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Interest-bearing loans and borrowings (Tables)
 12 Months Ended
Dec. 31, 2021
Financial Instruments [Abstract]  
Schedule of financial liabilities activity by maturity
(in thousands of USD)Bank loansOther notesLease liabilitiesOther borrowingsTotal
More than 5 years628,711 — 1,652 — 630,363 
Between 1 and 5 years545,233 198,571 41,509 107,978 893,291 
More than 1 year1,173,944 198,571 43,161 107,978 1,523,654 
Less than 1 year49,507 — 32,463 139,235 221,205 
At January 1, 20201,223,451 198,571 75,624 247,213 1,744,859 
New loans630,000 — 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, 2020856,860 198,279 66,921 151,353 1,273,413 
More than 5 years631,044 — — — 631,044 
Between 1 and 5 years205,274 198,279 21,172 100,056 524,781 
More than 1 year836,318 198,279 21,172 100,056 1,155,825 
Less than 1 year20,542 — 45,749 51,297 117,588 
Balance at December 31, 2020856,860 198,279 66,921 151,353 1,273,413 
 Bank loansOther notesLease liabilitiesOther borrowingsTotal
More than 5 years631,044 — — — 631,044 
Between 1 and 5 years205,274 198,279 21,172 100,056 524,781 
More than 1 year836,318 198,279 21,172 100,056 1,155,825 
Less than 1 year20,542 — 45,749 51,297 117,588 
At January 1, 2021856,860 198,279 66,921 151,353 1,273,413 
New loans937,825 200,000 24,729 371,755 1,534,309 
Scheduled repayments(27,232)— (52,550)(316,069)(395,851)
Early repayments (567,000)(131,800)— (698,800)
Other changes4,695 (2,559)— — 2,136 
Translation differences— — (49)(2,978)(3,027)
Balance at December 31, 20211,205,148 263,920 39,051 204,061 1,712,180 
More than 5 years102,419 — 74 — 102,493 
Between 1 and 5 years1,073,416 196,895 16,685 86,198 1,373,194 
More than 1 year1,175,835 196,895 16,759 86,198 1,475,687 
Less than 1 year29,313 67,025 22,292 117,863 236,493 
Balance at December 31, 20211,205,148 263,920 39,051 204,061 1,712,180 
The following are the remaining contractual maturities of financial liabilities:
 Contractual cash flows December 31, 2020
(in thousands of USD)Carrying AmountTotalLess than 1 yearBetween 1 and 5 yearsMore 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 — 
 Contractual cash flows December 31, 2021
 Carrying AmountTotalLess than 1 yearBetween 1 and 5 yearsMore than 5 years
Non derivative financial liabilities     
Bank loans and other notes (Note 16)1,469,068 1,667,567 145,175 1,413,221 109,172 
Other borrowings (Note 16)204,061 223,550 126,672 96,878 — 
Lease liabilities (Note 16)39,051 41,125 23,464 17,585 77 
Current trade and other payables * (Note 18)76,319 76,319 76,319 — — 
 1,788,499 2,008,562 371,629 1,527,684 109,249 
Derivative financial liabilities
Interest rate swaps (Note 18)2,987 6,505 2,397 4,108 — 
Forward exchange contracts (Note 18)— — — — — 
 2,987 6,505 2,397 4,108 — 
* 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, 2021December 31, 2020
CurrNominal interest rateYear of mat.Facility sizeDrawnCarrying valueFacility sizeDrawnCarrying value
Secured vessels Revolving loan 750M*
USD
LIBOR + 1.95%
20228,474 — (231)45,958 — (871)
Secured vessels Revolving loan 409.5M*
USD
LIBOR + 2.25%
2023125,880 65,000 64,544 175,605 65,000 63,997 
Secured vessels loan 27.1M
USD
LIBOR + 1.95%
202925,102 25,102 25,102 25,554 25,554 25,554 
Secured vessels loan 81.4M
USD
LIBOR + 1.50%
202950,883 50,883 49,454 57,667 57,667 55,918 
Secured vessels loan 69.4M
USD
LIBOR + 2.0%
203054,379 54,379 54,379 59,007 59,007 59,007 
Secured vessels loan 104.2M
USD
LIBOR + 2.0%
203075,928 75,928 75,071 84,606 84,606 83,562 
Secured vessels Revolving loan 200.0M*
USD
LIBOR + 2.0%
2025123,032 55,000 54,245 148,688 55,000 53,876 
