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CONTRACTUAL OBLIGATIONS (Details) $ in Millions | Dec. 31, 2017 USD ($)
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Contractual Obligations [Line Items] |  |
Mortgage debt and bank loans | $ 725.8 | [1]
Interest payments related to scheduled interest fixing | 56.2 |
Estimated variable interest payments | 51.4 | [2]
Finance lease liabilities | 28.2 |
Interest element regarding finance lease | 7.7 |
Newbuilding installments | 306.9 | [3]
Chartered-in vessels (operating lease) | 2.9 | [4]
Other operating leases | 5.2 | [5]
Trade payables and other obligations | 51.5 |
Total | 1,235.8 |
2018 |  |
Contractual Obligations [Line Items] |  |
Mortgage debt and bank loans | 92.7 | [1]
Interest payments related to scheduled interest fixing | 20.4 |
Estimated variable interest payments | 11.9 | [2]
Finance lease liabilities | 2.9 |
Interest element regarding finance lease | 2.3 |
Newbuilding installments | 144.2 | [3]
Chartered-in vessels (operating lease) | 2.9 | [4]
Other operating leases | 2.5 | [5]
Trade payables and other obligations | 51.5 |
Total | 331.3 |
2019 |  |
Contractual Obligations [Line Items] |  |
Mortgage debt and bank loans | 86.7 | [1]
Interest payments related to scheduled interest fixing | 14.4 |
Estimated variable interest payments | 13.6 | [2]
Finance lease liabilities | 3.2 |
Interest element regarding finance lease | 2.0 |
Newbuilding installments | 162.7 | [3]
Chartered-in vessels (operating lease) | 0.0 | [4]
Other operating leases | 1.8 | [5]
Trade payables and other obligations | 0.0 |
Total | 284.4 |
2020 |  |
Contractual Obligations [Line Items] |  |
Mortgage debt and bank loans | 82.2 | [1]
Interest payments related to scheduled interest fixing | 12.1 |
Estimated variable interest payments | 12.2 | [2]
Finance lease liabilities | 3.4 |
Interest element regarding finance lease | 1.7 |
Newbuilding installments | 0.0 | [3]
Chartered-in vessels (operating lease) | 0.0 | [4]
Other operating leases | 0.7 | [5]
Trade payables and other obligations | 0.0 |
Total | 112.3 |
2021 |  |
Contractual Obligations [Line Items] |  |
Mortgage debt and bank loans | 346.7 | [1]
Interest payments related to scheduled interest fixing | 8.9 |
Estimated variable interest payments | 9.1 | [2]
Finance lease liabilities | 3.7 |
Interest element regarding finance lease | 1.4 |
Newbuilding installments | 0.0 | [3]
Chartered-in vessels (operating lease) | 0.0 | [4]
Other operating leases | 0.2 | [5]
Trade payables and other obligations | 0.0 |
Total | 370.0 |
2022 |  |
Contractual Obligations [Line Items] |  |
Mortgage debt and bank loans | 89.2 | [1]
Interest payments related to scheduled interest fixing | 0.4 |
Estimated variable interest payments | 2.6 | [2]
Finance lease liabilities | 15.0 |
Interest element regarding finance lease | 0.3 |
Newbuilding installments | 0.0 | [3]
Chartered-in vessels (operating lease) | 0.0 | [4]
Other operating leases | 0.0 | [5]
Trade payables and other obligations | 0.0 |
Total | 107.5 |
Thereafter |  |
Contractual Obligations [Line Items] |  |
Mortgage debt and bank loans | 28.3 | [1]
Interest payments related to scheduled interest fixing | 0.0 |
Estimated variable interest payments | 2.0 | [2]
Finance lease liabilities | 0.0 |
Interest element regarding finance lease | 0.0 |
Newbuilding installments | 0.0 | [3]
Chartered-in vessels (operating lease) | 0.0 | [4]
Other operating leases | 0.0 | [5]
Trade payables and other obligations | 0.0 |
Total | $ 30.3 |
[1] | The presented amounts to be repaid do not include directly related costs arising from the issuing of the loans of USD 4.8m (2016: USD 2.0m), which are amortized over the term of the loans. Borrowing costs capitalized during the year amount to USD 3.5m (2016: USD 1.3m).
[2] | Variable interest payments are estimated based on the forward rates for each interest period.
[3] | As of 31 December 2017, TORM had ten contracted newbuildings (2016: four) to be delivered during 2018-2019.
[4] | Leases have been entered into with a mutually non-cancellable lease period of up to eight years. Certain leases include a profit-sharing element implying that the actual charter hire may be higher. The average period until redelivery of the vessels is 0.5 years (2016: 0.9 years). The leasing expense for 2017 amounts to USD 8.5m (2016: USD 21.5m, 2015: USD 12.0m) and is recognized under "Charter hire".
[5] | Other operating leases primarily consist of contracts regarding office spaces, cars and apartments as well as IT-related contracts. The leasing expense for 2017 amounts to USD 2.3m (2016: USD 2.2m) and is recognized under "Administrative expenses".

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