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Investments | 12 Months Ended
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Dec. 31, 2024
Interests in Other Entities [Abstract] |
Investments | Investments At fair value through profit or loss The investment in other companies of $45.0 million relates to the purchase of 10% of the shares of Anglo-Eastern Univan Group Limited. Equity-accounted investees
(in thousands of USD) |  | December 31, 2024 |  | December 31, 2023
Assets |  |  |  |
Interest in joint ventures |  | 16,806 |  |  | 518 |
Interest in associates |  | — |  |  | — |
TOTAL ASSETS |  | 16,806 |  |  | 518 |
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 |  | 70,995 |  |  | 31,694 |  |  |  |  |
Offset investment with shareholders loan |  | 1,451 |  |  | (1,451) |  |  |  |  |
Balance at January 1, 2022 |  | 72,446 |  |  | 30,243 |  |  |  |  |
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) |  |  | — |  |  |  |  |
Reclassification of associate to joint venture (Note 23) |  | — |  |  | (32,844) |  |  |  |  |
Movement equity to shareholders loan |  | (2,000) |  |  | 2,000 |  |  |  |  |
Business combinations |  | (83,186) |  |  | — |  |  |  |  |
Gross balance |  | 597 |  |  | 850 |  |  |  |  |
Offset investment with shareholders loan |  | 826 |  |  | (826) |  |  |  |  |
Balance at December 31, 2022 |  | 1,423 |  |  | 24 |  |  |  |  |
Reversal prior year offset investment with shareholders loan |  | (826) |  |  | 826 |  |  |  |  |
Group's share of profit (loss) for the period |  | (927) |  |  | — |  |  |  |  |
Gross balance |  | (330) |  |  | 850 |  |  |  |  |
Offset investment with shareholders loan |  | 848 |  |  | (848) |  |  |  |  |
Balance at December 31, 2023 |  | 518 |  |  | 2 |  |  |  |  |
|  | ASSET |  |
(in thousands of USD) |  | Investments in equity accounted investees |  | Shareholders loans |  |  |  |
Reversal prior year offset investment with shareholders loan |  | (848) |  |  | 848 |  |  |  |  |
Group's share of profit (loss) for the period |  | 920 |  |  | — |  |  |  |  |
Capital increase/(decrease) in joint ventures |  | 3,796 |  |  | — |  |  |  |  |
Movement shareholders loans to joint ventures |  | — |  |  | 4,485 |  |  |  |  |
Business combinations |  | 12,399 |  |  | 11,638 |  |  |  |  |
Translation differences |  | (475) |  |  | (290) |  |  |  |  |
Gross balance |  | 16,311 |  |  | 16,683 |  |  |  |  |
Offset investment with shareholders loan |  | 495 |  |  | (495) |  |  |  |  |
Balance at December 31, 2024 |  | 16,806 |  |  | 16,188 |  |  |  |  |
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. The increase in investments in equity accounted investees and shareholders loans at December 31, 2024 is mainly due the acquisition of CMB.TECH Enterprises as of February 2024.
Joint venture | Segment | Description
Tankers Agencies (UK) Ltd | Euronav | Parent company of Tankers International Ltd
Tankers International LLC | Euronav | The manager of the Tankers International Pool who commercially manages the majority of the Group's VLCCs
Bari Shipholding Ltd | Euronav | Formerly owner of 1 Suezmax, dormant company
TI Africa Ltd | Euronav | Operator and owner of a single floating storage and offloading facility (FSO Africa), as from June 7, 2022 100% subsidiary *
TI Asia Ltd | Euronav | Operator and owner of a single floating storage and offloading facility (FSO Asia), as from June 7, 2022 100% subsidiary *
be HYDRO bv | H2 Industry | BeHydro focusses on the development and sale of hydrogen combustion engines.
JPN H2YDRO CO. Ltd | H2 Industry | JPN H2YDRO CO. is the owner of a passenger ferry that is being deployed in the Japanese inland sea and is powered by a dual fuel hydrogen diesel combustion engine.
Cleanergy Solutions (Namibia) (Pty) Ltd | H2 Infra | Cleanergy Solutions (Nambia) (Pty) will develop green hydrogen production projects in Namibia.
FRS Windcat Offshore Logistics Gmbh | Windcat | FRS Windcat Offshore Logistics is a joint venture within the Windcat Group that owns 6 CTVs as per December 31, 2024. The aim of the joint venture is gaining market share in the German offshore wind market. Note that the joint venture also comprises a Polish entity, i.e. FRS Windcat Polska, with a similar purpose. However, this Polish entity is dormant.
