Right of use assets and related lease liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of quantitative information about right-of-use assets

The following is the activity of the "Right of use assets for vessels" starting on January 1, 2022 through December 31, 2023:


In thousands of U.S. Dollars		Vessels		Drydock		Total
Cost
	As of January 1, 2023	$	798,083	$	22,577	$	820,660
	Transfers to vessels, net (1)	(831,385)		(19,942)		(851,327)
	Additions (2)	33,302		—		33,302
	Write-offs (3)	—		(2,635)		(2,635)
	As of December 31, 2023	—		—		—

Accumulated depreciation and impairment
	As of January 1, 2023	(114,902)		(15,932)		(130,834)
	Charge for the period	(21,321)		(2,923)		(24,244)
	Transfers to vessels, net (1)	136,223		16,220		152,443
	Write-offs (3)	—		2,635		2,635
	As of December 31, 2023	—		—		—

Net book value
	As of December 31, 2023	$	—	$	—	$	—

(1) Primarily represents the net book value of the 21 vessels for which the purchase options were exercised during the year ended December 31, 2023 and transferred to Vessels and drydock.

(2) Represents the adjustment to the right of use asset as a result of the remeasurement of the related lease liability upon the commitments to exercise the purchase options.

(3) Represents the write-offs of fully depreciated notional drydock costs on certain of our vessels.


In thousands of U.S. Dollars		Vessels		Drydock		Total
Cost
	As of January 1, 2022	$	836,246	$	23,562	$	859,808
	Disposal of vessels (1)	(38,163)		(985)		(39,148)

	As of December 31, 2022	798,083		22,577		820,660

Accumulated depreciation and impairment
	As of January 1, 2022	(84,221)		(11,562)		(95,783)
	Charge for the period	(33,928)		(4,899)		(38,827)
	Disposal of vessels (1)	3,247		529		3,776

	As of December 31, 2022	(114,902)		(15,932)		(130,834)

Net book value
	As of December 31, 2022	$	683,181	$	6,645	$	689,826

(1) Represents the net book value of one MR vessel (STI Majestic) which was sold during the year ended December 31, 2022. This transaction is described in Note 5 above.

The following table summarizes the payments made for the years ended December 31, 2023 and 2022 relating to lease liabilities accounted for under IFRS 16 - Leases:


	For the year ended December 31,
In thousands of U.S. dollars	2023		2022
Interest expense recognized in consolidated statements of operations	$	23,749	$	30,420
Principal repayments recognized in consolidated cash flow statements (1)	516,127		79,502
Net decrease (increase) in accrued interest expense	467		(188)

Total payments on lease liabilities under IFRS 16 - Leases	$	540,343	$	109,734

(1) Principal repayments during the year ended December 31, 2022 includes the $25.6 million repayment of the lease obligation of one MR vessel (STI Majestic) which was sold during the year ended December 31, 2022. This transaction is described above.