XML 558 R15.htm IDEA: XBRL DOCUMENT v3.25.1
Property, plant and equipment
 12 Months Ended
Dec. 31, 2024
Property, plant and equipment [abstract]  
Property, plant and equipment Property, plant and equipment
(in thousands of USD)VesselsVessels under constructionRight-of-use assetsOther tangible assetsPrepaymentsTotal PPE
At January 1, 2022     
Cost4,875,810 181,293 53,226 5,244 — 5,115,573 
Depreciation & impairment losses(1,908,023)— (24,225)(4,026)— (1,936,274)
Net carrying amount2,967,787 181,293 29,001 1,218 — 3,179,299 
Acquisitions448,850 165,246 14,060 164 — 628,320 
Disposals and cancellations(258,899)— — — — (258,899)
Depreciation charges(199,457)— (21,509)(610)— (221,576)
Transfer to assets held for sale (Note 3)(18,459)— — — (18,459)
Transfers118,110 (118,110)— — — — 
Translation differences— — (59)(10)— (69)
Balance at December 31, 20223,057,932 228,429 21,493 762 — 3,308,616 
At January 1, 2023     
Cost5,014,747 228,429 66,785 5,159 — 5,315,120 
Depreciation & impairment losses(1,956,815)— (45,292)(4,397)— (2,006,504)
Net carrying amount3,057,932 228,429 21,493 762 — 3,308,616 
Acquisitions295,568 41,627 31,557 372 1,031 370,155 
Disposals and cancellations(815,733)— (2,087)— — (817,820)
Depreciation charges(200,896)— (18,040)(492)— (219,428)
Transfer to assets held for sale(870,844)— — — (1,031)(871,875)
Transfers163,543 (163,543)— — — — 
Translation differences— — 13 2 — 15 
Balance at December 31, 20231,629,570 106,513 32,936 644 — 1,769,663 
At January 1, 2024
Cost3,265,939 106,513 56,240 4,717 — 3,433,409 
Depreciation & impairment losses(1,636,369)— (23,304)(4,073)— (1,663,746)
Net carrying amount1,629,570 106,513 32,936 644 — 1,769,663 
Acquisitions155,215 959,692 332 2,292 2,729 1,120,260 
Acquisitions through business combinations (Note 26)
425,564 477,565 1,431 22,219 670 927,449 
Disposals and cancellations(183,374)— (30,162)— (595)(214,131)
Depreciation charges(158,110)— (1,413)(3,625)— (163,148)
Transfer to assets held for sale (Note 3)(165,583)— — — — (165,583)
Disposals through sale of subsidiary
— — (1,184)(137)— (1,321)
Transfers914,788 (914,788)— 1,075 (1,075)— 
Translation differences(586)(577)(30)(840)(72)(2,105)
Balance at December 31, 20242,617,484 628,405 1,910 21,628 1,657 3,271,084 
At December 31, 2024     
Cost4,020,942 628,405 5,212 30,098 1,657 4,686,314 
Depreciation & impairment losses(1,403,458)— (3,302)(8,470)— (1,415,230)
Net carrying amount2,617,484 628,405 1,910 21,628 1,657 3,271,084 
During 2023, the Cap Felix, Sapphira, Nautica, Cap Quebec, Hojo, Cap Theodora, Cap Pembroke, Cap Port Arthur, Cap Corpus Christi, Nectar, and Noble have been dry-docked. The VLCCs Hirado and Hojo have been equipped with scrubber installations. The cost of planned repairs and maintenance is capitalized and included under the heading Acquisitions.

In January, February and May 2023, three newbuilding VLCCs joined our fleet. Cassius (2023 - 299,158 dwt) was delivered on January 11, 2023, Camus (2023 - 299,158 dwt) on February 28, 2023 and Clovis (2023 - 299,158 dwt) on May 30, 2023. All three vessels were constructed at Hyundai Samho Heavy Industries (HSHI) in South Korea. These three vessels were previously reported as vessels under construction as at December 31, 2022.