TSM Windcat sas | Windcat | TSM Windcat is a joint venture within the Windcat Group that owns 6 CTVs as per December 31, 2024. The aim of the joint venture is gaining market share in the French offshore wind market.
* 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, 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 |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | Asset |
(in thousands of USD) |  |  |  |  |  |  |  |  |  |  |  | Tankers Agencies (UK) Ltd (see Note 25) |  | TI LLC (see Note 25) |  | Bari Shipholding Ltd |  | be HYDRO |  | JPN H2YDRO CO. Ltd |  | Cleanergy Solution (Namibia) (Pty) Ltd |  | FRS Windcat Offshore Logistics Gmbh |  | TSM Windcat sas |  | Total |
At December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Percentage ownership interest |  |  |  |  |  |  |  |  |  |  |  | 50 | % |  | 50 | % |  | 50 | % |  | 50 | % |  | 50 | % |  | 49 | % |  | 50 | % |  | 50 | % |  |  |
Non-Current assets |  |  |  |  |  |  |  |  |  |  |  | 1,482 |  |  | — |  |  | — |  |  | 725 |  |  | 19,387 |  |  | 21,699 |  |  | 18,885 |  |  | 25,746 |  |  | 87,924 |  |
of which vessel |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 382 |  |  | — |  |  | 9,505 |  |  | 25,723 |  |  | 35,610 |  |
Current Assets |  |  |  |  |  |  |  |  |  |  |  | 198,050 |  |  | 96 |  |  | — |  |  | 2,234 |  |  | 10,203 |  |  | 8,340 |  |  | 2,107 |  |  | 2,240 |  |  | 223,270 |  |
of which cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  | 3,096 |  |  | — |  |  | — |  |  | 103 |  |  | 4,729 |  |  | 5,371 |  |  | 635 |  |  | 236 |  |  | 14,170 |  |
Non Current Liabilities |  |  |  |  |  |  |  |  |  |  |  | 1,190 |  |  | — |  |  | 1,700 |  |  | — |  |  | 17,811 |  |  | 63 |  |  | 5,143 |  |  | 22,849 |  |  | 48,756 |  |
of which bank loans |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,961 |  |  | 12,368 |  |  | 15,329 |  |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  | 196,731 |  |  | 7 |  |  | — |  |  | 3,081 |  |  | 6,059 |  |  | 10,363 |  |  | 12,344 |  |  | 4,592 |  |  | 233,177 |  |
of which bank loans |  |  |  |  |  |  |  |  |  |  |  | 15,500 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25 |  |  | 3,113 |  |  | 18,638 |  |
Net assets (100%) |  |  |  |  |  |  |  |  |  |  |  | 1,611 |  |  | 89 |  |  | (1,700) |  |  | (122) |  |  | 5,720 |  |  | 19,613 |  |  | 3,505 |  |  | 545 |  |  | 29,261 |  |
Group's share of net assets |  |  |  |  |  |  |  |  |  |  |  | 981 |  |  | 52 |  |  | (850) |  |  | (61) |  |  | 2,860 |  |  | 9,610 |  |  | 1,753 |  |  | 273 |  |  | 14,618 |  |
Shareholders loans to joint venture |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 850 |  |  | 903 |  |  | 6,690 |  |  | — |  |  | 3,688 |  |  | 5,238 |  |  | 17,369 |  |
Net Carrying amount of interest in joint venture |  |  |  |  |  |  |  |  |  |  |  | 981 |  |  | 52 |  |  | — |  |  | — |  |  | 2,860 |  |  | 9,610 |  |  | 3,144 |  |  | 273 |  |  | 16,920 |  |
Remaining shareholders loan to joint venture |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 842 |  |  | 6,690 |  |  | — |  |  | 3,418 |  |  | 5,238 |  |  | 16,188 |  |
Revenue |  |  |  |  |  |  |  |  |  |  |  | 908,159 |  |  | — |  |  | 9 |  |  | 2,324 |  |  | 6,751 |  |  | 3 |  |  | 7,005 |  |  | 7,341 |  |  | 931,592 |  |
Depreciations and amortization |  |  |  |  |  |  |  |  |  |  |  | (102) |  |  | — |  |  | — |  |  | (341) |  |  | (1,052) |  |  | (16) |  |  | (1,646) |  |  | (2,552) |  |  | (5,709) |  |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (1,037) |  |  | — |  |  | — |  |  | (138) |  |  | (148) |  |  | (5) |  |  | (482) |  |  | (649) |  |  | (2,459) |  |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | (1,279) |  |  | — |  |  | (179) |  |  | — |  |  | (1,457) |  |
Profit (loss) for the period (100%) |  |  |  |  |  |  |  |  |  |  |  | 653 |  |  | 4 |  |  | (4) |  |  | (287) |  |  | 2,645 |  |  | (617) |  |  | (228) |  |  | (482) |  |  | 1,684 |  |
Other comprehensive income (100%) |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Group's share of profit (loss) for the period |  |  |  |  |  |  |  |  |  |  |  | 398 |  |  | 2 |  |  | (2) |  |  | (144) |  |  | 1,323 |  |  | (302) |  |  | (114) |  |  | (241) |  |  | 920 |  |
