coordinator, Agent and Security Trustee. The facility, secured by the Oceania and the bunker inventory bought in anticipation of the new legislation starting in January 1, 2020, will mature on December 31, 2021 and carries a rate of LIBOR plus a margin of 2.10%. As of December 31, 2020 and December 31, 2019, the outstanding balance on this facility was $0.0 million and $70.0 million, respectively.

On August 28, 2019, the Group entered into a $700.0 million senior secured amortizing revolving credit facility with a syndicate of banks and Nordea Bank Norge SA acting as Agent and Security Trustee for the purpose of refinancing all remaining indebtedness under the $633.5 million senior secured loan facility. The credit facility will mature on January 31, 2026 carrying a rate of LIBOR plus margin of 1.95%. The facility is secured by 13 of our wholly-owned vessels. As of December 31, 2020 and December 31, 2019, the outstanding balance on this facility was $345.0 million and $560.0 million, respectively.

On September 11, 2020, the Group entered into a USD 713.0 million sustainability linked loan with specific targets to emission reduction. This facility is secured by 16 of our wholly-owned vessels, 9 VLCCs, 3 Suezmaxes and the 4 new VLCCs under construction at DSME. The credit facility will mature on March 31, 2026 and carries a rate of LIBOR plus a margin of 2.35%. The facility consist of (i) a revolver of 469.0 million to refinance the USD 340.0 million senior secured credit facility and part of the USD 750.0 million senior secured credit facility and (ii) a term loan of 244.0 million to finance the acquisition of 4 newbuilding VLCCs with delivery in Q1 2021. The revolver commitment includes terms with specific targets to reduce our GHG emissions with compliance being rewarded with a reduced interest coupon by five basis points. As of December 31, 2020, the outstanding balance on this facility was $185.0 million.

Undrawn borrowing facilities

At December 31, 2020, Euronav and its fully-owned subsidiaries have undrawn credit line facilities amounting to $940.4 million (2019: $753.1 million), of which is $100.0 million will mature within 12 months.

Terms and debt repayment schedule

The terms and conditions of outstanding loans were as follows:

(in thousands of USD)				December 31, 2020			December 31, 2019
	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	—	—	—	43,447	43,447	42,859
Secured vessels Revolving loan 148M*	USD	libor + 2.25%	2021	—	—	—	133,962	—	—
Secured vessels Revolving loan 750M*	USD	libor + 1.95%	2022	45,958	—	(871)	322,340	130,000	128,205
Secured vessels Revolving loan 409.5M*	USD	libor + 2.25%	2023	175,605	65,000	63,997	212,459	90,000	88,328
Secured vessels loan 27.1M	USD	libor + 1.95%	2029	25,554	25,554	25,554	26,007	26,007	25,389
Secured vessels loan 81.4M	USD	libor + 1.50%	2029	57,667	57,667	55,918	64,452	64,452	62,970
Secured vessels loan 69.4M	USD	libor + 2.0%	2030	59,007	59,007	59,007	63,635	63,635	63,635
Secured vessels loan 104.2M	USD	libor + 2.0%	2030	84,606	84,606	83,562	93,283	93,283	92,035
Secured vessels Revolving loan 200.0M*	USD	libor + 2.0%	2025	148,688	55,000	53,876	174,344	100,000	98,445
Secured vessels Revolving loan 100.0M*	USD	libor + 2.10%	2021	100,000	—	(479)	100,000	70,000	69,043
Secured vessels Revolving loan 700.0M*	USD	libor + 1.95%	2026	651,160	345,000	338,765	700,000	560,000	552,542
Secured vessels Revolving loan 713.0M*	USD	libor + 2.35%	2026	469,000	185,000	177,529	—	—	—
Unsecured bank facility 60M	USD	libor + 2.25%	2020	—	—	—	60,000	—	—
Total interest-bearing bank loans				1,817,246	876,834	856,860	1,993,928	1,240,824	1,223,451

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. For further information, we refer to Note 19.

* The total amount available under the revolving loan Facilities depends on the total value of the fleet of tankers securing the facility.

Other notes

(in thousands of USD)				December 31, 2020			December 31, 2019
	Curr	Nominal interest rate	Year of mat.	Facility size	Drawn	Carrying value	Facility size	Drawn	Carrying value
Unsecured notes	USD	7.50%	2022	200,000	199,000	198,279	200,000	200,000	198,571
Total other notes				200,000	199,000	198,279	200,000	200,000	198,571

On June 14, 2019, the Group successfully completed a tap issue of $50 million under its existing senior unsecured bonds. The bonds have the same maturity date and carry the same coupon of 7.50%. The tap issue was priced at 101% of par value. Arctic Securities AS, DNB Markets and Nordea acted as joint lead managers in connection with the placement of the tap issue. The related transaction costs of $675,000 are amortized over the lifetime of the instrument using the effective interest rate method as well as the above par issuance of $500,000. In the course of the first quarter of 2020, the company bought back 10 notes of its USD 200 million fixed rate senior unsecured notes, due 2022. The face value of each cash bond is $100,000 and the company paid an average of $85,000.

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. On October 1, 2018, KBC has been appointed as an additional dealer in the agreement and the maximum amount has been increased from 50 million Euro to 150 million Euro. As of December 31, 2020, the outstanding amount was $38.7 million or 31.5 million Euro (December 31, 2019: $ 122.8 million or 109.3 million Euro). The Treasury Notes are issued on an as needed basis with different durations not exceeding 1 year, and initial pricing is set to 60 bps over Euribor. The company enters into FX forward contracts to manage the currency risks related to these instruments issued in Euro compared to the USD Group functional currency. The FX contracts have the 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 December 31, 2020, the fair value of these forward contracts amounted to $1.2 million (December 31, 2019: $1.3 million).

On December 30, 2019, the Company entered into a sale and leaseback agreement for three VLCCs. The three VLCCs are the Nautica (2008 – 307,284), Nectar (2008 – 307,284) and Noble (2008 – 307,284). The vessels were sold and were leased back under a 54-months bareboat contract at an average rate of $20,681 per day per vessel. In accordance with IFRS, this transaction was not accounted for as a sale but Euronav as seller-lessee will continue to recognize the transferred assets, and recognized a financial liability equal to the net transfer proceeds of $124.4 million. As of December 31, 2020, the outstanding amount was $112.7 million. At the end of the bareboat contract, the vessels will be redelivered to their new owners. Euronav may, at any time on and after the 1st anniversary, notify the owners by serving an irrevocable written notice at least three months prior to the proposed purchase option date of the charterers' intention to terminate this charter on the purchase option date and purchase the vessel from the owners for the applicable purchase option price.

The future lease payments for these leaseback agreements are as follows:

(in thousands of USD)	December 31, 2020	December 31, 2019
Less than one year	22,667	22,853
Between one and five years	56,545	79,211
Total future lease payables	79,211	102,064

Transaction and other financial costs

The heading 'Other changes' in the first table of this footnote reflects the recognition of directly attributable transaction costs as a deduction from the fair value of the corresponding liability, and the subsequent amortization of such costs. In 2020, the Group recognized $6.2 million of amortization of financing costs. The Group recognized $8.1 million of directly attributable transaction costs as a deduction from the fair value of the $713.0 million senior secured amortizing loan facility entered into September 11, 2020.

Interest expense on financial liabilities measured at amortized cost decreased during the year ended December 31, 2020, compared to 2019 (2020: $(-62.4) million, 2019: $(-84.4) million). This decrease was attributable to a decrease in the average outstanding debt during the year and was partially offset by an increase in the interest expenses on the sale and leaseback agreement for three VLCCs entered into December 30, 2019. Other financial charges increased in 2020 compared to 2019 (2020: $(-9.9) million, 2019: $(-7.5) million) which was primarily attributable to commitment fees paid for available credit lines.

Interest on lease liabilities (2020: $(-3.3) million, 2019: $ (-4.8) million) were recognized due to the adoption of IFRS 16 on January 1, 2019 (see Note 1.19).

Reconciliation of movements of liabilities to cash flows arising from financing activities

	Liabilities				Equity
	Loans and borrowings	Other Notes	Other borrowings	Lease liabilities	Share capital / premium	Reserves	Treasury shares	Retained earnings	Total
Restated balance at January 1, 2019	1,560,002	148,166	60,342	105,736	1,941,697	(2,287)	(14,651)	335,764	4,134,769
Changes from financing cash flows
Proceeds from loans and borrowings (Note 16)	986,755	50,500	—	—	—	—	—	—	1,037,255
Proceeds from issue of other borrowings (Note 16)	—	—	62,446	—	—	—	—	—	62,446
Purchase treasury shares (Note 14)	—	—	—	—	—	—	(30,965)	—	(30,965)
Proceeds from sale and leaseback agreement (Note 16)	—	—	124,425	—	—	—	—	—	124,425
Transaction costs related to loans and borrowings (Note 16)	(9,046)	(675)	—	—	—	—	—	—	(9,721)
Repayment of borrowings (Note 16)	(1,318,398)	—	—	—	—	—	—	—	(1,318,398)
Repayment of lease liabilities (Note 16)	—	—	—	(30,214)	—	—	—	—	(30,214)
Dividend paid	—	—	—	—	—	—	—	(26,015)	(26,015)
Total changes from financing cash flows	(340,689)	49,825	186,871	(30,214)	—	—	(30,965)	(26,015)	(191,187)
Other changes
Liability-related
Amortization of transaction costs (Note 16)	4,138	674	—	—	—	—	—	—	4,812
Amortization of above par issuance (Note 16)	—	(94)	—	—	—	—	—	—	(94)
Translation differences (Note 16)	—	—	—	102	—	—	—	—	102
Total liability-related other changes	4,138	580	—	102	—	—	—	—	4,820
Total equity-related other changes (Note 14)	—	—	—	—	—	(1,997)	—	110,309	108,312
Balance at December 31, 2019	1,223,451	198,571	247,213	75,624	1,941,697	(4,284)	(45,616)	420,058	4,056,714

	Liabilities				Equity
	Loans and borrowings	Other Notes	Other borrowings	Lease liabilities	Share capital / premium	Reserves	Treasury shares	Retained earnings	Total
Restated balance at January 1, 2019	1,223,451	198,571	247,213	75,624	1,941,697	(4,284)	(45,616)	420,058	4,056,714
Changes from financing cash flows
Proceeds from loans and borrowings (Note 16)	630,000	—	—	—	—	—	—	—	630,000
Proceeds from issue of other borrowings (Note 16)	—	—	263,827	—	—	—	—	—	263,827
Proceeds from sale of treasury shares (Note 14)	—	—	—	—	—	—	(118,488)	—	(118,488)
Purchase treasury shares (Note 14)	—	—	—	—	—	—	—	—	—
Repayment of sale and leaseback liability (Note 16)	—	—	(22,853)	—	—	—	—	—	(22,853)
Transaction costs related to loans and borrowings (Note 16)	(8,083)	—	—	—	—	—	—	—	(8,083)
Repayment of borrowings (Note 16)	(993,989)	(1,000)	—	—	—	—	—	—	(994,989)
Repayment of commercial paper (Note 16)	—	—	(359,295)	—	—	—	—	—	(359,295)
Repayment of lease liabilities (Note 16)	—	—	—	(37,779)	—	—	—	—	(37,779)
Dividend paid	—	—	—	—	—	—	—	(352,041)	(352,041)
Total changes from financing cash flows	(372,072)	(1,000)	(118,321)	(37,779)	—	—	(118,488)	(352,041)	(999,701)
Other changes
Liability-related
Amortization of transaction costs (Note 16)	5,481	787	—	—	—	—	—	—	6,268
Amortization of above par issuance (Note 16)	—	(175)	—	—	—	—	—	—	(175)
Amortization of below par issuance (Note 16)	—	96	—	—	—	—	—	—	96
New leases (Note 16)	—	—	—	25,703	—	—	—	—	25,703
Interest expense (Note 6)	—	—	11,127	3,287	—	—	—	—	14,414
Translation differences (Note 16)	—	—	11,334	86	—	—	—	—	11,420
Total liability-related other changes	5,481	708	22,461	29,076	—	—	—	—	57,726
Total equity-related other changes (Note 14)	—	—	—	—	—	(2,237)	—	472,697	470,460
Balance at December 31, 2020	856,860	198,279	151,352.62	66,921.07	1,941,697	(6,521)	(164,104)	540,714	3,585,199

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Employee benefits

12 Months Ended

Dec. 31, 2020

Employee Benefits [Abstract]

Employee benefits

Employee benefits

The amounts recognized in the balance sheet are as follows:

(in thousands of USD)	December 31, 2020	December 31, 2019	December 31, 2018
NET LIABILITY AT BEGINNING OF PERIOD	(8,094)	(4,336)	(3,984)
Recognized in profit or loss	653	(2,589)	(616)
Recognized in other comprehensive income	(97)	(1,223)	120
Foreign currency translation differences	(449)	54	144
NET LIABILITY AT END OF PERIOD	(7,987)	(8,094)	(4,336)
Present value of funded obligation	(5,074)	(4,298)	(3,538)
Fair value of plan assets	3,940	3,241	2,970
	(1,134)	(1,057)	(568)
Present value of unfunded obligations	(6,853)	(7,037)	(3,768)
NET LIABILITY	(7,987)	(8,094)	(4,336)
Amounts in the balance sheet:
Liabilities	(7,987)	(8,094)	(4,336)
Assets	—	—	—
NET LIABILITY	(7,987)	(8,094)	(4,336)

Liability for defined benefit obligations

The Group makes contributions to three defined benefit plans that provide pension benefits for employees upon retirement.

One plan - the Belgian plan - is fully insured through an insurance company. The second and third - French and Greek plans - are uninsured and unfunded. The unfunded obligations include provisions in respect of LTIP 2016, LTIP 2017, LTIP 2018, TBIP 2019 and LTIP 2019 (see Note 23).

The Group expects to contribute the following amount to its defined benefit pension plans in 2021: $50,798.

The valuation used for the defined contribution plans is the Projected Unit Credit Cost as prescribed by IAS 19 R.

The Group expects to contribute the following amount to its defined contribution pension plans in 2021: $368,301.

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Trade and other payables

12 Months Ended

Dec. 31, 2020

Subclassifications of assets, liabilities and equities [abstract]

Trade and other payables

Trade and other payables

(in thousands of USD)	December 31, 2020	December 31, 2019
Advances received on contracts in progress, between 1 and 5 years	508	414
Derivatives	6,385	3,395
Total non-current other payables	6,893	3,809
Trade payables	27,226	22,737
Accrued expenses	35,321	45,997
Accrued payroll	5,849	3,313
Dividends payable	565	123
Accrued interest	2,959	3,924
Deferred income	13,138	17,783
Other payables	92	333
Derivatives	—	198
Total current trade and other payables	85,150	94,408

The non-current derivatives relate to the interest rate swap derivatives used to hedge the risk related to the fluctuation of the LIBOR rate (see Note 14). The increase is due to a negative mark-to-market on these IRSs at December 31, 2020.

The increase in trade payables is due to a higher number of outstanding invoices mainly related to two time charter agreements for the vessels Marlin Sardinia and Marlin Somerset which were entered into at the end of 2020 and a higher number of outstanding invoices related to bunkers.

The decrease in accrued expenses is mainly due to receiving more invoices upfront related to vessels operated on the spot market.

The decrease in accrued interest is related to the payment schedule of the $340 million facility that was repaid in the course of 2020.

The decrease in deferred income is due to a lower number of vessels on time charter as of December 31, 2020 compared to December 31, 2019.

The current derivative relate to the IRS acquired through the acquisition of Gener8 Maritime Inc. and matured in September 2020 (see Note 14).

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Financial instruments - Fair values and risk management

12 Months Ended

Dec. 31, 2020

Financial Instruments [Abstract]

Financial instruments - Fair values and risk management

Financial instruments - Fair values and risk management

Accounting classifications 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
	Fair value - Hedging instruments	Financial assets at amortized cost	Other financial liabilities	Total	Level 1	Level 2	Level 3	Total
December 31, 2019
Financial assets measured at fair value
Forward exchange contracts (Note 16)	1,306	—	—	1,306	—	1,306	—	1,306
Interest rate swaps (Note 12)	5	—	—	5	—	5	—	5
Forward cap contracts (Note 12)	52	—	—	52	—	52	—	52
	1,363	—	—	1,363
Financial assets not measured at fair value
Non-current receivables (Note 10)	—	62,474	—	62,474	—	—	52,591	52,591
Lease receivables (Note 10)	—	8,609	—	8,609	—	9,961	—	9,961
Trade and other receivables * (Note 12)	—	286,447	—	286,447	—	—	—	—
Cash and cash equivalents (Note 13)	—	296,954	—	296,954	—	—	—	—
	—	654,484	—	654,484
Financial liabilities measured at fair value
Interest rate swaps (Note 18)	3,593	—	—	3,593	—	3,593	—	3,593
	3,593	—	—	3,593
Financial liabilities not measured at fair value
Secured bank loans (Note 16)	—	—	1,223,451	1,223,451	—	1,235,770	—	1,235,770
Unsecured bank loans (Note 16)	—	—	198,571	198,571	206,700	—	—	206,700
Other borrowings (Note 16)	—	—	247,213	247,213	—	247,213	—	247,213
Lease liabilities (Note 16)	—	—	75,624	75,624	—	70,074	—	70,074
Trade and other payables * (Note 18)	—	—	76,391	76,391	—	—	—	—
Advances received on contracts (Note 18)	—	—	414	414	—	—	—	—
		—	1,821,664	1,821,664

	Carrying amount				Fair value
	Fair value - Hedging instruments	Financial assets at amortized cost	Other financial liabilities	Total	Level 1	Level 2	Level 3	Total
December 31, 2020
Financial assets measured at fair value
Forward exchange contracts (Note 16)	1,246	—	—	1,246	—	1,246	—	1,246
Interest rate swaps (Note 10)	2	—	—	2	—	2	—	2
Cap contracts (Note 12)	15	—	—	15	—	15	—	15
	1,262	—	—	1,262
Financial assets not measured at fair value
Non-current receivables (Note 10)	—	48,371	—	48,371	—	—	44,512	44,512
Lease receivables (Note 10)	—	6,681	—	6,681	—	7,925	—	7,925
Trade and other receivables * (Note 12)	—	191,633	—	191,633	—	—	—	—
Cash and cash equivalents (Note 13)	—	161,478	—	161,478	—	—	—	—
	—	408,163	—	408,163
Financial liabilities measured at fair value
Interest rate swaps (Note 18)	6,385	—	—	6,385	—	6,385	—	6,385
	6,385	—	—	6,385
Financial liabilities not measured at fair value
Secured bank loans (Note 16)	—	—	856,860	856,860	—	864,848	—	864,848
Unsecured other notes (Note 16)	—	—	198,279	198,279	207,099	—	—	207,099
Other borrowings (Note 16)	—	—	151,353	151,353	—	151,353	—	151,353
Lease liabilities (Note 16)	—	—	66,921	66,921	—	62,387	—	62,387
Trade and other payables * (Note 18)	—	—	71,958	71,958	—	—	—	—
Advances received on contracts (Note 18)	—	—	508	508	—	—	—	—
	—	—	1,345,879	1,345,879

* Deferred charges, deferred fulfillment costs and VAT receivables (included in other receivables) (see Note 12), deferred income and VAT payables (included in other payables) (see Note 18), 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 December 31, 2020. 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
Interest rate swaps	Swap models: the fair value is calculated as the present value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates.	Not applicable
Forward cap contracts	Fair values for both the derivative and the hypothetical derivative will be determined based on a software used to calculate the net present value of the expected cash flows using LIBOR rate curves, futures and basis spreads.	Not applicable

Financial instruments not measured at fair value
Type	Valuation Techniques	Significant unobservable inputs
Non-current receivables (consisting primarily of shareholders' loans)	Discounted cash flow	Discount rate and forecasted cash flows
Lease receivables	Discounted cash flow	Discount rate
Other financial liabilities (consisting of secured and unsecured bank loans and lease liabilities)	Discounted cash flow	Discount rate
Other financial notes (consisting of unsecured notes)	List price	Not applicable

Transfers between Level 1, 2 and 3

There were no transfers between these levels in 2019 and 2020.

Financial risk management

In the course of its normal business, the Group is exposed to the following risks:

•Credit risk

•Liquidity risk

•Market risk (Tanker market risk, interest rate risk, currency risk and commodity risk)

The Company's Supervisory Board has overall responsibility for the establishment and oversight of the Group's risk management framework. The Supervisory Board has established the Audit and Risk Committee, which is responsible for developing and monitoring the Group's risk management policies. The Committee reports regularly to the Supervisory Board on its activities.

The Group's risk management policies are established to identify and analyze the risks faced by the Group, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group's activities. The Group, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.

The Group's Audit and Risk Committee oversees how management monitors compliance with the Group's risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The Group's Audit and Risk Committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit and Risk Committee.

Credit risk

Trade and other receivables

The Group has a formal credit policy. Credit evaluations - when necessary - are performed on an ongoing basis. At the balance sheet date there were no significant concentrations of credit risk. All trade and other receivables were with oil majors within the same industry but with a geographic spread and a different business focus. Based on past experience, and considering any forward-looking factors, there was only a small impact on doubtful amounts year-end. Based on individual analyses, provisions for doubtful debtors increased compared to 2019. In particular, the one client representing 6% of the Tankers segment's total revenue in 2020 (see Note 2) only represented 0.03% of the total trade and other receivables at December 31, 2020 (2019: one client representing 3.82%). The maximum exposure to credit risk is represented by the carrying amount of each financial asset.

The ageing of current trade and other receivables is as follows:

(in thousands of USD)	2020	2019
Not past due	183,138	246,422
Past due 0-30 days	9,961	35,036
Past due 31-365 days	16,253	21,020
More than one year	5,127	6,509
Total trade and other receivables	214,479	308,987

Past due amounts are not credit impaired as collection is still considered to be likely and management is confident the outstanding amounts can be recovered. As at December 31, 2020 46.27% (2019: 47.45%) of the total current trade and other receivables relate to TI Pool. TI Pool is paid after completion of the voyages which only deals with oil majors, national oil companies and other actors of the oil industry whose credit worthiness historically has been high. Amounts not past due are also with customers with high credit worthiness and are therefore not credit impaired.

Non-current receivables

Non-current receivables mainly consist of shareholder's loans to joint ventures (see Note 10). As at December 31, 2020 and December 31, 2019, these receivables had no maturity date, except for the shareholder loans to Bari Shipholding Ltd. which has a maturity date in 2024, and was not credit impaired as there is no credit risk exposure for the Group.

Cash and cash equivalents

The Group held cash and cash equivalents of $161.5 million at December 31, 2020 (2019: $297.0 million). 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 (see Note 13).

Derivatives

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

Guarantees

The Group's policy is to provide financial guarantees only for subsidiaries and joint ventures. At December 31, 2018, the Group has issued a guarantee to certain banks in respect of the new credit facilities entered into 2018 which were granted to 2 joint ventures (see Note 26). At December 31, 2020, these guarantees towards joint ventures were still outstanding but have not been called upon. At December 30, 2019, the Group issued a guarantee to the buyer of the three VLCCs in relation to the sale and leaseback transaction (see Note 16) whereby the VLCCs were leased back in a subsidiary under a 54-months bareboat contract.

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, 2019
(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 16)	1,422,022	1,697,327	110,720	905,302	681,305
Other borrowings (Note 16)	247,213	268,661	145,640	123,021	—
Lease liabilities (Note 16)	75,624	79,873	35,525	42,667	1,681
Current trade and other payables * (Note 18)	76,589	76,589	76,589	—	—
	1,821,448	2,122,450	368,474	1,070,990	682,986
Derivative financial liabilities
Interest rate swaps (Note 18)	3,593	3,300	758	2,432	110
Forward exchange contracts (Note 18)	—	—	—	—	—
	3,593	3,300	758	2,432	110
	Contractual cash flows December 31, 2020
	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 16)	1,055,139	1,191,925	55,079	474,687	662,159
Other borrowings (Note 16)	151,353	180,865	61,320	119,545	—
Lease liabilities (Note 16)	66,921	70,245	47,976	22,150	119
Current trade and other payables * (Note 18)	71,958	71,958	71,958	—	—
	1,345,371	1,514,993	236,333	616,382	662,278
Derivative financial liabilities
Interest rate swaps (Note 18)	6,385	8,601	2,194	6,406	—
Forward exchange contracts (Note 18)	—	—	—	—	—
	6,385	8,601	2,194	6,406	—

* Deferred income and VAT payables (included in other payables) (see Note 18), 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.

Market risk

Managing interest rate benchmark reform and associated risks

Overview

A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank offered rates (IBORs) with alternative nearly risk-free rates (referred to as ‘IBOR reform’). The Group has exposures to IBORs on its financial instruments that will be replaced or reformed as part of these market-wide initiatives. There is uncertainty over the timing and the methods of transition in some jurisdictions that the Group operates in. The Group anticipates that IBOR reform will impact its risk management and hedge accounting. The Audit and Risk Committee monitors the Group’s transition to alternative rates.

Derivatives

The Group holds interest rate swaps for risk management purposes which are designated in cash flow hedging relationships. The interest rate swaps have floating legs that are indexed to USD LIBOR.

Hedge Accounting

The Group has evaluated the extent to which its cash flow hedging relationships are subject to uncertainty driven by IBOR reform as at 31 December 2020. The Group’s hedged items and hedging instruments continue to be indexed to USD LIBOR. These benchmark rates are quoted each day and the IBOR cash flows are exchanged with counterparties as usual.

However, the Group’s USD LIBOR cash flow hedging relationships extend beyond the anticipated cessation date for USD LIBOR. The Group expects that LIBOR will be discontinued after the end of 2021. However, there is uncertainty about when and how replacement may occur with respect to the relevant hedged items and hedging instruments. Such uncertainty may impact the hedging relationship. The Group applies the amendments to IFRS 9 issued in September 2019 to those hedging relationships directly affected by IBOR reform. Hedging relationships impacted by IBOR reform may experience ineffectiveness attributable to market participants’ expectations of when the shift from the existing IBOR benchmark rate to an alternative benchmark interest rate will occur. This transition may occur at different times for the hedged item and hedging instrument, which may lead to hedge ineffectiveness. The Group has measured its hedging instruments indexed to USD LIBOR using available quoted market rates for LIBOR-based instruments of the same tenor and similar maturity and has measured the cumulative change in the present value of hedged cash flows attributable to changes in USD LIBOR on a similar basis.

The Group's exposure to USD LIBOR designated in hedging relationships is $270.1 million nominal amount at 31 December 2020 (see Note 14), representing the nominal amount of the hedging caps and interest rate swaps maturing in 2022 and 2025, respectively.

Tanker market risk

The spot tanker freight market is a highly volatile global market and the Group predicting what the market will be, involves significant uncertainty. The Group has a strategy of operating the majority of its fleet on the spot market but tries to keep a certain part of the fleet under fixed time charter contracts. The proportion of vessels operated on the spot will vary according to the many factors affecting both the spot and fixed time charter contract markets.

Every increase (decrease) of $1,000 on the spot tanker freight market (VLCC and Suezmax) per day would have increased (decreased) profit or loss by the amounts shown below:

(effect in thousands of USD)	2020		2019		2018
	Profit or loss		Profit or loss		Profit or loss
	1,000 USD	1,000 USD	1,000 USD	1,000 USD	1,000 USD	1,000 USD
	Increase	Decrease	Increase	Decrease	Increase	Decrease
	19,638	(19,638)	22,601	(22,581)	19,332	(19,323)

Interest rate risk

Euronav interest rate management general policy is to borrow at floating interest rates based on LIBOR plus a margin. The Euronav Corporate Treasury Department monitors the Group's interest rate exposure on a regular basis. From time to time and under the responsibility of the Chief Financial Officer, different strategies to reduce the risk associated with fluctuations in interest rates can be proposed to the Board of Directors for their approval. The Group hedges part of its exposure to changes in interest rates on borrowings. All borrowings contracted for the financing of vessels are on the basis of a floating interest rate, increased by a margin. On a regular basis the Group may use interest rate related derivatives (interest rate swaps, caps and floors) to achieve an appropriate mix of fixed and floating rate exposure as defined by the Group. On December 31, 2020 and December 31, 2019, the Group had such instruments in place and approximately 48% of the floating interest rates have been hedged.

The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dates and maturities and the notional or par amounts. If a hedging relationship is directly affected by uncertainty arising from IBOR reform, then the Group assumes for this purpose that the benchmark interest rate is not altered as a result of interest rate benchmark reform.

Hedging relationships that are impacted by IBOR reform may experience ineffectiveness because of timing mismatch between the hedged item and the hedging instrument regarding IBOR transition. For further details, see 'Managing interest rate benchmark reform and associated risks' above.

At the reporting date the interest rate profile of the Group's interest-bearing financial instruments was:

(in thousands of USD)	2020	2019
FIXED RATE INSTRUMENTS
Financial assets	17,271	37,163
Financial liabilities	377,899	398,620
	395,170	435,783
VARIABLE RATE INSTRUMENTS
Financial liabilities	895,514	1,346,239
	895,514	1,346,239

Fair value sensitivity analysis for fixed rate instruments

The Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss, and the Group does not designate derivatives (interest rate swaps) as hedging instruments under a fair value hedge accounting model. Therefore a change in interest rates at the reporting date would not affect profit or loss nor equity as of that date.

Cash flow sensitivity analysis for variable rate instruments

A change of 50 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant.

	Profit or Loss		Equity
	50 BP	50 BP	50 BP	50 BP
(effect in thousands of USD)	Increase	Decrease	Increase	Decrease
December 31, 2018
Variable rate instruments	(4,238)	4,238	—	—
Interest rate swaps	—	—	6,201	(6,116)
Cash Flow Sensitivity (Net)	(4,238)	4,238	6,201	(6,116)
December 31, 2019
Variable rate instruments	(6,195)	6,195	—	—
Interest rate swaps	—	—	1,553	(1,433)
Cash Flow Sensitivity (Net)	(6,195)	6,195	1,553.2	(1,433)
December 31, 2020
Variable rate instruments	(3,819)	2,484	—	—
Interest rate swaps	—	—	5,542	(5,343)
Cash Flow Sensitivity (Net)	(3,819)	2,484	5,542	(5,343)

Currency risk

The Group policy is to monitor its material non-functional currency transaction exposure so as to allow for natural coverage (revenues in the same currency than the expenses) whenever possible. When natural coverage is not deemed reasonably possible (for example for long term commitments), the Company manages its material non-functional currency transaction exposure on a case-by-case basis, either by entering into spot foreign currency transactions, foreign exchange forward, swap or option contracts.

The Group’s exposure to currency risk is related to its operating expenses expressed in Euros and to Treasury Notes denominated in Euros. In 2020 about 14.4% (2019: 12.5% and 2018: 12.9%) of the Group's total operating expenses were incurred in Euros. Revenue and borrowings are expressed in USD only, except for instruments issued under the Treasury Notes Program (Note 16).

(in thousands of USD)	December 31, 2020		December 31, 2019		December 31, 2018
	EUR	USD	EUR	USD	EUR	USD
Trade payables	(5,662)	(21,564)	(4,002)	(18,735)	(6,311)	(9,955)
Operating expenses	(105,172)	(624,096)	(95,278)	(666,469)	(89,761)	(608,754)
Treasury Notes	(38,654)	—	(122,788)	—	(60,342)	—

For the average and closing rates applied during the year, we refer to Note 27.

Sensitivity analysis

A 10 percent strengthening of the EUR against the USD at December 31, would have increased (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant.

(in thousands of USD)	2020	2019	2018
Equity	735	437	491
Profit or loss	(10,412)	(9,952)	(7,888)

A 10 percent weakening of the EUR against the USD at December 31, would have had the equal but opposite effect to the amounts shown above, on the basis that all the other variables remain constant.

Cash flow hedges

At December 31, 2020, the Group held the following instruments to hedge exposures to changes in interest rates.

	Maturity
(in thousands of USD)	1-6 months		6-12 months		More than 1 year
Interest rate risk
Interest rate swaps
Net exposure	(10,855)		(10,942)		(81,803)
Average fixed interest rate	2.96	%	2.96	%	2.96	%

At December 31, 2019, the Group held the following instruments to hedge exposures to changes in interest rates.

	Maturity
(in thousands of USD)	1-6 months		6-12 months		More than 1 year
Interest rate risk
Interest rate swaps
Net exposure	(23,469)		(23,261)		(176,598)
Average fixed interest rate	1.99	%	2.00	%	2.96	%

At December 31, 2020 and December 31, 2019, the Group had 2 interest cap options with a notional amount of $200.0 million starting on October 1, 2020.

The amounts at the reporting date relating to items designated as hedged items were as follows.

	December 31, 2020		December 31, 2019
(in thousands of USD)	Change in value used for calculating hedge ineffectiveness	Cash flow hedge reserve	Change in value used for calculating hedge ineffectiveness	Cash flow hedge reserve
Interest rate risk
Variable-rate instruments	2,989	(6,385)	1,205	(3,396)
Cap option	(116)	(1,071)	680	(1,187)

The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows.

	2020				During the period 2020
(in thousands of USD)	Nominal amount	Carrying amount - Assets	Carrying amount - Liabilities	Line item in the statement of financial position where the hedging instrument is included	Changes in the value of the hedging instrument recognized in OCI	Hedge ineffectiveness recognized in profit or loss	Line item in profit or loss that includes hedge ineffectiveness
Interest rate risk
Interest rate swaps	70,143	2	6,385	Trade and other receivables, non-current and current other payables	(2,989)	(108)	Finance expenses
Cap options	200,000	15	—	Trade and other receivables	116	—	Finance expenses

	2019				During the period 2019
(in thousands of USD)	Nominal amount	Carrying amount - Assets	Carrying amount - Liabilities	Line item in the statement of financial position where the hedging instrument is included	Changes in the value of the hedging instrument recognized in OCI	Hedge ineffectiveness recognized in profit or loss	Line item in profit or loss that includes hedge ineffectiveness
Interest rate risk
Interest rate swaps	506,603	5	3,593	Trade and other receivables, non-current and current other payables	(1,205)	(4,943)	Finance expenses
Forward cap options	200,000	52	—	Trade and other receivables	(680)	—	Finance expenses

During 2020, no amounts were reclassified from hedging reserve to profit or loss. During 2019, $4.9 million was reclassified from hedging reserve to profit or loss.

The following table provides a reconciliation by risk category of components of equity and analysis of OCI items, net of tax, resulting from cash flow hedge accounting.

(in thousands of USD)	Hedging reserve
Balance at January 1, 2020	(4,583)
Cash flow hedges
Change in fair value interest rate risk	(2,873)
Balance at December 31, 2020	(7,456)
Balance at January 1, 2019	(2,698)
Cash flow hedges
Change in fair value interest rate risk	(1,885)
Balance at December 31, 2019	(4,583)

Master netting or similar agreements

The Group enters into derivative transactions under International Swaps and Derivatives Association (ISDA) master netting agreements. In general, under such agreements the amounts owned by each counterparty on a single day in respect of all transactions outstanding in the same currency are aggregated into a single net amount that is payable by one party to the other.

Capital management

Euronav is continuously seeking to optimize its capital structure (mix between debt and equity). The main objective is to maximize shareholder value while keeping the desired financial flexibility to execute the strategic projects. Some of the Group's other key drivers when making capital structure decisions are pay-out restrictions and the maintenance of the strong financial health of the Group. Besides the statutory minimum equity funding requirements that apply to the Group's subsidiaries in the various countries, the Group is also subject to covenants in relation to some of its senior secured credit facilities:

•an amount of current assets that, on a consolidated basis, exceeds current liabilities. Current assets may include undrawn amounts 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 the Group's total indebtedness (excluding guarantees), depending on the applicable loan facility, whichever is greater;

•an amount of cash of at least $30.0 million; and

•a ratio of Stockholders' Equity to Total Assets of at least 30%

Further, the Group's loan facilities generally include an asset protection clause whereby the fair market value of collateral vessels should be at least 125% of the aggregate principal amount outstanding under the respective loan.

The credit facilities discussed above also contain restrictions and undertakings which may limit the Group and the Group's subsidiaries' ability to, among other things:

•effect changes in management of the Group's vessels;

•transfer or sell or otherwise dispose of all or a substantial portion of the Group's assets;

•declare and pay dividends (with respect to each of the Group's joint ventures, other than Seven Seas Shipping Limited, no dividend may be distributed before its loan agreement, as applicable, is repaid in full); and

•incur additional indebtedness.

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

As of December 31, 2020, December 31, 2019 and December 31, 2018, the Group was in compliance with all of the covenants contained in the debt agreements. With respect to the quantitative covenants as of December 31, 2020, as described above:

1.current assets on a consolidated basis (including available credit lines of $840.4 million) exceeded current liabilities by $1,088.7 million

2.aggregated cash was $1,101.9 million

3.cash was $161.5 million

4.ratio of Stockholders' Equity to Total Assets was 62.7%

The Company updated the guidance to its dividend policy and will target each quarter, applicable as of the first quarter 2020, to return 80% of the net income (including the fixed element of $3 cents per quarter) to shareholders. This return to shareholders will primarily be in the form of a cash dividend and the Company will always look at share buyback as an alternative if it believes more value can be created for shareholders.

The calculation does not include capital gains (reserved for fleet renewal) but include capital losses and the policy is at all times subject to freight market outlook, company balance sheet and cyclicality along with other factors and regulatory requirements.

As part of its capital allocation strategy, Euronav has the option of buying its own shares back should the Supervisory Board and Management Board believe that there is a substantial value disconnect between the share price and the real value of the Company. This return of capital is in addition to the fixed dividend of $0.12 per share paid each year. On December 31, 2020, the Company had purchased 13,400,516 of its own shares on Euronext Brussels. Following these transactions, the Company owned 18,346,732 own shares (8.34% of the total outstanding shares) at year-end.  

Commodity risk

The Group has been purchasing compliant bunker fuel for the future consumption by its vessels. In order to fix the price of the fuel bought the company has used swaps and futures to hedge the risk between decision of buying the fuel and receiving and paying the cargo. These swaps and futures were designated as cash flow hedges of the variability in the price of bunker between the order date and the fixing date. At year-end, all fuel was received. The Group remain exposed to the risk of decrease in bunker fuel on the spot market.

Consequences and impact of the COVID-19 pandemic

The COVID-19 outbreak has impacted many countries around the world, and disrupted the lives of many millions of people. The Company has been taking the risks associated with the outbreak extremely seriously, and the safety and wellbeing of its employees is of paramount importance.

In that respect, the biggest operational challenge was to conduct crew changes. Apart from serious humanitarian and crew welfare concerns, there is an increasing risk that fatigue will lead to serious maritime accidents. As well as restrictions placed on the movement of seafarers by national and local authorities, there is also the problem of the continued suspension of the majority of flights between major crew change ports and the home country of the Company’s crew. In order to resolve the difficult situation, the Company decided to accommodate deviations by ships to facilitate crew changes, resulting in an extra cost ($1.8 million) and less revenues because of off hire ($4.2 million).

Going forward, it remains difficult to estimate the future impact of the pandemic on the economies where we are active, and hence the impact these factors might have on the financial results.

In general terms, the market will become more challenging as demand for crude oil is negatively impacted by the COVID-19 pandemic. This decrease in demand combined with the gradual release of vessels that were used as storage may distort the supply-demand balance and thus the freight market. However, these negative consequences could very well be offset by continuing logistical delays of ships in ports, increased level of recycling, reduced ordering of newbuild vessels and increased crude oil production, partially neutralizing the COVID-19 impact to a certain extent. In view of these different dynamics which the company does not control, the longer term global macro-economic impact on the Company’s results related to the COVID-19 outbreak remains difficult to accurately quantify. Any forward-looking statements should be regarded with caution because of the inherent uncertainties in economic trends and business risks related to the current COVID-19 outbreak.

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Leases

12 Months Ended

Dec. 31, 2020

Disclosure Of Leases [Abstract]

Leases

Leases

Leases as lessee

For the four bare boat charters for the vessels Nautilus, Nucleus, Neptun and Navarin, the Group recognized a right-of-use asset and lease liability which was the present value at January 1, 2019 of the future lease payments. The right-of-use asset, on January 1, 2019, was measured based on the transition option to align the value of the right of use asset to that of the lease liability. The right-of-use asset was adjusted for the effect of a previously deferred gain on the sale and leaseback of these vessels and is depreciated over the remaining lease term till December 15, 2021.

Under these leaseback agreements there is a seller's credit of $4.5 million of the sale price that becomes immediately due and payable by the owners upon sale of the vessel during the charter period and shall be paid out of the sales proceeds. It also becomes due to the extent of 50% of the (positive) difference between the fair market value of the vessels at the end of the leaseback agreements and $17.5 million (for the oldest VLCC) or $19.5 million (for the other vessels). Furthermore, the Group provided a residual guarantee to the owners in the aggregate amount of up to $20.0 million in total at the time of redelivery of the four vessels. The parties also agreed a profit split, if the vessel is sold at charter expiry they shall share the net proceeds of the sale, 75% for owners and 25% for charterers, between $26.5 million and $32.5 million (for the oldest VLCC) or between $28.5 million and $34.5 million (for the other vessels).

On October 27, 2020 and November 6, 2020, the Company entered into a time charter agreement for two Suezmaxes. The two Suezmaxes are the Marlin Sardinia (2019 - 156,607) and the Marlin Somerset (2019 - 156,620). The time charter contracts have a duration of 24-months with an option for an additional 12 months, which should be declared no later than 20 months after delivery, at a rate of $25,000 per day per vessel for the firm 24-months period and $26,500 per day per vessel for the optional 12-months period. Owners have a right to sell the vessel during the firm and optional period of the charter and transfer the remaining charter to the new owners by way of novation agreement. In accordance with IFRS, the Group recognized a right-of-use asset and lease liability. As at December 31, 2020, the Company is not reasonably certain that the optional period will be exercised and has not been taking into account when calculating the future minimum lease payments.

The future lease payments for these leaseback agreements are as follows:

(in thousands of USD)	December 31, 2020	December 31, 2019
Less than 1 year	49,218	32,903
Between 1 and 5 years	14,714	31,870
Total future lease payments	63,932	64,773

For the office leases in Belgium, France, Greece, Hong Kong, Singapore, UK and US, which have an average lease term till November 2023, the Group recognized a right-of-use asset and lease liability. The right-of-use asset was adjusted by the practical expedient impairment assessment based on the onerous contract analysis option. The right-of-use asset related to office leases was reduced by the lease receivable related to subleases that qualify as finance lease under IFRS 16.

The Group used the short-term lease exemption for all the lease contracts with a remaining lease term of less than one year. Accordingly, those lease payments were recognized as an expense and there was no impact on transition.

Information about leases for which the Group is a lessee is presented below.

Right-of-use assets

(in thousands of USD)	Bare boats	Time charters	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

(in thousands of USD)	Bare boats	Time charters	Office rental	Company cars	Total
Balance at 1 January 2020	55,411	—	2,733	764	58,908
Additions to right-of-use assets	—	24,873	762	66	25,701
Depreciation charge for the year	(28,364)	(2,078)	(1,092)	(167)	(31,702)
Derecognition of right-of-use assets	—	—	—	—	—
Translation differences	—	—	36	12	48
Balance at 31 December 2020	27,047	22,795	2,438	675	52,955

Amounts recognized in profit or loss

(in thousands of USD)
	2020	2019
Interest on lease liabilities	(3,287)	(4,811)
Depreciation right-of-use assets	(31,702)	(29,265)
Expenses relating to short-term leases	—	(103)
Low-value leases	(228)	(851)

Amounts recognized in statement of cash flows

(in thousands of USD)	2020	2019
Total cash outflow for leases	(37,779)	(30,214)
Total cash inflow for leases	1,786	1,251

Extension options

Some property leases contain extension options exercisable by the Group. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options, and reassesses if there is a significant event or significant changes in circumstances within its control.

The Group has estimated that the potential future lease payments, should it exercise the option, would result in an impact of approximately $12.3 million in the lease liabilities.

Leases as lessor

As a lessor the Group leases out some of its vessels under long-term time charter agreements. For certain vessels employed under long-term time charter agreements, the adoption of IFRS 16 required the Group to separate the lease and non-lease component in the contract, with the lease component qualified as operating lease and the non-lease component accounted for under IFRS 15. This did not have a material impact for the Group.

The future undiscounted lease payments to be received for these lease agreements are as follows:

(in thousands of USD)	December 31, 2020	December 31, 2019
Less than one year	123,319	143,748
Between one and five years	303,561	263,406
More than five years	217,354	27,362
Total future lease receivables	644,234	434,516

The amounts shown in the table above include the Group's share of leases of joint ventures. The increase in lease receivables is due to the extension of the time charter contracts, signed in November 2020, in the two joint ventures (TI Asia Ltd. and TI Africa Ltd.) for ten years in direct continuation of their current contractual service, until July 21, 2032 and September 21, 2032 respectively.

On some of the above mentioned vessels the Group has granted the option to extend the charter period. These option periods have not been taken into account when calculating the future minimum lease receivables.

Vessels employed by the TI Pool do not meet the definition of a lease under IFRS 16 and accordingly are accounted for under IFRS 15 Revenue from Contracts with Customers.

Further the Group subleases office space to third parties in certain leased offices of Euronav UK and Euronav MI II Inc (formerly Gener8 Maritime Inc.). The Group recognized at January 1, 2019 $11.4 million lease receivables related to sublease agreements that qualify as finance lease.

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, 2020	December 31, 2019
Less than 1 year	2,328	2,229
One to two years	2,359	2,304
Two to three years	1,898	2,335
Three to four years	1,689	1,890
Four to five years	1,285	1,689
More than 5 years	—	1,285
Total undiscounted lease receivables	9,559	11,732

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Provisions and contingencies

12 Months Ended

Dec. 31, 2020

Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]

Provisions and contingencies

Provisions and contingencies

(in thousands of USD)	Onerous contract	Total
Balance at January 1, 2019	5,265	5,265
Assumed in a business combination (Note 25)	(3,049)	(3,049)
Provisions used during the year	(447)	(447)
Balance at December 31, 2019	1,769	1,769
Non-current	1,381	1,381
Current	388	388
Total	1,769	1,769
Balance at January 1, 2020	1,769	1,769
Adoption IFRS 16	—	—
Provisions used during the year	(388)	(388)
Balance at December 31, 2020	1,381	1,381
Non-current	1,154	1,154
Current	227	227
Total	1,381	1,381

In 2004, Gener8 Maritime Subsidiary II Inc. entered into a non-cancellable lease for office space. This lease started on December 1, 2004 and would have expired on September 30, 2020. On July 14, 2015 this lease was extended for an additional 5 years until September 30, 2025. The facilities have been sub-let starting on December 1, 2018 for the remaining lease term, but changes in market conditions have meant that the rental income is lower than the rental expense. The obligation for the future payments, net of expected rental income, has been provided for. $3.0 million of the provision was reclassified to right-of-use assets as part of the adoption of IFRS 16 on January 1, 2019.

The Group is currently involved in a litigation. Provisions related to legal and arbitration proceedings are recorded in accordance with the accounting policy as described in Note 1.16. The claim has been submitted on January 15, 2021 by Unicredit Bank in London with the High Court of Justice of England and Wales. The claim relates to an alleged misdelivery of 101,809 metric tons of low sulphur fuel oil that was transported by the Suezmax vessel, Sienna. The charterer, Gulf Petrochem FZC, a company of GP Global, instructed the vessel to discharge the cargo at Sohar without presentation of the bill of lading but against a letter of indemnification issued by the charterer as is customary practice in the crude oil shipping industry. Unicredit bank, who had financed the cargo for an amount of USD 26,367,200 and had become the holder of the bill of lading, was not repaid in accordance with the financing arrangements agreed with Gulf Petrochem FZC. As holder of the bill of lading, Unicredit Bank is now claiming that amount of USD 26,367,200 together with interest from Euronav NV. The GP Global group is currently under a restructuring plan and any recourse under the letter of indemnity issued by Gulf Petrochem FZC is therefore doubtful. The Group believes that it has followed well established standard working practices and that it has valid defense arguments. Based on an external legal advice, management believes that it has strong arguments that the risk of an outflow is less than probable and therefore no provision is recognized. The court proceedings are in early stage.

Furthermore, 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 jeopardize the Group's financial position.

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Related parties

12 Months Ended

Dec. 31, 2020

Related Party [Abstract]

Related parties

Related parties

Identity of related parties

The Group has a related party relationship with its subsidiaries (see Note 24) and equity-accounted investees (see Note 26) and with its directors and executive officers (see Note 23).

Transactions with key management personnel

The total amount of the remuneration paid in local currency to all non-executive directors for their services as members of the board and committees (if applicable) is as follows:

(in thousands of EUR)	2020	2019	2018
Total remuneration	1,048	1,101	1,035

The Nomination and Remuneration Committee annually reviews the remuneration of the members of the Management Board. The remuneration (excluding the CEO) consists of a fixed and a variable component and can be summarized as follows:

(in thousands of EUR)	2020	2019	2018
Total fixed remuneration	2,165	1,579	1,231
of which
Cost of pension	18	80	39
Other benefits	143	81	75
Total variable remuneration	1,029	2,424	1,153
of which
Share-based payments	69	1,403	299

All amounts mentioned refer to the Management Board in its official composition throughout 2020.

The remuneration of the CEO can be summarized as follows:

(2020 & 2019 in thousands of EUR, 2018 in thousands of GBP)	2020	2019	2018
Total fixed remuneration	624	5,754	537
of which
Cost of pension	—	7.4	—
Other benefits	—	26	40
Total variable remuneration	424	786	1,866
of which
Share-based payments	54	786	118

On February 12, 2015, the Board of Directors (as of February 2020 Supervisory Board) granted 236,590 options and 65,433 restricted stock units within the framework of a long term incentive plan. Vested stock options may be exercised until 13 years after the grant date. As of December 31, 2020, all the stock options remained outstanding but all RSUs were exercised in 2018 (see Note 14 and 23). On February 2, 2016, the Board of Directors (as of February 2020 Supervisory Board) granted 54,616 phantom stock units within the framework of an additional long term incentive plan. Each unit gives 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. One-third was vested on the second anniversary, one-third was vested on the third anniversary and one-third was vested on the fourth anniversary (see Note 14 and 23). On February 9, 2017, the Board of Directors (as of February 2020 Supervisory Board) granted 66,449 phantom stock units within the framework of an additional long term incentive plan. Each unit gives 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. One-third was vested on the second anniversary and one-third was vested on the third anniversary(see Note 14 and 23). On February 16, 2018, the Board of Directors (as of February 2020 Supervisory Board) granted 154,432 phantom stock units within the framework of an additional long term incentive plan. Each unit gives 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. One-third was vested on the second anniversary (see Note 14 and 23). On January 8, 2019, the Board of Directors (as of February 2020 Supervisory Board) granted 1,200,000 phantom stock units within the framework of a transaction based incentive plan ("TBIP"). After the resignation of the former CEO, 400,000 phantom stock units were waived. The first tranche of 12% was vested in the first quarter of 2020. The contractual term of the TBIP offer is 5 years. A first tranche of 12% of the total number of phantom stock units vests on the date on which the Fair Market Value ("FMV") reaches USD 12 (decreased with the amount of dividend paid since grant, if any). A second tranche (16%) vests on the date the FMV reaches USD 14 (decreased with the amount of dividend paid since grant, if any), a third tranche (25%) vests on the date the FMV reaches USD 16 (decreased with the amount of dividend paid since grant, if any) and the final tranche (44%) vests on the date the FMV reaches USD 18 (decreased with the amount of dividend paid since grant, if any) (see Note 14 and 23). The TBIP defines FMV as the volume weighted average price of the shares on the New York Stock Exchange over the thirty (30) Business Days preceding such date. On April 1, 2019, the Board of Directors (as of February 2020 Supervisory Board) granted 152,346 restricted stock units within the framework of a long term incentive plan. The RSU’s vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2019) and will be settled in shares. As of December 31, 2020, 12,696 RSU’s were vested, however vested RSU’s will not be delivered in shares until the first business day after April 1, 2022. On April 1, 2020, the Supervisory Board granted 144,392 restricted stock units within the framework of a long term incentive plan. The RSU’s vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2020) and will be settled in shares. As of December 31, 2020, no RSU’s were vested.

