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Property, plant and equipment
 12 Months Ended
Dec. 31, 2023
Property, plant and equipment [abstract]  
Property, plant and equipment Property, plant and equipment
(in thousands of USD)VesselsVessels under constructionRight-of-use assetsOther tangible assetsPrepaymentsTotal PPE
At January 1, 2021     
Cost4,608,326 207,069 113,859 5,189 — 4,934,443 
Depreciation & impairment losses(1,743,018)— (60,904)(3,430)— (1,807,352)
Net carrying amount2,865,308 207,069 52,955 1,759 — 3,127,091 
Acquisitions56,111 356,951 23,476 142 — 436,680 
Disposals and cancellations(39,522)— — — — (39,522)
Depreciation charges(296,837)— (47,387)(680)— (344,904)
Transfers382,727 (382,727)— — — — 
Translation differences— — (43)(3)— (46)
Balance at December 31, 20212,967,787 181,293 29,001 1,218 — 3,179,299 
At January 1, 2022     
Cost4,875,810 181,293 53,226 5,244 — 5,115,573 
Depreciation & impairment losses(1,908,023)— (24,225)(4,026)— (1,936,274)
Net carrying amount2,967,787 181,293 29,001 1,218 — 3,179,299 
Acquisitions448,850 165,246 14,060 164 — 628,320 
Disposals and cancellations(258,899)— — — — (258,899)
Depreciation charges(199,457)— (21,509)(610)— (221,576)
Transfer to assets held for sale(18,459)— — — — (18,459)
Transfers118,110 (118,110)— — — — 
Translation differences— — (59)(10)— (69)
Balance at December 31, 20223,057,932 228,429 21,493 762 — 3,308,616 
At January 1, 2023
Cost5,014,747 228,429 66,785 5,159 — 5,315,120 
Depreciation & impairment losses(1,956,815)— (45,292)(4,397)— (2,006,504)
Net carrying amount3,057,932 228,429 21,493 762 — 3,308,616 
Acquisitions295,568 41,627 31,557 372 1,031 370,155 
Disposals and cancellations(815,733)— (2,087)— — (817,820)
Depreciation charges(200,896)— (18,040)(492)— (219,428)
Transfer to assets held for sale (Note 3)(870,844)— — — (1,031)(871,875)
Transfers163,543 (163,543)— — — — 
Translation differences— — 13 2 — 15 
Balance at December 31, 20231,629,570 106,513 32,936 644 — 1,769,663 
At December 31, 2023     
Cost3,265,939 106,513 56,240 4,717 — 3,433,409 
Depreciation & impairment losses(1,636,369)— (23,304)(4,073)— (1,663,746)
Net carrying amount1,629,570 106,513 32,936 644 — 1,769,663 

In 2022, the Maria, Cap Pierre, Amundsen, Captain Michael, Sonia, Iris, Ingrid, Cap Lara, Alsace, Dalma, Daishan, Hatteras, Ilma, Sienna and Simone have been dry-docked. The VLCCs Iris, Ingrid, Alsace and Ilma have been equipped with scrubber installations during the dry-dock. The cost of planned repairs is capitalized and included under the heading Acquisitions.
During 2022, two newbuilding Suezmaxes joined our fleet for an aggregate amount of $118.0 million. Cedar (2022 - 157,310 dwt) was delivered on January 7, 2022 and Cypress (2022 - 157,310 dwt) on January 20, 2022. Both were constructed at Daehan Shipbuilding (DHSC) in South Korea. These two vessels were previously reported as vessels under construction as at December 31, 2021.

On April 29, 2022, Euronav announced the purchase of two eco-VLCCs, the Chelsea (2020 – 299,995 dwt) and the Ghillie (2019 – 297,750 dwt), for $179 million in total. They are sisters of our D-class vessels (Delos, (2021 – 300,200 dwt), Diodorus (2021 – 300,200 dwt), Doris (2021 – 300,200 dwt) and Dickens (2021 – 299,550 dwt). These vessels were all built in Korea at Daewoo Shipbuilding & Marine Engineering, are fitted with scrubbers and are the latest generation of ecotype VLCC's. The vessels entered the fleet under their new names Dalis (previously Chelsea) and Derius (previously Ghillie).

As of June 7, 2022, the Group recognized the FSOs Asia and Africa fully in property, plant and equipment due to the acquisition of the remaining 50% in TI Asia and TI Africa for an amount of $223.1 million.

On June 24, 2022, Euronav has declared the options to extend the time charter agreement for the two Suezmaxes Marlin Sardinia and Marlin Somerset with an additional 12 months. This resulted in the recognition of a right-of-use asset of $13.4 million.

It is further noted that for the year ended at December 31, 2022, the depreciation charges decreased significantly compared to previous years. This is related to the re-assessment of the residual value at year end 2021.

During 2023, the Cap Felix, Sapphira, Nautica, Cap Quebec, Hojo, Cap Theodora, Cap Pembroke, Cap Port Arthur, Cap Corpus Christi, Nectar, and Noble have been dry-docked. The VLCCs Hirado and Hojo have been equipped with scrubber installations. The cost of planned repairs and maintenance is capitalized and included under the heading Acquisitions.

In January, February and May 2023, three newbuilding VLCCs joined our fleet. Cassius (2023 - 299,158 dwt) was delivered on January 11, 2023, Camus (2023 - 299,158 dwt) on February 28, 2023 and Clovis (2023 - 299,158 dwt) on May 30, 2023. All three vessels were constructed at Hyundai Samho Heavy Industries (HSHI) in South Korea. These three vessels were previously reported as vessels under construction as at December 31, 2022.

On July 11, 2023 and October 26, 2023 Euronav took delivery of respectively Brugge (2023 - 156,851 dwt) and Brest (2023 - 156,851 dwt). Both vessels were included as vessels under construction as at December 31, 2022.

