Income tax benefit (expense) (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes [Abstract]

Disclosure of tax benefit (expense)

(in thousands of USD)	2025	2024	2023
Current tax
Current period	(4,074)	(7,660)	(4,889)
Changes related to prior years	1,367	1,616	7
Total current tax	(2,707)	(6,044)	(4,881)
Deferred tax
Recognition of unused tax losses/(use of tax losses)	27	(243)	(1,146)
Other	(7,505)	4,394	18
Total deferred tax	(7,478)	4,151	(1,128)
Total tax benefit/(expense)	(10,185)	(1,893)	(6,009)

Disclosure of reconciliation of effective tax

Reconciliation of effective tax	2025			2024			2023
Profit (loss) before tax			149,327			872,722			864,036
Tax at domestic rate	(25.00)	%	(37,332)	(25.00)	%	(218,181)	(25.00)	%	(216,009)
Effects on tax of :
Losses not subject to tax			(7,240)			(2,879)			—
Tax exempt profit / loss			(8,778)			(502)			(4,535)
Tax adjustments for previous years			6,023			1,979			7
Loss for which no DTA (*) has been recognized			(627)			28,686			7,586
Non-deductible expenses			(9,893)			(7,605)			(1,602)
Use of previously unrecognized tax losses and tax credits			—			—			5,283
Effect of Tonnage Tax regime			43,339			185,784			195,768
Effect of share of profit of equity-accounted investees			(221)			94			(5)
Effects of tax regimes in foreign jurisdictions			4,543			10,731			7,498
Total taxes	(6.82)	%	(10,185)	(0.22)	%	(1,893)	(0.70)	%	(6,009)

* Deferred Tax Asset