Relationship with CMB

In 2004, Euronav split from Compagnie Maritime Belge (CMB). CMB renders some administrative and general services to Euronav. In 2020 CMB invoiced a total amount of $1,578 (2019: $1,336 and 2018: $1,151).

In 2019, Euronav started up a project to develop software with CMB Technology to monitor fuel consumption performance of the Euronav fleet. In 2019, CMB Technology invoiced a total amount of $167 thousand (150 thousand EUR) in relation to the software development project (2020: $0).

The Group purchased IMO 2020 compliant bunker fuel (low sulphur fuel oil) for future use by its vessels (Note 11). A ruling was granted to include this activity under the tonnage tax regime. This ruling also allows the execution of physical swaps. Discussions were started in 2019 to enter into such fuel swaps with the CMB Group. The swap agreement was extended to CMB NV, Bocimar International NV and Bocimar Hong Kong Ltd. In the course of 2020, a total of 51,000 metric tons of compliant bunker fuel oil was swapped between these parties.

Properties

The Group leases office space in Belgium from Reslea N.V., an entity jointly controlled by CMB. Under this lease, the Group paid an annual rent of $335,033 in 2020 (2019: $290,858 and 2018: $185,326). This lease expires on August 31, 2021.

The Company subleases office space in its London, United Kingdom office, through its subsidiary Euronav (UK) Agencies Limited, pursuant to a sublease agreement, dated 25 September 2014, with Tankers (UK) Agencies Limited, a 50-50 joint venture with International Seaways. Under this sublease, the Company received in 2020 a rent of $218,074 (2019: $216,750 and 2018: $227,089). This sublease expires on April 27, 2023.

Transactions with subsidiaries and joint ventures

The Group has supplied funds in the form of shareholder's advances to some of its joint ventures at pre-agreed conditions (see below and Note 26).

On November 19, 2019, the Group entered into a joint venture together with affiliates of Ridgebury Tankers and clients of Tufton Oceanic. Each 50%-50% joint venture acquired one Suezmax vessel. The JVs, Bari Shipholding Ltd and Bastia Shipholding Ltd, entered into various agreements including a secured term loan for $36.7 million and revolving credit for $3.0 million with Euronav Hong Kong as lender, a commercial management service with Euronav NV and a technical management service with Ridgebury.

On September 15, 2020, the Suezmax Bastia was sold for USD 20.5 million. A capital gain on the sale of USD 0.4 million (Euronav's share) was recorded in the joint venture company. The vessel has been delivered to her new owners. Following this sale, the shareholders loan to Bastia Shipholding Ltd. was fully repaid.

Balances and transactions between the Group and its subsidiaries have been eliminated on consolidation and are not disclosed in this note. Details of outstanding balances and transactions between the Group and its joint ventures are disclosed below:

As of end for the year ended December 31, 2019
(in thousands of USD)	Trade receivables	Trade payables	Shareholders Loan	Turnover	Dividend Income
TI Africa Ltd	227	—	23,215	390	—
TI Asia Ltd	90	—	—	390	12,600
Bari Shipholding Ltd	265	211	18,390	13	—
Bastia Shipholding Ltd	301	96	18,773	25	—
Tankers Agencies (UK) Ltd	—	132	—	—	—
Total	883	439	60,379	818	12,600
As of end for the year ended December 31, 2020
(in thousands of USD)	Trade receivables	Trade payables	Shareholders Loan	Turnover	Dividend Income
TI Africa Ltd	440	—	16,665	398	—
TI Asia Ltd	472	—	—	398	5,550
Bari Shipholding Ltd	283	52	19,271	342	—
Bastia Shipholding Ltd	17	1	—	326	1,590
Tankers Agencies (UK) Ltd	19	135	—	—	—
Total	1,231	188	35,936	1,464	7,534

Guarantees

The Group provided guarantees to financial institutions that provided credit facilities to joint ventures of the Group. As of December 31, 2020, the total amount outstanding under these credit facilities was $90.4 million (2019: $139.2 million), of which the Group guaranteed $45.2 million (2019: $69.6 million) (see Note 26).

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Share-based payment arrangements

12 Months Ended

Dec. 31, 2020

Share-Based Payment Arrangements [Abstract]

Share-based payment arrangements

Share-based payment arrangements

Description of share-based payment arrangements:

At December 31, 2020, the Group had the following share-based payment arrangements:

Long term incentive plan 2015 (Equity-settled)

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 at anniversary date and 60% in the form of restricted stock units ('RSU's') which will be paid out in cash, 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 €10.0475 and are equity-settled. As of December 31, 2020, all the stock options remained outstanding but all RSU's were exercised in 2018. The total employee benefit expense recognized in the consolidated statement of profit or loss during 2020 with respect to the LTIP 2015 was $0 thousand (2019: $0 thousand and 2018: expense of $37 thousand).

Long term incentive plan 2016 (Cash-settled)

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, the beneficiaries will obtain their respective LTIP in cash, based on the volume weighted average price of the shares on Euronext Brussels over the 3 last business days of the relevant vesting period. 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 stocks were granted on February 2, 2016 and one-third was vested on the second anniversary, one-third on the third anniversary and one-third on the fourth anniversary. Following the resignation of our former CEO Paddy Rodgers, his phantom stocks were waived. As of December 31, 2020, no 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 income recognized in the consolidated statement of profit or loss during 2020 was $0.3 million (2019: income of $0.1 million and 2018: income of $0.2 million).

Long term incentive plan 2017 (Cash-settled)

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, the beneficiaries will obtain their respective LTIP in cash, based on the volume weighted average price of the shares on Euronext Brussels over the 3 last business days of the relevant vesting period. 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 one-third was vested on the second anniversary and one-third on the third anniversary. Following the resignation of our former CEO Paddy Rodgers, his phantom stocks were waived. As of December 31, 2020, 16,210 phantom stocks were outstanding. 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 income recognized in the consolidated statement of profit or loss during 2020 was $0.3 million (2019: expense of $22,000 and 2018: expense of $0.2 million).

Long term incentive plan 2018 (Cash-settled)

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, the beneficiaries will obtain their respective LTIP in cash, based on the volume weighted average price of the shares on Euronext Brussels over the 3 last business days of the relevant vesting period. 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 one-third was vested on the second anniversary. Following the resignation of our former CEO Paddy Rodgers, his phantom stocks were waived. As of December 31, 2020, 71,854 phantom stocks were outstanding. 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 income recognized in the consolidated statement of profit or loss during 2020 was $0.4 million (2019: expense of $0.7 million and 2018: expense of $0.5 million).

Transaction Based Incentive Plan 2019 (Cash-settled)

The Group’s Supervisory Board has implemented in 2019 a transaction-based incentive plan ("TBIP") for key management personnel. Under the terms of this TBIP, key management personnel is 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 ("FMV") of one share of the Company multiplied by the number of phantom stock units that have vested prior to the settlement date. The TBIP defines FMV as the volume weighted average price of the shares on the New York Stock Exchange over the thirty (30) Business Days preceding such date. The vesting and settlement of the TBIP is spread over a time frame of five years. The phantom stock awarded matures in four tranches: the first tranche of 12% vesting when the FMV reaches $12 (decreased with the amount of dividend paid since grant, if any), the second tranche of 19% vesting when the FMV reaches $14 (decreased with the amount of dividend paid since grant, if any), the third tranche of 25% vesting when the FMV reaches $16 (decreased with the amount of dividend paid since grant, if any) and the fourth tranche of 44% vesting when the FMV reaches $18 (decreased with the amount of dividend paid since grant, if any). In total a number of 1,200,000 phantom stock units were granted on January 8, 2019 and the first tranche of 12% was vested in the first quarter of 2020. Following the resignation of our former CEO Paddy Rodgers, his phantom stocks were waived. As of December 31, 2020, 704,000 phantom stocks were outstanding. The TBIP 2019 qualifies as a cash-settled share-based payment transaction as the Company receives services from the participants and incur an obligation to settle the transaction in cash. The Company recognizes a liability at fair value in respect of its obligations under the TBIP 2019. The fair value of the plan is being determined using a binominal model with cost being spread of the expected vesting period over the various tranches. The compensation income recognized in the consolidated statement of profit or loss during 2020 was $0.4 million (2019: expense of $1.8 million).

Long term incentive plan 2019 (Equity-settled)

The Group’s Supervisory Board has implemented in 2019 an additional long term incentive plan (‘LTIP’) for key management personnel. Under the terms of this LTIP, key management personnel will obtain 100% of their respective LTIP in the form of Euronav restricted stock units (‘RSU’s’). The RSU’s vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2019) and will be settled in shares. In total 152,346 RSU’s were granted on April 1, 2019. As of December 31, 2020, 12,696 RSU’s were vested, however vested RSU’s will not be delivered in shares until the first business day after April 1, 2022. The compensation expense recognized in the consolidated statement of profit or loss during 2020 was $0.1 million.

Long term incentive plan 2020 (Equity-settled)

The Group’s Supervisory Board has implemented in 2020 an additional long term incentive plan (‘LTIP’) for key management personnel. Under the terms of this LTIP, key management personnel will obtain 100% of their respective LTIP in the form of Euronav restricted stock units (‘RSU’s’). The RSU’s vest over three years in three equal annual installments at the three anniversary dates from the reference date (April 1, 2020) and will be settled in shares. In total 144,392 RSU’s were granted on April 1, 2020.

Measurement of Fair Value

The fair value of the employee share options under the 2015 LTIP has been measured using the Black-Scholes formula. Service and non-market performance conditions attached to the transactions were not taken into account in measuring fair value.

The inputs used in measurement of the fair values at grant date for the equity-settled share option programs were as follows:

	LTIP 2015
(figures in EUR)	Tranche 1		Tranche 2		Tranche 3
Fair value at grant date	1.853		1.853		1.853
Share price at grant date	10.050		10.050		10.050
Exercise price	10.0475		10.0475		10.0475
Expected volatility (weighted average)	39.63	%	39.63	%	39.63	%
Expected life (days) (weighted average)	365		730		1,095
Expected dividends	8	%	8	%	8	%
Risk-free interest rate	0.66	%	0.66	%	0.66	%

Expected volatility has been based on an evaluation of the historical volatility of the Company's share price, particularly over the historical periods commensurate with the expected term. The expected term of the instruments has been based on historical experience and general option holder behavior using a Monte Carlo simulation.

The liability in respect of its obligations under the LTIP 2016, LTIP 2017 and LTIP 2018 is 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. One-third of the phantom stocks granted on February 2, 2016 was vested on the second anniversary, one-third on the third anniversary and one-third on the fourth anniversary. As of December 31, 2020, no phantom stocks remained outstanding. One-third of the phantom stocks granted on February 9, 2017 was vested on the second anniversary and one-third on the third anniversary, 16,210 phantom stocks remained outstanding as of December 31, 2020. One-third of the phantom stocks granted on February 16, 2018 was vested on the second anniversary, 71,854 phantom stocks remained outstanding as of December 31, 2020. The Company’s share price was EUR 10.613 at the grant date of the LTIP 2016, EUR 7.268 at the grant date of the LTIP 2017 and EUR 7.237 at the grant date of the LTIP 2018, and was EUR 6.60 as at December 31, 2020.

The Company recognizes a liability at fair value in respect of its obligations under the TBIP 2019. The fair value of the plan is being determined using a binominal model with cost being spread of the expected vesting period over the various tranches. The vesting and settlement of the TBIP is spread over a timeframe of five years. The phantom stock awarded matures in four tranches: the first tranche of 12% vesting when the Fair Market Value ("FMV") reaches USD 12 (decreased with the amount of dividend paid since grant, if any), the second tranche of 19% vesting when the FMV reaches USD 14 (decreased with the amount of dividend paid since grant, if any), the third tranche of 25% vesting when the FMV reaches USD 16 (decreased with the amount of dividend paid since grant, if any) and the fourth tranche of 44% vesting when the FMV reaches USD 18 (decreased with the amount of dividend paid since grant, if any). The TBIP defines FMV as the volume weighted average price of the shares on the New York Stock Exchange over the thirty (30) Business Days preceding such date. In total a number of 1,200,000 phantom stock units were granted on January 8, 2019 and the first tranche of 12% was vested in the first quarter of 2020. Following the resignation of our former CEO Paddy Rodgers, his phantom stocks were waived. As of December 31, 2020, 704,000 phantom stocks were outstanding.

The inputs used in measurement of the fair value at grant date for the TBIP was as follows:

	TBIP
	Tranche 1		Tranche 2		Tranche 3		Tranche 4
Risk-free interest rate	1.69	%	1.69	%	1.69	%	1.69	%
Annual volatility	33.43	%	33.43	%	33.43	%	33.43	%
Expected vesting period (years)	3.05		3.38		3.69		3.98

The liability in respect of its obligations under the LTIP 2019 is subject for 75% to a relative TSR (Total Shareholder Return) compared to a peer group over a three years period. Each yearly measurement to be worth 1/3rd of 75% of the award. And subject for 25% to an absolute TSR of the Company’s Shares measured each year for 1/3 of 25% of the award. In total 152,346 RSU’s were granted on April 1, 2019. As of December 31, 2020, 12,696 RSU’s were vested, however vested RSU’s will not be delivered in shares until the first business day after April 1, 2022.

Expenses recognized in profit or loss

For details on related employee benefits expense, see Note 5 and Note 17. The expenses related to the LTIP 2016, LTIP 2017, LTIP 2018, TBIP 2019 and LTIP 2019 (2020: income of $1.2 million, 2019: expense of -$2.5 million and 2018: expense of -0.5 million) are included in employee benefits.

Reconciliation of outstanding share options

The number and weighted-average exercise prices of options under the 2015 LTIP are as follows:

(figures in EUR)	Number of options 2020	Weighted average exercise price 2020	Number of options 2019	Weighted average exercise price 2019
Outstanding at January 1	236,590	7.732	236,590	7,732.000
Forfeited during the year	—	—	—	—
Exercised during the year	—	—	—	—
Granted during the year	—	—	—	—
Outstanding at December 31	236,590	7.732	236,590	7.732
Vested at December 31	236,590	—	236,590	—

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Group entities

12 Months Ended

Dec. 31, 2020

Interests in Other Entities [Abstract]

Group entities

Group entities

	Country of incorporation	Consolidation method	Ownership interest
			December 31, 2020		December 31, 2019		December 31, 2018
Parent
Euronav NV	Belgium	full	100.00	%	100.00	%	100.00	%
Euronav NV, Antwerp, Geneva (branch office)
Euronav NV, London (branch office)
Subsidiaries
Euronav Tankers NV	Belgium	full	100.00	%	100.00	%	100.00	%
Euronav Shipping NV	Belgium	full	100.00	%	100.00	%	100.00	%
Euronav (UK) Agencies Limited	UK	full	100.00	%	100.00	%	100.00	%
Euronav Luxembourg SA	Luxembourg	full	100.00	%	100.00	%	100.00	%
Euronav sas	France	full	100.00	%	100.00	%	100.00	%
Euronav Ship Management sas	France	full	100.00	%	100.00	%	100.00	%
Euronav Ship Management Antwerp (branch office)
Euronav Ship Management Ltd	Liberia	full	100.00	%	100.00	%	100.00	%
Euronav Ship Management Hellas (branch office)
Euronav Hong Kong	Hong Kong	full	100.00	%	100.00	%	100.00	%
Euro-Ocean Ship Management (Cyprus) Ltd	Cyprus	full	100.00	%	100.00	%	100.00	%
Euronav Singapore	Singapore	full	100.00	%	100.00	%	100.00	%
Fiorano Shipholding Ltd	Hong Kong	full	NA		NA		NA
Larvotto Shipholding Ltd	Hong Kong	full	NA		NA		NA
Euronav MI II Inc	Marshall Islands	full	100.00	%	100.00	%	100.00	%
Gener8 Maritime Subsidiary II Inc.	Marshall Islands	full	100.00	%	100.00	%	100.00	%
Gener8 Maritime Subsidiary New IV Inc.	Marshall Islands	full	100.00	%	100.00	%	100.00	%
Gener8 Maritime Management LLC	Marshall Islands	full	100.00	%	100.00	%	100.00	%
Gener8 Maritime Subsidiary V Inc.	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Maritime Subsidiary VIII Inc.	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Maritime Subsidiary Inc.	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Zeus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Atlas LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Hercules LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Ulysses LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Posseidon LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Victory Ltd.	Bermuda	full	NA		NA		100.00	%
Vision Ltd.	Marshall Islands	full	NA		NA		100.00	%
GMR Spartiate LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Maniate LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR St Nikolas LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR George T LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Kara G LLC	Liberia	full	NA		100.00	%	100.00	%
GMR Harriet G LLC	Liberia	full	NA		100.00	%	100.00	%
GMR Orion LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Argus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Spyridon LLC	Marshall Islands	full	NA		NA		100.00	%

GMR Horn LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Phoenix LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Strength LLC	Liberia	full	NA		NA		100.00	%
GMR Daphne LLC	Marshall Islands	full	NA		NA		100.00	%
GMR Defiance LLC	Liberia	full	NA		100.00	%	100.00	%
GMR Elektra LLC	Marshall Islands	full	NA		NA		100.00	%
Companion Ltd.	Bermuda	full	NA		100.00	%	100.00	%
Compatriot Ltd.	Bermuda	full	NA		100.00	%	100.00	%
Consul Ltd.	Bermuda	full	NA		NA		100.00	%
GMR Agamemnon LLC	Liberia	full	NA		NA		100.00	%
Gener8 Neptune LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Athena LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Apollo LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Ares LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Hera LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Constantine LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Oceanus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Nestor LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Nautilus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Macedon LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Noble LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Ethos LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Perseus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Theseus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Hector LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Strength Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Supreme Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Andriotis Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Militiades Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Success Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Chiotis Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 1 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 2 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 3 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 4 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 5 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 6 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 7 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 8 Inc.	Marshall Islands	full	NA		NA		100.00	%
Joint ventures
Kingswood Co. Ltd	Marshall Islands	equity	NA		50.00	%	50.00	%
TI Africa Ltd	Hong Kong	equity	50.00	%	50.00	%	50.00	%
TI Asia Ltd	Hong Kong	equity	50.00	%	50.00	%	50.00	%
Tankers Agencies (UK) Ltd	UK	equity	50.00	%	50.00	%	50.00	%
Tankers International LLC	Marshall Islands	equity	50.00	%	50.00	%	50.00	%
Bari Shipholding Ltd	Hong Kong	equity	50.00	%	50.00	%	NA
Bastia Shipholding Ltd	Hong Kong	equity	50.00	%	50.00	%	NA

At December 31, 2020, the Group held 50% of the voting rights in TUKA but held 61% of the outstanding shares that participate in the result of the entity.

At December 31, 2020, the Group held 50% of the voting rights in TI LLC but held 59% of the outstanding shares that participate in the result of the entity.

In 2018 two subsidiaries, Fiorano Shipholding Ltd and Larvotto Shipholding Ltd were dissolved.

Due to the merger with Gener8 Maritime Inc. on June 12, 2018 as set out in Note 25, the Group acquired new subsidiaries. Those subsidiaries were used by Gener8 mostly as SPV to own individual vessels. All of the vessels have been transferred to Euronav NV in 2018. The Group intends to liquidate a majority of those subsidiaries as soon as possible. In 2019 the following subsidiaries were dissolved:

Gener8 Maritime Subsidiary V Inc.	GMR Defiance LLC
Gener8 Maritime Subsidiary VIII Inc.	Companion Ltd.
Gener8 Maritime Subsidiary Inc.	Compatriot Ltd.
GMR Zeus LLC	Gener8 Neptune LLC
GMR Atlas LLC	Gener8 Athena LLC
GMR Hercules LLC	Gener8 Apollo LLC
GMR Ulysses LLC	Gener8 Ares LLC
GMR Poseidon LLC	Gener8 Hera LLC
GMR Spartiate LLC	Gener8 Constantine LLC
GMR Maniate LLC	Gener8 Oceanus LLC
GMR St Nikolas LLC	Gener8 Nestor LLC
GMR George T LLC	Gener8 Nautilus LLC
GMR Kara G LLC	Gener8 Macedon LLC
GMR Harriet G LLC	Gener8 Noble LLC
GMR Orion LLC	Gener8 Ethos LLC
GMR Argus LLC	Gener8 Perseus LLC
GMR Horn LLC	Gener8 Theseus LLC
GMR Phoenix LLC	Gener8 Hector LLC

In 2019, Euronav NV, Antwerp, Geneva (branch office), was established and incorporated in the third quarter of 2019.

In the fourth quarter of 2019, two new joint ventures Bari Shipholding Ltd. and Bastia Shipholding Ltd. were incorporated (see Note 26).

In 2020 one joint venture, Kingswood Co. Ltd, was dissolved.

In 2020, Euronav NV, London (branch office), was established and incorporated in the third quarter of 2020.

The Group holds 100% of the voting rights in all of its subsidiaries.

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Business combinations

12 Months Ended

Dec. 31, 2020

Business Combinations1 [Abstract]

Business combinations

Business combinations

Merger with Gener8 Maritime, Inc. ('Gener8')

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. Gener8 Maritime 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.

The merger created the world’s leading independent crude tanker operator with 72 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-capitalized, 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.

The “Exchange Ratio“ of 0.7272 Euronav shares for each share of Gener8 resulted in the issuance 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 20 December 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 the fully diluted share capital of Gener8). Euronav as the combined entity remain listed on NYSE and Euronext under the symbol "EURN".

Subsequently, Euronav sold certain subsidiaries owning six VLCCs to International Seaways ("INSW") for a total cash payment of $141.0 million of which $120.0 million was received on June 14, 2018, the date of closing. The remaining balance of $20.9 million was paid in Q4. This sale was an important part of the wider merger with Gener8 Maritime transaction as it allows Euronav to retain leverage around a 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 the Group on June 12, 2018, the acquired companies contributed revenue of $16.5 million and a loss of $43.7 million to the Group’s consolidated results for the year ended December 31, 2018. If the acquisition had occurred on 1 January 2018, management estimates that the Group’s consolidated revenue for the year ended December 31, 2018 would have been $665.5 million and consolidated loss for the twelve month period ended December 31, 2018 would have been $(160.1) 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 $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) (see Note 16).

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 acquired by INSW when they acquired certain subsidiaries owning six 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. On September 17, 2018, this facility was repaid in full.

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 8)	1,704,250	1,270,250	434,000
Other tangible assets	345	345	—
Intangible assets	152	152	—
Receivables	16,750	9,599	7,151
Current assets	79,459	64,829	14,629
Cash and cash equivalents	126,288	126,288	—
Loans and borrowings (Note 16)	(1,312,446)	(1,001,478)	(310,968)
Provision onerous contracts (Note 21)	(5,303)	(5,303)	—
Current liabilities	(33,012)	(29,160)	(3,852)
Total identifiable net assets acquired	576,482	435,522	140,960
(in thousands of USD)	Fair value at acquisition date
Consideration transferred	553,423
Total identifiable net assets acquired	576,482
Bargain Purchase	23,059

The transaction resulted in a bargain purchase gain of $23.1 million as 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 exchange ratio and the date of the merger when the valuation of the vessels was assessed.

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

As at June 12, 2018, the gross contractual amounts receivable acquired amounted to $98.2 million and the amounts expected not to collect amounted to $2.0 million which gives a net amount receivable of $96.2 million (see table above, sum of receivables and current assets).

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Equity-accounted investees

12 Months Ended

Dec. 31, 2020

Interests in Other Entities [Abstract]

Equity-accounted investees

Equity-accounted investees

(in thousands of USD)	December 31, 2020	December 31, 2019
Assets
Interest in joint ventures	51,703	50,322
Interest in associates	—	—
TOTAL ASSETS	51,703	50,322
Liabilities
Interest in joint ventures	—	—
Interest in associates	—	—
TOTAL LIABILITIES	—	—

Joint Ventures

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

	ASSET
(in thousands of USD)	Investments in equity accounted investees	Shareholders loans
Gross balance	27,565	162,763
Offset investment with shareholders loan	3,030	(3,030)
Balance at January 1, 2018	30,595	159,733
Group's share of profit (loss) for the period	16,076	—
Group's share of other comprehensive income	(459)	—
Movement shareholders loans to joint ventures	—	(134,097)
Gross balance	43,182	28,666
Offset investment with shareholders loan	—	—
Balance at December 31, 2018	43,182	28,666
Group's share of profit (loss) for the period	16,460	—
Group's share of other comprehensive income	(720)	—
Dividends received from joint ventures	(12,600)	—
Movement shareholders loans to joint ventures	—	31,713
Initial capital provided to joint ventures	4,000	—
Gross balance	50,322	60,379
Offset investment with shareholders loan	—	—
Balance at December 31, 2019	50,322	60,379

	ASSET
(in thousands of USD)	Investments in equity accounted investees	Shareholders loans
Group's share of profit (loss) for the period	10,917	—
Group's share of other comprehensive income	(2)	—
Dividends received from joint ventures	(7,534)	—
Movement shareholders loans to joint ventures	—	(26,443)
Repayment capital provided to joint ventures	(2,000)	—
Gross balance	51,703	33,936
Offset investment with shareholders loan	—	—
Balance at December 31, 2020	51,703	33,936

The decrease in the balance of shareholders’ loans to joint ventures in 2018 is primarily due to the $220.0 million senior secured credit facility which TI Asia Ltd. and TI Africa Ltd. entered into March 29, 2018. The shareholders loans were partially repaid by using a part of the proceeds of this new borrowing. In this context, the Company provided a guarantee for the revolving tranche of the above credit facility.

The increase in the balance of the shareholders' loan to joint ventures in 2019 is attributable to the shareholders loans to newly set-up joint ventures Bari Shipholding Ltd and Bastia Shipholding Ltd (see Note 10).

The decrease in the balance of the shareholders' loan to joint ventures in 2020 is attributable to the repayment of the shareholders loans to TI Africa, Bari Shipholding Ltd. and Bastia Shipholding Ltd., the latter following the sale of the vessel in September 2020.

Joint venture	Segment	Description
Kingswood Co. Ltd	Tankers	Holding company; parent of Seven Seas Shipping Ltd. and liquidated in 2020
Seven Seas Shipping Ltd	Tankers	Formerly owner of 1 VLCC bought in 2016 by Euronav. Wholly owned subsidiary of Kingswood Co. Ltd. and liquidated in 2020
Tankers Agencies (UK) Ltd	Tankers	Parent company of Tankers International Ltd
Tankers International LLC	Tankers	The manager of the Tankers International Pool who commercially manages the majority of the Group's VLCCs
Bari Shipholding Ltd	Tankers	Single ship company, owner of 1 Suezmax
Bastia Shipholding Ltd	Tankers	Formerly owner of 1 Suezmax, dormant company
TI Africa Ltd	FSO	Operator and owner of a single floating storage and offloading facility (FSO Africa) *
TI Asia Ltd	FSO	Operator and owner of a single floating storage and offloading facility (FSO Asia) *

* FSO Asia and FSO Africa are on a time charter contract to North Oil Company (NOC), the new operator of Al Shaheen field, until mid 2032.

The following table contains summarized financial information for all of the Group's joint ventures:

	Asset
(in thousands of USD)	Kingswood Co. Ltd		Seven Seas Shipping Ltd		TI Africa Ltd		TI Asia Ltd		Tankers Agencies (UK) Ltd (see Note 24)		TI LLC (see Note 24)		Total
At December 31, 2018
Percentage ownership interest	50	%	50	%	50	%	50	%	50	%	50	%
Non-Current assets	522		—		154,553		147,962		306		—		303,343
of which vessel	—		—		153,404		146,654		—		—		300,058
Current Assets	—		792		9,119		22,450		351,702		288		384,351
of which cash and cash equivalents	—		696		484		2,561		2,487		—		6,227
Non-Current Liabilities	—		522		130,068		74,171		—		—		204,760
of which bank loans	—		—		70,080		67,551		—		—		137,630
Current Liabilities	6		1		24,400		23,699		349,096		48		397,250
of which bank loans	—		—		23,867		23,015		64,500		—		111,382
Net assets (100%)	516		269		9,205		72,542		2,912		240		85,685
Group's share of net assets	258		134		4,603		36,271		1,774		141		43,182
Shareholders loans to joint venture	—		—		28,665		—		—		—		28,665
Net Carrying amount of interest in joint venture	258		134		4,603		36,271		1,774		141		43,182
Remaining shareholders loan to joint venture	—		—		28,665		—		—		—		28,665
Revenue	—		1		49,129		49,180		749,229		—		847,540
Depreciations and amortization	—		—		(18,209)		(17,933)		(71)		—		(36,213)
Interest Expense	—		—		(3,857)		(3,733)		(2,571)		—		(10,161)
Income tax expense	—		—		(1,585)		(1,611)		(216)		—		(3,412)
Profit (loss) for the period (100%)	(2)		(5)		15,742		15,977		352		10		32,074
Other comprehensive income (100%)	—		—		(477)		(441)		—		—		(918)
Group's share of profit (loss) for the period	(1)		(2)		7,871		7,989		214		6		16,076
Group's share of other comprehensive income	—		—		(239)		(220)		—		—		(459)

	Asset
(in thousands of USD)	Kingswood Co. Ltd		Seven Seas Shipping Ltd		TI Africa Ltd		TI Asia Ltd		Tankers Agencies (UK) Ltd (see Note 24)		TI LLC (see Note 24)		Bari Shipholding Ltd		Bastia Shipholding Ltd		Total
At December 31, 2019
Percentage ownership interest	50	%	50	%	50	%	50	%	50	%	50	%	50	%	50	%
Non-Current assets	530		—		137,426		128,722		944		—		21,833		21,628		311,083
of which vessel	—		—		135,195		128,722		—		—		21,833		21,628		307,377
Current Assets	—		800		10,809		10,001		418,505		267		1,573		5,577		447,531
of which cash and cash equivalents	—		800		1,701		917		3,246		—		—		250		6,913
Non-Current Liabilities	—		525		97,514		49,026		490		—		18,390		18,773		184,718
of which bank loans	—		—		45,567		43,927		—		—		—		—		89,495
Current Liabilities	10		1		26,370		27,318		415,301		51		705		4,328		474,085
of which bank loans	—		—		24,856		23,968		135,000		—		—		—		183,824
Net assets (100%)	520		274		24,351		62,379		3,658		216		4,310		4,104		99,811
Group's share of net assets	260		137		12,175		31,189		2,227		127		2,155		2,052		50,322
Shareholders loans to joint venture	—		—		23,215		—		—		—		18,390		18,773		60,379
Net Carrying amount of interest in joint venture	260		137		12,175		31,189		2,227		127		2,155		2,052		50,322
Remaining shareholders loan to joint venture	—		—		23,215		—		—		—		18,390		18,773		60,379
Revenue	—		8		49,434		49,487		1,307,523		—		938		1,970		1,409,360
Depreciations and amortization	—		—		(18,209)		(17,933)		(67)		—		(273)		(507)		(36,988)
Interest expense	—		—		(4,633)		(4,482)		(3,292)		—		(155)		(202)		(12,764)
Income tax expense	—		—		(1,588)		(1,573)		(243)		—		—		—		(3,405)
Profit (loss) for the period (100%)	(3)		6		15,881		15,743		746		(24)		310		104		32,763
Other comprehensive income (100%)	—		—		(735)		(706)		—		—		—		—		(1,441)
Group's share of profit (loss) for the period	(1)		3		7,941		7,871		454		(14)		155		52		16,460
Group's share of other comprehensive income	—		—		(367)		(353)		—		—		—		—		(720)

	Asset
(in thousands of USD)	Kingswood Co. Ltd		Seven Seas Shipping Ltd		TI Africa Ltd		TI Asia Ltd		Tankers Agencies (UK) Ltd (see Note 24)		TI LLC (see Note 24)		Bari Shipholding Ltd		Bastia Shipholding Ltd		Total
At December 31, 2020
Percentage ownership interest	50	%	50	%	50	%	50	%	50	%	50	%	50	%	50	%
Non-Current assets	—		—		118,337		112,160		720		—		20,079		—		251,296
of which vessel	—		—		118,337		112,160		—		—		20,079		—		250,576
Current Assets	—				10,187		10,176		232,865		243		2,609		514		256,595
of which cash and cash equivalents	—		—		1,138		1,109		3,124		—		1,573		193		7,137
Non Current Liabilities	—				65,355		30,652		276		—		17,271		—		113,554
of which bank loans	—		—		19,929		19,215		—		—		—		—		39,144
Current Liabilities	—				29,277		30,547		228,851		61		2,856		345		291,937
of which bank loans	—		—		25,886		24,961		37,500		—		—		—		88,347
Net assets (100%)	—		—		33,893		61,136		4,458		182		2,562		170		102,401
Group's share of net assets	—		—		16,946		30,568		2,715		107		1,281		85		51,703
Shareholders loans to joint venture	—		—		16,665		—		—		—		17,271		—		33,936
Net Carrying amount of interest in joint venture	—		—		16,946		30,568		2,715		107		1,281		85		51,703
Remaining shareholders loan to joint venture	—		—		16,665		—		—		—		17,271		—		33,936
Revenue	—		—		49,922		49,976		1,478,909		—		12,288		14,131		1,605,227
Depreciations and amortization	—		—		(16,858)		(16,562)		(56)		—		(4,257)		(2,871)		(40,604)
Interest expense	—		—		(3,358)		(3,233)		(1,651)		—		(1,834)		(1,251)		(11,327)
Income tax expense	—		—		(10,397)		(10,135)		(232)		—		—		—		(20,764)
Profit (loss) for the period (100%)	(1)		(1)		9,549		9,855		800		(34)		(1,748)		3,246		21,666
Other comprehensive income (100%)	—		—		(1)		(3)		—		—		—		—		(4)
Group's share of profit (loss) for the period	—		—		4,775		4,927		487		(20)		(874)		1,623		10,917

Group's share of other comprehensive income —  —  —  (1) —  —  —  —  (2)

Loans and borrowings

On March 29, 2018, TI Asia Ltd. and TI Africa Ltd. entered into a $220.0 million senior secured credit facility. The facility consists of a term loan of $110.0 million and a revolving loan of $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 not significant given the long term contract both FSOs have with North Oil Company until mid 2032, which results in sufficient repayment capacity under these facilities. Transaction costs for a total amount of $2.2 million are amortized over the lifetime of the instrument using the effective interest rate method. As of December 31, 2020 the outstanding balance on this facility was $90.4 million in aggregate.

All bank loans in the joint ventures are secured by the underlying FSO and subject to specific covenants.

The following table summarizes the terms and debt repayment profile of the bank loans held by the joint ventures:

(in thousands of USD)				December 31, 2020			December 31, 2019
	Curr.	Nominal interest rate	Year of mat.	Facility size	Drawn	Carrying value	Facility size	Drawn	Carrying value
TI Asia Ltd revolving loan 54M*	USD	libor + 2.0%	2022	22,179	22,179	22,088	34,163	34,163	33,948
TI Asia Ltd loan 54M*	USD	libor + 2.0%	2022	22,179	22,179	22,088	34,163	34,163	33,948
TI Africa Ltd revolving loan 56M*	USD	libor + 2.0%	2022	23,001	23,001	22,908	35,429	35,429	35,212
TI Africa Ltd loan 56M*	USD	libor + 2.0%	2022	23,001	23,001	22,908	35,429	35,429	35,212
Total interest-bearing bank loans				90,360	90,360	89,991	139,183	139,183	138,319

* The mentioned secured bank loans are subject to loan covenants.

Loan covenant

As of December 31, 2020, all joint ventures were in compliance with the covenants, as applicable, of their respective loans.

Interest rate swaps

In 2018, TI Asia and TI Africa entered in several Interest Rate Swap (IRSs) instruments for a combined notional value of $208.8 million (Euronav’s share amounts to 50%) in connection to the $220.0 million facility. These IRSs are 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 are 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 between one and two 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 (see Note 14).

Vessels

On November 19, 2019, the group entered into a joint venture together with affiliates of Ridgebury Tankers and clients of Tufton Oceanic. Each 50%-50% joint venture company has acquired one Suezmax vessel. The joint ventures have acquired two Suezmax tankers (Bari & Bastia) for a total consideration of $40.6 million. The vessel Bastia was sold on September 15, 2020 for a net sale price of $20.1 million. The Company recorded a capital gain of $0.8 million in the third quarter of 2020 upon delivery to its new owner on September 30, 2020.

There were no capital commitments as of December 31, 2020, December 31, 2019 and December 31, 2018.

Cash and cash equivalents

(in thousands of USD)	2020	2019
Cash and cash equivalents of the joint ventures	7,137	6,913
Group's share of cash and cash equivalents	3,912	3,814

Services

The Group entered into an agreement with its joint venture to manage commercially both vessels by the Group's chartering desk. Furthermore the Group also entered into an agreement to render accounting, assistance and administrative services. In 2020 the Group invoiced a total amount of $667,500 (2019: $18,222).

Furthermore, the joint venture entered into an agreement with the Group to invoice us management fees to do the follow up of the external shipmanagement. In 2020, the joint-venture invoiced the Group $453,600. (2019: $40,050).

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Major exchange rates

12 Months Ended

Dec. 31, 2020

Effects Of Changes In Foreign Exchange Rates [Abstract]

Major exchange rates

Major exchange rates

The following major exchange rates have been used in preparing the consolidated financial statements:

	closing rates			average rates
1 XXX = x,xxxx USD	December 31, 2020	December 31, 2019	December 31, 2018	2020	2019	2018
EUR	1.2271	1.1234	1.1450	1.1384	1.1213	1.1838
GBP	1.3649	1.3204	1.2800	1.2860	1.2755	1.3374

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Subsequent events

12 Months Ended

Dec. 31, 2020

Disclosure of events after reporting period [Abstract]

Subsequent events

Subsequent events

In January 2021, Euronav took delivery of the first two of four newbuildings, Delos (2021 – 300,200 dwt) and Diodorus (2021 – 300,200 dwt), which have been purchased in February 2020. In February 2021, Euronav took delivery of the third newbuilding, Doris (2021 – 300,200 dwt) and in March 2021, Euronav took delivery of the fourth newbuilding, Dickens (2021 – 300,200 dwt).

On February 3, 2021, Euronav announced it has entered into an agreement for the acquisition through resale of two eco-Suezmax newbuilding contracts. Currently completing construction at the Daehan Shipyard in South Korea, these modern vessels are being acquired for an en-bloc price of $113.0 million. Both vessels are due for delivery in January 2022. The vessels are the latest generation of Suezmax Eco-type tankers. They will be fitted with Exhaust Gas Scrubber technology and Ballast Water Treatment systems. The vessels have the structural notation to be LNG Ready. Euronav is working closely with the shipyard to also have the structural notation to be Ammonia Ready. This provides the option to switch to other fuels at a later stage.

On February 23, 2021, Euronav announced that it has entered into a sale and leaseback agreement for the VLCC Newton (2009 – 307,284) with Taiping & Sinopec Financial Leasing Ltd Co. The vessel was sold for $36.0 million. The Company will record a capital gain of approximately $1.2 million in the first quarter of 2021 upon delivery to their new owners on February 22, 2021. Euronav has leased back the vessel under a 36 months bareboat contract at an average rate of $22,500 per day. At the end of the bareboat contract, the vessel will be redelivered to its owners.

On March 26, 2021, the Supervisory Board proposed the Annual Shareholders' meeting be held on May 20, 2021, to approve a full year dividend for 2020 of $1.40 per share. Taking into account the interim dividends paid based on the Group’s policy to return 80% of the net income to shareholders , no closing dividend will be paid.

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Significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2020

Corporate Information And Statement Of IFRS Compliance [Abstract]

Basis of accounting

Basis of accounting

These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and as adopted by the European Union as of December 31, 2020.

Changes in significant accounting policies are described in policy 6. All accounting policies have been consistently applied for all periods presented in the consolidated financial statements unless disclosed otherwise.

The consolidated financial statements were authorized for issue by the Supervisory Board on April 15, 2021.

Basis of measurement

Basis of measurement

The consolidated financial statements have been prepared on the historical cost basis except for the following material items in the statement of financial position:

•Derivative financial instruments are measured at fair value

•Non-current assets held for sale are recognized at fair value less cost of disposal if it is lower than their carrying amount

Functional and presentation currency

Functional and presentation currencyThe consolidated financial statements are presented in USD, which is the Company's functional and presentation currency. All financial information presented in USD has been rounded to the nearest thousand except when otherwise indicated.

Use of estimates and judgements

Use of estimates and judgments

The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of the Group's accounting policies and the reported amounts of assets and liabilities, income and expenses.

The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which are the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

A.    Judgments

Information about judgments made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statement is included in the following notes:

•Note 8 – Impairment;

•Note 25 - Business Combination and

•Note 20 - Lease term: whether the Group is reasonably certain to exercise renewal, termination, purchase options.

B.    Assumptions and estimation uncertainties

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amounts in the next financial years is included in the following notes:

•Note 8 – Impairment test: key assumptions underlying the recoverable amount;

•Note 9 - Measurement of deferred tax assets: availability of future taxable profit against which deductible temporary differences and tax losses carried forward can be utilized and

•     Note 20 - Leases: key assumptions underlying the lease liability and right-of-use asset, e.g. lease term, lease payments and estimate on residual value guarantee.

The significant assumptions and accounting estimates, to support the reported amounts of assets and liabilities, income and expenses, were regularly reviewed, and if needed updated, during 2020. The main judgements, estimates and assumptions, which might be impacted by COVID-19, are:

•Note 8 – Impairment test: The carrying amount of the vessels is reviewed to determine whether an indication of impairment exists. No impairment is required as the recoverable amount of each CGU continues to be in excess of the carrying amounts.

•Bunkers on the Oceania and the vessels are valued at lower of cost or net realizable value. Weighted average of the fuel stock on board of the Oceania and the vessels was lower than the market price at year-end.

•Allowance for expected credit losses: In accordance with IFRS 9, the group recognizes expected credit losses on trade receivables following the simplified approach. Lifetime expected losses are recognized for the trade receivables, excluding recoverable VAT amounts. However, based on customer’s payment behaviour, no significant additional allowances for expected credit losses were to be recognized as per December 31, 2020.

As the COVID-19 pandemic further evolves, potential changes in these views might occur in 2021.

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.

Further information about the assumptions made in measuring fair values is included in the following notes:

•Note 3 - Assets and liabilities held for sale and discontinued operations;

•Note 19 - Financial instruments and

•Note 23 - Share-based payment arrangements

Changes in accounting policies and New standards and interpretations not yet adopted

Changes in accounting policies

Except for the changes below, the accounting policies adopted in the preparation of the consolidated financial statements for the year ended December 31, 2020 are consistent with those applied in the preparation of the consolidated financial statements for the year ended December 31, 2019. A number of new standards are effective from January 1, 2020 but they do not have a material effect on the Group's financial statements.

•Definition of a Business (Amendments to IFRS3), see accountancy policy 7.1.

•Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7). The Group applies hedge accounting to certain Interest rate swaps that are used to hedge the risk related to the fluctuation of the LIBOR (see

Note 14). The Group applied the interest rate benchmark reform phase 1 amendments retrospectively to the hedging relationships that existed at 1 January 2020 or were designated thereafter and that are directly affected by interest rate benchmark reform. These amendments also apply to the gain or loss accumulated in the cash flow hedging reserve that existed at 1 January 2020. For the related accounting policy, refer to 9.3.

The Group applied IFRS 16 using the modified retrospective approach, under which the cumulative effect of initial application is recognized in retained earnings at 1 January 2019. Accordingly, the comparative information presented for 2018 is not restated - i.e. it is presented, as previously reported, under IAS 17 and related interpretations. The details of the changes in accounting policies are disclosed below. Additionally, the disclosure requirements in IFRS 16 have not been applied to comparative information. The Group 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 was adjusted following the application of IFRS 15 on Revenue Recognition and IFRS 9 on Financial Instruments.

New standards and interpretations not yet adopted

A number of new standards, amendments to standards and interpretations are not yet effective for the year ended 31 December, 2020, and have not been applied in preparing these consolidated financial statements. The amendments are not expected to have a material impact on the Group’s consolidated financial statements.

Amendments to IAS 1 Presentation of Financial statements: Classification of Liabilities as Current or Non-current, issued on 23 January 2020, clarify a criterion in IAS 1 for classifying a liability as non-current: the requirement for an entity to have the right to defer settlement of the liability for at least 12 months after the reporting period.

The amendments:

–specify that an entity’s right to defer settlement must exist at the end of the reporting period;

–clarify that classification is unaffected by management’s intentions or expectations about whether the entity will exercise its right to defer settlement;

–clarify how lending conditions affect classification; and

–clarify requirements for classifying liabilities an entity will or may settle by issuing its own equity instruments.

On July 15, 2020, the IASB issued Classification of Liabilities as Current or Non-current — Deferral of Effective Date (Amendment to IAS 1) deferring the effective date of the January 2020 amendments to IAS 1 by one year to annual reporting periods beginning on or after January 1, 2023. The amendments have not yet been endorsed by the EU.

Amendments to IFRS 3 Business Combinations; IAS 16 Property, plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual improvements, issued on 14 May 2020, include several narrow-scope amendments which are changes that clarify the wording or correct minor consequences, oversights or conflicts between requirements in the Standards:

–Amendments to IFRS 3 Business Combinations update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.

–Amendments to IAS 16 Property, Plant and Equipment prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognize such sales proceeds and related cost in profit

or loss. The amendments also clarify that testing whether an item of PPE is functioning properly means assessing its technical and physical performance rather than assessing its financial performance.

–Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets specify which costs a company includes when assessing whether a contract will be loss-making. The amendments clarify that the ‘costs of fulfilling a contract’ comprise both: the incremental costs; and an allocation of other direct costs.

–Annual Improvements to IFRS Standards 2018–2020 make minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 Leases

The amendments are effective for annual periods beginning on or after 1 January 2022. These amendments have not yet been endorsed by the EU.

Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform – Phase 2 (issued on 27 August 2020) address issues that might affect financial reporting during the reform of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate benchmark with an alternative benchmark rate (replacement issues).

In Phase 2 of its project, the Board amended requirements in IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement, IFRS 7 Financial Instruments: Disclosures, IFRS 4 Insurance Contracts and IFRS 16 Leases relating to:

–changes in the basis for determining contractual cash flows of financial assets, financial liabilities and lease liabilities;

–hedge accounting; and

–disclosures.

The Phase 2 amendments apply only to changes required by the interest rate benchmark reform to financial instruments and hedging relationships. The amendments apply retrospectively from 1 January 2021 with earlier application permitted. Hedging relationships previously discontinued solely because of changes resulting from the reform will be reinstated if certain conditions are met. These amendments have not yet been endorsed by the EU.

Basis of consolidation

Basis of Consolidation

7.1.    Business Combinations

The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.

For acquisitions the Group measures goodwill at the acquisition date as:

•the fair value of the consideration transferred; plus 

•the recognized amount of any non-controlling interests in the acquiree; plus if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less

•the net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed.

When the excess is negative, a bargain purchase gain is recognized immediately in profit or loss.

The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts

generally are recognized in profit or loss. Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognized in profit or loss.

7.2.    Non-controlling interests (NCI) 

NCI are measured at their proportionate share of the acquiree's identifiable net assets at the date of acquisition. Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

7.3.    Subsidiaries 

Subsidiaries are those entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which the control commences until the date on which control ceases.

7.4.    Loss of control

On the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognized in profit or loss. If the Group retains any interest in the former subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as an equity-accounted investee or as a Fair Value through Other Comprehensive Income ("FVOCI") or Fair Value through Profit or Loss ("FVTPL") financial asset depending on the level of influence retained.

7.5.    Interests in equity-accounted investees

The Group’s interests in equity-accounted investees comprise interest in associates and joint ventures.

Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.

Interests in associates and joint ventures are accounted for using the equity method. They are recognized initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income (“OCI”) of equity-accounted investees, until the date on which significant influence or joint control ceases.

Interests in associates and joint ventures include any long-term interests that, in substance, form part of the Group’s investment in those associates or joint ventures and include unsecured shareholder loans for which settlement is neither planned nor likely to occur in the foreseeable future, which, therefore, are an extension of the Group’s investment in those associates and joint ventures. The Group’s share of losses that exceeds its investment is applied to the carrying amount of those loans. After the Group’s interest is reduced to zero, a liability is recognized to the extent that the Group has a legal or constructive obligation to fund the associates’ or joint ventures’ operations or has made payments on their behalf.

7.6.    Transactions eliminated on consolidation 

Intragroup balances and transactions, and any unrealized gains arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the underlying asset to the extent of the Group's interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

Business combinations

Business Combinations

The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.

For acquisitions the Group measures goodwill at the acquisition date as:

•the fair value of the consideration transferred; plus 

•the recognized amount of any non-controlling interests in the acquiree; plus if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less

•the net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed.

When the excess is negative, a bargain purchase gain is recognized immediately in profit or loss.

The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts

generally are recognized in profit or loss. Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognized in profit or loss.

Non-controlling interests (NCI)

Non-controlling interests (NCI) NCI are measured at their proportionate share of the acquiree's identifiable net assets at the date of acquisition. Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

Subsidiaries

Subsidiaries Subsidiaries are those entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which the control commences until the date on which control ceases.

Loss of control

Loss of controlOn the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognized in profit or loss. If the Group retains any interest in the former subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as an equity-accounted investee or as a Fair Value through Other Comprehensive Income ("FVOCI") or Fair Value through Profit or Loss ("FVTPL") financial asset depending on the level of influence retained.

Interests in equity-accounted investees

Interests in equity-accounted investees

The Group’s interests in equity-accounted investees comprise interest in associates and joint ventures.

Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.

Interests in associates and joint ventures are accounted for using the equity method. They are recognized initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income (“OCI”) of equity-accounted investees, until the date on which significant influence or joint control ceases.

Interests in associates and joint ventures include any long-term interests that, in substance, form part of the Group’s investment in those associates or joint ventures and include unsecured shareholder loans for which settlement is neither planned nor likely to occur in the foreseeable future, which, therefore, are an extension of the Group’s investment in those associates and joint ventures. The Group’s share of losses that exceeds its investment is applied to the carrying amount of those loans. After the Group’s interest is reduced to zero, a liability is recognized to the extent that the Group has a legal or constructive obligation to fund the associates’ or joint ventures’ operations or has made payments on their behalf.

Transactions eliminated on consolidation

Transactions eliminated on consolidation Intragroup balances and transactions, and any unrealized gains arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the underlying asset to the extent of the Group's interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

Foreign currency

Foreign currency

8.1.    Foreign currency transactions

Transactions in foreign currencies are translated to USD at the foreign exchange rate applicable at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to USD at the foreign exchange rate applicable at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign exchange differences arising on translation are generally recognized in profit or loss. However, foreign currency differences arising from the translation of the following items are recognized in OCI:

•a financial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is effective; and

•qualifying cash flow hedges to the extent that the hedges are effective.

8.2.    Foreign operations

The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to USD at exchange rates at the reporting date. The income and expenses of foreign operations are translated to USD at rates approximating the exchange rates at the dates of the transactions.

Foreign currency differences are recognized directly in equity (Translation reserve). When a foreign operation is disposed of, in part or in full, the relevant amount in the translation reserve is transferred to profit or loss.

Financial instruments

Financial Instruments

Recognition and initial measurement

Trade receivables, debt securities issued and subordinated liabilities are initially recognized when they are originated. All other financial assets and financial liabilities (including liabilities designated as at FVTPL) are initially recognized on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument.

A financial asset (unless it is a trade receivable without a significant financing component which 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 or issue.

Financial liabilities are recognized initially at fair value less any directly attributable transaction costs.

The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models refined to reflect the issuer’s specific circumstances.

Financial assets and liabilities are offset and the net amount is presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.

9.1.    Financial assets

Classification and subsequent measurement

On initial recognition, a financial asset is classified as measured at: amortized cost; FVOCI - debt investment; FVOCI - equity instrument; or 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.

Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.

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 objectives 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.

Assessment whether contractual cash flows are solely payments of principal and interest

For the purposes of this assessment, 'principal' is defined as the fair value of the financial asset on initial recognition. 'Interest' is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin.

In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers:

•contingent events that would change the amount or timing of cash flows;

•terms that may adjust the contractual coupon rate, including variable-rate features;

•prepayment and extension features; and

•terms that limit the Group's claim to cash flows from specified assets (e.g. non-resource features).

A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition.

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.

Derecognition

The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

The Group enters into transactions whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases the transferred assets are not derecognized. Any interest in such transferred financial assets that is created or retained by the Group is recognized as a separate asset or liability.

9.2.    Financial liabilities

Classification and subsequent measurement

Financial liabilities are classified as measured at amortized cost or FVTPL.

A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss.

Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gains or loss on derecognition is also recognized

in profit or loss.

The financial liability related to the three VLCCs under the sale and leaseback agreement entered into on December 30, 2019 (see Note 16) is measured at amortized cost using the effective interest method. It is remeasured when there is a

change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the fair value of the assets transferred at the end of the lease term or if the Group changes its assessment of whether it will exercise the purchase option.

Derecognition

The Group derecognizes a financial liability when its contractual obligations are discharged, canceled, or expired. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.

On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid

(including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.

Non-derivative financial liabilities comprise loans and borrowings, bank overdrafts, and trade and other payables.

Bank overdrafts that are repayable on demand and form an integral part of the Group’s cash management are included as

a component of cash and cash equivalents for the purpose of the statement of cash flows.

9.3.    Derivative financial instruments

Derivative financial instruments and hedge accounting

The Group from time to time may enter into derivative financial instruments to hedge its exposure to market fluctuations, foreign exchange and interest rate risks arising from operational, financing and investment activities.

Derivative are initially measured at fair value; attributable transaction costs are expensed as incurred. Subsequent to initial recognition, derivatives are remeasured at fair value, and changes therein are generally recognized in profit or loss.

The group designated certain derivatives as hedging instruments to hedge the variability in cash flows.

The Group ensure that hedge accounting relationships are aligned with its risk management objectives and strategy and apply a more qualitative and forward looking approach in assessing hedge effectiveness. On initial designation of the derivative as hedging instrument, the Group formally documents the economic relationship between the hedging instrument(s) and hedged item(s), including the risk management objective(s) and strategy for undertaking the hedge. The Group also documents the methods that will be used to assess the effectiveness of the hedging relationship and makes an assessment whether the hedging instruments are expected to be “highly effective” in offsetting the changes in the cash flows of the respective hedged items during the period for which the hedge is designated.

On an ongoing basis, the Group assesses whether the hedge relationship continues and is expected to continue to remain highly effective using retrospective and prospective quantitative and qualitative analysis.

Hedges directly affected by interest rate benchmark reform

For the purpose of evaluation whether there is an economic relationship between the hedged item(s) and the hedging instrument(s), the Group assumes that the benchmark interest rate is not altered as a result of interest rate benchmark reform.

For a cash flow hedge of a forecast transaction, the Group assumes that the benchmark interest rate will not be altered as a result of interest rate benchmark reform for the purpose of assessing whether the forecast transaction is highly probable and presents an exposure to variations in cash flows that could ultimately affect profit or loss. In determining whether a previously designated forecast transaction in a discontinued cash flow hedge is still expected to occur, the Group assumes that the interest rate benchmark cash flows designated as a hedge will not be altered as a result of interest rate benchmark reform.

The Group will cease to apply the specific policy for assessing the economic relationship between the hedged item and the hedging instrument (i) to a hedged item or hedging instrument when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based cash flows of the respective item or instrument or (ii) when the hedging relationship is discontinued. For its highly probable assessment of the hedged item, the Group will no longer apply the specific policy when the uncertainty arising from interest rate benchmark reform about the timing and the amount of the interest rate benchmark-based future cash flows of the hedged item is no longer present, or when the hedging relationship is discontinued.

See Note 19 for related disclosures.

Cash flow hedges

When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognized in OCI and presented in the hedging reserve in equity. The amount recognized in OCI is removed and included in profit or loss in the same period as the hedged cash flows affect profit or loss under the same line item in the statement of profit or loss as the hedged item. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss.

The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts ('forward points') is separately accounted for as a cost of hedging and recognized in a costs of hedging reserve within equity.

If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated, exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item's cost on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss.

If the hedged future cash flows are no longer expected to occur, then the balance in equity is reclassified to profit or loss.

9.4.    Share capital

Ordinary share capital

Ordinary share capital is classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity, net of any tax effects.

Repurchase of share capital

When share capital recognized as equity is repurchased, the amount of the consideration paid, including directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and presented in the reserve for own shares. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is presented in retained earnings.

9.5.    Compound financial instruments

Compound financial instruments issued by the Group comprise Notes denominated in USD that can be converted to ordinary shares at the option of the holder, when the number of shares is fixed and does not vary with changes in fair value.

The liability component of compound financial instruments is initially recognized at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognized at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity component in proportion to their initial carrying amounts.

Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured.

Interest related to the financial liability is recognized in profit and loss. On conversion, the financial liability is reclassified to equity and no gain or loss is recognized.

Financial assets

Financial assets

Classification and subsequent measurement

On initial recognition, a financial asset is classified as measured at: amortized cost; FVOCI - debt investment; FVOCI - equity instrument; or 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.

Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.

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 objectives 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.

Assessment whether contractual cash flows are solely payments of principal and interest

For the purposes of this assessment, 'principal' is defined as the fair value of the financial asset on initial recognition. 'Interest' is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin.

In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers:

•contingent events that would change the amount or timing of cash flows;

•terms that may adjust the contractual coupon rate, including variable-rate features;

•prepayment and extension features; and

•terms that limit the Group's claim to cash flows from specified assets (e.g. non-resource features).

A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition.

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.

Derecognition

The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

The Group enters into transactions whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases the transferred assets are not derecognized. Any interest in such transferred financial assets that is created or retained by the Group is recognized as a separate asset or liability.

Financial liabilities

Financial liabilities

Classification and subsequent measurement

Financial liabilities are classified as measured at amortized cost or FVTPL.

A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss.

Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gains or loss on derecognition is also recognized

in profit or loss.

The financial liability related to the three VLCCs under the sale and leaseback agreement entered into on December 30, 2019 (see Note 16) is measured at amortized cost using the effective interest method. It is remeasured when there is a

change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the fair value of the assets transferred at the end of the lease term or if the Group changes its assessment of whether it will exercise the purchase option.

Derecognition

The Group derecognizes a financial liability when its contractual obligations are discharged, canceled, or expired. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.

On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid

(including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.

Non-derivative financial liabilities comprise loans and borrowings, bank overdrafts, and trade and other payables.

Bank overdrafts that are repayable on demand and form an integral part of the Group’s cash management are included as

a component of cash and cash equivalents for the purpose of the statement of cash flows.

Derivative financial instruments

Derivative financial instruments

Derivative financial instruments and hedge accounting

The Group from time to time may enter into derivative financial instruments to hedge its exposure to market fluctuations, foreign exchange and interest rate risks arising from operational, financing and investment activities.

Derivative are initially measured at fair value; attributable transaction costs are expensed as incurred. Subsequent to initial recognition, derivatives are remeasured at fair value, and changes therein are generally recognized in profit or loss.

The group designated certain derivatives as hedging instruments to hedge the variability in cash flows.

The Group ensure that hedge accounting relationships are aligned with its risk management objectives and strategy and apply a more qualitative and forward looking approach in assessing hedge effectiveness. On initial designation of the derivative as hedging instrument, the Group formally documents the economic relationship between the hedging instrument(s) and hedged item(s), including the risk management objective(s) and strategy for undertaking the hedge. The Group also documents the methods that will be used to assess the effectiveness of the hedging relationship and makes an assessment whether the hedging instruments are expected to be “highly effective” in offsetting the changes in the cash flows of the respective hedged items during the period for which the hedge is designated.

On an ongoing basis, the Group assesses whether the hedge relationship continues and is expected to continue to remain highly effective using retrospective and prospective quantitative and qualitative analysis.

Hedges directly affected by interest rate benchmark reform

For the purpose of evaluation whether there is an economic relationship between the hedged item(s) and the hedging instrument(s), the Group assumes that the benchmark interest rate is not altered as a result of interest rate benchmark reform.

For a cash flow hedge of a forecast transaction, the Group assumes that the benchmark interest rate will not be altered as a result of interest rate benchmark reform for the purpose of assessing whether the forecast transaction is highly probable and presents an exposure to variations in cash flows that could ultimately affect profit or loss. In determining whether a previously designated forecast transaction in a discontinued cash flow hedge is still expected to occur, the Group assumes that the interest rate benchmark cash flows designated as a hedge will not be altered as a result of interest rate benchmark reform.

The Group will cease to apply the specific policy for assessing the economic relationship between the hedged item and the hedging instrument (i) to a hedged item or hedging instrument when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based cash flows of the respective item or instrument or (ii) when the hedging relationship is discontinued. For its highly probable assessment of the hedged item, the Group will no longer apply the specific policy when the uncertainty arising from interest rate benchmark reform about the timing and the amount of the interest rate benchmark-based future cash flows of the hedged item is no longer present, or when the hedging relationship is discontinued.

See Note 19 for related disclosures.

Cash flow hedges

When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognized in OCI and presented in the hedging reserve in equity. The amount recognized in OCI is removed and included in profit or loss in the same period as the hedged cash flows affect profit or loss under the same line item in the statement of profit or loss as the hedged item. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss.

The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts ('forward points') is separately accounted for as a cost of hedging and recognized in a costs of hedging reserve within equity.

If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated, exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item's cost on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss.

If the hedged future cash flows are no longer expected to occur, then the balance in equity is reclassified to profit or loss.

Share capital

Share capital

Ordinary share capital

Ordinary share capital is classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity, net of any tax effects.

Repurchase of share capital

When share capital recognized as equity is repurchased, the amount of the consideration paid, including directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and presented in the reserve for own shares. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is presented in retained earnings.

Compound financial instruments

Compound financial instruments

Compound financial instruments issued by the Group comprise Notes denominated in USD that can be converted to ordinary shares at the option of the holder, when the number of shares is fixed and does not vary with changes in fair value.

The liability component of compound financial instruments is initially recognized at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognized at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity component in proportion to their initial carrying amounts.

Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured.

Interest related to the financial liability is recognized in profit and loss. On conversion, the financial liability is reclassified to equity and no gain or loss is recognized.

Goodwill and intangible assets

Goodwill and intangible assets

10.1.    Goodwill

Goodwill that arises on the acquisition of subsidiaries is presented as an intangible asset. For the measurement of goodwill at initial recognition, refer to accounting policy 7.1.

After initial recognition goodwill is measured at cost less accumulated impairment losses, refer to accounting policy 12. In respect of equity accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment, and any impairment loss is allocated to the carrying amount of the equity accounted investee as a whole.

10.2.    Intangible assets 

Intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and impairment losses, refer to accounting policy 12.

The cost of an intangible asset acquired in a separate acquisition is the cash paid or the fair value of any other consideration given. The cost of an internally generated intangible asset includes the directly attributable expenditure of preparing the asset for its intended use.

10.3.    Subsequent expenditure 

Subsequent expenditure on intangible assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates and its cost can be measured reliably. All other expenditure is expensed as incurred.

10.4.    Amortization 

Amortization is charged to the income statement on a straight-line basis over the estimated useful lives of the intangible assets from the date they are available for use. The estimated useful lives are as follows:

•Software:          3 - 5 years

Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

Vessels, property, plant and equipment

Vessels, property, plant and equipment

11.1.    Owned assets

Vessels and items of property, plant and equipment are stated at cost or deemed cost less accumulated depreciation (see below) and impairment losses, refer to accounting policy 12.

Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of assets includes the following:

•The cost of materials and direct labor;

•Any other costs directly attributable to bringing the assets to a working condition for their intended use;

•When the Group has an obligation to remove the asset or restore the site, an estimate of the costs of dismantling and removing the items and restoring the site on which they are located; and

•Capitalized borrowing costs.

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, refer to accounting policy 11.6.

Gains and losses on disposal of a vessel or of another item of property, plant and equipment are determined by comparing the net proceeds from disposal with the carrying amount of the vessel or the item of property, plant and equipment and are recognized in profit or loss.

For the sale of vessels, transfer of risk and rewards usually occurs upon delivery of the vessel to the new owner.

11.2.    Assets under construction

Assets under construction, especially newbuilding vessels, are accounted for in accordance with the stage of completion of the newbuilding contract. Typical stages of completion are the milestones that are usually part of a newbuilding contract: signing or receipt of refund guarantee, steel cutting, keel laying, launching and delivery. All stages of completion are guaranteed by a refund guarantee provided by the shipyard.

11.3.    Subsequent expenditure 

Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the item of property, plant and equipment and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. All other expenditure is recognized in the consolidated statement of profit or loss as an expense as incurred.

11.4.    Borrowing costs 

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset.

11.5.    Depreciation 

Depreciation is charged to the consolidated statement of profit or loss on a straight-line basis over the estimated useful lives of vessels and items of property, plant and equipment. The right-of-use asset is depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the basis of those of property and equipment (refer to accounting policy 18). Land is not depreciated.

Vessels and items of property, plant and equipment are depreciated from the date that they are available for use. Internally constructed assets are depreciated from the date that the assets are completed and ready for use.

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

•	tankers	20 years
•	FSO/FpSO/FPSO	30 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

The useful life of the FSOs have been reassessed from 25 years to 30 years due to the extension for ten years of the timecharter contract in direct continuation of their current contractual service, or until July 21, 2032 and September 21, 2032 respectively. The end of the useful economic life of the FSO vessels was set equal to the contract end date or approximately 30 years since build date. The net book value and depreciations were reassessed and applied prospectively as from the moment the extension was signed. The impact in the consolidated statement of profit or loss statement was immaterial.

Vessels are estimated to have a zero residual value except for the three VLCCs under the sale and leaseback agreement entered into on December 30, 2019 (see Note 16). In accordance with IFRS, this transaction was not accounted for as a sale but Euronav as seller-lessee will continue to recognize the transferred assets. The three vessels are subsequently depreciated over their useful lives (i.e. from the commencement date to the end of the lease term) as it is not reasonably certain that the Group will exercise the purchase option. Depreciation is calculated on the net carrying value of the three vessels as of December 30, 2019 less their estimate residual values using the straight-line method. The residual value, estimated at USD 21 million, is the amount that the Group could receive from disposal of the vessels at the reporting date if the vessels were already of the age and in the condition that they will be in at the end of the lease term.

Depreciation methods, useful lives at the end of the lease term and residual values are reviewed at each reporting date and adjusted if appropriate.

11.6.    Dry-docking – 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 dry-dock. Components installed during dry-dock with a useful life of more than 1 year are depreciated over their estimated useful-life.

Impairment of financial assets

Impairment

12.1.    Non-derivative financial assets    

Financial instruments and contract assets

The impairment model applies to financial assets measured at amortized cost, contract assets and debt investments at FVOCI.

The financial assets at amortized cost consist of trade and other receivables, cash and cash equivalents and non-current receivables.

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

•12-month 'expected credit loss' (ECL): 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 in accordance with 12-months ECLs model:

•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 occurring over the expected life of the financial instrument) has not increased significantly since initial recognition.

Loss allowances for trade receivables are measured 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 analysis, 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 180 days past due. The financial assets that are more than 180 days past due, which mainly relates to demurrage and TI pool outstandings, are followed up closely and as long as their collection is highly probable, they are not considered in default.

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 realizing security (if any is held).

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 allowance for ECL

Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. The impairment loss on trade receivable has been presented in 'general and administrative expenses'.

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 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 expenses'.

Write-off

The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. The Group calculates the ELC on trade and other receivables based on actual credit loss experience over the past 10 years taking into account reasonable and supportable forecast of future economic conditions.

Impairment of non-financial assets

Non-financial assets 

The carrying amounts of the Group’s non-financial assets, other than deferred tax assets (refer to accounting policy 21), inventory and contract assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. Goodwill is tested annually for impairment.

For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGU’s. Goodwill acquired in a business combination is allocated to groups of CGU’s that are expected to benefit from the synergies of the combination.

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

An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss.

An impairment loss recognized for goodwill shall not be reversed. For other assets, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

Tankers

The Group analyzes the following internal and external indicators to assess whether tankers might be impaired:

•    the obsolescence or physical damage of an asset;

•    significant changes in the extent or manner in which vessels are (or are expected to be) used that have (or will have) an adverse effect on the entity;

•    plans to dispose of assets before the previously expected date of disposal;

•    indications that the performance of a CGU is, or will be, worse than expected;

•    significant increases in cash flows for acquiring, operating or maintaining vessels that are significantly higher than originally budgeted;

•    net cash flows or operating profits that are lower than originally budgeted;

•    net cash outflows or operating losses;

•    market capitalization below net asset value;

•    a significant and unexpected decline in market value of vessels;

•    significant adverse effects in the technological, market, economic, legal and regulatory environment, including but not limited to, vessel and crude oil supply and demand trends;

•    increases in market interest rates.

Euronav defines its cash generating unit as a single vessel, unless such vessel is operated in a profit-sharing pool, in which case such vessel, together with the other vessels in the pool, are collectively treated as a cash generating unit.

When events and changes in circumstances indicate that the carrying amount of the asset or CGU might not be recovered, the Group performs an impairment test whereby the carrying amount of the 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. For assessing value in use, assumptions are made regarding forecast charter rates, using the weighted average of past and ongoing shipping cycles including management judgment for the ongoing cycle and for the weighting factors applied, the weighted average cost of capital ('WACC'), the useful life of the vessels (20 years for tankers) and a residual value. After careful consideration of the trends in the shipping industry, the Group elected to retain residual values for its vessels equal to zero.

Although management believes that its process to determine the assumptions used to evaluate the carrying amount of the assets, when required, are reasonable and appropriate, such assumptions are subject to judgment. Management is assessing continuously the resilience of its projections to the business cycles that can be observed in the tankers market, and concluded that a business cycle approach provides a better long-term view of the dynamics at play in the industry. By defining a shipping cycle from peak to peak over the last 20 years and including management's expectation of the completion of the current cycle, management is better able to capture the full length of a business cycle while also giving more weight to recent and current market experience. The current cycle is forecasted based on management judgment, analyst reports and past experience. Long term charter rates are used in the calculation in case available.

FSOs

In the context of the valuation of the Group's investments in the respective joint ventures, the Group also reviews internal and external indicators, similar to the ones used for tankers, to assess whether the FSOs might be impaired. When events and changes in circumstances indicate that the carrying amount of the assets might not be recovered, the Group performs an impairment test on the FSO vessels owned by TI Asia Ltd and TI Africa Ltd, 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, assumptions are made regarding forecast charter rates, weighted average cost of capital ('WACC'), the useful life of the FSOs (30 years) and a residual value. After careful consideration of the trends in the shipping industry, the Group elected to retain residual values for its vessels equal to zero.

The value in use calculation for FSOs, when required, is based on the remaining useful life of the vessels as of the reporting date, and forecast charter rates are determined using the fixed daily contract rates. The FSO Asia and the FSO Africa are on a five years timecharter contract to North Oil Company, the operator of the Al-Shaheen oil field, whose shareholders are Qatar Petroleum Oil & gas Limited and Total E&P Golfe Limited, until July 22, 2022 and September 22, 2022, respectively. In November 2020, the two joint ventures (TI Asia Ltd and TI Africa Ltd.) signed an extension for ten years in direct continuation of their current contractual service, or until July 21, 2032 and September 21, 2032 respectively. Following this extension of the contract with North Oil Company until 2032, the end of the useful economic life was set equal to the contract end date or approximately 30 years since build date.

Assets held for sale

Assets held for sale

Non-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, the assets, or components of a disposal group, are remeasured in accordance with the Group’s accounting policies. Thereafter generally the assets or disposal group are measured at the lower of their carrying amount and fair value less cost of disposal. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets or investment property, which continue to be measured in accordance with the Group’s accounting policies. 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.

Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortized or depreciated,

and any equity-accounted investee is no longer equity accounted.

Bunker inventory

Bunker inventory

The Group has been purchasing compliant bunker fuel for future use by its vessels. Bunkers are presented as inventory and are accounted for on a weighted average basis. The cost of inventories comprises of the purchase price, fuel inspection costs and transport and handling costs. The effective portion of the change in fair value of derivatives designated as cash flow hedges of the underlying price index between the date of purchase and the date of delivery is also recognized as an inventory cost. The ineffective portion of the change in fair value of these derivatives is recognized directly in profit or loss.

The inventory is accounted for at the lower of cost and net realizable value with cost being determined on a weighted average basis. No write down is needed as long as the freight market remains robust offsetting potential higher weighted average consumption costs of the bunker oil consumed from that inventory.

Bunker expenses are recognized in profit or loss upon consumption.

Employee benefits

Employee benefits

15.1.    Defined contribution plans

A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognized as an employee benefit expense in profit or loss in the periods during which related services are rendered by employees. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. Contributions to a defined contribution plan that are due more than 12 months after the end of the period in which the employees render the services are discounted to their present value. The calculation of defined contribution obligations is performed annually by a qualified actuary using the projected unit credit method.

15.2.    Defined benefit plans 

The Group’s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets.

The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognized asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements.

Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return of plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in OCI. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in profit and loss.

When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognized immediately in profit or loss. The Group recognizes gains and losses on the settlement of a defined plan when the settlement occurs.

15.3.    Other long term employee benefits

The Group’s net obligation in respect of long-term employee benefits, other than pension plans, is the amount of future benefit that employees have earned in return for their service in the current and prior periods. The obligation is calculated using the projected unit credit method and is discounted to its present value and the fair value of any related assets is deducted. The discount rate is the yield at the reporting date on AA credit rated bonds that have maturity dates approximating the terms of the Group’s obligations and that are denominated in the currency in which the benefits are expected to be paid. Remeasurements are recognized in profit or loss in the period in which they arise.

15.4.    Termination benefits 

Termination benefits are recognized as an expense when the Group is demonstrably committed, without realistic possibility or withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognized as an expense if the Group has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the reporting date, then they are discounted to their present value.

15.5.    Short-term employee benefit

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.

Share-based payment transactions

Share-based payment transactions

The grant-date fair value of equity-settled share-based payment awards granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service and non-market performance conditions at the vesting date.

The fair value of the amount payable to beneficiaries in respect of “phantom stock unit” grants, which are settled in cash, is recognized as an expense with a corresponding increase in liabilities, over the period during which the beneficiaries become unconditionally entitled to payment. The fair value of the Transaction Based Incentive Plan is being determined by using a binomial model with cost being spread of the expected vesting period over the various tranches. The fair value of the Long term incentive plan is remeasured at each reporting date and at settlement based on the fair value of the phantom stock units. Any changes in the liability are recognized in profit or loss.

Provisions

Provisions

A provision is recognized when the Group has a legal or constructive obligation that can be estimated reliably, as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. The provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. The unwinding of the discount is recognized as finance cost.

Restructuring

A provision for restructuring is recognized when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been announced publicly. Future operating costs are not provided for.

Onerous contracts

A provision for onerous contracts is recognized when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognizes any impairment loss on the assets associated with that contract.

Revenue

Revenue

17.1.    Pool Revenues

Aggregated revenue recognized on a daily basis from vessels operating on voyage charters in the spot market and on contract of affreightment (“COA”) within the pool is converted into an aggregated net revenue amount by subtracting aggregated voyage expenses (such as fuel and port charges) from gross voyage revenue. These aggregated net revenues are combined with aggregated floating time charter revenues to determine aggregated pool Time Charter Equivalent revenue (“TCE”). Aggregated pool TCE revenue is then allocated to pool partners in accordance with the allocated pool points earned for each vessel that recognizes each vessel’s earnings capacity based on its cargo, capacity, speed and fuel consumption performance and actual on hire days. The TCE revenue earned by our vessels operated in the pools is equal to the pool point rating of the vessels multiplied by time on hire, as reported by the pool manager.

Revenue from the floating time charter agreements under which vessels are employed by the TI Pool is accounted for under IFRS 15 Revenue from Contracts with Customers.

17.2.    Time - and Bareboat charters

As a lessor, the Group leases out some of its vessels under time charters and bareboat charters, refer to accounting policy 19. Lessors shall classify each lease as an operating lease or a finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Otherwise a lease is classified as an operating lease.

Revenues from time charters and bareboat charters are accounted for as operating leases and are recognized on a straight line basis over the periods of such charters, as service is performed (refer to accounting policy 19.A.2). IFRS 16 requires the Group to separate lease and non-lease components, with the lease component qualifying as operating lease under IFRS16 and the service components accounted for under IFRS 15.

17.3.    Spot voyages

As from 1 January 2018, the Group applied IFRS 15. Voyage revenue is recognized over time for spot charters on a load-to-discharge basis. Progress is determined based on time elapsed. Voyage expenses are expensed as incurred unless they are incurred between the date on which the contract was concluded and the next load port. They are then capitalized if they qualify as fulfillment costs and if they are expected to be recovered.

When our vessels cannot start or continue performing its obligation due to other factors such as port delays, a demurrage is paid. The applicable demurrage rate is stipulated in the contract. Demurrage which occurs at the discharge port is recognized as incurred. As demurrage is often a commercial discussion between Euronav and the charterer, the outcome and total compensation received for the delay is not always certain. As such, Euronav only recognizes the revenue which is highly probable to be received. No revenue is recognized if the collection of the consideration is not highly probable. The amount of revenue recognized is estimated based on historical data. The Group updates its estimate on an annually basis.

Payment is typically done at the end of the voyage. There is no specific financing component.

Gain and losses on disposal of vessels

Gain and losses on disposal of vesselsIn view of their importance the Group reports capital gains and losses on the sale of vessels as a separate line item in the consolidated statement of profit or loss. For the sale of vessels, transfer of control usually occurs upon delivery of the vessel to the new owner.

Leases

Leases

The Group has applied IFRS 16 using the modified retrospective approach and therefore the comparative information for 2018 has not been restated and continues to be reported under IAS 17 and IFRIC 4.

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16.

1.    As a lessee

The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at the amount equal to the lease liability adjusted by initial direct costs incurred by the lessee. Adjustments may also be required for any payments made at or before the commencement date and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

After lease commencement, the Group measures the right-of-use asset using a cost model, namely at cost less accumulated depreciation and accumulated impairment. The right-of-use asset is subsequently depreciated using the straight-line method, refer to accounting policy 10.5. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's

incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The lessee's incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources (e.g. World office yield rate) and makes certain adjustments to reflect the terms of the lease and type of the asset leased or by calculating the weighted average of the cost of secured debt and unsecured debt.

Lease payments included in the measurement of the lease liability comprise the following:

-    fixed payments;

-    variable lease payments that depend on an index or a rate;

-    amounts expected to be payable under a residual value guarantee and

-    the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.

The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group's estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether the purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.

The Group has applied judgment to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognized.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the profit or loss if the carrying amount of the right-to-use asset has been reduced to zero.

Lease and non-lease components in the contracts are separated.

Short-term leases and leases of low-value assets

The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including IT equipment. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

2.    As a lessor

When the Group acts as a lessor, it determines at lease inception whether each lease is a finance or operating lease.

To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset.

If the lease qualifies as an operating lease, e.g. time charter out, the leased asset remains on the balance sheet of the lessor and continues being depreciated. The adoption of IFRS 16 required the Group to separate the lease and non-lease component in the contract, with the lease component qualified as operating lease and the non-lease component accounted for under IFRS 15. The Group recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as part of 'revenue' (refer to accounting policy 17.2.) Payments related to service component made under operating leases are also recognized in the income statement over the term of the lease.

The Group sub-leases some of its properties. The sub-lease contracts are classified as finance leases under IFRS 16. For these sub-lease, the right-of-use asset related to the head lease was derecognized and a lease receivable, at an amount equal to the net investment, relating to the sublease is recognized. Subsequently the Group recognizes finance income over the lease term of a finance lease, based on a pattern reflecting a constant periodic rate of return on the net investment and if applicable impairment losses on lease receivable.

Policy applicable before 1 January 2019

For contracts entered into before 1 January 2019, the Group determined whether the arrangement was or contained a lease.

1.    As a lessee

Leases in terms of which the Group assumes substantially all of the risks and rewards of ownership were classified as finance leases. Vessels, property, plant and equipment acquired by way of finance lease was stated at an amount equal to the lower of its fair value and the present value of the minimum lease payments at inception of the lease, less accumulated depreciation (see below) and impairment losses (refer to accounting policy 12). Lease payments were accounted for as described in accounting policy 19.A.1. Other leases are operating leases and were not recognized in the Group’s statement of financial position.

2.    As a lessor

Payments received under operating leases were recognized in the income statement on a straight-line basis over the term of the lease. Lease incentives received were recognized as an integral part of the total lease expense, over the term of the lease. Minimum lease payments made under finance leases were apportioned between the finance expense and the reduction of the outstanding liability. The finance expense were allocated to each period during the lease term so as to produce a constant period rate of interest on the remaining balance of the liability.

Finance income and finance cost

Finance income and finance cost

Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, interest receivable on funds invested, dividend income, foreign exchange gains and losses, and gains and losses on hedging instruments that are recognized in the consolidated statement of profit or loss (refer to accounting policy 8).

The 'effective interest rate' is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:

•    the gross carrying amount of the financial asset; or

•    the amortized cost of the financial liability.

In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortized cost of the liability.

Interest income is recognized in the consolidated statement of profit or loss as it accrues, taking into account the effective yield on the asset. Dividend income is recognized in the consolidated statement of profit or loss on the date that the dividend is declared. Interest income related to finance lease for the subleases is also recognized in the consolidated statement of profit or loss. as a finance income.

The interest expense component of lease liabilities is recognized in the consolidated statement of profit or loss using the effective interest rate method.

Income tax

Income tax

Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in OCI.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is recognized using the balance sheet method, in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax recognized is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantially enacted at the balance sheet date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity.

A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

In application of an IFRIC agenda decision on IAS 12 Income taxes, tonnage tax is not accounted for as income taxes in accordance with IAS 12 and is not presented as part of income tax expense in the income statement but is shown as an administrative expense under the heading Other operating expenses. In accordance to IFRIC 23 the Group assesses whether there is any uncertainty over Income Tax Treatments. The amount is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes.

Segment reporting

Segment reportingAn operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group's other components. The Group distinguishes two segments: the operation of crude oil tankers in the international markets and the floating storage and offloading operations (FSO/FpSO). The Group's internal organizational and management structure does not distinguish any geographical segments.

Discontinued operations

Discontinued operationsA discontinued operation is a component of the Group’s business that represents a separate major line of business or geographical area of operations that has been disposed of or is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale, if earlier. When an operation is classified as a discontinued operation, the comparative statement of profit or loss is represented as if the operation had been discontinued from the start of the comparative period.

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Significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2020

Corporate Information And Statement Of IFRS Compliance [Abstract]

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	30 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

(in thousands of USD)	Vessels	Vessels under construction	Right-of-use assets	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	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 (Note 3)	(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	(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 January 1, 2020
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
Acquisitions	17,835	207,069	25,701	285	250,890
Disposals and cancellations	(42,641)	—	—	(2)	(42,643)
Depreciation charges	(287,148)	—	(31,702)	(802)	(319,652)
Translation differences	—	—	48	13	61
Balance at December 31, 2020	2,865,308	207,069	52,955	1,759	3,127,091
At December 31, 2020
Cost	4,608,326	207,069	113,859	5,189	4,934,443
Depreciation & impairment losses	(1,743,018)	—	(60,904)	(3,430)	(1,807,352)
Net carrying amount	2,865,308	207,069	52,955	1,759	3,127,091

Disposal of assets – Gains/losses

(in thousands of USD)	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)
	Sale price	Book Value	Gain	Loss
Finesse - Sale	21,003	12,705	8,298	—
Cap Diamant - Sale	20,072	7,242	12,830	—
TI Hellas - Sale	37,000	35,400	1,600	—
At December 31, 2020	78,075	55,347	22,728	—

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Segment reporting (Tables)

12 Months Ended

Dec. 31, 2020

Operating Segments [Abstract]

Schedule of operating segments

Consolidated statement of financial position

(in thousands of USD)	December 31, 2020				December 31, 2019
ASSETS	Tankers	FSO	Less: Equity-accounted investees	Total	Tankers *	FSO *	Less: Equity-accounted investees *	Total
Vessels	2,875,348	115,248	(125,288)	2,865,308	3,198,993	131,958	(153,689)	3,177,262
Assets under construction	207,069	—	—	207,069	—	—	—	—
Right-of-use assets	52,955	—	—	52,955	58,908	—	—	58,908
Other tangible assets	1,759	—	—	1,759	2,265	—	—	2,265
Intangible assets	161	—	—	161	39	—	—	39
Receivables	46,419	—	8,635	55,054	52,502	—	18,581	71,083
Investments in equity accounted investees	2,822	—	48,881	51,703	2,355	—	47,967	50,322
Deferred tax assets	1,357	—	—	1,357	2,715	1,116	(1,116)	2,715
Total non-current assets	3,187,890	115,248	(67,772)	3,235,366	3,317,777	133,074	(88,257)	3,362,594
Total current assets	453,009	10,182	(11,318)	451,873	805,613	10,405	(13,769)	802,249
TOTAL ASSETS	3,640,899	125,430	(79,090)	3,687,239	4,123,390	143,479	(102,026)	4,164,843
EQUITY and LIABILITIES
Total equity	2,264,271	47,515	—	2,311,786	2,268,490	43,365	—	2,311,855
Bank and other loans	836,318	36,237	(36,237)	836,318	1,173,944	67,962	(67,962)	1,173,944
Other notes	198,279	—	—	198,279	198,571	—	—	198,571
Other borrowings	100,056	—	—	100,056	107,978	—	—	107,978
Lease liabilities	21,172	—	—	21,172	43,161	—	—	43,161
Other payables	6,893	242	(242)	6,893	3,809	539	(539)	3,809
Deferred tax liabilities	—	11,525	(11,525)	—	—	4,769	(4,769)	—
Employee benefits	7,987	—	—	7,987	8,094	—	—	8,094
Provisions	1,154	—	—	1,154	1,381	—	—	1,381
Total non-current liabilities	1,171,859	48,004	(48,004)	1,171,859	1,536,938	73,270	(73,270)	1,536,938
Total current liabilities	204,769	29,911	(31,086)	203,594	317,962	26,844	(28,756)	316,050
TOTAL EQUITY and LIABILITIES	3,640,899	125,430	(79,090)	3,687,239	4,123,390	143,479	(102,026)	4,164,843

Consolidated statement of profit or loss

(in thousands of USD)	2020				2019				2018
	Tankers	FSO	Less: Equity-accounted investees	Total	Tankers *	FSO *	Less: Equity-accounted investees *	Total	Tankers	FSO	Less: Equity-accounted investees	Total
Shipping income
Revenue	1,241,252	49,949	(60,451)	1,230,750	933,823	49,461	(50,907)	932,377	600,024	49,155	(49,155)	600,024
Gains on disposal of vessels/other tangible assets	23,107	—	(379)	22,728	14,879	—	—	14,879	19,138	—	—	19,138
Other operating income	9,907	2,577	(2,372)	10,112	10,075	3,351	(3,332)	10,094	4,775	72	(72)	4,775
Total shipping income	1,274,266	52,526	(63,202)	1,263,590	958,777	52,812	(54,239)	957,350	623,937	49,227	(49,227)	623,937
Operating expenses
Voyage expenses and commissions	(129,833)	—	4,403	(125,430)	(145,047)	2	364	(144,681)	(141,416)	(1)	1	(141,416)
Vessel operating expenses	(213,489)	(12,014)	14,869	(210,634)	(212,010)	(12,657)	12,872	(211,795)	(185,792)	(9,637)	9,637	(185,792)
Charter hire expenses	(5,410)	—	(2,544)	(7,954)	(604)	—	—	(604)	(31,114)	—	—	(31,114)
Losses on disposal of vessels/other tangible assets	(1)	—	—	(1)	(75)	—	—	(75)	(273)	—	—	(273)
Impairment on non-current assets held for sale	—	—	—	—	—	—	—	—	(2,995)	—	—	(2,995)
Depreciation tangible assets	(323,216)	(16,710)	20,274	(319,652)	(338,036)	(18,071)	18,461	(337,646)	(270,582)	(18,071)	18,071	(270,582)
Depreciation intangible assets	(99)	—	—	(99)	(56)	—	—	(56)	(111)	—	—	(111)
General and administrative expenses	(65,606)	(560)	668	(65,498)	(66,958)	(283)	351	(66,890)	(66,235)	(425)	428	(66,232)
Total operating expenses	(737,654)	(29,284)	37,670	(729,268)	(762,786)	(31,009)	32,048	(761,747)	(698,518)	(28,134)	28,137	(698,515)
RESULT FROM OPERATING ACTIVITIES	536,612	23,242	(25,532)	534,322	195,991	21,803	(22,191)	195,603	(74,581)	21,093	(21,090)	(74,578)
Finance income	20,045	21	1,430	21,496	20,399	147	26	20,572	15,023	160	(160)	15,023
Finance expenses	(91,645)	(3,295)	3,387	(91,553)	(119,809)	(4,558)	4,564	(119,803)	(89,412)	(3,795)	3,795	(89,412)
Net finance expenses	(71,600)	(3,274)	4,817	(70,057)	(99,410)	(4,411)	4,590	(99,231)	(74,389)	(3,635)	3,635	(74,389)
Gain on bargain purchase	—	—	—	—	—	—	—	—	23,059	—	—	23,059
Share of profit (loss) of equity accounted investees (net of income tax)	467	—	10,450	10,917	440	—	16,020	16,460	220	—	15,856	16,076
Profit (loss) before income tax	465,479	19,968	(10,265)	475,182	97,021	17,392	(1,581)	112,832	(125,691)	17,458	(1,599)	(109,832)
Income tax expense	(1,944)	(10,265)	10,265	(1,944)	(602)	(1,581)	1,581	(602)	(238)	(1,599)	1,599	(238)
Profit (loss) for the period	463,535	9,703	—	473,238	96,419	15,811	—	112,230	(125,929)	15,859	—	(110,070)

Attributable to:
Owners of the company	463,535	9,703	—	473,238	96,419	15,811	—	112,230	(125,929)	15,859	—	(110,070)

Summarized consolidated statement of cash flows

(in thousands of USD)	2020				2019				2018
	Tankers	FSO	Less: Equity-accounted investees	Total	Tankers *	FSO *	Less: Equity-accounted investees *	Total	Tankers	FSO	Less: Equity-accounted investees	Total
Net cash from (used in) operating activities	958,798	36,328	(25,341)	969,785	259,109	41,278	(28,396)	271,991	843	40,672	(40,674)	841
Net cash from (used in) investing activities	(110,314)	—	(6,792)	(117,106)	44,211	—	(461)	43,750	190,042	—	—	190,042
Net cash from (used in) financing activities	(995,151)	(36,503)	31,953	(999,701)	(178,587)	(41,491)	28,891	(191,187)	(160,165)	(42,164)	42,164	(160,165)
Capital expenditure	(226,663)	—	1,252.5	(225,410)	(30,173)	—	22,120	(8,053)	(238,065)	—	—	(238,065)

* The Group initially applied IFRS 16 at 1 January 2019, which requires the recognition of right-of-use assets and lease liabilities for lease contracts that were previously classified as operating leases. As a result, the Group recognized $87.6 million of right-of-use assets and $105.3 million of liabilities from those lease contracts. The assets and liabilities are included in the Tankers and FSO segments as at 31 December 2020 and 31 December 2019. The Group has applied IFRS 16 using the modified retrospective approach, under which comparative information is not restated (see Note 1.19).

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

12 Months Ended

Dec. 31, 2020

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)	December 31, 2020	December 31, 2019	December 31, 2018
Vessels	—	12,705	42,000
Of which in Tankers segment	—	12,705	42,000
Of which in FSO segment	—	—	—

(in thousands of USD)	(Estimated) Net sale price	Book Value	Asset Held For Sale	Impairment Loss	(Expected) Gain
At January 1, 2019	—	—	42,000	—	—
Assets transferred to assets held for sale
Finesse	21,003	12,705	12,705	—	8,298
Assets sold from assets held for sale
Felicity	42,000	42,000	(42,000)	—	—
At December 31, 2019	—	—	12,705	—	8,298
At January 1, 2020	—	—	12,705	—	—
Assets sold from assets held for sale
Finesse	21,003	12,705	(12,705)	—	8,298
At December 31, 2020	—	—	—	—	8,298

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Revenue and other operating income (Tables)

12 Months Ended

Dec. 31, 2020

Analysis of income and expense [abstract]

Schedule of revenue sources

(in thousands of USD)	2020				2019
	Tankers	FSO	Less: Equity-accounted investees	Total	Tankers	FSO	Less: Equity-accounted investees	Total
Pool Revenue	715,812	—	594	716,406	524,840	—	7	524,847
Spot Voyages	410,256	—	(9,799)	400,457	318,674	—	(1,453)	317,221
Revenue from contracts with customers	1,126,068	—	(9,205)	1,116,863	843,514	—	(1,446)	842,068
Time Charters	115,184	49,949	(51,246)	113,887	90,309	49,461	(49,461)	90,309
Lease income	115,184	49,949	(51,246)	113,887	90,309	49,461	(49,461)	90,309
Total revenue	1,241,252	49,949	(60,451)	1,230,750	933,823	49,461	(50,907)	932,377
Other operating income	—	—	—	10,112	—	—	—	10,094

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Expenses for shipping activities and other expenses from operating activities (Tables)

12 Months Ended

Dec. 31, 2020

Analysis of income and expense [abstract]

Schedule of voyage expenses and commissions

Voyage expenses and commissions

(in thousands of USD)	2020	2019	2018
Commissions paid	(12,748)	(10,130)	(8,193)
Bunkers	(98,761)	(101,947)	(103,920)
Other voyage related expenses	(13,921)	(32,604)	(29,303)
Total voyage expenses and commissions	(125,430)	(144,681)	(141,416)

Schedule of vessel operating expenses

Vessel operating expenses

(in thousands of USD)	2020	2019	2018
Operating expenses	(196,677)	(196,739)	(172,589)
Insurance	(13,957)	(15,056)	(13,203)
Total vessel operating expenses	(210,634)	(211,795)	(185,792)

Schedule of charter hire expenses

Charter hire expenses

(in thousands of USD)	2020	2019	2018
Charter hire	(7,954)	(604)	6
Bare boat hire	—	—	(31,120)
Total charter hire expenses	(7,954)	(604)	(31,114)

Schedule of general and administrative expenses

General and administrative expenses

(in thousands of USD)	2020	2019	2018
Wages and salaries	(19,806)	(25,050)	(16,247)
Social security costs	(3,269)	(3,430)	(3,746)
Provision for employee benefits (Note 17)	(545)	(134)	(111)
Cash-settled share-based payments (Note 23)	1,338	(2,455)	(505)
Equity-settled share-based payments (Note 23)	(140)	—	(37)
Other employee benefits	(4,450)	(3,713)	(7,607)
Employee benefits	(26,872)	(34,782)	(28,253)
Administrative expenses	(35,565)	(31,226)	(33,485)
Tonnage Tax	(3,459)	(1,313)	(4,436)
Claims	10	(17)	(100)
Provisions	388	448	42
Total general and administrative expenses	(65,498)	(66,890)	(66,232)
Average number of full time equivalents (shore staff)	185.66	184.90	161.77

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Net finance expense (Tables)

12 Months Ended

Dec. 31, 2020

Financial Instruments [Abstract]

Disclosure of net finance expense recognized in profit or loss

(in thousands of USD)	2020	2019	2018
Interest income	6,487	6,529	4,106
Foreign exchange gains	15,009	14,043	10,917
Finance income	21,496	20,572	15,023
Interest expense on financial liabilities measured at amortized cost	(62,350)	(84,378)	(67,956)
Interest leasing	(3,287)	(4,811)	—
Fair value adjustment on interest rate swaps	(108)	(8,533)	(2,790)
Other financial charges	(9,936)	(7,474)	(6,802)
Foreign exchange losses	(15,872)	(14,607)	(11,864)
Finance expense	(91,553)	(119,803)	(89,412)
Net finance expense recognized in profit or loss	(70,057)	(99,231)	(74,389)

Disclosure of finance income and expenses not at fair value through profit or loss

The above finance income and expenses include the following in respect of assets (liabilities) not recognized at fair value through profit or loss:

	2020	2019	2018
Total interest income on financial assets	6,487	6,529	4,106
Total interest expense on financial liabilities	(62,350)	(84,378)	(67,956)
Total interest leasing	(3,287)	(4,811)	—
Total other financial charges	(9,936)	(7,474)	(6,802)

Disclosure finance expense recognized directly in equity

(in thousands of USD)	2020	2019	2018
Foreign currency translation differences for foreign operations	636	(112)	(157)
Cash flow hedges - effective portion of changes in fair value	(2,873)	(1,885)	(2,698)
Net finance expense recognized directly in equity	(2,237)	(1,997)	(2,855)
Attributable to:
Owners of the Company	(2,237)	(1,997)	(2,855)
Net finance expense recognized directly in equity	(2,237)	(1,997)	(2,855)
Recognized in:
Translation reserve	636	(112)	(157)
Hedging reserve	(2,873)	(1,885)	(2,698)

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Income tax benefit (expense) (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes [Abstract]

Disclosure of tax benefit (expense)

(in thousands of USD)	2020	2019	2018
Current tax
Current period	(575)	(1,066)	(37)
Total current tax	(575)	(1,066)	(37)
Deferred tax
Recognition of unused tax losses/(use of tax losses)	(1,369)	474	(195)
Other	—	(10)	(6)
Total deferred tax	(1,369)	464	(201)
Total tax benefit/(expense)	(1,944)	(602)	(238)

Disclosure of reconciliation of effective tax

Reconciliation of effective tax	2020			2019			2018
Profit (loss) before tax			475,182			112,832			(109,832)
Tax at domestic rate	(25.00)	%	(118,796)	(29.58)	%	(33,376)	(29.58)	%	32,488
Effects on tax of :
Tax exempt profit / loss			241			317			(50)
Tax adjustments for previous years			—			34			9
Loss for which no DTA (*) has been recognized			(61)			(26)			(1,037)
Non-deductible expenses			(482)			(538)			(962)
Use of previously unrecognized tax losses and tax credits			267			4,066			—
Tonnage Tax regime			115,174			24,534			(33,602)
Effect of share of profit of equity-accounted investees			2,613			2,482			4,690
Effects of tax regimes in foreign jurisdictions			(900)			1,905			(1,774)
Total taxes	(0.41)	%	(1,944)	(0.53)	%	(602)	0.22	%	(238)

In application of an IFRIC agenda decision on ‘IAS 12 Income taxes’, tonnage tax is not accounted for as income taxes in accordance with IAS 12 and is not presented as part of income tax expense in the consolidated statement of profit or loss but

has been shown as an administrative expense under the heading General and administrative expenses. The amount paid for tonnage tax in the year ended December 31, 2020 was $3.5 million (2019: $1.3 million) (see Note 5).

