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Revenue and other operating income | 12 Months Ended
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Dec. 31, 2024
Analysis of income and expense [abstract] |
Revenue and other operating income | Revenue and other operating income
(in thousands of USD) | 2024
| Marine | H2 Infra | H2 Industry | Less: Eliminations | Total
| Euronav | Bocimar | Delphis | Bochem | Windcat | Port vessels | Total |  |  |  |
Pool Revenue | 186,363 |  | — |  | — |  | 18,864 |  | — |  | — |  | 205,227 |  | — |  | — |  | — |  | 205,227 |
Spot Voyages | 378,792 |  | 98,428 |  | — |  | — |  | 237 |  | (28) |  | 477,429 |  | — |  | — |  | (3) |  | 477,426 |
Revenue from contracts with customers | 565,155 |  | 98,428 |  | — |  | 18,864 |  | 237 |  | (28) |  | 682,656 |  | — |  | — |  | (3) |  | 682,653 |
Time Charters | 177,187 |  | — |  | 26,513 |  | 13,336 |  | 39,431 |  | 1,526 |  | 257,993 |  | — |  | — |  | (400) |  | 257,593 |
Lease income | 177,187 |  | — |  | 26,513 |  | 13,336 |  | 39,431 |  | 1,526 |  | 257,993 |  | — |  | — |  | (400) |  | 257,593 |
Total revenue | 742,342 |  | 98,428 |  | 26,513 |  | 32,200 |  | 39,668 |  | 1,498 |  | 940,649 |  | — |  | — |  | (403) |  | 940,246 |
Other operating income | 49,510 |  | — |  | — |  | — |  | 17 |  | 1,615 |  | 51,142 |  | 389 |  | 11,424 |  | (12,295) |  | 50,660 |
(in thousands of USD) | 2023 | 2022
| Marine | Less: Eliminations | Total | Marine | Less: Eliminations | Total
| Euronav |  |  | Euronav |  |
Pool Revenue | 639,778 |  | — |  | 639,778 |  | 359,920 |  | — |  | 359,920 |
Spot Voyages | 434,436 |  | — |  | 434,436 |  | 377,360 |  | — |  | 377,360 |
Revenue from contracts with customers | 1,074,214 |  | — |  | 1,074,214 |  | 737,280 |  | — |  | 737,280 |
Time Charters | 160,913 |  | — |  | 160,913 |  | 117,389 |  | — |  | 117,389 |
Lease income | 160,913 |  | — |  | 160,913 |  | 117,389 |  | — |  | 117,389 |
Total revenue | 1,235,127 |  | — |  | 1,235,127 |  | 854,669 |  | — |  | 854,669 |
Other operating income | 23,316 |  | — |  | 23,316 |  | 15,141 |  | — |  | 15,141 |
For the accounting treatment of revenue, we refer to the accounting policies (see Note 1.15) - Revenue. The decrease in revenue is primarily driven by a reduction in pool revenue, mainly due to a lower number of vessels operating in the pool in 2024 compared to 2023. This decrease is partially offset by an increase in spot revenue, largely attributed to the acquisition of the CMB.TECH Enterprises fleet and the delivery of newbuild dry bulk vessels in 2024, which are operating in the spot market. The increase in time charter revenue is primarily due to a higher number of vessels engaged in long-term time charters in 2024 compared to 2023, mainly following the acquisition of CMB.TECH Enterprises in February 2024. Other operating income includes revenues related to the daily standard business operation of the fleet and that are not directly attributable to an individual voyage. The increase in other operating income is mainly due to the sale of Euronav Ship Management Hellas ($19.4 million), received liquidated damages resulting from the sale of the N-class vessels (Noble, Nectar and Newton - $4.4 million), various services rendered ($4.7 million) and to claim settlements ($5.5 million). In accordance with IFRS16 - Leases, CMB.TECH is required to identify the lease and non-lease components of revenue and account for each component in accordance with the applicable accounting standard. In time charter-out revenue, it is determined that the lease component is the vessel and the non-lease component is the technical management services provided to operate the vessel. The following table summarizes the lease and non-lease components of the revenue from time charter-out during the years ended December 31, 2024, 2023 and 2022.
(in thousands of USD) |  | 2024 |  | 2023 |  | 2022
Lease component of revenue from time charter-out |  | 188,404 |  |  | 122,818 |  |  | 91,299 |
Non-lease component of revenue from time charter-out |  | 69,189 |  |  | 38,095 |  |  | 26,090 |
Total lease income |  | 257,593 |  |  | 160,913 |  |  | 117,389 |

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