On July 11, 2023 and October 26, 2023 the Group took delivery of respectively Brugge (2023 - 156,851 dwt) and Brest (2023 - 156,851 dwt). Both vessels were included as vessels under construction as at December 31, 2022.

In the fourth quarter of 2023, the Company sent a notification letter to exercise the repurchase option included in the Sale and leaseback contract for the VLCC Newton (2009 - 307,284 dwt). The repurchase option amounted to $30 million and resulted in in an increase of the recognized right-of-use asset as per December 31, 2023.

During 2024, the Statia, Selena, Newton, Fraternity and Cap Victor have been dry-docked. The cost of planned repairs and maintenance is capitalized and included under the heading Acquisitions.

On January 22, 2024, the Company exercised the repurchase option for VLCC Newton (2009 - 307,284 dwt) that was under a bareboat contract for an aggregate amount of $30 million. The vessel was previously accounted for as a right-of-use asset.

On February 6, 2024, the Company took delivery of the Suezmax Bristol (2024 – 156,851 dwt).

On March 19, 2024, the Company took delivery of the fourth super-eco Newcastlemax Mineral France (2024 – 210,000 dwt).

On April 12, 2024, the Company took delivery of the chemical tanker Bochem Casablanca (2024 - 25,000 dwt).

On May 13, 2024, the Company took delivery of the container vessel CMA CGM Baikal. This vessel has been sold and a gain of $15.6 million was booked in the second quarter of 2024.

On May 24, 2024, the Company took delivery of the Windcat 57, the first hydrogen-powered CTV of the Mark 5 series. The unit is deployed in Scotland.

On June 24, 2024, the Company took delivery of the fifth super-eco Newcastlemax Mineral Deutschland (2024 – 210,000 dwt).

On June 28, 2024, the Company took delivery of the chemical tanker Bochem Shanghai (2024 – 25,000 dwt).

On August 5, 2024, the Company took delivery of the sixth super-eco Newcastlemax Mineral Italia (2024 - 210,000 dwt).

On August 6, 2024, the Company took delivery of the container vessel CMA CGM Etosha (2024 - 77,000 dwt).

On August 8, 2024, the Company took delivery of the chemical tanker Bochem New Orleans (2024 - 25,000 dwt).

On August 28, 2024, the Company took delivery of the seventh super-eco Newcastlemax Mineral Danmark (2024 - 210,000 dwt).

On October 8, 2024, the Company took delivery of the eight super-eco Newcastlemax Mineral Eire (2024 - 210,000 dwt).

On October 10, 2024, the Company took delivery of the Suezmax Helios (2024 - 157,000 dwt).

On October 15, 2024, the Company took delivery of the chemical tanker Bochem Brisbane (2024 - 25,000 dwt).

On October 16, 2024, the container vessel CMA CGM Dolomites (2024 - 6,000 TEU) was delivered.

On October 21, 2024, the Company took delivery of the ninth super-eco Newcastlemax Mineral Hellas (2024 - 210,000 dwt).
On November 22, 2024, the Company took delivery of the tenth super-eco Newcastlemax Mineral Espana (2024 - 210,000 dwt).

On November 25, 2024, the Company took delivery of the Suezmax Orion (2024 - 157,717 dwt).

The Group had forty-one vessels under construction at December 31, 2024 for an aggregate amount of $628.4 million (2023: five vessels under construction). The amounts presented within "vessels under construction" relate to five eco-type VLCCs and two eco-Type Suezmaxes, two dual-fuel bitumen tankers, eighteen Newcastlemax bulk carriers, two chemical tankers, six CSOVs (Commissioning Service Operations Vessels), two coaster vessel of 5,000 dwt, one 1,400 TEU ammonia-powered container vessel and three CTVs (Crew Transfer Vessel). The Group capitalizes borrowing costs related to the financing of the newbuild vessels as reported under vessels under construction (see Note 1.11.2). As per December 31, 2024, the total amount that was capitalized was $23.7 million, comprising $6.8 million in CMB.TECH NV at an average interest rate of 7% (2023: $6.5 million) and $16.8 million in actual borrowing costs within CMB.TECH Enterprises.    