* Deferred Tax Asset

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Property, plant and equipment Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2020

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	30 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

(in thousands of USD)	Vessels	Vessels under construction	Right-of-use assets	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	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 (Note 3)	(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	(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 January 1, 2020
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
Acquisitions	17,835	207,069	25,701	285	250,890
Disposals and cancellations	(42,641)	—	—	(2)	(42,643)
Depreciation charges	(287,148)	—	(31,702)	(802)	(319,652)
Translation differences	—	—	48	13	61
Balance at December 31, 2020	2,865,308	207,069	52,955	1,759	3,127,091
At December 31, 2020
Cost	4,608,326	207,069	113,859	5,189	4,934,443
Depreciation & impairment losses	(1,743,018)	—	(60,904)	(3,430)	(1,807,352)
Net carrying amount	2,865,308	207,069	52,955	1,759	3,127,091

Disposal of assets – Gains/losses

(in thousands of USD)	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)
	Sale price	Book Value	Gain	Loss
Finesse - Sale	21,003	12,705	8,298	—
Cap Diamant - Sale	20,072	7,242	12,830	—
TI Hellas - Sale	37,000	35,400	1,600	—
At December 31, 2020	78,075	55,347	22,728	—

Schedule of capital commitments

These capital commitments relate to three out of the four VLCC newbuilding contracts entered into in 2020. The capital commitments can be detailed as follows:

(in thousands of USD)	Total	2021	2022
Commitments in respect of VLCCs	172,100	172,100	—
Commitments in respect of Suezmaxes	—	—	—
Commitments in respect of FSOs	—	—	—
Total	172,100	172,100	—

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Deferred tax assets and liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes [Abstract]

Schedule of deferred tax assets and liabilities

Deferred tax assets and liabilities are attributable to the following:

(in thousands of USD)	ASSETS	LIABILITIES	NET
Employee benefits	26	—	26
Unused tax losses & tax credits	29,011	—	29,011
Unremitted earnings	—	(26,322)	(26,322)
	29,037	(26,322)	2,715
Offset	(26,322)	26,322
Balance at December 31, 2019	2,715	—
Employee benefits	29	—	29
Unused tax losses & tax credits	27,650	—	27,650
Unremitted earnings	—	(26,322)	(26,322)
	27,679	(26,322)	1,357
Offset	(26,322)	26,322
Balance at December 31, 2020	1,357	—

Deferred tax assets and liabilities have not been recognized in respect of the following items:

(in thousands of USD)	December 31, 2020		December 31, 2019
	ASSETS	LIABILITIES	ASSETS	LIABILITIES
Deductible temporary differences	38	—	290	—
Taxable temporary differences	—	(12,162)	—	(12,162)
Tax losses & tax credits	64,923	—	59,772	—
	64,961	(12,162)	60,062	(12,162)
Offset	(12,162)	12,162	(12,162)	12,162
Total	52,799	—	47,900	—

(in thousands of USD)	Balance at Jan 1, 2018	Recognized in income	Recognized in equity	Translation differences	Balance at Dec 31, 2018
Provisions	1	(1)	—	—	—
Employee benefits	44	(5)	—	(2)	37
Unused tax losses & tax credits	2,442	(195)	—	(29)	2,218
Total	2,487	(201)	—	(31)	2,255
	Balance at Jan 1, 2019	Recognized in income	Recognized in equity	Translation differences	Balance at Dec 31, 2019
Provisions	—	—	—	—	—
Employee benefits	37	(10)	—	(1)	26
Unused tax losses & tax credits	2,218	474	—	(3)	2,689
Total	2,255	464	—	(4)	2,715
	Balance at Jan 1, 2020	Recognized in income	Recognized in equity	Translation differences	Balance at Dec 31, 2020
Provisions	—	—	—	—	—
Employee benefits	26	—	—	3	29
Unused tax losses & tax credits	2,689	(1,369)	—	8	1,328
Total	2,715	(1,369)	—	11	1,357

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Non-current receivables (Tables)

12 Months Ended

Dec. 31, 2020

Subclassifications of assets, liabilities and equities [abstract]

Schedule of non-current receivables

(in thousands of USD)	December 31, 2020	December 31, 2019
Shareholders loans to joint ventures	33,936	60,379
Derivatives	2	—
Other non-current receivables	14,434	2,094
Lease receivables	6,681	8,609
Investment	1	1
Total non-current receivables	55,054	71,083

Schedule of non-current receivables by contractual maturity date

The maturity date of the non-current receivables is as follows:

(in thousands of USD)	December 31, 2020	December 31, 2019
Receivable:
Within two years	2,100	1,959
Between two and three years	2,305	2,076
Between three and four years	18,862	2,278
Between four and five years	2,764	38,754
More than five years	29,023	26,016
Total non-current receivables	55,054	71,083

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Trade and other receivables - current (Tables)

12 Months Ended

Dec. 31, 2020

Subclassifications of assets, liabilities and equities [abstract]

Schedule of trade and other current receivables

(in thousands of USD)	December 31, 2020	December 31, 2019
Receivable from contracts with customers	70,658	105,925
Receivable from contracts with customers - TI Pool	99,236	149,800
Accrued income	8,149	20,815
Accrued interest	441	678
Deferred charges	21,239	19,134
Deferred fulfillment costs	714	2,556
Other receivables	12,046	8,220
Lease receivables	1,981	1,802
Derivatives	15	57
Total trade and other receivables	214,479	308,987

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Cash and cash equivalents (Tables)

12 Months Ended

Dec. 31, 2020

Subclassifications of assets, liabilities and equities [abstract]

Schedule of cash and cash equivalents

(in thousands of USD)	December 31, 2020	December 31, 2019
Bank deposits	—	215,000
Cash at bank and in hand	161,478	81,954
TOTAL	161,478	296,954

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Equity (Tables)

12 Months Ended

Dec. 31, 2020

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

Disclosure of number of shares issued

Number of shares issued

(in shares)	December 31, 2020	December 31, 2019	December 31, 2018
On issue at 1 January	220,024,713	220,024,713	159,208,949
Issued in business combination	—	—	60,815,764
On issue at 31 December - fully paid	220,024,713	220,024,713	220,024,713

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Earnings per share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings per share [abstract]

Schedule of earnings per share

	2020	2019	2018
Result for the period (in USD)	473,237,286	112,230,267	(110,069,928)
Weighted average number of ordinary shares	210,193,707	216,029,171	191,994,398
Basic earnings per share (in USD)	2.25	0.52	(0.57)

(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	33,823,562
Purchases of treasury shares	—	545,486	(545,486)	(13,917)
Withdrawal of treasury shares	—	—	—	—
Sales of treasury shares	—	(350,000)	350,000	18,219
On issue at December 31, 2018	220,024,713	1,237,901	218,786,812	191,994,398
On issue at January 1, 2019	220,024,713	1,237,901	218,786,812	218,786,812
Issuance of shares	—	—	—	—
Purchases of treasury shares	—	3,708,315	(3,708,315)	(2,757,641)
Withdrawal of treasury shares	—	—	—	—
Sales of treasury shares	—	—	—	—
On issue at December 31, 2019	220,024,713	4,946,216	215,078,497	216,029,171
On issue at January 1, 2020	220,024,713	4,946,216	215,078,497	215,078,497
Issuance of shares	—	—	—	—
Purchases of treasury shares	—	13,400,516	(13,400,516)	(4,884,790)
Withdrawal of treasury shares	—	—	—	—
Sales of treasury shares	—	—	—	—
On issue at December 31, 2020	220,024,713	18,346,732	201,677,981	210,193,707

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)	2020	2019	2018
Weighted average of ordinary shares outstanding (basic)	210,193,707	216,029,171	191,994,398
Effect of Share-based Payment arrangements	12,696	—	—
Weighted average number of ordinary shares (diluted)	210,206,403	216,029,171	191,994,398

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Interest-bearing loans and borrowings (Tables)

12 Months Ended

Dec. 31, 2020

Financial Instruments [Abstract]

Schedule of financial liabilities activity by maturity

(in thousands of USD)	Bank loans	Other notes	Lease liabilities	Other borrowings	Total
More than 5 years	433,662	—	—	—	433,662
Between 1 and 5 years	987,803	148,166	—	—	1,135,969
More than 1 year	1,421,465	148,166	—	—	1,569,631
Less than 1 year	138,537	—	—	60,342	198,879
At January 1, 2019	1,560,002	148,166	—	60,342	1,768,510
New loans	986,755	50,500	498	896,145	1,933,898
Adoption IFRS 16	—	—	105,238	—	105,238
Scheduled repayments	(92,651)	—	(30,214)	(708,135)	(831,000)
Early repayments	(1,225,747)	—	—	—	(1,225,747)
Other changes	(4,908)	(95)	—	—	(5,003)
Translation differences	—	—	102	(1,139)	(1,037)
Balance at December 31, 2019	1,223,451	198,571	75,624	247,213	1,744,859
More than 5 years	628,711	—	1,652	—	630,363
Between 1 and 5 years	545,233	198,571	41,509	107,978	893,291
More than 1 year	1,173,944	198,571	43,161	107,978	1,523,654
Less than 1 year	49,507	—	32,463	139,235	221,205
Balance at December 31, 2019	1,223,451	198,571	75,624	247,213	1,744,859
	Bank loans	Other notes	Lease liabilities	Other borrowings	Total
More than 5 years	628,711	—	1,652	—	630,363
Between 1 and 5 years	545,233	198,571	41,509	107,978	893,291
More than 1 year	1,173,944	198,571	43,161	107,978	1,523,654
Less than 1 year	49,507	—	32,463	139,235	221,205
At January 1, 2020	1,223,451	198,571	75,624	247,213	1,744,859
New loans	630,000	—	25,703	263,827	919,530
Scheduled repayments	(88,989)	—	(34,492)	(371,021)	(494,502)

Early repayments	(905,000)	(1,000)	—	—	(906,000)
Other changes	(2,602)	708	—	—	(1,894)
Translation differences	—	—	86	11,334	11,420
Balance at December 31, 2020	856,860	198,279	66,921	151,353	1,273,413
More than 5 years	631,044	—	—	—	631,044
Between 1 and 5 years	205,274	198,279	21,172	100,056	524,781
More than 1 year	836,318	198,279	21,172	100,056	1,155,825
Less than 1 year	20,542	—	45,749	51,297	117,588
Balance at December 31, 2020	856,860	198,279	66,921	151,353	1,273,413

The following are the remaining contractual maturities of financial liabilities:

	Contractual cash flows December 31, 2019
(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 16)	1,422,022	1,697,327	110,720	905,302	681,305
Other borrowings (Note 16)	247,213	268,661	145,640	123,021	—
Lease liabilities (Note 16)	75,624	79,873	35,525	42,667	1,681
Current trade and other payables * (Note 18)	76,589	76,589	76,589	—	—
	1,821,448	2,122,450	368,474	1,070,990	682,986
Derivative financial liabilities
Interest rate swaps (Note 18)	3,593	3,300	758	2,432	110
Forward exchange contracts (Note 18)	—	—	—	—	—
	3,593	3,300	758	2,432	110
	Contractual cash flows December 31, 2020
	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 16)	1,055,139	1,191,925	55,079	474,687	662,159
Other borrowings (Note 16)	151,353	180,865	61,320	119,545	—
Lease liabilities (Note 16)	66,921	70,245	47,976	22,150	119
Current trade and other payables * (Note 18)	71,958	71,958	71,958	—	—
	1,345,371	1,514,993	236,333	616,382	662,278
Derivative financial liabilities
Interest rate swaps (Note 18)	6,385	8,601	2,194	6,406	—
Forward exchange contracts (Note 18)	—	—	—	—	—
	6,385	8,601	2,194	6,406	—

* Deferred income and VAT payables (included in other payables) (see Note 18), which are not financial liabilities, are not included.

Schedule of interest-bearing loans and borrowings

The terms and conditions of outstanding loans were as follows:

(in thousands of USD)				December 31, 2020			December 31, 2019
	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	—	—	—	43,447	43,447	42,859
Secured vessels Revolving loan 148M*	USD	libor + 2.25%	2021	—	—	—	133,962	—	—
Secured vessels Revolving loan 750M*	USD	libor + 1.95%	2022	45,958	—	(871)	322,340	130,000	128,205
Secured vessels Revolving loan 409.5M*	USD	libor + 2.25%	2023	175,605	65,000	63,997	212,459	90,000	88,328
Secured vessels loan 27.1M	USD	libor + 1.95%	2029	25,554	25,554	25,554	26,007	26,007	25,389
Secured vessels loan 81.4M	USD	libor + 1.50%	2029	57,667	57,667	55,918	64,452	64,452	62,970
Secured vessels loan 69.4M	USD	libor + 2.0%	2030	59,007	59,007	59,007	63,635	63,635	63,635
Secured vessels loan 104.2M	USD	libor + 2.0%	2030	84,606	84,606	83,562	93,283	93,283	92,035
Secured vessels Revolving loan 200.0M*	USD	libor + 2.0%	2025	148,688	55,000	53,876	174,344	100,000	98,445
Secured vessels Revolving loan 100.0M*	USD	libor + 2.10%	2021	100,000	—	(479)	100,000	70,000	69,043
Secured vessels Revolving loan 700.0M*	USD	libor + 1.95%	2026	651,160	345,000	338,765	700,000	560,000	552,542
Secured vessels Revolving loan 713.0M*	USD	libor + 2.35%	2026	469,000	185,000	177,529	—	—	—
Unsecured bank facility 60M	USD	libor + 2.25%	2020	—	—	—	60,000	—	—
Total interest-bearing bank loans				1,817,246	876,834	856,860	1,993,928	1,240,824	1,223,451

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. For further information, we refer to Note 19.

* The total amount available under the revolving loan Facilities depends on the total value of the fleet of tankers securing the facility.

(in thousands of USD)				December 31, 2020			December 31, 2019
	Curr	Nominal interest rate	Year of mat.	Facility size	Drawn	Carrying value	Facility size	Drawn	Carrying value
Unsecured notes	USD	7.50%	2022	200,000	199,000	198,279	200,000	200,000	198,571
Total other notes				200,000	199,000	198,279	200,000	200,000	198,571

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, 2020	December 31, 2019
Less than one year	22,667	22,853
Between one and five years	56,545	79,211
Total future lease payables	79,211	102,064

The future lease payments for these leaseback agreements are as follows:

(in thousands of USD)	December 31, 2020	December 31, 2019
Less than 1 year	49,218	32,903
Between 1 and 5 years	14,714	31,870
Total future lease payments	63,932	64,773

Schedule of reconciliation of liabilities and equity to cash flows arising from financing activities

Reconciliation of movements of liabilities to cash flows arising from financing activities

	Liabilities				Equity
	Loans and borrowings	Other Notes	Other borrowings	Lease liabilities	Share capital / premium	Reserves	Treasury shares	Retained earnings	Total
Restated balance at January 1, 2019	1,560,002	148,166	60,342	105,736	1,941,697	(2,287)	(14,651)	335,764	4,134,769
Changes from financing cash flows
Proceeds from loans and borrowings (Note 16)	986,755	50,500	—	—	—	—	—	—	1,037,255
Proceeds from issue of other borrowings (Note 16)	—	—	62,446	—	—	—	—	—	62,446
Purchase treasury shares (Note 14)	—	—	—	—	—	—	(30,965)	—	(30,965)
Proceeds from sale and leaseback agreement (Note 16)	—	—	124,425	—	—	—	—	—	124,425
Transaction costs related to loans and borrowings (Note 16)	(9,046)	(675)	—	—	—	—	—	—	(9,721)
Repayment of borrowings (Note 16)	(1,318,398)	—	—	—	—	—	—	—	(1,318,398)
Repayment of lease liabilities (Note 16)	—	—	—	(30,214)	—	—	—	—	(30,214)
Dividend paid	—	—	—	—	—	—	—	(26,015)	(26,015)
Total changes from financing cash flows	(340,689)	49,825	186,871	(30,214)	—	—	(30,965)	(26,015)	(191,187)
Other changes
Liability-related
Amortization of transaction costs (Note 16)	4,138	674	—	—	—	—	—	—	4,812
Amortization of above par issuance (Note 16)	—	(94)	—	—	—	—	—	—	(94)
Translation differences (Note 16)	—	—	—	102	—	—	—	—	102
Total liability-related other changes	4,138	580	—	102	—	—	—	—	4,820
Total equity-related other changes (Note 14)	—	—	—	—	—	(1,997)	—	110,309	108,312
Balance at December 31, 2019	1,223,451	198,571	247,213	75,624	1,941,697	(4,284)	(45,616)	420,058	4,056,714

	Liabilities				Equity
	Loans and borrowings	Other Notes	Other borrowings	Lease liabilities	Share capital / premium	Reserves	Treasury shares	Retained earnings	Total
Restated balance at January 1, 2019	1,223,451	198,571	247,213	75,624	1,941,697	(4,284)	(45,616)	420,058	4,056,714
Changes from financing cash flows
Proceeds from loans and borrowings (Note 16)	630,000	—	—	—	—	—	—	—	630,000
Proceeds from issue of other borrowings (Note 16)	—	—	263,827	—	—	—	—	—	263,827
Proceeds from sale of treasury shares (Note 14)	—	—	—	—	—	—	(118,488)	—	(118,488)
Purchase treasury shares (Note 14)	—	—	—	—	—	—	—	—	—
Repayment of sale and leaseback liability (Note 16)	—	—	(22,853)	—	—	—	—	—	(22,853)
Transaction costs related to loans and borrowings (Note 16)	(8,083)	—	—	—	—	—	—	—	(8,083)
Repayment of borrowings (Note 16)	(993,989)	(1,000)	—	—	—	—	—	—	(994,989)
Repayment of commercial paper (Note 16)	—	—	(359,295)	—	—	—	—	—	(359,295)
Repayment of lease liabilities (Note 16)	—	—	—	(37,779)	—	—	—	—	(37,779)
Dividend paid	—	—	—	—	—	—	—	(352,041)	(352,041)
Total changes from financing cash flows	(372,072)	(1,000)	(118,321)	(37,779)	—	—	(118,488)	(352,041)	(999,701)
Other changes
Liability-related
Amortization of transaction costs (Note 16)	5,481	787	—	—	—	—	—	—	6,268
Amortization of above par issuance (Note 16)	—	(175)	—	—	—	—	—	—	(175)
Amortization of below par issuance (Note 16)	—	96	—	—	—	—	—	—	96
New leases (Note 16)	—	—	—	25,703	—	—	—	—	25,703
Interest expense (Note 6)	—	—	11,127	3,287	—	—	—	—	14,414
Translation differences (Note 16)	—	—	11,334	86	—	—	—	—	11,420
Total liability-related other changes	5,481	708	22,461	29,076	—	—	—	—	57,726
Total equity-related other changes (Note 14)	—	—	—	—	—	(2,237)	—	472,697	470,460
Balance at December 31, 2020	856,860	198,279	151,352.62	66,921.07	1,941,697	(6,521)	(164,104)	540,714	3,585,199

XML

Employee benefits (Tables)

12 Months Ended

Dec. 31, 2020

Employee Benefits [Abstract]

Disclosure of net defined benefit liability (asset)

The amounts recognized in the balance sheet are as follows:

(in thousands of USD)	December 31, 2020	December 31, 2019	December 31, 2018
NET LIABILITY AT BEGINNING OF PERIOD	(8,094)	(4,336)	(3,984)
Recognized in profit or loss	653	(2,589)	(616)
Recognized in other comprehensive income	(97)	(1,223)	120
Foreign currency translation differences	(449)	54	144
NET LIABILITY AT END OF PERIOD	(7,987)	(8,094)	(4,336)
Present value of funded obligation	(5,074)	(4,298)	(3,538)
Fair value of plan assets	3,940	3,241	2,970
	(1,134)	(1,057)	(568)
Present value of unfunded obligations	(6,853)	(7,037)	(3,768)
NET LIABILITY	(7,987)	(8,094)	(4,336)
Amounts in the balance sheet:
Liabilities	(7,987)	(8,094)	(4,336)
Assets	—	—	—
NET LIABILITY	(7,987)	(8,094)	(4,336)

XML

Trade and other payables (Tables)

12 Months Ended

Dec. 31, 2020

Subclassifications of assets, liabilities and equities [abstract]

Schedule of trade and other payables

(in thousands of USD)	December 31, 2020	December 31, 2019
Advances received on contracts in progress, between 1 and 5 years	508	414
Derivatives	6,385	3,395
Total non-current other payables	6,893	3,809
Trade payables	27,226	22,737
Accrued expenses	35,321	45,997
Accrued payroll	5,849	3,313
Dividends payable	565	123
Accrued interest	2,959	3,924
Deferred income	13,138	17,783
Other payables	92	333
Derivatives	—	198
Total current trade and other payables	85,150	94,408

XML

Financial instruments - Fair values and risk management (Tables)

12 Months Ended

Dec. 31, 2020

Financial Instruments [Abstract]

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
	Fair value - Hedging instruments	Financial assets at amortized cost	Other financial liabilities	Total	Level 1	Level 2	Level 3	Total
December 31, 2019
Financial assets measured at fair value
Forward exchange contracts (Note 16)	1,306	—	—	1,306	—	1,306	—	1,306
Interest rate swaps (Note 12)	5	—	—	5	—	5	—	5
Forward cap contracts (Note 12)	52	—	—	52	—	52	—	52
	1,363	—	—	1,363
Financial assets not measured at fair value
Non-current receivables (Note 10)	—	62,474	—	62,474	—	—	52,591	52,591
Lease receivables (Note 10)	—	8,609	—	8,609	—	9,961	—	9,961
Trade and other receivables * (Note 12)	—	286,447	—	286,447	—	—	—	—
Cash and cash equivalents (Note 13)	—	296,954	—	296,954	—	—	—	—
	—	654,484	—	654,484
Financial liabilities measured at fair value
Interest rate swaps (Note 18)	3,593	—	—	3,593	—	3,593	—	3,593
	3,593	—	—	3,593
Financial liabilities not measured at fair value
Secured bank loans (Note 16)	—	—	1,223,451	1,223,451	—	1,235,770	—	1,235,770
Unsecured bank loans (Note 16)	—	—	198,571	198,571	206,700	—	—	206,700
Other borrowings (Note 16)	—	—	247,213	247,213	—	247,213	—	247,213
Lease liabilities (Note 16)	—	—	75,624	75,624	—	70,074	—	70,074
Trade and other payables * (Note 18)	—	—	76,391	76,391	—	—	—	—
Advances received on contracts (Note 18)	—	—	414	414	—	—	—	—
		—	1,821,664	1,821,664

	Carrying amount				Fair value
	Fair value - Hedging instruments	Financial assets at amortized cost	Other financial liabilities	Total	Level 1	Level 2	Level 3	Total
December 31, 2020
Financial assets measured at fair value
Forward exchange contracts (Note 16)	1,246	—	—	1,246	—	1,246	—	1,246
Interest rate swaps (Note 10)	2	—	—	2	—	2	—	2
Cap contracts (Note 12)	15	—	—	15	—	15	—	15
	1,262	—	—	1,262
Financial assets not measured at fair value
Non-current receivables (Note 10)	—	48,371	—	48,371	—	—	44,512	44,512
Lease receivables (Note 10)	—	6,681	—	6,681	—	7,925	—	7,925
Trade and other receivables * (Note 12)	—	191,633	—	191,633	—	—	—	—
Cash and cash equivalents (Note 13)	—	161,478	—	161,478	—	—	—	—
	—	408,163	—	408,163
Financial liabilities measured at fair value
Interest rate swaps (Note 18)	6,385	—	—	6,385	—	6,385	—	6,385
	6,385	—	—	6,385
Financial liabilities not measured at fair value
Secured bank loans (Note 16)	—	—	856,860	856,860	—	864,848	—	864,848
Unsecured other notes (Note 16)	—	—	198,279	198,279	207,099	—	—	207,099
Other borrowings (Note 16)	—	—	151,353	151,353	—	151,353	—	151,353
Lease liabilities (Note 16)	—	—	66,921	66,921	—	62,387	—	62,387
Trade and other payables * (Note 18)	—	—	71,958	71,958	—	—	—	—
Advances received on contracts (Note 18)	—	—	508	508	—	—	—	—
	—	—	1,345,879	1,345,879

* Deferred charges, deferred fulfillment costs and VAT receivables (included in other receivables) (see Note 12), deferred income and VAT payables (included in other payables) (see Note 18), which are not financial assets (liabilities) are not included.

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
	Fair value - Hedging instruments	Financial assets at amortized cost	Other financial liabilities	Total	Level 1	Level 2	Level 3	Total
December 31, 2019
Financial assets measured at fair value
Forward exchange contracts (Note 16)	1,306	—	—	1,306	—	1,306	—	1,306
Interest rate swaps (Note 12)	5	—	—	5	—	5	—	5
Forward cap contracts (Note 12)	52	—	—	52	—	52	—	52
	1,363	—	—	1,363
Financial assets not measured at fair value
Non-current receivables (Note 10)	—	62,474	—	62,474	—	—	52,591	52,591
Lease receivables (Note 10)	—	8,609	—	8,609	—	9,961	—	9,961
Trade and other receivables * (Note 12)	—	286,447	—	286,447	—	—	—	—
Cash and cash equivalents (Note 13)	—	296,954	—	296,954	—	—	—	—
	—	654,484	—	654,484
Financial liabilities measured at fair value
Interest rate swaps (Note 18)	3,593	—	—	3,593	—	3,593	—	3,593
	3,593	—	—	3,593
Financial liabilities not measured at fair value
Secured bank loans (Note 16)	—	—	1,223,451	1,223,451	—	1,235,770	—	1,235,770
Unsecured bank loans (Note 16)	—	—	198,571	198,571	206,700	—	—	206,700
Other borrowings (Note 16)	—	—	247,213	247,213	—	247,213	—	247,213
Lease liabilities (Note 16)	—	—	75,624	75,624	—	70,074	—	70,074
Trade and other payables * (Note 18)	—	—	76,391	76,391	—	—	—	—
Advances received on contracts (Note 18)	—	—	414	414	—	—	—	—
		—	1,821,664	1,821,664

	Carrying amount				Fair value
	Fair value - Hedging instruments	Financial assets at amortized cost	Other financial liabilities	Total	Level 1	Level 2	Level 3	Total
December 31, 2020
Financial assets measured at fair value
Forward exchange contracts (Note 16)	1,246	—	—	1,246	—	1,246	—	1,246
Interest rate swaps (Note 10)	2	—	—	2	—	2	—	2
Cap contracts (Note 12)	15	—	—	15	—	15	—	15
	1,262	—	—	1,262
Financial assets not measured at fair value
Non-current receivables (Note 10)	—	48,371	—	48,371	—	—	44,512	44,512
Lease receivables (Note 10)	—	6,681	—	6,681	—	7,925	—	7,925
Trade and other receivables * (Note 12)	—	191,633	—	191,633	—	—	—	—
Cash and cash equivalents (Note 13)	—	161,478	—	161,478	—	—	—	—
	—	408,163	—	408,163
Financial liabilities measured at fair value
Interest rate swaps (Note 18)	6,385	—	—	6,385	—	6,385	—	6,385
	6,385	—	—	6,385
Financial liabilities not measured at fair value
Secured bank loans (Note 16)	—	—	856,860	856,860	—	864,848	—	864,848
Unsecured other notes (Note 16)	—	—	198,279	198,279	207,099	—	—	207,099
Other borrowings (Note 16)	—	—	151,353	151,353	—	151,353	—	151,353
Lease liabilities (Note 16)	—	—	66,921	66,921	—	62,387	—	62,387
Trade and other payables * (Note 18)	—	—	71,958	71,958	—	—	—	—
Advances received on contracts (Note 18)	—	—	508	508	—	—	—	—
	—	—	1,345,879	1,345,879

* Deferred charges, deferred fulfillment costs and VAT receivables (included in other receivables) (see Note 12), deferred income and VAT payables (included in other payables) (see Note 18), which are not financial assets (liabilities) are not included.

Disclosure of financial instruments not measured at fair value

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
Interest rate swaps	Swap models: the fair value is calculated as the present value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates.	Not applicable
Forward cap contracts	Fair values for both the derivative and the hypothetical derivative will be determined based on a software used to calculate the net present value of the expected cash flows using LIBOR rate curves, futures and basis spreads.	Not applicable

Financial instruments not measured at fair value
Type	Valuation Techniques	Significant unobservable inputs
Non-current receivables (consisting primarily of shareholders' loans)	Discounted cash flow	Discount rate and forecasted cash flows
Lease receivables	Discounted cash flow	Discount rate
Other financial liabilities (consisting of secured and unsecured bank loans and lease liabilities)	Discounted cash flow	Discount rate
Other financial notes (consisting of unsecured notes)	List price	Not applicable

Disclosure of financial assets that are either past due or impaired

The ageing of current trade and other receivables is as follows:

(in thousands of USD)	2020	2019
Not past due	183,138	246,422
Past due 0-30 days	9,961	35,036
Past due 31-365 days	16,253	21,020
More than one year	5,127	6,509
Total trade and other receivables	214,479	308,987

Schedule and maturity of non-derivative liabilities

(in thousands of USD)	Bank loans	Other notes	Lease liabilities	Other borrowings	Total
More than 5 years	433,662	—	—	—	433,662
Between 1 and 5 years	987,803	148,166	—	—	1,135,969
More than 1 year	1,421,465	148,166	—	—	1,569,631
Less than 1 year	138,537	—	—	60,342	198,879
At January 1, 2019	1,560,002	148,166	—	60,342	1,768,510
New loans	986,755	50,500	498	896,145	1,933,898
Adoption IFRS 16	—	—	105,238	—	105,238
Scheduled repayments	(92,651)	—	(30,214)	(708,135)	(831,000)
Early repayments	(1,225,747)	—	—	—	(1,225,747)
Other changes	(4,908)	(95)	—	—	(5,003)
Translation differences	—	—	102	(1,139)	(1,037)
Balance at December 31, 2019	1,223,451	198,571	75,624	247,213	1,744,859
More than 5 years	628,711	—	1,652	—	630,363
Between 1 and 5 years	545,233	198,571	41,509	107,978	893,291
More than 1 year	1,173,944	198,571	43,161	107,978	1,523,654
Less than 1 year	49,507	—	32,463	139,235	221,205
Balance at December 31, 2019	1,223,451	198,571	75,624	247,213	1,744,859
	Bank loans	Other notes	Lease liabilities	Other borrowings	Total
More than 5 years	628,711	—	1,652	—	630,363
Between 1 and 5 years	545,233	198,571	41,509	107,978	893,291
More than 1 year	1,173,944	198,571	43,161	107,978	1,523,654
Less than 1 year	49,507	—	32,463	139,235	221,205
At January 1, 2020	1,223,451	198,571	75,624	247,213	1,744,859
New loans	630,000	—	25,703	263,827	919,530
Scheduled repayments	(88,989)	—	(34,492)	(371,021)	(494,502)

Early repayments	(905,000)	(1,000)	—	—	(906,000)
Other changes	(2,602)	708	—	—	(1,894)
Translation differences	—	—	86	11,334	11,420
Balance at December 31, 2020	856,860	198,279	66,921	151,353	1,273,413
More than 5 years	631,044	—	—	—	631,044
Between 1 and 5 years	205,274	198,279	21,172	100,056	524,781
More than 1 year	836,318	198,279	21,172	100,056	1,155,825
Less than 1 year	20,542	—	45,749	51,297	117,588
Balance at December 31, 2020	856,860	198,279	66,921	151,353	1,273,413

The following are the remaining contractual maturities of financial liabilities:

	Contractual cash flows December 31, 2019
(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 16)	1,422,022	1,697,327	110,720	905,302	681,305
Other borrowings (Note 16)	247,213	268,661	145,640	123,021	—
Lease liabilities (Note 16)	75,624	79,873	35,525	42,667	1,681
Current trade and other payables * (Note 18)	76,589	76,589	76,589	—	—
	1,821,448	2,122,450	368,474	1,070,990	682,986
Derivative financial liabilities
Interest rate swaps (Note 18)	3,593	3,300	758	2,432	110
Forward exchange contracts (Note 18)	—	—	—	—	—
	3,593	3,300	758	2,432	110
	Contractual cash flows December 31, 2020
	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 16)	1,055,139	1,191,925	55,079	474,687	662,159
Other borrowings (Note 16)	151,353	180,865	61,320	119,545	—
Lease liabilities (Note 16)	66,921	70,245	47,976	22,150	119
Current trade and other payables * (Note 18)	71,958	71,958	71,958	—	—
	1,345,371	1,514,993	236,333	616,382	662,278
Derivative financial liabilities
Interest rate swaps (Note 18)	6,385	8,601	2,194	6,406	—
Forward exchange contracts (Note 18)	—	—	—	—	—
	6,385	8,601	2,194	6,406	—

* Deferred income and VAT payables (included in other payables) (see Note 18), which are not financial liabilities, are not included.

Schedule and maturity of derivative liabilities

The following are the remaining contractual maturities of financial liabilities:

	Contractual cash flows December 31, 2019
(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 16)	1,422,022	1,697,327	110,720	905,302	681,305
Other borrowings (Note 16)	247,213	268,661	145,640	123,021	—
Lease liabilities (Note 16)	75,624	79,873	35,525	42,667	1,681
Current trade and other payables * (Note 18)	76,589	76,589	76,589	—	—
	1,821,448	2,122,450	368,474	1,070,990	682,986
Derivative financial liabilities
Interest rate swaps (Note 18)	3,593	3,300	758	2,432	110
Forward exchange contracts (Note 18)	—	—	—	—	—
	3,593	3,300	758	2,432	110
	Contractual cash flows December 31, 2020
	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 16)	1,055,139	1,191,925	55,079	474,687	662,159
Other borrowings (Note 16)	151,353	180,865	61,320	119,545	—
Lease liabilities (Note 16)	66,921	70,245	47,976	22,150	119
Current trade and other payables * (Note 18)	71,958	71,958	71,958	—	—
	1,345,371	1,514,993	236,333	616,382	662,278
Derivative financial liabilities
Interest rate swaps (Note 18)	6,385	8,601	2,194	6,406	—
Forward exchange contracts (Note 18)	—	—	—	—	—
	6,385	8,601	2,194	6,406	—

* Deferred income and VAT payables (included in other payables) (see Note 18), which are not financial liabilities, are not included.

Schedule of sensitivity analysis

Every increase (decrease) of $1,000 on the spot tanker freight market (VLCC and Suezmax) per day would have increased (decreased) profit or loss by the amounts shown below:

(effect in thousands of USD)	2020		2019		2018
	Profit or loss		Profit or loss		Profit or loss
	1,000 USD	1,000 USD	1,000 USD	1,000 USD	1,000 USD	1,000 USD
	Increase	Decrease	Increase	Decrease	Increase	Decrease
	19,638	(19,638)	22,601	(22,581)	19,332	(19,323)

This analysis assumes that all other variables, in particular foreign currency rates, remain constant.

	Profit or Loss		Equity
	50 BP	50 BP	50 BP	50 BP
(effect in thousands of USD)	Increase	Decrease	Increase	Decrease
December 31, 2018
Variable rate instruments	(4,238)	4,238	—	—
Interest rate swaps	—	—	6,201	(6,116)
Cash Flow Sensitivity (Net)	(4,238)	4,238	6,201	(6,116)
December 31, 2019
Variable rate instruments	(6,195)	6,195	—	—
Interest rate swaps	—	—	1,553	(1,433)
Cash Flow Sensitivity (Net)	(6,195)	6,195	1,553.2	(1,433)
December 31, 2020
Variable rate instruments	(3,819)	2,484	—	—
Interest rate swaps	—	—	5,542	(5,343)
Cash Flow Sensitivity (Net)	(3,819)	2,484	5,542	(5,343)

This analysis assumes that all other variables, in particular interest rates, remain constant.

(in thousands of USD)	2020	2019	2018
Equity	735	437	491
Profit or loss	(10,412)	(9,952)	(7,888)

Disclosure of financial instruments by type of interest rate

At the reporting date the interest rate profile of the Group's interest-bearing financial instruments was:

(in thousands of USD)	2020	2019
FIXED RATE INSTRUMENTS
Financial assets	17,271	37,163
Financial liabilities	377,899	398,620
	395,170	435,783
VARIABLE RATE INSTRUMENTS
Financial liabilities	895,514	1,346,239
	895,514	1,346,239

Schedule of currency risk related to operating expenses

(in thousands of USD)	December 31, 2020		December 31, 2019		December 31, 2018
	EUR	USD	EUR	USD	EUR	USD
Trade payables	(5,662)	(21,564)	(4,002)	(18,735)	(6,311)	(9,955)
Operating expenses	(105,172)	(624,096)	(95,278)	(666,469)	(89,761)	(608,754)
Treasury Notes	(38,654)	—	(122,788)	—	(60,342)	—

Disclosure of detailed information about hedging instruments

At December 31, 2020, the Group held the following instruments to hedge exposures to changes in interest rates.

	Maturity
(in thousands of USD)	1-6 months		6-12 months		More than 1 year
Interest rate risk
Interest rate swaps
Net exposure	(10,855)		(10,942)		(81,803)
Average fixed interest rate	2.96	%	2.96	%	2.96	%

At December 31, 2019, the Group held the following instruments to hedge exposures to changes in interest rates.

	Maturity
(in thousands of USD)	1-6 months		6-12 months		More than 1 year
Interest rate risk
Interest rate swaps
Net exposure	(23,469)		(23,261)		(176,598)
Average fixed interest rate	1.99	%	2.00	%	2.96	%

The amounts at the reporting date relating to items designated as hedged items were as follows.

	December 31, 2020		December 31, 2019
(in thousands of USD)	Change in value used for calculating hedge ineffectiveness	Cash flow hedge reserve	Change in value used for calculating hedge ineffectiveness	Cash flow hedge reserve
Interest rate risk
Variable-rate instruments	2,989	(6,385)	1,205	(3,396)
Cap option	(116)	(1,071)	680	(1,187)

The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows.

	2020				During the period 2020
(in thousands of USD)	Nominal amount	Carrying amount - Assets	Carrying amount - Liabilities	Line item in the statement of financial position where the hedging instrument is included	Changes in the value of the hedging instrument recognized in OCI	Hedge ineffectiveness recognized in profit or loss	Line item in profit or loss that includes hedge ineffectiveness
Interest rate risk
Interest rate swaps	70,143	2	6,385	Trade and other receivables, non-current and current other payables	(2,989)	(108)	Finance expenses
Cap options	200,000	15	—	Trade and other receivables	116	—	Finance expenses

	2019				During the period 2019
(in thousands of USD)	Nominal amount	Carrying amount - Assets	Carrying amount - Liabilities	Line item in the statement of financial position where the hedging instrument is included	Changes in the value of the hedging instrument recognized in OCI	Hedge ineffectiveness recognized in profit or loss	Line item in profit or loss that includes hedge ineffectiveness
Interest rate risk
Interest rate swaps	506,603	5	3,593	Trade and other receivables, non-current and current other payables	(1,205)	(4,943)	Finance expenses
Forward cap options	200,000	52	—	Trade and other receivables	(680)	—	Finance expenses

The following table provides a reconciliation by risk category of components of equity and analysis of OCI items, net of tax, resulting from cash flow hedge accounting.

(in thousands of USD)	Hedging reserve
Balance at January 1, 2020	(4,583)
Cash flow hedges
Change in fair value interest rate risk	(2,873)
Balance at December 31, 2020	(7,456)
Balance at January 1, 2019	(2,698)
Cash flow hedges
Change in fair value interest rate risk	(1,885)
Balance at December 31, 2019	(4,583)

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Leases (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020	December 31, 2019
Less than one year	22,667	22,853
Between one and five years	56,545	79,211
Total future lease payables	79,211	102,064

The future lease payments for these leaseback agreements are as follows:

(in thousands of USD)	December 31, 2020	December 31, 2019
Less than 1 year	49,218	32,903
Between 1 and 5 years	14,714	31,870
Total future lease payments	63,932	64,773

Schedule of right-of-use assets

Right-of-use assets

(in thousands of USD)	Bare boats	Time charters	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

(in thousands of USD)	Bare boats	Time charters	Office rental	Company cars	Total
Balance at 1 January 2020	55,411	—	2,733	764	58,908
Additions to right-of-use assets	—	24,873	762	66	25,701
Depreciation charge for the year	(28,364)	(2,078)	(1,092)	(167)	(31,702)
Derecognition of right-of-use assets	—	—	—	—	—
Translation differences	—	—	36	12	48
Balance at 31 December 2020	27,047	22,795	2,438	675	52,955

Operating lease expenses recognized in profit and loss

Amounts recognized in profit or loss

(in thousands of USD)
	2020	2019
Interest on lease liabilities	(3,287)	(4,811)
Depreciation right-of-use assets	(31,702)	(29,265)
Expenses relating to short-term leases	—	(103)
Low-value leases	(228)	(851)

Amounts recognized in the statement of cash flows

Amounts recognized in statement of cash flows

(in thousands of USD)	2020	2019
Total cash outflow for leases	(37,779)	(30,214)
Total cash inflow for leases	1,786	1,251

Disclosure of maturity analysis of operating lease payments

The future undiscounted lease payments to be received for these lease agreements are as follows:

(in thousands of USD)	December 31, 2020	December 31, 2019
Less than one year	123,319	143,748
Between one and five years	303,561	263,406
More than five years	217,354	27,362
Total future lease receivables	644,234	434,516

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, 2020	December 31, 2019
Less than 1 year	2,328	2,229
One to two years	2,359	2,304
Two to three years	1,898	2,335
Three to four years	1,689	1,890
Four to five years	1,285	1,689
More than 5 years	—	1,285
Total undiscounted lease receivables	9,559	11,732

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Provisions and contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]

Schedule of provisions

(in thousands of USD)	Onerous contract	Total
Balance at January 1, 2019	5,265	5,265
Assumed in a business combination (Note 25)	(3,049)	(3,049)
Provisions used during the year	(447)	(447)
Balance at December 31, 2019	1,769	1,769
Non-current	1,381	1,381
Current	388	388
Total	1,769	1,769
Balance at January 1, 2020	1,769	1,769
Adoption IFRS 16	—	—
Provisions used during the year	(388)	(388)
Balance at December 31, 2020	1,381	1,381
Non-current	1,154	1,154
Current	227	227
Total	1,381	1,381

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Related parties (Tables)

12 Months Ended

Dec. 31, 2020

Related Party [Abstract]

Disclosure of transactions between related parties

The total amount of the remuneration paid in local currency to all non-executive directors for their services as members of the board and committees (if applicable) is as follows:

(in thousands of EUR)	2020	2019	2018
Total remuneration	1,048	1,101	1,035

The remuneration (excluding the CEO) consists of a fixed and a variable component and can be summarized as follows:

(in thousands of EUR)	2020	2019	2018
Total fixed remuneration	2,165	1,579	1,231
of which
Cost of pension	18	80	39
Other benefits	143	81	75
Total variable remuneration	1,029	2,424	1,153
of which
Share-based payments	69	1,403	299

The remuneration of the CEO can be summarized as follows:

(2020 & 2019 in thousands of EUR, 2018 in thousands of GBP)	2020	2019	2018
Total fixed remuneration	624	5,754	537
of which
Cost of pension	—	7.4	—
Other benefits	—	26	40
Total variable remuneration	424	786	1,866
of which
Share-based payments	54	786	118

Details of outstanding balances and transactions between the Group and its joint ventures are disclosed below:

As of end for the year ended December 31, 2019
(in thousands of USD)	Trade receivables	Trade payables	Shareholders Loan	Turnover	Dividend Income
TI Africa Ltd	227	—	23,215	390	—
TI Asia Ltd	90	—	—	390	12,600
Bari Shipholding Ltd	265	211	18,390	13	—
Bastia Shipholding Ltd	301	96	18,773	25	—
Tankers Agencies (UK) Ltd	—	132	—	—	—
Total	883	439	60,379	818	12,600
As of end for the year ended December 31, 2020
(in thousands of USD)	Trade receivables	Trade payables	Shareholders Loan	Turnover	Dividend Income
TI Africa Ltd	440	—	16,665	398	—
TI Asia Ltd	472	—	—	398	5,550
Bari Shipholding Ltd	283	52	19,271	342	—
Bastia Shipholding Ltd	17	1	—	326	1,590
Tankers Agencies (UK) Ltd	19	135	—	—	—
Total	1,231	188	35,936	1,464	7,534

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Share-based payment arrangements (Tables)

12 Months Ended

Dec. 31, 2020

Share-Based Payment Arrangements [Abstract]

Inputs used in measurement of the fair values at grant date for the equity-settled share option programs

The inputs used in measurement of the fair values at grant date for the equity-settled share option programs were as follows:

	LTIP 2015
(figures in EUR)	Tranche 1		Tranche 2		Tranche 3
Fair value at grant date	1.853		1.853		1.853
Share price at grant date	10.050		10.050		10.050
Exercise price	10.0475		10.0475		10.0475
Expected volatility (weighted average)	39.63	%	39.63	%	39.63	%
Expected life (days) (weighted average)	365		730		1,095
Expected dividends	8	%	8	%	8	%
Risk-free interest rate	0.66	%	0.66	%	0.66	%

The inputs used in measurement of the fair value at grant date for the TBIP was as follows:

	TBIP
	Tranche 1		Tranche 2		Tranche 3		Tranche 4
Risk-free interest rate	1.69	%	1.69	%	1.69	%	1.69	%
Annual volatility	33.43	%	33.43	%	33.43	%	33.43	%
Expected vesting period (years)	3.05		3.38		3.69		3.98

Disclosure of number and weighted average exercise prices of share options

The number and weighted-average exercise prices of options under the 2015 LTIP are as follows:

(figures in EUR)	Number of options 2020	Weighted average exercise price 2020	Number of options 2019	Weighted average exercise price 2019
Outstanding at January 1	236,590	7.732	236,590	7,732.000
Forfeited during the year	—	—	—	—
Exercised during the year	—	—	—	—
Granted during the year	—	—	—	—
Outstanding at December 31	236,590	7.732	236,590	7.732
Vested at December 31	236,590	—	236,590	—

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Group entities (Tables)

12 Months Ended

Dec. 31, 2020

Interests in Other Entities [Abstract]

Disclosure of interests in subsidiaries

	Country of incorporation	Consolidation method	Ownership interest
			December 31, 2020		December 31, 2019		December 31, 2018
Parent
Euronav NV	Belgium	full	100.00	%	100.00	%	100.00	%
Euronav NV, Antwerp, Geneva (branch office)
Euronav NV, London (branch office)
Subsidiaries
Euronav Tankers NV	Belgium	full	100.00	%	100.00	%	100.00	%
Euronav Shipping NV	Belgium	full	100.00	%	100.00	%	100.00	%
Euronav (UK) Agencies Limited	UK	full	100.00	%	100.00	%	100.00	%
Euronav Luxembourg SA	Luxembourg	full	100.00	%	100.00	%	100.00	%
Euronav sas	France	full	100.00	%	100.00	%	100.00	%
Euronav Ship Management sas	France	full	100.00	%	100.00	%	100.00	%
Euronav Ship Management Antwerp (branch office)
Euronav Ship Management Ltd	Liberia	full	100.00	%	100.00	%	100.00	%
Euronav Ship Management Hellas (branch office)
Euronav Hong Kong	Hong Kong	full	100.00	%	100.00	%	100.00	%
Euro-Ocean Ship Management (Cyprus) Ltd	Cyprus	full	100.00	%	100.00	%	100.00	%
Euronav Singapore	Singapore	full	100.00	%	100.00	%	100.00	%
Fiorano Shipholding Ltd	Hong Kong	full	NA		NA		NA
Larvotto Shipholding Ltd	Hong Kong	full	NA		NA		NA
Euronav MI II Inc	Marshall Islands	full	100.00	%	100.00	%	100.00	%
Gener8 Maritime Subsidiary II Inc.	Marshall Islands	full	100.00	%	100.00	%	100.00	%
Gener8 Maritime Subsidiary New IV Inc.	Marshall Islands	full	100.00	%	100.00	%	100.00	%
Gener8 Maritime Management LLC	Marshall Islands	full	100.00	%	100.00	%	100.00	%
Gener8 Maritime Subsidiary V Inc.	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Maritime Subsidiary VIII Inc.	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Maritime Subsidiary Inc.	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Zeus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Atlas LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Hercules LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Ulysses LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Posseidon LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Victory Ltd.	Bermuda	full	NA		NA		100.00	%
Vision Ltd.	Marshall Islands	full	NA		NA		100.00	%
GMR Spartiate LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Maniate LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR St Nikolas LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR George T LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Kara G LLC	Liberia	full	NA		100.00	%	100.00	%
GMR Harriet G LLC	Liberia	full	NA		100.00	%	100.00	%
GMR Orion LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Argus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Spyridon LLC	Marshall Islands	full	NA		NA		100.00	%

GMR Horn LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Phoenix LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Strength LLC	Liberia	full	NA		NA		100.00	%
GMR Daphne LLC	Marshall Islands	full	NA		NA		100.00	%
GMR Defiance LLC	Liberia	full	NA		100.00	%	100.00	%
GMR Elektra LLC	Marshall Islands	full	NA		NA		100.00	%
Companion Ltd.	Bermuda	full	NA		100.00	%	100.00	%
Compatriot Ltd.	Bermuda	full	NA		100.00	%	100.00	%
Consul Ltd.	Bermuda	full	NA		NA		100.00	%
GMR Agamemnon LLC	Liberia	full	NA		NA		100.00	%
Gener8 Neptune LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Athena LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Apollo LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Ares LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Hera LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Constantine LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Oceanus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Nestor LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Nautilus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Macedon LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Noble LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Ethos LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Perseus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Theseus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Hector LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Strength Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Supreme Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Andriotis Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Militiades Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Success Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Chiotis Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 1 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 2 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 3 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 4 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 5 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 6 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 7 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 8 Inc.	Marshall Islands	full	NA		NA		100.00	%
Joint ventures
Kingswood Co. Ltd	Marshall Islands	equity	NA		50.00	%	50.00	%
TI Africa Ltd	Hong Kong	equity	50.00	%	50.00	%	50.00	%
TI Asia Ltd	Hong Kong	equity	50.00	%	50.00	%	50.00	%
Tankers Agencies (UK) Ltd	UK	equity	50.00	%	50.00	%	50.00	%
Tankers International LLC	Marshall Islands	equity	50.00	%	50.00	%	50.00	%
Bari Shipholding Ltd	Hong Kong	equity	50.00	%	50.00	%	NA
Bastia Shipholding Ltd	Hong Kong	equity	50.00	%	50.00	%	NA

Disclosure of interests in joint ventures

	Country of incorporation	Consolidation method	Ownership interest
			December 31, 2020		December 31, 2019		December 31, 2018
Parent
Euronav NV	Belgium	full	100.00	%	100.00	%	100.00	%
Euronav NV, Antwerp, Geneva (branch office)
Euronav NV, London (branch office)
Subsidiaries
Euronav Tankers NV	Belgium	full	100.00	%	100.00	%	100.00	%
Euronav Shipping NV	Belgium	full	100.00	%	100.00	%	100.00	%
Euronav (UK) Agencies Limited	UK	full	100.00	%	100.00	%	100.00	%
Euronav Luxembourg SA	Luxembourg	full	100.00	%	100.00	%	100.00	%
Euronav sas	France	full	100.00	%	100.00	%	100.00	%
Euronav Ship Management sas	France	full	100.00	%	100.00	%	100.00	%
Euronav Ship Management Antwerp (branch office)
Euronav Ship Management Ltd	Liberia	full	100.00	%	100.00	%	100.00	%
Euronav Ship Management Hellas (branch office)
Euronav Hong Kong	Hong Kong	full	100.00	%	100.00	%	100.00	%
Euro-Ocean Ship Management (Cyprus) Ltd	Cyprus	full	100.00	%	100.00	%	100.00	%
Euronav Singapore	Singapore	full	100.00	%	100.00	%	100.00	%
Fiorano Shipholding Ltd	Hong Kong	full	NA		NA		NA
Larvotto Shipholding Ltd	Hong Kong	full	NA		NA		NA
Euronav MI II Inc	Marshall Islands	full	100.00	%	100.00	%	100.00	%
Gener8 Maritime Subsidiary II Inc.	Marshall Islands	full	100.00	%	100.00	%	100.00	%
Gener8 Maritime Subsidiary New IV Inc.	Marshall Islands	full	100.00	%	100.00	%	100.00	%
Gener8 Maritime Management LLC	Marshall Islands	full	100.00	%	100.00	%	100.00	%
Gener8 Maritime Subsidiary V Inc.	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Maritime Subsidiary VIII Inc.	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Maritime Subsidiary Inc.	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Zeus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Atlas LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Hercules LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Ulysses LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Posseidon LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Victory Ltd.	Bermuda	full	NA		NA		100.00	%
Vision Ltd.	Marshall Islands	full	NA		NA		100.00	%
GMR Spartiate LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Maniate LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR St Nikolas LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR George T LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Kara G LLC	Liberia	full	NA		100.00	%	100.00	%
GMR Harriet G LLC	Liberia	full	NA		100.00	%	100.00	%
GMR Orion LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Argus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Spyridon LLC	Marshall Islands	full	NA		NA		100.00	%

GMR Horn LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Phoenix LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Strength LLC	Liberia	full	NA		NA		100.00	%
GMR Daphne LLC	Marshall Islands	full	NA		NA		100.00	%
GMR Defiance LLC	Liberia	full	NA		100.00	%	100.00	%
GMR Elektra LLC	Marshall Islands	full	NA		NA		100.00	%
Companion Ltd.	Bermuda	full	NA		100.00	%	100.00	%
Compatriot Ltd.	Bermuda	full	NA		100.00	%	100.00	%
Consul Ltd.	Bermuda	full	NA		NA		100.00	%
GMR Agamemnon LLC	Liberia	full	NA		NA		100.00	%
Gener8 Neptune LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Athena LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Apollo LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Ares LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Hera LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Constantine LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Oceanus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Nestor LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Nautilus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Macedon LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Noble LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Ethos LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Perseus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Theseus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Hector LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Strength Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Supreme Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Andriotis Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Militiades Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Success Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Chiotis Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 1 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 2 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 3 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 4 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 5 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 6 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 7 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 8 Inc.	Marshall Islands	full	NA		NA		100.00	%
Joint ventures
Kingswood Co. Ltd	Marshall Islands	equity	NA		50.00	%	50.00	%
TI Africa Ltd	Hong Kong	equity	50.00	%	50.00	%	50.00	%
TI Asia Ltd	Hong Kong	equity	50.00	%	50.00	%	50.00	%
Tankers Agencies (UK) Ltd	UK	equity	50.00	%	50.00	%	50.00	%
Tankers International LLC	Marshall Islands	equity	50.00	%	50.00	%	50.00	%
Bari Shipholding Ltd	Hong Kong	equity	50.00	%	50.00	%	NA
Bastia Shipholding Ltd	Hong Kong	equity	50.00	%	50.00	%	NA

(in thousands of USD)	December 31, 2020	December 31, 2019
Assets
Interest in joint ventures	51,703	50,322
Interest in associates	—	—
TOTAL ASSETS	51,703	50,322
Liabilities
Interest in joint ventures	—	—
Interest in associates	—	—
TOTAL LIABILITIES	—	—

The following table contains summarized financial information for all of the Group's joint ventures:

	Asset
(in thousands of USD)	Kingswood Co. Ltd		Seven Seas Shipping Ltd		TI Africa Ltd		TI Asia Ltd		Tankers Agencies (UK) Ltd (see Note 24)		TI LLC (see Note 24)		Total
At December 31, 2018
Percentage ownership interest	50	%	50	%	50	%	50	%	50	%	50	%
Non-Current assets	522		—		154,553		147,962		306		—		303,343
of which vessel	—		—		153,404		146,654		—		—		300,058
Current Assets	—		792		9,119		22,450		351,702		288		384,351
of which cash and cash equivalents	—		696		484		2,561		2,487		—		6,227
Non-Current Liabilities	—		522		130,068		74,171		—		—		204,760
of which bank loans	—		—		70,080		67,551		—		—		137,630
Current Liabilities	6		1		24,400		23,699		349,096		48		397,250
of which bank loans	—		—		23,867		23,015		64,500		—		111,382
Net assets (100%)	516		269		9,205		72,542		2,912		240		85,685
Group's share of net assets	258		134		4,603		36,271		1,774		141		43,182
Shareholders loans to joint venture	—		—		28,665		—		—		—		28,665
Net Carrying amount of interest in joint venture	258		134		4,603		36,271		1,774		141		43,182
Remaining shareholders loan to joint venture	—		—		28,665		—		—		—		28,665
Revenue	—		1		49,129		49,180		749,229		—		847,540
Depreciations and amortization	—		—		(18,209)		(17,933)		(71)		—		(36,213)
Interest Expense	—		—		(3,857)		(3,733)		(2,571)		—		(10,161)
Income tax expense	—		—		(1,585)		(1,611)		(216)		—		(3,412)
Profit (loss) for the period (100%)	(2)		(5)		15,742		15,977		352		10		32,074
Other comprehensive income (100%)	—		—		(477)		(441)		—		—		(918)
Group's share of profit (loss) for the period	(1)		(2)		7,871		7,989		214		6		16,076
Group's share of other comprehensive income	—		—		(239)		(220)		—		—		(459)

	Asset
(in thousands of USD)	Kingswood Co. Ltd		Seven Seas Shipping Ltd		TI Africa Ltd		TI Asia Ltd		Tankers Agencies (UK) Ltd (see Note 24)		TI LLC (see Note 24)		Bari Shipholding Ltd		Bastia Shipholding Ltd		Total
At December 31, 2019
Percentage ownership interest	50	%	50	%	50	%	50	%	50	%	50	%	50	%	50	%
Non-Current assets	530		—		137,426		128,722		944		—		21,833		21,628		311,083
of which vessel	—		—		135,195		128,722		—		—		21,833		21,628		307,377
Current Assets	—		800		10,809		10,001		418,505		267		1,573		5,577		447,531
of which cash and cash equivalents	—		800		1,701		917		3,246		—		—		250		6,913
Non-Current Liabilities	—		525		97,514		49,026		490		—		18,390		18,773		184,718
of which bank loans	—		—		45,567		43,927		—		—		—		—		89,495
Current Liabilities	10		1		26,370		27,318		415,301		51		705		4,328		474,085
of which bank loans	—		—		24,856		23,968		135,000		—		—		—		183,824
Net assets (100%)	520		274		24,351		62,379		3,658		216		4,310		4,104		99,811
Group's share of net assets	260		137		12,175		31,189		2,227		127		2,155		2,052		50,322
Shareholders loans to joint venture	—		—		23,215		—		—		—		18,390		18,773		60,379
Net Carrying amount of interest in joint venture	260		137		12,175		31,189		2,227		127		2,155		2,052		50,322
Remaining shareholders loan to joint venture	—		—		23,215		—		—		—		18,390		18,773		60,379
Revenue	—		8		49,434		49,487		1,307,523		—		938		1,970		1,409,360
Depreciations and amortization	—		—		(18,209)		(17,933)		(67)		—		(273)		(507)		(36,988)
Interest expense	—		—		(4,633)		(4,482)		(3,292)		—		(155)		(202)		(12,764)
Income tax expense	—		—		(1,588)		(1,573)		(243)		—		—		—		(3,405)
Profit (loss) for the period (100%)	(3)		6		15,881		15,743		746		(24)		310		104		32,763
Other comprehensive income (100%)	—		—		(735)		(706)		—		—		—		—		(1,441)
Group's share of profit (loss) for the period	(1)		3		7,941		7,871		454		(14)		155		52		16,460
Group's share of other comprehensive income	—		—		(367)		(353)		—		—		—		—		(720)

	Asset
(in thousands of USD)	Kingswood Co. Ltd		Seven Seas Shipping Ltd		TI Africa Ltd		TI Asia Ltd		Tankers Agencies (UK) Ltd (see Note 24)		TI LLC (see Note 24)		Bari Shipholding Ltd		Bastia Shipholding Ltd		Total
At December 31, 2020
Percentage ownership interest	50	%	50	%	50	%	50	%	50	%	50	%	50	%	50	%
Non-Current assets	—		—		118,337		112,160		720		—		20,079		—		251,296
of which vessel	—		—		118,337		112,160		—		—		20,079		—		250,576
Current Assets	—				10,187		10,176		232,865		243		2,609		514		256,595
of which cash and cash equivalents	—		—		1,138		1,109		3,124		—		1,573		193		7,137
Non Current Liabilities	—				65,355		30,652		276		—		17,271		—		113,554
of which bank loans	—		—		19,929		19,215		—		—		—		—		39,144
Current Liabilities	—				29,277		30,547		228,851		61		2,856		345		291,937
of which bank loans	—		—		25,886		24,961		37,500		—		—		—		88,347
Net assets (100%)	—		—		33,893		61,136		4,458		182		2,562		170		102,401
Group's share of net assets	—		—		16,946		30,568		2,715		107		1,281		85		51,703
Shareholders loans to joint venture	—		—		16,665		—		—		—		17,271		—		33,936
Net Carrying amount of interest in joint venture	—		—		16,946		30,568		2,715		107		1,281		85		51,703
Remaining shareholders loan to joint venture	—		—		16,665		—		—		—		17,271		—		33,936
Revenue	—		—		49,922		49,976		1,478,909		—		12,288		14,131		1,605,227
Depreciations and amortization	—		—		(16,858)		(16,562)		(56)		—		(4,257)		(2,871)		(40,604)
Interest expense	—		—		(3,358)		(3,233)		(1,651)		—		(1,834)		(1,251)		(11,327)
Income tax expense	—		—		(10,397)		(10,135)		(232)		—		—		—		(20,764)
Profit (loss) for the period (100%)	(1)		(1)		9,549		9,855		800		(34)		(1,748)		3,246		21,666
Other comprehensive income (100%)	—		—		(1)		(3)		—		—		—		—		(4)
Group's share of profit (loss) for the period	—		—		4,775		4,927		487		(20)		(874)		1,623		10,917

Group's share of other comprehensive income —  —  —  (1) —  —  —  —  (2)

The following table summarizes the terms and debt repayment profile of the bank loans held by the joint ventures:

(in thousands of USD)				December 31, 2020			December 31, 2019
	Curr.	Nominal interest rate	Year of mat.	Facility size	Drawn	Carrying value	Facility size	Drawn	Carrying value
TI Asia Ltd revolving loan 54M*	USD	libor + 2.0%	2022	22,179	22,179	22,088	34,163	34,163	33,948
TI Asia Ltd loan 54M*	USD	libor + 2.0%	2022	22,179	22,179	22,088	34,163	34,163	33,948
TI Africa Ltd revolving loan 56M*	USD	libor + 2.0%	2022	23,001	23,001	22,908	35,429	35,429	35,212
TI Africa Ltd loan 56M*	USD	libor + 2.0%	2022	23,001	23,001	22,908	35,429	35,429	35,212
Total interest-bearing bank loans				90,360	90,360	89,991	139,183	139,183	138,319

* The mentioned secured bank loans are subject to loan covenants.

