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CONTRACTUAL OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2017
Disclosure Of Contractual Commitments [Abstract]  
Schedule of contractual obligations
USDm
 
2018
2019
2020
2021
2022
Thereafter
Total
Mortgage debt and bank loans
¹⁾
  92.7
  86.7
  82.2
  346.7
  89.2
  28.3
  725.8
Interest payments related to scheduled interest fixing
 
  20.4
14.4
 12.1
  8.9
  0.4
 -
  56.2
Estimated variable interest payments
²⁾
 11.9
13.6
12.2
9.1
  2.6
  2.0
51.4
Finance lease liabilities
 
  2.9
  3.2
  3.4
  3.7
15.0
 -
  28.2
Interest element regarding finance lease
 
  2.3
  2.0
1.7
1.4
  0.3
 -
  7.7
Newbuilding installments
³⁾
144.2
162.7
 -
 -
 -
 -
  306.9
Chartered-in vessels (operating lease)
⁴⁾
  2.9
 -
 -
 -
 -
 -
  2.9
Other operating leases
⁵⁾
  2.5
1.8
  0.7
  0.2
 -
 -
  5.2
Trade payables and other obligations
 
51.5
 -
 -
 -
 -
 -
51.5
Total
 
331.3
  284.4
 112.3
  370.0
107.5
  30.3
 1,235.8
 
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".
Schedule of reconciliation of liabilities arising from financing activities
  
Cash
Non-cash
 
USDm
Opening balance as of 1 January 2017
Borrowings
Repayments
Changes in fair value
Other changes
End balance as of 31 December 2017
Mortgage debt
  669.6
175.4
-125.5
  0.7
  0.7
  720.9
Financial lease
13.6
  30.2
-16.7
  0.6
  0.5
  28.2
Swaps, fair value hedging
  2.0
  -
-1.4
  -0.6
  -
  -
Total
  685.2
  205.6
-143.6
  0.7
1.2
749.1
 
Schedule of contractual rights
USDm
2018
2019
2020
2021
2022
Thereafter
Total
Contractual rights - as lessor:
Charter hire income for vessels
⁶⁾
45.5
4.7
-
-
-
-
50.2
Total
45.5
4.7
-
-
-
-
50.2
 
⁶⁾ Charter hire income for vessels on time charter and bareboat charter is recognized under "Revenue". The average period until redelivery of the vessels is 1.1 year (2016: 2.1 years).