Equity-accounted investees

12 Months Ended

Dec. 31, 2023

Interests in Other Entities [Abstract]


(in thousands of USD)	December 31, 2023	December 31, 2022
Assets
Interest in joint ventures	518	1,423
Interest in associates	—	—
TOTAL ASSETS	518	1,423

Liabilities
Interest in joint ventures	—	—
Interest in associates	—	—
TOTAL LIABILITIES	—	—

Joint Ventures

The following table contains a roll forward of the balance sheet amounts with respect to the Group's joint ventures:


	ASSET
(in thousands of USD)	Investments in equity accounted investees	Shareholders loans
Gross balance	51,703	33,936
Offset investment with shareholders loan	—	—
Balance at January 1, 2021	51,703	33,936

Group's share of profit (loss) for the period	22,976	—
Group's share of other comprehensive income	951	—


Dividends received from joint ventures	(4,635)	—


Movement shareholders loans to joint ventures	—	(2,242)



Gross balance	70,995	31,694
Offset investment with shareholders loan	1,451	(1,451)
Balance at December 31, 2021	72,446	30,242

Reversal prior year offset investment with shareholders loan	(1,451)	1,451
Group's share of profit (loss) for the period	17,650	—
Group's share of other comprehensive income	159	—


Dividends received from joint ventures	(3,021)	—

Movement equity to shareholders loans	(2,000)	2,000
Reclassification of associate to joint venture (Note 23)	—	(32,844)

Business combinations	(83,186)	—


Gross balance	597	850
Offset investment with shareholders loan	826	(826)
Balance at December 31, 2022	1,423	24


	ASSET
(in thousands of USD)	Investments in equity accounted investees	Shareholders loans
Reversal prior year offset investment with shareholders loan	(826)	826
Group's share of profit (loss) for the period	(927)	—









Gross balance	(329)	850
Offset investment with shareholders loan	848	(848)
Balance at December 31, 2023	518	2

The increase in investments in equity accounted investees at December 31, 2021 is mainly due to a decrease in the depreciation and amortization cost for TI Asia and TI Africa and a decrease in income tax expenses for the two joint ventures compared to the period ended December 31, 2020.

The decrease in shareholders loans to joint ventures at December 31, 2022 is related to the full repayment of the shareholders loan to TI Africa Ltd following the acquisition of the remaining 50% shares in TI Africa Ltd as well as the sale of Suezmax Bari in March 2022. In consequence of the sale, the shareholders loan to Bari Shipholding Ltd. was repaid and the remaining amount was written-off. As a consequence of the acquisition in 2022 of the remaining 50% shares in TI Africa Ltd and TI Asia Ltd, the investments in equity accounted investees decreased.


Joint venture	Segment	Description







Tankers Agencies (UK) Ltd	Tankers	Parent company of Tankers International Ltd
Tankers International LLC	Tankers	The manager of the Tankers International Pool who commercially manages the majority of the Group's VLCCs
Bari Shipholding Ltd	Tankers	Formerly owner of 1 Suezmax, dormant company
Bastia Shipholding Ltd	Tankers	Formerly owner of 1 Suezmax, liquidation is in process
TI Africa Ltd	FSO	Operator and owner of a single floating storage and offloading facility (FSO Africa), as from June 7, 2022 100% subsidiary *
TI Asia Ltd	FSO	Operator and owner of a single floating storage and offloading facility (FSO Asia), as from June 7, 2022 100% subsidiary *

* FSO Asia and FSO Africa are on a time charter contract to North Oil Company (NOC), the new operator of Al Shaheen field, until mid 2032.

The following table contains summarized financial information for all of the Group's joint ventures:


	Asset
(in thousands of USD)	TI Africa Ltd		TI Asia Ltd		Tankers Agencies (UK) Ltd (see Note 25)		TI LLC (see Note 25)		Bari Shipholding Ltd		Bastia Shipholding Ltd		Total
At December 31, 2021
Percentage ownership interest	50	%	50	%	50	%	50	%	50	%	50	%