In the fourth quarter of 2023, Euronav sent a notification letter to exercise the repurchase option included in the Sale and leaseback contract for the VLCC Newton (2009 - 307,284 dwt). The repurchase option amounts to $30 million and resulted in in an increase of the recognized right-of-use asset as per December 31, 2023. The vessel was redelivered to Euronav and the bareboat contract consequently ended on January 22, 2024.

The Group had five vessels under construction at December 31, 2023 for an aggregate amount of $106.5 million (2022: eight vessels under construction). The amounts presented within "vessels under construction" relate to two Eco-type VLCCs and three Eco-Type Suezmaxes. The Group capitalizes borrowing costs related to the financing of the newbuild vessels as reported under vessels under construction (see Note 1.11.1). As per December 31, 2023, the total amount that was capitalized was $6.5 million at an average interest rate of 7%.
Disposal of assets – Gains/losses
(in thousands of USD)Sale priceBook ValueGainLoss
Newton - Sale
35,370 32,953 1,163 — 
Filikon - Sale
15,974 6,570 9,404 — 
Other— — 4,500 — 
At December 31, 202151,344 39,523 15,068 — 
 Sale priceBook ValueGainLoss
Sandra - Sale
47,520 47,299 221 — 
Sara - Sale
47,520 46,013 1,507 — 
Sonia - Sale
50,490 50,837 — (347)
Simone - Sale
50,490 50,070 420 — 
Cap Leon - Sale
19,924 9,081 10,843 — 
Cap Pierre - Sale
19,058 11,537 7,521 — 
Cap Philippe - Sale
32,046 19,165 12,881 — 
Europe - Sale
40,013 5,300 34,713 — 
Cap Guillaume - Sale
34,153 19,597 14,556 — 
Other— — 13,500 — 
At December 31, 2022341,214 258,899 96,161 (347)
Sale priceBook ValueGainLoss
Cap Charles - Sale40,523 18,459 22,064 — 
Nautica - Sale53,900 26,847 27,053 — 
Alex - Sale86,397 62,214 24,182 — 
Ardeche - Sale90,410 58,345 32,065 — 
Drenec - Sale86,327 56,279 30,048 — 
Heron - Sale89,130 58,243 30,887 — 
Arafura - Sale87,077 56,673 30,404 — 
Amundsen - Sale90,670 60,007 30,663 — 
Diodorus - Sale113,100 83,911 29,189 — 
Dickens - Sale113,397 83,534 29,863 — 
Dalis - Sale107,930 84,395 23,535 — 
Cassius - Sale123,500 91,635 31,865 — 
Clovis - Sale124,277 93,651 30,625 — 
At December 31, 20231,206,636 834,192 372,444 — 

On December 14, 2022, the Company sold the Suezmax Cap Charles (2006 - 158,881 DWT) for $40.5 million. This vessel was accounted for as a non-current asset held for sale as at December 31, 2022. The vessel was delivered to her new owner on February 16, 2023. A capital gain of $22.1 million has been recognized in the consolidated statement of profit or loss in the first quarter of 2023.
On May 5, 2023, the Company sold the VLCC Nautica (2008 - 307,284 dwt) for $53.9 million. The vessel was delivered to her new owner on July 17, 2023. A capital gain of $27.1 million has been recognized in the consolidated statement of profit or loss in the third quarter of 2023.

On October 9, 2023, the Company announced the agreement of two reference shareholders CMB NV ("CMB") and Frontline plc/Famatown Finance Ltd ("Frontline") on a transaction involving multiple interdependent agreements. Part of the agreement is the sale of 24 VLCC tankers from the Euronav fleet for a total of $2.35 billion. A total of 11 VLCC tankers have been delivered before December 31, 2023. The 11 vessels (Alex, Ardeche, Drenec, Heron, Arafura, Amundsen, Diodorus, Dickens, Dalis, Cassius and Clovis) contributed to a total capital gain of $323.3 million, which was recorded in the fourth quarter of 2023.
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 2021, the Group performed the annual impairment test due to two indicators which triggered the requirement for such test, being the further decline in market rates, and the net operating losses of the Group. In 2023 and 2022, 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.

For the tankers segment, when analysing the potential impairment indicators set out in accounting policy 12.1 and taking into account the strong performance in 2023 and 2022, the stronger share price, and the current elevated freight rates and market values for VLCCs and Suezmaxes, there is no potential indicator for impairment.

The Group also reviews internal and external indicators, similar to the ones used for tankers, to assess whether the FSOs might be impaired. The FSO Asia and FSO Africa are on a ten years timecharter contract to North Oil Company, the operator of the Al-Shaheen oil field, whose shareholders are Qatar Energy and Total E&P Golfe Limited, until July 21, 2032 and September 21, 2032 respectively. It is further noted that the contracts remain profitable until the end of the useful lives of both FSOs and therefore, no impairment indicators have been identified. The review of the indicators did not trigger the requirement to perform a more in-depth impairment analysis at December 31, 2023.

Security

All tankers financed with bank loans are subject to a mortgage to secure bank loans (see Note 17).
Capital commitment
As at December 31, 2023 the Group's total capital commitments amounts to $623.8 million (December 31, 2022: $404.1 million capital commitments). These capital commitments relate to five eco-type Suezmaxes and three eco-type VLCCs newbuilding contracts. The capital commitments can be detailed as follows:
(in thousands of USD)Total202420252026
Commitments in respect of VLCCs314,160 11,220 78,540 224,400 
Commitments in respect of Suezmaxes309,596 188,496 — 121,100 
Commitments in respect of FSOs— — — — 
Total623,756 199,716 78,540 345,500