(in thousands of USD)	2020	2019
Cash and cash equivalents of the joint ventures	7,137	6,913
Group's share of cash and cash equivalents	3,912	3,814

Schedule of entities dissolved

In 2019 the following subsidiaries were dissolved:

Gener8 Maritime Subsidiary V Inc.	GMR Defiance LLC
Gener8 Maritime Subsidiary VIII Inc.	Companion Ltd.
Gener8 Maritime Subsidiary Inc.	Compatriot Ltd.
GMR Zeus LLC	Gener8 Neptune LLC
GMR Atlas LLC	Gener8 Athena LLC
GMR Hercules LLC	Gener8 Apollo LLC
GMR Ulysses LLC	Gener8 Ares LLC
GMR Poseidon LLC	Gener8 Hera LLC
GMR Spartiate LLC	Gener8 Constantine LLC
GMR Maniate LLC	Gener8 Oceanus LLC
GMR St Nikolas LLC	Gener8 Nestor LLC
GMR George T LLC	Gener8 Nautilus LLC
GMR Kara G LLC	Gener8 Macedon LLC
GMR Harriet G LLC	Gener8 Noble LLC
GMR Orion LLC	Gener8 Ethos LLC
GMR Argus LLC	Gener8 Perseus LLC
GMR Horn LLC	Gener8 Theseus LLC
GMR Phoenix LLC	Gener8 Hector LLC

XML

Business combinations (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations1 [Abstract]

Disclosure of detailed information about business combinations

(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 8)	1,704,250	1,270,250	434,000
Other tangible assets	345	345	—
Intangible assets	152	152	—
Receivables	16,750	9,599	7,151
Current assets	79,459	64,829	14,629
Cash and cash equivalents	126,288	126,288	—
Loans and borrowings (Note 16)	(1,312,446)	(1,001,478)	(310,968)
Provision onerous contracts (Note 21)	(5,303)	(5,303)	—
Current liabilities	(33,012)	(29,160)	(3,852)
Total identifiable net assets acquired	576,482	435,522	140,960
(in thousands of USD)	Fair value at acquisition date
Consideration transferred	553,423
Total identifiable net assets acquired	576,482
Bargain Purchase	23,059

XML

Equity-accounted investees (Tables)

12 Months Ended

Dec. 31, 2020

Interests in Other Entities [Abstract]

Disclosure of interests in associates

(in thousands of USD)	December 31, 2020	December 31, 2019
Assets
Interest in joint ventures	51,703	50,322
Interest in associates	—	—
TOTAL ASSETS	51,703	50,322
Liabilities
Interest in joint ventures	—	—
Interest in associates	—	—
TOTAL LIABILITIES	—	—

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
(in thousands of USD)	Investments in equity accounted investees	Shareholders loans
Gross balance	27,565	162,763
Offset investment with shareholders loan	3,030	(3,030)
Balance at January 1, 2018	30,595	159,733
Group's share of profit (loss) for the period	16,076	—
Group's share of other comprehensive income	(459)	—
Movement shareholders loans to joint ventures	—	(134,097)
Gross balance	43,182	28,666
Offset investment with shareholders loan	—	—
Balance at December 31, 2018	43,182	28,666
Group's share of profit (loss) for the period	16,460	—
Group's share of other comprehensive income	(720)	—
Dividends received from joint ventures	(12,600)	—
Movement shareholders loans to joint ventures	—	31,713
Initial capital provided to joint ventures	4,000	—
Gross balance	50,322	60,379
Offset investment with shareholders loan	—	—
Balance at December 31, 2019	50,322	60,379

	ASSET
(in thousands of USD)	Investments in equity accounted investees	Shareholders loans
Group's share of profit (loss) for the period	10,917	—
Group's share of other comprehensive income	(2)	—
Dividends received from joint ventures	(7,534)	—
Movement shareholders loans to joint ventures	—	(26,443)
Repayment capital provided to joint ventures	(2,000)	—
Gross balance	51,703	33,936
Offset investment with shareholders loan	—	—
Balance at December 31, 2020	51,703	33,936

Disclosure of joint ventures

Joint venture	Segment	Description
Kingswood Co. Ltd	Tankers	Holding company; parent of Seven Seas Shipping Ltd. and liquidated in 2020
Seven Seas Shipping Ltd	Tankers	Formerly owner of 1 VLCC bought in 2016 by Euronav. Wholly owned subsidiary of Kingswood Co. Ltd. and liquidated in 2020
Tankers Agencies (UK) Ltd	Tankers	Parent company of Tankers International Ltd
Tankers International LLC	Tankers	The manager of the Tankers International Pool who commercially manages the majority of the Group's VLCCs
Bari Shipholding Ltd	Tankers	Single ship company, owner of 1 Suezmax
Bastia Shipholding Ltd	Tankers	Formerly owner of 1 Suezmax, dormant company
TI Africa Ltd	FSO	Operator and owner of a single floating storage and offloading facility (FSO Africa) *
TI Asia Ltd	FSO	Operator and owner of a single floating storage and offloading facility (FSO Asia) *

* FSO Asia and FSO Africa are on a time charter contract to North Oil Company (NOC), the new operator of Al Shaheen field, until mid 2032.

Disclosure of interests in joint ventures

	Country of incorporation	Consolidation method	Ownership interest
			December 31, 2020		December 31, 2019		December 31, 2018
Parent
Euronav NV	Belgium	full	100.00	%	100.00	%	100.00	%
Euronav NV, Antwerp, Geneva (branch office)
Euronav NV, London (branch office)
Subsidiaries
Euronav Tankers NV	Belgium	full	100.00	%	100.00	%	100.00	%
Euronav Shipping NV	Belgium	full	100.00	%	100.00	%	100.00	%
Euronav (UK) Agencies Limited	UK	full	100.00	%	100.00	%	100.00	%
Euronav Luxembourg SA	Luxembourg	full	100.00	%	100.00	%	100.00	%
Euronav sas	France	full	100.00	%	100.00	%	100.00	%
Euronav Ship Management sas	France	full	100.00	%	100.00	%	100.00	%
Euronav Ship Management Antwerp (branch office)
Euronav Ship Management Ltd	Liberia	full	100.00	%	100.00	%	100.00	%
Euronav Ship Management Hellas (branch office)
Euronav Hong Kong	Hong Kong	full	100.00	%	100.00	%	100.00	%
Euro-Ocean Ship Management (Cyprus) Ltd	Cyprus	full	100.00	%	100.00	%	100.00	%
Euronav Singapore	Singapore	full	100.00	%	100.00	%	100.00	%
Fiorano Shipholding Ltd	Hong Kong	full	NA		NA		NA
Larvotto Shipholding Ltd	Hong Kong	full	NA		NA		NA
Euronav MI II Inc	Marshall Islands	full	100.00	%	100.00	%	100.00	%
Gener8 Maritime Subsidiary II Inc.	Marshall Islands	full	100.00	%	100.00	%	100.00	%
Gener8 Maritime Subsidiary New IV Inc.	Marshall Islands	full	100.00	%	100.00	%	100.00	%
Gener8 Maritime Management LLC	Marshall Islands	full	100.00	%	100.00	%	100.00	%
Gener8 Maritime Subsidiary V Inc.	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Maritime Subsidiary VIII Inc.	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Maritime Subsidiary Inc.	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Zeus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Atlas LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Hercules LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Ulysses LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Posseidon LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Victory Ltd.	Bermuda	full	NA		NA		100.00	%
Vision Ltd.	Marshall Islands	full	NA		NA		100.00	%
GMR Spartiate LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Maniate LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR St Nikolas LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR George T LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Kara G LLC	Liberia	full	NA		100.00	%	100.00	%
GMR Harriet G LLC	Liberia	full	NA		100.00	%	100.00	%
GMR Orion LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Argus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Spyridon LLC	Marshall Islands	full	NA		NA		100.00	%

GMR Horn LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Phoenix LLC	Marshall Islands	full	NA		100.00	%	100.00	%
GMR Strength LLC	Liberia	full	NA		NA		100.00	%
GMR Daphne LLC	Marshall Islands	full	NA		NA		100.00	%
GMR Defiance LLC	Liberia	full	NA		100.00	%	100.00	%
GMR Elektra LLC	Marshall Islands	full	NA		NA		100.00	%
Companion Ltd.	Bermuda	full	NA		100.00	%	100.00	%
Compatriot Ltd.	Bermuda	full	NA		100.00	%	100.00	%
Consul Ltd.	Bermuda	full	NA		NA		100.00	%
GMR Agamemnon LLC	Liberia	full	NA		NA		100.00	%
Gener8 Neptune LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Athena LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Apollo LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Ares LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Hera LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Constantine LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Oceanus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Nestor LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Nautilus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Macedon LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Noble LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Ethos LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Perseus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Theseus LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Hector LLC	Marshall Islands	full	NA		100.00	%	100.00	%
Gener8 Strength Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Supreme Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Andriotis Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Militiades Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Success Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Chiotis Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 1 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 2 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 3 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 4 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 5 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 6 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 7 Inc.	Marshall Islands	full	NA		NA		100.00	%
Gener8 Tankers 8 Inc.	Marshall Islands	full	NA		NA		100.00	%
Joint ventures
Kingswood Co. Ltd	Marshall Islands	equity	NA		50.00	%	50.00	%
TI Africa Ltd	Hong Kong	equity	50.00	%	50.00	%	50.00	%
TI Asia Ltd	Hong Kong	equity	50.00	%	50.00	%	50.00	%
Tankers Agencies (UK) Ltd	UK	equity	50.00	%	50.00	%	50.00	%
Tankers International LLC	Marshall Islands	equity	50.00	%	50.00	%	50.00	%
Bari Shipholding Ltd	Hong Kong	equity	50.00	%	50.00	%	NA
Bastia Shipholding Ltd	Hong Kong	equity	50.00	%	50.00	%	NA

(in thousands of USD)	December 31, 2020	December 31, 2019
Assets
Interest in joint ventures	51,703	50,322
Interest in associates	—	—
TOTAL ASSETS	51,703	50,322
Liabilities
Interest in joint ventures	—	—
Interest in associates	—	—
TOTAL LIABILITIES	—	—

The following table contains summarized financial information for all of the Group's joint ventures:

	Asset
(in thousands of USD)	Kingswood Co. Ltd		Seven Seas Shipping Ltd		TI Africa Ltd		TI Asia Ltd		Tankers Agencies (UK) Ltd (see Note 24)		TI LLC (see Note 24)		Total
At December 31, 2018
Percentage ownership interest	50	%	50	%	50	%	50	%	50	%	50	%
Non-Current assets	522		—		154,553		147,962		306		—		303,343
of which vessel	—		—		153,404		146,654		—		—		300,058
Current Assets	—		792		9,119		22,450		351,702		288		384,351
of which cash and cash equivalents	—		696		484		2,561		2,487		—		6,227
Non-Current Liabilities	—		522		130,068		74,171		—		—		204,760
of which bank loans	—		—		70,080		67,551		—		—		137,630
Current Liabilities	6		1		24,400		23,699		349,096		48		397,250
of which bank loans	—		—		23,867		23,015		64,500		—		111,382
Net assets (100%)	516		269		9,205		72,542		2,912		240		85,685
Group's share of net assets	258		134		4,603		36,271		1,774		141		43,182
Shareholders loans to joint venture	—		—		28,665		—		—		—		28,665
Net Carrying amount of interest in joint venture	258		134		4,603		36,271		1,774		141		43,182
Remaining shareholders loan to joint venture	—		—		28,665		—		—		—		28,665
Revenue	—		1		49,129		49,180		749,229		—		847,540
Depreciations and amortization	—		—		(18,209)		(17,933)		(71)		—		(36,213)
Interest Expense	—		—		(3,857)		(3,733)		(2,571)		—		(10,161)
Income tax expense	—		—		(1,585)		(1,611)		(216)		—		(3,412)
Profit (loss) for the period (100%)	(2)		(5)		15,742		15,977		352		10		32,074
Other comprehensive income (100%)	—		—		(477)		(441)		—		—		(918)
Group's share of profit (loss) for the period	(1)		(2)		7,871		7,989		214		6		16,076
Group's share of other comprehensive income	—		—		(239)		(220)		—		—		(459)

	Asset
(in thousands of USD)	Kingswood Co. Ltd		Seven Seas Shipping Ltd		TI Africa Ltd		TI Asia Ltd		Tankers Agencies (UK) Ltd (see Note 24)		TI LLC (see Note 24)		Bari Shipholding Ltd		Bastia Shipholding Ltd		Total
At December 31, 2019
Percentage ownership interest	50	%	50	%	50	%	50	%	50	%	50	%	50	%	50	%
Non-Current assets	530		—		137,426		128,722		944		—		21,833		21,628		311,083
of which vessel	—		—		135,195		128,722		—		—		21,833		21,628		307,377
Current Assets	—		800		10,809		10,001		418,505		267		1,573		5,577		447,531
of which cash and cash equivalents	—		800		1,701		917		3,246		—		—		250		6,913
Non-Current Liabilities	—		525		97,514		49,026		490		—		18,390		18,773		184,718
of which bank loans	—		—		45,567		43,927		—		—		—		—		89,495
Current Liabilities	10		1		26,370		27,318		415,301		51		705		4,328		474,085
of which bank loans	—		—		24,856		23,968		135,000		—		—		—		183,824
Net assets (100%)	520		274		24,351		62,379		3,658		216		4,310		4,104		99,811
Group's share of net assets	260		137		12,175		31,189		2,227		127		2,155		2,052		50,322
Shareholders loans to joint venture	—		—		23,215		—		—		—		18,390		18,773		60,379
Net Carrying amount of interest in joint venture	260		137		12,175		31,189		2,227		127		2,155		2,052		50,322
Remaining shareholders loan to joint venture	—		—		23,215		—		—		—		18,390		18,773		60,379
Revenue	—		8		49,434		49,487		1,307,523		—		938		1,970		1,409,360
Depreciations and amortization	—		—		(18,209)		(17,933)		(67)		—		(273)		(507)		(36,988)
Interest expense	—		—		(4,633)		(4,482)		(3,292)		—		(155)		(202)		(12,764)
Income tax expense	—		—		(1,588)		(1,573)		(243)		—		—		—		(3,405)
Profit (loss) for the period (100%)	(3)		6		15,881		15,743		746		(24)		310		104		32,763
Other comprehensive income (100%)	—		—		(735)		(706)		—		—		—		—		(1,441)
Group's share of profit (loss) for the period	(1)		3		7,941		7,871		454		(14)		155		52		16,460
Group's share of other comprehensive income	—		—		(367)		(353)		—		—		—		—		(720)

	Asset
(in thousands of USD)	Kingswood Co. Ltd		Seven Seas Shipping Ltd		TI Africa Ltd		TI Asia Ltd		Tankers Agencies (UK) Ltd (see Note 24)		TI LLC (see Note 24)		Bari Shipholding Ltd		Bastia Shipholding Ltd		Total
At December 31, 2020
Percentage ownership interest	50	%	50	%	50	%	50	%	50	%	50	%	50	%	50	%
Non-Current assets	—		—		118,337		112,160		720		—		20,079		—		251,296
of which vessel	—		—		118,337		112,160		—		—		20,079		—		250,576
Current Assets	—				10,187		10,176		232,865		243		2,609		514		256,595
of which cash and cash equivalents	—		—		1,138		1,109		3,124		—		1,573		193		7,137
Non Current Liabilities	—				65,355		30,652		276		—		17,271		—		113,554
of which bank loans	—		—		19,929		19,215		—		—		—		—		39,144
Current Liabilities	—				29,277		30,547		228,851		61		2,856		345		291,937
of which bank loans	—		—		25,886		24,961		37,500		—		—		—		88,347
Net assets (100%)	—		—		33,893		61,136		4,458		182		2,562		170		102,401
Group's share of net assets	—		—		16,946		30,568		2,715		107		1,281		85		51,703
Shareholders loans to joint venture	—		—		16,665		—		—		—		17,271		—		33,936
Net Carrying amount of interest in joint venture	—		—		16,946		30,568		2,715		107		1,281		85		51,703
Remaining shareholders loan to joint venture	—		—		16,665		—		—		—		17,271		—		33,936
Revenue	—		—		49,922		49,976		1,478,909		—		12,288		14,131		1,605,227
Depreciations and amortization	—		—		(16,858)		(16,562)		(56)		—		(4,257)		(2,871)		(40,604)
Interest expense	—		—		(3,358)		(3,233)		(1,651)		—		(1,834)		(1,251)		(11,327)
Income tax expense	—		—		(10,397)		(10,135)		(232)		—		—		—		(20,764)
Profit (loss) for the period (100%)	(1)		(1)		9,549		9,855		800		(34)		(1,748)		3,246		21,666
Other comprehensive income (100%)	—		—		(1)		(3)		—		—		—		—		(4)
Group's share of profit (loss) for the period	—		—		4,775		4,927		487		(20)		(874)		1,623		10,917

Group's share of other comprehensive income —  —  —  (1) —  —  —  —  (2)

The following table summarizes the terms and debt repayment profile of the bank loans held by the joint ventures:

(in thousands of USD)				December 31, 2020			December 31, 2019
	Curr.	Nominal interest rate	Year of mat.	Facility size	Drawn	Carrying value	Facility size	Drawn	Carrying value
TI Asia Ltd revolving loan 54M*	USD	libor + 2.0%	2022	22,179	22,179	22,088	34,163	34,163	33,948
TI Asia Ltd loan 54M*	USD	libor + 2.0%	2022	22,179	22,179	22,088	34,163	34,163	33,948
TI Africa Ltd revolving loan 56M*	USD	libor + 2.0%	2022	23,001	23,001	22,908	35,429	35,429	35,212
TI Africa Ltd loan 56M*	USD	libor + 2.0%	2022	23,001	23,001	22,908	35,429	35,429	35,212
Total interest-bearing bank loans				90,360	90,360	89,991	139,183	139,183	138,319

* The mentioned secured bank loans are subject to loan covenants.

(in thousands of USD)	2020	2019
Cash and cash equivalents of the joint ventures	7,137	6,913
Group's share of cash and cash equivalents	3,912	3,814

XML

Major exchange rates (Tables)

12 Months Ended

Dec. 31, 2020

Effects Of Changes In Foreign Exchange Rates [Abstract]

Major exchange rates used in the financial statements

The following major exchange rates have been used in preparing the consolidated financial statements:

	closing rates			average rates
1 XXX = x,xxxx USD	December 31, 2020	December 31, 2019	December 31, 2018	2020	2019	2018
EUR	1.2271	1.1234	1.1450	1.1384	1.1213	1.1838
GBP	1.3649	1.3204	1.2800	1.2860	1.2755	1.3374

XML

Significant accounting policies - Reporting entity (Details)	12 Months Ended
	Dec. 31, 2020 storage_unit tanker
Disclosure of detailed information about property, plant and equipment [line items]
Number of tankers in operating fleet, more than | tanker	70
FSOs | North Oil Company
Disclosure of detailed information about property, plant and equipment [line items]
Number of floating storage units under service contracts | storage_unit	2

XML

Significant accounting policies - Financial liabilities (Details) - vessel		12 Months Ended
	Dec. 30, 2019	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Number of bareboat-in vessels		3
Sale and leaseback agreement
Disclosure of detailed information about borrowings [line items]
Number of bareboat-in vessels	3

XML

Significant accounting policies - Goodwill and intangible assets (Details) - Software	12 Months Ended
	Dec. 31, 2020
Minimum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life	3 years
Maximum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life	5 years

XML

Significant accounting policies - Vessels, property, plant and equipment (Details)		12 Months Ended
	Dec. 30, 2019 vessel	Dec. 31, 2020 USD ($) vessel	Dec. 31, 2019
Disclosure of detailed information about property, plant and equipment [line items]
Extension term of contract		10 years
Number of bareboat-in vessels | vessel		3
Sale and leaseback agreement
Disclosure of detailed information about property, plant and equipment [line items]
Residual value		$ 21,000,000
Number of bareboat-in vessels | vessel	3
tankers
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life		20 years
Residual value		$ 0
FSO/FpSO/FPSO
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life		30 years
FSOs
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life		30 years	25 years
FSOs | Asia And Africa
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life		5 years
plant and equipment | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life		5 years
plant and equipment | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life		20 years
fixtures and fittings | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life		5 years
fixtures and fittings | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life		10 years
other tangible assets | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life		3 years
other tangible assets | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life		20 years
dry-docking | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life		2 years 6 months
dry-docking | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life		5 years
Vessels
Disclosure of detailed information about property, plant and equipment [line items]
Residual value		$ 0

XML

Significant accounting policies - Segment reporting (Details)	12 Months Ended
	Dec. 31, 2020 segment
Corporate Information And Statement Of IFRS Compliance [Abstract]
Number of operating segments	2

XML

Segment reporting - Additional information (Details) - segment	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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
One client | Tankers
Disclosure of operating segments [line items]
Percentage of entity's revenue	6.00%	7.00%	7.00%

XML

Segment reporting - Consolidated Statement of Financial Position (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019		Jan. 01, 2019	Dec. 31, 2018
ASSETS
Vessels	$ 2,865,308	$ 3,177,262
Assets under construction (Note 8)	207,069	0
Right-of-use assets (Note 8)	52,955	58,908		$ 87,600	$ 87,598
Other tangible assets	1,759	2,265
Intangible assets	161	39
Receivables	55,054	71,083
Investments in equity accounted investees (Note 26)	51,703	50,322
Deferred tax assets	1,357	2,715
Non-Current assets	3,235,366	3,362,594
Total current assets	451,873	802,249
TOTAL ASSETS	3,687,239	4,164,843
EQUITY and LIABILITIES
Total equity	2,311,786	2,311,855
Bank and other loans	836,318	1,173,944
Other notes	198,279	198,571
Other borrowings	100,056	107,978
Lease liabilities	21,172	43,161
Other payables	6,893	3,809
Deferred tax liabilities	0	0
Employee benefits	7,987	8,094			$ 4,336
Provisions	1,154	1,381
Total non-current liabilities	1,171,859	1,536,938
Total current liabilities	203,594	316,050
TOTAL EQUITY and LIABILITIES	3,687,239	4,164,843
Operating segments | Tankers
ASSETS
Vessels	2,875,348	3,198,993	[1]
Assets under construction (Note 8)	207,069	0	[1]
Right-of-use assets (Note 8)	52,955	58,908	[1]
Other tangible assets	1,759	2,265	[1]
Intangible assets	161	39	[1]
Receivables	46,419	52,502	[1]
Investments in equity accounted investees (Note 26)	2,822	2,355	[1]
Deferred tax assets	1,357	2,715	[1]
Non-Current assets	3,187,890	3,317,777	[1]
Total current assets	453,009	805,613	[1]
TOTAL ASSETS	3,640,899	4,123,390	[1]
EQUITY and LIABILITIES
Total equity	2,264,271	2,268,490	[1]
Bank and other loans	836,318	1,173,944	[1]
Other notes	198,279	198,571	[1]
Other borrowings	100,056	107,978	[1]
Lease liabilities	21,172	43,161	[1]
Other payables	6,893	3,809	[1]
Deferred tax liabilities	0	0	[1]
Employee benefits	7,987	8,094	[1]
Provisions	1,154	1,381	[1]
Total non-current liabilities	1,171,859	1,536,938	[1]
Total current liabilities	204,769	317,962	[1]
TOTAL EQUITY and LIABILITIES	3,640,899	4,123,390	[1]
Operating segments | FSO
ASSETS
Vessels	115,248	131,958	[1]
Assets under construction (Note 8)	0	0	[1]
Right-of-use assets (Note 8)	0	0	[1]
Other tangible assets	0	0	[1]
Intangible assets	0	0	[1]
Receivables	0	0	[1]
Investments in equity accounted investees (Note 26)	0	0	[1]
Deferred tax assets	0	1,116	[1]
Non-Current assets	115,248	133,074	[1]
Total current assets	10,182	10,405	[1]
TOTAL ASSETS	125,430	143,479	[1]
EQUITY and LIABILITIES
Total equity	47,515	43,365	[1]
Bank and other loans	36,237	67,962	[1]
Other notes	0	0	[1]
Other borrowings	0	0	[1]
Lease liabilities	0	0	[1]
Other payables	242	539	[1]
Deferred tax liabilities	11,525	4,769	[1]
Employee benefits	0	0	[1]
Provisions	0	0	[1]
Total non-current liabilities	48,004	73,270	[1]
Total current liabilities	29,911	26,844	[1]
TOTAL EQUITY and LIABILITIES	125,430	143,479	[1]
Less: Equity-accounted investees
ASSETS
Vessels	125,288	153,689	[1]
Assets under construction (Note 8)	0	0	[1]
Right-of-use assets (Note 8)	0	0	[1]
Other tangible assets	0	0	[1]
Intangible assets	0	0	[1]
Receivables	(8,635)	(18,581)	[1]
Investments in equity accounted investees (Note 26)	(48,881)	(47,967)	[1]
Deferred tax assets	0	1,116	[1]
Non-Current assets	67,772	88,257	[1]
Total current assets	11,318	13,769	[1]
TOTAL ASSETS	79,090	102,026	[1]
EQUITY and LIABILITIES
Total equity	0	0	[1]
Bank and other loans	36,237	67,962	[1]
Other notes	0	0	[1]
Other borrowings	0	0	[1]
Lease liabilities	0	0	[1]
Other payables	242	539	[1]
Deferred tax liabilities	11,525	4,769	[1]
Employee benefits	0	0	[1]
Provisions	0	0	[1]
Total non-current liabilities	48,004	73,270	[1]
Total current liabilities	31,086	28,756	[1]
TOTAL EQUITY and LIABILITIES	$ 79,090	$ 102,026	[1]

[1] The Group initially applied IFRS 16 at 1 January 2019, which requires the recognition of right-of-use assets and lease liabilities for lease contracts that were previously classified as operating leases. As a result, the Group recognized $87.6 million of right-of-use assets and $105.3 million of liabilities from those lease contracts. The assets and liabilities are included in the Tankers and FSO segments as at 31 December 2020 and 31 December 2019. The Group has applied IFRS 16 using the modified retrospective approach, under which comparative information is not restated (see Note 1.19).

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Segment reporting - Consolidated Statement of Profit or Loss By Operating Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018
Shipping income
Revenue	$ 1,230,750	$ 932,377	[1]	$ 600,024	[1]
Gains on disposal of vessels/other tangible assets	22,728	14,879	[1]	19,138	[1]
Other operating income	10,112	10,094	[1]	4,775	[1]
Total shipping income	1,263,590	957,350	[1]	623,937	[1]
Operating expenses
Voyage expenses and commissions	(125,430)	(144,681)	[1]	(141,416)	[1]
Vessel operating expenses	(210,634)	(211,795)	[1]	(185,792)	[1]
Charter hire expenses	(7,954)	(604)	[1]	(31,114)	[1]
Losses on disposal of vessels/other tangible assets	(1)	(75)	[1]	(273)	[1]
Impairment on non-current assets held for sale	0	0	[1]	(2,995)	[1]
Depreciation tangible assets	(319,652)	(337,646)	[1]	(270,582)	[1]
Depreciation intangible assets	(99)	(56)	[1]	(111)	[1]
General and administrative expenses	(65,498)	(66,890)	[1]	(66,232)	[1]
Total operating expenses	(729,268)	(761,747)	[1]	(698,515)	[1]
RESULT FROM OPERATING ACTIVITIES	534,322	195,603	[1]	(74,578)	[1]
Finance income	21,496	20,572	[1]	15,023	[1]
Finance expenses	(91,553)	(119,803)	[1]	(89,412)	[1]
Net finance expenses	(70,057)	(99,231)	[1]	(74,389)	[1]
Gain on bargain purchase	0	0	[1],[2]	23,059	[1],[2]
Share of profit (loss) of equity accounted investees (net of income tax)	10,917	16,460	[1]	16,076	[1]
PROFIT (LOSS) BEFORE INCOME TAX	475,182	112,832	[1]	(109,832)	[1]
Income tax expense	(1,944)	(602)	[1]	(238)	[1]
PROFIT (LOSS) FOR THE PERIOD	473,238	112,230	[1],[2]	(110,070)	[2],[3]
Attributable to:
Owners of the company	473,238	112,230	[1]	(110,070)	[1]
Operating segments | Tankers
Shipping income
Revenue	1,241,252	933,823	[4]	600,024
Gains on disposal of vessels/other tangible assets	23,107	14,879	[4]	19,138
Other operating income	9,907	10,075	[4]	4,775
Total shipping income	1,274,266	958,777	[4]	623,937
Operating expenses
Voyage expenses and commissions	(129,833)	(145,047)	[4]	(141,416)
Vessel operating expenses	(213,489)	(212,010)	[4]	(185,792)
Charter hire expenses	(5,410)	(604)	[4]	(31,114)
Losses on disposal of vessels/other tangible assets	(1)	(75)	[4]	(273)
Impairment on non-current assets held for sale	0	0	[4]	(2,995)
Depreciation tangible assets	(323,216)	(338,036)	[4]	(270,582)
Depreciation intangible assets	(99)	(56)	[4]	(111)
General and administrative expenses	(65,606)	(66,958)	[4]	(66,235)
Total operating expenses	(737,654)	(762,786)	[4]	(698,518)
RESULT FROM OPERATING ACTIVITIES	536,612	195,991	[4]	(74,581)
Finance income	20,045	20,399	[4]	15,023
Finance expenses	(91,645)	(119,809)	[4]	(89,412)
Net finance expenses	(71,600)	(99,410)	[4]	(74,389)
Gain on bargain purchase	0	0	[4]	23,059
Share of profit (loss) of equity accounted investees (net of income tax)	467	440	[4]	220
PROFIT (LOSS) BEFORE INCOME TAX	465,479	97,021	[4]	(125,691)
Income tax expense	(1,944)	(602)	[4]	(238)
PROFIT (LOSS) FOR THE PERIOD	463,535	96,419	[4]	(125,929)
Attributable to:
Owners of the company	463,535	96,419	[4]	(125,929)
Operating segments | FSO
Shipping income
Revenue	49,949	49,461	[4]	49,155
Gains on disposal of vessels/other tangible assets	0	0	[4]	0
Other operating income	2,577	3,351	[4]	72
Total shipping income	52,526	52,812	[4]	49,227
Operating expenses
Voyage expenses and commissions	0	2	[4]	(1)
Vessel operating expenses	(12,014)	(12,657)	[4]	(9,637)
Charter hire expenses	0	0	[4]	0
Losses on disposal of vessels/other tangible assets	0	0	[4]	0
Impairment on non-current assets held for sale	0	0	[4]	0
Depreciation tangible assets	(16,710)	(18,071)	[4]	(18,071)
Depreciation intangible assets	0	0	[4]	0
General and administrative expenses	(560)	(283)	[4]	(425)
Total operating expenses	(29,284)	(31,009)	[4]	(28,134)
RESULT FROM OPERATING ACTIVITIES	23,242	21,803	[4]	21,093
Finance income	21	147	[4]	160
Finance expenses	(3,295)	(4,558)	[4]	(3,795)
Net finance expenses	(3,274)	(4,411)	[4]	(3,635)
Gain on bargain purchase	0	0	[4]	0
Share of profit (loss) of equity accounted investees (net of income tax)	0	0	[4]	0
PROFIT (LOSS) BEFORE INCOME TAX	19,968	17,392	[4]	17,458
Income tax expense	(10,265)	(1,581)	[4]	(1,599)
PROFIT (LOSS) FOR THE PERIOD	9,703	15,811	[4]	15,859
Attributable to:
Owners of the company	9,703	15,811	[4]	15,859
Less: Equity-accounted investees
Shipping income
Revenue	60,451	50,907	[4]	49,155
Gains on disposal of vessels/other tangible assets	379	0	[4]	0
Other operating income	2,372	3,332	[4]	72
Total shipping income	63,202	54,239	[4]	49,227
Operating expenses
Voyage expenses and commissions	(4,403)	(364)	[4]	(1)
Vessel operating expenses	(14,869)	(12,872)	[4]	(9,637)
Charter hire expenses	2,544	0	[4]	0
Losses on disposal of vessels/other tangible assets	0	0	[4]	0
Impairment on non-current assets held for sale	0	0	[4]	0
Depreciation tangible assets	(20,274)	(18,461)	[4]	(18,071)
Depreciation intangible assets	0	0	[4]	0
General and administrative expenses	(668)	(351)	[4]	(428)
Total operating expenses	(37,670)	(32,048)	[4]	(28,137)
RESULT FROM OPERATING ACTIVITIES	25,532	22,191	[4]	21,090
Finance income	(1,430)	(26)	[4]	160
Finance expenses	(3,387)	(4,564)	[4]	(3,795)
Net finance expenses	(4,817)	(4,590)	[4]	(3,635)
Gain on bargain purchase	0	0	[4]	0
Share of profit (loss) of equity accounted investees (net of income tax)	(10,450)	(16,020)	[4]	(15,856)
PROFIT (LOSS) BEFORE INCOME TAX	10,265	1,581	[4]	1,599
Income tax expense	(10,265)	(1,581)	[4]	(1,599)
PROFIT (LOSS) FOR THE PERIOD	0	0	[4]	0
Attributable to:
Owners of the company	$ 0	$ 0	[4]	$ 0

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

[2] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

[3] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

[4] The Group initially applied IFRS 16 at 1 January 2019, which requires the recognition of right-of-use assets and lease liabilities for lease contracts that were previously classified as operating leases. As a result, the Group recognized $87.6 million of right-of-use assets and $105.3 million of liabilities from those lease contracts. The assets and liabilities are included in the Tankers and FSO segments as at 31 December 2020 and 31 December 2019. The Group has applied IFRS 16 using the modified retrospective approach, under which comparative information is not restated (see Note 1.19).

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Segment reporting - Summarized Consolidated Statement of Cash Flows (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018		Jan. 01, 2019
Disclosure of operating segments [line items]
Net cash from (used in) operating activities	$ 969,785,000	$ 271,991,000	[1]	$ 841,000	[1]
Net cash from (used in) investing activities	(117,106,000)	43,750,000	[1]	190,042,000	[1]
Net cash from (used in) financing activities	(999,701,000)	(191,187,000)	[1]	(160,165,000)	[1]
Capital expenditure	(225,410,000)	(8,053,000)		(238,065,000)
Right-of-use assets	52,955,000	58,908,000		87,598,000		$ 87,600,000
Lease liabilities						$ 105,300,000
Operating segments | Tankers
Disclosure of operating segments [line items]
Net cash from (used in) operating activities	958,798,000	259,109,000	[2]	843,000
Net cash from (used in) investing activities	(110,314,000)	44,211,000	[2]	190,042,000
Net cash from (used in) financing activities	(995,151,000)	(178,587,000)	[2]	(160,165,000)
Capital expenditure	(226,663,000)	(30,173,000)	[2]	(238,065,000)
Right-of-use assets	52,955,000	58,908,000	[2]
Operating segments | FSO
Disclosure of operating segments [line items]
Net cash from (used in) operating activities	36,328,000	41,278,000	[2]	40,672,000
Net cash from (used in) investing activities	0	0	[2]	0
Net cash from (used in) financing activities	(36,503,000)	(41,491,000)	[2]	(42,164,000)
Capital expenditure	0	0	[2]	0
Right-of-use assets	0	0	[2]
Less: Equity-accounted investees
Disclosure of operating segments [line items]
Net cash from (used in) operating activities	25,341,000	(28,396,000)	[2]	(40,674,000)
Net cash from (used in) investing activities	6,792,000	(461,000)	[2]	0
Net cash from (used in) financing activities	(31,953,000)	28,891,000	[2]	42,164,000
Capital expenditure	(1,252,500)	(22,120,000)	[2]	$ 0
Right-of-use assets	$ 0	$ 0	[2]

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

[2] The Group initially applied IFRS 16 at 1 January 2019, which requires the recognition of right-of-use assets and lease liabilities for lease contracts that were previously classified as operating leases. As a result, the Group recognized $87.6 million of right-of-use assets and $105.3 million of liabilities from those lease contracts. The assets and liabilities are included in the Tankers and FSO segments as at 31 December 2020 and 31 December 2019. The Group has applied IFRS 16 using the modified retrospective approach, under which comparative information is not restated (see Note 1.19).

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Assets and liabilities held for sale and discontinued operations - Assets held for sale (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale	$ 0	$ 12,705
Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale	0	12,705	$ 42,000
Vessels | Tankers
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale	0	12,705	42,000
Vessels | FSO
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale	$ 0	$ 0	$ 0

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Assets and liabilities held for sale and discontinued operations - Schedule of assets held for sale (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Sep. 15, 2020	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Asset Held For Sale		$ 0	$ 12,705
Impairment Loss	$ (400)
(Expected) Gain			0	$ 0	[1]	$ (2,995)	[1]
Assets sold from assets held for sale				(12,705)		(44,995)
Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
(Estimated) sale price, beginning balance		0	0
(Estimated) Sale price, ending balance			0	0
Asset Held For Sale		0	12,705	42,000
Impairment Loss			0	0
(Expected) Gain			8,298	8,298
Assets sold from assets held for sale				(12,705)		$ (44,995)
Book Value | Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Asset Held For Sale		0	0
Finesse | Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Asset Held For Sale			12,700
Impairment Loss		$ (8,300)
Finesse | Book Value | Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Asset Held For Sale			12,700
Non-current assets held for sale | Felicity | Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets sold from assets held for sale, estimated sales price				42,000
Impairment Loss				0
(Expected) Gain				0
Assets sold from assets held for sale				(42,000)
Non-current assets held for sale | Felicity | Book Value | Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets sold from assets held for sale				(42,000)
Non-current assets held for sale | Finesse | Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets sold from assets held for sale, estimated sales price			21,003	21,003
Impairment Loss			0	0
(Expected) Gain			8,298	8,298
Assets sold from assets held for sale			(12,705)	(12,705)
Non-current assets held for sale | Finesse | Book Value | Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets sold from assets held for sale			$ (12,705)	$ (12,705)

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

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Assets and liabilities held for sale and discontinued operations - Additional information (Details) $ in Thousands			3 Months Ended	12 Months Ended
	Sep. 15, 2020 USD ($)	Jan. 23, 2020 USD ($) T	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) operation	Dec. 31, 2019 USD ($) operation	Dec. 31, 2018 USD ($)
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale				$ 0	$ 12,705
Gain (loss) from sale of vessel	$ 400
Number of discontinued operations | operation				0	0
Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale				$ 0	$ 12,705	$ 42,000
Gain (loss) from sale of vessel				0	0
Vessels | Finesse
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
VLCC weight (in deadweight tons) | T		149,994
Proceeds from sales of vessels previously held for sale		$ 21,800
Fair value, net of cost of disposal		$ 21,000
Assets held for sale					12,700
Gain (loss) from sale of vessel			$ 8,300
Cost | Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale				$ 0	0
Cost | Vessels | Finesse
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Assets held for sale					$ 12,700

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Revenue and other operating income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018
Disclosure Of Revenue Sources [Line Items]
Revenue from contracts with customers	$ 1,116,863	$ 842,068
Operating lease income	113,887	90,309
Total revenue	1,230,750	932,377	[1]	$ 600,024	[1]
Other operating income	10,112	10,094	[1]	4,775	[1]
Pool Revenue
Disclosure Of Revenue Sources [Line Items]
Revenue from contracts with customers	716,406	524,847
Spot Voyages
Disclosure Of Revenue Sources [Line Items]
Revenue from contracts with customers	400,457	317,221
Time Charters
Disclosure Of Revenue Sources [Line Items]
Operating lease income	113,887	90,309
Less: Equity-accounted investees
Disclosure Of Revenue Sources [Line Items]
Revenue from contracts with customers	9,205	1,446
Operating lease income	51,246	49,461
Total revenue	60,451	50,907	[2]	49,155
Other operating income	2,372	3,332	[2]	72
Less: Equity-accounted investees | Pool Revenue
Disclosure Of Revenue Sources [Line Items]
Revenue from contracts with customers	(594)	(7)
Less: Equity-accounted investees | Spot Voyages
Disclosure Of Revenue Sources [Line Items]
Revenue from contracts with customers	9,799	1,453
Less: Equity-accounted investees | Time Charters
Disclosure Of Revenue Sources [Line Items]
Operating lease income	51,246	49,461
Tankers | Operating segments
Disclosure Of Revenue Sources [Line Items]
Revenue from contracts with customers	1,126,068	843,514
Operating lease income	115,184	90,309
Total revenue	1,241,252	933,823	[2]	600,024
Other operating income	9,907	10,075	[2]	4,775
Tankers | Operating segments | Pool Revenue
Disclosure Of Revenue Sources [Line Items]
Revenue from contracts with customers	715,812	524,840
Tankers | Operating segments | Spot Voyages
Disclosure Of Revenue Sources [Line Items]
Revenue from contracts with customers	410,256	318,674
Tankers | Operating segments | Time Charters
Disclosure Of Revenue Sources [Line Items]
Operating lease income	115,184	90,309
FSO | Operating segments
Disclosure Of Revenue Sources [Line Items]
Revenue from contracts with customers	0	0
Operating lease income	49,949	49,461
Total revenue	49,949	49,461	[2]	49,155
Other operating income	2,577	3,351	[2]	$ 72
FSO | Operating segments | Pool Revenue
Disclosure Of Revenue Sources [Line Items]
Revenue from contracts with customers	0	0
FSO | Operating segments | Spot Voyages
Disclosure Of Revenue Sources [Line Items]
Revenue from contracts with customers	0	0
FSO | Operating segments | Time Charters
Disclosure Of Revenue Sources [Line Items]
Operating lease income	$ 49,949	$ 49,461

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

[2] The Group initially applied IFRS 16 at 1 January 2019, which requires the recognition of right-of-use assets and lease liabilities for lease contracts that were previously classified as operating leases. As a result, the Group recognized $87.6 million of right-of-use assets and $105.3 million of liabilities from those lease contracts. The assets and liabilities are included in the Tankers and FSO segments as at 31 December 2020 and 31 December 2019. The Group has applied IFRS 16 using the modified retrospective approach, under which comparative information is not restated (see Note 1.19).

