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VESSELS AND CAPITALIZED DRY-DOCKING | 9 Months Ended
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Sep. 30, 2018
Disclosure of detailed information about property, plant and equipment [abstract] |
VESSELS AND CAPITALIZED DRY-DOCKING | NOTE 2 – VESSELS AND CAPITALIZED DRY-DOCKING Included in the carrying amount for "Vessels and capitalized dry-docking" are capitalized dry-docking costs in the amount of USD 59.9m (30 September 2017: USD 70.8m, 31 December 2017: USD 68.1m). The depreciation expense for the nine months ended 30 September 2018 related to "Other plant and operating equipment" of USD 0.6m is included in the “Administrative expenses” (30 September 2017: USD 0.5m, 31 December 2017: USD 0.9m). Impairment assessment For determination of the vessel values, TORM has carried out an impairment indicator assessment of the most significant assumptions used in the fair value and value in use calculations for the Annual Report as of 31 December 2017 (please refer to Note 8 in the Annual Report 2017). Based on this, TORM has assessed that there are no impairment indicators noted as there were no significant changes in the assumptions to either the fair value or the value in use, and therefore TORM does not find any need to reassess the recoverable amount as of 30 September 2018. The impairment loss of USD 1.3m relates to specific vessels which have been reclassified to assets-held-for-sale to be delivered to the buyers during Q4 2018. These vessels have been written down to their fair value less costs to sell.
USDm | 30 September 2018 | 30 September 2017 | 31 December 2017
Cost: |  |  |
Balance as of beginning of period | 1,726.6 | 1,697.4 | 1,697.4
Additions | 106.6 | 93.9 | 103.1
Disposals | -15.2 | -9.3 | -14.3
Transferred from prepayments | 63.9 | - | -
Transferred to assets held-for-sale | -22.8 | -49.7 | -59.6
Balance | 1,859.0 | 1,732.3 | 1,726.6
Depreciation: |  |  |
Balance as of beginning of period | 258.5 | 180.0 | 180.0
Disposals | -15.2 | -9.3 | -14.3
Depreciation for the period | 85.1 | 85.8 | 113.6
Transferred to assets held-for-sale | -8.5 | -17.5 | -20.8
Balance | 319.9 | 239.0 | 258.5
Impairment: |  |  |
Balance as of beginning of period | 173.6 | 173.6 | 173.6
Impairment losses on tangible fixed assets | 1.3 | 2.6 | 3.6
Transferred to assets held-for-sale | -1.3 | -2.6 | -3.6
Balance | 173.6 | 173.6 | 173.6
Carrying amount | 1,365.5 | 1,319.7 | 1,294.5

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- Definition The entire disclosure for property, plant and equipment. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 16 -IssueDate 2017-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=16&date=2017-03-01&anchor=sect_Disclosure&doctype=Standard -URIDate 2017-03-09 + Details
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