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 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. On August 9, 2020, TSM Windcat SAS entered into a €3.2 million ($3.3 million) senior secured amortizing term loan facility to finance the acquisition of the TSM Windcat 49. The facility has been concluded with Crédit Agricole and carries a fixed interest rate of 1.25%. The facility has a duration of 7 years. As of December 31, 2024, the outstanding balance on this facility was $1.9 million. On April 28, 2021, TSM Windcat SAS entered into a €3.2 million ($3.3 million) senior secured amortizing term loan facility to finance the acquisition of the TSM Windcat 52. The facility has been concluded with Crédit Agricole and carries a fixed interest rate of 1.20%. The facility has a duration of 7 years. As of December 31, 2024, the outstanding balance on this facility was $2.1 million. On October 5, 2021, TSM Windcat SAS entered into a €3.2 million ($3.3 million) senior secured amortizing term loan facility to finance the acquisition of the TSM Windcat 53. The facility has been concluded with BPI and carries a fixed interest rate of 1.56%. The facility has a duration of 7 years. As of December 31, 2024, the outstanding balance on this facility was $2.3 million. On April 4, 2022, TSM Windcat SAS entered into a €1.6 million ($1.7 million) senior secured amortizing term loan facility to finance the acquisition of the TSM Windcat 54. The facility has been concluded with BRED and carries a fixed interest rate of 1.40%. The facility has a duration of 7 years. As of December 31, 2024, the outstanding balance on this facility was $1.2 million. On May 23, 2022, TSM Windcat SAS entered into a €1.6 million ($1.7 million) senior secured amortizing term loan facility to finance the acquisition of the TSM Windcat 54. The facility has been concluded with CIC and carries a fixed interest rate of 1.45%. The facility has a duration of 7 years. As of December 31, 2024, the outstanding balance on this facility was $1.3 million. On March 3, 2023, TSM Windcat SAS entered into a €3.5 million ($3.6 million) senior secured amortizing term loan facility to finance the acquisition of the TSM Windcat 56. The facility has been concluded with BRED and carries a fixed interest rate of 3.90%. The facility has a duration of 7 years. As of December 31, 2024, the outstanding balance on this facility was $3.3 million. On December 3, 2023, TSM Windcat SAS entered into a €2.8 million ($2.9 million) senior secured amortizing term loan facility to finance the acquisition of the TSM Windcat 59 that also features a predelivery finance component. The facility has been concluded with BPI and carries a fixed rate of 4.40%. The facility has a duration of 7 years as from delivery of the vessel. As of December 31, 2024, the outstanding balance on this facility was $1.7 million. On June 28, 2023, TSM Windcat SAS entered into a €2.8 million ($2.9 million) senior secured amortizing term loan facility to finance the acquisition of the TSM Windcat 59 that also features a predelivery finance component. The facility has been concluded with CIC and carries a fixed rate of 4.44%. The facility has a duration of 7 years as from delivery of the vessel. As of December 31, 2024, the outstanding balance on this facility was $1.7 million. On June 17, 2021, FRS Windcat Offshore Logistics Limited entered into a €9.5 million ($9.9 million) senior secured amortizing term loan facility to finance the FRS Windcat 28, FRS Windcat 34, FRS Windcat 35, FRS Windcat 42 and FRS Windcat 43. The facility has been concluded with Rabobank and carries a fixed interest rate of 1.75% during the first 3 years and a floating interest rate of EURIBOR plus a margin of 1.95% thereafter. The facility has a duration of 5 years. As of December 31, 2024, the outstanding balance on this facility was $3.0 million. Loan covenant For the bank loans related to the FSOs, covenants were not applicable anymore as from June 2022 following the acquisition of the remaining 50% shares in TI Africa Ltd and TI Asia Ltd. For the other bank loans, no covenants are applicable. 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 (CMB.TECH'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 gain of $6.6 million was recorded in the second quarter of 2022. There were no capital commitments as of December 31, 2024, December 31, 2023 and December 31, 2022. Cash and cash equivalents
(in thousands of USD) |  | 2024 |  | 2023
Cash and cash equivalents of the joint ventures |  | 14,170 |  |  | 3,134 |
Group's share of cash and cash equivalents |  | 7,416 |  |  | 1,902 |

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