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Expenses for shipping activities and other expenses from operating activities - Voyage commissions and expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018
Analysis of income and expense [abstract]
Commissions paid	$ (12,748)	$ (10,130)		$ (8,193)
Bunkers	(98,761)	(101,947)		(103,920)
Other voyage related expenses	(13,921)	(32,604)		(29,303)
Total voyage expenses and commissions	$ (125,430)	$ (144,681)	[1]	$ (141,416)	[1]

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

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Expenses for shipping activities and other expenses from operating activities - Vessel operating expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018
Analysis of income and expense [abstract]
Operating expenses	$ (196,677)	$ (196,739)		$ (172,589)
Insurance	(13,957)	(15,056)		(13,203)
Total vessel operating expenses	$ (210,634)	$ (211,795)	[1]	$ (185,792)	[1]

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

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Expenses for shipping activities and other expenses from operating activities - Charter hire expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018
Disclosure of operating segments [line items]
Total charter hire expenses	$ (7,954)	$ (604)	[1]	$ (31,114)	[1]
Charter hire
Disclosure of operating segments [line items]
Total charter hire expenses	(7,954)	(604)		6
Bare boat hire
Disclosure of operating segments [line items]
Total charter hire expenses	$ 0	$ 0		$ (31,120)

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

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Expenses for shipping activities and other expenses from operating activities - General administrative expenses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) employee	Dec. 31, 2019 USD ($) employee		Dec. 31, 2018 USD ($) employee
Analysis of income and expense [abstract]
Wages and salaries	$ (19,806)	$ (25,050)		$ (16,247)
Social security costs	(3,269)	(3,430)		(3,746)
Provision for employee benefits (Note 17)	(545)	(134)		(111)
Cash-settled share-based payments (Note 23)	1,338	(2,455)		(505)
Equity-settled share-based payments (Note 23)	(140)	0		(37)
Other employee benefits	(4,450)	(3,713)		(7,607)
Employee benefits	(26,872)	(34,782)		(28,253)
Administrative expenses	(35,565)	(31,226)		(33,485)
Tonnage Tax	(3,459)	(1,313)		(4,436)
Claims	10	(17)		(100)
Provisions	388	448		42
Total general and administrative expenses	$ (65,498)	$ (66,890)	[1]	$ (66,232)	[1]
Average number of full time equivalents (shore staff) | employee	185.66	184.90		161.77

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

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Net finance expense - Net finance expense recognized in profit or loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018
Financial Instruments [Abstract]
Interest income	$ 6,487	$ 6,529		$ 4,106
Foreign exchange gains	15,009	14,043		10,917
Finance income	21,496	20,572	[1]	15,023	[1]
Interest expense on financial liabilities measured at amortized cost	(62,350)	(84,378)		(67,956)
Interest leasing	(3,287)	(4,811)		0
Fair value adjustment on interest rate swaps	(108)	(8,533)		(2,790)
Other financial charges	(9,936)	(7,474)		(6,802)
Foreign exchange losses	(15,872)	(14,607)		(11,864)
Finance expense	(91,553)	(119,803)	[1]	(89,412)	[1]
Net finance expenses	$ (70,057)	$ (99,231)	[1]	$ (74,389)	[1]

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

XML

Net finance expense - Additional information (Details)		3 Months Ended	12 Months Ended
	Dec. 30, 2019 vessel	Sep. 30, 2019 numberOfInterestRateSwaps	Dec. 31, 2020 vessel	Dec. 31, 2019 contract numberOfInterestRateSwaps
Disclosure of detailed information about borrowings [line items]
Number of bareboat-in vessels			3
Interest rate swaps
Disclosure of detailed information about borrowings [line items]
Number of interest rate swaps settled		3		3
Number of interest rate swaps outstanding | numberOfInterestRateSwaps				2
Sale and leaseback agreement
Disclosure of detailed information about borrowings [line items]
Number of bareboat-in vessels	3

XML

Net finance expense - Finance income and expenses not at fair value through profit or loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financial Instruments [Abstract]
Total interest income on financial assets	$ 6,487	$ 6,529	$ 4,106
Total interest expense on financial liabilities	(62,350)	(84,378)	(67,956)
Interest leasing	(3,287)	(4,811)	0
Other financial charges	$ (9,936)	$ (7,474)	$ (6,802)

XML

Net finance expense - Net finance expense recognized directly in equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018
Foreign currency translation differences for foreign operations	$ 636	$ (112)	[1]	$ (157)	[1]
Other comprehensive income, net of tax, cash flow hedges	(2,873)	(1,885)	[1]	(2,698)	[1]
Other comprehensive income (expense), net of tax	(2,336)	(3,940)	[1]	(3,194)	[1]
Translation Reserve and Hedging Reserve
Other comprehensive income (expense), net of tax	(2,237)	(1,997)		(2,855)
Translation reserve
Other comprehensive income (expense), net of tax	636	(112)		(157)
Hedging reserve
Other comprehensive income (expense), net of tax	$ (2,873)	$ (1,885)		$ (2,698)

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

XML

Income tax benefit (expense) - Income tax benefit (expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018
Current tax
Current period	$ (575)	$ (1,066)		$ (37)
Total current tax	(575)	(1,066)		(37)
Deferred tax
Recognition of unused tax losses/(use of tax losses)	(1,369)	474		(195)
Other	0	(10)		(6)
Total deferred tax	(1,369)	464		(201)
Total tax benefit/(expense)	$ (1,944)	$ (602)	[1]	$ (238)	[1]

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

XML

Income tax benefit (expense) - Effective income tax rate reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018
Reconciliation of accounting profit multiplied by applicable tax rates [abstract]
Profit (loss) before tax	$ 475,182	$ 112,832		$ (109,832)
Tax at domestic rate	(118,796)	(33,376)		32,488
Tax exempt profit / loss	241	317		(50)
Tax adjustments for previous years	0	34		9
Loss for which no DTA has been recognized	(61)	(26)		(1,037)
Non-deductible expenses	(482)	(538)		(962)
Use of previously unrecognized tax losses and tax credits	267	4,066		0
Tonnage Tax regime	115,174	24,534		(33,602)
Effect of share of profit of equity-accounted investees	2,613	2,482		4,690
Effects of tax regimes in foreign jurisdictions	(900)	1,905		(1,774)
Total tax benefit/(expense)	$ (1,944)	$ (602)	[1]	$ (238)	[1]
Reconciliation of average effective tax rate and applicable tax rate [abstract]
Tax at domestic rate (as a percent)	(25.00%)	(29.58%)		(29.58%)
Total taxes (as a percent)	(0.41%)	(0.53%)		0.22%
Tonnage tax expense	$ 3,459	$ 1,313		$ 4,436

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

XML

Property, plant and equipment - Schedule of property, plant and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	$ 3,238,435	$ 3,522,010	$ 2,336,831
Acquisitions	250,890	8,585	238,064
Acquisitions through business combinations (Note 25)		87,598	1,704,595
Disposals and cancellations	(42,643)	(29,438)	(7,889)
Disposals and cancellations through business combinations (Note 25)			(434,000)
Depreciation charges	(319,652)	(337,646)	(270,582)
Transfer to assets held for sale (Note 3)		(12,705)	(44,995)
Transfers			0
Translation differences	61	31	(14)
Property, plant and equipment, ending balance	3,127,091	3,238,435	3,522,010
Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	4,909,134	4,931,598	3,662,905
Property, plant and equipment, ending balance	4,934,443	4,909,134	4,931,598
Depreciation & impairment losses
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	(1,670,699)	(1,409,588)	(1,326,074)
Property, plant and equipment, ending balance	(1,807,352)	(1,670,699)	(1,409,588)
Vessels
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	3,177,262	3,520,067	2,271,500
Acquisitions	17,835	7,024	45,750
Acquisitions through business combinations (Note 25)		0	1,704,250
Disposals and cancellations	(42,641)	(29,386)	(7,814)
Disposals and cancellations through business combinations (Note 25)			(434,000)
Depreciation charges	(287,148)	(307,738)	(270,018)
Transfer to assets held for sale (Note 3)		(12,705)	(44,995)
Transfers			255,394
Translation differences	0	0	0
Property, plant and equipment, ending balance	2,865,308	3,177,262	3,520,067
Vessels | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	4,815,910	4,927,324	3,595,692
Property, plant and equipment, ending balance	4,608,326	4,815,910	4,927,324
Vessels | Depreciation & impairment losses
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	(1,638,648)	(1,407,257)	(1,324,192)
Property, plant and equipment, ending balance	(1,743,018)	(1,638,648)	(1,407,257)
Vessels under construction
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	0	0	63,668
Acquisitions	207,069	0	191,726
Acquisitions through business combinations (Note 25)		0	0
Disposals and cancellations	0	0	0
Disposals and cancellations through business combinations (Note 25)			0
Depreciation charges	0	0	0
Transfer to assets held for sale (Note 3)		0	0
Transfers			(255,394)
Translation differences	0	0	0
Property, plant and equipment, ending balance	207,069	0	0
Vessels under construction | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	0	0	63,668
Property, plant and equipment, ending balance	207,069	0	0
Vessels under construction | Depreciation & impairment losses
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	0	0	0
Property, plant and equipment, ending balance	0	0	0
Right-of-use assets
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	58,908	0	0
Acquisitions	25,701	(549)	0
Acquisitions through business combinations (Note 25)		87,598
Disposals and cancellations	0	0	0
Disposals and cancellations through business combinations (Note 25)			0
Depreciation charges	(31,702)	(29,265)	0
Transfer to assets held for sale (Note 3)		0
Transfers			0
Translation differences	48	26	0
Property, plant and equipment, ending balance	52,955	58,908	0
Right-of-use assets | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	88,182	0	0
Property, plant and equipment, ending balance	113,859	88,182	0
Right-of-use assets | Depreciation & impairment losses
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	(29,274)		0
Property, plant and equipment, ending balance	(60,904)	(29,274)
Other tangible assets
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	2,265	1,943	1,663
Acquisitions	285	1,012	588
Acquisitions through business combinations (Note 25)		0	345
Disposals and cancellations	(2)	(52)	(75)
Disposals and cancellations through business combinations (Note 25)			0
Depreciation charges	(802)	(643)	(564)
Transfer to assets held for sale (Note 3)		0	0
Transfers			0
Translation differences	13	5	(14)
Property, plant and equipment, ending balance	1,759	2,265	1,943
Other tangible assets | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	5,042	4,274	3,545
Property, plant and equipment, ending balance	5,189	5,042	4,274
Other tangible assets | Depreciation & impairment losses
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment, beginning balance	(2,777)	(2,331)	(1,882)
Property, plant and equipment, ending balance	$ (3,430)	$ (2,777)	$ (2,331)

XML

Property, plant and equipment - Additional information (Details)					3 Months Ended		12 Months Ended
	Nov. 06, 2020 USD ($) agreement	Apr. 22, 2020 USD ($) T	Mar. 20, 2020 USD ($) T	Jan. 23, 2020 USD ($) T	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) vessel	Dec. 31, 2019 USD ($) vessel	Dec. 31, 2018 USD ($)	Jan. 01, 2019 USD ($)	Dec. 31, 2017 USD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Assets held for sale							$ 0	$ 12,705,000
Acquisitions							250,890,000	8,585,000	$ 238,064,000
Agreement to purchase property, plant and equipment							$ 172,100,000	0
Number of assets under construction subject to capital commitments | vessel							3
Additions to right-of-use assets							$ 25,701,000	653,000
Right-of-use assets (Note 8)							52,955,000	58,908,000	87,598,000	$ 87,600,000
Number of time charter agreements entered into | agreement	2
Non-Current assets of which Vessel							$ 3,127,091,000	3,238,435,000	3,522,010,000		$ 2,336,831,000
Weighted average cost of capital, measurement input
Disclosure of detailed information about property, plant and equipment [line items]
Significant unobservable input, assets							0.0545
Significant unobservable input, assets, percent change that would lead to no additional impairment							2.00%
Adjusted significant unobservable input, assets, that would result in no additional impairment							7.45%
Finesse
Disclosure of detailed information about property, plant and equipment [line items]
Gains on sale of vessel							$ 8,298,000
Cap Diamant
Disclosure of detailed information about property, plant and equipment [line items]
Gains on sale of vessel							12,830,000
TI Hellas
Disclosure of detailed information about property, plant and equipment [line items]
Gains on sale of vessel							1,600,000
Vessels
Disclosure of detailed information about property, plant and equipment [line items]
Assets held for sale							0	12,705,000	42,000,000
Acquisitions							$ 17,835,000	$ 7,024,000	45,750,000
Number of vessels under construction | vessel							4	0
Non-Current assets of which Vessel							$ 2,865,308,000	$ 3,177,262,000	3,520,067,000		2,271,500,000
Vessels | Finesse
Disclosure of detailed information about property, plant and equipment [line items]
VLCC weight (in deadweight tons) | T				149,994
Fair value, net of cost of disposal				$ 21,000,000.0
Assets held for sale								12,700,000
Gains on sale of vessel						$ 8,300,000
Proceeds from sales of vessels previously held for sale				$ 21,800,000
Vessels | Cap Diamant
Disclosure of detailed information about property, plant and equipment [line items]
VLCC weight (in deadweight tons) | T			160,044
Gains on sale of vessel			$ 12,800,000
Proceeds from sales of vessels previously held for sale			$ 20,100,000
Vessels | TI Hellas
Disclosure of detailed information about property, plant and equipment [line items]
VLCC weight (in deadweight tons) | T		319,254
Gains on sale of vessel					$ 1,600,000
Proceeds from sales of vessels previously held for sale		$ 37,000,000.0
tankers
Disclosure of detailed information about property, plant and equipment [line items]
Impairment using 10-year historical charter rate							700,000
Impairment using 5-year historical charter rate							2,400,000
Impairment using 1-year historical charter rate							0
Time Charters
Disclosure of detailed information about property, plant and equipment [line items]
Additions to right-of-use assets	$ 24,900,000
Vessels under construction
Disclosure of detailed information about property, plant and equipment [line items]
Acquisitions							207,069,000	0	191,726,000
Non-Current assets of which Vessel							$ 207,069,000	$ 0	$ 0		$ 63,668,000

XML

Property, plant and equipment - Schedule of disposal of assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Disclosure of detailed information about property, plant and equipment [line items]
Book Value	$ 3,127,091	$ 3,238,435		$ 3,522,010		$ 2,336,831
Loss	(1)	(75)	[1]	(273)	[1]
Vessels
Disclosure of detailed information about property, plant and equipment [line items]
Sale price	78,075	86,264		26,762
Gain	22,728	14,879		19,138
Loss	0	(75)		(273)
Cap Jean
Disclosure of detailed information about property, plant and equipment [line items]
Sale price				10,175
Gain				10,175
Loss				0
Cap Romuald
Disclosure of detailed information about property, plant and equipment [line items]
Sale price				10,282
Gain				8,963
Loss				0
Gener8 Companion
Disclosure of detailed information about property, plant and equipment [line items]
Sale price				6,305
Gain				0
Loss				(190)
Other
Disclosure of detailed information about property, plant and equipment [line items]
Sale price		29		0
Gain		29		0
Loss		(75)		(83)
Felicity
Disclosure of detailed information about property, plant and equipment [line items]
Sale price		42,000
Gain		0
Loss		0
Genmar Compatriot
Disclosure of detailed information about property, plant and equipment [line items]
Sale price		6,615
Gain		442
Loss		0
V.K Eddie
Disclosure of detailed information about property, plant and equipment [line items]
Sale price		37,620
Gain		14,408
Loss		0
Finesse
Disclosure of detailed information about property, plant and equipment [line items]
Sale price	21,003
Gain	8,298
Loss	0
Cap Diamant
Disclosure of detailed information about property, plant and equipment [line items]
Sale price	20,072
Gain	12,830
Loss	0
TI Hellas
Disclosure of detailed information about property, plant and equipment [line items]
Sale price	37,000
Gain	1,600
Loss	0
Book Value
Disclosure of detailed information about property, plant and equipment [line items]
Book Value	4,934,443	4,909,134		4,931,598		$ 3,662,905
Book Value | Vessels
Disclosure of detailed information about property, plant and equipment [line items]
Book Value	55,347	71,385		7,814
Book Value | Cap Jean
Disclosure of detailed information about property, plant and equipment [line items]
Book Value				0
Book Value | Cap Romuald
Disclosure of detailed information about property, plant and equipment [line items]
Book Value				1,319
Book Value | Gener8 Companion
Disclosure of detailed information about property, plant and equipment [line items]
Book Value				6,495
Book Value | Other
Disclosure of detailed information about property, plant and equipment [line items]
Book Value		0		$ 0
Book Value | Felicity
Disclosure of detailed information about property, plant and equipment [line items]
Book Value		42,000
Book Value | Genmar Compatriot
Disclosure of detailed information about property, plant and equipment [line items]
Book Value		6,173
Book Value | V.K Eddie
Disclosure of detailed information about property, plant and equipment [line items]
Book Value		$ 23,212
Book Value | Finesse
Disclosure of detailed information about property, plant and equipment [line items]
Book Value	12,705
Book Value | Cap Diamant
Disclosure of detailed information about property, plant and equipment [line items]
Book Value	7,242
Book Value | TI Hellas
Disclosure of detailed information about property, plant and equipment [line items]
Book Value	$ 35,400

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

XML

Property, plant and equipment - Capital commitments (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	$ 172,100,000	$ 0
VLCCs
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	172,100,000
Suezmaxes
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	0
FSOs
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	0
2021
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	172,100,000
2021 | VLCCs
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	172,100,000
2021 | Suezmaxes
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	0
2021 | FSOs
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	0
2022
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	0
2022 | VLCCs
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	0
2022 | Suezmaxes
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	0
2022 | FSOs
Disclosure of detailed information about property, plant and equipment [line items]
Capital commitments	$ 0

XML

Deferred tax assets and liabilities - Components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	$ (1,357)	$ (2,715)
Deferred tax liabilities	0	0
NET	1,357	2,715	$ 2,255	$ 2,487
Employee benefits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	(29)	(26)
Deferred tax liabilities	0	0
NET	29	26	$ 37	$ 44
Unused tax losses & tax credits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	(27,650)	(29,011)
Deferred tax liabilities	0	0
NET	27,650	29,011
Unremitted earnings
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	0	0
Deferred tax liabilities	26,322	26,322
NET	(26,322)	(26,322)
Before Offset Amount
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	(27,679)	(29,037)
Deferred tax liabilities	26,322	26,322
NET	1,357	2,715
Offset
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	(26,322)	(26,322)
Deferred tax liabilities	$ 26,322	$ 26,322

XML

Deferred tax assets and liabilities - Unrecognized deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	$ 52,799	$ 47,900
Unrecognized deferred tax liabilities	0	0
Deductible temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	38	290
Unrecognized deferred tax liabilities	0	0
Taxable temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	0	0
Unrecognized deferred tax liabilities	(12,162)	(12,162)
Unused tax losses & tax credits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	64,923	59,772
Unrecognized deferred tax liabilities	0	0
Before Offset Amount
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	64,961	60,062
Unrecognized deferred tax liabilities	(12,162)	(12,162)
Offset
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets	12,162	12,162
Unrecognized deferred tax liabilities	$ (12,162)	$ (12,162)

XML

Deferred tax assets and liabilities - Movement of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	$ 2,715	$ 2,255	$ 2,487
Recognized in income	(1,369)	464	(201)
Recognized in equity	0	0	0
Translation differences	11	(4)	(31)
Ending balance	1,357	2,715	2,255
Provisions
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	0	0	1
Recognized in income	0	0	(1)
Recognized in equity	0	0	0
Translation differences	0	0	0
Ending balance	0	0	0
Employee benefits
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	26	37	44
Recognized in income	0	(10)	(5)
Recognized in equity	0	0	0
Translation differences	3	(1)	(2)
Ending balance	29	26	37
Unused tax losses & tax credits
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	2,689	2,218	2,442
Recognized in income	(1,369)	474	(195)
Recognized in equity	0	0	0
Translation differences	8	(3)	(29)
Ending balance	$ 1,328	$ 2,689	$ 2,218

XML

Non-current receivables - Schedule of non-current receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]
Shareholders loans to joint ventures	$ 33,936	$ 60,379
Derivatives	2	0
Other non-current receivables	14,434	2,094
Lease receivables	6,681	8,609
Investment	1	1
Total non-current receivables	$ 55,054	$ 71,083

XML

Non-current receivables - Additional information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Disclosure of financial assets [line items]
Shareholder loan maturity classification	5 years
Financial guarantee contracts [member]
Disclosure of financial assets [line items]
Financial assets	$ 12.3

XML

Non-current receivables - Schedule of non-current receivables by contractual maturity date (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Receivables	$ 55,054	$ 71,083
Within two years
Disclosure of detailed information about financial instruments [line items]
Receivables	2,100	1,959
Between two and three years
Disclosure of detailed information about financial instruments [line items]
Receivables	2,305	2,076
Between three and four years
Disclosure of detailed information about financial instruments [line items]
Receivables	18,862	2,278
Between four and five years
Disclosure of detailed information about financial instruments [line items]
Receivables	2,764	38,754
More than five years
Disclosure of detailed information about financial instruments [line items]
Receivables	$ 29,023	$ 26,016

XML

Bunker inventory (Details)	12 Months Ended
	Dec. 31, 2020 USD ($) metricTonsOfFuel	Dec. 31, 2019 USD ($) metricTonsOfFuel	Sep. 11, 2020 USD ($)	Jun. 27, 2019 USD ($)
Disclosure of detailed information about borrowings [line items]
Fuel inventory purchased (in metric tons) | metricTonsOfFuel	179,927	420,000
Payment for purchase of inventory	$ 49,700,000	$ 202,300,000
Bunker inventory	75,780,000	183,382,000
Bunker expenses	22,700,000	0
Compliant fuel oil inventory on board vessel
Disclosure of detailed information about borrowings [line items]
Bunker inventory	57,700,000	164,000,000.0
Bunker inventory on board vessel
Disclosure of detailed information about borrowings [line items]
Bunker inventory	18,100,000	$ 19,400,000
Secured loan due 2021 with margin rate at 2.1%
Disclosure of detailed information about borrowings [line items]
Notional amount	$ 100,000,000.0		$ 713,000,000.0	$ 100,000,000.0

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Trade and other receivables - current (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]
Receivable from contracts with customers	$ 70,658	$ 105,925
Receivable from contracts with customers - TI Pool	99,236	149,800
Accrued income	8,149	20,815
Accrued interest	441	678
Deferred charges	21,239	19,134
Deferred fulfillment costs	714	2,556
Other receivables	12,046	8,220
Lease receivables	1,981	1,802
Derivatives	15	57
Total trade and other receivables	$ 214,479	$ 308,987

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Cash and cash equivalents - Schedule of cash and cash equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]
Bank deposits	$ 0	$ 215,000
Cash at bank and in hand	161,478	81,954
TOTAL	$ 161,478	$ 296,954

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Cash and cash equivalents - Additional information (Details)	12 Months Ended
	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]
Maturity of bank deposits	8 days

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Equity - Number of shares issued (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of number of shares outstanding [abstract]
Beginning of period (in shares)	215,078,497	218,786,812	158,166,534
End of period (in shares)	201,677,981	215,078,497	218,786,812
Share capital
Reconciliation of number of shares outstanding [abstract]
Beginning of period (in shares)	220,024,713	220,024,713	159,208,949
Issued in business combination	0	0	60,815,764
End of period (in shares)	220,024,713	220,024,713	220,024,713

XML

Equity - Additional information (Details)																			1 Months Ended		3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 26, 2021 $ / shares	Feb. 02, 2021 $ / shares	Nov. 03, 2020 $ / shares	Oct. 26, 2020 USD ($) contract vessel	Aug. 04, 2020 $ / shares	Jun. 09, 2020 $ / shares	May 20, 2020 $ / shares	May 05, 2020 $ / shares	Apr. 01, 2020 shares	Apr. 01, 2019 shares	Dec. 07, 2018 USD ($) contract	Jun. 29, 2018 USD ($)	Jun. 12, 2018 USD ($) $ / shares shares	Jun. 11, 2018 $ / shares shares	Feb. 16, 2018 shares	Feb. 09, 2017 shares	Feb. 02, 2016 shares	Feb. 12, 2015 shares	Aug. 31, 2019 $ / shares	Apr. 20, 2018 USD ($) contract vessel	Mar. 31, 2020	Sep. 30, 2019 numberOfInterestRateSwaps	Dec. 31, 2020 USD ($) installment contract shares	Dec. 31, 2020 USD ($) shares vote_per_share installment	Dec. 31, 2019 USD ($) shares shares installment contract	Dec. 31, 2018 USD ($) shares	Dec. 31, 2015	Sep. 30, 2020 contract	Jul. 01, 2020 USD ($)	Apr. 30, 2020 installment	Apr. 30, 2019 installment	Sep. 07, 2018 USD ($)	Mar. 31, 2018 USD ($)	Mar. 29, 2018 USD ($)	Mar. 28, 2018 vessel	Dec. 31, 2017 shares
Disclosure of classes of share capital [line items]
Number of shares outstanding (in shares) | shares																							201,677,981	201,677,981	215,078,497	218,786,812										158,166,534
Issue of ordinary shares related to business combinations (Note 13)																										$ 553,424,000
Authorised shares not yet issued, amount																							$ 83,898,616	$ 83,898,616	$ 83,898,616	$ 83,898,616
Number of shares authorised (in shares) | shares																							77,189,888	77,189,888	77,189,888	77,189,888
Vote per ordinary share | vote_per_share																								1
Purchase of treasury shares (in shares) | shares																								13,400,516	(3,708,315)	545,486
Purchase of treasury shares																								$ 118,488,000	$ 30,965,000	$ 3,955,000
Dividend payables (in dollars per share) | $ / shares	$ 1.40	$ 0.03	$ 0.09		$ 0.47		$ 0.35	$ 0.81											$ 0.06
Dividends paid (in dollars per share) | $ / shares						$ 0.29
Percentage of net income paid to shareholders through dividends																								80.00%
Dividends paid, ordinary shares																								$ 352,000,000.0	$ 26,000,000.0
Vesting period																									5 years
Number of options granted (in shares)																								0	0
Expense from share-based payment transactions with employees																								$ 140,000	$ 0	$ 37,000
Restricted stock units
Disclosure of classes of share capital [line items]
Vesting period									3 years	3 years
Number of installments | installment																														3	3
Share capital
Disclosure of classes of share capital [line items]
Number of shares outstanding (in shares) | shares																							220,024,713	220,024,713	220,024,713	220,024,713										159,208,949
Issue of ordinary shares related to business combinations (Note 13)																										$ 66,102,000
Purchase of treasury shares (in shares) | shares																								0	0	0
Share premium
Disclosure of classes of share capital [line items]
Issue of ordinary shares related to business combinations (Note 13)																										$ 487,322,000
Treasury shares
Disclosure of classes of share capital [line items]
Number of shares outstanding (in shares) | shares																							18,346,732	18,346,732	4,946,216	1,237,901										1,042,415
Purchase of treasury shares (in shares) | shares																								13,400,516	3,708,315	545,486
Purchase of treasury shares																								$ 118,488,000	$ 30,965,000	$ 3,955,000
Long term incentive plan 2015
Disclosure of classes of share capital [line items]
Number of options granted (in shares) | shares																		236,590
Expense from share-based payment transactions with employees																								0	0	37,000
Long term incentive plan 2015 | Stock Option
Disclosure of classes of share capital [line items]
Annual vesting percentage																											40.00%
Vesting period																											3 years
Long term incentive plan 2015 | Restricted stock units
Disclosure of classes of share capital [line items]
Annual vesting percentage																											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
Expense from share-based payment transactions with employees																								300,000	100,000	200,000
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																								300,000	22,000	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																								$ 400,000	$ 700,000	500,000
Long term incentive plan 2019 | Restricted stock units
Disclosure of classes of share capital [line items]
Annual vesting percentage																									100.00%
Vesting period																									3 years
Equity instruments granted (in shares) | shares										152,346															152,346
Number of installments | installment																									3
Vested awards (in shares) | shares																							12,696	12,696
Long term incentive plan 2019 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Equity instruments granted (in shares) | shares																								704,000	1,200,000
Long term incentive plan 2020
Disclosure of classes of share capital [line items]
Number of installments | installment																							3	3
Long term incentive plan 2020 | Restricted stock units
Disclosure of classes of share capital [line items]
Annual vesting percentage																								100.00%
Vesting period																								3 years
Equity instruments granted (in shares) | shares									144,392
Expense from share-based payment transactions with employees																								$ 0
Number of installments | installment																							3	3
Vested awards (in shares) | shares																							0	0
Senior Secured Loans
Disclosure of classes of share capital [line items]
Notional amount																																$ 200,000,000.0	$ 220,000,000.0	$ 220,000,000.0
Underlying Facility, March 28, 2025 Maturity
Disclosure of classes of share capital [line items]
Notional amount																							$ 173,600,000	$ 173,600,000
Underlying Facility, September 28, 2025 Maturity
Disclosure of classes of share capital [line items]
Notional amount																							173,600,000	$ 173,600,000
Second anniversary | Long term incentive plan 2016 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Annual vesting percentage																								33.33%
Vesting period																								2 years
Second anniversary | Long term incentive plan 2017 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Annual vesting percentage																								33.33%
Second anniversary | Long term incentive plan 2018 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Annual vesting percentage																								33.33%
Second anniversary | Long term incentive plan 2019 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Annual vesting percentage																					12.00%				12.00%
Third anniversary | Long term incentive plan 2016 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Annual vesting percentage																								33.33%
Vesting period																								3 years
Third anniversary | Long term incentive plan 2017 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Annual vesting percentage																								33.33%
Third anniversary | Long term incentive plan 2018 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Annual vesting percentage																								33.33%
Third anniversary | Long term incentive plan 2019 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Annual vesting percentage																									19.00%
Fourth anniversary | Long term incentive plan 2016 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Annual vesting percentage																								33.33%
Vesting period																								4 years
Fourth anniversary | Long term incentive plan 2017 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Annual vesting percentage																								33.33%
Fourth anniversary | Long term incentive plan 2018 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Annual vesting percentage																								33.33%
Fourth anniversary | Long term incentive plan 2019 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Annual vesting percentage																									25.00%
Tranche Four | Long term incentive plan 2019 | Phantom Stock Units
Disclosure of classes of share capital [line items]
Annual vesting percentage																									44.00%
Gener8 Maritime, Inc.
Disclosure of classes of share capital [line items]
Shares issued through acquisition (in shares) | shares													60,815,764	60,815,764
Shares issued during period (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 (Note 13)													$ 66,100,000
Gener8 Maritime, Inc. | Share premium
Disclosure of classes of share capital [line items]
Issue of ordinary shares related to business combinations (Note 13)													487,300,000
Long term charter parties
Disclosure of classes of share capital [line items]
Number of vessels in time charter | vessel				2																2															2
Interest rate swap contract
Disclosure of classes of share capital [line items]
Notional amount																				$ 86,800,000			237,200,000	$ 237,200,000					$ 713,000,000.0
Derivative notional amount																							270,100,000	270,100,000
Financial instruments designated as hedging instruments, at fair value																							(100,000)	(100,000)
Gains (losses) on cash flow hedges, before tax																								(100,000)
Number of interest rate swaps settled																						3			3
Number of interest rate swaps matured | contract																												2
Interest rate swap contract | Gener8 Maritime, Inc.
Disclosure of classes of share capital [line items]
Notional amount													$ 668,000,000.0
Interest rate swap contract | Joint ventures
Disclosure of classes of share capital [line items]
Notional amount																							90,400,000	90,400,000
Derivative notional amount												$ 208,800,000														$ 208,800,000
Percent ownership in derivative												50.00%														50.00%
Financial instruments designated as hedging instruments, at fair value																									$ (2,400,000)
Gains (losses) on cash flow hedges, before tax																								(5,000)
Interest rate swap contract | Long term charter parties
Disclosure of classes of share capital [line items]
Notional amount				$ 70,100,000																			$ 70,100,000	70,100,000					$ 237,200,000
Number of interest rate swaps entered into | contract				2																2			6
Interest rate swap contract | Long Term Charter Parties, Cap Corpus Christi And Cap Port Arthur
Disclosure of classes of share capital [line items]
Financial instruments designated as hedging instruments, at fair value																							$ (300,000)	(300,000)
Gains (losses) on cash flow hedges, before tax																								(300,000)
Interest rate swap contract | Long Term Charter Parties Cap Quebec and Cap Pembroke
Disclosure of classes of share capital [line items]
Financial instruments designated as hedging instruments, at fair value																							(6,000,000.0)	(6,000,000.0)
Gains (losses) on cash flow hedges, before tax																								(2,600,000)
Forward cap contracts (Note 12)
Disclosure of classes of share capital [line items]
Notional amount											$ 200,000,000.0												200,000,000.0	200,000,000.0
Financial instruments designated as hedging instruments, at fair value																							15,000	15,000
Gains (losses) on cash flow hedges, before tax																								100,000
Number of forward cap contracts entered into | contract											2
Strike rate											3.25%
Commodity Swap
Disclosure of classes of share capital [line items]
Notional amount																							$ 25,800,000	$ 25,800,000	$ 133,600,000
Minimum | Interest rate swap contract | Joint ventures
Disclosure of classes of share capital [line items]
Remaining maturity																								1 year		1 year
Maximum | Interest rate swap contract | Joint ventures
Disclosure of classes of share capital [line items]
Remaining maturity																								2 years		2 years

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Earnings per share - Result attributable to ordinary shares (Details) - USD ($)				12 Months Ended
	Jan. 01, 2019	Jan. 01, 2018	Jan. 01, 2017	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018
Earnings per share [abstract]
Result for the period (in USD)				$ 473,237,286	$ 112,230,267		$ (110,069,928)
Weighted average number of ordinary shares (in shares)	215,078,497	218,786,812	158,166,534	210,193,707	216,029,171	[1]	191,994,398	[1]
Basic earnings per share (in dollars per share)				$ 2.25	$ 0.52	[1]	$ (0.57)	[1]

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

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Earnings per share - Weighted average number of ordinary share (Details) - shares				12 Months Ended
	Jan. 01, 2019	Jan. 01, 2018	Jan. 01, 2017	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018
Earnings per share [line items]
Beginning of period (in shares)	218,786,812	158,166,534		215,078,497	218,786,812		158,166,534
Issuance of shares (in shares)				0	0		60,815,764
Purchase of treasury shares (in shares)				(13,400,516)	3,708,315		(545,486)
Withdrawal of treasury shares (in shares)				0	0		0
Sale of treasury shares (in shares)				0	0		350,000
End of period (in shares)				201,677,981	215,078,497		218,786,812
Reconciliation Of Changes In Weighted Average Shares Outstanding [Roll Forward]
Weighted average number of ordinary shares (in shares)	215,078,497	218,786,812	158,166,534	210,193,707	216,029,171	[1]	191,994,398	[1]
Issuance of shares (in shares)				0	0		33,823,562
Purchase of treasury shares (in shares)				(4,884,790)	(2,757,641)		(13,917)
Withdrawal of treasury shares (in shares)				0	0		0
Sale of treasury shares (in shares)				0	0		18,219
Shares issued
Earnings per share [line items]
Beginning of period (in shares)	220,024,713	159,208,949		220,024,713	220,024,713		159,208,949
Issuance of shares (in shares)				0	0		60,815,764
Purchase of treasury shares (in shares)				0	0		0
Withdrawal of treasury shares (in shares)				0	0		0
Sale of treasury shares (in shares)				0	0		0
End of period (in shares)				220,024,713	220,024,713		220,024,713
Treasury shares
Earnings per share [line items]
Beginning of period (in shares)	1,237,901	1,042,415		4,946,216	1,237,901		1,042,415
Issuance of shares (in shares)				0	0		0
Purchase of treasury shares (in shares)				(13,400,516)	(3,708,315)		(545,486)
Withdrawal of treasury shares (in shares)				0	0		0
Sale of treasury shares (in shares)				0	0		(350,000)
End of period (in shares)				18,346,732	4,946,216		1,237,901

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

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Earnings per share - Additional information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018
Earnings per share [line items]
Diluted earnings per share (in dollars per share)	$ 2.25	$ 0.52	[1]	$ (0.57)	[1]
Long term incentive plan 2015
Earnings per share [line items]
Anti-dilutive securities excluded (in shares)	236,590	236,590		236,590
Long term incentive plan 2019
Earnings per share [line items]
Dilutive effect of share options on number of ordinary shares	12,696

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

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Earnings per share - Weighted average number of ordinary shares (diluted) (Details) - shares				12 Months Ended
	Jan. 01, 2019	Jan. 01, 2018	Jan. 01, 2017	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018
Earnings per share [abstract]
Weighted average number of ordinary shares (in shares)	215,078,497	218,786,812	158,166,534	210,193,707	216,029,171	[1]	191,994,398	[1]
Effect of Share-based Payment arrangements (in shares)				12,696	0		0
Weighted average number of ordinary shares (diluted) (in shares)				210,206,403	216,029,171	[1]	191,994,398	[1]

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

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Interest-bearing loans and borrowings - Schedule and maturity of borrowings (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Jun. 12, 2018	Jan. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		$ 1,768,510	$ 1,744,859	$ 1,768,510
New loans			919,530	1,933,898
Adoption IFRS 16				105,238
Scheduled repayments			(494,502)	(831,000)
Early repayments			(906,000)	(1,225,747)
Other changes			(1,894)	(5,003)
Translation differences			11,420	(1,037)
Carrying amount of liability at the end of the period			1,273,413	1,744,859
More than 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		433,662	630,363	433,662
Carrying amount of liability at the end of the period			631,044	630,363
Between 1 and 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		1,135,969	893,291	1,135,969
Carrying amount of liability at the end of the period			524,781	893,291
More than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		1,569,631	1,523,654	1,569,631
Carrying amount of liability at the end of the period			1,155,825	1,523,654
Less than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		198,879	221,205	198,879
Carrying amount of liability at the end of the period			117,588	221,205
Bank loans
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		1,560,002	1,223,451	1,560,002
New loans			630,000	986,755
Adoption IFRS 16				0
Scheduled repayments			(88,989)	(92,651)
Early repayments		(7,300)	(905,000)	(1,225,747)
Other changes			(2,602)	(4,908)
Translation differences			0	0
Carrying amount of liability at the end of the period			856,860	1,223,451
Bank loans | More than 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		433,662	628,711	433,662
Carrying amount of liability at the end of the period			631,044	628,711
Bank loans | Between 1 and 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		987,803	545,233	987,803
Carrying amount of liability at the end of the period			205,274	545,233
Bank loans | More than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		1,421,465	1,173,944	1,421,465
Carrying amount of liability at the end of the period			836,318	1,173,944
Bank loans | Less than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		138,537	49,507	138,537
Carrying amount of liability at the end of the period			20,542	49,507
Other notes
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		148,166	198,571	148,166
New loans			0	50,500
Adoption IFRS 16				0
Scheduled repayments			0	0
Early repayments	$ (205,700)		(1,000)	0
Other changes			708	(95)
Translation differences			0	0
Carrying amount of liability at the end of the period			198,279	198,571
Other notes | More than 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0	0	0
Carrying amount of liability at the end of the period			0	0
Other notes | Between 1 and 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		148,166	198,571	148,166
Carrying amount of liability at the end of the period			198,279	198,571
Other notes | More than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		148,166	198,571	148,166
Carrying amount of liability at the end of the period			198,279	198,571
Other notes | Less than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0	0	0
Carrying amount of liability at the end of the period			0	0
Lease liabilities
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0	75,624	0
New loans			25,703	498
Adoption IFRS 16				105,238
Scheduled repayments			(34,492)	(30,214)
Early repayments			0	0
Other changes			0	0
Translation differences			86	102
Carrying amount of liability at the end of the period			66,921	75,624
Lease liabilities | More than 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0	1,652	0
Carrying amount of liability at the end of the period			0	1,652
Lease liabilities | Between 1 and 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0	41,509	0
Carrying amount of liability at the end of the period			21,172	41,509
Lease liabilities | More than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0	43,161	0
Carrying amount of liability at the end of the period			21,172	43,161
Lease liabilities | Less than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0	32,463	0
Carrying amount of liability at the end of the period			45,749	32,463
Other borrowings
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		60,342	247,213	60,342
New loans			263,827	896,145
Adoption IFRS 16				0
Scheduled repayments			(371,021)	(708,135)
Early repayments			0	0
Other changes			0	0
Translation differences			11,334	(1,139)
Carrying amount of liability at the end of the period			151,353	247,213
Other borrowings | More than 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0	0	0
Carrying amount of liability at the end of the period			0	0
Other borrowings | Between 1 and 5 years
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0	107,978	0
Carrying amount of liability at the end of the period			100,056	107,978
Other borrowings | More than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		0	107,978	0
Carrying amount of liability at the end of the period			100,056	107,978
Other borrowings | Less than 1 year
Reconciliation of changes in borrowings [abstract]
Carrying amount of liability at the beginning of the period		$ 60,342	139,235	60,342
Carrying amount of liability at the end of the period			$ 51,297	$ 139,235

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Interest-bearing loans and borrowings - Bank loans (Details)													1 Months Ended		11 Months Ended	12 Months Ended
	Sep. 11, 2020 USD ($)	Sep. 26, 2019 USD ($)	Sep. 07, 2018 USD ($) ship installment	Jun. 12, 2018 USD ($) installment ship	Mar. 22, 2018 USD ($) vessel installment	Apr. 25, 2017 USD ($) installment	Apr. 13, 2015 USD ($)	Mar. 03, 2015 USD ($)	Dec. 23, 2014 USD ($)	Dec. 22, 2014 USD ($)	Oct. 22, 2014 USD ($)	Oct. 13, 2014 USD ($) ship	Dec. 31, 2019 USD ($)	Jan. 31, 2019 USD ($)	May 13, 2016 ship	Dec. 31, 2020 USD ($) vessel	Dec. 31, 2019 USD ($)		Dec. 31, 2018 USD ($)		Sep. 11, 2020	Sep. 11, 2020 vessel	Sep. 11, 2020 very_large_crude_carrier	Sep. 11, 2020 suezmax_tanker_vessel_type	Aug. 28, 2019 USD ($)	Jun. 27, 2019 USD ($)	Sep. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Mar. 29, 2018 USD ($)	Jan. 30, 2017 USD ($)	Dec. 16, 2016 USD ($) ship	Nov. 09, 2015 USD ($)	Aug. 19, 2015 USD ($) ship	Mar. 25, 2014 USD ($)
Disclosure of detailed information about borrowings [line items]
Repayment of borrowings (Note 16)																$ 994,989,000	$ 1,318,398,000	[1]	$ 1,115,894,000	[1]
New loans																893,827,000	1,099,701,000	[1]	983,882,000	[1]
Early repayments																906,000,000	1,225,747,000
Other borrowings (Note 16)													$ 1,744,859,000			1,273,413,000	1,744,859,000		1,768,510,000
Periodic payment																494,502,000	831,000,000
VLCC
Disclosure of detailed information about borrowings [line items]
Number of vessels acquired | ship															4
Senior secured credit facility due 2021
Disclosure of detailed information about borrowings [line items]
Face amount												$ 340,000,000.0
Borrowings term												7 years
New loans							$ 50,400,000	$ 53,400,000	$ 50,300,000	$ 60,300,000
Senior secured credit facility due 2021 | Vessels
Disclosure of detailed information about borrowings [line items]
Number of vessels used as collateral | ship												7
Senior secured credit facility due 2021 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate												2.25%
Non-amortizing revolving credit facility due 2021
Disclosure of detailed information about borrowings [line items]
Face amount												$ 148,000,000.0				148,000,000
Other borrowings (Note 16)													0			0	0
Facility size													133,962,000			0	133,962,000
Non-amortizing revolving credit facility due 2021 | Carrying value
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)													0			$ 0	0
Non-amortizing revolving credit facility due 2021 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate																2.25%
Secured term loan facility due 2021
Disclosure of detailed information about borrowings [line items]
Face amount												192,000,000.0				$ 192,000,000
Other borrowings (Note 16)													43,447,000			0	43,447,000
Facility size													43,447,000			0	43,447,000
Secured term loan facility due 2021 | Carrying value
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)													42,859,000			$ 0	42,859,000
Secured term loan facility due 2021 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate																2.25%
Senior secured loan due 2026 with margin rate at 2.35%
Disclosure of detailed information about borrowings [line items]
Face amount	$ 713,000,000.0												713,000,000.0			$ 713,000,000.0	713,000,000.0
Number of vessels used as collateral																						16	9	3
Other borrowings (Note 16)													0			185,000,000	0
Facility size													0			469,000,000	0
Number of vessels used as collateral, under construction | very_large_crude_carrier																							4
Senior secured loan due 2026 with margin rate at 2.35% | Carrying value
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)													0			$ 177,529,000	0
Senior secured loan due 2026 with margin rate at 2.35% | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate																2.35%					2.35%
Revolving credit facility due 2026
Disclosure of detailed information about borrowings [line items]
Face amount	$ 469,000,000.0
Borrowings, Reduced Interest Coupon Based On GHG Emissions Compliance	0.05%
Term loan facility due 2026
Disclosure of detailed information about borrowings [line items]
Face amount	$ 244,000,000.0
Bank loans
Disclosure of detailed information about borrowings [line items]
Repayment of borrowings (Note 16)												153,100,000
Reduction of notional amount of debt														$ 13,600,000
Early repayments														$ 7,300,000		$ 905,000,000	1,225,747,000
Other borrowings (Note 16)													1,223,451,000			856,860,000	1,223,451,000		$ 1,560,002,000
Periodic payment																88,989,000	92,651,000
Secured loan facility dated April 2009
Disclosure of detailed information about borrowings [line items]
Repayment of borrowings (Note 16)												$ 300,000,000.0
Secured loan facility due 2017
Disclosure of detailed information about borrowings [line items]
Repayment of borrowings (Note 16)											$ 300,000,000
Senior secured amortizing revolving credit facility
Disclosure of detailed information about borrowings [line items]
Face amount																750,000,000																	$ 750,000,000.0
Number of vessels used as collateral | ship																																	9
Other borrowings (Note 16)													130,000,000			0	130,000,000
Facility size													322,340,000			45,958,000	322,340,000
Senior secured amortizing revolving credit facility | Carrying value
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)													128,205,000			$ (871,000)	128,205,000
Senior secured amortizing revolving credit facility | Vessels
Disclosure of detailed information about borrowings [line items]
Number of vessels refinanced | ship																																	21
Senior secured amortizing revolving credit facility | VLCC
Disclosure of detailed information about borrowings [line items]
Number of vessels refinanced | ship																																	4
Senior secured amortizing revolving credit facility | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate																1.95%																	195.00%
Unsecured revolving credit facility due 2020
Disclosure of detailed information about borrowings [line items]
Face amount																$ 60,000,000																$ 60,000,000.0
Margin rate																																2.25%
Other borrowings (Note 16)													0			0	0
Facility size													60,000,000			0	60,000,000
Unsecured revolving credit facility due 2020 | Carrying value
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)													0			$ 0	0
Unsecured revolving credit facility due 2020 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate																2.25%
Senior secured amortizing revolving credit facility due 2023
Disclosure of detailed information about borrowings [line items]
Face amount																$ 409,500,000															$ 409,500,000
Number of vessels used as collateral | vessel																8
Reduction of notional amount of debt													56,900,000
Other borrowings (Note 16)													90,000,000			$ 65,000,000	90,000,000
Facility size													212,459,000			175,605,000	212,459,000
Senior secured amortizing revolving credit facility due 2023 | Carrying value
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)													88,328,000			$ 63,997,000	88,328,000
Senior secured amortizing revolving credit facility due 2023 | Vessels
Disclosure of detailed information about borrowings [line items]
Number of vessels refinanced | ship																															11
Senior secured amortizing revolving credit facility due 2023 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate																2.25%
Senior secured credit facility due 2023
Disclosure of detailed information about borrowings [line items]
Face amount																																		$ 500,000,000
Senior secured credit facility due 2023 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate																																		2.25%
Senior Secured Amortizing Loan Facility
Disclosure of detailed information about borrowings [line items]
Face amount																														$ 110,000,000.0
Korean Export Credit Facility
Disclosure of detailed information about borrowings [line items]
Face amount						$ 108,500,000
Borrowings term						12 years
Other borrowings (Note 16)													90,500,000			$ 83,200,000	90,500,000
Number of installment payments | installment						24
Frequency of installment payments						6 months
Periodic payment						$ 3,600,000
Balloon installment to be paid						21,700,000
Borrowing costs capitalised						$ 3,200,000
Repayment notification term						180 days
Commercial Tranche Due 2029 With Margin Rate1.95
Disclosure of detailed information about borrowings [line items]
Face amount						$ 27,100,000										27,100,000
Margin rate						1.95%
Other borrowings (Note 16)													26,007,000			25,554,000	26,007,000
Facility size													26,007,000			25,554,000	26,007,000
Commercial Tranche Due 2029 With Margin Rate1.95 | Carrying value
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)													25,389,000			$ 25,554,000	25,389,000
Commercial Tranche Due 2029 With Margin Rate1.95 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate																1.95%
Insured Tranche Due 2029 With Margin Rate 1.50
Disclosure of detailed information about borrowings [line items]
Face amount						$ 81,400,000										$ 81,400,000
Margin rate						1.50%
Other borrowings (Note 16)													64,452,000			57,667,000	64,452,000
Facility size													64,452,000			57,667,000	64,452,000
Insured Tranche Due 2029 With Margin Rate 1.50 | Carrying value
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)													62,970,000			$ 55,918,000	62,970,000
Insured Tranche Due 2029 With Margin Rate 1.50 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate																1.50%
Senior Secured Loans
Disclosure of detailed information about borrowings [line items]
Face amount			$ 200,000,000.0																									$ 220,000,000.0	$ 220,000,000.0
Number of vessels used as collateral | ship			9
Number of installment payments | installment			12
Borrowing costs capitalised					$ 1,600,000
Repayment notification term					13 months
Debt instrument, expected future payment			$ 55,000,000.0
Senior Secured Loans | 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
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%
Senior Secured Credit Facility - ECA Tranche
Disclosure of detailed information about borrowings [line items]
Face amount					$ 104,200,000
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 Loan Facility
Disclosure of detailed information about borrowings [line items]
Face amount																$ 340,000,000											$ 581,000,000.0
Secured loan due 2021 with margin rate at 2.1%
Disclosure of detailed information about borrowings [line items]
Face amount	$ 713,000,000.0															100,000,000.0										$ 100,000,000.0
Other borrowings (Note 16)													70,000,000			0	70,000,000
Facility size													100,000,000			100,000,000	100,000,000
Secured loan due 2021 with margin rate at 2.1% | Carrying value
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)													69,043,000			$ (479,000)	69,043,000
Secured loan due 2021 with margin rate at 2.1% | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate																2.10%										2.10%
Senior secured loan due 2026 with margin rate at 1.95%
Disclosure of detailed information about borrowings [line items]
Face amount																$ 700,000,000.0									$ 700,000,000.0
Other borrowings (Note 16)													560,000,000			345,000,000	560,000,000
Facility size													700,000,000			651,160,000	700,000,000
Senior secured loan due 2026 with margin rate at 1.95% | Carrying value
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)													552,542,000			$ 338,765,000	552,542,000
Senior secured loan due 2026 with margin rate at 1.95% | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate																1.95%
Secured Loan Due 2020 With Margin Rate At 1.5%
Disclosure of detailed information about borrowings [line items]
Face amount																											67,500,000
Secured Loan Due 2020 With Margin Rate At 1.225%
Disclosure of detailed information about borrowings [line items]
Face amount																											$ 76,000,000.0
Gener8 Maritime, Inc. | Senior Secured Loan Facility
Disclosure of detailed information about borrowings [line items]
Face amount				$ 633,500,000
Repayment of borrowings (Note 16)		$ 561,600,000
Number of vessels used as collateral | ship				13
Other borrowings (Note 16)													604,800,000				604,800,000
Gener8 Maritime, Inc. | Term Loan Facility
Disclosure of detailed information about borrowings [line items]
Face amount				$ 963,700,000
Gener8 Maritime, Inc. | Term Loan Facility - Commercial Tranche
Disclosure of detailed information about borrowings [line items]
Face amount				$ 282,000,000.0
Margin rate				2.75%
Number of installment payments | installment				10
Frequency of installment payments				3 months
Gener8 Maritime, Inc. | Term Loan Facility - KEXIM Guaranteed Tranche
Disclosure of detailed information about borrowings [line items]
Face amount				$ 139,700,000
Margin rate				1.50%
Number of installment payments | installment				39
Frequency of installment payments				3 months
Gener8 Maritime, Inc. | Term Loan Facility - KEXIM Funded Tranche
Disclosure of detailed information about borrowings [line items]
Face amount				$ 197,400,000
Margin rate				2.60%
Number of installment payments | installment				39
Frequency of installment payments				3 months
Gener8 Maritime, Inc. | Term Loan Facility - K-Sure Tranche
Disclosure of detailed information about borrowings [line items]
Face amount				$ 344,600,000
Margin rate				1.70%
Number of installment payments | installment				39
Frequency of installment payments				3 months
Ice Class Suezmax Vessels | Vessels
Disclosure of detailed information about borrowings [line items]
Contractual commitments for acquisition of property, plant and equipment, additional option to purchase | vessel					4
Ice Class Suezmax Vessels | Senior Secured Loans
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)													$ 156,900,000			$ 143,600,000	$ 156,900,000
Facility size					$ 173,600,000
Maximum | Ice Class Suezmax Vessels
Disclosure of detailed information about borrowings [line items]
Finance portion of aggregate contract price, percent					70.00%

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

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Interest-bearing loans and borrowings - Undrawn borrowing facilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Financial Instruments [Abstract]
Undrawn credit line facilities	$ 940.4	$ 753.1
Disclosure of detailed information about borrowings [line items]
Undrawn credit line facilities	940.4	$ 753.1
2021
Financial Instruments [Abstract]
Undrawn credit line facilities	100.0
Disclosure of detailed information about borrowings [line items]
Undrawn credit line facilities	$ 100.0