Non-Current assets	108,245		102,454		503		—		15,210		—		226,413
of which vessel	108,245		102,454		—		—		15,210		—		225,910
Current Assets	10,883		10,073		295,289		231		6,582		403		323,461
of which cash and cash equivalents	1,799		984		4,059		—		17		320		7,179
Non-Current Liabilities	33,755		10,245		66		—		20,228		—		64,295
of which bank loans	—		—		—		—		—		—		—
Current Liabilities	25,153		24,305		290,626		68		4,466		112		344,731
of which bank loans	20,075		19,361		51,500		—		—		—		90,937
Net assets (100%)	60,221		77,977		5,100		163		(2,903)		290		140,848

Group's share of net assets	30,110		38,988		3,106		96		(1,451)		145		70,995

Shareholders loans to joint venture	11,465		—		—		—		20,228		—		31,694

Net Carrying amount of interest in joint venture	30,110		38,988		3,106		96		—		145		72,446

Remaining shareholders loan to joint venture	11,465		—		—		—		18,777		—		30,242

Revenue	50,105		50,160		649,665		—		11,872		—		761,801
Depreciations and amortization	(10,092)		(9,706)		(39)		—		(4,869)		—		(24,706)
Interest Expense	(2,005)		(1,943)		(1,054)		—		(1,932)		(1)		(6,934)
Income tax expense	(2,646)		(2,626)		(141)		—		—		—		(5,413)
Profit (loss) for the period (100%)	25,357		25,180		642		(19)		(5,464)		121		45,816
Other comprehensive income (100%)	971		930		—		—		—		—		1,902

Group's share of profit (loss) for the period	12,678		12,590		391		(11)		(2,732)		60		22,976

Group's share of other comprehensive income	486		465		—		—		—		—		951


	Asset
(in thousands of USD)	TI Africa Ltd		TI Asia Ltd		Tankers Agencies (UK) Ltd (see Note 25)		TI LLC (see Note 25)		Bari Shipholding Ltd		Bastia Shipholding Ltd		Total
At December 31, 2022
Percentage ownership interest	50	%	50	%	50	%	50	%	50	%	50	%

Non-Current assets	—		—		153		—		—		—		153
of which vessel	—		—		—		—		—		—		—
Current Assets	—		—		504,397		206		131		—		504,734
of which cash and cash equivalents	—		—		2,453		—		101		—		2,554
Non-Current Liabilities	—		—		30		—		1,700		—		1,730
of which bank loans	—		—		—		—		—		—		—
Current Liabilities	—		—		502,547		63		83		—		502,693
of which bank loans	—		—		75,500		—		—		—		75,500
Net assets (100%)	—		—		1,973		143		(1,652)		—		464

Group's share of net assets	—		—		1,202		84		(826)		—		460

Shareholders loans to joint venture	—		—		—		—		850		—		850

Net Carrying amount of interest in joint venture	—		—		1,202		84		—		—		1,286

Remaining shareholders loan to joint venture	—		—		—		—		24		—		24

Revenue	20,729		20,729		1,172,698				2,139		—		1,216,295
Depreciations and amortization	(2,998)		(2,811)		(39)				(479)		—		(6,327)
Interest expense	(428)		(413)		(954)				171		—		(1,625)
Income tax expense	1,599		1,600		(117)				—		—		3,082
Profit (loss) for the period (100%)	14,997		14,858		185		(36)		5,250		10		35,265
Other comprehensive income (100%)	170		149		—		—		—		—		319

Group's share of profit (loss) for the period	7,499		7,429		113		(21)		2,625		5		17,650

Group's share of other comprehensive income	85		74		—		—		—		—		159


	Asset
(in thousands of USD)		Tankers Agencies (UK) Ltd (see Note 25)		TI LLC (see Note 25)		Bari Shipholding Ltd		Total
At December 31, 2023
Percentage ownership interest		50	%	50	%	50	%

Non-Current assets		1,754		—		—		1,754
of which vessel		—		—		—		—
Current Assets		391,037		150		118		391,305
of which cash and cash equivalents		3,046		—		88		3,134
Non Current Liabilities		1,360		—		1,700		3,060
of which bank loans		—		—		—		—
Current Liabilities		390,323		66		114		390,503
of which bank loans		42,500		—		—		42,500
Net assets (100%)		1,108		84		(1,696)		(503)

Group's share of net assets		675		49		(848)		(123)

