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Interest-bearing loans and borrowings (Tables)
 12 Months Ended
Dec. 31, 2023
Financial Instruments [Abstract]  
Schedule of financial liabilities activity by maturity
(in thousands of USD)Bank loansOther notesLease liabilitiesOther borrowingsTotal
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 
At January 1, 20221,205,148 263,920 39,051 204,061 1,712,180 
New loans1,038,450 — 14,060 231,845 1,284,355 
Scheduled repayments(44,470)(67,200)(24,290)(293,171)(429,131)
Early repayments (865,000)— — — (865,000)
Other changes(945)836 — — (109)
Translation differences— — (142)(5,873)(6,015)
Balance at December 31, 20221,333,183 197,556 28,679 136,862 1,696,280 
More than 5 years221,304 — 41 — 221,345 
Between 1 and 5 years1,042,938 197,556 5,783 71,011 1,317,288 
More than 1 year1,264,242 197,556 5,824 71,011 1,538,633 
Less than 1 year68,941 — 22,855 65,851 157,647 
Balance at December 31, 20221,333,183 197,556 28,679 136,862 1,696,280 
 Bank loansOther notesLease liabilitiesOther borrowingsTotal
More than 5 years221,304 — 41 — 221,345 
Between 1 and 5 years1,042,938 197,556 5,783 71,011 1,317,288 
More than 1 year1,264,242 197,556 5,824 71,011 1,538,633 
Less than 1 year68,941 — 22,855 65,851 157,647 
At January 1, 20231,333,183 197,556 28,679 136,862 1,696,280 
New loans2,124,850 — 2,312 569,277 2,696,439 
Scheduled repayments(72,644)— (21,311)(544,856)(638,811)
Early repayments (2,861,080)— — — (2,861,080)
Remeasurement
— — 27,158 — 27,158 
Other changes4,050 4,396 — (346)8,100 
Translation differences— — 18 2,609 2,627 
Balance at December 31, 2023528,359 201,952 36,856 163,546 930,713 
More than 5 years30,203 — 206 — 30,409 
Between 1 and 5 years332,032 198,219 3,157 71,248 604,656 
More than 1 year362,235 198,219 3,363 71,248 635,065 
Less than 1 year166,124 3,733 33,493 92,298 295,648 
Balance at December 31, 2023528,359 201,952 36,856 163,546 930,713 
The following are the remaining contractual maturities of financial liabilities:
 Contractual cash flows December 31, 2022
(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 17)1,530,739 1,819,230 278,311 1,349,384 191,534 
Other borrowings (Note 17)136,862 154,292 73,330 80,962 — 
Lease liabilities (Note 17)28,679 29,745 23,624 6,080 41 
Current trade and other payables * (Note 19)72,878 72,878 72,878 — — 
 1,769,158 2,076,144 448,144 1,436,426 191,575 
Derivative financial liabilities
Interest rate swaps (Note 19)404 9 (1,359)1,152 216 
 404 9 (1,359)1,152 216 
 Contractual cash flows December 31, 2023
 Carrying AmountTotalLess than 1 yearBetween 1 and 5 yearsMore than 5 years
Non derivative financial liabilities     
Bank loans and other notes (Note 17)730,311 837,126 217,328 587,681 32,117 
Other borrowings (Note 17)163,546 214,641 99,058 40,363 75,220 
Lease liabilities (Note 17)36,856 37,732 33,806 3,651 276 
Current trade and other payables * (Note 19)106,613 106,613 106,613 — — 
 1,037,326 1,196,112 456,805 631,694 107,613 
Derivative financial liabilities
Interest rate swaps (Note 19)146 (9)(876)797 70 
 146 (9)(876)797 70 
* Deferred income and VAT payables (included in other payables) (see Note 19), 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, 2023December 31, 2022
CurrNominal interest rateYear of mat.Facility sizeDrawnCarrying valueFacility sizeDrawnCarrying value
Secured vessels loan 27.1M
USD
LIBOR + 1.95%
2029— — — 24,650 24,650 24,650 
Secured vessels loan 81.4M
USD
LIBOR + 1.50%
2029— — — 44,098 44,098 42,960 
Secured vessels loan 69.4M
USD
LIBOR + 2.0%
2030— — — 49,751 49,751 49,751 
Secured vessels loan 104.2M
USD
LIBOR + 2.0%
2030— — — 67,251 67,251 66,562 
Secured vessels Revolving loan 200.0M*
USD
LIBOR + 2.0%
2025— — — 97,376 90,000 89,554 
Secured vessels Revolving loan 700.0M*
USD
LIBOR + 1.95%
2026— — — 553,480 470,000 466,211 
Secured vessels Revolving loan 713.0M*
USD
LIBOR + 2.30%
2026— — — 582,876 350,756 346,866 
Secured vessels loan 73.45M
USD
LIBOR + 1.80%
2028— — — 71,155 71,155 70,730 
Unsecured Revolving loan 80M
EUR
LIBOR + 1.50%
202688,400 — (66)100,000 — (265)
Secured FSO loan 150M
USD
SOFR + 2.15%
2030124,809 124,809 123,728 141,747 141,747 140,227 
Secured vessels Revolving loan 377.0M*
USD
SOFR + 1.90%
2028— — — 288,276 40,000 35,938 
Secured vessels loan Refi - Revolving loan 725.0M*
USD
SOFR + 2.30% - 2.90%
2028725,000 — (8,398)— — — 
Secured vessels loan Refi - Transition facility 375.0M
USD