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Interest-bearing loans and borrowings - Terms and conditions of outstanding loans (Details) - USD ($)	Dec. 31, 2020	Sep. 11, 2020	Dec. 31, 2019	Aug. 28, 2019	Jun. 27, 2019	Dec. 31, 2018	Apr. 25, 2017	Dec. 16, 2016	Nov. 09, 2015	Aug. 19, 2015	Oct. 13, 2014
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)	$ 1,273,413,000		$ 1,744,859,000			$ 1,768,510,000
Borrowings Excluding Non-Bank Loans
Disclosure of detailed information about borrowings [line items]
Facility size	1,817,246,000		1,993,928,000
Other borrowings (Note 16)	876,834,000		1,240,824,000
Borrowings Excluding Non-Bank Loans | Carrying value
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)	856,860,000		1,223,451,000
Secured vessels loan due 2021
Disclosure of detailed information about borrowings [line items]
Face amount	192,000,000										$ 192,000,000.0
Facility size	0		43,447,000
Other borrowings (Note 16)	$ 0		43,447,000
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]
Other borrowings (Note 16)	$ 0		42,859,000
Secured vessels revolving loan due 2021
Disclosure of detailed information about borrowings [line items]
Face amount	148,000,000										$ 148,000,000.0
Facility size	0		133,962,000
Other borrowings (Note 16)	$ 0		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]
Other borrowings (Note 16)	$ 0		0
Secured vessels revolving loan due 2022
Disclosure of detailed information about borrowings [line items]
Face amount	750,000,000									$ 750,000,000.0
Facility size	45,958,000		322,340,000
Other borrowings (Note 16)	$ 0		130,000,000
Secured vessels revolving loan due 2022 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	1.95%									195.00%
Secured vessels revolving loan due 2022 | Carrying value
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)	$ (871,000)		128,205,000
Secured vessels revolving loan due 2023
Disclosure of detailed information about borrowings [line items]
Face amount	409,500,000							$ 409,500,000
Facility size	175,605,000		212,459,000
Other borrowings (Note 16)	$ 65,000,000		90,000,000
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]
Other borrowings (Note 16)	$ 63,997,000		88,328,000
Secured vessels loan due 2029
Disclosure of detailed information about borrowings [line items]
Face amount	27,100,000						$ 27,100,000
Margin rate							1.95%
Facility size	25,554,000		26,007,000
Other borrowings (Note 16)	$ 25,554,000		26,007,000
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]
Other borrowings (Note 16)	$ 25,554,000		25,389,000
Secured vessels loan due 2029
Disclosure of detailed information about borrowings [line items]
Face amount	81,400,000						$ 81,400,000
Margin rate							1.50%
Facility size	57,667,000		64,452,000
Other borrowings (Note 16)	$ 57,667,000		64,452,000
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]
Other borrowings (Note 16)	$ 55,918,000		62,970,000
Secured vessels loan due 2030
Disclosure of detailed information about borrowings [line items]
Face amount	69,400,000
Facility size	59,007,000		63,635,000
Other borrowings (Note 16)	$ 59,007,000		63,635,000
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]
Other borrowings (Note 16)	$ 59,007,000		63,635,000
Secured vessels loan due 2030
Disclosure of detailed information about borrowings [line items]
Face amount	104,200,000
Facility size	84,606,000		93,283,000
Other borrowings (Note 16)	$ 84,606,000		93,283,000
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]
Other borrowings (Note 16)	$ 83,562,000		92,035,000
Secured vessels revolving loan due 2025
Disclosure of detailed information about borrowings [line items]
Face amount	200,000,000.0
Facility size	148,688,000		174,344,000
Other borrowings (Note 16)	$ 55,000,000		100,000,000
Secured vessels revolving loan due 2025 | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	2.00%
Secured vessels revolving loan due 2025 | Carrying value
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)	$ 53,876,000		98,445,000
Secured loan due 2021 with margin rate at 2.1%
Disclosure of detailed information about borrowings [line items]
Face amount	100,000,000.0	$ 713,000,000.0			$ 100,000,000.0
Facility size	100,000,000		100,000,000
Other borrowings (Note 16)	$ 0		70,000,000
Secured loan due 2021 with margin rate at 2.1% | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	2.10%				2.10%
Secured loan due 2021 with margin rate at 2.1% | Carrying value
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)	$ (479,000)		69,043,000
Senior secured loan due 2026 with margin rate at 1.95%
Disclosure of detailed information about borrowings [line items]
Face amount	700,000,000.0			$ 700,000,000.0
Facility size	651,160,000		700,000,000
Other borrowings (Note 16)	$ 345,000,000		560,000,000
Senior secured loan due 2026 with margin rate at 1.95% | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	1.95%
Senior secured loan due 2026 with margin rate at 1.95% | Carrying value
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)	$ 338,765,000		552,542,000
Senior secured loan due 2026 with margin rate at 2.35%
Disclosure of detailed information about borrowings [line items]
Face amount	713,000,000.0	$ 713,000,000.0	713,000,000.0
Facility size	469,000,000		0
Other borrowings (Note 16)	$ 185,000,000		0
Senior secured loan due 2026 with margin rate at 2.35% | LIBOR
Disclosure of detailed information about borrowings [line items]
Margin rate	2.35%	2.35%
Senior secured loan due 2026 with margin rate at 2.35% | Carrying value
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)	$ 177,529,000		0
Unsecured bank facility due 2020
Disclosure of detailed information about borrowings [line items]
Face amount	60,000,000								$ 60,000,000.0
Margin rate									2.25%
Facility size	0		60,000,000
Other borrowings (Note 16)	$ 0		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]
Other borrowings (Note 16)	$ 0		$ 0

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Interest-bearing loans and borrowings - Other notes (Details)		3 Months Ended	12 Months Ended
	Jun. 14, 2019 USD ($)	Mar. 31, 2020 USD ($) note	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)		Dec. 31, 2018 USD ($)	[1]
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)			$ 100,056,000	$ 107,978,000
Payments for debt issue costs			8,083,000	9,721,000	[1]	$ 3,849,000
Unsecured Note Due 2022 With Fixed Coupon Rate 7.50%
Disclosure of detailed information about borrowings [line items]
Face amount	$ 50,000,000	$ 200,000,000	200,000,000	200,000,000
Other borrowings (Note 16)			$ 199,000,000	200,000,000
Premium, percentage of volume weighted average price of ordinary shares	101.00%
Payments for debt issue costs	$ 675,000
Debt instrument, above par issuance amount	$ 500,000
Number of notes repurchased | note		10
Bonds issued		$ 100,000
Average repayment amount per bond		$ 85,000
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 borrowings (Note 16)			$ 198,279,000	198,571,000
Other borrowings
Disclosure of detailed information about borrowings [line items]
Face amount			200,000,000	200,000,000
Other borrowings (Note 16)			199,000,000	200,000,000
Other borrowings | Carrying value
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)			$ 198,279,000	$ 198,571,000

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

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Interest-bearing loans and borrowings - Other borrowings (Details) € in Millions				12 Months Ended
	Feb. 23, 2021 USD ($)	Dec. 30, 2019 USD ($) vessel	Jun. 06, 2017 EUR (€)	Dec. 31, 2020 USD ($) vessel	Dec. 31, 2020 EUR (€)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 EUR (€)	Dec. 31, 2018 USD ($)	Oct. 01, 2018 EUR (€)	Sep. 30, 2018 EUR (€)
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)				$ 1,273,413,000		$ 1,744,859,000		$ 1,768,510,000
Number of bareboat-in vessels | vessel				3
Bareboat leaseback contract duration				54 months
Treasury Notes
Disclosure of detailed information about borrowings [line items]
Face amount | €			€ 50.0						€ 150.0	€ 50.0
Other borrowings (Note 16)				$ 38,700,000	€ 31.5	122,800,000	€ 109.3
Borrowings term			1 year
Sale and leaseback agreement
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)				112,700,000
Number of bareboat-in vessels | vessel		3
Bareboat leaseback contract duration	36 months	54 months
Bareboat contract average daily rate per vessel	$ 22,500			20,681
Seller credit payable upon sale		$ 124,400,000
Sale And Leaseback Agreement - Lease Payments
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)				79,211,000		102,064,000
Euribor | Treasury Notes
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis			0.60%
Forward exchange contracts used for hedging | Hedging instruments
Disclosure of detailed information about borrowings [line items]
Financial assets				1,200,000		1,300,000
Less than 1 year
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)				117,588,000		221,205,000		198,879,000
Less than 1 year | Sale And Leaseback Agreement - Lease Payments
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)				22,667,000		22,853,000
Between 1 and 5 years
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)				524,781,000		893,291,000		$ 1,135,969,000
Between 1 and 5 years | Sale And Leaseback Agreement - Lease Payments
Disclosure of detailed information about borrowings [line items]
Other borrowings (Note 16)				$ 56,545,000		$ 79,211,000

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Interest-bearing loans and borrowings - Transaction and other financial costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018	[1]	Sep. 11, 2020	Jun. 27, 2019
Disclosure of detailed information about borrowings [line items]
Amortization of financing costs	$ 6,200,000
Finance costs	91,553,000	$ 119,803,000	[1]	$ 89,412,000
Other financial charges	9,900,000	7,500,000
Secured loan due 2021 with margin rate at 2.1%
Disclosure of detailed information about borrowings [line items]
Facility size	100,000,000	100,000,000
Face amount	100,000,000.0					$ 713,000,000.0	$ 100,000,000.0
Secured loan due 2021 with margin rate at 2.1% | Unamortized financing costs
Disclosure of detailed information about borrowings [line items]
Finance costs	8,100,000
Other Financial Liabilities
Disclosure of detailed information about borrowings [line items]
Interest expense	62,400,000	84,400,000
Lease liabilities
Disclosure of detailed information about borrowings [line items]
Interest expense	$ 3,300,000	$ 4,800,000

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

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Interest-bearing loans and borrowings - Reconciliation of movements of liabilities to cash flows arising from financing activities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Liabilities
Total liability-related other changes	$ 57,726,000	$ 4,820,000
Equity
Repayment of commercial paper (Note 16)	(359,295,000)
Amortization of below par issuance (Note 16)	96,000
New leases (Note 16)	25,703,000
Interest expense (Note 6)	14,414,000
Total equity-related other changes (Note 14)	470,460,000	108,312,000
Total
Liabilities and equity beginning balance	4,056,714,000	4,134,769,000
Restated balance		4,056,714,000
Proceeds from loans and borrowings (Note 16)		1,037,255,000
Proceeds from issue of other borrowings (Note 16)	630,000,000	62,446,000
Purchase treasury shares (Note 14)	263,827,000	(30,965,000)
Proceeds from sale of treasury shares (Note 14)	(118,488,000)
Purchase treasury shares (Note 14)	0	124,425,000
Repayment of sale and leaseback liability (Note 16)	(22,853,000)
Transaction costs related to loans and borrowings (Note 16)	(8,083,000)	(9,721,000)
Repayment of borrowings (Note 16)	(994,989,000)	(1,318,398,000)
Repayment of lease liabilities (Note 16)	(37,779,000)	(30,214,000)
Dividend paid	(352,041,000)	(26,015,000)
Total changes from financing cash flows	(999,701,000)	(191,187,000)
Amortization of transaction costs (Note 16)	6,268,000	4,812,000
Amortization of above par issuance (Note 16)	(175,000)	(94,000)
Translation differences (Note 16)	11,420,000	102,000
Total equity-related other changes (Note 14)	470,460,000	108,312,000
Liabilities and equity ending balance	3,585,199,000	4,056,714,000
Loans and borrowings
Liabilities
Liabilities beginning balance	1,223,451,000	1,560,002,000
Proceeds from loans and borrowings (Note 16)	630,000,000	986,755,000
Proceeds from issue of other borrowings (Note 16)	0	0
Purchase treasury shares (Note 14)	0	0
Proceeds from sale of treasury shares (Note 14)	0
Proceeds from sale and leaseback agreement (Note 16)	0	0
Transaction costs related to loans and borrowings (Note 16)	(8,083,000)	(9,046,000)
Repayment of borrowings (Note 16)	(993,989,000)	(1,318,398,000)
Repayment of commercial paper (Note 16)	0
Repayment of lease liabilities (Note 16)	0	0
Dividend paid	0	0
Total changes from financing cash flows, liabilities	(372,072,000)	(340,689,000)
Amortization of transaction costs (Note 16)	5,481,000	4,138,000
Amortization of above par issuance (Note 16)	0	0
Amortization of below par issuance (Note 16)	0
New leases (Note 16)	0
Interest expense (Note 6)	0
Translation differences (Note 16)	0	0
Total liability-related other changes	5,481,000	4,138,000
Liabilities ending balance	856,860,000	1,223,451,000
Total
Restated balance		1,223,451,000
Other Notes
Liabilities
Liabilities beginning balance	198,571,000	148,166,000
Proceeds from loans and borrowings (Note 16)	0	50,500,000
Proceeds from issue of other borrowings (Note 16)	0	0
Purchase treasury shares (Note 14)	0	0
Proceeds from sale of treasury shares (Note 14)	0
Proceeds from sale and leaseback agreement (Note 16)	0	0
Transaction costs related to loans and borrowings (Note 16)	0	(675,000)
Repayment of borrowings (Note 16)	(1,000,000)	0
Repayment of commercial paper (Note 16)	0
Repayment of lease liabilities (Note 16)	0	0
Dividend paid	0	0
Total changes from financing cash flows, liabilities	(1,000,000)	49,825,000
Amortization of transaction costs (Note 16)	787,000	674,000
Amortization of above par issuance (Note 16)	(175,000)	(94,000)
Amortization of below par issuance (Note 16)	96,000
New leases (Note 16)	0
Interest expense (Note 6)	0
Translation differences (Note 16)	0	0
Total liability-related other changes	708,000	580,000
Liabilities ending balance	198,279,000	198,571,000
Total
Restated balance		198,571,000
Other borrowings
Liabilities
Liabilities beginning balance	247,213,000	60,342,000
Proceeds from loans and borrowings (Note 16)	0	0
Proceeds from issue of other borrowings (Note 16)	263,827,000	62,446,000
Purchase treasury shares (Note 14)	0	0
Proceeds from sale of treasury shares (Note 14)	0
Proceeds from sale and leaseback agreement (Note 16)	(22,853,000)	124,425,000
Transaction costs related to loans and borrowings (Note 16)	0	0
Repayment of borrowings (Note 16)	0	0
Repayment of commercial paper (Note 16)	(359,295,000)
Repayment of lease liabilities (Note 16)	0	0
Dividend paid	0	0
Total changes from financing cash flows, liabilities	(118,321,000)	186,871,000
Amortization of transaction costs (Note 16)	0	0
Amortization of above par issuance (Note 16)	0	0
Amortization of below par issuance (Note 16)	0
New leases (Note 16)	0
Interest expense (Note 6)	11,127,000
Translation differences (Note 16)	11,334,000	0
Total liability-related other changes	22,461,000	0
Liabilities ending balance	151,352,620	247,213,000
Total
Restated balance		247,213,000
Lease liabilities
Liabilities
Liabilities beginning balance	75,624,000	105,736,000
Proceeds from loans and borrowings (Note 16)	0	0
Proceeds from issue of other borrowings (Note 16)	0	0
Purchase treasury shares (Note 14)	0	0
Proceeds from sale of treasury shares (Note 14)	0
Proceeds from sale and leaseback agreement (Note 16)	0	0
Transaction costs related to loans and borrowings (Note 16)	0	0
Repayment of borrowings (Note 16)	0	0
Repayment of commercial paper (Note 16)	0
Repayment of lease liabilities (Note 16)	(37,779,000)	(30,214,000)
Dividend paid	0	0
Total changes from financing cash flows, liabilities	(37,779,000)	(30,214,000)
Amortization of transaction costs (Note 16)	0	0
Amortization of above par issuance (Note 16)	0	0
Amortization of below par issuance (Note 16)	0
New leases (Note 16)	25,703,000
Interest expense (Note 6)	3,287,000
Translation differences (Note 16)	86,000	102,000
Total liability-related other changes	29,076,000	102,000
Liabilities ending balance	66,921,070.00	75,624,000
Total
Restated balance		75,624,000
Share capital / premium
Equity
Equity beginning balance	1,941,697,000	1,941,697,000
Proceeds from loans and borrowings (Note 16)	0	0
Proceeds from issue of other borrowings (Note 16)	0	0
Proceeds from sale of treasury shares (Note 14)	0
Purchase treasury shares (Note 14)	0
Repayment of sale and leaseback liability (Note 16)	0
Transaction costs related to loans and borrowings (Note 16)	0	0
Repayment of borrowings (Note 16)	0	0
Repayment of commercial paper (Note 16)	0
Repayment of lease liabilities (Note 16)	0	0
Dividend paid	0	0
Total changes from financing cash flows, equity	0	0
Total equity-related other changes (Note 14)	0	0
Equity ending balance	1,941,697,000	1,941,697,000
Total
Total equity-related other changes (Note 14)	0	0
Increase (Decrease) Through Financing Cash Flows, Equity Arising From Financing Activities, Proceeds From Issue Of Other Notes		0
Increase (Decrease) Through Financing Cash Flows, Equity Arising From Financing Activities, Proceeds From Settlement Of Derivatives		0
Reserves
Equity
Equity beginning balance	(4,284,000)	(2,287,000)
Proceeds from loans and borrowings (Note 16)	0	0
Proceeds from issue of other borrowings (Note 16)	0	0
Proceeds from sale of treasury shares (Note 14)	0
Purchase treasury shares (Note 14)	0
Repayment of sale and leaseback liability (Note 16)	0
Transaction costs related to loans and borrowings (Note 16)	0	0
Repayment of borrowings (Note 16)	0	0
Repayment of commercial paper (Note 16)	0
Repayment of lease liabilities (Note 16)	0	0
Dividend paid	0	0
Total changes from financing cash flows, equity	0	0
Total equity-related other changes (Note 14)	(2,237,000)	(1,997,000)
Equity ending balance	(6,521,000)	(4,284,000)
Total
Total equity-related other changes (Note 14)	(2,237,000)	(1,997,000)
Increase (Decrease) Through Financing Cash Flows, Equity Arising From Financing Activities, Proceeds From Issue Of Other Notes		0
Increase (Decrease) Through Financing Cash Flows, Equity Arising From Financing Activities, Proceeds From Settlement Of Derivatives		0
Treasury shares
Equity
Equity beginning balance	(45,616,000)	(14,651,000)
Proceeds from loans and borrowings (Note 16)	0	0
Proceeds from issue of other borrowings (Note 16)	0	(30,965,000)
Proceeds from sale of treasury shares (Note 14)	(118,488,000)
Purchase treasury shares (Note 14)	0
Repayment of sale and leaseback liability (Note 16)	0
Transaction costs related to loans and borrowings (Note 16)	0	0
Repayment of borrowings (Note 16)	0	0
Repayment of commercial paper (Note 16)	0
Repayment of lease liabilities (Note 16)	0	0
Dividend paid	0	0
Total changes from financing cash flows, equity	(118,488,000)	(30,965,000)
Total equity-related other changes (Note 14)	0	0
Equity ending balance	(164,104,000)	(45,616,000)
Total
Total equity-related other changes (Note 14)	0	0
Increase (Decrease) Through Financing Cash Flows, Equity Arising From Financing Activities, Proceeds From Issue Of Other Notes		0
Increase (Decrease) Through Financing Cash Flows, Equity Arising From Financing Activities, Proceeds From Settlement Of Derivatives		0
Retained earnings
Equity
Equity beginning balance	420,058,000	335,764,000
Proceeds from loans and borrowings (Note 16)	0	0
Proceeds from issue of other borrowings (Note 16)	0	0
Proceeds from sale of treasury shares (Note 14)	0
Purchase treasury shares (Note 14)	0
Repayment of sale and leaseback liability (Note 16)	0
Transaction costs related to loans and borrowings (Note 16)	0	0
Repayment of borrowings (Note 16)	0	0
Repayment of commercial paper (Note 16)	0
Repayment of lease liabilities (Note 16)	0	0
Dividend paid	(352,041,000)	(26,015,000)
Total changes from financing cash flows, equity	(352,041,000)	(26,015,000)
Total equity-related other changes (Note 14)	472,697,000	110,309,000
Equity ending balance	540,714,000	420,058,000
Total
Total equity-related other changes (Note 14)	$ 472,697,000	110,309,000
Increase (Decrease) Through Financing Cash Flows, Equity Arising From Financing Activities, Proceeds From Issue Of Other Notes		0
Increase (Decrease) Through Financing Cash Flows, Equity Arising From Financing Activities, Proceeds From Settlement Of Derivatives		$ 0

XML

Employee benefits - Amounts recognized in the balance sheet (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of net defined benefit liability (asset) [line items]
Net liability - beginning of period	$ (8,094)	$ (4,336)	$ (3,984)
Recognized in profit or loss	653	(2,589)	(616)
Recognized in other comprehensive income	(97)	(1,223)	120
Foreign currency translation differences	(449)	54	144
Net liability - end of period	(7,987)	(8,094)	(4,336)
Liabilities				$ (7,987)	$ (8,094)	$ (4,336)
Assets				0	0	0
NET LIABILITY	$ (8,094)	$ (4,336)	$ (4,336)	(7,987)	(8,094)	(4,336)
Present value of funded obligation
Disclosure of net defined benefit liability (asset) [line items]
Present value of funded obligation				(5,074)	(4,298)	(3,538)
Fair value of plan assets				3,940	3,241	2,970
Surplus (deficit) in plan				(1,134)	(1,057)	(568)
Present value of unfunded obligations
Disclosure of net defined benefit liability (asset) [line items]
Present value of funded obligation				$ (6,853)	$ (7,037)	$ (3,768)

XML

Employee benefits - Additional information (Details)	12 Months Ended
	Dec. 31, 2020 USD ($) benefit_plan
Employee Benefits [Abstract]
Number of defined benefit plans | benefit_plan	3
Number of defined benefit plans that are fully insured | benefit_plan	1
Estimate of contributions expected to be paid to plan for next annual reporting period, defined benefit pension | $	$ 50,798
Estimate of contributions expected to be paid to plan, defined contribution pension | $	$ 368,301

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Trade and other payables - Schedule of trade and other payables (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]
Advances received on contracts in progress, between 1 and 5 years	$ 508	$ 414
Derivatives	6,385	3,395
Total non-current other payables	6,893	3,809
Trade payables	27,226	22,737
Accrued expenses	35,321	45,997
Accrued payroll	5,849	3,313
Dividends payable	565	123
Accrued interest	2,959	3,924
Deferred income	13,138	17,783
Other payables	92	333
Derivatives	0	198
Total current trade and other payables	$ 85,150	$ 94,408

XML

Trade and other payables - Additional information (Details) - USD ($)	Dec. 31, 2020	Sep. 30, 2018
Senior Secured Loan Facility
Disclosure of detailed information about trade and other payables [line items]
Notional amount	$ 340,000,000	$ 581,000,000.0

XML

Financial instruments - Fair values and risk management - Carrying amounts and fair values (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Hedging instruments | Forward exchange contracts (Note 16)
Disclosure of financial assets and liabilities [Line Items]
Financial assets	$ 1,200	$ 1,300
Measured At Fair Value
Disclosure of financial assets and liabilities [Line Items]
Financial assets	1,262	1,363
Measured At Fair Value | Interest rate swaps
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	6,385	3,593
Financial liabilities, at fair value	6,385	3,593
Measured At Fair Value | Interest rate swaps | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Measured At Fair Value | Interest rate swaps | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	6,385	3,593
Measured At Fair Value | Interest rate swaps | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Measured At Fair Value | Forward exchange contracts (Note 16)
Disclosure of financial assets and liabilities [Line Items]
Financial assets	1,246	1,306
Financial assets, at fair value	1,246	1,306
Measured At Fair Value | Forward exchange contracts (Note 16) | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Measured At Fair Value | Forward exchange contracts (Note 16) | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	1,246	1,306
Measured At Fair Value | Forward exchange contracts (Note 16) | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Measured At Fair Value | Interest rate swaps
Disclosure of financial assets and liabilities [Line Items]
Financial assets	2	5
Financial assets, at fair value	2	5
Measured At Fair Value | Interest rate swaps | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Measured At Fair Value | Interest rate swaps | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	2	5
Measured At Fair Value | Interest rate swaps | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Measured At Fair Value | Forward cap contracts (Note 12)
Disclosure of financial assets and liabilities [Line Items]
Financial assets	15	52
Financial assets, at fair value	15	52
Measured At Fair Value | Forward cap contracts (Note 12) | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Measured At Fair Value | Forward cap contracts (Note 12) | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	15	52
Measured At Fair Value | Forward cap contracts (Note 12) | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Measured At Fair Value | Hedging instruments | Interest rate swaps
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	6,385	3,593
Measured At Fair Value | Hedging instruments
Disclosure of financial assets and liabilities [Line Items]
Financial assets	1,262	1,363
Measured At Fair Value | Hedging instruments | Forward exchange contracts (Note 16)
Disclosure of financial assets and liabilities [Line Items]
Financial assets	1,246	1,306
Measured At Fair Value | Hedging instruments | Interest rate swaps
Disclosure of financial assets and liabilities [Line Items]
Financial assets	2	5
Measured At Fair Value | Hedging instruments | Forward cap contracts (Note 12)
Disclosure of financial assets and liabilities [Line Items]
Financial assets	15	52
Measured At Fair Value | Financial assets at amortised cost
Disclosure of financial assets and liabilities [Line Items]
Financial assets	0
Not Measured At Fair Value
Disclosure of financial assets and liabilities [Line Items]
Financial assets	408,163	654,484
Financial liabilities	1,345,879	1,821,664
Not Measured At Fair Value | Secured bank loans
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	856,860	1,223,451
Financial liabilities, at fair value	864,848	1,235,770
Not Measured At Fair Value | Secured bank loans | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Secured bank loans | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	864,848	1,235,770
Not Measured At Fair Value | Secured bank loans | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Unsecured bank loans
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	198,571
Financial liabilities, at fair value	206,700
Not Measured At Fair Value | Unsecured bank loans | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	206,700
Not Measured At Fair Value | Unsecured bank loans | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0
Not Measured At Fair Value | Unsecured bank loans | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0
Not Measured At Fair Value | Unsecured notes
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	198,279
Financial liabilities, at fair value	207,099
Not Measured At Fair Value | Unsecured notes | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	207,099
Not Measured At Fair Value | Unsecured notes | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0
Not Measured At Fair Value | Unsecured notes | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0
Not Measured At Fair Value | Unsecured other borrowings
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	151,353	247,213
Financial liabilities, at fair value	151,353	247,213
Not Measured At Fair Value | Unsecured other borrowings | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Unsecured other borrowings | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	151,353	247,213
Not Measured At Fair Value | Unsecured other borrowings | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Lease liabilities
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	66,921	75,624
Financial liabilities, at fair value	62,387	70,074
Not Measured At Fair Value | Lease liabilities | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Lease liabilities | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	62,387	70,074
Not Measured At Fair Value | Lease liabilities | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Trade and other payables
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	71,958	76,391
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Trade and other payables | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Trade and other payables | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Trade and other payables | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Advances received on contracts
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	508	414
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Advances received on contracts | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Advances received on contracts | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Advances received on contracts | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities, at fair value	0	0
Not Measured At Fair Value | Non-current receivables
Disclosure of financial assets and liabilities [Line Items]
Financial assets	48,371	62,474
Financial assets, at fair value	44,512	52,591
Not Measured At Fair Value | Non-current receivables | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Not Measured At Fair Value | Non-current receivables | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Not Measured At Fair Value | Non-current receivables | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	44,512	52,591
Not Measured At Fair Value | Lease receivables (Note 10)
Disclosure of financial assets and liabilities [Line Items]
Financial assets	6,681	8,609
Financial assets, at fair value	7,925	9,961
Not Measured At Fair Value | Lease receivables (Note 10) | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Not Measured At Fair Value | Lease receivables (Note 10) | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	7,925	9,961
Not Measured At Fair Value | Lease receivables (Note 10) | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Not Measured At Fair Value | Trade and other receivables
Disclosure of financial assets and liabilities [Line Items]
Financial assets	191,633	286,447
Financial assets, at fair value	0	0
Not Measured At Fair Value | Trade and other receivables | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Not Measured At Fair Value | Trade and other receivables | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Not Measured At Fair Value | Trade and other receivables | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Not Measured At Fair Value | Cash and cash equivalents
Disclosure of financial assets and liabilities [Line Items]
Financial assets	161,478	296,954
Financial assets, at fair value	0	0
Not Measured At Fair Value | Cash and cash equivalents | Level 1
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Not Measured At Fair Value | Cash and cash equivalents | Level 2
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Not Measured At Fair Value | Cash and cash equivalents | Level 3
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Not Measured At Fair Value | Other financial liabilities
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	1,345,879	1,821,664
Not Measured At Fair Value | Other financial liabilities | Secured bank loans
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	856,860	1,223,451
Not Measured At Fair Value | Other financial liabilities | Unsecured bank loans
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	198,571
Not Measured At Fair Value | Other financial liabilities | Unsecured notes
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	198,279
Not Measured At Fair Value | Other financial liabilities | Unsecured other borrowings
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	151,353	247,213
Not Measured At Fair Value | Other financial liabilities | Lease liabilities
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	66,921	75,624
Not Measured At Fair Value | Other financial liabilities | Trade and other payables
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	71,958	76,391
Not Measured At Fair Value | Other financial liabilities | Advances received on contracts
Disclosure of financial assets and liabilities [Line Items]
Financial liabilities	508	414
Not Measured At Fair Value | Financial assets at amortised cost
Disclosure of financial assets and liabilities [Line Items]
Financial assets	408,163	654,484
Not Measured At Fair Value | Financial assets at amortised cost | Non-current receivables
Disclosure of financial assets and liabilities [Line Items]
Financial assets	48,371	62,474
Not Measured At Fair Value | Financial assets at amortised cost | Lease receivables (Note 10)
Disclosure of financial assets and liabilities [Line Items]
Financial assets	6,681	8,609
Not Measured At Fair Value | Financial assets at amortised cost | Trade and other receivables
Disclosure of financial assets and liabilities [Line Items]
Financial assets	191,633	286,447
Not Measured At Fair Value | Financial assets at amortised cost | Cash and cash equivalents
Disclosure of financial assets and liabilities [Line Items]
Financial assets	$ 161,478	$ 296,954

XML

Financial instruments - Fair values and risk management - Additional information (Details)	12 Months Ended
	Dec. 31, 2020 USD ($) vessel derivative	Dec. 31, 2019 USD ($) derivative		Dec. 31, 2018 USD ($)		Dec. 31, 2017 USD ($)	[1]
Disclosure of detailed information about financial instruments [line items]
Cash and cash equivalents	$ 161,478,000	$ 296,954,000	[1]	$ 173,133,000	[1]	$ 143,648,000
Number of bareboat-in vessels | vessel	3
Bareboat leaseback contract duration	54 months
Percent of floating interest rates hedged	48.00%	48.00%
Amount reclassified from hedging reserve	$ 0	$ 4,900,000
Loss before income tax	(473,238,000)	(112,230,000)	[1],[2]	$ 110,070,000	[1],[3]
COVID 19, Crew Change Charges	1,800,000
COVID-19, Revenues Because Of Off Hire	4,200,000
Credit risk
Disclosure of detailed information about financial instruments [line items]
Cash and cash equivalents	161,500,000	297,000,000.0
Market risk
Disclosure of detailed information about financial instruments [line items]
Sensitivity analysis, reasonably possible change in risk variable, amount	$ 1,000
Interest rate risk | Variable interest rate
Disclosure of detailed information about financial instruments [line items]
Sensitivity analysis, reasonably possible change in risk variable, percent	0.50%
Credit exposure	$ 895,514,000	$ 1,346,239,000
Currency risk
Disclosure of detailed information about financial instruments [line items]
Concentration risk percentage	14.40%	12.50%		12.90%
Sensitivity analysis, reasonably possible change in risk variable, percent	10.00%
One client | Tankers
Disclosure of detailed information about financial instruments [line items]
Percentage of entity's revenue	6.00%	7.00%		7.00%
Customer Concentration Risk | One client | Trade and other receivables | Credit risk
Disclosure of detailed information about financial instruments [line items]
Concentration risk percentage	0.03%	3.82%
Customer Concentration Risk | TI Pool | Trade and other receivables | Credit risk
Disclosure of detailed information about financial instruments [line items]
Concentration risk percentage	46.27%	47.45%
Cash flow hedges | Forward cap contracts (Note 12)
Disclosure of detailed information about financial instruments [line items]
Derivative notional amount	$ 200,000,000.0	$ 200,000,000.0
Number of derivative instruments held | derivative	2	2

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

[2] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

[3] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

XML

Financial instruments - Fair values and risk management - Aging of trade and other receivables (Details) - Credit risk - Loans and receivables - Trade and other receivables - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	$ 214,479	$ 308,987
Not past due
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	183,138	246,422
Past due 0-30 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	9,961	35,036
Past due 31-365 days
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	16,253	21,020
More than 1 year
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	$ 5,127	$ 6,509

XML

Financial instruments - Fair values and risk management - Remaining contractual maturities of financial liabilities (Details) - Liquidity risk - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	$ 1,514,993,000	$ 2,122,450,000
Derivative financial liabilities, undiscounted cash flows	8,601,000	3,300,000
Bank loans and other notes
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	1,191,925,000	1,697,327,000
Other borrowings
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	180,865,000	268,661,000
Lease liabilities
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	70,245,000	79,873,000
Current trade and other payables
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	71,958,000	76,589,000
Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	8,601,000	3,300,000
Forward exchange contracts
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	0	0
Other Financial Liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,345,371,000	1,821,448,000
Derivative financial liabilities	6,385,000	3,593,000
Other Financial Liabilities | Bank loans and other notes
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,055,139,000	1,422,022,000
Other Financial Liabilities | Other borrowings
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	151,353,000	247,213,000
Other Financial Liabilities | Lease liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	66,921,000	75,624,000
Other Financial Liabilities | Current trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	71,958,000	76,589,000
Other Financial Liabilities | Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities	6,385,000	3,593,000
Other Financial Liabilities | Forward exchange contracts
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	236,333,000	368,474,000
Derivative financial liabilities, undiscounted cash flows	2,194,000	758,000
Less than 1 year | Bank loans and other notes
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	55,079,000	110,720,000
Less than 1 year | Other borrowings
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	61,320,000	145,640,000
Less than 1 year | Lease liabilities
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	47,976,000	35,525,000
Less than 1 year | Current trade and other payables
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	71,958,000	76,589,000
Less than 1 year | Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	2,194,000	758,000
Less than 1 year | Forward exchange contracts
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	616,382,000	1,070,990,000
Derivative financial liabilities, undiscounted cash flows	6,406,000	2,432,000
Between 1 and 5 years | Bank loans and other notes
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	474,687,000	905,302,000
Between 1 and 5 years | Other borrowings
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	119,545,000	123,021,000
Between 1 and 5 years | Lease liabilities
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	22,150,000	42,667,000
Between 1 and 5 years | Current 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 | Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	6,406,000	2,432,000
Between 1 and 5 years | Forward exchange contracts
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	0	0
More than 5 years
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	662,278,000	682,986,000
Derivative financial liabilities, undiscounted cash flows	0	110,000
More than 5 years | Bank loans and other notes
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	662,159,000	681,305,000
More than 5 years | Other borrowings
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	0	0
More than 5 years | Lease liabilities
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	119,000	1,681,000
More than 5 years | Current trade and other payables
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	0	0
More than 5 years | Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	0	110,000
More than 5 years | Forward exchange contracts
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	$ 0	$ 0

XML

Financial instruments - Fair values and risk management - Tanker market risk scenario (Details) - Market risk - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Profit or loss	$ 19,638	$ 22,601	$ 19,332
Decrease in risk variable, impact on profit (loss)	$ (19,638)	$ (22,581)	$ (19,323)

XML

Financial instruments - Fair values and risk management - Interest rate risk (Details) - Interest rate risk - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fixed interest rate
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ 395,170	$ 435,783
Variable interest rate
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	895,514	1,346,239
Financial assets | Fixed interest rate
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	17,271	37,163
Financial liabilities | Fixed interest rate
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	377,899	398,620
Financial liabilities | Variable interest rate
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ 895,514	$ 1,346,239

XML

Financial instruments - Fair values and risk management - Cash flow sensitivity analysis for variable rate instruments (Details) - Variable interest rate - Interest rate risk - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Profit or loss	$ (3,819,000)	$ (6,195,000)	$ (4,238,000)
Decrease in risk variable, impact on profit (loss)	2,484,000	6,195,000	4,238,000
Increase in risk variable, impact on equity	5,542,000	1,553,200	6,201,000
Decrease in risk variable, impact on equity	(5,343,000)	(1,433,000)	(6,116,000)
Variable rate instruments
Disclosure of detailed information about financial instruments [line items]
Profit or loss	(3,819,000)	(6,195,000)	(4,238,000)
Decrease in risk variable, impact on profit (loss)	2,484,000	6,195,000	4,238,000
Increase in risk variable, impact on equity	0	0	0
Decrease in risk variable, impact on equity	0	0	0
Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Profit or loss	0	0	0
Decrease in risk variable, impact on profit (loss)	0	0	0
Increase in risk variable, impact on equity	5,542,000	1,553,000	6,201,000
Decrease in risk variable, impact on equity	$ (5,343,000)	$ (1,433,000)	$ (6,116,000)

XML

Financial instruments - Fair values and risk management - Currency risk related to operating (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Operating expense	$ (729,268)	$ (761,747)	[1]	$ (698,515)	[1]
EUR | Currency risk
Disclosure of detailed information about financial instruments [line items]
Trade payables	(5,662)	(4,002)		(6,311)
Operating expense	(105,172)	(95,278)		(89,761)
USD | Currency risk
Disclosure of detailed information about financial instruments [line items]
Trade payables	(21,564)	(18,735)		(9,955)
Operating expense	(624,096)	(666,469)		(608,754)
Treasury Notes | EUR | Currency risk
Disclosure of detailed information about financial instruments [line items]
Treasury Notes	(38,654)	(122,788)		(60,342)
Treasury Notes | USD | Currency risk
Disclosure of detailed information about financial instruments [line items]
Treasury Notes	$ 0	$ 0		$ 0

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

XML

Financial instruments - Fair values and risk management - Sensitivity analysis for types of currency risk (Details) - EUR - Currency risk - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Equity	$ 735	$ 437	$ 491
Profit or loss	$ (10,412)	$ (9,952)	$ (7,888)

XML

Financial instruments - Fair values and risk management - Schedule of cash flow hedges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flow hedges | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Cash flow hedge reserve	$ 7,456	$ 4,583	$ 2,698
Changes in the value of the hedging instrument recognized in OCI	(2,873)	(1,885)
Cash flow hedges | Interest rate risk | 1-6 months
Disclosure of detailed information about financial instruments [line items]
Net exposure	$ (10,855)	$ (23,469)
Average fixed interest rate	2.96%	1.99%
Cash flow hedges | Interest rate risk | 6-12 months
Disclosure of detailed information about financial instruments [line items]
Net exposure	$ (10,942)	$ (23,261)
Average fixed interest rate	2.96%	2.00%
Cash flow hedges | Interest rate risk | More than 1 year
Disclosure of detailed information about financial instruments [line items]
Net exposure	$ (81,803)	$ (176,598)
Average fixed interest rate	2.96%	2.96%
Variable-rate instruments | Cash flow hedges | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Change in value used for calculating hedge ineffectiveness	$ 2,989	$ 1,205
Cash flow hedge reserve	(6,385)	(3,396)
Forward cap option | Cash flow hedges | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Change in value used for calculating hedge ineffectiveness	(116)	680
Cash flow hedge reserve	(1,071)	(1,187)
Nominal amount	200,000	200,000
Carrying amount - Assets	15	52
Carrying amount - Liabilities	0	0
Changes in the value of the hedging instrument recognized in OCI	116	(680)
Hedge ineffectiveness recognized in profit or loss	0	0
Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Nominal amount	270,100
Interest rate swaps | Cash flow hedges | Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Nominal amount	70,143	506,603
Carrying amount - Assets	2	5
Carrying amount - Liabilities	6,385	3,593
Changes in the value of the hedging instrument recognized in OCI	(2,989)	(1,205)
Hedge ineffectiveness recognized in profit or loss	$ (108)	$ (4,943)

XML

Financial instruments - Fair values and risk management - Capital management (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Disclosure of detailed information about financial instruments [line items]
Facility size	$ 840,400,000
Current assets less current liabilities	1,088,700,000
Aggregate cash	1,101,900,000
Cash and cash equivalents	$ 161,478,000	$ 296,954,000	[1]	$ 173,133,000	[1]	$ 143,648,000	[1]
Ratio of stockholders' equity to total assets	62.70%
Percentage of net income paid to shareholders through dividends	80.00%
Minimum yearly fixed dividend (in USD per share)	$ 0.12
Purchase of treasury shares (in shares)	(13,400,516)	3,708,315		(545,486)
Number of shares outstanding (in shares)	201,677,981	215,078,497		218,786,812		158,166,534
Treasury shares as percent of shares outstanding	8.34%
Dividends, fixed amount per share (in USD per share)	$ 0.03
Treasury shares
Disclosure of detailed information about financial instruments [line items]
Purchase of treasury shares (in shares)	(13,400,516)	(3,708,315)		(545,486)
Number of shares outstanding (in shares)	18,346,732	4,946,216		1,237,901		1,042,415
Senior Secured Loans
Disclosure of detailed information about financial instruments [line items]
Aggregate cash and cash equivalents, including undrawn amounts on committed loans	$ 50,000,000.0
Ratio of indebtedness to net capital	5.00%
Minimum cash requirement	$ 30,000,000.0
Ratio of stockholders' equity to total assets, minimum	30.00%
Minimum | Senior Secured Loans
Disclosure of detailed information about financial instruments [line items]
Ratio of fair market value of collateral vessels to aggregate principal amount outstanding on loans	125.00%

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

XML

Leases - Additional information (Details)			1 Months Ended
	Nov. 06, 2020 USD ($) agreement	Dec. 16, 2016 USD ($) vessel	Jan. 31, 2021 metricTonsOfFuel	Dec. 31, 2020 USD ($)	Jan. 01, 2019 USD ($)
Disclosure of quantitative information about leases for lessee [line items]
Number of VLCCs delivered | metricTonsOfFuel			2
Number of time charter agreements entered into | agreement	2
Time charter agreement, contract term	24 months
Charter agreement, extension term	12 months
Charter agreement, period to declare contract extension	20 months
Charter agreement, price per day, initial term	$ 25,000
Charter agreement, price per day, extension period	$ 26,500
Lease liabilities arising from extension options				$ 12,300,000
Finance lease receivables					$ 11,400,000
Sale and leaseback agreement | Vessels
Disclosure of quantitative information about leases for lessee [line items]
Seller credit payable upon sale		$ 4,500,000
Seller credit percent of fair value threshold		50.00%
Seller credit payable threshold, oldest vessel		$ 17,500,000
Seller credit payable threshold, other vessels		19,500,000
Leaseback agreement residual guarantee		$ 20,000,000.0
Number of VLCCs delivered | vessel		4
Owner percent of profit		75.00%
Charter percent of profit		25.00%
Profit share agreement, proceeds lower limit, oldest vessel		$ 26,500,000
Profit share agreement, proceeds upper limit, oldest vessel		32,500,000
Profit share agreement, proceeds lower limit, other vessel		28,500,000
Profit share agreement, proceeds upper limit, other vessel		$ 34,500,000

XML

Leases - Schedule of sale leaseback payments due (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of finance lease and operating lease by lessee [line items]
Other borrowings (Note 16)	$ 1,273,413	$ 1,744,859	$ 1,768,510
Less than 1 year
Disclosure of finance lease and operating lease by lessee [line items]
Other borrowings (Note 16)	117,588	221,205	198,879
Between 1 and 5 years
Disclosure of finance lease and operating lease by lessee [line items]
Other borrowings (Note 16)	524,781	893,291	$ 1,135,969
Sale and leaseback agreement
Disclosure of finance lease and operating lease by lessee [line items]
Other borrowings (Note 16)	63,932	64,773
Sale and leaseback agreement | Less than 1 year
Disclosure of finance lease and operating lease by lessee [line items]
Other borrowings (Note 16)	49,218	32,903
Sale and leaseback agreement | Between 1 and 5 years
Disclosure of finance lease and operating lease by lessee [line items]
Other borrowings (Note 16)	$ 14,714	$ 31,870

XML

Leases - Schedule of right-of-use assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of quantitative information about right-of-use assets [line items]
Opening balance	$ 58,908	$ 87,598
Additions to right-of-use assets	25,701	653
Depreciation charge for the year	(31,702)	(29,265)
Derecognition of right-of-use assets	0	(78)
Translation differences	48
Closing balance	52,955	58,908
Bare boats
Disclosure of quantitative information about right-of-use assets [line items]
Opening balance	55,411	83,698
Additions to right-of-use assets	0	0
Depreciation charge for the year	(28,364)	(28,287)
Derecognition of right-of-use assets	0	0
Translation differences	0
Closing balance	27,047	55,411
Time Charters
Disclosure of quantitative information about right-of-use assets [line items]
Opening balance	0	0
Additions to right-of-use assets	24,873	0
Depreciation charge for the year	(2,078)	0
Derecognition of right-of-use assets	0	0
Translation differences	0
Closing balance	22,795	0
Office rental
Disclosure of quantitative information about right-of-use assets [line items]
Opening balance	2,733	3,711
Additions to right-of-use assets	762	0
Depreciation charge for the year	(1,092)	(900)
Derecognition of right-of-use assets	0	(78)
Translation differences	36
Closing balance	2,438	2,733
Company cars
Disclosure of quantitative information about right-of-use assets [line items]
Opening balance	764	189
Additions to right-of-use assets	66	653
Depreciation charge for the year	(167)	(78)
Derecognition of right-of-use assets	0	0
Translation differences	12
Closing balance	$ 675	$ 764

XML

Leases - Schedule of operating leases recognized in profit and loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Leases [Abstract]
Interest leasing	$ (3,287)	$ (4,811)	$ 0
Depreciation charge for the year	(31,702)	(29,265)
Expenses relating to short-term leases	0	(103)
Low-value leases	$ 228	$ 851

XML

Leases - Schedule of amounts recognized in statement of cash flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Leases [Abstract]
Total cash outflow for leases	$ (37,779)	$ (30,214)
Total cash inflow for leases	$ 1,786	$ 1,251

XML

Leases - Schedule of future minimum lease receivables for operating leases (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Vessels
Disclosure of finance lease and operating lease by lessor [line items]
Undiscounted lease receivables	$ 644,234	$ 434,516
Vessels | Less than 1 year
Disclosure of finance lease and operating lease by lessor [line items]
Undiscounted lease receivables	123,319	143,748
Vessels | Between 1 and 5 years
Disclosure of finance lease and operating lease by lessor [line items]
Undiscounted lease receivables	303,561	263,406
Vessels | More than 5 years
Disclosure of finance lease and operating lease by lessor [line items]
Undiscounted lease receivables	217,354	27,362
Office Lease
Disclosure of finance lease and operating lease by lessor [line items]
Undiscounted lease receivables	9,559	11,732
Office Lease | Less than 1 year
Disclosure of finance lease and operating lease by lessor [line items]
Undiscounted lease receivables	2,328	2,229
Office Lease | Within two years
Disclosure of finance lease and operating lease by lessor [line items]
Undiscounted lease receivables	2,359	2,304
Office Lease | Between two and three years
Disclosure of finance lease and operating lease by lessor [line items]
Undiscounted lease receivables	1,898	2,335
Office Lease | Between three and four years
Disclosure of finance lease and operating lease by lessor [line items]
Undiscounted lease receivables	1,689	1,890
Office Lease | Between four and five years
Disclosure of finance lease and operating lease by lessor [line items]
Undiscounted lease receivables	1,285	1,689
Office Lease | More than 5 years
Disclosure of finance lease and operating lease by lessor [line items]
Undiscounted lease receivables	$ 0	$ 1,285

XML

Provisions and contingencies (Details)			12 Months Ended
	Jan. 15, 2021 USD ($) metricTonsOfFuel	Jul. 14, 2015	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Disclosure of other provisions [line items]
Beginning balance			$ 1,769,000	$ 5,265,000
Assumed in a business combination				(3,049,000)
Adoption IFRS 16			0	3,000,000.0
Provisions used during the year			(388,000)	(447,000)
Ending balance			1,381,000	1,769,000
Non-current			1,154,000	1,381,000
Current			227,000	388,000
Extension of acquired lease term		5 years
Misdelivery of fuel | metricTonsOfFuel	101,809
Amount paid for cargo finance	$ 26,367,200
Onerous contract
Disclosure of other provisions [line items]
Beginning balance			1,769,000	5,265,000
Assumed in a business combination				(3,049,000)
Adoption IFRS 16			0
Provisions used during the year			(388,000)	(447,000)
Ending balance			1,381,000	1,769,000
Non-current			1,154,000	1,381,000
Current			$ 227,000	$ 388,000

XML

Related parties - Transactions with key management personnel (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Non-executive directors
Disclosure of transactions between related parties [line items]
Total remuneration	€ 1,048	€ 1,101	€ 1,035

XML

Related parties - Fixed and variable components of remuneration (Details) € in Thousands	12 Months Ended
	Dec. 31, 2020 EUR (€)	Dec. 31, 2019 EUR (€)	Dec. 31, 2019 GBP (£)	Dec. 31, 2018 EUR (€)	Dec. 31, 2018 GBP (£)
Fixed Remuneration, Excluding CEO
Disclosure of transactions between related parties [line items]
Total remuneration	€ 2,165	€ 1,579		€ 1,231
Cost of pension	18	80		39
Other benefits	143	81		75
Variable Remuneration, Excluding CEO
Disclosure of transactions between related parties [line items]
Total remuneration	1,029	2,424		1,153
Share-based payments	69	€ 1,403		€ 299
CEO Fixed Remuneration
Disclosure of transactions between related parties [line items]
Total remuneration	624		£ 5,754,000		£ 537,000
Cost of pension | £			7,400		0
Other benefits | £			26,000		40,000
CEO Variable Remuneration
Disclosure of transactions between related parties [line items]
Total remuneration	424		786,000		1,866,000
Share-based payments	€ 54		£ 786,000		£ 118,000

XML

Related parties - Additional information (Details) $ / shares in Units, € in Thousands														12 Months Ended
	Sep. 15, 2020 USD ($)	Apr. 01, 2020	Apr. 01, 2020	Apr. 01, 2020 shares	Nov. 19, 2019 USD ($)	Apr. 01, 2019	Apr. 01, 2019 shares	Apr. 01, 2019 shares	Jan. 08, 2019 shares	Feb. 16, 2018 shares	Feb. 09, 2017 shares	Feb. 02, 2016 shares	Feb. 12, 2015 shares	Dec. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) shares	Dec. 31, 2020 USD ($) t	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares shares $ / shares	Dec. 31, 2019 EUR (€) shares shares	Dec. 31, 2018 USD ($)	Apr. 30, 2020 installment	Apr. 30, 2019 installment
Disclosure of transactions between related parties [line items]
Number of options granted (in shares)														0					0	0
Vesting period																			5 years	5 years
Number of share options forfeited in share-based payment arrangement														0					0	0
Fuel oil swapped | t																	51,000
Consideration paid (received)	$ 20,500,000
Gain (loss) recognised on measurement to fair value less costs to sell or on disposal of assets or disposal groups constituting discontinued operation	$ 400,000
Other borrowings (Note 16)														$ 1,273,413,000	$ 1,273,413,000	$ 1,273,413,000	$ 1,273,413,000	$ 1,273,413,000	$ 1,744,859,000		$ 1,768,510,000
Other related parties | Compagnie Maritime Belge | General and administrative services
Disclosure of transactions between related parties [line items]
Purchases of goods, related party transactions															1,578				1,336		1,151
Other related parties | Compagnie Maritime Belge | Software development
Disclosure of transactions between related parties [line items]
Purchases of goods, related party transactions															0				167,000	€ 150
Joint ventures where entity is venturer
Disclosure of transactions between related parties [line items]
Proportion of ownership interest in joint venture					50.00%
Related Party Secured Term Loan					$ 36,700,000
Related Party Revolving Credit Agreement					$ 3,000,000.0
Joint ventures where entity is venturer | Reslea N.V.
Disclosure of transactions between related parties [line items]
Leases as lessee, related party transactions															335,033				290,858		185,326
Joint ventures
Disclosure of transactions between related parties [line items]
Guaranteed portion of related party debt															45,200,000				69,600,000
Joint ventures | Tankers (UK) Agencies Limited
Disclosure of transactions between related parties [line items]
Proportion of ownership interest in joint venture														50.00%
Subsidiaries | Tankers International LLC
Disclosure of transactions between related parties [line items]
Leases as lessor, related party transactions															218,074				216,750		$ 227,089
Stock Option | Executive Committee
Disclosure of transactions between related parties [line items]
Number of options granted (in shares) | shares													236,590
Stock Option | Executive Committee (Excluding Chief Executive Officer)
Disclosure of transactions between related parties [line items]
Vesting period													13 years
Restricted stock units
Disclosure of transactions between related parties [line items]
Vesting period		3 years				3 years
Number of installments | installment																						3	3
Restricted stock units | Executive Committee
Disclosure of transactions between related parties [line items]
Number of options granted (in shares)			144,392	144,392			152,346	152,346
Number of instruments granted in share-based payment arrangement (in shares) | shares													65,433
Number of options vested (in shares)																12,696		12,696
Phantom Stock Units | Executive Committee
Disclosure of transactions between related parties [line items]
Number of instruments granted in share-based payment arrangement (in shares) | shares										154,432	66,449	54,616
Annual vesting percentage											33.30%	33.30%
Joint Venture Credit Facility | Joint ventures
Disclosure of transactions between related parties [line items]
Other borrowings (Note 16)														$ 90,400,000	$ 90,400,000	$ 90,400,000	$ 90,400,000	$ 90,400,000	$ 139,200,000
Transaction based incentive plan
Disclosure of transactions between related parties [line items]
Vesting period																			5 years	5 years
Transaction based incentive plan | Phantom Stock Units
Disclosure of transactions between related parties [line items]
Equity instruments granted (in shares) | shares									1,200,000
Number of share options forfeited in share-based payment arrangement | shares																			400,000	400,000
Second anniversary | Transaction based incentive plan | Phantom Stock Units
Disclosure of transactions between related parties [line items]
Annual vesting percentage																			12.00%	12.00%
Target share price (in USD per share) | $ / shares																			$ 12
Third anniversary | Transaction based incentive plan | Phantom Stock Units
Disclosure of transactions between related parties [line items]
Annual vesting percentage																			16.00%	16.00%
Target share price (in USD per share) | $ / shares																			$ 14
Fourth anniversary | Transaction based incentive plan | Phantom Stock Units
Disclosure of transactions between related parties [line items]
Annual vesting percentage																			25.00%	25.00%
Target share price (in USD per share) | $ / shares																			$ 16
Tranche Four | Transaction based incentive plan | Phantom Stock Units
Disclosure of transactions between related parties [line items]
Annual vesting percentage																			44.00%	44.00%
Target share price (in USD per share) | $ / shares																			$ 18

