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CONTRACTUAL OBLIGATIONS (Details)
$ in Millions
Dec. 31, 2017
USD ($)
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".