Shareholders loans to joint venture		—		—		850		850

Net Carrying amount of interest in joint venture		675		49		—		725

Remaining shareholders loan to joint venture		—		—		2		2

Revenue		1,685,928		—		—		1,685,928
Depreciations and amortization		(84)		—		—		(84)
Interest expense		(2,806)		—		—		(2,806)
Income tax expense		(79)		—		—		(79)
Profit (loss) for the period (100%)		(1,445)		(43)		(43)		(1,532)
Other comprehensive income (100%)		—		—		—		—

Group's share of profit (loss) for the period		(880)		(25)		(22)		(927)

Group's share of other comprehensive income		—		—		—		—

Loans and borrowings

On March 29, 2018, TI Asia Ltd. and TI Africa Ltd. entered into a $220.0 million senior secured credit facility. The facility consists of a term loan of $110.0 million and a revolving loan of $110.0 million for the purpose of refinancing the two FSOs as well as for general corporate purposes. The Company provided a guarantee for the revolving credit facility tranche. The fair value of this guarantee is not significant given the long term contract both FSOs have with North Oil Company until mid 2032, which results in sufficient repayment capacity under these facilities. Transaction costs for a total amount of $2.2 million are amortized over the lifetime of the instrument using the effective interest rate method. In June 2022, the Group acquired the remaining 50% of TI Africa Ltd. and TI Asia Ltd. In consequence of this transaction, the Company entered into a $150 million senior secured amortizing term loan facility (see Note 17). At the same time, the $220.0 million senior secured credit facility which were maturing in July 2022 and September 2022 have been repaid.

All bank loans in the joint ventures were secured by the underlying FSO and subject to specific covenants.

These entities are fully consolidated following the acquisition of the remaining 50% shares in TI Africa Ltd and TI Asia Ltd in June 2022.

Loan covenant

As of December 31, 2021, all joint ventures were in compliance with the covenants, as applicable, of their respective loans. As from June 2022 (see above), loan covenants were not applicable anymore to joint ventures.

Interest rate swaps

In 2018, TI Asia and TI Africa entered in several Interest Rate Swap (IRSs) instruments for a combined notional value of $208.8 million (Euronav's share amounts to 50%) in connection to the $220.0 million facility. These IRSs are used to hedge the risk related to the fluctuation of the Libor rate and qualify as hedging instruments in a cash flow hedge relationship under IFRS 9. These instruments are measured at their fair value; effective changes in fair value have been recognized in OCI and the ineffective portion has been recognized in profit or loss. These IRSs have been fully unwound upon the acquisition of the remaining 50% of TI Africa Ltd. and TI Asia Ltd. and repayment of the $220.0 million senior secured credit facility.

Vessels

On November 19, 2019, the group entered into a joint venture together with affiliates of Ridgebury Tankers and clients of Tufton Oceanic. Each 50%-50% joint venture company has acquired one Suezmax vessel. The joint ventures have acquired two Suezmax tankers (Bari & Bastia) for a total consideration of $40.6 million. The vessel Bastia was sold on September 15, 2020 for a net sale price of $20.1 million. The Company recorded a capital gain of $0.8 million in the third quarter of 2020 upon delivery to its new owner on September 30, 2020. The vessel Bari was sold on March 24, 2022 for a net sale price of $21.3 million. A capital gain of $6.6 million was recorded in the second quarter of 2022.

There were no capital commitments as of December 31, 2023, December 31, 2022 and December 31, 2021.

Cash and cash equivalents


(in thousands of USD)	2023	2022

Cash and cash equivalents of the joint ventures	3,134	2,554
Group's share of cash and cash equivalents	1,902	1,547

Services

The Group entered into an agreement with its joint venture to manage commercially both vessels (Bari and Bastia) from the Group's chartering desk. Furthermore, the Group also entered into an agreement to render accounting, assistance and administrative services to these JVs. In 2022 the Group invoiced a total amount of $177,586 (2021: $285,476). No services were rendered and invoiced during 2023 in consequence of the sale of Bari during 2022.

Furthermore, the joint venture entered into an agreement with the Group to invoice us management fees to do the supervision of the external shipmanagement. In 2022, the joint-venture Bari Shipholding Ltd. invoiced the Group $121,800 (2021: $163,000). There were no services rendered in 2023 in consequence of the sale of the vessel in 2022.