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Related parties - Outstanding related party transactions (Details) - Joint ventures where entity is venturer - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of transactions between related parties [line items]
Trade receivables	$ 1,231	$ 883
Trade payables	188	439
Shareholders Loan	35,936	60,379
Turnover	1,464	818
Dividend Income	7,534	12,600
TI Africa Ltd
Disclosure of transactions between related parties [line items]
Trade receivables	440	227
Trade payables	0	0
Shareholders Loan	16,665	23,215
Turnover	398	390
Dividend Income	0	0
TI Asia Ltd
Disclosure of transactions between related parties [line items]
Trade receivables	472	90
Trade payables	0	0
Shareholders Loan	0	0
Turnover	398	390
Dividend Income	5,550	12,600
Bari Shipholding Ltd
Disclosure of transactions between related parties [line items]
Trade receivables	283	265
Trade payables	52	211
Shareholders Loan	19,271	18,390
Turnover	342	13
Dividend Income	0	0
Bastia Shipholding Ltd
Disclosure of transactions between related parties [line items]
Trade receivables	17	301
Trade payables	1	96
Shareholders Loan	0	18,773
Turnover	326	25
Dividend Income	1,590	0
Tankers Agencies (UK) Ltd
Disclosure of transactions between related parties [line items]
Trade receivables	19	0
Trade payables	135	132
Shareholders Loan	0	0
Turnover	0	0
Dividend Income	$ 0	$ 0

XML

Share-based payment arrangements - Long term incentive plan 2015 (Equity-settled) (Details) $ in Thousands				12 Months Ended
	Apr. 01, 2020	Apr. 01, 2019	Feb. 12, 2015 shares € / shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2015
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period					5 years
Expense from share-based payment transactions with employees | $				$ 140	$ 0	$ 37
Restricted stock units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	3 years	3 years
Long term incentive plan 2015
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price, share options granted (in euro per share) | € / shares			€ 10.0475
Expense from share-based payment transactions with employees | $				$ 0	$ 0	$ 37
Long term incentive plan 2015 | Restricted stock units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage							60.00%
Equity instruments granted (in shares)			65,433
Long term incentive plan 2015 | Key management personnel of entity or parent
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage							40.00%
Vesting period							3 years
Equity instruments granted (in shares)			236,590
Long term incentive plan 2015 | Key management personnel of entity or parent | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period			13 years
Long term incentive plan 2015 | Key management personnel of entity or parent | Restricted stock units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage							60.00%
Equity instruments granted (in shares)			65,433

XML

Share-based payment arrangements - Long-term incentive plan 2016 (Cash-settled) (Details) $ in Thousands			12 Months Ended
	Feb. 09, 2017	Feb. 02, 2016 shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period				5 years
Expense from share-based payment transactions with employees | $			$ 140	$ 0	$ 37
Long term incentive plan 2016 | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Equity instruments granted (in shares) | shares		54,616
Number of phantom stocks outstanding (in shares) | shares			0
Expense from share-based payment transactions with employees | $			$ 300	$ 100	$ 200
Executive Committee | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage	33.30%	33.30%
Second anniversary | Long term incentive plan 2016 | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Vesting period			2 years
Third anniversary | Long term incentive plan 2016 | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Vesting period			3 years
Fourth anniversary | Long term incentive plan 2016 | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Vesting period			4 years

XML

Share-based payment arrangements - Long term incentive plan 2017 (Cash-settled) (Details) $ in Thousands			12 Months Ended
	Feb. 09, 2017 shares	Feb. 02, 2016	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period				5 years
Expense from share-based payment transactions with employees | $			$ 140	$ 0	$ 37
Executive Committee | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage	33.30%	33.30%
Long term incentive plan 2017 | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Equity instruments granted (in shares)	66,449
Number of phantom stocks outstanding (in shares)			16,210
Expense from share-based payment transactions with employees | $			$ 300	$ 22	$ 200
Long term incentive plan 2017 | Executive Committee | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Equity instruments granted (in shares)	66,449
Second anniversary | Long term incentive plan 2017 | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Second anniversary | Long term incentive plan 2017 | Executive Committee | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Vesting period			2 years
Third anniversary | Long term incentive plan 2017 | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Third anniversary | Long term incentive plan 2017 | Executive Committee | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Vesting period			3 years
Fourth anniversary | Long term incentive plan 2017 | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Fourth anniversary | Long term incentive plan 2017 | Executive Committee | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.33%
Vesting period			4 years

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Share-based payment arrangements - Long term incentive plan 2018 (Cash-settled) (Details) $ / shares in Units, $ in Thousands					12 Months Ended
	Jan. 08, 2019 shares	Feb. 16, 2018 shares	Feb. 09, 2017	Feb. 02, 2016	Dec. 31, 2020 USD ($) shares shares	Dec. 31, 2019 USD ($) tranche $ / shares	Dec. 31, 2018 USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period						5 years
Number of vesting tranches | tranche						4
Expense from share-based payment transactions with employees | $					$ 140	$ 0	$ 37
Executive Committee | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			33.30%	33.30%
Transaction based incentive plan 2019 | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period						5 years
Equity instruments granted (in shares)	1,200,000
Number of phantom stocks outstanding (in shares)					704,000
Expense from share-based payment transactions with employees | $					$ 400	$ 1,800
Long term incentive plan 2018 | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Equity instruments granted (in shares)		154,432
Number of phantom stocks outstanding (in shares)					71,854
Expense from share-based payment transactions with employees | $					$ 400	$ 700	$ 500
Long term incentive plan 2018 | Executive Committee | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Equity instruments granted (in shares)		154,432
Third anniversary | Transaction based incentive plan 2019 | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage						19.00%
Target share price (in USD per share) | $ / shares						$ 14
Third anniversary | Long term incentive plan 2018 | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage					33.33%
Third anniversary | Long term incentive plan 2018 | Executive Committee | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period					3 years
Annual vesting percentage					33.33%
Second anniversary | Transaction based incentive plan 2019 | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage						12.00%
Target share price (in USD per share) | $ / shares						$ 12
Second anniversary | Long term incentive plan 2018 | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage					33.33%
Second anniversary | Long term incentive plan 2018 | Executive Committee | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period					2 years
Annual vesting percentage					33.33%
Fourth anniversary | Transaction based incentive plan 2019 | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage						25.00%
Target share price (in USD per share) | $ / shares						$ 16
Fourth anniversary | Long term incentive plan 2018 | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage					33.33%
Fourth anniversary | Long term incentive plan 2018 | Executive Committee | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period					4 years
Annual vesting percentage					33.33%
Tranche Four | Transaction based incentive plan 2019 | Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage						44.00%
Target share price (in USD per share) | $ / shares						$ 18

XML

Share-based payment arrangements - Transaction based incentive plan 2019 (Cash-settled) (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 08, 2019 shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) tranche $ / shares	Dec. 31, 2018 USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period			5 years
Number of vesting tranches | tranche			4
Expense from share-based payment transactions with employees | $		$ 140	$ 0	$ 37
Transaction based incentive plan 2019 | Phantom Stock Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period			5 years
Equity instruments granted (in shares) | shares	1,200,000
Expense from share-based payment transactions with employees | $		$ 400	$ 1,800
Number of phantom stocks outstanding (in shares) | shares		704,000
Transaction based incentive plan 2019 | Second anniversary | Phantom Stock Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			12.00%
Target share price (in USD per share)			$ 12
Transaction based incentive plan 2019 | Third anniversary | Phantom Stock Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			19.00%
Target share price (in USD per share)			$ 14
Transaction based incentive plan 2019 | Fourth anniversary | Phantom Stock Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			25.00%
Target share price (in USD per share)			$ 16
Transaction based incentive plan 2019 | Tranche Four | Phantom Stock Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage			44.00%
Target share price (in USD per share)			$ 18

XML

Share-based payment arrangements - Long term incentive plan 2019 (Equity-settled) (Details) $ in Thousands							12 Months Ended
	Apr. 01, 2020	Apr. 01, 2020	Apr. 01, 2020 shares	Apr. 01, 2019	Apr. 01, 2019 shares	Apr. 01, 2019 shares	Dec. 31, 2020	Dec. 31, 2020 USD ($)	Dec. 31, 2020 shares	Dec. 31, 2020 shares	Dec. 31, 2019 USD ($) shares installment	Dec. 31, 2018 USD ($)	Apr. 30, 2020 installment	Apr. 30, 2019 installment
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period											5 years
Number of options granted (in shares)							0				0
Expense from share-based payment transactions with employees | $								$ 140			$ 0	$ 37
Restricted stock units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	3 years			3 years
Number of installments													3	3
Executive Committee | Restricted stock units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted (in shares)		144,392	144,392		152,346	152,346
Number of options vested (in shares)									12,696	12,696
Long term incentive plan 2019 (equity settled)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of installments											3
Long term incentive plan 2019 (equity settled) | Executive Committee | Restricted stock units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage											100.00%
Vesting period											3 years

XML

Share-based payment arrangements - Long term incentive plan 2020 (Equity-settled) (Details)							12 Months Ended
	Apr. 01, 2020	Apr. 01, 2020	Apr. 01, 2020 shares	Apr. 01, 2019	Apr. 01, 2019 shares	Apr. 01, 2019 shares	Dec. 31, 2020 installment	Dec. 31, 2019 shares	Apr. 30, 2020 installment	Apr. 30, 2019 installment
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period								5 years
Number of options granted (in shares)							0	0
Restricted stock units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	3 years			3 years
Number of installments									3	3
Executive Committee | Restricted stock units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted (in shares)		144,392	144,392		152,346	152,346
Long term incentive plan 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of installments							3
Long term incentive plan 2020 | Restricted stock units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage							100.00%
Vesting period							3 years
Number of installments							3
Long term incentive plan 2020 | Executive Committee | Restricted stock units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage							100.00%
Vesting period							3 years

XML

Share-based payment arrangements - Measurement of fair value (Details)								3 Months Ended	12 Months Ended
	Apr. 01, 2020	Apr. 01, 2019 shares	Jan. 08, 2019 shares	Feb. 16, 2018 shares	Feb. 09, 2017 shares	Feb. 02, 2016 shares	Feb. 12, 2015 shares	Mar. 31, 2020	Dec. 31, 2020 EUR (€) day shares € / shares	Dec. 31, 2019 shares $ / shares € / shares	Dec. 31, 2019 shares € / shares	Dec. 31, 2015	Dec. 31, 2018 € / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price at grant date									€ 0		€ 0
Share price at grant date (in eur per share)									€ 7.732	€ 7.732	€ 7.732		€ 7,732.000
Vesting period										5 years	5 years
Long term incentive plan 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of awards subject to relative total shareholder return									75.00%
Percentage of awards subject to absolute total shareholder return									25.00%
Transaction based incentive plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period										5 years	5 years
Phantom Share Units (PSUs)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price at grant date (in eur per share)									€ 6.60
Phantom Share Units (PSUs) | Long term incentive plan 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of phantom stocks outstanding (in shares) | shares									0
Share price at grant date (in eur per share)									€ 10.613
Equity instruments granted (in shares) | shares						54,616
Phantom Share Units (PSUs) | Long term incentive plan 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of phantom stocks outstanding (in shares) | shares									16,210
Share price at grant date (in eur per share)									€ 7.268
Equity instruments granted (in shares) | shares					66,449
Phantom Share Units (PSUs) | Long term incentive plan 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of phantom stocks outstanding (in shares) | shares									71,854
Share price at grant date (in eur per share)									€ 7.237
Equity instruments granted (in shares) | shares				154,432
Phantom Share Units (PSUs) | Long term incentive plan 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Equity instruments granted (in shares) | shares									704,000	1,200,000	1,200,000
Phantom Share Units (PSUs) | Transaction based incentive plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Equity instruments granted (in shares) | shares			1,200,000
Restricted stock units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	3 years	3 years
Restricted stock units | Long term incentive plan 2015
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage												60.00%
Equity instruments granted (in shares) | shares							65,433
Restricted stock units | Long term incentive plan 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period										3 years	3 years
Annual vesting percentage										100.00%	100.00%
Equity instruments granted (in shares) | shares		152,346								152,346	152,346
Vested awards (in shares) | shares									12,696
Tranche 1 | Long term incentive plan 2015
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value at grant date | €									€ 1.853
Share price at grant date									€ 10.050
Exercise price									€ 10.0475
Expected volatility (weighted average)									39.63%
Expected life (days) (weighted average) | day									365
Expected dividends									8.00%
Risk-free interest rate									0.66%
Tranche 1 | Long term incentive plan 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of awards subject to relative total shareholder return									25.00%
Percentage of awards subject to absolute total shareholder return									8.33%
Tranche 1 | Transaction based incentive plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility (weighted average)									33.43%
Risk-free interest rate									1.69%
Expected vesting period (years)									3 years 18 days
Tranche 1 | Phantom Share Units (PSUs) | Long term incentive plan 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period									2 years
Annual vesting percentage									33.33%
Tranche 1 | Phantom Share Units (PSUs) | Long term incentive plan 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage									33.33%
Tranche 1 | Phantom Share Units (PSUs) | Long term incentive plan 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage									33.33%
Tranche 1 | Phantom Share Units (PSUs) | Long term incentive plan 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage								12.00%		12.00%	12.00%
Target share price (in USD per share) | $ / shares										€ 12
Tranche 1 | Phantom Share Units (PSUs) | Transaction based incentive plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage										12.00%	12.00%
Target share price (in USD per share) | $ / shares										€ 12
Tranche 2 | Long term incentive plan 2015
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value at grant date | €									€ 1.853
Share price at grant date									€ 10.050
Exercise price									€ 10.0475
Expected volatility (weighted average)									39.63%
Expected life (days) (weighted average) | day									730
Expected dividends									8.00%
Risk-free interest rate									0.66%
Tranche 2 | Long term incentive plan 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of awards subject to relative total shareholder return									25.00%
Percentage of awards subject to absolute total shareholder return									8.33%
Tranche 2 | Transaction based incentive plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility (weighted average)									33.43%
Risk-free interest rate									1.69%
Expected vesting period (years)									3 years 4 months 17 days
Tranche 2 | Phantom Share Units (PSUs) | Long term incentive plan 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period									3 years
Annual vesting percentage									33.33%
Tranche 2 | Phantom Share Units (PSUs) | Long term incentive plan 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage									33.33%
Tranche 2 | Phantom Share Units (PSUs) | Long term incentive plan 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage									33.33%
Tranche 2 | Phantom Share Units (PSUs) | Long term incentive plan 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage										19.00%	19.00%
Target share price (in USD per share) | $ / shares										€ 14
Tranche 2 | Phantom Share Units (PSUs) | Transaction based incentive plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage										16.00%	16.00%
Target share price (in USD per share) | $ / shares										€ 14
Tranche 3 | Long term incentive plan 2015
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value at grant date | €									€ 1.853
Share price at grant date									€ 10.050
Exercise price									€ 10.0475
Expected volatility (weighted average)									39.63%
Expected life (days) (weighted average) | day									1,095
Expected dividends									8.00%
Risk-free interest rate									0.66%
Tranche 3 | Long term incentive plan 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of awards subject to relative total shareholder return									25.00%
Percentage of awards subject to absolute total shareholder return									8.33%
Tranche 3 | Transaction based incentive plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility (weighted average)									33.43%
Risk-free interest rate									1.69%
Expected vesting period (years)									3 years 8 months 8 days
Tranche 3 | Phantom Share Units (PSUs) | Long term incentive plan 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period									4 years
Annual vesting percentage									33.33%
Tranche 3 | Phantom Share Units (PSUs) | Long term incentive plan 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage									33.33%
Tranche 3 | Phantom Share Units (PSUs) | Long term incentive plan 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage									33.33%
Tranche 3 | Phantom Share Units (PSUs) | Long term incentive plan 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage										25.00%	25.00%
Target share price (in USD per share) | $ / shares										€ 16
Tranche 3 | Phantom Share Units (PSUs) | Transaction based incentive plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage										25.00%	25.00%
Target share price (in USD per share) | $ / shares										€ 16
Tranche 4 | Transaction based incentive plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility (weighted average)									33.43%
Risk-free interest rate									1.69%
Expected vesting period (years)									3 years 11 months 23 days
Tranche 4 | Phantom Share Units (PSUs) | Long term incentive plan 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage										44.00%	44.00%
Target share price (in USD per share) | $ / shares										€ 18
Tranche 4 | Phantom Share Units (PSUs) | Transaction based incentive plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Annual vesting percentage										44.00%	44.00%
Target share price (in USD per share) | $ / shares										€ 18

XML

Share-based payment arrangements - Expenses recognized in profit or loss (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Long term incentive plan 2016, 2017, 2018, 2019 And transaction based incentive plan 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Provisions for employee benefits	$ 1.2	$ 2.5	$ 0.5

XML

Share-based payment arrangements - Reconciliation of outstanding share options (Details)	12 Months Ended
	Dec. 31, 2020 € / shares shares	Dec. 31, 2020 shares € / shares shares	Dec. 31, 2020 € / shares shares	Dec. 31, 2019 € / shares shares	Dec. 31, 2019 shares € / shares shares	Dec. 31, 2019 € / shares shares
Number of options
Number of options outstanding, January 1 (in shares)	236,590	236,590			236,590
Number of options forfeited (in shares)	0				0
Number of options exercised (in shares)	0				0
Number of options granted (in shares)	0				0
Number of options vested (in shares) | shares	236,590	236,590	236,590	236,590	236,590	236,590
Number of options outstanding, December 31 (in shares)	236,590			236,590	236,590
Weighted average exercise price
Weighted average exercise price of options outstanding, January 1 (in eur per share)			€ 7.732			€ 7,732.000
Weighted average exercise price of options forfeited (in eur per share)			0			0
Weighted average exercise price of options exercised (in eur per share)			0			0
Share price at grant date (in eur per share)			0			0
Weighted average exercise price of options outstanding, December 31 (in eur per share)			7.732			7.732
Weighted average exercise price of options vested	€ 0	€ 0	€ 0	€ 0	€ 0	€ 0

XML

Group entities Group entities (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2019 subsidiary	Dec. 31, 2020 joint_venture	Dec. 31, 2019	Dec. 31, 2018 subsidiary
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest		100.00%	100.00%	100.00%
Proportion of ownership interest in subsidiary		100.00%
Number of subsidiaries dissolved				2
Number of joint venture companies	2
Number of joint ventures dissolved in period | joint_venture		1
Kingswood Co. Ltd
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in joint venture		50.00%	50.00%	50.00%
TI Africa Ltd
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in joint venture		50.00%	50.00%	50.00%
TI Asia Ltd
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in joint venture		50.00%	50.00%	50.00%
Tankers Agencies (UK) Ltd
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in joint venture		50.00%	50.00%	50.00%
Portion of outstanding shares owned in joint venture		61.00%
Tankers International LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in joint venture		50.00%	50.00%	50.00%
Portion of outstanding shares owned in joint venture		59.00%
Bari Shipholding Ltd
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in joint venture		50.00%	50.00%
Bastia Shipholding Ltd
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in joint venture		50.00%	50.00%
Euronav Tankers NV
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary		100.00%	100.00%	100.00%
Euronav Shipping NV
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary		100.00%	100.00%	100.00%
Euronav (UK) Agencies Limited
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary		100.00%	100.00%	100.00%
Euronav Luxembourg SA
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary		100.00%	100.00%	100.00%
Euronav sas
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary		100.00%	100.00%	100.00%
Euronav Ship Management sas
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary		100.00%	100.00%	100.00%
Euronav Ship Management Ltd
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary		100.00%	100.00%	100.00%
Euronav Hong Kong
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary		100.00%	100.00%	100.00%
Euro-Ocean Ship Management (Cyprus) Ltd
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary		100.00%	100.00%	100.00%
Euronav Singapore
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary		100.00%	100.00%	100.00%
Euronav MI II Inc
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary		100.00%	100.00%	100.00%
Gener8 Maritime Subsidiary II Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary		100.00%	100.00%	100.00%
Gener8 Maritime Subsidiary New IV Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary		100.00%	100.00%	100.00%
Gener8 Maritime Management LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary		100.00%	100.00%	100.00%
Gener8 Maritime Subsidiary V Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
Gener8 Maritime Subsidiary VIII Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
Gener8 Maritime Subsidiary Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
GMR Zeus LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
GMR Atlas LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
GMR Hercules LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
GMR Ulysses LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
GMR Posseidon LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
Victory Ltd.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary				100.00%
Vision Ltd.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary				100.00%
GMR Spartiate LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
GMR Maniate LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
GMR St Nikolas LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
GMR George T LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
GMR Kara G LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
GMR Harriet G LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
GMR Orion LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
GMR Argus LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
GMR Spyridon LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary				100.00%
GMR Horn LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
GMR Phoenix LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
GMR Strength LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary				100.00%
GMR Daphne LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary				100.00%
GMR Defiance LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
GMR Elektra LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary				100.00%
Companion Ltd.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
Compatriot Ltd.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
Consul Ltd.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary				100.00%
GMR Agamemnon LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary				100.00%
Gener8 Neptune LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
Gener8 Athena LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
Gener8 Apollo LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
Gener8 Ares LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
Gener8 Hera LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
Gener8 Constantine LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
Gener8 Oceanus LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
Gener8 Nestor LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
Gener8 Nautilus LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
Gener8 Macedon LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
Gener8 Noble LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
Gener8 Ethos LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
Gener8 Perseus LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
Gener8 Theseus LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
Gener8 Hector LLC
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary			100.00%	100.00%
Gener8 Strength Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary				100.00%
Gener8 Supreme Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary				100.00%
Gener8 Andriotis Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary				100.00%
Gener8 Militiades Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary				100.00%
Gener8 Success Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary				100.00%
Gener8 Chiotis Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary				100.00%
Gener8 Tankers 1 Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary				100.00%
Gener8 Tankers 2 Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary				100.00%
Gener8 Tankers 3 Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary				100.00%
Gener8 Tankers 4 Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary				100.00%
Gener8 Tankers 5 Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary				100.00%
Gener8 Tankers 6 Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary				100.00%
Gener8 Tankers 7 Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary				100.00%
Gener8 Tankers 8 Inc.
Disclosure Of Interests In Other Entities [Line Items]
Proportion of ownership interest in subsidiary				100.00%

XML

Business combinations - Additional information (Details)						3 Months Ended	12 Months Ended					19 Months Ended
	Jun. 15, 2018 USD ($) ship T	Jun. 14, 2018 USD ($)	Jun. 12, 2018 USD ($) ship credit_facility	Jun. 11, 2018 USD ($) ship T	Dec. 20, 2017	Dec. 31, 2018 USD ($)	Dec. 31, 2020 USD ($) ship	Dec. 31, 2019 USD ($)		Dec. 31, 2018 USD ($)		Dec. 31, 2019 USD ($)
Disclosure of detailed information about business combination [line items]
Proportion of ownership interest in subsidiary							100.00%
Number of very large crude carriers sold | ship	6		6
Identifiable assets acquired (liabilities assumed)						$ 576,482,000				$ 576,482,000
Target leverage percentage										50.00%
Early repayments							$ 906,000,000	$ 1,225,747,000
Gain on bargain purchase							0	0	[1],[2]	$ 23,059,000	[1],[2]
Non-current receivables and current assets recognized as of acquisition date, gross			$ 98,200,000
Provision for uncollectable receivables			2,000,000.0
Non-current receivables and current assets recognized as of acquisition date, net			$ 96,200,000
Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Stock exchange ratio			0.7272	0.7272
Equity interests of acquirer (in shares)			$ 60,815,764
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)				$ 435,522,000
Revenue of acquiree since acquisition date												$ 16,500,000
Profit (loss) of acquiree since acquisition date												$ (43,700,000)
Revenue of combined entity as if combination occurred at beginning of period										665,500,000
Profit (loss) of combined entity as if combination occurred at beginning of period										(160,100,000)
Legal fees										$ 5,000,000.0
Number of credit facilities assumed in business combination | credit_facility			2
International Seaways
Disclosure of detailed information about business combination [line items]
Identifiable assets acquired (liabilities assumed)	$ 140,960,000
Other notes
Disclosure of detailed information about business combination [line items]
Early repayments			$ 205,700,000				$ 1,000,000	$ 0
Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Number of credit facilities | credit_facility			3
Tankers | Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Number of vessels acquired | ship				29
VLCC weight (in deadweight tons) | T				7,400,000
VLCC
Disclosure of detailed information about business combination [line items]
Sale price		$ 120,000,000.0
Receivable from sale of subsidiary						$ 20,900,000
VLCC | Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Number of vessels acquired | ship				21
Suezmax Vessels | Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Number of vessels acquired | ship				6
Panamax Vessels | Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Number of vessels acquired | ship				2
Eco VLCC | Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Number of vessels acquired | ship				19
Very Large Crude Carrier And Suezmax
Disclosure of detailed information about business combination [line items]
Number Of Ships | ship							72
Floating Storage And Offloading
Disclosure of detailed information about business combination [line items]
Number Of Ships | ship							2
Gener8 Miltiades | Vessels
Disclosure of detailed information about business combination [line items]
VLCC weight (in deadweight tons) | T	301,038
Gener8 Chiotis | Vessels
Disclosure of detailed information about business combination [line items]
VLCC weight (in deadweight tons) | T	300,973
Gener8 Success | Vessels
Disclosure of detailed information about business combination [line items]
VLCC weight (in deadweight tons) | T	300,932
Gener8 Andriotis | Vessels
Disclosure of detailed information about business combination [line items]
VLCC weight (in deadweight tons) | T	301,014
Gener8 Strength | Vessels
Disclosure of detailed information about business combination [line items]
VLCC weight (in deadweight tons) | T	300,960
Gener8 Supreme | Vessels
Disclosure of detailed information about business combination [line items]
VLCC weight (in deadweight tons) | T	300,933

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

[2] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

XML

Business combinations - Consideration transferred (Details)	Jun. 12, 2018 $ / shares shares	Jun. 11, 2018 USD ($) shares $ / shares	Dec. 31, 2020 shares	Dec. 31, 2019 shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 shares
Disclosure of detailed information about business combination [line items]
Number of shares outstanding (in shares)			201,677,981	215,078,497	218,786,812	158,166,534
Total consideration transferred | $					$ 553,423,000
Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Ratio	0.7272	0.7272
Issued Euronav shares (in shares)	60,815,764	60,815,764
Closing prince Euronav | $ / shares	$ 9.10	$ 9.1
Total consideration transferred | $		$ 553,423,452
Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Number of shares outstanding (in shares)		83,267,426
RSU (in shares)		362,613
Total shares (in shares)		83,630,039

XML

Business combinations - Identifiable assets acquired and liabilities assumed (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	[1],[2]	Dec. 31, 2018		Jun. 15, 2018	Jun. 11, 2018
Disclosure of detailed information about business combination [line items]
Vessels				$ 1,704,250,000
Other tangible assets				345,000
Intangible assets				152,000
Receivables				16,750,000
Current assets				79,459,000
Cash and cash equivalents				126,288,000
Loans and borrowings				(1,312,446,000)
Onerous contracts provision				(5,303,000)
Current liabilities				(33,012,000)
Total identifiable net assets acquired				576,482,000
Consideration transferred				553,423,000
Gain on bargain purchase	$ 0	$ 0		$ 23,059,000	[1],[2]
Gener8 Maritime, Inc.
Disclosure of detailed information about business combination [line items]
Vessels							$ 1,270,250,000
Other tangible assets							345,000
Intangible assets							152,000
Receivables							9,599,000
Current assets							64,829,000
Cash and cash equivalents							126,288,000
Loans and borrowings							(1,001,478,000)
Onerous contracts provision							(5,303,000)
Current liabilities							(29,160,000)
Total identifiable net assets acquired							435,522,000
Consideration transferred							$ 553,423,452
International Seaways
Disclosure of detailed information about business combination [line items]
Vessels						$ 434,000,000
Other tangible assets						0
Intangible assets						0
Receivables						7,151,000
Current assets						14,629,000
Cash and cash equivalents						0
Loans and borrowings						(310,968,000)
Onerous contracts provision						0
Current liabilities						(3,852,000)
Total identifiable net assets acquired						$ 140,960,000

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

[2] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

XML

Equity-accounted investees - Interests in total assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Associates and Joint Ventures [Line Items]
TOTAL ASSETS	$ 51,703	$ 50,322
Joint ventures
Disclosure of Associates and Joint Ventures [Line Items]
TOTAL ASSETS	51,703	50,322	$ 43,182
TOTAL LIABILITIES	0	0
Associates
Disclosure of Associates and Joint Ventures [Line Items]
TOTAL ASSETS	0	0
TOTAL LIABILITIES	0	0
Associates | Joint ventures
Disclosure of Associates and Joint Ventures [Line Items]
TOTAL ASSETS	51,703	50,322
TOTAL LIABILITIES	$ 0	$ 0

XML

Equity-accounted investees - Reconciliation of changes in interests in joint ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of joint ventures [line items]
Carrying amount of interest at the beginning of the period	$ 50,322
Carrying amount of interest at the end of the period	51,703	$ 50,322
Joint ventures
Disclosure of joint ventures [line items]
Carrying amount of interest at the beginning of the period	50,322	43,182
Group's share of profit (loss) for the period	10,917	16,460	$ 16,076
Group's share of other comprehensive income	(2)	(720)	(459)
Carrying amount of interest at the end of the period	51,703	50,322	43,182
Investments in equity accounted investees | Joint ventures
Disclosure of joint ventures [line items]
Gross balance	51,703	50,322	43,182	$ 27,565
Offset investment with shareholders loan	0	0	0	3,030
Carrying amount of interest at the beginning of the period	50,322	43,182	30,595
Group's share of profit (loss) for the period	10,917	16,460	16,076
Group's share of other comprehensive income	(2)	(720)	(459)
Dividends received from joint ventures	(7,534)	(12,600)
Movement shareholders loans to joint ventures	0	0	0
Initial capital provided to joint ventures	4,000
Repayment capital provided to joint ventures	(2,000)
Carrying amount of interest at the end of the period	51,703	50,322	43,182
Shareholders loans | Joint ventures
Disclosure of joint ventures [line items]
Gross balance	33,936	60,379	28,666	162,763
Offset investment with shareholders loan	0	0	0	$ (3,030)
Carrying amount of interest at the beginning of the period	60,379	28,666	159,733
Group's share of profit (loss) for the period	0	0	0
Group's share of other comprehensive income	0	0	0
Dividends received from joint ventures	0	0
Movement shareholders loans to joint ventures	(26,443)	31,713	(134,097)
Initial capital provided to joint ventures		0
Repayment capital provided to joint ventures	0
Carrying amount of interest at the end of the period	$ 33,936	$ 60,379	$ 28,666

XML

Equity-accounted investees - Additional information (Details)					3 Months Ended	12 Months Ended
	Sep. 15, 2020 USD ($)	Nov. 19, 2019 USD ($) vessel	Jun. 29, 2018 USD ($)	Mar. 29, 2018 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) vessel		Dec. 31, 2018 USD ($)		Jul. 01, 2020 USD ($)	Sep. 07, 2018 USD ($)	Apr. 20, 2018 USD ($)	Mar. 31, 2018 USD ($)
Disclosure of joint ventures [line items]
Other borrowings (Note 16)						$ 1,273,413,000	$ 1,744,859,000		$ 1,768,510,000
Payments to acquire vessel		$ 40,600,000
Gains on disposal of vessels/other tangible assets (Note 8)						22,728,000	14,879,000	[1]	19,138,000	[1]
Commitments in relation to joint ventures						0	0		0
Bastia Shipholding Ltd
Disclosure of joint ventures [line items]
Sale price	$ 20,100,000
Gains on disposal of vessels/other tangible assets (Note 8)					$ 800,000
Joint ventures
Disclosure of joint ventures [line items]
Other borrowings (Note 16)						89,991,000	138,319,000
Related party income, administrative services						667,500	18,222
Related party expenses, management fees						453,600	$ 40,050
Ridgebury Tankers And Clients Of Tufton Oceanic
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture		50.00%
Number of vessels acquired | vessel		1					2
Senior Secured Loans
Disclosure of joint ventures [line items]
Notional amount				$ 220,000,000.0								$ 200,000,000.0		$ 220,000,000.0
Senior Secured Loans | TI Asia Ltd And TI Africa Ltd
Disclosure of joint ventures [line items]
Notional amount				220,000,000.0
Borrowing costs recognised as expense				2,200,000
Term Loan | TI Asia Ltd And TI Africa Ltd
Disclosure of joint ventures [line items]
Notional amount				110,000,000.0
Revolving Loan | TI Asia Ltd And TI Africa Ltd
Disclosure of joint ventures [line items]
Notional amount				110,000,000.0
Interest rate swaps
Disclosure of joint ventures [line items]
Notional amount						237,200,000					$ 713,000,000.0		$ 86,800,000
Derivative notional amount						270,100,000
Interest rate swaps | TI Asia Ltd And TI Africa Ltd
Disclosure of joint ventures [line items]
Notional amount				$ 220,000,000.0
Interest rate swaps | Joint ventures
Disclosure of joint ventures [line items]
Notional amount						$ 90,400,000
Derivative notional amount			$ 208,800,000						$ 208,800,000
Percent ownership in derivative			50.00%						50.00%
Minimum | Interest rate swaps | Joint ventures
Disclosure of joint ventures [line items]
Remaining maturity						1 year			1 year
Maximum | Interest rate swaps | Joint ventures
Disclosure of joint ventures [line items]
Remaining maturity						2 years			2 years

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

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Equity-accounted investees - Summarized financial information of joint ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Disclosure of joint ventures [line items]
Non-Current assets	$ 3,235,366	$ 3,362,594
Non-Current assets of which Vessel	3,127,091	3,238,435		$ 3,522,010		$ 2,336,831
Current Assets	451,873	802,249
Cash and cash equivalents	161,478	296,954	[1]	173,133	[1]	$ 143,648	[1]
Non-current liabilities	1,171,859	1,536,938
Non-Current Liabilities Of which bank loans	836,318	1,173,944
Current liabilities	203,594	316,050
Net Carrying amount of interest in joint venture	51,703	50,322
Revenue	1,230,750	932,377	[2]	600,024	[2]
Income tax benefit (expense) (Note 7)	(1,944)	(602)	[2]	(238)	[2]
Profit/(loss) for the period	473,238	112,230	[1],[2]	(110,070)	[1],[3]
Other comprehensive income (100%)	(2,336)	(3,940)	[3]	(3,194)	[3]
Joint ventures
Disclosure of joint ventures [line items]
Non-Current assets	251,296	311,083		303,343
Non-Current assets of which Vessel	250,576	307,377		300,058
Current Assets	256,595	447,531		384,351
Cash and cash equivalents	7,137	6,913		6,227
Non-current liabilities	113,554	184,718		204,760
Non-Current Liabilities Of which bank loans	39,144	89,495		137,630
Current liabilities	291,937	474,085		397,250
Current Liabilities Of which bank loans	88,347	183,824		111,382
Net assets (100%)	102,401	99,811		85,685
Group's share of net assets	51,703	50,322		43,182
Shareholders loans to joint ventures	33,936	60,379		28,665
Net Carrying amount of interest in joint venture	51,703	50,322		43,182
Remaining shareholders loan to joint venture	33,936	60,379		28,665
Revenue	1,605,227	1,409,360		847,540
Depreciations and amortization	(40,604)	(36,988)		(36,213)
Interest expense	(11,327)	(12,764)		(10,161)
Income tax benefit (expense) (Note 7)	(20,764)	(3,405)		(3,412)
Profit/(loss) for the period	21,666	32,763		32,074
Other comprehensive income (100%)	(4)	(1,441)		(918)
Group's share of profit (loss) for the period	10,917	16,460		16,076
Group's share of other comprehensive income	$ (2)	$ (720)		$ (459)
Kingswood Co. Ltd
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	50.00%	50.00%		50.00%
Non-Current assets	$ 0	$ 530		$ 522
Non-Current assets of which Vessel	0	0		0
Current Assets	0	0		0
Cash and cash equivalents	0	0		0
Non-current liabilities	0	0		0
Non-Current Liabilities Of which bank loans	0	0		0
Current liabilities	0	10		6
Current Liabilities Of which bank loans	0	0		0
Net assets (100%)	0	520		516
Group's share of net assets	0	260		258
Shareholders loans to joint ventures	0	0		0
Net Carrying amount of interest in joint venture	0	260		258
Remaining shareholders loan to joint venture	0	0		0
Revenue	0	0		0
Depreciations and amortization	0	0		0
Interest expense	0	0		0
Income tax benefit (expense) (Note 7)	0	0		0
Profit/(loss) for the period	(1)	(3)		(2)
Other comprehensive income (100%)	0	0		0
Group's share of profit (loss) for the period	0	(1)		(1)
Group's share of other comprehensive income	$ 0	$ 0		$ 0
Seven Seas Shipping Ltd.
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	50.00%	50.00%		50.00%
Non-Current assets	$ 0	$ 0		$ 0
Non-Current assets of which Vessel	0	0		0
Current Assets		800		792
Cash and cash equivalents	0	800		696
Non-current liabilities		525		522
Non-Current Liabilities Of which bank loans	0	0		0
Current liabilities		1		1
Current Liabilities Of which bank loans	0	0		0
Net assets (100%)	0	274		269
Group's share of net assets	0	137		134
Shareholders loans to joint ventures	0	0		0
Net Carrying amount of interest in joint venture	0	137		134
Remaining shareholders loan to joint venture	0	0		0
Revenue	0	8		1
Depreciations and amortization	0	0		0
Interest expense	0	0		0
Income tax benefit (expense) (Note 7)	0	0		0
Profit/(loss) for the period	(1)	6		(5)
Other comprehensive income (100%)	0	0		0
Group's share of profit (loss) for the period	0	3		(2)
Group's share of other comprehensive income	$ 0	$ 0		$ 0
TI Africa Ltd
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	50.00%	50.00%		50.00%
Non-Current assets	$ 118,337	$ 137,426		$ 154,553
Non-Current assets of which Vessel	118,337	135,195		153,404
Current Assets	10,187	10,809		9,119
Cash and cash equivalents	1,138	1,701		484
Non-current liabilities	65,355	97,514		130,068
Non-Current Liabilities Of which bank loans	19,929	45,567		70,080
Current liabilities	29,277	26,370		24,400
Current Liabilities Of which bank loans	25,886	24,856		23,867
Net assets (100%)	33,893	24,351		9,205
Group's share of net assets	16,946	12,175		4,603
Shareholders loans to joint ventures	16,665	23,215		28,665
Net Carrying amount of interest in joint venture	16,946	12,175		4,603
Remaining shareholders loan to joint venture	16,665	23,215		28,665
Revenue	49,922	49,434		49,129
Depreciations and amortization	(16,858)	(18,209)		(18,209)
Interest expense	(3,358)	(4,633)		(3,857)
Income tax benefit (expense) (Note 7)	(10,397)	(1,588)		(1,585)
Profit/(loss) for the period	9,549	15,881		15,742
Other comprehensive income (100%)	(1)	(735)		(477)
Group's share of profit (loss) for the period	4,775	7,941		7,871
Group's share of other comprehensive income	$ 0	$ (367)		$ (239)
TI Asia Ltd
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	50.00%	50.00%		50.00%
Non-Current assets	$ 112,160	$ 128,722		$ 147,962
Non-Current assets of which Vessel	112,160	128,722		146,654
Current Assets	10,176	10,001		22,450
Cash and cash equivalents	1,109	917		2,561
Non-current liabilities	30,652	49,026		74,171
Non-Current Liabilities Of which bank loans	19,215	43,927		67,551
Current liabilities	30,547	27,318		23,699
Current Liabilities Of which bank loans	24,961	23,968		23,015
Net assets (100%)	61,136	62,379		72,542
Group's share of net assets	30,568	31,189		36,271
Shareholders loans to joint ventures	0	0		0
Net Carrying amount of interest in joint venture	30,568	31,189		36,271
Remaining shareholders loan to joint venture	0	0		0
Revenue	49,976	49,487		49,180
Depreciations and amortization	(16,562)	(17,933)		(17,933)
Interest expense	(3,233)	(4,482)		(3,733)
Income tax benefit (expense) (Note 7)	(10,135)	(1,573)		(1,611)
Profit/(loss) for the period	9,855	15,743		15,977
Other comprehensive income (100%)	(3)	(706)		(441)
Group's share of profit (loss) for the period	4,927	7,871		7,989
Group's share of other comprehensive income	$ (1)	$ (353)		$ (220)
Tankers Agencies (UK) Ltd
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	50.00%	50.00%		50.00%
Non-Current assets	$ 720	$ 944		$ 306
Non-Current assets of which Vessel	0	0		0
Current Assets	232,865	418,505		351,702
Cash and cash equivalents	3,124	3,246		2,487
Non-current liabilities	276	490		0
Non-Current Liabilities Of which bank loans	0	0		0
Current liabilities	228,851	415,301		349,096
Current Liabilities Of which bank loans	37,500	135,000		64,500
Net assets (100%)	4,458	3,658		2,912
Group's share of net assets	2,715	2,227		1,774
Shareholders loans to joint ventures	0	0		0
Net Carrying amount of interest in joint venture	2,715	2,227		1,774
Remaining shareholders loan to joint venture	0	0		0
Revenue	1,478,909	1,307,523		749,229
Depreciations and amortization	(56)	(67)		(71)
Interest expense	(1,651)	(3,292)		(2,571)
Income tax benefit (expense) (Note 7)	(232)	(243)		(216)
Profit/(loss) for the period	800	746		352
Other comprehensive income (100%)	0	0		0
Group's share of profit (loss) for the period	487	454		214
Group's share of other comprehensive income	$ 0	$ 0		$ 0
Tankers International LLC
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	50.00%	50.00%		50.00%
Non-Current assets	$ 0	$ 0		$ 0
Non-Current assets of which Vessel	0	0		0
Current Assets	243	267		288
Cash and cash equivalents	0	0		0
Non-current liabilities	0	0		0
Non-Current Liabilities Of which bank loans	0	0		0
Current liabilities	61	51		48
Current Liabilities Of which bank loans	0	0		0
Net assets (100%)	182	216		240
Group's share of net assets	107	127		141
Shareholders loans to joint ventures	0	0		0
Net Carrying amount of interest in joint venture	107	127		141
Remaining shareholders loan to joint venture	0	0		0
Revenue	0	0		0
Depreciations and amortization	0	0		0
Interest expense	0	0		0
Income tax benefit (expense) (Note 7)	0	0		0
Profit/(loss) for the period	(34)	(24)		10
Other comprehensive income (100%)	0	0		0
Group's share of profit (loss) for the period	(20)	(14)		6
Group's share of other comprehensive income	$ 0	$ 0		$ 0
Bari Shipholding Ltd
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	50.00%	50.00%
Non-Current assets	$ 20,079	$ 21,833
Non-Current assets of which Vessel	20,079	21,833
Current Assets	2,609	1,573
Cash and cash equivalents	1,573	0
Non-current liabilities	17,271	18,390
Non-Current Liabilities Of which bank loans	0	0
Current liabilities	2,856	705
Current Liabilities Of which bank loans	0	0
Net assets (100%)	2,562	4,310
Group's share of net assets	1,281	2,155
Shareholders loans to joint ventures	17,271	18,390
Net Carrying amount of interest in joint venture	1,281	2,155
Remaining shareholders loan to joint venture	17,271	18,390
Revenue	12,288	938
Depreciations and amortization	(4,257)	(273)
Interest expense	(1,834)	(155)
Income tax benefit (expense) (Note 7)	0	0
Profit/(loss) for the period	(1,748)	310
Other comprehensive income (100%)	0	0
Group's share of profit (loss) for the period	(874)	155
Group's share of other comprehensive income	$ 0	$ 0
Bastia Shipholding Ltd
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	50.00%	50.00%
Non-Current assets	$ 0	$ 21,628
Non-Current assets of which Vessel	0	21,628
Current Assets	514	5,577
Cash and cash equivalents	193	250
Non-current liabilities	0	18,773
Non-Current Liabilities Of which bank loans	0	0
Current liabilities	345	4,328
Current Liabilities Of which bank loans	0	0
Net assets (100%)	170	4,104
Group's share of net assets	85	2,052
Shareholders loans to joint ventures	0	18,773
Net Carrying amount of interest in joint venture	85	2,052
Remaining shareholders loan to joint venture	0	18,773
Revenue	14,131	1,970
Depreciations and amortization	(2,871)	(507)
Interest expense	(1,251)	(202)
Income tax benefit (expense) (Note 7)	0	0
Profit/(loss) for the period	3,246	104
Other comprehensive income (100%)	0	0
Group's share of profit (loss) for the period	1,623	52
Group's share of other comprehensive income	$ 0	$ 0

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

[2] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

[3] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.

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Equity-accounted investees - Shareholder loans (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 07, 2018	Mar. 31, 2018	Mar. 29, 2018
Disclosure of joint ventures [line items]
Other borrowings (Note 16)	$ 1,273,413,000	$ 1,744,859,000	$ 1,768,510,000
Joint ventures
Disclosure of joint ventures [line items]
Facility size	90,360,000	139,183,000
Other borrowings (Note 16)	89,991,000	138,319,000
Carrying value | Joint ventures
Disclosure of joint ventures [line items]
Other borrowings (Note 16)	90,360,000	139,183,000
TI Asia Ltd Revolving Loan | TI Asia Ltd
Disclosure of joint ventures [line items]
Notional amount	54,000,000
Facility size	22,179,000	34,163,000
Other borrowings (Note 16)	22,088,000	33,948,000
TI Asia Ltd Revolving Loan | Carrying value | TI Asia Ltd
Disclosure of joint ventures [line items]
Other borrowings (Note 16)	$ 22,179,000	34,163,000
TI Asia Ltd Revolving Loan | LIBOR | TI Asia Ltd
Disclosure of joint ventures [line items]
Borrowings, adjustment to interest rate basis	2.00%
TI Asia Ltd Loan | TI Asia Ltd
Disclosure of joint ventures [line items]
Notional amount	$ 54,000,000
Facility size	22,179,000	34,163,000
Other borrowings (Note 16)	22,088,000	33,948,000
TI Asia Ltd Loan | Carrying value | TI Asia Ltd
Disclosure of joint ventures [line items]
Other borrowings (Note 16)	$ 22,179,000	34,163,000
TI Asia Ltd Loan | LIBOR | TI Asia Ltd
Disclosure of joint ventures [line items]
Borrowings, adjustment to interest rate basis	2.00%
TI Africa Ltd Revolving Loan | TI Africa Ltd
Disclosure of joint ventures [line items]
Notional amount	$ 56,000,000
Facility size	23,001,000	35,429,000
Other borrowings (Note 16)	22,908,000	35,212,000
TI Africa Ltd Revolving Loan | Carrying value | TI Africa Ltd
Disclosure of joint ventures [line items]
Other borrowings (Note 16)	$ 23,001,000	35,429,000
TI Africa Ltd Revolving Loan | LIBOR | TI Africa Ltd
Disclosure of joint ventures [line items]
Borrowings, adjustment to interest rate basis	2.00%
TI Africa Ltd Loan | TI Africa Ltd
Disclosure of joint ventures [line items]
Notional amount	$ 56,000,000
Facility size	23,001,000	35,429,000
Other borrowings (Note 16)	22,908,000	35,212,000
TI Africa Ltd Loan | Carrying value | TI Africa Ltd
Disclosure of joint ventures [line items]
Other borrowings (Note 16)	$ 23,001,000	$ 35,429,000
TI Africa Ltd Loan | LIBOR | TI Africa Ltd
Disclosure of joint ventures [line items]
Borrowings, adjustment to interest rate basis	2.00%
Senior Secured Loans
Disclosure of joint ventures [line items]
Notional amount				$ 200,000,000.0	$ 220,000,000.0	$ 220,000,000.0
Senior Secured Loans | TI Asia Ltd
Disclosure of joint ventures [line items]
Other borrowings (Note 16)	$ 90,400,000
Senior Secured Loans | LIBOR
Disclosure of joint ventures [line items]
Borrowings, adjustment to interest rate basis				2.00%

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Equity-accounted investees - Cash and cash equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017	[1]
Disclosure of joint ventures [line items]
Cash and cash equivalents	$ 161,478	$ 296,954	[1]	$ 173,133	[1]	$ 143,648
Joint ventures
Disclosure of joint ventures [line items]
Cash and cash equivalents	7,137	6,913		$ 6,227
Group's share of cash and cash equivalents	$ 3,912	$ 3,814

[1] The Group initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. Due to the increased significance of inventory (see accounting policies), the Group has re-presented the comparative information related to bunker inventory to align with the current year presentation.

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Major exchange rates (Details)	12 Months Ended
	Dec. 31, 2020 € / $	Dec. 31, 2020 € / $ £ / $	Dec. 31, 2019 € / $	Dec. 31, 2019 € / $ £ / $	Dec. 31, 2018 € / $	Dec. 31, 2018 € / $ £ / $	Dec. 31, 2020 £ / $	Dec. 31, 2019 £ / $	Dec. 31, 2018 £ / $
Effects Of Changes In Foreign Exchange Rates [Abstract]
closing rates	1.2271	1.2271	1.1234	1.1234	1.1450	1.1450	1.3649	1.3204	1.2800
average rates	1.1384	1.2860	1.1213	1.2755	1.1838	1.3374

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Subsequent events (Details)					1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 26, 2021 $ / shares	Feb. 23, 2021 USD ($)	Feb. 03, 2021 USD ($) suezmax_tanker_vessel_type	Dec. 30, 2019	Jan. 31, 2021 metricTonsOfFuel	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) vessel	Dec. 31, 2019 vessel
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Number of VLCCs delivered | metricTonsOfFuel					2
Number of assets acquired through resale | suezmax_tanker_vessel_type			2
Bareboat leaseback contract duration							54 months
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share | $ / shares	$ 1.40
Percentage of net income paid to shareholders through dividends							80.00%
Sale and leaseback agreement
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Bareboat leaseback contract duration		36 months		54 months
Bareboat contract average daily rate per vessel		$ 22,500					$ 20,681
VLCC Newton | Taiping & Sinopec Financial Leasing Ltd Co. | Sale and leaseback agreement
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Proceeds from sale of vessel		$ 36,000,000.0
Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Number of vessels under construction | vessel							4	0
Vessels | VLCC Newton
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
Gains on sale of vessel						$ 1,200,000
Suezmax Vessels
Disclosure Of Assets And Liabilities Held For Sale [Line Items]
En-block price paid for assets acquired,			$ 113,000,000.0