Secured vessels Revolving loan 100.0M*
USD
LIBOR + 2.10%
2021— — — 100,000 — (479)
Secured vessels Revolving loan 700.0M*
USD
LIBOR + 1.95%
2026602,320 370,000 364,987 651,160 345,000 338,765 
Secured vessels Revolving loan 713.0M*
USD
LIBOR + 2.35%
2026649,695 524,135 518,568 469,000 185,000 177,529 
Secured vessels loan 73.45M
USD
LIBOR + 1.80%
2028— — (508)— — — 
Unsecured Revolving loan 80M
EUR
LIBOR + 1.50%
2026100,000 — (463)— — — 
Total interest-bearing bank loans1,815,693 1,220,428 1,205,148 1,817,246 876,834 856,860 
* 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, 2021December 31, 2020
CurrNominal interest rateYear of mat.Facility sizeDrawnCarrying valueFacility sizeDrawnCarrying value
Unsecured notesUSD7.50%202267,200 67,200 67,025 200,000 199,000 198,279 
Unsecured notesUSD6.25%2026200,000 200,000 196,895 — — — 
Total other notes
267,200 267,200 263,920 200,000 199,000 198,279 
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, 2021December 31, 2020
Less than one year22,667 22,667 
Between one and five years33,878 56,545 
Total future lease payables56,545 79,211 
The future lease payments for these leaseback agreements are as follows:
(in thousands of USD)December 31, 2021December 31, 2020
Less than 1 year24,828 49,218 
Between 1 and 5 years8,708 14,714 
Total future lease payments33,535 63,932 
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
LiabilitiesEquity
Loans and borrowingsOther NotesOther borrowingsLease liabilitiesShare capital / premiumReservesTreasury sharesRetained earningsTotal
Balance at January 1, 20201,223,451 198,571 247,213 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 
Purchase treasury shares (Note 14)— — — — — — (118,488)— (118,488)
Repayment of sale and leaseback agreement (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 changes5,481 708 22,461 29,076 — — — — 57,726 
Total equity-related other changes (Note 14)— — — — — (2,237)— 472,697 470,460 
Balance at December 31, 2020856,860 198,279 151,353 66,921 1,941,697 (6,521)(164,104)540,714 3,585,199 
LiabilitiesEquity
Loans and borrowingsOther NotesOther borrowingsLease liabilitiesShare capital / premiumReservesTreasury sharesRetained earningsTotal
Balance at January 1, 2021856,860 198,279 151,353 66,921 1,941,697 (6,521)(164,104)540,714 3,585,199 
Changes from financing cash flows
Proceeds from loans and borrowings (Note 16)937,825 200,000 — — — — — — 1,137,825 
Proceeds from issue of other borrowings (Note 16)— — 371,755 — — — — — 371,755 
Repayment of sale and leaseback liability (Note 16)— — (22,667)— — — — — (22,667)
Transaction costs related to loans and borrowings (Note 16)(1,122)(3,300)— — — — — — (4,422)
Repayment of borrowings (Note 16)(594,232)(131,800)— — — — — — (726,032)
Repayment of commercial paper (Note 16)— — (303,426)— — — — — (303,426)
Repayment of lease liabilities (Note 16)— — — (54,928)— — — — (54,928)
Dividend paid— — — — — — — (24,212)(24,212)
Total changes from financing cash flows342,471 64,900 45,662 (54,928)— — — (24,212)373,893 
Other changes
Liability-related
Amortization of transaction costs (Note 16)5,817 887 — — — — — — 6,704 
Amortization of above par issuance (Note 16)— (174)— — — — — — (174)
Amortization of below par issuance (Note 16)— 28 — — — — — — 28 
New leases (Note 16)— — — 24,729 — — — — 24,729 
Interest expense (Note 6)— — 10,024 2,378 — — — — 12,402 
Translation differences (Note 16)— — (2,978)(49)— — — — (3,027)
Total liability-related other changes5,817 741 7,046 27,058 — — — — 40,662 
Total equity-related other changes (Note 14)— — — — — 9,370 — (336,362)(326,992)
Balance at December 31, 20211,205,148 263,920 204,061 39,051 1,941,697 2,849 (164,104)180,140 3,672,762