SOFR + 2.30% - 2.90%
2025368,225 368,225 365,662 — — — 
Secured vessels loan Refi - Newbuild facility 190.0M
USD
SOFR + 2.30% - 2.90%
202847,500 47,500 47,433 — — — 
Total interest-bearing bank loans1,353,934 540,534 528,359 2,020,659 1,349,408 1,333,183 
* 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, 2023December 31, 2022
CurrNominal interest rateYear of mat.Facility sizeDrawnCarrying valueFacility sizeDrawnCarrying value
Unsecured notesUSD6.25%2026200,000 200,000 198,219 200,000 200,000 197,556 
Total other notes
200,000 200,000 198,219 200,000 200,000 197,556 
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, 2023December 31, 2022
Less than one year4,547 22,667 
Between one and five years19,130 11,212 
More than five years52,828 — 
Total future lease payables76,505 33,878 
The future lease payments for these leaseback agreements are as follows:
(in thousands of USD)December 31, 2023December 31, 2022
Less than 1 year30,495 25,955 
Between 1 and 5 years— 1,170 
Total future lease payments30,495 27,125 
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, 20221,205,148 263,920 204,061 39,051 1,941,697 2,849 (164,104)180,140 3,672,762 
Changes from financing cash flows
Proceeds from loans and borrowings (Note 17)1,038,450 — — — — — — — 1,038,450 
Proceeds from issue of other borrowings (Note 17)— — 231,845 — — — — — 231,845 
Proceeds from transfer of treasury shares (Note 15)
— — — — — — 1,080 — 1,080 
Repayment of sale and leaseback agreement (Note 17)— — (22,667)— — — — — (22,667)
Transaction costs related to loans and borrowings (Note 17)(5,871)— — — — — — — (5,871)
Repayment of borrowings (Note 17)(909,470)(67,200)— — — — — — (976,670)
Repayment of commercial paper (Note 17)— — (279,314)— — — — — (279,314)
Repayment of lease liabilities (Note 17)— — — (25,527)— — — — (25,527)
Dividend paid— — — — (24,213)— — — (24,213)
Total changes from financing cash flows123,109 (67,200)(70,136)(25,527)(24,213)— 1,080 — (62,887)
Other changes
Liability-related
Amortization of transaction costs (Note 17)4,926 865 — — — — — — 5,791 
Amortization of above par issuance (Note 17)— (57)— — — — — — (57)
Amortization of below par issuance (Note 17)— 28 — — — — — — 28 
New leases (Note 17)— — — 14,060 — — — — 14,060 
Interest expense (Note 6)— — 8,809 1,237 — — — — 10,046 
Translation differences (Note 17)— — (5,873)(142)— — — — (6,015)
Total liability-related other changes4,926 836 2,936 15,155 — — — — 23,853 
Total equity-related other changes (Note 15)— — — — — 30,180 — 205,836 236,016 
Balance at December 31, 20221,333,183 197,556 136,861 28,679 1,917,484 33,029 (163,024)385,976 3,869,744 
LiabilitiesEquity
Loans and borrowingsOther NotesOther borrowingsLease liabilitiesShare capital / premiumReservesTreasury sharesRetained earningsTotal
Balance at January 1, 20231,333,183 197,556 136,861 28,679 1,917,484 33,029 (163,024)385,976 3,869,744 
Changes from financing cash flows
Proceeds from loans and borrowings (Note 17)2,124,850 — — — — — — — 2,124,850 
Proceeds from issue of other borrowings (Note 17)— — 569,277 — — — — — 569,277 
Proceeds from transfer of treasury shares (Note 15)— — — — — — — — — 
Repayment of sale and leaseback liability (Note 17)— — (96,006)— — — — — (96,006)
Transaction costs related to loans and borrowings (Note 17)(13,761)— (769)— — — — — (14,530)
Repayment of borrowings (Note 17)(2,933,724)— — — — — — — (2,933,724)
Repayment of commercial paper (Note 17)— — (458,272)— — — — — (458,272)
Repayment of lease liabilities (Note 17)— — — (21,942)— — — — (21,942)
Dividend paid— — — — (211,807)— — (418,733)(630,540)
Total changes from financing cash flows(822,635)— 14,230 (21,942)(211,807)— — (418,733)(1,460,887)
Other changes
Liability-related
Amortization of transaction costs (Note 17)15,835 692 4 — — — — — 16,531 
Amortization of above par issuance (Note 17)— (57)— — — — — — (57)
Amortization of below par issuance (Note 17)— 28 — — — — — — 28 
New leases (Note 17)— — — 2,312 — — — — 2,312 
Remeasurement (Note 17)
— — — 27,158 — — — — 27,158 
Interest expense (Note 6)— — 9,423 631 — — — — 10,054 
Translation differences (Note 17)— — 2,609 18 — — — — 2,627 
Other
1,976 3,733 419 — — — — — 6,128 
Total liability-related other changes17,811 4,396 12,455 30,119 — — — — 64,781 
Total equity-related other changes (Note 15)— — — — — (31,654)— 840,673 809,019 
Balance at December 31, 2023528,359 201,952 163,546 36,856 1,705,677 1,375 (163,024)807,916 3,282,657