Disposal of assets – Gains/losses
(in thousands of USD)Sale priceBook ValueGainLoss
Sandra - Sale
47,520 47,299 221 — 
Sara - Sale
47,520 46,013 1,507 — 
Sonia - Sale
50,490 50,837 — (347)
Simone - Sale
50,490 50,070 420 — 
Cap Leon - Sale
19,924 9,081 10,843 — 
Cap Pierre - Sale
19,058 11,537 7,521 — 
Cap Guillaume - Sale
34,153 19,597 14,556 — 
Cap Philippe - Sale
32,046 19,165 12,881 — 
Europe - Sale
40,013 5,300 34,713 — 
Other— — 13,500 — 
At December 31, 2022341,214 258,899 96,161 (347)
Sale priceBook ValueGainLoss
Cap Charles - Sale40,523 18,459 22,064 — 
Nautica - Sale53,900 26,847 27,053 — 
Alex - Sale86,397 62,214 24,182 — 
Ardeche - Sale90,410 58,345 32,065 — 
Drenec - Sale86,327 56,279 30,048 — 
Heron - Sale89,130 58,243 30,887 — 
Arafura - Sale87,077 56,673 30,404 — 
Amundsen - Sale90,670 60,007 30,663 — 
Diodorus - Sale113,100 83,911 29,189 — 
Dickens - Sale113,397 83,534 29,863 — 
Dalis - Sale107,930 84,395 23,535 — 
Cassius - Sale123,500 91,635 31,865 — 
Clovis - Sale124,277 93,651 30,625 — 
At December 31, 20231,206,636 834,192 372,444 — 
(in thousands of USD)Sale priceBook ValueGainLoss
Sale priceBook ValueGainLoss
Andaman - Sale86,976 56,636 30,341 — 
Dominica - Sale82,685 52,826 29,858 — 
Hatteras - Sale90,310 59,368 30,942 — 
Derius - Sale104,627 81,458 23,169 — 
Alboran - Sale86,418 56,362 30,056 — 
Delos - Sale112,888 83,611 29,277 — 
Desirade - Sale85,965 56,071 29,894 — 
Alice - Sale85,965 61,625 24,340 — 
Aquitaine - Sale90,268 58,657 31,610 — 
Oceania - Sale43,120 8,294 34,826 — 
Doris - Sale113,010 84,438 28,573 — 
Aral - Sale86,472 56,445 30,027 — 
Anne - Sale86,275 62,820 23,455 — 
Camus - Sale123,420 92,228 31,193 — 
Noble - Sale
53,955 25,716 28,239 — 
Nectar - Sale
53,955 23,873 30,082 — 
Newton - Sale
53,955 33,285 20,670 — 
CMA CGM Baikal - Sale
71,500 55,879 15,621 — 
Sapphira - Sale45,500 14,670 30,830 — 
Statia - Sale41,250 10,723 30,527 — 
Selena - Sale38,170 11,794 26,376 — 
Cap Victor - Sale38,990 15,593 23,397 — 
Cap Felix - Sale42,330 20,989 21,341 — 
Corporate2,000 1,625 375 — 
At December 31, 20241,720,005 1,084,986 635,019 — 

On October 9, 2023, the Company announced the agreement between two reference shareholders CMB NV ("CMB") and Frontline plc/Famatown Finance Ltd ("Frontline") on a transaction involving multiple interdependent agreements. Part of the agreement is the sale of 24 VLCC tankers from the Euronav fleet for a total of $2.35 billion. A total of 11 VLCC tankers have been delivered before December 31, 2023. The 13 remaining vessels (Alice, Anne, Aquitaine, Dominica, Desirade, Alboran, Aral, Andaman, Hatteras, Delos, Doris, Derius and Camus) delivered in the first quarter of 2024 contributed to a total capital gain of $372.7 million, which was recorded in the first quarter of 2024.

