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Net finance expense | 12 Months Ended
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Dec. 31, 2024
Financial Instruments [Abstract] |
Net finance expense | Net finance expense Recognized in profit or loss
(in thousands of USD) |  | 2024 |  | 2023 |  | 2022
Interest income |  | 15,895 |  |  | 20,620 |  |  | 7,063 |
Dividends from other shares |  | 1,050 |  |  | — |  |  | — |
Income on recycling hedges from OCI into P&L |  | — |  |  | 25,749 |  |  | — |
Change in fair value of fuel derivatives recognized in P&L |  | — |  |  | 3,210 |  |  | 6,132 |
Foreign exchange gains |  | 21,744 |  |  | 17,590 |  |  | 13,945 |
Finance income |  | 38,689 |  |  | 67,168 |  |  | 27,140 |
Interest expense on financial liabilities measured at amortized cost |  | (145,562) |  |  | (132,268) |  |  | (85,418) |
Interest leasing |  | (275) |  |  | (631) |  |  | (1,237) |
Change in fair value of fuel derivatives recognized in P&L |  | — |  |  | (8,276) |  |  | (26,388) |
Fair value adjustment on interest rate swaps |  | — |  |  | 37 |  |  | (507) |
Other financial charges |  | (9,249) |  |  | (13,513) |  |  | (5,930) |
Foreign exchange losses |  | (14,253) |  |  | (17,246) |  |  | (13,529) |
Finance expense |  | (169,339) |  |  | (171,897) |  |  | (133,009) |
Net finance expense recognized in profit or loss |  | (130,650) |  |  | (104,729) |  |  | (105,869) |
Finance income is lower during the year ended December 31, 2024 compared to December 31, 2023 which is mainly due to the positive impact realised in 2023 on the unwinding of the interest rate swaps following the repayment and the termination of the financial liabilities (see Note 17). Finance expenses slightly decreased for the year ended December 31, 2024 compared to December 31, 2023. This is mainly due to an increase in interest expenses on financial liabilities fully offset by a decrease in change in fair value of fuel derivatives recognized through P&L and other financial charges. The increased interest expenses on financial liabilities are mainly related to an increase in interest expenses related to sale and leaseback financing. Additionally, the decrease in other financial charges is mainly due to the refinancing of a significant part of the financial liabilities in prior year (see Note 17). Interest leasing is the interest on lease liabilities. The above finance income and expenses include the following in respect of assets (liabilities) not recognized at fair value through profit or loss:
|  | 2024 |  | 2023 |  | 2022
Total interest income on financial assets |  | 15,895 |  |  | 46,368 |  |  | 7,063 |
Total interest expense on financial liabilities |  | (145,562) |  |  | (132,268) |  |  | (85,418) |
Total interest leasing |  | (275) |  |  | (631) |  |  | (1,237) |
Total other financial charges |  | (9,249) |  |  | (13,513) |  |  | (5,930) |
Recognized directly in equity
(in thousands of USD) |  | 2024 |  | 2023 |  | 2022
Foreign currency translation differences for foreign operations |  | (2,280) |  |  | 259 |  |  | (477) |
Cash flow hedges - effective portion of changes in fair value |  | 1,005 |  |  | (6,164) |  |  | 30,657 |
Net finance expense recognized directly in equity |  | (1,275) |  |  | (5,905) |  |  | 30,180 |
Attributable to: |  |  |  |  |  |
Owners of the Company |  | (1,275) |  |  | (5,905) |  |  | 30,180 |
Net finance expense recognized directly in equity |  | (1,275) |  |  | (5,905) |  |  | 30,180 |
Recognized in: |  |  |  |  |  |
Translation reserve |  | (2,280) |  |  | 259 |  |  | (477) |
Hedging reserve |  | 1,005 |  |  | (6,164) |  |  | 30,657 |

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- Definition Financial Instruments [Abstract] + References No definition available. + Details
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- Definition The disclosure of finance cost. [Refer: Finance costs] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2024-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard -URIDate 2024-03-27 + Details
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