Significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2021

Corporate Information And Statement Of IFRS Compliance [Abstract]



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 accounting policy 13 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, 2019
Cost	4,927,324	—	—	4,274	4,931,598
Depreciation & impairment losses	(1,407,257)	—	—	(2,331)	(1,409,588)
Net carrying amount	3,520,067	—	—	1,943	3,522,010

Acquisitions	7,024	—	549	1,012	8,585
Adoption IFRS 16	—	—	87,598	—	87,598
Disposals and cancellations	(29,386)	—	—	(52)	(29,438)

Depreciation charges	(307,738)	—	(29,265)	(643)	(337,646)
Transfer to assets held for sale (Note 3)	(12,705)	—		—	(12,705)

Translation differences	—	—	26	5	31
Balance at December 31, 2019	3,177,262	—	58,908	2,265	3,238,435

At 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 January 1, 2021
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

Acquisitions	56,111	356,951	23,476	142	436,680

Disposals and cancellations	(39,522)	—	—	—	(39,522)

Depreciation charges	(296,837)	—	(47,387)	(680)	(344,904)

Transfers	382,727	(382,727)	—	—	—
Translation differences	—	—	(43)	(3)	(46)
Balance at December 31, 2021	2,967,787	181,293	29,001	1,218	3,179,299

At December 31, 2021
Cost	4,875,811	181,293	53,226	5,244	5,115,574
Depreciation & impairment losses	(1,908,024)	—	(24,225)	(4,026)	(1,936,275)
Net carrying amount	2,967,787	181,293	29,001	1,218	3,179,299

Disposal of assets – Gains/losses


(in thousands of USD)	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	—

	Sale price	Book Value	Gain	Loss
Newton - Sale	35,370	32,953	1,163	—
Filikon - Sale	15,974	6,570	9,404	—

Other	—	—	4,500	—
At December 31, 2021	51,344	39,523	15,068	—

Schedule of prior period adjustments

These changes have been applied retrospectively for the last three years and comparative information has been revised:



For the year ended December 31, 2020 In thousands of USD	As previously reported	Adjustments	As revised

Revenue	1,230,750	(20,409)	1,210,341
Vessel operating expenses	(210,634)	(7,756)	(218,390)
General and administrative expenses	(65,498)	28,165	(37,333)
Profit (loss) for the period	473,238	—	473,238
Total comprehensive income (expense) for the period	470,902	—	470,902

For the year ended December 31, 2019 In thousands of USD	As previously reported	Adjustments	As revised

Revenue	932,377	(17,666)	914,711
Vessel operating expenses	(211,795)	(6,709)	(218,504)
General and administrative expenses	(66,890)	24,375	(42,515)
Profit (loss) for the period	112,230	—	112,230
Total comprehensive income (expense) for the period	108,290	—	108,290