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CONTRACTUAL OBLIGATIONS (Details)
$ in Thousands
Dec. 31, 2018
USD ($)
Contractual Obligations [Line Items]  
Mortgage debt and bank loans $ 729,500 [1]
Interest payments related to scheduled interest fixing 80,900
Estimated variable interest payments 38,800 [2]
Finance lease liabilities 25,300
Interest element regarding finance lease 5,400
Newbuilding installments 258,000 [3]
Committed scrubber installations 22,600
Other operating leases 6,200 [4]
Trade payables and other obligations 59,300
Total 1,226,000
2019  
Contractual Obligations [Line Items]  
Mortgage debt and bank loans 92,200 [1]
Interest payments related to scheduled interest fixing 21,900
Estimated variable interest payments 11,200 [2]
Finance lease liabilities 3,200
Interest element regarding finance lease 2,000
Newbuilding installments 232,400 [3]
Committed scrubber installations 22,600
Other operating leases 2,800 [4]
Trade payables and other obligations 59,300
Total 447,600
2020  
Contractual Obligations [Line Items]  
Mortgage debt and bank loans 87,600 [1]
Interest payments related to scheduled interest fixing 19,400
Estimated variable interest payments 10,500 [2]
Finance lease liabilities 3,400
Interest element regarding finance lease 1,700
Newbuilding installments 25,600 [3]
Committed scrubber installations 0
Other operating leases 1,200 [4]
Trade payables and other obligations 0
Total 149,400
2021  
Contractual Obligations [Line Items]  
Mortgage debt and bank loans 343,400 [1]
Interest payments related to scheduled interest fixing 16,000
Estimated variable interest payments 8,800 [2]
Finance lease liabilities 3,700
Interest element regarding finance lease 1,400
Newbuilding installments 0 [3]
Committed scrubber installations 0
Other operating leases 900 [4]
Trade payables and other obligations 0
Total 374,200
2022  
Contractual Obligations [Line Items]  
Mortgage debt and bank loans 96,900 [1]
Interest payments related to scheduled interest fixing 7,700
Estimated variable interest payments 200 [2]
Finance lease liabilities 15,000
Interest element regarding finance lease 300
Newbuilding installments 0 [3]
Committed scrubber installations 0
Other operating leases 900 [4]
Trade payables and other obligations 0
Total 121,000
2023  
Contractual Obligations [Line Items]  
Mortgage debt and bank loans 10,000 [1]
Interest payments related to scheduled interest fixing 6,200
Estimated variable interest payments (600) [2]
Finance lease liabilities 0
Interest element regarding finance lease 0
Newbuilding installments 0 [3]
Committed scrubber installations 0
Other operating leases 400 [4]
Trade payables and other obligations 0
Total 16,000
Thereafter  
Contractual Obligations [Line Items]  
Mortgage debt and bank loans 99,400 [1]
Interest payments related to scheduled interest fixing 9,700
Estimated variable interest payments 8,700 [2]
Finance lease liabilities 0
Interest element regarding finance lease 0
Newbuilding installments 0 [3]
Committed scrubber installations 0
Other operating leases 0 [4]
Trade payables and other obligations 0
Total $ 117,800
[1] The presented amounts to be repaid do not include directly related costs arising from the issuing of the loans of USD 5.1m (2017: USD 4.8m), which are amortized over the term of the loans. Borrowing costs capitalized during the year amount to USD 1.1m (2017: USD 3.5m).
[2] Variable interest payments are estimated based on the forward rates for each interest period including hedging instruments.
[3] As of 31 December 2018, TORM had nine contracted newbuildings (2017: ten) to be delivered during 2019-2020.
[4] Other operating leases primarily consist of contracts regarding office spaces, cars and apartments as well as IT-related contracts. The leasing expense for 2018 amounts to USD 2.5m (2017: USD 2.3m) and is recognized under "Administrative expenses".