On November 8, 2023, the Company sold the ULCC Oceania (2003 - 441,561 dwt), for $43.1 million. The vessel was accounted for as a non-current asset held for sale as at December 31, 2023, and had a carrying value of $8.3 million. The vessel was delivered to her new owner on January 15, 2024. Taking into account the sales commission, the net gain on this vessel amounts to $34.8 million and was recorded in the consolidated statement of profit or loss in the first quarter of 2024.

On March 15, 2024, the Company sold the N-class vessels Noble, Nectar and Newton for a net sale price after commission of $161.9 million. The vessels have all been delivered during the second quarter of 2024 and the net gain of $79.0 million on the transaction was recognized in the consolidated statement of profit or loss.

On November 19, 2021, the Company agreed to sell the container vessel CMA CGM Baikal for a net sale price of $71.5 million. The vessel has been delivered to her new owners in the second quarter of 2024 and a net gain of $15.6 million has been booked in the consolidated statement of profit or loss.
On September 25, 2024, the Company sold two Suezmax vessels, Sapphira (2008 - 150,205 dwt) and Statia (2006 - 150,205 dwt) for a net sale price of $45.5 million and $41.3 million respectively. The sale price generated a combined gain of $61.4 million and was recorded in the consolidated statement of profit or loss in the third quarter of 2024.

On December 2, 2024, the Company agreed to sell three Suezmax vessels Selena (2007 - 150,205 dwt), Cap Victor (2007 - 158,853 dwt) and Cap Felix (2008 - 158,765 dwt) for a net sale price after commission of $38.2 million, $39.0 million and $42.3 million respectively. The sale price generated a combined gain of $71.1 million and was recorded in the consolidated statement of profit or loss in the fourth quarter of 2024.

Impairment

Based on the impairment indicator analysis conducted for the year ending December 31, 2024, the Group has not identified any impairment triggers within its Marine division that require further impairment testing. Both internal and external impairment indicators, including asset performance, market valuations, and macroeconomic conditions, have been thoroughly assessed. The review is supported by independent broker valuations which indicate that the fair market value of the fleet exceeds its carrying value. The same analysis was conducted for the year ending December 31, 2023 and for the year ending December 31, 2022.

Accordingly, as of the reporting date, no impairment adjustments are required for the Group’s assets within the Marine division. The Management Board, under supervision of the Supervisory Board, will continue to evaluate potential impairment risks on an ongoing basis, ensuring timely responses to any significant changes in market conditions or operational performance.

Security

All vessels financed with bank loans are subject to a mortgage to secure bank loans (see Note 17).
Capital commitment
As at December 31, 2024 the Group's total capital commitments amounts to $2.4 billion (December 31, 2023: $623.8 million capital commitments). These capital commitments can be detailed as follows:
(in thousands of USD)Total20252026202720282029
Commitments in respect of:
Tankers609,170 112,200 429,650 67,320 — — 
Dry bulk vessels1,079,100 613,416 465,685 — — — 
Container vessels37,670 8,100 29,570 — — — 
Chemical tankers455,300 78,200 102,750 38,750 155,000 80,600 
Offshore Wind Vessels231,806 125,841 81,884 24,082 — — 
Other10,239 9,608 631 — — — 
Total2,423,285 947,364 1,110,169 130,152 155,000 80,600 
The current newbuilding program of the Group comprises the following:
–5 eco-type VLCCs,
–2 eco-type Suezmaxes,
–18 Newcastlemax bulk carriers,
–8 chemical tankers,
–Offshore wind vessels are related to 6 CSOVs (Commissioning Service Operation Vessel) and 3 CTVs (Crew Transfer Vessels),
–2 coasters of 5,000 dwt (included under drybulk vessels),
–1 ammonia-powered container vessel with a capacity of 1,400 TEU,
–2 dual-fuel bitumen tankers (included under chemical tankers),
–The other items are related to a multi purpose harbour vessel and other hydrogen applications.